Selected Quarterly Financial Data (Unaudited)

The following table summarizes selected quarterly information for the years ended December 31, 2017 and 2016 (in thousands, except per share amounts):



	Three Months Ended 2017
	March 31		June 30		September 30			December 31
Total revenues	$	492,168	$	458,928	$	454,023		$	443,259
Income (loss) before income taxes and equity income from investments in unconsolidated joint ventures	454,746		18,874		(12,263		)	(50,957		)
Net income (loss)	464,177		22,101		(5,720		)	(57,924		)
Net income (loss) applicable to HCP, Inc.	461,145		19,383		(7,657		)	(58,702		)
Dividends paid per common share	0.37		0.37		0.37			0.37
Basic earnings per common share	0.98		0.04		(0.02		)	(0.13		)
Diluted earnings per common share	0.97		0.04		(0.02		)	(0.13		)



	Three Months Ended 2016
	March 31		June 30		September 30		December 31
Total revenues	$	520,457	$	538,332	$	530,555	$	539,950
Total discontinued operations	68,408		107,378		108,215		(18,246		)
Income (loss) before income taxes and equity income from investments in unconsolidated joint ventures	55,949		196,352		47,453		67,530
Net (loss) income	119,745		304,842		154,039		61,300
Net (loss) income applicable to HCP, Inc.	116,119		301,717		151,250		58,661
Dividends paid per common share	0.58		0.58		0.58		0.37
Basic earnings per common share	0.25		0.65		0.32		0.12
Diluted earnings per common share	0.25		0.64		0.32		0.12

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

2017


•	During the quarter ended December 31, 2017, the Company recognized $20 million net reduction of rental and related revenues and $35 million of operating expense related to the Brookdale Transaction.


•	During the quarter ended December 31, 2017, the Company recorded an impairment charge of $84 million related to the Tandem Mezzanine Loan.


•	During the quarter ended December 31, 2017, the Company recognized a tax expense of $17 million due to a re-measurement of deferred tax assets and liabilities.


•	During the quarter ended September 30, 2017, the Company repurchased $500 million of our 5.375% senior notes due 2021 and recorded a $54 million loss on debt extinguishment.


•	During the quarter ended June 30, 2017, the Company recorded an impairment charge of $57 million related to the Tandem Mezzanine Loan.


•	The quarter ended March 31, 2017, the Company deconsolidated the net assets of RIDEA II and recognized a net gain on sale of $99 million.


•	The quarter ended March 31, 2017, the Company sold 64 senior housing triple-net assets, resulting in a net gain on sale of $170 million.


•	The quarter ended March 31, 2017, the Company sold its Four Seasons Notes, which generated a £42 million ($51 million) gain on sale.

2016


•	The quarter ended December 31, 2016 includes the following related to the Spin-Off: (i) $46 million of loss on debt extinguishment and (ii) $58 million of transaction costs.


•	The quarter ended June 30, 2016 includes $120 million of gain on sales from real estate dispositions.


•	The quarter ended March 31, 2016 includes $53 million of income tax expense associated with state built-in gain tax payable upon the disposition of specific real estate assets, of which $49 million relates to the HCRMC real estate portfolio.