EXHIBIT 99.1


Contact: Susan B. Railey
         (301) 468-3120
         Sharon Bramell                                    FOR IMMEDIATE RELEASE
         (301) 231-0351



                      AIM 86 DECLARES MONTHLY DISTRIBUTION
                        FOR AUGUST OF 1.5 CENTS PER UNIT


                                -----------------


     ROCKVILLE,  MD,  August  20,  2003 --  (AMEX/AIJ)  The  general  partner of
American Insured Mortgage Investors L.P. - Series 86 (AIM 86) today declared the
monthly distribution for August 2003 in the amount of 1.5 cents per unit regular
cash flow. Holders of record on August 31, 2003 will receive this amount as part
of the third quarter distribution which will be paid on November 3, 2003.


     Record dates for the AIM 86  distributions  occur at the end of each month.
Distributions  are paid  approximately  one month after the end of each calendar
quarter and include the three amounts declared during the quarter.


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