QUARTERLY INFORMATION (UNAUDITED)



Year Ended December 31, 2017	First Quarter		Second Quarter		Third Quarter			Fourth Quarter		Total ⁽¹⁾
Total revenues	$	238,013	$	229,233	$	224,650		$	235,356	$	927,252
Income from operations ⁽²⁾	77,099		22,306		50,161			82,996		232,562
Net income ⁽³⁾	38,518		70,627		9,299			40,538		158,982
Net income attributable to the Company	34,115		41,396		8,965			36,464		120,940
Net income (loss) attributable to common shareholders	22,892		30,173		(2,258		)	25,241		76,048
Basic per share data attributable to common shareholders:
Net income (loss) attributable to common shareholders	$	0.13	$	0.18	$	(0.01	)	$	0.15	$	0.44
Diluted per share data attributable to common shareholders:
Net income (loss) attributable to common shareholders	$	0.13	$	0.18	$	(0.01	)	$	0.15	$	0.44


(1)	The sum of quarterly EPS differs from annual EPS due to rounding.


(2)	Income from operations for the quarters ended June 30, 2017 and September 30, 2017 includes losses on impairment of real estate assets of $43,007 and $24,525 related to the impairments of Acadiana Mall and Hickory Point Mall, respectively (see Note 15).


(3)	Net Income for the quarter ended June 30, 2017 includes the following items:


–	a gain of $75,434 (of which the Company's share was approximately $48,800) related to the sale of The Outlet Shoppes at Oklahoma City, a 75/25 joint venture (see Note 4 ).


–	a gain on extinguishment of debt of $20,420, which primarily represents the gain related to the foreclosure of Chesterfield Mall, which was partially offset by a prepayment fee for the early retirement of debt on The Outlet Shoppes at Oklahoma City (see Note 6).


–	a $5,843 loss on investment related to the disposition of River Ridge Mall (see Note 5).

Net income for the quarter ended September 30, 2017 includes a $6,851 gain on extinguishment of debt attributable to the foreclosure of Wausau Center (see Note 6).



Year Ended December 31, 2016	First Quarter		Second Quarter		Third Quarter			Fourth Quarter		Total
Total revenues	$	263,078	$	254,965	$	251,721		$	258,493	$	1,028,257
Income from operations ⁽¹⁾	63,830		52,056		36,727			101,015		253,628
Net income ⁽²⁾	41,892		73,097		670			79,872		195,531
Net income attributable to the Company	40,074		62,919		1,059			68,830		172,882
Net income (loss) attributable to common shareholders	28,851		51,696		(10,164		)	57,607		127,990
Basic per share data attributable to common shareholders:
Net income (loss) attributable to common shareholders	$	0.17	$	0.30	$	(0.06	)	$	0.34	$	0.75
Diluted per share data attributable to common shareholders:
Net income (loss) attributable to common shareholders	$	0.17	$	0.30	$	(0.06	)	$	0.34	$	0.75


(1)	Income from operations for the quarters ended March 31, 2016; June 30, 2016; and September 30, 2016 includes losses on impairment of real estate assets of $19,685; $43,493; and $53,558 respectively, primarily related to properties which were sold during 2016 (see Note 4 and Note 15).

(2)

Net income for the quarter ended March 31, 2016 includes a gain of $26,395 related to the sale of a 50% interest in Triangle Town Center to a new 10/90 joint venture. Net income for the quarter ended June 30, 2016 includes a gain of $29,267 related to the foreclosure of Gulf Coast Town Center and a gain of $29,437 from the sale of Renaissance Center. The Company's share of the gain is included in equity in earnings of unconsolidated affiliates in the consolidated statements of operations (see Note 5).