American Real Estate Partners, L.P. ("AREP") today reported that the board of directors of its general partner, American Property Investors, Inc. ("API"), has approved payment of a quarterly cash distribution of $0.10 per unit on its depositary units. The distribution is payable on March 29, 2007 to depositary unitholders of record at the close of business on March 14, 2007. The payment of future distributions will be determined by API's board.
AREP also reported that it has declared its scheduled annual preferred unit distribution payable in additional preferred units at the rate of 5% of the liquidation preference of $10.00. The distribution is payable on March 30, 2007 to holders of record as of the close of business on March 15, 2007.
Conference Call Information: AREP will hold a conference call to discuss financial and operational results on Tuesday, March 6, 2007 at 10:00 a.m. Eastern Time. The webcast will be broadcast live and may be joined by visiting AREP's website at http://www.arep.com/. It will also be archived and made available at http://www.arep.com/ under the Investor Relations Section. For those wishing to monitor only the audio portion of the webcast, a dial-in number, (800) 310-1961, has been established. There is no access code.
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American Real Estate Partners, L.P. , a master limited partnership, is a diversified holding company engaged in three primary business segments: Gaming, Real Estate and Home Fashion. For more information, please visit the company's website at http://www.arep.com/.
