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AMERICAN REAL ESTATE PARTNERS, L.P. REPORTS SECOND QUARTER AND SIX MONTH RESULTS

 AMERICAN REAL ESTATE PARTNERS, L.P.
 REPORTS SECOND QUARTER AND SIX MONTH RESULTS
 MOUNT KISCO, N.Y., Aug. 14 /PRNewswire/ -- American Real Estate Partners, L.P. (NYSE: ACP) today reported the following second quarter and six month financial results:
 AMERICAN REAL ESTATE PARTNERS, L.P.
 CONSOLIDATED RESULTS OF EARNINGS
 (Unaudited)
 Second quarter ended June 30, 1992 1991
 Revenues $13,658,977 $14,304,088
 Earnings before property
 transactions 5,007,359 5,802,409
 Gain on sales of real estate -- 245,243
 Provision for loss on real estate (4,038,000) --
 Loss on early extinguishment of debt (784,540) --
 Net Earnings $ 184,819 $ 6,047,652
 Per limited partnership unit $ .01 $ .42
 Six months ended June 30
 Revenues $27,287,026 $28,556,034
 Earnings before property
 transactions 10,268,512 11,474,380
 Gain on sales of real estate 116,115 348,018
 Provision for loss on real estate (4,038,000) --
 Loss on early extinguishment of debt (784,540) --
 Net Earnings $ 5,562,087 $11,822,398
 Per limited partnership unit $ .39 $ .82
 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.
 American Real Estate Partners, L.P.
 Aug. 14, 1992
 Earnings Release Text
 The company announced for the second quarter of 1992 that revenues decreased by 4.5 percent and expenses increased by 1.8 percent resulting in a 13.7 percent decrease in earnings before property transactions as compared to the second quarter of 1991.
 This decrease in earnings before property transactions was principally attributable to a decrease in financing lease income. Financing lease income decreased due to normal financing lease amortization and a reserve taken against the receivable of a bankrupt tenant in default.
 There were no property sales in the second quarter of 1992. Gains on sale of real estate of $245,243 were recorded in the second quarter of 1991.
 During the second quarter of 1992, a provision for loss on real estate of $4,038,000 was recorded relating to a property, whose above market lease was rejected by a bankrupt tenant, requiring a write-down of its carrying value. Additionally, the company recognized a loss of $784,540 on early extinguishment of debt in the second quarter of 1992 due to prepayment penalties on the favorable refinancing of an above market rate mortgage.
 Reflecting the foregoing factors, net earnings for the second quarter of 1992 decreased by $5,862,833, or 96.9 percent, as compared to the second quarter of 1991.
 For the six months ended June 30, 1992, revenues and expenses decreased by 4.4 percent and .4 percent, respectively, resulting in a 10.5 percent decrease in earnings before property transactions as compared to the six months ended June 30, 1991.
 This decrease was principally attributable to a decrease in financing lease income as explained above.
 For the six months ended June 30, 1992, gains on sale of real estate of $116,115 were recorded as compared to gains of $348,018 in the comparable period of 1991.
 For the six months ended 1992, a provision for loss on real estate of $4,038,000 was recorded as explained above.
 Additionally, the company recognized a loss of $784,540 on early extinguishment of debt in the six months ended June 30, 1992 as explained above.
 Reflecting the foregoing factors, net earnings for the six months ended June 30, 1992, decreased by $6,260,311, or 52.9 percent, as compared to the same period in 1991.
 -0- 8/14/92
 /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


PS -- NY071 -- 0294 08/14/92 23:06 EDT
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Date:Aug 14, 1992
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