Irvine Apartment Communities Inc.: The Newport Beach...

Irvine Apartment Communities Inc.: The Newport Beach real estate investment trust reported net income of $8.5 million, or 61 cents a share, for 1995, 16% higher than the $7.3 million, or 62 cents a share, recorded for 1994. Revenue rose 5% to $136.2 million from $130.2 million. Fourth-quarter net income more than doubled to $4 million, or 23 cents a share, from $1.8 million, or 15 cents a share, a year earlier. Revenue was up 10% to $36.1 million from $32.8 million.