Sun Communities (SUI) has reported 98.06 percent plunge in profit for the quarter ended Dec. 31, 2016. The company has earned $1.81 million, or $0.02 a share in the quarter, compared with $93.12 million, or $1.56 a share for the same period last year.

Revenue during the quarter grew 29.96 percent to $218.63 million from $168.24 million in the previous year period.

Cost of revenue rose 29.62 percent or $20.19 million during the quarter to $88.38 million. Gross margin for the quarter expanded 10 basis points over the previous year period to 59.58 percent.

Total expenses were $179.01 million for the quarter, up 30.82 percent or $42.17 million from year-ago period. Operating margin for the quarter contracted 54 basis points over the previous year period to 18.12 percent.

Operating income for the quarter was $39.62 million, compared with $31.40 million in the previous year period.

Sun Communities forecasts revenue to be in the range of $731.80 million to $734 million for fiscal year 2017.

Revenue from real estate activities during the quarter surged 33.10 percent or $38.93 million to $156.53 million.

Other income during the quarter was $10.82 million, up 94.40 percent or $5.26 million from year-ago period.

"Sun's most recent results demonstrate the ongoing power of our platform. We achieved industry leading internal growth, increased or maintained occupancy for the 20th consecutive quarter and sold a record number of homes into our communities, while integrating our largest acquisition to date," said Gary A. Shiffman, chairman and chief executive officer. "As we proceed through 2017, we are keenly focused on continuing to deliver exceptional results to our shareholders. Along with continuing to drive NOI growth from our core portfolio, we anticipate the most meaningful opportunities will come from value-add assets that we can reposition to deliver superior returns over the long term. Sun is well positioned to continue our track record of value creation."

Real estate inventory surged 45.89 percent or $6.80 million to $21.63 million on Dec. 31, 2016. Net receivables were at $225.05 million as on Dec. 31, 2016, up 19.87 percent or $37.31 million from year-ago.

Total assets jumped 40.10 percent or $1,680.22 million to $5,870.78 million on Dec. 31, 2016. On the other hand, total liabilities were at $3,441.60 million as on Dec. 31, 2016, up 33.85 percent or $870.43 million from year-ago.

Return on assets moved down 251 basis points to 0.56 percent in the quarter. Return on equity was negative at 0.07 percent in the quarter against a positive 5.82 percent in the last year period.