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Selected Quarterly Financial Data (Unaudited)
 12 Months Ended
Dec. 31, 2016
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)
2016
 
 
 
 
 
 
 
Revenue
$
198,344

 
$
197,981

 
$
201,157

 
$
204,109

Operating income
$
76,922

 
$
80,135

 
$
80,461

 
$
83,477

Net income(1)
$
79,063

 
$
58,898

 
$
61,198

 
$
59,724

Net income attributable to the Trust(1)
$
76,955

 
$
55,941

 
$
58,977

 
$
58,037

Net income available for common shareholders(1)
$
76,820

 
$
55,806

 
$
58,841

 
$
57,902

Earnings per common share—basic(1)
$
1.10

 
$
0.79

 
$
0.82

 
$
0.81

Earnings per common share—diluted(1)
$
1.10

 
$
0.78

 
$
0.82

 
$
0.80

 
First
Quarter
 
Second
Quarter
 
Third
Quarter
 
Fourth
Quarter
 
(In thousands, except per share data)
2015
 
 
 
 
 
 
 
Revenue
$
184,792

 
$
181,461

 
$
185,252

 
$
192,507

Operating income
$
72,122

 
$
76,201

 
$
75,917

 
$
75,914

Net income(1)
$
48,203

 
$
45,673

 
$
54,550

 
$
69,998

Net income attributable to the Trust(1)
$
46,186

 
$
43,632

 
$
52,447

 
$
67,954

Net income available for common shareholders(1)
$
46,051

 
$
43,497

 
$
52,311

 
$
67,819

Earnings per common share—basic(1)
$
0.67

 
$
0.63

 
$
0.75

 
$
0.98

Earnings per common share—diluted(1)
$
0.67

 
$
0.63

 
$
0.75

 
$
0.97

 
(1)
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 9. Second and fourth quarter 2015 include an $11.5 million and $16.8 million gain on sale, respectively, from our Houston Street and Courtyard Shops properties as further discussed in Note 3.