Irvine Apartment Communities: The Newport Beach real...

Irvine Apartment Communities: The Newport Beach real estate investment trust reported second-quarter net income of $4.2 million, or 24 cents a share, contrasted with a net loss of $783,000, or 7 cents a share, for the second quarter last year. Quarterly revenue rose 17% to $39 million from $33.2 million. For the first six months, net income increased to $8.1 million, or 48 cents a share, from $1.3 million, or 11 cents a share, for last year’s first half. Revenue rose 16% to $76.1 million for the period from $65.8 million.