Luxury apartment developer AvalonBay Communities (AVB) reported net income for the fourth quarter ended Dec. 31, 2011, of $323.1 million, on increased real estate sales.

Avalon brought in $3.38 a share, compared to $27 million, or 31 cents a share, for the comparable period of 2010. Revenue increased 10.1%, to $255.5 million in 4Q.

For full-year 2011, Avalon earned $441.6 million, or $4.87 a share, compared to $175.3 million, or $2.07 for 2010.

Funds from operations, a key measure in the REIT industry, increased 17.8% in 4Q to $1.19 from $1.01 for the comparable period of 2010. The consensus estimate from analysts was $1.21.

FFO per share for the year ended Dec. 31, 2011, increased 14.3% to $4.57 from $4 for 2010. On average, analysts estimated AvalonBay would earn $4.59 for the year.

During the fourth quarter, AvalonBay sold three apartment communities for a gain of $273.1 million.

AvalonBay develops, acquires and manages apartment communities. As of Sept. 30, 2011, it owned or held an interest in 199 apartment communities containing 57,426 units across 10 states and the District of Columbia.