<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13G
(RULE 13d-102)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO
RULES 13d-1(b) (c), AND (d) AND AMENDMENTS THERETO FILED
PURSUANT TO RULE 13d-2(b)
American Real Estate Investment Corporation
- --------------------------------------------------------------------------------
(Name of issuer)
Common Stock, par value $.001 per share*
- --------------------------------------------------------------------------------
(Title of class of securities)
029166105
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(CUSIP number)
December 23, 1998
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(Date of event which requires filing of this statement)
* AEW Capital Management, L.P. (the "Recording Person") currently owns Series
A Convertible Preferred Stock, par value $.001 per share, of American Real
Estate Investment Corporation, which is convertible into Common Stock in
accordance with the terms of the Series A Convertible Preferred Stock.
Check the appropriate box to designate the rule pursuant to which this
Schedule is filed:
/ / Rule 13d-1(b)
/x/ Rule 13d-1(c)
/ / Rule 13d-1(d)
(Continued on the following pages)
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SCHEDULE 13G
CUSIP No. 029166105 Page 2 of 10 Pages
--------- ------------------
- -------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
S.S. or I.R.S. Identification Nos. of above persons
AEW Capital Management, L.P.
- -------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER (a) / /
OF A GROUP* (b) / /
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3 SEC USE ONLY
- -------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
State of Delaware
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NUMBER OF SHARES 5 SOLE VOTING POWER
BENEFICIALLY 1,212,121
OWNED BY --------------------------------------------------
EACH REPORTING 6 SHARED VOTING POWER
PERSON WITH None
--------------------------------------------------
7 SOLE DISPOSITIVE POWER
1,212,121
--------------------------------------------------
8 SHARED DISPOSITIVE POWER
None
- -------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,212,121 shares of the Common Stock
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10 CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES* / /
- -------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
14.15%
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12 TYPE OF REPORTING PERSON*
PN
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* SEE INSTRUCTIONS
<PAGE>
SCHEDULE 13G
CUSIP No. 029166105 Page 3 of 10 Pages
--------- ------------------
- -------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
AEW TSF, L.L.C.
- -------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER (a) / /
OF A GROUP* (b) / /
- -------------------------------------------------------------------------------
3 SEC USE ONLY
- -------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
State of Delaware
- -------------------------------------------------------------------------------
NUMBER OF SHARES 5 SOLE VOTING POWER
BENEFICIALLY 1,212,121
OWNED BY --------------------------------------------------
EACH REPORTING 6 SHARED VOTING POWER
PERSON WITH None
--------------------------------------------------
7 SOLE DISPOSITIVE POWER
1,212,121
--------------------------------------------------
8 SHARED DISPOSITIVE POWER
None
- -------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,212,121 shares of the Common Stock
- -------------------------------------------------------------------------------
10 CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES* / /
- -------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
14.15%
- -------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
OO
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* SEE INSTRUCTIONS
<PAGE>
SCHEDULE 13G
CUSIP No. 029166105 Page 4 of 10 Pages
--------- ------------------
- -------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
AEW TSF, Inc.
- -------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER (a) / /
OF A GROUP* (b) / /
- -------------------------------------------------------------------------------
3 SEC USE ONLY
- -------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
State of Delaware
- -------------------------------------------------------------------------------
NUMBER OF SHARES 5 SOLE VOTING POWER
BENEFICIALLY 1,212,121
OWNED BY --------------------------------------------------
EACH REPORTING 6 SHARED VOTING POWER
PERSON WITH None
--------------------------------------------------
7 SOLE DISPOSITIVE POWER
1,212,121
--------------------------------------------------
8 SHARED DISPOSITIVE POWER
None
- -------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,212,121 shares of the Common Stock
- -------------------------------------------------------------------------------
10 CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES* / /
- -------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
14.15%
- -------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
CO
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* SEE INSTRUCTIONS
<PAGE>
SCHEDULE 13G
CUSIP No. 029166105 Page 5 of 10 Pages
--------- ------------------
- -------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
AEW Capital Management, Inc.
- -------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER (a) / /
OF A GROUP* (b) / /
- -------------------------------------------------------------------------------
3 SEC USE ONLY
- -------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Commonwealth of Massachusetts
- -------------------------------------------------------------------------------
NUMBER OF SHARES 5 SOLE VOTING POWER
BENEFICIALLY 1,212,121
OWNED BY --------------------------------------------------
EACH REPORTING 6 SHARED VOTING POWER
PERSON WITH None
--------------------------------------------------
7 SOLE DISPOSITIVE POWER
1,212,121
--------------------------------------------------
8 SHARED DISPOSITIVE POWER
None
- -------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,212,121 shares of the Common Stock
- -------------------------------------------------------------------------------
10 CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES* / /
- -------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
14.15%
- -------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
CO
- -------------------------------------------------------------------------------
* SEE INSTRUCTIONS
<PAGE>
SCHEDULE 13G
CUSIP No. 029166105 Page 6 of 10 Pages
--------- ------------------
- -------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
AEW Targeted Securities Fund, L.P.
- -------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER (a) / /
OF A GROUP* (b) / /
- -------------------------------------------------------------------------------
3 SEC USE ONLY
- -------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
State of Delaware
- -------------------------------------------------------------------------------
NUMBER OF SHARES 5 SOLE VOTING POWER
BENEFICIALLY 1,212,121
OWNED BY --------------------------------------------------
EACH REPORTING 6 SHARED VOTING POWER
PERSON WITH None
--------------------------------------------------
7 SOLE DISPOSITIVE POWER
1,212,121
--------------------------------------------------
8 SHARED DISPOSITIVE POWER
None
- -------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,212,121 shares of the Common Stock
- -------------------------------------------------------------------------------
10 CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES* / /
- -------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
14.15%
- -------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
PN
- -------------------------------------------------------------------------------
* SEE INSTRUCTIONS
<PAGE>
STATEMENT ON SCHEDULE 13G
Item 1(a). NAME OF ISSUER:
---------------
American Real Estate Investment Corporation
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Item 1(b). ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES:
------------------------------------------------
620 West Germantown Pike, Suite 200
Plymouth Meeting, PA 19462
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Item 2(a). NAME OF PERSON FILING:
----------------------
AEW Capital Management, L.P.
AEW Capital Management, Inc.
AEW TSF, Inc.
AEW TSF, L.L.C.
AEW Targeted Securities Fund, L.P.
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Item 2(b). BUSINESS MAILING ADDRESS FOR EACH OF THE PERSONS FILING:
-----------------------------------------------------------
c/o AEW Capital Management, Inc.
225 Franklin Street
Boston, MA 02110
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Item 2(c). CITIZENSHIP:
-----------
AEW Capital Management, Inc. - Massachusetts
AEW TSF, Inc. - Delaware
AEW TSF, L.L.C. - Delaware
AEW Targeted Securities Fund, L.P. - Delaware
AEW Capital Management, L.P. - Delaware
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Item 2(d). TITLE OF CLASS OF SECURITIES:
-----------------------------
Common Stock, par value $.001 per share, of American Real Estate
Investment Corporation
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Item 2(e). CUSIP NUMBER:
-------------
029166105
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Item 3. IF THIS STATEMENT IS FILED PURSUANT TO RULES 13d-1(b) OR
13d-2(b), CHECK WHETHER THE PERSON FILING IS A:
Not applicable.
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Item 4. OWNERSHIP:
----------
(a) Amount Beneficially Owned:
1,212,121 shares of Common Stock
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(b) Percent of class:
14.15%
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(c) Number of shares as to which such person has:
(i) sole power to vote or to direct the vote:
1,212,121 shares of Common Stock
-----------------------------------------------------------------
(ii) shared power to vote or to direct the vote:
None
-----------------------------------------------------------------
(iii) sole power to dispose or to direct the disposition of:
1,212,121 shares of Common Stock
-----------------------------------------------------------------
(iv) shared power to dispose or to direct the disposition of:
None
-----------------------------------------------------------------
<PAGE>
Item 5. OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS:
---------------------------------------------
Not Applicable
Item 6. OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON:
----------------------------------------------------------------
Not Applicable
Item 7. IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH ACQUIRED
THE SECURITY BEING REPORTED ON BY THE PARENT HOLDING COMPANY:
------------------------------------------------------------------
Not Applicable
Item 8. IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP:
----------------------------------------------------------
Not Applicable
Item 9. NOTICE OF DISSOLUTION OF GROUP:
-------------------------------
Not Applicable
Item 10. CERTIFICATION:
--------------
By signing below I certify that, to the best of my knowledge and
belief, the securities referred to above were not acquired and
are not held for the purpose of or with the effect of changing or
influencing the control of the issuer of the securities and were
not acquired and are not held in connection with or as a
participant in any transaction having that purpose or effect.
<PAGE>
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Dated: December 31, 1998 AEW Capital Management, L.P.
By: AEW Capital Management, Inc.,
its general partner
By: /s/ J. Grant Monahon
------------------------------
Name: J. Grant Monahon
Title: Vice President
AEW Capital Management, Inc.
By: /s/ J. Grant Monahon
------------------------------
Name: J. Grant Monahon
Title: Vice President
AEW TSF, L.L.C.
By: AEW TSF, Inc., its managing member
By: /s/ J. Grant Monahon
------------------------------
Name: J. Grant Monahon
Title: Vice President
AEW TSF, Inc.
By: /s/ J. Grant Monahon
------------------------------
Name: J. Grant Monahon
Title: Vice President
AEW Targeted Securities Fund, L.P.
By: AEW TSF, L.L.C., its
general partner
By: AEW TSF, Inc., its managing
member
By: /s/ J. Grant Monahon
------------------------------
Name: J. Grant Monahon
Title: Vice President
<PAGE>
JOINT FILING AGREEMENT
In accordance with Rule 13d-1(k) under the Securities Exchange Act of
1934, as amended, the undersigned agree to the joint filing on behalf of each
of them of a statement on Schedule 13G (including amendments thereto) with
respect to the Common Stock of American Real Estate Investment Corporation
and further agree that this agreement be included as an exhibit to such
filing. Each party to the agreement expressly authorizes each other party to
file on its behalf any and all amendments to such statement. Each party to
this agreement agrees that this joint filing agreement may be signed in
counterparts.
In evidence whereof, the undersigned have caused this Agreement to be
executed on their behalf this 31st day of December, 1998.
AEW Capital Management, L.P.
By: AEW Capital Management, Inc.,
its general partner
By: /s/ J. Grant Monahon
------------------------------
Name: J. Grant Monahon
Title: Vice President
AEW Capital Management, Inc.
By: /s/ J. Grant Monahon
------------------------------
Name: J. Grant Monahon
Title: Vice President
AEW TSF, L.L.C.
By: AEW TSF, Inc., its managing member
By: /s/ J. Grant Monahon
------------------------------
Name: J. Grant Monahon
Title: Vice President
AEW TSF, Inc.
By: /s/ J. Grant Monahon
------------------------------
Name: J. Grant Monahon
Title: Vice President
AEW Targeted Securities Fund, L.P.
By: AEW TSF, L.L.C., its
general partner
By: AEW TSF, Inc., its managing
member
/s/ J. Grant Monahon
------------------------------
Name: J. Grant Monahon
Title: Vice President
