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ORANGE COUNTY EARNINGS

July 21, 1994

Irvine Apartment Communities: The Newport Beach real estate investment trust, which went public in December, posted a profit of $1.8 million, or 41 cents a share, for the second quarter. That compared to pro forma profit of $1.2 million, or 35 cents a share, for the same period a year earlier. Revenue rose 5% to $32.5 million from $30.9 million. For the first half, profit was up 32% to $3.7 million, or 81 cents a share, from $2.8 million. Six-month revenue was 5% higher, totaling $64.8 million from $61.7 million.

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