AvalonBay Communities, Inc. (AVB) has reported a 55.85 percent jump in profit for the quarter ended Dec. 31, 2016. The company has earned $242.24 million, or $1.76 a share in the quarter, compared with $155.43 million, or $1.13 a share for the same period last year.     

Revenue from real estate activities during the quarter increased 7.78 percent or $37.40 million to $518.24 million.

Cost of revenue rose 7.70 percent or $10.90 million during the quarter to $152.48 million. Gross margin for the quarter expanded 2 basis points over the previous year period to 70.58 percent.

Operating income for the quarter was $197.71 million, compared with $188.23 million in the previous year period.

For fiscal year 2017, AvalonBay Communities, Inc. expects diluted earnings per share to be in the range of $6.42 to $6.82.

For the first-quarter 2017, AvalonBay Communities, Inc.expects diluted earnings per share to be in the range of $1.75 to $1.81.

Income from operating leases during the quarter rose 8.01 percent or $38.34 million to $516.95 million.

Income from management fees during the quarter plunged 42.32 percent or $0.95 million to $1.29 million.

Total assets grew 5.53 percent or $935.97 million to $17,867.27 million on Dec. 31, 2016. On the other hand, total liabilities were at $7,688.09 million as on Dec. 31, 2016, up 8.58 percent or $607.31 million from year-ago.

Return on assets moved up 47 basis points to 1.63 percent in the quarter. At the same time, return on equity moved up 80 basis points to 2.38 percent in the quarter.