Item 8. Financial Statements and Supplementary Data
Item 8. Financial Statements and Supplementary Data
The consolidated financial statements, notes to consolidated financial statements, and report of independent registered public accounting firm are included on pages F-1 through F-36.
The following selected quarterly financial information (unaudited) for the years ended December 31, 2020 and 2019 should be read in conjunction with the consolidated financial statements and notes thereto included herein (in thousands, except per share amounts):
Quarters
First Second Third Fourth
2020 (Unaudited)
Revenues $ 193,898 $ 179,915 $ 183,380 $ 183,147
Income from unconsolidated joint ventures 3,425 1,715 1,611 1,196
Gain (loss) on sales of investments in unconsolidated joint ventures 46,230 (231) (59) (173)
Gain (loss) on investment property transactions 90,916 (201) (523) (67)
Net income 175,309 23,236 28,255 11,314
Net income available to common stockholders 174,943 23,101 28,115 11,119
Basic net income per common share $ 1.19 $ 0.16 $ 0.19 $ 0.07
Diluted net income per common share $ 1.18 $ 0.16 $ 0.19 $ 0.07
Quarters
First Second Third Fourth
2019 (Unaudited)
Revenues $ 132,733 $ 142,020 $ 188,323 $ 194,439
Income from unconsolidated joint ventures 2,904 3,634 3,241 2,887
Gain (loss) on investment property transactions 13,111 1,304 (27) 96,373
Net income (loss) 36,005 (22,582) 20,692 118,568
Net income (loss) available to common stockholders 35,341 (22,409) 20,374 117,112
Basic and diluted net income (loss) per common share $ 0.34 $ (0.20) $ 0.14 $ 0.80
Other financial statements and financial statement schedules required under Regulation S-X are filed pursuant to Item 15 of Part IV of this report.
During 2020, our quarterly results varied primarily as a result of sales of Hearst Tower, Woodcrest, and our interest in Gateway Village during the first quarter, the commencement of operations of multiple developments throughout the year, and the acquisition of The RailYard in the fourth quarter. During 2019, our quarterl y results varied primarily as a result of the Merger with TIER, transactions with NS, and the acquisition of our partner's interest in TOH.
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
Not applicable.
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Table of C ontents
Text extracted from the filing as submitted to EDGAR. Formatting, tables and exhibits are simplified for reading; the original document is authoritative for anything you rely on.