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AMERICAN REAL ESTATE PARTNERS, L.P. REPORTS FIRST QUARTER RESULTS

 AMERICAN REAL ESTATE PARTNERS, L.P. REPORTS FIRST QUARTER RESULTS
 MOUNT KISCO, N.Y., May 15 /PRNewswire/ -- American Real Estate Partners, L.P. (NYSE: ACP) today reported the following first quarter financial results:
 AMERICAN REAL ESTATE PARTNERS, L.P.
 Consolidated Results of Earnings
 (unaudited)
 First quarter ended March 31, 1992 1991
 Revenues $13,628,049 $14,251,946
 Earnings before property
 transactions $ 5,261,153 $ 5,671,971
 Gain on property transactions 116,115 102,775
 Net earnings $ 5,377,268 $ 5,774,746
 Net earnings per unit of
 limited partnership interest $.37 $.40
 American Real Estate Partners, L.P. is a master limited partnership engaged in acquiring and managing real estate with a primary focus on office, retail and industrial properties.
 The company announced for the first quarter of 1992 that revenues and expenses decreased by 4.4 percent and 2.5 percent respectively, resulting in a 7.2 percent decrease in earnings before property transactions as compared to the first quarter of 1991.
 This decrease in earnings before property transactions was principally attributable to a decrease in financing lease income and other interest income. Financing lease income decreased due to normal lease amortization and a reserve taken against the receivable of a tenant in default. Other interest income decreased as a result of lower interest rates on the company's short-term investments.
 Gain on property transactions of $116,115 were recorded in the first quarter of 1992 as compared to a gain of $102,775 in the comparable period of 1991.
 Reflecting the foregoing factors, net earnings for the first quarter of 1992 decreased by $397,478, or 6.9 percent, as compared to the first quarter of 1991.
 -0- 5/15/92
 /CONTACT: John P. Saldarelli, secretary and treasurer of American Real Estate Partners, 914-242-7700/
 (ACP) CO: American Real Estate Partners, L.P. ST: New York IN: SU: ERN


SH -- NY090 -- 0885 05/15/92 15:45 EDT
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Date:May 15, 1992
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