Taubman Centers (TCO) has reported 11.18 percent rise in profit for the quarter ended Dec. 31, 2016. The company has earned $35.60 million, or $0.48 a share in the quarter, compared with $32.02 million, or $0.42 a share for the same period last year.

Revenue during the quarter grew 6.38 percent to $166.19 million from $156.23 million in the previous year period.

Cost of revenue rose 10.81 percent or $4.64 million during the quarter to $47.61 million. Gross margin for the quarter contracted 114 basis points over the previous year period to 71.35 percent.

Total expenses were $147.50 million for the quarter, up 21.94 percent or $26.54 million from year-ago period. Operating margin for the quarter contracted 1133 basis points over the previous year period to 11.24 percent.

Operating income for the quarter was $18.69 million, compared with $35.26 million in the previous year period.

For fiscal year 2017, the company expects diluted earnings per share to be in the range of $1.20 to $1.45.

Revenue from real estate activities during the quarter increased 4.56 percent or $6.72 million to $154.22 million.

Income from operating leases during the quarter rose 4.52 percent or $4.21 million to $97.31 million. Revenue from tenant reimbursements was $55.18 million for the quarter, up 8.43 percent or $4.29 million from year-ago period.

Revenue from other real estate activities during the quarter was $1.74 million, down 50.57 percent or $1.78 million from year-ago period.

Other income during the quarter was $11.97 million, up 37.16 percent or $3.24 million from year-ago period.

"We're pleased with our results for the fourth quarter and full year 2016, which were in line with our expectations," said Robert S. Taubman, chairman, president and chief executive officer of Taubman Centers. "In addition to solid results, this year we accomplished many goals, including opening three new centers, acquiring one of the most iconic shopping districts in the U.S., completing a number of key financings and raising our dividend, as we've done for 19 of the last 20 years. We are confident that through the continued execution of our strategy we will enhance our portfolio and drive value for our shareholders in 2017 and beyond."

Total assets grew 12.56 percent or $447.53 million to $4,010.91 million on Dec. 31, 2016. On the other hand, total liabilities were at $4,072.91 million as on Dec. 31, 2016, up 18.31 percent or $630.34 million from year-ago.

Return on assets moved down 181 basis points to 1.27 percent in the quarter.