Delaware
|
1-9516
|
13-3398766
|
||
(State
or Other Jurisdiction of Incorporation)
|
(Commission
File Number)
|
(IRS
Employer
Identification
No.)
|
767
Fifth Avenue, Suite 4700, New York, NY 10153
|
(Address
of Principal Executive Offices) (Zip
Code)
|
AMERICAN
REAL ESTATE PARTNERS, L.P.
(Registrant)
|
||
|
By: |
American Property Investors, Inc., its
General Partner
|
By: /s/ Andrew R. Skobe | ||
Andrew
R. Skobe
Chief
Financial Officer
American
Property Investors, Inc.,
the
General Partner of
American
Real Estate Partners, L.P.
|
· |
Ended
quarter with cash, cash equivalents and liquid investments of $3.6
billion
|
· |
Agreed
to sell Nevada Gaming operations for $1.3
billion
|
· |
Issued
$600 million of variable rate senior convertible
notes
|
· |
Sold
common stock of SandRidge for $243
million
|
· |
Board
of Directors approved $0.15 per depositary unit quarterly
distribution
|
Operating
Income / (Loss)
|
Depreciation,
Depletion &
Amortization
|
||||||||||||
Quarter
Ended June 30,
|
|||||||||||||
2007
|
2006
|
2007
|
2006
|
||||||||||
Real
Estate
|
$
|
1.0
|
$
|
14.2
|
$
|
1.5
|
$
|
1.3
|
|||||
Home
Fashion
|
(53.0
|
)
|
(48.3
|
)
|
4.6
|
9.5
|
|||||||
Holding
Company
|
(3.9
|
)
|
(3.8
|
)
|
-
|
-
|
|||||||
Total
|
$
|
(55.9
|
)
|
$
|
(37.9
|
)
|
$
|
6.1
|
$
|
10.8
|
|||
Discontinued
Ops.
|
$
|
32.5
|
$
|
62.9
|
$
|
-
|
$
|
33.8
|
Depreciation,
Depletion &
|
|||||||||||||
Operating
Income / (Loss)
|
Amortization
|
||||||||||||
Six
Months Ended June 30,
|
|||||||||||||
2007
|
2006
|
2007
|
2006
|
||||||||||
Real
Estate
|
$
|
5.2
|
$
|
17.7
|
$
|
3.0
|
$
|
2.5
|
|||||
Home
Fashion
|
(92.0
|
)
|
(86.3
|
)
|
9.4
|
19.9
|
|||||||
Holding
Company
|
(11.5
|
)
|
(15.0
|
)
|
-
|
-
|
|||||||
Total
|
$
|
(98.3
|
)
|
$
|
(83.6
|
)
|
$
|
12.4
|
$
|
22.4
|
|||
Discontinued
Ops.
|
$
|
56.9
|
$
|
148.6
|
$
|
8.4
|
$
|
67.6
|
APPENDIX
I
|
|||||||
CONSOLIDATED
STATEMENT OF OPERATIONS
|
|||||||
In
millions of dollars except per unit data
|
|||||||
|
Three
Months
Ended
|
||||||
|
June
30,
|
||||||
2007
|
2006
|
||||||
|
(Restated)
|
||||||
Revenues
|
$
|
191.4
|
$
|
285.4
|
|||
Operating
loss
|
$
|
(55.9
|
)
|
$
|
(37.9
|
)
|
|
Interest
expense
|
(35.5
|
)
|
(21.1
|
)
|
|||
Interest
income
|
41.2
|
12.0
|
|||||
Other
income (expense), net
|
(16.7
|
)
|
44.8
|
||||
Equity
in earnings of affiliate
|
-
|
8.0
|
|||||
Pre-tax
(loss) income
|
(66.9
|
)
|
5.8
|
||||
Income
tax expense
|
(1.1
|
)
|
-
|
||||
Minority
interests
|
20.6
|
25.7
|
|||||
(Loss)
income from continuing operations
|
(47.4
|
)
|
31.5
|
||||
Income
from discontinued operations
|
21.9
|
47.6
|
|||||
Net
(loss) earnings
|
$
|
(25.5
|
)
|
$
|
79.1
|
||
Net
(loss) earnings attributable to:
|
|||||||
Limited
partners
|
$
|
(25.0
|
)
|
$
|
77.5
|
||
General
partner
|
(0.5
|
)
|
1.6
|
||||
(25.5
|
)
|
79.1
|
|||||
Net
(loss) earnings per LP unit:
|
|||||||
Basic
(loss) earnings:
|
|||||||
(Loss)
income from continuing operations
|
$
|
(0.75
|
)
|
$
|
0.53
|
||
Income
from discontinued operations
|
0.35
|
0.75
|
|||||
Basic
(loss) earnings per LP unit
|
$
|
(0.40
|
)
|
$
|
1.28
|
||
Weighted
average units
|
|||||||
outstanding
(in 000s)
|
61,857
|
61,857
|
|||||
Diluted
(loss) earnings:
|
|||||||
(Loss)
income from continuing operations
|
$
|
(0.75
|
)
|
$
|
0.51
|
||
Income
from discontinued operations
|
0.35
|
0.72
|
|||||
Diluted
(loss) earnings per L.P. unit
|
$
|
(0.40
|
)
|
$
|
1.23
|
||
Weighted
average units and
|
|||||||
equivalent
units outstanding (in 000s)
|
61,857
|
64,535
|
APPENDIX
II
|
|||||||
CONSOLIDATED
STATEMENT OF OPERATIONS
|
|||||||
In
millions of dollars except per unit data
|
|||||||
|
Six
Months
Ended
|
||||||
|
June
30,
|
||||||
2007
|
2006
|
||||||
|
(Restated)
|
||||||
Revenues
|
$
|
429.7
|
$
|
549.4
|
|||
Operating
loss
|
$
|
(98.3
|
)
|
$
|
(83.6
|
)
|
|
Interest
expense
|
(63.0
|
)
|
(41.5
|
)
|
|||
Interest
income
|
72.2
|
22.7
|
|||||
Other
income (expense), net
|
68.1
|
66.2
|
|||||
Equity
in earnings of affiliate
|
-
|
8.0
|
|||||
Pre-tax
loss
|
(21.0
|
)
|
(28.2
|
)
|
|||
Income
tax expense
|
(1.9
|
)
|
-
|
||||
Minority
interests
|
32.2
|
40.7
|
|||||
Income
from continuing operations
|
9.3
|
12.5
|
|||||
Income
from discontinued operations
|
61.8
|
116.3
|
|||||
Net
earnings
|
$
|
71.1
|
$
|
128.8
|
|||
Net
earnings attributable to:
|
|||||||
Limited
partners
|
$
|
69.7
|
$
|
126.2
|
|||
General
partners
|
1.4
|
2.6
|
|||||
71.1
|
128.8
|
||||||
Net
earnings per LP unit:
|
|||||||
Basic
earnings:
|
|||||||
Income
from continuing operations
|
$
|
0.15
|
$
|
0.22
|
|||
Income
from discontinued operations
|
0.98
|
1.84
|
|||||
Basic
earnings per LP unit
|
$
|
1.13
|
$
|
2.06
|
|||
Weighted
average units
|
|||||||
outstanding
(in 000s)
|
61,857
|
61,857
|
|||||
Diluted
earnings:
|
|||||||
Income
from continuing operations
|
$
|
0.15
|
$
|
0.22
|
|||
Income
from discontinued operations
|
0.98
|
1.84
|
|||||
Diluted
earnings per L.P. unit
|
$
|
1.13
|
$
|
2.06
|
|||
Weighted
average units and
|
|||||||
equivalent
units outstanding (in 000s)
|
61,857
|
61,857
|
APPENDIX
III
|
|||||||
CONSOLIDATED
SUMMARY BALANCE SHEET
|
|||||||
The
following table presents AREP's consolidated summary balance sheet
data
|
|||||||
(in
millions)
|
|||||||
|
June
30,
|
December
31,
|
|||||
2007
|
2006
|
||||||
Assets
|
|||||||
Cash
and cash equivalents
|
$
|
3,134.7
|
$
|
1,857.3
|
|||
Investments
|
309.5
|
535.7
|
|||||
Other
current assets
|
458.7
|
530.0
|
|||||
Assets
of disc. ops. held for sale
|
628.0
|
600.0
|
|||||
Total
current assets
|
4,530.9
|
3,523.0
|
|||||
Noncurrent
investments
|
177.5
|
179.9
|
|||||
Property,
plant and equipment
|
458.2
|
484.4
|
|||||
Intangible
assets
|
23.4
|
23.4
|
|||||
Other
assets
|
30.7
|
34.0
|
|||||
Total
assets
|
$
|
5,220.7
|
$
|
4,244.7
|
|||
Liabilities
|
|||||||
Current
liabilities
|
$
|
570.6
|
$
|
580.3
|
|||
Long-term
debt
|
2,017.7
|
927.7
|
|||||
Other
noncurrent liabilities
|
15.0
|
16.2
|
|||||
Preferred
limited partnership units
|
120.6
|
117.7
|
|||||
Total
liabilities
|
2,723.9
|
1,641.9
|
|||||
Minority
interests
|
182.7
|
292.2
|
|||||
Partners'
equity
|
2,314.1
|
2,310.6
|
|||||
Total
liabilities and partners' equity
|
$
|
5,220.7
|
$
|
4,244.7
|