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Segment Reporting
 3 Months Ended
Mar. 31, 2012
Segment Reporting, Measurement Disclosures [Abstract]  
Segment Reporting
Segment Reporting

Our consolidated operations can be segmented into Real Property Operations and Home Sales and Rentals.  Transactions between our segments are eliminated in consolidation.  Seasonal RV revenue is included in Real Property Operations’ revenues and is approximately $9.8 million annually. This seasonal revenue is recognized 45% in the first quarter, 18% in the second, 13% in the third quarter and 24% in the fourth quarter of each fiscal year.

A presentation of segment financial information is summarized as follows (amounts in thousands):

 
Three Months Ended March 31, 2012
 
Three Months Ended March 31, 2011
 
Real Property Operations
 
Home Sales and Home Rentals
 
Consolidated
 
Real Property Operations
 
Home Sales and Home Rentals
 
Consolidated
Revenues
$
64,296

 
$
15,904

 
$
80,200

 
$
53,836

 
$
13,565

 
$
67,401

Operating expenses/Cost of sales
20,898

 
11,597

 
32,495

 
17,573

 
10,164

 
27,737

Net operating income/Gross profit
43,398

 
4,307

 
47,705

 
36,263

 
3,401

 
39,664

Adjustments to arrive at net income (loss):
 
 
 
 
 
 
 
 
 
 
 
Other revenues
2,665

 
263

 
2,928

 
2,019

 
294

 
2,313

General and administrative
(5,058
)
 
(2,209
)
 
(7,267
)
 
(4,478
)
 
(1,973
)
 
(6,451
)
Acquisition related costs
(164
)
 
—

 
(164
)
 
(249
)
 
—

 
(249
)
Depreciation and amortization
(12,961
)
 
(6,907
)
 
(19,868
)
 
(11,121
)
 
(5,558
)
 
(16,679
)
Interest expense
(17,561
)
 
(77
)
 
(17,638
)
 
(16,022
)
 
(210
)
 
(16,232
)
Distributions from affiliates, net
750

 
—

 
750

 
350

 
—

 
350

Provision for state income tax
(53
)
 
—

 
(53
)
 
(131
)
 
—

 
(131
)
Net income (loss)
11,016

 
(4,623
)
 
6,393

 
6,631

 
(4,046
)
 
2,585

Less:  Preferred return to Preferred OP units
579

 


 
579

 
—

 
—

 
—

Less:  Net income (loss) attributable to noncontrolling interests
857

 
(420
)
 
437

 
555

 
(370
)
 
185

Net income (loss) attributable to Sun Communities, Inc.
$
9,580

 
$
(4,203
)
 
$
5,377

 
$
6,076

 
$
(3,676
)
 
$
2,400

 
March 31, 2012
 
December 31, 2011
 
Real Property Operations
 
Home Sales and Home Rentals
 
Consolidated
 
Real Property Operations
 
Home Sales and Home Rentals
 
Consolidated
Identifiable assets:
 
 
 
 
 
 
 
 
 
 
 
Investment property, net
$
1,046,253

 
$
182,955

 
$
1,229,208

 
$
1,028,575

 
$
168,031

 
$
1,196,606

Cash and cash equivalents
16,228

 
(253
)
 
15,975

 
5,972

 
(115
)
 
5,857

Inventory of manufactured homes
—

 
5,750

 
5,750

 
—

 
5,832

 
5,832

Notes and other receivables
107,281

 
5,651

 
112,932

 
109,436

 
5,448

 
114,884

Other assets
40,579

 
3,572

 
44,151

 
41,843

 
2,952

 
44,795

Total assets
$
1,210,341

 
$
197,675

 
$
1,408,016

 
$
1,185,826

 
$
182,148

 
$
1,367,974