(1)	During the first quarter of 2020, we recognized a gain on the sale of real estate of $59.5 million from the sale of Metropolitan Park.

(2)

Beginning in the second quarter of 2020, as a result of COVID-19, we have experienced significantly decreased retail revenue, which has resulted in increased credit losses and write-offs against rent receivables, decreased multifamily revenue due to lower occupancy and higher concession, a decline in parking revenue, depressed near-term leasing activity in our commercial and multifamily portfolios and increased interest expense from borrowings.

(3)	During the second quarter of 2020, we recorded a $6.5 million impairment loss related to our investment in our former unconsolidated real estate venture that owns The Marriott Wardman Park.

(4)

During the fourth quarter of 2020, in connection with the preparation and review of our 2020 annual financial statements, we recorded a $10.2 million impairment loss due to the write-down of One Democracy Plaza, a commercial real estate asset located in Bethesda, Maryland, to its estimated fair value. Additionally, during the fourth quarter of 2020, we recorded $15.0 million against deferred (straight-line) rent receivables and $8.2 million of income associated with certain lease guarantees.


	First		Second		Third		Fourth
2019	Quarter ⁽¹⁾		Quarter		Quarter ⁽²⁾		Quarter ⁽³⁾

	(In thousands, except per share data)
Total revenue	$	155,199	$	160,617	$	167,077	$	164,877
Net income (loss)		28,248		(3,328)		10,532		38,692
Net income (loss) attributable to common shareholders		24,861		(3,040)		9,360		34,390
Earnings (loss) per share - basic and diluted		0.20		(0.03)		0.06		0.25

(1)	During the first quarter of 2019, we recognized a gain on the sale of real estate of $39.0 million from the sale of Commerce Executive/Commerce Metro Land.

(2)	During the third quarter of 2019, we recognized a gain on the sale of real estate of $8.1 million from the sale of 1600 K Street.

(3)

During the fourth quarter of 2019, we recognized an aggregate gain on the sale of real estate of $57.9 million, from the sale of Vienna Retail, and the partial sale and remeasurement of our remaining interest subsequent to the transfer of control in the real estate venture that owns Central Place Tower. Additionally, during the fourth quarter of 2019, we incurred an impairment loss of $10.2 million and certain additional expenses related to the relocation of our corporate headquarters.