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ORANGE COUNTY EARNINGS

October 27, 1994

Irvine Apartment Communities: The Newport Beach developer of apartment properties recorded net income of $1.8 million, compared to a pro forma amount of $1.8 million for the 1993 third quarter. Revenue totaled $32.7 million, up from $31.2 million a year ago. Net income for the first nine months increased to $5.5 million, up from a pro forma $4.6 million a year ago. Revenue rose to $97.5 million from $92.9 million.

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