Irvine Co. Plans Bigger Stock Buy

Irvine Co., assessing continuing weakness in the stock market, said it will more than double the number of shares it plans to purchase in its Irvine Apartment Communities Inc. affiliate. The privately owned land development giant said that if market conditions continue to be favorable, it now could buy as many as 1.25 million shares in the apartment investment business--which operates as a publicly traded real estate investment trust. That would boost Irvine Co.’s stake in Irvine Apartment to about 20%. On Aug. 3, Irvine Co. said it would consider buying as many as 500,000 shares. Irvine Co. owns about 55% of the operating partnership of which Irvine Apartment Communities is general partner. The company also now owns about 16% of Irvine Apartment Communities’ outstanding shares. IAC’s stock closed Friday at $26.38 a share, down 38 cents on the New York Stock Exchange. The stock had hit a high of $32.19 in January.