Selected Quarterly Financial Data (Unaudited)

The following table summarizes selected quarterly information for the years ended December 31, 2018 and 2017 (in thousands, except per share amounts):



	Three Months Ended 2018
	March 31		June 30		September 30		December 31
Total revenues	$	479,197	$	469,551	$	456,022	$	441,919
Income (loss) before income taxes and equity income from investments in unconsolidated joint ventures	37,331		88,375		98,908		833,600
Net income (loss)	43,237		92,928		102,926		834,383
Net income (loss) applicable to HCP, Inc.	40,232		89,942		99,371		831,548
Dividends paid per common share	0.37		0.37		0.37		0.37
Basic earnings per common share	0.08		0.19		0.21		1.75
Diluted earnings per common share	0.08		0.19		0.21		1.73



	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 (loss) income	464,177		22,101		(5,720		)	(57,924		)
Net (loss) income 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		)

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

2018


•	During the quarter ended December 31, 2018, the Company sold its Shoreline Technology Center life science campus for $1.0 billion and recognized a gain on sale of $726 million.


•	During the quarter ended December 31, 2018, the Company acquired the outstanding equity interests in three life science joint ventures for $92 million and recognized a gain on consolidation of $50 million.


•	During the quarter ended December 31, 2018, the Company sold 19 senior housing assets (11 senior housing triple-net assets and eight SHOP assets) for $377 million and recognized gain on sales of $40 million.


•	During the quarter ended December 31, 2018, the Company recognized impairment charges of $33 million related to four underperforming SHOP assets.


•	During the quarter ended September 30, 2018, the Company repurchased $700 million of its 5.375% senior notes due 2021 and recorded a $44 million loss on debt extinguishment.


•	During the quarter ended March 31, 2018, The Company recognized a £29 million ($41 million) loss on consolidation related to the U.K. Bridge Loan (see Notes 7 and 19).

2017


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


•	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 remeasurement of deferred tax assets and liabilities.


•	During the quarter ended September 30, 2017, the Company repurchased $500 million of its 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.


•	During 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.


•	During 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.


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