SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of report (Date of earliest event reported): January 9, 1998
AMERICAN REAL ESTATE INVESTMENT CORPORATION
(Exact Name of Registrant as Specified in its Charter)
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Maryland 1-12514 84-1246585
(State or Other (Commission (IRS Employer
Jurisdiction of File Number) Identification No.)
Incorporation)
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620 W. Germantown Pike, Suite 200
Plymouth Meeting, Pennsylvania 19462
(Address of Principal Executive Offices)(Zip Code)
Registrant's telephone number, including area code:
(610) 834-7950
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ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS.
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On January 9, 1998, the Registrant announced in a press release
attached hereto as Exhibit 99.1 and incorporated herein by reference
the acquisition of seven industrial properties totaling 1,739,055
square feet for approximately $61 million.
On January 13, 1998, the Registrant announced in a press release
attached hereto as Exhibit 99.2 and incorporated herein by reference
the sale of a 300 unit multi-family residential property known as
Americana Lakewood Apartments for a gross sale price of $15,066,000.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
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(b) PRO FORMA FINANCIAL INFORMATION.
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It is impracticable to file with this Form 8-K the financial
statements and pro forma financial information required by this Item
7 with regard to the acquisitions and disposition described in Item 2
above. Those financial statements and that pro forma financial
information will be filed by amendment to this Form 8-K as soon as
practicable and, in any event, within 60 days after the required
filing date for this Form 8-K.
(c) EXHIBITS.
99.1 Press release dated January 9, 1998
99.2 Press release dated January 13, 1998
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the Registrant has duly caused this Report to be signed on its
behalf by the undersigned, thereunto duly authorized.
AMERICAN REAL ESTATE INVESTMENT
CORPORATION
Date: January 23, 1998 By /s/ JEFFREY E. KELTER
_______________________
Jeffrey E. Kelter
President
EXHIBIT 99.1
AMERICAN REAL ESTATE INVESTMENT CORPORATION ACQUIRES SEVEN
INDUSTRIAL PROPERTIES FOR $61 MILLION
PLYMOUTH MEETING, PA, Jan. 9, 1998. American Real Estate Investment
Corporation (AMEX:REA) announced today that it has acquired seven
industrial properties totaling 1,739,055 square feet for approximately $61
million.
These acquisitions, located in Eastern Pennsylvania, consist of the
following properties:
- - 101 Commerce Drive, Mechanicsburg, PA, a 597,000 square foot
refrigerated warehouse/distribution center on 48 acres, net leased to
Hershey Foods Corporation through 2012.
- - One Philips Drive, Mountain Top, PA, a 400,000 square foot warehouse
distribution center on 28.7 acres, 100% net leased to Philips Electronics
Corporation through 2007.
- - One and Two Tabas Lane, Exton, PA, two 150,000 square foot
warehouse/distribution facilities on 20 acres. These properties are 100%
net leased by International Envelope and Alstrip, Inc. through 2007 and
2011.
- - 1057 and 1091 Arnold Road, Reading, PA, a 219,000 square foot
warehouse/distribution center on 29 acres, 100% net leased to Premium
Beverage Packers, Inc. through 2000 and a 133,055 square foot
warehouse/distribution center on 28 acres 100% net-leased by the Glidden
Company through 2001.
- - 1305 Goshen Road, West Chester, PA, a 90,000 square foot
warehouse/distribution facility on 10.2 acres. This building is 100% net
leased to Yves Rocher, Inc. through 2000.
"These properties are state-of-the-art distribution facilities
strategically located on major highways with expected initial yields
averaging 10.7% and remaining lease terms averaging 7 years with large
credit tenants. They represent the initial execution on our strategy of
acquiring institutional quality, logistics-driven facilities serving the
East Coast Population Centers and set the stage for accelerated growth in
this region" said Jeff Kelter, American's President.
American Real Estate Investment Corporation, with headquarters in Plymouth
Meeting, Pennsylvania and regional offices in Franklin Lakes, New Jersey
and Allentown, Pennsylvania, is a full service real estate company focusing
on office and industrial properties in the Mid-Atlantic and Northeast
States. The Company currently has 24 properties containing more than 3.0
million square feet. For more information, contact Jeff Kelter at 610-834-
3447 or Email: [email protected].
THIS PRESS RELEASE MAY CONTAIN STATEMENTS WHICH CONSTITUTE FORWARD LOOKING
STATEMENTS WITHIN THE MEANING OF THE PRIVATE SECURITIES LITIGATION REFORM ACT
OF 1995, INCLUDING STATEMENTS REGARDING THE INTENT, BELIEF OR CURRENT
EXPECTATIONS OF THE COMPANY, ITS DIRECTORS, OR ITS OFFICERS WITH RESPECT TO THE
FUTURE OPERATING PERFORMANCE OF THE COMPANY AND THE RESULT AND THE EFFECT OF
LEGAL PROCEEDINGS. INVESTORS ARE CAUTIONED THAT ANY SUCH FORWARD LOOKING
STATEMENTS ARE NOT GUARANTEES OF FUTURE PERFORMANCE AND INVOLVE RISKS AND
UNCERTAINTIES, AND THAT ACTUAL RESULTS MAY DIFFER MATERIALLY FROM THOSE IN THE
FORWARD LOOKING STATEMENTS AS A RESULT OF VARIOUS FACTORS. IMPORTANT FACTORS
THAT COULD CAUSE SUCH DIFFERENCE ARE DESCRIBED IN THE COMPANY'S PERIODIC
FILINGS WITH THE SECURITIES AND EXCHANGE COMMISSION, INCLUDING THE COMPANY'S
FORM 10-K AND QUARTERLY REPORTS ON FORM 10-Q.
EXHIBIT 99.2
AMERICAN REAL ESTATE INVESTMENT CORPORATION ANNOUNCES SALE OF
AMERICANA LAKEWOOD APARTMENTS
PLYMOUTH MEETING, PA, Jan. 13, 1998. AMERICAN REAL ESTATE INVESTMENT
CORPORATION (AMEX: REA) announced today that it sold a 300 unit multi-
family residential property known as the Americana Lakewood Apartments
located in the metropolitan Denver area for a gross sales price of
$15,066,000 to Skyline Rentals, Ltd. Hendricks & Partners brokered the
transaction. The Americana Lakewood Apartments located at 12598 West
Dakota Avenue in Lakewood, Colorado was constructed in 1985.
Certain cash proceeds from the sale were used to pay off the outstanding
principal balance of the first mortgage loan which was collateralized by
the Americana Lakewood Apartments and to pay closing fees and costs related
to this transaction. The Company intends to redeploy the net cash proceeds
from the sale.
American Real Estate Investment Corporation, with headquarters in Plymouth
Meeting, Pennsylvania and regional offices in Franklin Lakes, New Jersey
and Allentown, Pennsylvania, is a full service real estate company focusing
on office and industrial properties in the Mid-Atlantic and Northeast
States. The Company currently has 24 properties containing more than 3.0
million square feet. For more information contact Jeff Kelter at 610-834-
3447 or Email: [email protected].
THIS PRESS RELEASE MAY CONTAIN STATEMENTS WHICH CONSTITUTE FORWARD LOOKING
STATEMENTS WITHIN THE MEANING OF THE PRIVATE SECURITIES LITIGATION REFORM ACT
OF 1995, INCLUDING STATEMENTS REGARDING THE INTENT, BELIEF OR CURRENT
EXPECTATIONS OF THE COMPANY, ITS DIRECTORS, OR ITS OFFICERS WITH RESPECT TO THE
FUTURE OPERATING PERFORMANCE OF THE COMPANY AND THE RESULT AND THE EFFECT OF
LEGAL PROCEEDINGS. INVESTORS ARE CAUTIONED THAT ANY SUCH FORWARD LOOKING
STATEMENTS ARE NOT GUARANTEES OF FUTURE PERFORMANCE AND INVOLVE RISKS AND
UNCERTAINTIES, AND THAT ACTUAL RESULTS MAY DIFFER MATERIALLY FROM THOSE IN THE
FORWARD LOOKING STATEMENTS AS A RESULT OF VARIOUS FACTORS. IMPORTANT FACTORS
THAT COULD CAUSE SUCH DIFFERENCE ARE DESCRIBED IN THE COMPANY'S PERIODIC
FILINGS WITH THE SECURITIES AND EXCHANGE COMMISSION, INCLUDING THE COMPANY'S
FORM 10-K AND QUARTERLY REPORTS ON FORM 10-Q.
