Income Rises 16% at IAC

Irvine Apartment Communities, a Newport Beach-based apartment developer, said net income for the first quarter was $7.9 million, or 39 cents a share, 16% higher than the $6.8 million, or 34 cents a share, for the same period last year. Funds from operations for the real estate investment trust rose 26% to $29.3 million, or 65 cents a share, from $23.2 million, or 52 cents a share. Revenue advanced 16% to $59.8 million from $51.6 million.