Irvine Apartment Communities Reports Quarterly Profit : Real estate: Results are up from $1.6 million to $1.8 million. Irvine Co. is trust’s biggest holder.

IRVINE â€”  At its very first shareholders meeting Thursday, Irvine Apartment Communities Inc. reported a profit of $1.8 million for the first quarter ending March 31, up from the previous year when the company’s income was $1.6 million.

The real estate investment trust, which has 43 apartment communities with 11,300 units in Orange County, reported quarterly revenue of $32.3 million, a 5% increase. For the same period last year, the REIT posted a profit of $1.6 million on revenue of $30.8 million.

First-quarter funds from operations, a widely used measure of REIT performance, came to $12.2 million, or 40 cents a share, for the latest quarter, compared to $11.7 million, or 39 cents a share, for the first three months of 1993.

The REIT has started construction on one of five new apartment projects it is planning, and those additions will increase its size by more than 2,000 units.

“The Irvine Apartment Communities can continue this pace, given the large inventory of land on the (Irvine Ranch),� said Donald Bren, owner of the Irvine Co., Orange County’s largest landowner and holder of a majority stake in the REIT.

“I believe we have built the best apartments in America, and they are located in the most desirable locations in Southern California.�

Irvine Apartment Communities began selling shares to the public on Dec. 8 and raised $187 million with its initial offering. Although REITs involve some risk for investors, they are advantageous because they can pass most of their income on directly to shareholders without being taxed.

For all of 1993, the company had revenue of $124.8 million, compared to $121.2 million for 1992. Average rents for Irvine Apartment Communities’ apartments was $963 a month for 1993, up from the previous year’s average of $950.

Irvine Apartment Communities

Irvine Apartment Communities, a real estate investment trust whose majority owner is the Irvine Co., has announced results for the first quarter. The company completed its initial public stock offering on Dec. 8. The amounts noted below, which assume that the company’s offering took place at the beginning of 1993, provide a benchmark for comparison. Figures in thousands of dollars except data per share:

Historical Pro Forma Historical 1993 1993 1994 Total revenue $30.8 $30.8 $32.3 Net earnings n/a 1.6 1.8 Earnings per share n/a 0.39 0.40

n/a: not applicable

Source: Irvine Apartment Communities