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Segment Reporting
 3 Months Ended
Mar. 31, 2019
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting

We group our operating segments into reportable segments that provide similar products and services. Each operating segment has discrete financial information evaluated regularly by our chief operating decision maker in evaluating and assessing performance. We have two reportable segments: (i) Real Property Operations and (ii) Home Sales and Rentals. The Real Property Operations segment owns, operates, has an interest in a portfolio, and develops MH communities and RV communities, and is in the business of acquiring, operating, and expanding MH and RV communities. The Home Sales and Rentals segment offers manufactured home sales and leasing services to tenants and prospective tenants of our communities.

Transactions between our segments are eliminated in consolidation. Transient RV revenue is included in the Real Property Operations segment revenues and is expected to approximate $129.7 million annually. Transient RV revenue was recognized 20.2 percent in the first quarter, and is expected to be 23.0 percent, 41.5 percent, and 15.3 percent in the second, third, and fourth quarters, respectively. Transient revenue was $106.2 million for the year ended December 31, 2018. We recognized 20.7 percent in the first quarter, 20.3 percent in the second quarter, 42.6 percent in the third quarter, and 16.4 percent in the fourth quarter.

A presentation of segment financial information is summarized as follows (in thousands):
 
Three Months Ended March 31, 2019
 
Three Months Ended March 31, 2018
 
Real Property Operations
 
Home Sales and Rentals
 
Consolidated
 
Real Property Operations
 
Home Sales and Rentals
 
Consolidated
Revenues
$
225,261

 
$
53,589

 
$
278,850

 
$
203,779

 
$
47,920

 
$
251,699

Operating expenses/Cost of sales
80,340

 
34,065

 
114,405

 
70,849

 
31,798

 
102,647

Net operating income/Gross profit
144,921

 
19,524

 
164,445

 
132,930

 
16,122

 
149,052

Adjustments to arrive at net income / (loss):
 
 
 
 
 
 
 
 
 
 
 
Interest and other revenues, net
8,480

 
—

 
8,480

 
6,276

 
—

 
6,276

Home selling expenses
—

 
(3,324
)
 
(3,324
)
 
—

 
(3,290
)
 
(3,290
)
General and administrative
(19,234
)
 
(2,653
)
 
(21,887
)
 
(17,187
)
 
(2,570
)
 
(19,757
)
Depreciation and amortization
(58,245
)
 
(18,311
)
 
(76,556
)
 
(50,508
)
 
(15,929
)
 
(66,437
)
Loss on extinguishment of debt
(653
)
 
—

 
(653
)
 
(196
)
 
—

 
(196
)
Interest
(34,010
)
 
(4
)
 
(34,014
)
 
(31,134
)
 
(4
)
 
(31,138
)
Interest on mandatorily redeemable preferred OP units / equity
(1,094
)
 
—

 
(1,094
)
 
(619
)
 
—

 
(619
)
Catastrophic weather related charges, net
(782
)
 
—

 
(782
)
 
2,357

 
(144
)
 
2,213

Remeasurement of marketable securities
267

 
—

 
267

 
—

 
—

 
—

Income / (loss) from nonconsolidated affiliates
—

 
344

 
344

 
—

 
(59
)
 
(59
)
Other income / (expense), net
1,860

 
38

 
1,898

 
(2,616
)
 
(1
)
 
(2,617
)
Current tax expense
(122
)
 
(92
)
 
(214
)
 
(96
)
 
(78
)
 
(174
)
Deferred tax benefit
217

 
—

 
217

 
347

 
—

 
347

Net income / (loss)
41,605

 
(4,478
)
 
37,127

 
39,554

 
(5,953
)
 
33,601

Less:  Preferred return to preferred OP units / equity
1,323

 
—

 
1,323

 
1,080

 
—

 
1,080

Less:  Amounts attributable to noncontrolling interests
1,259

 
(218
)
 
1,041

 
2,394

 
(300
)
 
2,094

Net income / (loss) attributable to Sun Communities, Inc.
39,023

 
(4,260
)
 
34,763

 
36,080

 
(5,653
)
 
30,427

Less: Preferred stock distributions
432

 
—

 
432

 
441

 
—

 
441

Net income / (loss) attributable to Sun Communities, Inc. common stockholders
$
38,591

 
$
(4,260
)
 
$
34,331

 
$
35,639

 
$
(5,653
)
 
$
29,986




 
March 31, 2019
 
December 31, 2018
 
Real Property Operations
 
Home Sales and Rentals
 
Consolidated
 
Real Property Operations
 
Home Sales and Rentals
 
Consolidated
Identifiable assets:
 
 
 
 
 
 
 
 
 
 
 
Investment property, net
$
5,929,030

 
$
542,226

 
$
6,471,256

 
$
5,586,444

 
$
531,872

 
$
6,118,316

Cash and cash equivalents
(7,233
)
 
29,179

 
21,946

 
24,343

 
25,968

 
50,311

Marketable securities
50,501

—

—

 
50,501

 
49,037

 
—

 
49,037

Inventory of manufactured homes
—

 
52,993

 
52,993

 
—

 
49,199

 
49,199

Notes and other receivables, net
163,362

 
16,452

 
179,814

 
145,673

 
14,404

 
160,077

Collateralized receivables, net
101,938

 
—

 
101,938

 
106,924

 
—

 
106,924

Other assets, net
165,743

 
54,471

 
220,214

 
140,027

 
36,135

 
176,162

Total assets
$
6,403,341

 
$
695,321

 
$
7,098,662

 
$
6,052,448

 
$
657,578

 
$
6,710,026