AvalonBay Communities Inc. reported gains in funds from operations in the fourth quarter and full year 2016, declared a first-quarter 2017 dividend, and issued guidance for the first quarter and full year 2017.

For the fourth quarter, FFO attributable to common stockholders totaled $288.1 million, or $2.09 per share, up 6.1% on a per-share basis from $270.2 million, or $1.97 per share, in the year-ago quarter. Core FFO attributable to common stockholders came to $291.1 million, or $2.12 per share, up 6.5% on a per-share basis from $273.1 million, or $1.99 per share, a year earlier.

Full-year 2016 FFO attributable to common stockholders totaled $1.14 billion, or $8.26 per share, up 2.6% on a per-share basis from $1.08 billion, or $8.05 per share, in 2015. Core FFO attributable to common stockholders was $1.13 billion, or $8.19 per share, up 8.5% on a per-share basis from $1.02 billion, or $7.55 per share, in 2015.

The S&P Capital IQ consensus FFO-per-share estimates for the fourth quarter and full year 2016 were $2.10 and $8.19, respectively.

For established communities, NOI rose 2.6% year over year for the fourth quarter, and 4.8% year over year for the full year.

In the fourth quarter, the company sold Avalon Brandemoor I and II, in Lynnwood, Wash. In the aggregate, the two properties contain 506 units and were sold for $132.0 million.

For the first quarter of 2017, the company declared a common stock dividend of $1.42 per share, a 5.2% increase from the previous dividend of $1.35 per share. The dividend is payable April 17 to shareholders of record as of March 31.

For the first quarter, the company said it expects FFO per share in the range of $2.09 to $2.15, and core FFO per share in the range of $2.06 to $2.12. For the full year 2017 the company expects FFO per share in the range of $8.59 to $8.99 and core FFO in the range of $8.44 to $8.84.

The S&P Capital IQ consensus FFO-per-share estimates for the first quarter and full year 2017 are $2.11 and $8.69, respectively.