Selected Quarterly Financial Data (Unaudited)

12 Months Ended

Dec. 31, 2014

Selected Quarterly Financial Data (Unaudited)

Selected Quarterly Financial Data (Unaudited)

NOTE 26.    Selected Quarterly Financial Data (Unaudited)

Selected quarterly information for the years ended December 31, 2014 and 2013 is as follows (in thousands, except per share amounts). Results of operations for properties sold or to be sold have been classified as discontinued operations for all periods presented:

	Three Months Ended During 2014
	March 31		June 30		September 30		December 31
Total revenues	$	529,992	$	536,121	$	596,638	$	603,528
Income before income taxes and equity income from and impairments of investments in unconsolidated joint ventures		220,795		208,926		240,946		222,771
Total discontinued operations		29,746		—		—		—
Net income		263,623		222,279		251,059		199,630
Net income applicable to HCP, Inc.		259,111		218,885		247,654		196,583
Dividends paid per common share		0.545		0.545		0.545		0.545
Basic earnings per common share		0.56		0.48		0.54		0.43
Diluted earnings per common share		0.56		0.48		0.54		0.43

	Three Months Ended During 2013
	March 31		June 30		September 30		December 31
Total revenues	$	511,184	$	512,239	$	546,158	$	530,297
Income before income taxes and equity income from and impairments of investments in unconsolidated joint ventures		217,667		199,916		214,176		220,256
Total discontinued operations		2,232		2,828		9,824		59,489
Net income		233,784		216,725		236,858		297,639
Net income applicable to HCP, Inc.		230,585		213,401		233,756		293,095
Dividends paid per common share		0.525		0.525		0.525		0.525
Basic earnings per common share		0.51		0.47		0.51		0.64
Diluted earnings per common share		0.51		0.47		0.51		0.64

The above selected quarterly financial data includes the following significant transactions:

· During the three months ended December 31, 2014, the Company concluded that its 9.4% equity ownership interest in HCRMC was impaired and recorded an impairment charge of $36 million.

· On August 29, 2014, the Company completed the Brookdale Transaction. As a result, the Company recognized a $38 million net termination fee in rental and related revenues, which represents the termination value for the 49 leases related to the RIDEA Subsidiaries, net of the write-off of the related straight-line rent assets and lease intangibles.

· The Company’s Board of Directors terminated its former CEO on October 2, 2013. As a result of the termination, the Company incurred general and administrative charges of $26 million that include: (i) the acceleration of $17 million of deferred compensation for restricted stock units and options that vested upon termination; and (ii) severance payments and other costs of approximately $9 million during the quarter ended September 30, 2013.

· The Company received £129 million ($202 million) from the par payoff of its Barchester debt investments generating $24 million of interest income during the quarter ended September 30, 2013.