Exhibit 99.1

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



                        AIM 86 DECLARES MONTHLY DISTRIBUTION
                         FOR SEPTEMBER OF 65 CENTS PER UNIT

                   Includes Mortgage Proceeds of 64 Cents Per Unit

                   Total for the Third Quarter is 94 Cents Per Unit
                                 -----------------


     ROCKVILLE,  MD,  September  19, 2003 -- (AMEX/AIJ)  The general  partner of
American Insured Mortgage Investors L.P. - Series 86 (AIM 86) today declared the
monthly  distribution  for  September  2003 in the  amount of 65 cents per unit.
Holders of record on September  30, 2003 will receive this amount as part of the
third quarter distribution which will be paid on November 3, 2003.

The September distribution of 65 cents per unit includes the following:

     o 1 cent per unit regular cash flow; and

     o 64 cents per unit mortgage proceeds due to the prepayment of the mortgage
       on Cypress Cove.

     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.  The total
distribution  of 94 cents per unit for the third  quarter of 2003  includes  1.5
cents per unit  regular  cash flow for the  months of July and August and 1 cent
per unit for the month September,  plus 26 cents per unit mortgage  proceeds for
the  month of July and 64 cents  per unit  mortgage  proceeds  for the  month of
September.


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