XML 52 R20.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Segment Reporting
12 Months Ended
Dec. 31, 2019
Segment Reporting [Abstract]  
Segment Reporting
A presentation of our segment financial information is summarized as follows (amounts in thousands):
 
Year Ended
 
December 31, 2019
 
December 31, 2018
 
December 31, 2017
 
Real Property Operations
 
Home Sales
and Rentals
 
Consolidated
 
Real Property Operations
 
Home Sales
and Rentals
 
Consolidated
 
Real Property Operations
 
Home Sales
and Rentals
 
Consolidated
Revenues
$
992,545

 
$
239,508

 
$
1,232,053

 
$
880,080

 
$
219,688

 
$
1,099,768

 
$
779,739

 
$
177,957

 
$
957,696

Operating expenses / Cost of sales
375,690

 
156,352

 
532,042

 
330,695

 
146,637

 
477,332

 
290,016

 
117,274

 
407,290

Net operating income / Gross profit
616,855

 
83,156

 
700,011

 
549,385

 
73,051

 
622,436

 
489,723

 
60,683

 
550,406

Adjustments to arrive at net income / (loss)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest and other revenues, net
31,984

 

 
31,984

 
27,057

 

 
27,057

 
24,875

 
(1
)
 
24,874

Home selling expenses

 
(14,690
)
 
(14,690
)
 

 
(15,722
)
 
(15,722
)
 

 
(12,457
)
 
(12,457
)
General and administrative expenses
(82,320
)
 
(11,644
)
 
(93,964
)
 
(70,512
)
 
(10,917
)
 
(81,429
)
 
(74,548
)
 
(9,425
)
 
(83,973
)
Catastrophic weather related charges, net
(1,729
)
 
(8
)
 
(1,737
)
 
140

 
(232
)
 
(92
)
 
(7,856
)
 
(496
)
 
(8,352
)
Depreciation and amortization
(250,686
)
 
(77,381
)
 
(328,067
)
 
(218,617
)
 
(68,645
)
 
(287,262
)
 
(199,960
)
 
(61,576
)
 
(261,536
)
Loss on extinguishment of debt
(16,505
)
 

 
(16,505
)
 
(1,190
)
 

 
(1,190
)
 
(4,676
)
 

 
(4,676
)
Interest on mandatorily redeemable preferred OP units / equity
(4,698
)
 

 
(4,698
)
 
(3,694
)
 

 
(3,694
)
 
(3,114
)
 

 
(3,114
)
Interest expense
(133,125
)
 
(28
)
 
(133,153
)
 
(130,535
)
 
(21
)
 
(130,556
)
 
(128,456
)
 
(15
)
 
(128,471
)
Gain / (loss) on remeasurement of marketable securities
34,240

 

 
34,240

 
(3,639
)
 

 
(3,639
)
 

 

 

Other income / (expense), net
3,604

 
(147
)
 
3,457

 
(6,414
)
 
(39
)
 
(6,453
)
 
8,983

 
(1
)
 
8,982

Income from nonconsolidated affiliates

 
1,374

 
1,374

 

 
790

 
790

 

 

 

Current tax expense
(746
)
 
(349
)
 
(1,095
)
 
(372
)
 
(223
)
 
(595
)
 
(62
)
 
(384
)
 
(446
)
Deferred tax benefit
222

 

 
222

 
507

 

 
507

 
582

 

 
582

Net income / (loss)
197,096

 
(19,717
)
 
177,379

 
142,116

 
(21,958
)
 
120,158

 
105,491

 
(23,672
)
 
81,819

Less: Preferred return to preferred OP units / equity
(6,058
)
 

 
(6,058
)
 
(4,486
)
 

 
(4,486
)
 
(4,581
)
 

 
(4,581
)
Less: Amounts attributable to noncontrolling interests
(10,659
)
 
891

 
(9,768
)
 
(9,512
)
 
1,069

 
(8,443
)
 
(6,319
)
 
1,264

 
(5,055
)
Net income / (loss) attributable to Sun Communities, Inc.
180,379

 
(18,826
)
 
161,553

 
128,118

 
(20,889
)
 
107,229

 
94,591

 
(22,408
)
 
72,183

Less: Preferred stock distribution
(1,288
)
 

 
(1,288
)
 
(1,736
)
 

 
(1,736
)
 
(7,162
)
 

 
(7,162
)
Net income / (loss) attributable to Sun Communities, Inc. common stockholders
$
179,091

 
$
(18,826
)
 
$
160,265

 
$
126,382

 
$
(20,889
)
 
$
105,493

 
$
87,429

 
$
(22,408
)
 
$
65,021