Summary of Quarterly Results (Unaudited)

12 Months Ended

Dec. 31, 2019

Quarterly Financial Information Disclosure [Abstract]

Summary of Quarterly Results (Unaudited)

13. SUMMARY OF QUARTERLY RESULTS (UNAUDITED)

The following presents a summary of the unaudited quarterly financial information for the years ended December 31, 2019 and 2018:

(in thousands of dollars, except per share amounts) For the Year Ended December 31, 2019	1st Quarter			2nd Quarter			3rd Quarter		4th Quarter ⁽¹⁾			Total
Total revenue	$	85,305		$	81,392		$	81,374	$	88,721		$	336,792
Net income (loss) ⁽²⁾⁽³⁾		(16,223	)		(6,080	)		24,716		(15,413	)		(13,000	)
Net income (loss) attributable to PREIT ^(2)(3)(4)		(14,535	)		(5,751	)		24,262		(14,848	)		(10,872	)
Basic and diluted earnings (loss) per share ⁽⁴⁾	$	(0.30	)	$	(0.17	)	$	0.22	$	(0.29	)		(0.52	)

(in thousands of dollars, except per share amounts) For the Year Ended December 31, 2018	1st Quarter			2nd Quarter			3rd Quarter			4th Quarter ⁽¹⁾			Total
Total revenue	$	86,282		$	91,973		$	88,103		$	96,042		$	362,400
Net loss ⁽²⁾⁽³⁾		(3,712	)		(32,321	)		(1,636	)		(88,834	)		(126,503	)
Net loss attributable to PREIT ^(2)(3)(4)		(2,601	)		(28,201	)		(745	)		(78,782	)		(110,329	)
Basic and diluted loss per share⁽⁴⁾		(0.14	)		(0.50	)		(0.11	)		(1.23	)		(1.98	)

⁽¹⁾	Fourth Quarter revenue includes a significant portion of annual percentage rent as most percentage rent minimum sales levels are met in the fourth quarter.

⁽²⁾	^{Includes impairment losses of $1.5 million (1^st Quarter 2019), $3.5 million (4^th Quarter 2019), $34.2 million (2^nd Quarter 2018), and $103.2 million (4^th Quarter 2018).}

⁽³⁾

Includes gain on sales of real estate by equity method investee of $0.6 million (1^st Quarter 2019) and $2.8 million (1^st Quarter 2018), gain on sales of real estate $1.5 million (2^nd Quarter 2019), $1.2 million (3^rd Quarter 2019), $0.1 million (4^th Quarter 2019), $0.7 million (2^nd Quarter 2018) and $0.8 million (4^th Quarter 2018) and gain on sales of interests in non operating real estate of $2.7 million (4^th Quarter 2019) and $8.1 million (4^th Quarter 2018).

⁽⁴⁾

Certain prior period amounts for net income (loss) attributable to PREIT common shareholders, basic and diluted earnings per share, noncontrolling interest, total equity - PREIT and cash flow amounts were adjusted to reflect immaterial financial statement error corrections and new accounting rules as discussed in Note 1 to our consolidated financial statements.