Exhibit 99.4
Contact: John P. Saldarelli
Secretary and Treasurer
(914) 242-7700
FOR IMMEDIATE RELEASE
AMERICAN REAL ESTATE PARTNERS, L.P.
REPORTS SECOND QUARTER AND SIX MONTHS RESULTS
Mount Kisco, New York, August 14, 2003 - American Real Estate Partners, L.P.
(NYSE:ACP) today reported the following second quarter and six months results:
For the second quarter of 2003, diluted earnings (loss) per weighted average
limited partnership unit outstanding decreased from earnings of $.24 in 2002 to
a loss of $ (.13) in 2003.
Earnings decreased from $13,656,000 in the second quarter ended June 30, 2002 to
a loss of $4,949,000 in the second quarter of 2003 primarily due to a write-down
of mortgages and notes receivable, decreased interest income and decreased
earnings from land, house and condominium operations, partially offset by a
write-down of equity securities in 2002, an increase in income from discontinued
operations and a provision for loss on real estate in 2002.
For the six months ended June 30, 2003, diluted earnings per weighted average
limited partnership unit outstanding decreased from $.57 in 2002 to $.06 in
2003.
Earnings decreased from $32,478,000 in the six months ended June 30, 2002 to
$5,534,000 in the six months ended June 30, 2003 primarily due to a write-down
of mortgages and notes receivable, decreased interest income and decreased
earnings from land, house and condominium operations, partially offset by a
decrease in write-down of equity securities and an increase in income from
discontinued operations.
American Real Estate Partners, L.P. is a master limited partnership primarily
engaged in acquiring and managing real estate investments with a primary focus
on office, retail, industrial, hotel, gaming, and residential properties.
3
FOR IMMEDIATE RELEASE
AMERICAN REAL ESTATE PARTNERS, L.P.
REPORTS SECOND QUARTER AND SIX MONTH RESULTS
CONSOLIDATED RESULTS OF EARNINGS
In thousands of dollars except per unit data
Second quarter ended June 30, 2003 2002
- --------------------------------------------- ----------- -----------
(unaudited)
Revenues $ 63,836 $ 84,218
=========== ===========
Operating income $ 12,094 $ 22,918
Provision for loss on real estate -- (926)
Write-down of equity securities
available for sale -- (8,476)
Write-down of mortgages and
notes receivable (18,798) --
Loss on sales and disposition
of real estate (272) --
----------- -----------
Income (loss) from continuing operations (6,976) 13,516
Income from discontinued operations 2,027 140
----------- -----------
Net earnings (loss) $ (4,949) $ 13,656
=========== ===========
Net earnings per L.P. unit:
Basic:
Income (loss) from continuing operations $ (.17) $ .26
Income from discontinued operations .04 .01
----------- -----------
Basic earnings (loss) per L.P. unit $ (.13) $ .27
=========== ===========
Weighted average units
outstanding 46,098,284 46,098,284
=========== ===========
Diluted:
Income (loss) from continuing operations $ (.17) $ .24
Income from discontinued operations .04 --
----------- -----------
Diluted earnings (loss) per L.P. unit $ (.13) $ .24
=========== ===========
Weighted average units and
equivalent units outstanding 46,098,284 55,794.494
=========== ===========
4
FOR IMMEDIATE RELEASE
AMERICAN REAL ESTATE PARTNERS, L.P.
REPORTS SECOND QUARTER AND SIX MONTH RESULTS
CONSOLIDATED RESULTS OF EARNINGS
In thousands of dollars except per unit data
Six Months ended June 30, 2003 2002
- ---------------------------------------- ----------- -----------
(unaudited)
Revenues $ 128,091 $ 162,650
=========== ===========
Operating income $ 22,600 $ 40,101
Provision for loss on real estate (200) (926)
Write-down of equity securities
available for sale (961) (8,476)
Write-down of mortgages
and notes receivable (18,798) --
Gain on sales and disposition
of real estate 866 1,639
----------- -----------
Income from continuing operations 3,507 32,338
Income from discontinued operations 2,027 140
----------- -----------
Net earnings $ 5,534 $ 32,478
=========== ===========
Net earnings per L.P. unit:
Basic:
Income from continuing operations $ .02 $ .64
Income from discontinued operations .04 --
----------- -----------
Basic earnings per L.P. unit $ .06 $ .64
=========== ===========
Weighted average units
outstanding 46,098,284 46,098,284
=========== ===========
Diluted:
Income from continuing operations $ .02 $ .57
Income from discontinued operations .04 --
----------- -----------
Diluted earnings per L.P. unit $ .06 $ .57
=========== ===========
Weighted average units and
equivalent units outstanding 46,098,284 56,085,943
=========== ===========
5