Irvine Apartment Communities

The Newport Beach real estate investment trust reported a profit of $115,000 for 1993, which included a $12.9-million charge related to former debt. The company, which went public in December, reported no income for 1992. The company said pro forma funds from operations totaled $47.2 million, or $1.56 a share, for 1993, compared with $46.3 million, or $1.53 a share, for 1992. Revenue rose 3%, to $124.8 million from $121.2 million. Pro forma funds from operations for the fourth quarter reached $12.8 million, or 42 cents a share, compared with $12.2 million, or 40 cents a share, a year ago. Revenue was $31.9 million, up from $30.9 million.