-----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, L4tSaIUhOFmkFJAGHdbyRS5v/0+PY4ZKmZz8QnNar+znl1ypIYjqFTGPmzEUVlTL IwXwiBf3EJOzsFjJ/EU2wA== 0000724533-03-000006.txt : 20030508 0000724533-03-000006.hdr.sgml : 20030508 20030508100319 ACCESSION NUMBER: 0000724533-03-000006 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030331 ITEM INFORMATION: Financial statements and exhibits ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20030508 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: 03687315 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-earn033103.txt EARNINGS 1ST QUARTER 2003 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): May 8, 2003 (May 6, 2003) 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 7. Financial Statements and Exhibits. (c) Exhibits. The following exhibit is filed with this report: Exhibit 99.1 - Press Release dated May 6, 2003. Item 9. Regulation FD Disclosure. On May 6, 2003, the General Partner issued a press release reporting the Partnership's financial results for the quarter ended March 31, 2003. A copy of this press release is attached hereto as Exhibit 99.1. The information in Exhibit 99.1 is furnished pursuant to Item 12 of Form 8-K in accordance with U.S. Securities and Exchange Commission Release Nos. 33-8216 and 34-47583. 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: May 8, 2003 By:/s/ Mark A. Libera ------------------------ Mark A. Libera Vice President General Counsel 3 EXHIBIT INDEX Exhibit No. Description - -------------------------------------------------------------------------------- * 99.1 Press Release dated May 6, 2003 * Filed herewith. EX-99 3 aim84_earn-033103.txt EARNINGS RELEASE EXHIBIT 99.1 Contact: Susan B. Railey FOR IMMEDIATE RELEASE (301)468-3120 Sharon Bramell (301)231-0351 AIM 84 REPORTS FIRST QUARTER NET EARNINGS OF 17 CENTS PER UNIT -------------------------- ROCKVILLE, MD, May 6, 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 March 31, 2003 of approximately $1.8 million (17 cents per unit) compared to approximately $396,000 (four cents per unit) for the three months ended March 31, 2002. Net earnings increased for the first quarter of 2003 as compared to the first quarter of 2002 primarily due to an increase in gains on mortgage dispositions, partially offset by a decrease in mortgage investment income. AIM 84 recognized gains of approximately $1.5 million related to the assignment of three mortgages to HUD during the first quarter 2003 compared to no gains recognized during the first quarter 2002. Mortgage investment income for the three months ended March 31, 2003 was approximately $279,000 as compared to $506,000 for the comparable period in 2002. The decrease was primarily due to a reduction in the mortgage base. As of March 31, 2003, AIM 84 was invested in five fully insured mortgages and two debentures with an aggregate amortized cost of approximately $14.3 million, a face value of approximately $15.8 million, and a fair value of approximately $15.8 million. The five mortgages have been put to HUD under the Section 221 program of the National Housing Act. As of May 1, 2003, AIM 84 has not received approval from HUD for these five assignments. AIM 84 will continue to accrue interest on these mortgages until the debentures are transferred to the mortgagee and AIM 84 begins receiving the debenture interest. In addition to the five mortgages in its portfolio, AIM 84 holds or has an interest in debentures issued in exchange for two mortgages, Eastdale Apartments and Baypoint Shoreline Apartments. In February 2003, HUD transferred assignment proceeds in the form of 6.375% debentures in exchange for these mortgages. 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. 2 AMERICAN INSURED MORTGAGE INVESTORS STATEMENTS OF INCOME (Unaudited)
For the three months ended March 31, ------------------------------- 2003 2002 ------------ ------------ Income: Mortgage investment income $ 278,966 $ 506,462 Interest and other income 62,431 4,134 ------------ ------------ 341,397 510,596 ------------ ------------ Expenses: Asset management fee to related parties 30,245 54,084 General and administrative 50,780 60,239 ------------ ------------ 81,025 114,323 ------------ ------------ Net earnings before gains on mortgage dispositions 260,372 396,273 Gains on mortgage dispositions 1,541,324 - ------------ ------------ Net earnings $ 1,801,696 $ 396,273 ============ ============ Net earnings allocated to: Limited partners - 97.1% $ 1,749,447 $ 384,781 General Partner - 2.9% 52,249 11,492 ------------ ------------ $ 1,801,696 $ 396,273 ============ ============ Net earnings per unit of limited partnership interest - basic $ 0.17 $ 0.04 ============ ============ Limited partnership units outstanding-basic 10,000,125 10,000,125 ========== ========== Balance Sheet Data: March 31, December 31, - ------------------ 2003 2002 ------------ ------------ Investment in insured mortgages $ 8,099,521 $ 15,474,110 Investment in debenture 6,125,943 - Total assets 17,977,419 18,407,929
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