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Segment Reporting
 9 Months Ended
Sep. 30, 2019
Segment Reporting [Abstract]  
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. Transient revenue was $25.3 million for the quarter ended March 31, 2020. Transient revenue was $121.5 million for the year ended December 31, 2019. We recognized 20.1 percent in the first quarter, 23.2 percent in the second quarter, 40.3 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, 2020
 
March 31, 2019
 
Real Property Operations
 
Home Sales and Rentals
 
Consolidated
 
Real Property Operations
 
Home Sales and Rentals
 
Consolidated
Revenues
$
247,980

 
$
56,059

 
$
304,039

 
$
225,261

 
$
53,589

 
$
278,850

Operating expenses / Cost of sales
88,715

 
35,526

 
124,241

 
80,340

 
34,109

 
114,449

Net Operating Income / Gross Profit
159,265

 
20,533

 
179,798

 
144,921

 
19,480

 
164,401

Adjustments to arrive at net income / (loss)
 
 
 
 
 
 
 
 
 
 
 
Interest and other revenues, net
6,263

 
—

 
6,263

 
8,480

 
—

 
8,480

Home selling expenses
—

 
(3,992
)
 
(3,992
)
 
—

 
(3,324
)
 
(3,324
)
General and administrative expenses
(22,556
)
 
(2,961
)
 
(25,517
)
 
(19,234
)
 
(2,653
)
 
(21,887
)
Catastrophic weather-related charges, net
(606
)
 
—

 
(606
)
 
(782
)
 
—

 
(782
)
Depreciation and amortization
(62,706
)
 
(20,983
)
 
(83,689
)
 
(58,245
)
 
(18,311
)
 
(76,556
)
Loss on extinguishment of debt
(3,279
)
 
—

 
(3,279
)
 
(653
)
 
—

 
(653
)
Interest expense
(32,408
)
 
(8
)
 
(32,416
)
 
(34,010
)
 
(4
)
 
(34,014
)
Interest on mandatorily redeemable preferred OP units / equity
(1,041
)
 
—

 
(1,041
)
 
(1,094
)
 
—

 
(1,094
)
Gain / (loss) on remeasurement of marketable securities
(28,647
)
 
—

 
(28,647
)
 
267

 
—

 
267

Gain / (loss) on foreign currency translation
(17,462
)
 
(17
)
 
(17,479
)
 
1,964

 
1

 
1,965

Other income / (expense), net
(303
)
 
1

 
(302
)
 
(104
)
 
37

 
(67
)
Loss on remeasurement of notes receivable
(2,112
)
 
—

 
(2,112
)
 
—

 
—

 
—

Income from nonconsolidated affiliates
—

 
52

 
52

 
—

 
388

 
388

Loss on remeasurement of investment in nonconsolidated affiliates
—

 
(2,191
)
 
(2,191
)
 
—

 
—

 
—

Current tax expense
(296
)
 
(154
)
 
(450
)
 
(122
)
 
(92
)
 
(214
)
Deferred tax benefit
130

 
—

 
130

 
217

 
—

 
217

Net Income / (Loss)
(5,758
)
 
(9,720
)
 
(15,478
)
 
41,605

 
(4,478
)
 
37,127

Less: Preferred return to preferred OP units / equity
1,570

 
—

 
1,570

 
1,323

 
—

 
1,323

Less: Income / (loss) attributable to noncontrolling interests
(555
)
 
(407
)
 
(962
)
 
1,259

 
(218
)
 
1,041

Net Income / (Loss) Attributable to Sun Communities, Inc.
(6,773
)
 
(9,313
)
 
(16,086
)
 
39,023

 
(4,260
)
 
34,763

Less: Preferred stock distribution
—

 
—

 
—

 
432

 
—

 
432

Net Income / (Loss) Attributable to Sun Communities, Inc. Common Stockholders
$
(6,773
)
 
$
(9,313
)
 
$
(16,086
)
 
$
38,591

 
$
(4,260
)
 
$
34,331


 
 
 
 
 
 
 
 
 
 
 
 

 
March 31, 2020
 
December 31, 2019
 
Real Property Operations
 
Home Sales and Rentals
 
Consolidated
 
Real Property Operations
 
Home Sales and Rentals
 
Consolidated
Identifiable assets
 
 
 
 
 
 
 
 
 
 
 
Investment property, net
$
6,689,866

 
$
598,535

 
$
7,288,401

 
$
6,651,275

 
$
581,345

 
$
7,232,620

Cash, cash equivalents and restricted cash
348,470

 
46,270

 
394,740

 
(8,346
)
 
43,176

 
34,830

Marketable securities
55,602

 
—

 
55,602

 
94,727

 
—

 
94,727

Inventory of manufactured homes
128

 
64,308

 
64,436

 
—

 
62,061

 
62,061

Notes and other receivables, net
170,569

 
16,123

 
186,692

 
142,509

 
15,417

 
157,926

Other assets, net
163,864

 
55,312

 
219,176

 
167,804

 
52,092

 
219,896

Total assets
$
7,428,499

 
$
780,548

 
$
8,209,047

 
$
7,047,969

 
$
754,091

 
$
7,802,060