Segment Reporting (Tables)

6 Months Ended

Jun. 30, 2021

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


	Three Months Ended
	June 30, 2021								June 30, 2020(1)
	MH		RV		Marinas		Consolidated		MH		RV		Marinas	Consolidated
Operating revenues	$	271,720	$	166,753	$	155,732	$	594,205	$	217,861	$	79,496	N/A	$	297,357
Property operating expenses	111,628		85,968		92,915		290,511		83,431		44,389		N/A	127,820
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 income							2,719							2,635
Brokerage commissions and other revenues, net							6,939							3,274

General and administrative expense							(45,127)							(26,527)
Catastrophic event-related charges, net							(355)							566
Business combination expense, net							201							—
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 securities							27,494							24,519
Gain / (loss) on foreign currency translation							(264)							10,374

Other expense, net							(660)							(821)
Loss on remeasurement of notes receivable							93							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 Income							120,849							63,355
Less: Preferred return to preferred OP units / equity							3,035							1,584
Less: Income attributable to noncontrolling interests							7,044							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)
	MH		RV		Marinas		Consolidated		MH		RV		Marinas	Consolidated
Revenues	$	517,690	$	258,619	$	251,320	$	1,027,629	$	439,022	$	162,374	N/A	$	601,396
Operating expenses / Cost of sales	208,318		138,064		157,111		503,493		168,502		87,049		N/A	255,551
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 income							5,350							4,985
Brokerage commissions and other revenues, net							12,899							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 securities							31,155							(4,128)
Loss on foreign currency translation							(239)							(7,105)

Other expense, net							(1,759)							(1,793)
Gain / (loss) on remeasurement of notes receivable							469							(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 Income							148,790							47,877
Less: Preferred return to preferred OP units / equity							5,899							3,154
Less: Income attributable to noncontrolling interests							7,339							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)
	MH		RV		Marinas		Consolidated		MH		RV		Marinas		Consolidated
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 cash	61,163		33,278		25,171		119,612		53,152		28,919		10,570		92,641
Marketable securities	99,119		53,930		—		153,049		80,776		43,950		—		124,726
Inventory of manufactured homes	33,064		10,622		—		43,686		33,448		13,195		—		46,643
Notes and other receivables, net	167,642		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, net	29,394		23,601		242,668		295,663		33,998		23,819		247,794		305,611
Other assets, net	181,702		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