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



	Year Ended December 31, 2016
	Real Property Operations			Home Sales and Home Rentals			Consolidated
Revenues	$	654,341		$	158,287		$	812,628
Operating expenses/Cost of sales	241,005			104,714			345,719
Net operating income/Gross profit	413,336			53,573			466,909
Adjustments to arrive at net income (loss):
Interest and other income, net	21,150			—			21,150
Home selling expense	—			(9,744		)	(9,744		)
General and administrative	(55,481		)	(8,606		)	(64,087		)
Transaction costs	(31,863		)	(51		)	(31,914		)
Depreciation and amortization	(166,296		)	(55,474		)	(221,770		)
Extinguishment of debt	(1,127		)	—			(1,127		)
Interest	(119,150		)	(13		)	(119,163		)
Interest on mandatorily redeemable preferred OP units	(3,152		)	—			(3,152		)
Other expenses, net	(5,822		)	(26		)	(5,848		)
Current tax expense	(471		)	(212		)	(683		)
Deferred tax benefit	400			—			400
Income from affiliate transactions	500			—			500
Net income (loss)	52,024			(20,553		)	31,471
Less: Preferred return to preferred OP units	5,006			—			5,006
Less: Amounts attributable to noncontrolling interests	1,478			(1,328		)	150
Net income (loss) attributable to Sun Communities, Inc.	45,540			(19,225		)	26,315
Less: Preferred stock distributions	8,946			—			8,946
Net income (loss) attributable to Sun Communities, Inc. common stockholders	$	36,594		$	(19,225	)	$	17,369



	Year Ended December 31, 2015
	Real Property Operations			Home Sales and Home Rentals			Consolidated
Revenues	$	530,610		$	125,964		$	656,574
Operating expenses/Cost of sales	188,030			83,897			271,927
Net operating income/Gross profit	342,580			42,067			384,647
Adjustments to arrive at net income (loss):
Interest and other income, net	18,119			38			18,157
Home selling expenses	—			(7,476		)	(7,476		)
General and administrative	(40,235		)	(7,220		)	(47,455		)
Transaction costs	(17,802		)	(1		)	(17,803		)
Depreciation and amortization	(125,297		)	(52,340		)	(177,637		)
Extinguishment of debt	(2,800		)	—			(2,800		)
Interest	(107,647		)	(12		)	(107,659		)
Interest on mandatorily redeemable preferred OP units	(3,219		)	—			(3,219		)
Gain on disposition of properties, net	106,613			18,763			125,376
Current tax expense	(56		)	(102		)	(158		)
Deferred tax expense	—			(1,000		)	(1,000		)
Income from affiliate transactions	7,500			—			7,500
Net income (loss)	177,756			(7,283		)	170,473
Less: Preferred return to preferred OP units	4,973			—			4,973
Less: Amounts attributable to noncontrolling interests	10,622			(568		)	10,054
Net income (loss) attributable to Sun Communities, Inc.	162,161			(6,715		)	155,446
Less: Preferred stock distributions	13,793			—			13,793
Less: Preferred stock redemption costs	4,328			—			4,328
Net income (loss) attributable to Sun Communities, Inc. common stockholders	$	144,040		$	(6,715	)	$	137,325



	Year Ended December 31, 2014
	Real Property Operations			Home Sales and Home Rentals			Consolidated
Revenues	$	375,594		$	93,167		$	468,761
Operating expenses/Cost of sales	137,899			63,826			201,725
Net operating income/Gross profit	237,695			29,341			267,036
Adjustments to arrive at net income (loss):
Interest and other income, net	15,498			—			15,498
Home selling expenses	—			(5,235		)	(5,235		)
General and administrative	(31,769		)	(5,618		)	(37,387		)
Transaction costs	(18,251		)	(8		)	(18,259		)
Depreciation and amortization	(88,695		)	(45,031		)	(133,726		)
Asset impairment charge	(837		)	—			(837		)
Interest	(73,752		)	(19		)	(73,771		)
Interest on mandatorily redeemable preferred OP units	(3,210		)	—			(3,210		)
Gain on disposition of properties	17,447			207			17,654
Gain on settlement	4,452			—			4,452
Current tax expense	(219		)	—			(219		)
Income from affiliate transactions	1,200			—			1,200
Net income (loss)	59,559			(26,363		)	33,196
Less: Preferred return to preferred OP units	2,935			—			2,935
Less: Amounts attributable to noncontrolling interests	3,698			(1,946		)	1,752
Net income (loss) attributable to Sun Communities, Inc.	52,926			(24,417		)	28,509
Less: Preferred stock distributions	6,133			—			6,133
Net income (loss) attributable to Sun Communities, Inc. common stockholders	$	46,793		$	(24,417	)	$	22,376



	December 31, 2016						December 31, 2015
	Real Property Operations		Home Sales and Home Rentals		Consolidated		Real Property Operations		Home Sales and Home Rentals		Consolidated
Identifiable assets:
Investment property, net	$	5,019,165	$	450,316	$	5,469,481	$	3,303,287	$	417,828	$	3,721,115
Cash and cash equivalents	3,705		4,459		8,164		44,150		936		45,086
Inventory of manufactured homes	—		21,632		21,632		—		14,828		14,828
Notes and other receivables, net	68,901		12,278		81,179		34,258		13,714		47,972
Collateralized receivables, net	143,870		—		143,870		139,768		—		139,768
Other assets, net	143,650		2,800		146,450		209,957		3,073		213,030
Total assets	$	5,379,291	$	491,485	$	5,870,776	$	3,731,420	$	450,379	$	4,181,799