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



	Year Ended December 31, 2017
	Real Property Operations			Home Sales and Home Rentals			Consolidated
Revenues	$	779,739		$	177,957		$	957,696
Operating expenses / Cost of sales	289,637			117,114			406,751
Net operating income / Gross profit	490,102			60,843			550,945
Adjustments to arrive at net income / (loss):
Interest and other revenues, net	24,875			(1		)	24,874
Home selling expense	—			(12,457		)	(12,457		)
General and administrative	(64,735		)	(9,976		)	(74,711		)
Transaction costs	(9,812		)	11			(9,801		)
Catastrophic weather related charges, net	(7,856		)	(496		)	(8,352		)
Depreciation and amortization	(199,960		)	(61,576		)	(261,536		)
Loss on extinguishment of debt	(6,019		)	—			(6,019		)
Interest	(127,113		)	(15		)	(127,128		)
Interest on mandatorily redeemable preferred OP units	(3,114		)	—			(3,114		)
Other income / (expense), net	8,983			(1		)	8,982
Current tax expense	(62		)	(384		)	(446		)
Deferred tax benefit	582			—			582
Net income / (loss)	105,871			(24,052		)	81,819
Less: Preferred return to preferred OP units	4,581			—			4,581
Less: Amounts attributable to noncontrolling interests	6,339			(1,284		)	5,055
Net income / (loss) attributable to Sun Communities, Inc.	94,951			(22,768		)	72,183
Less: Preferred stock distributions	7,162			—			7,162
Net income / (loss) attributable to Sun Communities, Inc. common stockholders	$	87,789		$	(22,768	)	$	65,021



	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 revenues, net	21,150			—			21,150
Home selling expenses	—			(9,744		)	(9,744		)
General and administrative	(55,481		)	(8,606		)	(64,087		)
Transaction costs	(31,863		)	(51		)	(31,914		)
Catastrophic weather related charges, net	(1,147		)	(25		)	(1,172		)
Depreciation and amortization	(166,296		)	(55,474		)	(221,770		)
Loss on 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	(4,675		)	(1		)	(4,676		)
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 revenues, 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		)
Loss on 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	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



	December 31, 2017							December 31, 2016
	Real Property Operations			Home Sales and Home Rentals		Consolidated		Real Property Operations		Home Sales and Home Rentals		Consolidated
Identifiable assets:
Investment property, net	$	5,172,521		$	472,833	$	5,645,354	$	5,019,165	$	450,316	$	5,469,481
Cash and cash equivalents	(7,649		)	17,776		10,127		3,705		4,459		8,164
Inventory of manufactured homes	—			30,430		30,430		—		21,632		21,632
Notes and other receivables, net	149,798			13,698		163,496		68,901		12,278		81,179
Collateralized receivables, net	128,246			—		128,246		143,870		—		143,870
Other assets, net	130,455			3,849		134,304		143,650		2,800		146,450
Total assets	$	5,573,371		$	538,586	$	6,111,957	$	5,379,291	$	491,485	$	5,870,776