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Segment Reporting
 6 Months Ended
Jun. 30, 2021
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
ASC Topic 280, "Segment Reporting" ("ASC 280"), establishes standards for the way the business enterprises report information about operating segments in its financial statements. As described in Note 1, "Basis of Presentation," Effective January 1, 2021, we transitioned from a two-segment to a three-segment structure as a result of the recent acquisition of Safe Harbor and its internal organization.

The MH segment owns, operates, develops, or has an interest in, a portfolio of MH communities and is in the business of acquiring, operating and developing ground up MH communities to provide affordable housing solutions to residents. The MH segment also provides manufactured home sales and leasing services to tenants and prospective tenants of our communities.

The RV segment owns, operates, develops, or has an interest in, a portfolio of RV resorts and is in the business of acquiring, operating and developing ground up RV resorts throughout the U.S. and in Canada. It also provides leasing services for vacation rentals within the RV resorts.

The marina segment owns, operates, has an interest in a portfolio, and develops marinas, and is in the business of acquiring, and operating marinas throughout the U.S. with the majority of such marinas concentrated in coastal regions and others located in various inland regions.

Hybrid properties are classified to a segment based on the predominant site counts at the properties.
A presentation of segment financial information is summarized as follows (in thousands):

 Three Months Ended
June 30, 2021
June 30, 2020(1)
 MHRVMarinasConsolidatedMHRVMarinasConsolidated
Operating revenues$271,720 $166,753 $155,732 $594,205 $217,861 $79,496 N/A$297,357 
Property operating expenses111,628 85,968 92,915 290,511 83,431 44,389 N/A127,820 
Net Operating Income$160,092 $80,785 $62,817 $303,694 $134,430 $35,107 N/A$169,537 
Adjustments to arrive at net income
Interest income2,719 2,635 
Brokerage commissions and other revenues, net6,939 3,274 
General and administrative expense(45,127)(26,527)
Catastrophic event-related charges, net(355)566 
Business combination expense, net201 — 
Depreciation and amortization(126,423)(87,265)
Loss on extinguishment of debt (see Note 8)
(8,108)(1,930)
Interest expense(37,681)(31,428)
Interest on mandatorily redeemable preferred OP units / equity(1,041)(1,042)
Loss on remeasurement of marketable securities27,494 24,519 
Gain / (loss) on foreign currency translation(264)10,374 
Other expense, net(660)(821)
Loss on remeasurement of notes receivable93 246 
Income from nonconsolidated affiliates (see Note 6)
794 92 
(Gain) / loss on remeasurement of investment in nonconsolidated affiliates(115)1,132 
Current tax expense(1,245)(119)
Deferred tax benefit / (expense) (see Note 12)
(66)112 
Net Income120,849 63,355 
Less: Preferred return to preferred OP units / equity3,035 1,584 
Less: Income attributable to noncontrolling interests7,044 2,861 
Net Income Attributable to Sun Communities, Inc. Common Stockholders$110,770 $58,910 
(1) Recast to reflect segment changes.
Six Months Ended
 June 30, 2021
June 30, 2020(1)
 MHRVMarinasConsolidatedMHRVMarinasConsolidated
Revenues$517,690 $258,619 $251,320 $1,027,629 $439,022 $162,374 N/A$601,396 
Operating expenses / Cost of sales208,318 138,064 157,111 503,493 168,502 87,049 N/A255,551 
Net Operating Income / Gross Profit$309,372 $120,555 $94,209 $524,136 $270,520 $75,325 N/A$345,845 
Adjustments to arrive at net income
Interest income5,350 4,985 
Brokerage commissions and other revenues, net12,899 7,187 
General and administrative expense(83,330)(51,876)
Catastrophic event-related charges, net(2,769)(40)
Business combination expense, net(1,031)— 
Depreciation and amortization(249,727)(170,954)
Loss on extinguishment of debt (see Note 8)
(8,108)(5,209)
Interest expense(77,198)(63,844)
Interest on mandatorily redeemable preferred OP units / equity(2,077)(2,083)
Gain / (loss) on remeasurement of marketable securities31,155 (4,128)
Loss on foreign currency translation(239)(7,105)
Other expense, net(1,759)(1,793)
Gain / (loss) on remeasurement of notes receivable469 (1,866)
Income from nonconsolidated affiliates (see Note 6)
1,965 144 
Loss on remeasurement of investment in nonconsolidated affiliates(11)(1,059)
Current tax expense(1,016)(569)
Deferred tax benefit (see Note 12)
81 242 
Net Income148,790 47,877 
Less: Preferred return to preferred OP units / equity5,899 3,154 
Less: Income attributable to noncontrolling interests7,339 1,899 
Net Income Attributable to Sun Communities, Inc. Common Stockholders$135,552 $42,824 
(1) Recast to reflect segment changes.

 June 30, 2021
December 31, 2020(1)
 MHRVMarinasConsolidatedMHRVMarinasConsolidated
Identifiable Assets
Investment property, net$4,815,014 $3,251,466 $2,327,572 $10,394,052 $4,823,174 $3,038,686 $1,853,931 $9,715,791 
Cash, cash equivalents and restricted cash61,163 33,278 25,171 119,612 53,152 28,919 10,570 92,641 
Marketable securities99,119 53,930 — 153,049 80,776 43,950 — 124,726 
Inventory of manufactured homes33,064 10,622 — 43,686 33,448 13,195 — 46,643 
Notes and other receivables, net167,642 55,027 39,664 262,333 144,027 44,002 33,621 221,650 
Goodwill— — 448,317 448,317 — — 428,833 428,833 
Other intangible assets, net29,394 23,601 242,668 295,663 33,998 23,819 247,794 305,611 
Other assets, net181,702 45,797 96,779 324,278 184,917 38,075 47,699 270,691 
Total Assets$5,387,098 $3,473,721 $3,180,171 $12,040,990 $5,353,492 $3,230,646 $2,622,448 $11,206,586 
(1) Recast to reflect segment changes