-----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, CD8BQ3RhisSRk8Rjg8Zt0ayJkvFityCBzurR9I2ZUE3grdZFZeUgkYZhxulYBKjx 1oJpXD4u+SQ8MlRB5OlhiQ== 0000724533-03-000013.txt : 20030814 0000724533-03-000013.hdr.sgml : 20030814 20030814141430 ACCESSION NUMBER: 0000724533-03-000013 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030630 ITEM INFORMATION: ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20030814 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: 03846086 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_2q2003-8kearns.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): August 14, 2003 (August 13, 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 August 13, 2003. Item 12. Results of Operations and Financial Condition On August 13, 2003, the General Partner issued a press release reporting the Partnership's financial results for the three and six months ended June 30, 2003. A copy of this press release is attached hereto as Exhibit 99.1. The information in this Form 8-K and the Exhibit attached hereto shall not be deemed "filed" for purposes of Section 18 of the Securities Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing. 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: August 14, 2003 By:/s/ Mark A. Libera ------------------------ Mark A. Libera Vice President General Counsel 3 EXHIBIT INDEX Exhibit No. Description - -------------------------------------------------------------------------------- * 99.1 Press Release dated August 13, 2003 * Filed herewith. EX-99 3 aim84_2q2003-earnings.txt EARNINGS RELEASE EXHIBIT 99.1 Contact: Susan B. Railey FOR IMMEDIATE RELEASE (301) 468-3120 Sharon Bramell (301) 231-0351 AIM 84 REPORTS SECOND QUARTER NET EARNINGS OF SEVEN CENTS PER UNIT -------------------------- ROCKVILLE, MD, August 13, 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 June 30, 2003 of approximately $772,000 (seven cents per unit) compared to approximately $408,000 (four cents per unit) for the three months ended June 30, 2002. Net earnings for the six months ended June 30, 2003 were approximately $2.6 million (25 cents per unit) compared to approximately $804,000 (eight cents per unit) for the same period last year. Net earnings increased for the three and six months ended June 30, 2003 as compared to the corresponding periods in 2002 primarily due to an increase in gains on mortgage dispositions and interest and other income, partially offset by a decrease in mortgage investment income. AIM 84 recognized gains of approximately $1.5 million from the assignment of three mortgages during the first quarter of 2003 and recognized a gain of approximately $532,000 from the assignment of one mortgage in the second quarter of 2003. No gains or losses were recognized during the first six months of 2002. Mortgage investment income decreased primarily due to a reduction in the Partnership's mortgage base. Interest and other income increased primarily due to interest earned on debentures received from HUD. As of June 30, 2003, the Partnership's investments included four fully insured mortgages and three debentures with an aggregate amortized cost of approximately $14.9 million, a face value of approximately $15.8 million, and a fair value of approximately $15.8 million. The four mortgages have been put to HUD under the Section 221 program of the National Housing Act, of which one assignment was approved by HUD in July 2003. As of August 1, 2003, AIM 84 has not received approval from HUD for the remaining three assignments. AIM 84 will continue to accrue interest on the mortgages until the debentures are transferred to the mortgagee and AIM 84 begins receiving the debenture interest. 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. Early prepayment by HUD of some or all of the debentures, or a sale of some or all of the debentures by the Partnership, may effect an early termination and dissolution of AIM 84 before the stated termination date of December 31, 2008. Upon the termination and liquidation of the Partnership, distributions to unitholders will be made in accordance with the terms of its Partnership Agreement, as amended, which is not based on GAAP. As a result, it is likely that the amounts that unitholders receive upon termination and liquidation of AIM 84 will be substantially lower than the amounts reflected in the Partnership's financial statements. 2 AMERICAN INSURED MORTGAGE INVESTORS STATEMENTS OF INCOME (Unaudited)
For the three months ended For the six months ended June 30, June 30, ------------------------------ ------------------------------ 2003 2002 2003 2002 ------------- ------------- ------------- ------------- Income: Mortgage investment income $ 153,607 $ 504,602 $ 432,573 $ 1,011,064 Interest and other income 154,110 2,449 216,541 6,583 ------------- ------------- ------------- ------------- 307,717 507,051 649,114 1,017,647 ------------- ------------- ------------- ------------- Expenses: Asset management fee to related parties 17,491 54,084 47,736 108,168 General and administrative 50,492 45,419 101,272 105,658 ------------- ------------- ------------- ------------- 67,983 99,503 149,008 213,826 ------------- ------------- ------------- ------------- Net earnings before gains on mortgage dispositions 239,734 407,548 500,106 803,821 Gains on mortgage dispositions 531,862 - 2,073,186 - ------------- ------------- ------------- ------------- Net earnings $ 771,596 $ 407,548 $ 2,573,292 $ 803,821 ============= ============= ============= ============= Net earnings allocated to: Limited partners - 97.1% $ 749,220 $ 395,729 $ 2,498,667 $ 780,510 General Partner - 2.9% 22,376 11,819 74,625 23,311 ------------- ------------- ------------- ------------- $ 771,596 $ 407,548 $ 2,573,292 $ 803,821 ============= ============= ============= ============= Net earnings per unit of limited partnership interest - basic $ 0.07 $ 0.04 $ 0.25 $ 0.08 ============= ============= ============= ============= Limited partnership units outstanding - basic 10,000,125 10,000,125 10,000,125 10,000,125 ========== ========== ========== ========== Balance Sheet Data: June 30, December 31, 2003 2002 ------------- ------------- Investment in insured mortgages $ 5,838,831 $ 15,474,110 Investment in debentures 8,989,212 - Total assets 17,053,269 18,407,929
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