Irvine Apartment Communities: The Newport Beach real...

Irvine Apartment Communities: The Newport Beach real estate investment trust, saying it benefited from strong demand for its apartments in a growing economy, posted a 30% gain in net income for the third quarter.

Net income totaled $6.5 million, or 33 cents a share, up from the $5 million, or 27 cents a share, reported a year ago. Revenue rose 20% to $48.9 million from $40.7 million. For the first three quarters of 1997, net income increased 48% to $19.4 million, or 99 cents a share, from $13.1 million, or 75 cents a share, for the corresponding period of 1996. Revenue gained 17% to $136.9 million from $116.7 million.