Printer Friendly

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

 MOUNT KISCO, N.Y., Aug. 13 /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 1993 1992
 Revenues $13,534,466 $13,658,977
 Earnings before property transactions 4,092,828 5,007,359
 Gain on sales and disposition
 of real estate 34,198 --
 Provision for loss on real estate (196,000) (4,038,000)
 Loss on extraordinary item(A) -- (784,540)
 Net earnings 3,931,026 184,819
 Net earnings per L.P. unit
 before extraordinary item $.28 $.06
 Extraordinary item -- (.05)
 Net earnings per L.P. unit .28 .01
 Weighed average units outstanding 13,909,499 14,087,508
 Six months ended June 30 1993 1992
 Revenues $28,405,080 $27,287,026
 Earnings before property transactions 9,468,208 10,268,512
 Gain on sales and disposition
 of real estate 3,840,156 116,115
 Provision for loss on real estate (378,000) (4,038,000)
 Loss on extraordinary item(A) -- (784,540)
 Net earnings 12,930,364 5,562,087
 Net earnings per L.P. unit
 before extraordinary item $.91 $.44
 Extraordinary item -- (.05)
 Net earnings per L.P. unit .91 .39
 Weighed average units outstanding 13,934,102 14,089,354
 (A) -- From early extinguishment of debt.
 The company announced for the second quarter of 1993 that revenues decreased by .9 percent and expenses increased by 9.1 percent resulting in an 18.3 percent decrease in earnings before property transactions as compared to the second quarter of 1992.
 The decrease in earnings before property transactions was primarily due to lost revenues from properties sold and lost revenues and increased expenses related to properties whose leases 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 second quarter of 1993, a provision for loss on real estate of $196,000 was recorded as compared to $4,038,000 in 1992.
 In 1993, gain on sales of real estate of approximately $34,000 was recognized. In 1992, an extraordinary loss from early extinguishment of debt was recognized of approximately $785,000.
 Net earnings for the second quarter of 1993 increased by $3,746,000 due to a decrease in the provision for loss on real estate of $3,842,000 and the extraordinary loss from early extinguishment of debt of approximately $785,000 recorded in 1992 offset by a decrease of approximately $915,000 in earnings before property transactions.
 For the six months ended June 30, 1993, revenues and expenses increased 4.1 percent and 11.3 percent respectively, resulting in a decrease in earnings before property transactions of 7.8 percent, as compared to the six months ended June 30, 1992.
 The decrease in earnings before property transactions was primarily due to lost revenues from properties sold and lost 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 the two hotels discussed previously.
 During the six months ended June 30, 1993, a provision for loss on real estate of $378,000 was recorded compared to $4,038,000 in 1992. Also during 1993, gain on sales of real estate of approximately $3,840,000 was recognized as compared to approximately $116,000 in 1992. During 1992 a loss from early extinguishment of debt was recognized of approximately $785,000.
 Net earnings for the six months ended June 30, 1993, increased by approximately $7,368,000, due to a decrease in the provision for loss on real estate of $3,660,000, an increase in gain on sales of real estate of approximately $3,724,000 and the extraordinary loss from early extinguishment of debt of approximately $785,000 recorded in 1992 offset by a decrease of approximately $800,000 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- 8/13/93
 /CONTACT: John P. Saldarelli, secretary and treasurer of American Real Estate Partners, L.P., 914-242-7700/
 (ACP)


CO: American Real Estate Partners, L.P. ST: New York IN: SU: ERN

WB-TS -- NY069 -- 2711 08/13/93 16:59 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Aug 13, 1993
Words:753
Previous Article:TENNEY ENGINEERING REPORTS RESULTS
Next Article:MAYNARD OIL COMPANY ANNOUNCES SECOND QUARTER RESULTS
Topics:

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters