-----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, B7SDeVYRZnZhUjg1oszz8Pc1zA9WhX3sheCSHF651r/DUik/RTv0WeAasdtE8UDR V997vMdCDO9bUXFYKVnX+g== 0000724533-03-000004.txt : 20030321 0000724533-03-000004.hdr.sgml : 20030321 20030321132205 ACCESSION NUMBER: 0000724533-03-000004 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20030331 ITEM INFORMATION: Other events FILED AS OF DATE: 20030321 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AMERICAN INSURED MORTGAGE INVESTORS CENTRAL INDEX KEY: 0000724533 STANDARD INDUSTRIAL CLASSIFICATION: INVESTORS, NEC [6799] IRS NUMBER: 133180848 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-11060 FILM NUMBER: 03611949 BUSINESS ADDRESS: STREET 1: 11200 ROCKVILLE PIKE CITY: ROCKVILLE STATE: MD ZIP: 20852 BUSINESS PHONE: 3012310275 MAIL ADDRESS: STREET 1: 11200 ROCKVILLE PIKE CITY: ROCKVILLE STATE: MD ZIP: 20852 8-K 1 aim84_8k-dist0303.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): March 21, 2002 (March 20, 2002) AMERICAN INSURED MORTGAGE INVESTORS (Exact name of registrant as specified in its charter) California 1-11060 13-3180848 (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 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 March 20, 2002 announcing the fourth quarter 2002 net earnings for the Partnership. The above referenced press release is incorporated by reference herein. Attached as an exhibit to this Current Report on Form 8-K is a press release issued by the General Partner on March 21, 2002 announcing the quarterly distribution to the Partnership's unitholders. The above referenced press release is incorporated by reference herein. Item 7. Financial Statements and Exhibits. (c) Exhibits. The following exhibits are filed with this report: Exhibit 99.1 - Press Release dated March 20, 2002. Exhibit 99.2 - Press Release dated March 21, 2002. 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 By: CRIIMI, Inc. General Partner Dated: March 21, 2002 By:/s/ Mark A. Libera ------------------------- Mark A. Libera Vice President General Counsel 3 EXHIBIT INDEX Exhibit No. Description - -------------------------------------------------------------------------------- * 99.1 Press Release dated March 20, 2002 * 99.2 Press Release dated March 21, 2002 * Filed herewith. EX-99 3 aim84_earning-032003.txt EXHIBIT 99.1 Exhibit 99.1 Contact: Susan B. Railey FOR IMMEDIATE RELEASE (301) 468-3120 Sharon Bramell (301 468-3130 AIM 84 REPORTS 4TH QUARTER NET EARNINGS OF SIX CENTS PER UNIT 2002 Earnings of 18 Cents per Unit --------------------------------- ROCKVILLE, MD, March 20, 2003 -- (AMEX/AIA) -- American Insured Mortgage Investors (AIM 84), a liquidating partnership that holds investments in government insured multifamily mortgages, reported net earnings for the three months ended December 31, 2002 of approximately $616,000 (six cents per unit) compared to approximately $422,000 (five cents per unit) for the three months ended December 31, 2001. Net earnings increased for the fourth quarter of 2002 as compared to the fourth quarter of 2001 primarily due to an increase in gains on mortgage dispositions, partially offset by a decrease in mortgage investment income. AIM 84 reported net earnings for the year ended December 31, 2002 of approximately $1.8 million (18 cents per unit) as compared to approximately $2.0 million (19 cents per unit) for the year ended December 31, 2001. Net earnings decreased for the year ended December 31, 2002 compared to 2001 due to a decrease in mortgage investment income, partially offset by an increase in gains on mortgage dispositions. Mortgage investment income decreased for the three months and the year ended December 31, 2002 as compared to the same periods in 2001 primarily due to a reduction in the mortgage base. The mortgage base decreased due to two mortgage dispositions with a principal balance of approximately $6.8 million, representing an approximate 30% decrease in the aggregate principal balance of the total mortgage portfolio since December 2001. Gains on mortgage dispositions increased for the three months and the year ended December 31, 2002 as compared to the same periods in 2001. During 2002, AIM 84 recognized gains of approximately $386,000 from the prepayment of the mortgages on Creekside Village Apartments and Bay Pointe Apartments, in July 2002 and December 2002, respectively. During 2001, the Partnership recognized a gain of approximately $190,000 on the prepayment of the mortgage on Berryhill Apartments in September 2002. As of December 31, 2002, there were eight insured mortgages in the portfolio. All of the mortgages held by AIM 84 were eligible to be put to HUD under the Section 221 program. The portfolio had an aggregate amortized cost of approximately $14.2 million, a face value of approximately $17.3 million and a fair value of approximately $17.4 million. As of March 1, 2003, the mortgage on Town Park Apartments is delinquent with respect to the February 2003 payment of principal and interest. AIM 84 expects this mortgage to be put to HUD, if not otherwise disposed, by the servicer during the second quarter of 2003. 2 In January 2003, the Partnership received assignment proceeds from HUD for the defaulted mortgage on Westbrook Apartments. AIM 84 received net proceeds of approximately $1.5 million, or 90% of the unpaid principal balance of this mortgage plus accrued interest at the debenture rate of 9.875% from September 2002 through January 2003. AIM 84 expects to recognize a gain of approximately $228,000 for the first quarter 2003 and declare a distribution of approximately 14 cents per unit in March 2003, payable in May 2003. In February 2003, HUD transferred assignment proceeds in the form of 6.375% debentures in exchange for the mortgages on Baypoint Shoreline Apartments and Eastdale Apartments. As of March 1, 2003, AIM 84 has not received approval from HUD for the assignments of three mortgages, with an aggregate face value of approximately $6.5 million, which have been put to HUD under the Section 221 program. AIM 84 will continue to accrue interest on these three mortgages until the debentures are transferred to the mortgagee and AIM 84 begins receiving the debenture interest. AIM 84 expects to assign the Partnership's two remaining mortgages to HUD during the second quarter of 2003. Quarterly net cash flow distributions, which had been temporarily retained to fund the Partnership's operating expenses, are expected to resume in the first quarter of 2003. Proceeds from mortgage dispositions and debenture redemptions, if any, will be distributed to investors as usual in the quarter in which such proceeds are received. As the Partnership 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. 3 AMERICAN INSURED MORTGAGE INVESTORS STATEMENTS OF OPERATIONS
For the three months ended For the year ended December 31, December 31, ------------------------------ ------------------------------ 2002 2001 2002 2001 ------------ ------------ ------------ ------------ Income: Mortgage investment income $ 396,849 $ 508,277 $ 1,818,290 $ 2,110,712 Interest and other income 9,470 25,311 38,755 104,224 ------------ ------------ ------------ ------------ 406,319 533,588 1,857,045 2,214,936 ------------ ------------ ------------ ------------ Expenses: Asset management fee to related parties 41,562 54,084 195,466 224,202 General and administrative 38,671 57,247 198,606 226,255 ------------ ------------ ------------ ------------ 80,233 111,331 394,072 450,457 ------------ ------------ ------------ ------------ Earnings before gains on mortgage dispositions 326,086 422,257 1,462,973 1,764,479 Gains on mortgage dispositions 290,289 - 385,829 190,206 ------------ ------------ ------------ ------------ Net earnings $ 616,375 $ 422,257 $ 1,848,802 $ 1,954,685 ============ ============ ============ ============ Net earnings per unit of limited partnership interest - Basic $ 0.06 $ 0.05 $ 0.18 $ 0.19 ============ ============ ============ ============ Limited partnership units outstanding as of December 31, 10,000,125 10,000,125 10,000,125 10,000,125 ============ ============ ============ ============ Balance Sheet Data: As of December 31, - ------------------ 2002 2001 ------------ ------------ Investment in insured mortgages $ 15,474,110 $ 22,155,147 Total assets $ 18,407,929 $ 24,137,592
EX-99 4 aim84_dist-032103.txt EXHIBIT 99.2 EXHIBIT 99.2 Contact: Susan B. Railey FOR IMMEDIATE RELEASE (301) 468-3120 Sharon Bramell (301) 468-3130 AIM 84 DECLARES FIRST QUARTER 2003 DISTRIBUTION OF 16 CENTS PER UNIT Includes Mortgage Proceeds of 14 Cents Per Unit ------------------------ ROCKVILLE, MD, March 21, 2003- - (AMEX/AIA) The general partner of American Insured Mortgage Investors (AIM 84) today declared a distribution for the quarter ended March 2003 in the amount of 16 cents per unit. The distribution will be paid on May 1, 2003 to holders of record on March 31, 2003. The first quarter distribution of 16 cents per unit includes the following: o 2 cents per unit regular cash flow; and o 14 cents per unit representing 90% of HUD assignment proceeds received from the defaulted mortgage on Westbrook Apartments. -----END PRIVACY-ENHANCED MESSAGE-----