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AMERICAN REAL ESTATE PARTNERS, L.P. REPORTS THIRD QUARTER AND NINE MONTH RESULTS

 MOUNT KISCO, N.Y., Nov. 12 /PRNewswire/ -- American Real Estate Partners, L.P. (NYSE: ACP) today reported the following third quarter and nine month financial results:
 AMERICAN REAL ESTATE PARTNERS, L.P.
 Consolidated Results of Earnings
 (Unaudited)
 Third Quarter Ended Sept. 30, 1993 1992
 Revenues $ 14,264,937 $ 15,034,843
 Earnings before property
 transactions 4,591,808 5,398,098
 Gain on sales and disposition
 of real estate 899,102 210,189
 Provision for loss on real estate --- (787,000)
 Net earnings 5,490,910 4,821,287
 Net earnings per L.P. unit $ .39 $ .34
 Weighted average units outstndg. 13,862,838 14,052,109
 Nine Months Ended Sept. 30, 1993 1992
 Revenues $ 42,670,017 $ 42,321,869
 Earnings before property
 transactions 14,060,016 15,666,610
 Gain on sales and disposition
 of real estate 4,739,258 326,304
 Provision for loss on real estate (378,000) (4,825,000)
 Loss on extraordinary item (A) --- (784,540)
 Net earnings 18,421,274 10,383,374
 Net earnings per L.P. unit
 before extraordinary item 1.30 .77
 Extraordinary item --- (.05)
 Net earnings per L.P. unit $ 1.30 $ .72
 Weighted average units outstndg. 13,910,086 14,076,848
 (A) From early extinguishment of debt.
 The company announced for the third quarter of 1993 that revenues decreased by 5.1 percent and expenses increased by .4 percent resulting in a 14.9 percent decrease in earnings before property transactions as compared to the third quarter of 1992.
 The decrease in earnings before property transactions was primarily due to a decrease in revenues from properties sold, and a decline in revenues and increased expenses related to properties whose leases expired or were subject to tenant bankruptcies and defaults, partially offset by an increase in other income resulting from the settlement of a bankruptcy claim.
 During the third quarter of 1993, there was no provision for loss on real estate recorded as compared to $787,000 in 1992. Also during 1993, gain on sales of real estate of approximately $899,000 was recognized as compared to approximately $210,000 in 1992.
 Net earnings for the third quarter of 1993 increased by approximately $670,000 due to a decrease in the provision for loss on real estate of $787,000 and an increase of approximately $689,000 in gain on sales of real estate partially offset by a decrease in earnings before property transactions of approximately $806,000.
 For the nine months ended Sept. 30, 1993, revenues and expenses increased by .8 percent and 7.3 percent, respectively, resulting in a decrease in earnings before property transactions of 10.3 percent, as compared to the nine months ended Sept. 30, 1992.
 The decrease in earnings before property transactions was primarily due to a decrease in revenues from properties sold, and a decline in revenues and increased expenses related to properties whose leases had expired or were subject to tenant bankruptcies and defaults, partially offset by hotel net operating income related to two hotels the company began operating in late 1992 after the former tenant rejected the leases in bankruptcy.
 During the nine months ended Sept. 30, 1993, a provision for loss on real estate of $378,000 was recorded compared to $4,825,000 in 1992. Also during 1993, gain on sales of real estate of approximately $4,739,000 was recognized as compared to approximately $326,000 in 1992. During 1992 a loss from early extinguishment of debt was recognized of approximately $785,000.
 Net earnings for the nine months ended Sept. 30, 1993 increased by approximately $8,038,000, due to a decrease in the provision for loss on real estate of $4,447,000, an increase in gain on sales of real estate of approximately $4,413,000 and the decrease in the extraordinary loss from early extinguishment of debt of approximately $785,000 partially offset by a decrease of approximately $1,607,000 in earnings before property transactions.
 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.
 -0- 11/12/93
 /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

CK-MP -- NY079 -- 3869 11/12/93 16:26 EST
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Date:Nov 12, 1993
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