Selected Quarterly Financial Data (Unaudited)

12 Months Ended

Dec. 31, 2016

Selected Quarterly Financial Data (Unaudited)

Selected Quarterly Financial Data (Unaudited)

NOTE 25.    Selected Quarterly Financial Data (Unaudited)

The following table summarizes selected quarterly information for the years ended December 31, 2016 and 2015 (in thousands, except per share amounts):

	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 before income taxes and equity income from investments in unconsolidated joint ventures		55,949		196,352		47,453		67,530
Net income		119,745		304,842		154,039		61,300
Net income applicable to HCP, Inc.		116,119		301,717		151,250		58,661
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

	Three Months Ended 2015
	March 31		June 30		September 30		December 31
Total revenues	$	451,458	$	459,806	$	508,900	$	520,325
Total discontinued operations		(308,028)		158,479		130,210		(679,765)
Income (loss) before income taxes and equity income from investments in unconsolidated joint ventures		70,806		6,320		(11,263)		70,408
Net (loss) income		(237,503)		167,748		117,954		(594,617)
Net (loss) income applicable to HCP, Inc.		(240,614)		164,885		115,362		(598,868)
Basic earnings per common share		(0.52)		0.36		0.25		(1.29)
Diluted earnings per common share		(0.52)		0.36		0.25		(1.29)

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

· 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.

· During the quarter ended December 31, 2015, the Company recorded net impairment charges of: (i) $817 million related to its DFL investments with HCRMC and (ii) $19 million related to its equity investment in HCRMC, both of which are included in discontinued operations.

· During the quarter ended September 30, 2015, the Company recorded impairment charges of: (i) $70 million related to its Four Seasons Notes and (ii) $27 million related to its equity investment in HCRMC that is included in discontinued operations.

· During the quarter ended June 30, 2015, the Company recorded an impairment charge of $42 million related to its Four Seasons Notes.

· During the quarter ended March 31, 2015, the Company recorded a net impairment charge of $478 million related to its DFL investments with HCRMC that is included in discontinued operations.