ORANGE COUNTY EARNINGS

Health Care Property Investors Inc.: The Newport Beach health care real estate investment trust reported net income of $15.3 million, or 49 cents a share, for the first quarter, down 6% from the $16.3 million, or 54 cents a share, a year earlier.

Funds from operations reached a record $25 million, or 79 cents a share, 10% higher than the $22.7 million, or 73 cents a share, reported for the 1998 first quarter. Revenue rose 37% to $49.6 million from $36.3 million.

Health Care also said its directors raised the quarterly dividend to 69 cents a share from 68 cents, payable May 20 to shareholders of record May 3.