Irvine Apartment Communities: The Newport Beach real-estate...

Irvine Apartment Communities: The Newport Beach real-estate investment trust reported that third-quarter profit climbed 56% to $5 million, or 27 cents a share, from $3.2 million, or 21 cents a share, a year ago. Revenue totaled $40.7 million, up nearly 18.7% from $34.3 million. The company, which owns 51 apartment complexes on the Irvine Ranch, attributed the improved results partly to a healthier rental market. Net income nearly tripled in the first nine months to $13.1 million, or 75 cents a share, from $4.5 million, or 35 cents a share, for the same period last year. Revenue rose more than 16.5% to $116.7 million from $100.1 million.