ORANGE COUNTY EARNINGS

Irvine Apartment Communities: The Newport Beach real estate investment trust reported that net income for the third quarter gained 26% to $8.2 million, or 41 cents a share, from $6.5 million, or 33 cents a share, for the 1997 third quarter. Funds from operations increased 21% to $26.9 million, or 60 cents a share, from $22.2 million, or 51 cents a share. Revenue was up 16% to $56.5 million from $48.9 million.

Revenue gains were fueled, in part, by growth in rental rates, the company said. Average monthly rents at properties owned before 1997 rose 4.6% to $1,171 per unit from $1,119. Occupancy moved up to 94.1% from 93.8% a year earlier.