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Selected Quarterly Financial Data (Unaudited)
 12 Months Ended
Dec. 31, 2017
Quarterly Financial Information Disclosure [Abstract]  
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)
Summarized quarterly financial data is as follows:
 
First
Quarter
 
Second
Quarter
 
Third
Quarter
 
Fourth
Quarter
 
(In thousands, except per share data)
2017
 
 
 
 
 
 
 
Revenue
$
207,389

 
$
208,049

 
$
217,953

 
$
223,957

Operating income
$
81,544

 
$
83,090

 
$
84,497

 
$
83,157

Net income(1)
$
58,070

 
$
78,133

 
$
108,882

 
$
52,785

Net income attributable to the Trust(1)
$
56,190

 
$
76,291

 
$
106,777

 
$
50,656

Net income available for common shareholders(1)
$
56,055

 
$
76,156

 
$
106,600

 
$
48,645

Earnings per common share—basic(1)
$
0.78

 
$
1.05

 
$
1.47

 
$
0.67

Earnings per common share—diluted(1)
$
0.78

 
$
1.05

 
$
1.47

 
$
0.67

 
First
Quarter
 
Second
Quarter
 
Third
Quarter
 
Fourth
Quarter
 
(In thousands, except per share data)
2016
 
 
 
 
 
 
 
Revenue
$
198,344

 
$
197,981

 
$
201,157

 
$
204,109

Operating income
$
76,922

 
$
80,135

 
$
80,461

 
$
83,477

Net income(2)
$
79,063

 
$
58,898

 
$
61,198

 
$
59,724

Net income attributable to the Trust(2)
$
76,955

 
$
55,941

 
$
58,977

 
$
58,037

Net income available for common shareholders(2)
$
76,820

 
$
55,806

 
$
58,841

 
$
57,902

Earnings per common share—basic(2)
$
1.10

 
$
0.79

 
$
0.82

 
$
0.81

Earnings per common share—diluted(2)
$
1.10

 
$
0.78

 
$
0.82

 
$
0.80

 
(1)
Second quarter 2017 includes a $15.4 million gain related to the sale of three ground lease parcels at our Assembly Row property in Somerville, Massachusetts. Third quarter 2017 includes a $50.8 million gain on sale of real estate from our 150 Post Street and North Lake Commons properties. Fourth quarter 2017 includes a $6.5 million gain related to the sale of a parcel of land at our Bethesda Row property. Additionally, second, third, and fourth quarter 2017 include net percentage-of-completion gains of $3.3 million, $0.6 million, and $1.5 million, respectively, related to condominiums under binding contract at our Assembly Row property. All of these transactions are further discussed in Note 3. Fourth quarter 2017 includes a $12.3 million early extinguishment of debt charge as further discussed in Note 5.
(2)
First quarter 2016 includes a $25.7 million gain on change in control of interests from our Clarion Partners acquisition as further discussed in Note 3. Third quarter 2016 includes a $4.9 million gain on sale from the reversal of our warranty reserve on condominiums sold at Santana Row as further discussed in Note 7.