Irvine Co. to Hike Apartment Investment

The Irvine Co. said Wednesday said it may buy as many as 500,000 additional shares of common stock of its affiliate, Irvine Apartment Communities Inc., in the open market or through other transactions.

The purchases would occur over an indefinite period of time and depend on market conditions and other factors, said Michael McKee, Irvine Co.’s executive vice president and chief financial officer.

Irvine Apartment is a real estate investment trust that develops and operates apartment complexes, including apartments once owned by the Irvine Co. on its huge ranch in Orange County.

The Irvine Co. has an ownership interest of about 55% in Irvine Apartment Communities L.P., the operating partnership for the real estate investment trust, and owns about 14% of Irvine Apartment’s outstanding shares of common stock.

Irvine Apartment’s stock closed Wednesday at $27 a share, off 31 cents.