APP. E4 REGULATION OF INVESTMENT ADVISORS
CUSIP No._029166105______________ 13G
Page______of______Pages
________________________________________________________________________
1. NAME OF REPORTING PERSON
S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
CRA Real Estate Securities, LP 232802869
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a)____
(b)____
3. SEC USE ONLY
4. CITIZENSHIP OR PLACE OF ORGANIZATION
259 N.Radnor Chester Road, Suite 205 , Radnor, PA 19087
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
5. SOLE VOTING POWER
680,996 shares, sole voting power
6. SHARED VOTING POWER
No shares under shared voting power
7. SOLE DISPOSITIVE POWER
703,296 shares, sole dispositive power
8. SHARED DISPOSITOVE POWER
No shares under shared dispositive power
9. AFFREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
703,296 shares
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
9.5%
12. TYPE OF REPORTING PERSON*
1A
SCHEDULE 13G APP. E4
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No _______)*
American Real Estate Investors Corporation
(Name of Issuer)
Common Stock
(Title of Class of Securities)
029166105
(Cusip Number)
Check the following box if a fee is being paid with this statement ____.
(A fee is not required only if the filing person: (1) has a previous
statement on file reporting beneficial ownership of more than five percent
of the class of securities described in Item 1; and (2) has filed no
amendment subsequent thereto reporting beneficial ownership of five percent
or less of such class.) (See Rule 13d-7).
*The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class
of securities, and for any subsequent amendment containing information which
would alter the disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be
deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
Act of 1934 ("Act") or otherwise subject to the liabilities of that section
of the Act but shall be subject to all other provisions of the Act (however,
see the Notes).
Sec 1745 (6-88)
E4-1
Items
Item 1
(a) American Real Estate Investors Corporation
(b) 620 W. Germantown Pike, Suite 200
Plymouth Meeting, PA 19462
Item 2
(a) CRA Real Estate Securities, L.P.
(b) 259 N. Radnor-Chester Road, Suite 205
Radnor, PA 19087
(c) N/A
(d) Common Stock
(e) 029166105
Item 3
(e) Investment Adviser registered under section 203 of the Investment
Advisers Act of 1940
Item 4
(a) 703,296 shares
(b) 9.5%
(c)
(i.) 680,996 shares, sole voting power
(ii.) No shares under shared voting power
(iii.) 703,2966 shares, sole dispositive power
(iv.) No shares under shared dispositive power
Item 5
N/A
Item 6
N/A
Item 7
N/A
Item 8
N/A
Item 9
N/A
Item 10
T. Ritson Ferguson, President
