Irvine Apartment Trust Reports Loss

Irvine Apartment Communities, the Newport Beach real estate investment trust, reported a net loss of $11.4 million, or 57 cents a share, for the second quarter, which included an extraordinary charge of $42.5 million from refinancing debt. That contrasts with net income of $6.8 million, or 34 cents a share, for the same period last year. Funds from operations rose to $25.4 million, or 56 cents a share, from $22 million, or 50 cents a share, a year ago. Revenue increased 19% to $53.3 million from $44.7 million.

For the first six months, the company recorded a net loss of $4.5 million, or 23 cents a share, contrasted with net income of $12.9 million, or 66 cents a share, for the 1997 first half. Funds from operations totaled $48.7 million, or $1.08 a share, up from $42.2 million, or 98 cent a share. Revenue advanced 19% to $104.9 million from $88 million.