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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G/A
(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)
(Amendment No. 1)
American Real Estate Investment Corporation
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(Name of Issuer)
Common stock, par value $.001 per share*
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(Title of Class of Securities)
029166105
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(CUSIP Number)
September 27, 1999
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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. In
addition, the Recording Person currently owns Series C 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 C 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
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(1) Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
AEW Capital Management, L.P.
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(2) Check the Appropriate Box if a Member (a) / /
of a Group (See Instructions) (b) / /
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(3) SEC Use Only
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(4) Citizenship or Place of Organization
State of Delaware
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Number of Shares (5) Sole Voting Power
Beneficially 1,529,581
Owned by --------------------------------------------------
Each Reporting (6) Shared Voting Power
Person With: None
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(7) Sole Dispositive Power
1,529,581
--------------------------------------------------
(8) Shared Dispositive Power
None
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(9) Aggregate Amount Beneficially Owned by Each Reporting Person
1,529,581 shares of the Common Stock
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(10) Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See
Instructions) / /
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(11) Percent of Class Represented by Amount in Row (9)
16.9%
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(12) Type of Reporting Person (See Instructions)
PN
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SCHEDULE 13G
CUSIP No. 029166105
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(1) Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
AEW TSF, L.L.C.
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(2) Check the Appropriate Box if a Member (a) / /
of a Group (See Instructions) (b) / /
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(3) SEC Use Only
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(4) Citizenship or Place of Organization
State of Delaware
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Number of Shares (5) Sole Voting Power
Beneficially 1,529,581
Owned by --------------------------------------------------
Each Reporting (6) Shared Voting Power
Person With: None
--------------------------------------------------
(7) Sole Dispositive Power
1,529,581
--------------------------------------------------
(8) Shared Dispositive Power
None
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(9) Aggregate Amount Beneficially Owned by Each Reporting Person
1,529,581 shares of the Common Stock
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(10) Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See
Instructions) / /
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(11) Percent of Class Represented by Amount in Row (9)
16.9%
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(12) Type of Reporting Person (See Instructions)
OO
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SCHEDULE 13G
CUSIP No. 029166105
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(1) Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
AEW TSF, Inc.
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(2) Check the Appropriate Box if a Member (a) / /
of a Group (See Instructions) (b) / /
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(3) SEC Use Only
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(4) Citizenship or Place of Organization
State of Delaware
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Number of Shares (5) Sole Voting Power
Beneficially 1,529,581
Owned by --------------------------------------------------
Each Reporting (6) Shared Voting Power
Person With: None
--------------------------------------------------
(7) Sole Dispositive Power
1,529,581
--------------------------------------------------
(8) Shared Dispositive Power
None
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(9) Aggregate Amount Beneficially Owned by Each Reporting Person
1,529,581 shares of the Common Stock
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(10) Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See
Instructions) / /
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(11) Percent of Class Represented by Amount in Row (9)
16.9%
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(12) Type of Reporting Person (See Instructions)
CO
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SCHEDULE 13G
CUSIP No. 029166105
---------
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(1) Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
AEW Capital Management, Inc.
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(2) Check the Appropriate Box if a Member (a) / /
of a Group (See Instructions) (b) / /
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(3) SEC Use Only
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(4) Citizenship or Place of Organization
Commonwealth of Massachusetts
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Number of Shares (5) Sole Voting Power
Beneficially 1,529,581
Owned by --------------------------------------------------
Each Reporting (6) Shared Voting Power
Person With: None
--------------------------------------------------
(7) Sole Dispositive Power
1,529,581
--------------------------------------------------
(8) Shared Dispositive Power
None
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(9) Aggregate Amount Beneficially Owned by Each Reporting Person
1,529,581 shares of the Common Stock
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(10) Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See
Instructions) / /
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(11) Percent of Class Represented by Amount in Row (9)
16.9%
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(12) Type of Reporting Person (See Instructions)
CO
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SCHEDULE 13G
CUSIP No. 029166105
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(1) Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
AEW Targeted Securities Fund, L.P.
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(2) Check the Appropriate Box if a Member (a) / /
of a Group (See Instructions) (b) / /
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(3) SEC Use Only
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(4) Citizenship or Place of Organization
State of Delaware
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Number of Shares (5) Sole Voting Power
Beneficially 1,529,581
Owned by --------------------------------------------------
Each Reporting (6) Shared Voting Power
Person With: None
--------------------------------------------------
(7) Sole Dispositive Power
1,529,581
--------------------------------------------------
(8) Shared Dispositive Power
None
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(9) Aggregate Amount Beneficially Owned by Each Reporting Person
1,529,581 shares of the Common Stock
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(10) Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See
Instructions) / /
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(11) Percent of Class Represented by Amount in Row (9)
16.9%
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(12) Type of Reporting Person (See Instructions)
PN
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STATEMENT ON SCHEDULE 13G
ITEM 1.
(a) Name of Issuer
American Real Estate Investment Corporation
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(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) Names 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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(b) Address of Principal Business Office or, if none, Residence
c/o AEW Capital Management, Inc.
225 Franklin Street
Boston, MA 02110
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(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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(d) Title of Class of Securities
Common Stock, par value $.001 per share, of American Real Estate
Investment Corporation
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(e) CUSIP Number
029166105
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ITEM 3. IF THIS STATEMENT IS FILED PURSUANT TO SECTIONS 240.13d-1(b) OR
240.13d-2(b) OR (c), CHECK WHETHER THE PERSON FILING IS A:
Not applicable.
ITEM 4. OWNERSHIP
Provide the following information regarding the aggregate number and
percentage of the class of securities of the issuer identified in Item 1.
(a) Amount beneficially owned:
1,529,581 shares of Common Stock
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(b) Percent of class:
16.9%
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(c) Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote
1,529,581 shares of Common Stock
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(ii) Shared power to vote or to direct the vote
None
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(iii) Sole power to dispose or to direct the disposition of
1,529,581 shares of Common Stock
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(iv) Shared power to dispose or to direct the disposition of
None
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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.
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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: AEW Capital Management, L.P.
By: AEW Capital Management, Inc., its general partner
By: /s/ Jay Finnegan
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Name: Jay Finnegan
Title: Director & General Counsel
AEW Capital Management, Inc.
By: /s/ Jay Finnegan
------------------------------------
Name: Jay Finnegan
Title: Director & General Counsel
AEW TSF, L.L.C.
By: AEW TSW, Inc., its managing member
By: /s/ Jay Finnegan
------------------------------------
Name: Jay Finnegan
Title: Director & General Counsel
AEW TSF, Inc.
By: /s/ Jay Finnegan
------------------------------------
Name: Jay Finnegan
Title: Director & General Counsel
AEW Targeted Securities Fund, L.P.
By: AEW TSF, L.L.C., its general partner
By: AEW TSF, Inc., its managing member
By: /s/ Jay Finnegan
------------------------------------
Name: Jay Finnegan
Title: Director & General Counsel
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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 7th day of October, 1999.
AEW Capital Management, L.P.
By: AEW Capital Management, Inc., its general
partner
By: /S/ Jay Finnegan
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Name: Jay Finnegan
Title: Director & General Counsel
AEW Capital Management, Inc.
By: /s/ Jay Finnegan
------------------------------------
Name: Jay Finnegan
Title: Director & General Counsel
AEW TSF, L.L.C.
By: AEW TSW, Inc., its managing member
By: /s/ Jay Finnegan
------------------------------------
Name: Jay Finnegan
Title: Director & General Counsel
AEW TSF, Inc.
By: /s/ Jay Finnegan
------------------------------------
Name: Jay Finnegan
Title: Director & General Counsel
AEW Targeted Securities Fund, L.P.
By: AEW TSF, L.L.C., its general partner
By: AEW TSF, Inc., its managing member
By: /s/ Jay Finnegan
------------------------------------
Name: Jay Finnegan
Title: Director & General Counsel
