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AMERICAN REAL ESTATE PARTNERS, L.P. REPORTS FOURTH QUARTER AND FULL YEAR RESULTS

 AMERICAN REAL ESTATE PARTNERS, L.P. REPORTS FOURTH QUARTER
 AND FULL YEAR RESULTS
 NEW YORK, March 30 /PRNewswire/ -- American Real Estate Partners, L.P. (NYSE: ACP) today reported the following fourth quarter and full year financial results:
 AMERICAN REAL ESTATE PARTNERS L.P.
 Financial Results
 (unaudited)
 Fourth quarter ended
 Dec. 31 1991 1990
 Revenues $13,991,924 $14,323,126
 Earnings before property
 transactions $ 5,189,795 $ 5,855,840
 Gain (loss) on sales and
 disposition of real estate 542,719 (5,288)
 Provision for loss on
 real estate (2,000,000) (4,134,305)
 Gain on extraordinary item 543,277 --
 Net earnings $ 4,275,791 $ 1,716,247
 Net earnings per unit of
 limited partnership interest $.30 $.12
 Year ended
 Dec. 31
 Revenues $56,570,823 $58,875,727
 Earnings before property
 transactions $22,252,086 $24,344,218
 Gain (loss) on sales and
 disposition of real estate 893,398 (2,103,854)
 Provision for loss on
 real estate (4,252,284) (4,134,305)
 Gain on extraordinary item 543,277 -
 Net earnings $19,436,477 $18,106,059
 Net earnings per unit of
 limited partnership interest $1.35 $1.23
 The company announced for the fourth quarter 1991 that revenues decreased by 2.3 percent and expenses increased 4.0 percent, resulting in an 11.4 percent decrease in earnings before property transactions as compared to the fourth quarter of 1990. This decrease in earnings before property transactions was principally attributable to a decrease in financing lease income due to the rejection of one lease by the Federal Deposit Insurance Corporation, a second tenant who filed a voluntary petition for reorganization pursuant to the provisions of Chapter 11 of the Federal Bankruptcy Code, a decline in interest income due to lower interest rates, and an increase in property expenses primarily due to payment of real estate taxes on behalf of tenants in Chapter 11.
 Gains on sale of real estate of $542,719 were recorded in the fourth quarter of 1991 as compared to a loss of $5,288 on property transactions in the comparable period of 1990. Additionally, in 1991, a provision for loss on real estate of $2,000,000 was incurred relating to the property whose tenant filed for bankruptcy as compared to a provision in 1990 of $4,134,305. Additionally, during the fourth quarter of 1991, a gain of $543,277 was recognized on early extinguishment of debt.
 Reflecting the foregoing factors, net earnings for the fourth quarter of 1991 increased by $2,559,544 or 149.1 percent, as compared to the fourth quarter of 1990.
 For the year ended Dec. 31, 1991, revenues and expenses decreased by 3.9 percent and .6 percent respectively, resulting in an 8.6 percent decrease in earnings before property transactions. This decrease in earnings before property transactions was principally attributable to the factors cited above relating to the decrease in such earnings for the fourth quarter of 1991.
 For the year ended Dec. 31, 1991, gains on sale of real estate of $893,398 were recorded as compared to losses of $2,103,854 on property transactions in the comparable period of 1990. A provision for loss on real estate of $4,252,284 was incurred relating to the property whose tenant filed for bankruptcy versus a provision for loss on real estate of $4,134,305 in 1990. Additionally, during 1991 a gain of $543,277 was recognized on early extinguishment of debt.
 Reflecting the foregoing factors, net earnings for the year ended Dec. 31, 1991 increased by $1,330,418 or 7.3 percent, as compared to the year ended Dec. 31, 1990.
 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- 3/30/92
 /CONTACT: John P. Saldarelli, secretary and treasurer of American Real Estate Partners, 914-242-7700/
 (ACP) CO: American Real Estate Partners ST: New York IN: FIN SU: ERN


AH -- NY089 -- 3003 03/30/92 15:35 EST
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Date:Mar 30, 1992
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