The following table presents summarized quarterly financial data for the years ended December 31, 2016 and 2015 (in thousands, except per share data):



	Quarter
	First			Second			Third			Fourth (1)
2016
Rents from single-family properties	$	167,995		$	193,491		$	197,137		$	198,980
Net income (loss)	$	5,028		$	(3,753	)	$	(167	)	$	9,338
Net (loss) income attributable to common shareholders	$	(4,377	)	$	(10,404	)	$	(21,152	)	$	2,391
Net (loss) income attributable to common shareholders per share—basic	$	(0.02	)	$	(0.04	)	$	(0.09	)	$	0.01
Net loss attributable to common shareholders per share—diluted	$	(0.02	)	$	(0.04	)	$	(0.09	)	$	(0.01	)



	Quarter
	First			Second			Third			Fourth
2015
Rents from single-family properties	$	120,680		$	137,818		$	148,815		$	152,406
Net loss	$	(8,265	)	$	(8,398	)	$	(19,938	)	$	(11,347	)
Net loss attributable to common shareholders	$	(17,790	)	$	(17,697	)	$	(28,616	)	$	(20,474	)
Net loss attributable to common shareholders per share—basic and diluted	$	(0.08	)	$	(0.08	)	$	(0.14	)	$	(0.10	)

(1)

In the fourth quarter of 2016, the Company corrected its allocation of income and loss between operating partnership unit holders, which resulted in an adjustment to net income (loss) attributable to noncontrolling interest. In accordance with SEC Staff Accounting Bulletin (“SAB”) No. 99 and SAB No. 108, the Company assessed the materiality of this adjustment on its financial statements for the years ended December 31, 2016, 2015 and 2014, as well as the quarters within those annual periods. As a result, the Company recorded a $5.7 million reduction to noncontrolling interest in the consolidated balance sheet as of December 31, 2016, as well as a corresponding reduction to net income attributable to noncontrolling interest in the consolidated statement of operations for the three months ended December 31, 2016. Prior quarter and prior year amounts have not been revised as the effect was immaterial.