Irvine Apartment’s Earnings Rise 11%

Irvine Apartment Communities, the Newport Beach real estate investment trust that owns and operates apartment communities, reported that net income for the first quarter rose 11% to $6.8 million, or 34 cents a share, from $6.1 million, or 32 cents a share, for the year-earlier period. Revenue rose 19% to $51.6 million from $43.3 million.

The results reflect higher rental revenue from existing apartment complexes and healthy demand for newly developed apartment communities, said William H. McFarland, president and chief executive officer.