8-K

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



                      AIM 86 DECLARES MONTHLY DISTRIBUTION
                        FOR DECEMBER OF ONE CENT PER UNIT

                Total for the Fourth Quarter is 42 Cents Per Unit


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


     ROCKVILLE,  MD,  December  19, 2003 --  (AMEX/AIJ)  The general  partner of
American Insured Mortgage Investors L.P. - Series 86 (AIM 86) today declared the
monthly  distribution  for  December  2003 in the  amount  of one  cent per unit
regular  cash flow.  Holders of record on December  31, 2003 will  receive  this
amount as part of the fourth quarter distribution which will be paid on February
2, 2004.


     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 42 cents per unit for the fourth  quarter of 2003  includes one
cent per unit  regular  cash  flow  for the  months  of  October,  November  and
December, plus 39 cents per unit mortgage proceeds for the month of November.


                                      # # #

EX-99.I

                       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):
                         December 22, 2003 (December 19, 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)



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Item 5.  Other Events.

     Attached as an exhibit to this Current Report on Form 8-K is a press
release issued by the General Partner on December 19, 2003 announcing the
December distribution to the Partnership's unitholders. The above referenced
press release is incorporated by reference herein.


Item 7.  Financial Statements, Pro Forma Information and Exhibits.

(c) Exhibits. The following exhibits are filed with this report:

     Exhibit 99.1 - Press Release dated December 19, 2003.




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: December 22, 2003                            By:/s/ Mark A. Libera
                                                    -------------------------
                                                       Mark A. Libera
                                                       Vice President
                                                       Senior Corporate Counsel

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                                  EXHIBIT INDEX

Exhibit
No.                                Description
- --------------------------------------------------------------------------------

*    99.1 Press Release dated December 19, 2003

*    Filed herewith.