-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, CPG8uZbEP/Tum5wjJEghe1kB7syMvztbSxtFEpsFkAlrBWHzt9c8ib2t4PFfpVrJ /0ZC+r3t/dvlziFo1SpB7w== 0000784014-03-000018.txt : 20030814 0000784014-03-000018.hdr.sgml : 20030814 20030814141653 ACCESSION NUMBER: 0000784014-03-000018 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030630 ITEM INFORMATION: ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20030814 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AMERICAN INSURED MORTGAGE INVESTORS L P SERIES 86 CENTRAL INDEX KEY: 0000784014 STANDARD INDUSTRIAL CLASSIFICATION: INVESTORS, NEC [6799] IRS NUMBER: 132943272 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-15615 FILM NUMBER: 03846112 BUSINESS ADDRESS: STREET 1: 11200 ROCKVILLE PIKE CITY: ROCKVILLE STATE: MD ZIP: 20852 BUSINESS PHONE: 3014689200 MAIL ADDRESS: STREET 1: 11200 ROCKVILLE PIKE CITY: ROCKVILLE STATE: MD ZIP: 20852 8-K 1 aim86_8k-earn0603.txt FORM 8-K 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): August 14, 2003 (August 13, 2003) AMERICAN INSURED MORTGAGE INVESTORS L.P. - SERIES 86 (Exact name of registrant as specified in its charter) Delaware 1-12704 13-2943272 (State or other jurisdiction (Commission (I.R.S. Employer of incorporation) File Number) Identification No.) 11200 Rockville Pike Rockville, Maryland 20852 (Address of principal executive offices, including zip code, of Registrant) (301) 816-2300 (Registrant's telephone number, including area code) 2 Item 7. Financial Statements, Pro Forma Information and Exhibits. (c) Exhibits. The following exhibit is filed with this report: Exhibit 99.1 - Press Release dated August 13, 2003. Item 12. Results of Operations and Financial Condition On August 13, 2003, the General Partner issued a press release reporting the Partnership's financial results for the three and six months ended June 30, 2003. A copy of this press release is attached hereto as Exhibit 99.1. The information in this Form 8-K and the Exhibit attached hereto shall not be deemed "filed" for purposes of Section 18 of the Securities Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. AMERICAN INSURED MORTGAGE INVESTORS L.P.- SERIES 86 By: CRIIMI, Inc. General Partner Dated: August 14, 2003 By:/s/ Mark A. Libera ------------------------- Mark A. Libera Vice President General Counsel 3 EXHIBIT INDEX Exhibit No. Description - -------------------------------------------------------------------------------- * 99.1 Press Release dated August 13, 2003 * Filed herewith. EX-99 3 aim86_earn-0603.txt EXHIBIT 99.1 EXHIBIT 99.1 Contact: Susan B. Railey FOR IMMEDIATE RELEASE (301) 468-3120 Sharon Bramell (301) 231-0351 AIM 86 REPORTS SECOND QUARTER NET EARNINGS OF FOUR CENTS PER UNIT --------------------------------------- ROCKVILLE, MD, August 13, 2003-- (AMEX/AIJ) -- American Insured Mortgage Investors L.P.-Series 86 (AIM 86), a liquidating partnership that holds investments in federally insured multifamily mortgages, reported net earnings for the quarter ended June 30, 2003 of approximately $449,000 (four cents per unit) compared to approximately $584,000 (six cents per unit) for the quarter ended June 30, 2002. For the six months ended June 30, 2003, AIM 86 reported net earnings of approximately $862,000 (nine cents per unit) compared to approximately $1.2 million (11 cents per unit) for the first six months of 2002. The decrease in net earnings for the three and six months ended June 30, 2003, as compared to the corresponding periods in 2002, resulted from decreases in mortgage investment income and gain on mortgage dispositions. Mortgage investment income decreased for the three and six months ended June 30, 2003, primarily due to the disposition of six mortgages with an aggregate principal balance of approximately $7.8 million, representing an approximate 25% decrease in the aggregate principal balance of the total mortgage portfolio since July 2002. Gain on mortgage dispositions decreased for the three and six months ended June 30, 2003, as compared to the corresponding periods in 2002. During the three and six months ended June 30, 2003, AIM 86 recognized gains of approximately $65,000 from the prepayment of four mortgages. During the three and six months ended June 30, 2002, AIM 86 recognized gains of approximately $86,000 and $142,000, respectively, from two mortgage prepayments and additional gain from the disposition of a coinsured mortgage. As of June 30, 2003, AIM 86 had invested in five fully federally insured mortgages with an aggregate amortized cost of approximately $23.7 million, an aggregate face value of approximately $23.4 million and an aggregate fair value of approximately $23.6 million. As of August 1, 2003, all of the mortgages are current with respect to the payment of principal and interest. As AIM 86 continues to liquidate its mortgage investments and investors receive distributions of return of capital and taxable gains, investors should expect a reduction in earnings and distributions due to the decreasing mortgage base. Early prepayment of some or all the mortgages, or a sale of some or all of the mortgages by the Partnership, may effect an early termination and dissolution of AIM 86 before the stated termination date of December 31, 2020. Upon the termination and liquidation of the Partnership, distributions to unitholders will be made in accordance with the terms of its Partnership Agreement, as amended, which is not based on GAAP. As a result, it is likely that the amounts that unitholders receive upon termination and liquidation of AIM 86 will be substantially lower than the amounts reflected in the Partnership's financial statements. 2 AMERICAN INSURED MORTGAGE INVESTORS L.P. - SERIES 86 STATEMENTS OF INCOME (Unaudited)
For the three months ended For the six months ended June 30, June 30, ----------------------------- ----------------------------- 2003 2002 2003 2002 ------------ ------------ ------------ ------------ Income: Mortgage investment income $ 496,946 $ 622,962 $ 1,024,335 $ 1,270,263 Interest and other income 7,823 6,449 15,178 13,880 ------------ ------------ ------------ ------------ 504,769 629,411 1,039,513 1,284,143 ------------ ------------ ------------ ------------ Expenses: Asset management fee to related parties 56,476 68,690 115,432 140,842 General and administrative 64,618 62,760 127,934 131,150 ------------ ------------ ------------ ------------ 121,094 131,450 243,366 271,992 ------------ ------------ ------------ ------------ Net earnings before gain on mortgage dispositions 383,675 497,961 796,147 1,012,151 Gain on mortgage dispositions 65,356 86,174 65,356 142,117 ------------ ------------ ------------ ------------ Net earnings $ 449,031 $ 584,135 $ 861,503 $ 1,154,268 ============ ============ ============ ============ Net earnings allocated to: Limited partners - 95.1% $ 427,028 $ 555,512 $ 819,289 $ 1,097,709 General Partner - 4.9% 22,003 28,623 42,214 56,559 ------------ ------------ ------------ ------------ $ 449,031 $ 584,135 $ 861,503 $ 1,154,268 ============ ============ ============ ============ Limited partnership units outstanding - basic 9,576,290 9,576,290 9,576,290 9,576,290 ========= ========= ========= ========= Net earnings per unit of limited partnership interest - basic $ 0.04 $ 0.06 $ 0.09 $ 0.11 ============ ============ ============ ============ Balance Sheet Data: June 30, December 31, 2003 2002 ------------ ------------ Investment in insured mortgages $ 23,744,067 $ 29,148,889 Total assets 29,627,575 32,772,326
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