Irvine Apartment Communities, Inc. - IAC- Profile

Irvine Apartment Communities, Inc. is a self-administered equity real estate investment trust. The company develops and operates apartment communities in Orange County, California, Northern California's Silicon Valley and in northern costal markets of San Diego County. The company owns a 44.6% general partnership interest and is the sole managing general partner in the Irvine Apartment Communities L.P. with the remaining 55.2% held by the Irvine Company and affilates. The company owns and operates 65 apartment communities which contain 16,439 operating appartment units and 3,039 units under construction or development. The company holds an exclusive right to acquire land entitled by The Irvine Company for apartment use. In 1998, the operating partnership and Western National Property Management entered into an alliance, forming a new entity, Irvine Apartment Management Company. Rental income accounted for 97% of 1998 revenues; other income, 2% and interest income, 1%.