-----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, V3d8DFrosiJ5Rvde9nzQfJ64k/4/qulQEMb3Htv9kCGvKoMPAbJOnlCUPhfmhLtV tJ3mGYqYx3ng5bsPm/ykew== 0000753281-97-000002.txt : 19970520 0000753281-97-000002.hdr.sgml : 19970520 ACCESSION NUMBER: 0000753281-97-000002 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19970331 FILED AS OF DATE: 19970515 SROS: AMEX FILER: COMPANY DATA: COMPANY CONFORMED NAME: AMERICAN INSURED MORTGAGE INVESTORS SERIES 85 L P CENTRAL INDEX KEY: 0000753281 STANDARD INDUSTRIAL CLASSIFICATION: INVESTORS, NEC [6799] IRS NUMBER: 133257662 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-11059 FILM NUMBER: 97608720 BUSINESS ADDRESS: STREET 1: 11200 ROCKVILLE PIKE CITY: ROCKVILLE STATE: MD ZIP: 20852 BUSINESS PHONE: 3014689200 FORMER COMPANY: FORMER CONFORMED NAME: INTEGRATED RESOURCES AMERICAN INSURED MTG INVTS SERIES 85 DATE OF NAME CHANGE: 19911203 FORMER COMPANY: FORMER CONFORMED NAME: AMERICAN INSURED MORTGAGE INVESTORS SERIES 85 DATE OF NAME CHANGE: 19900404 FORMER COMPANY: FORMER CONFORMED NAME: INTEGRATED RESOURCES AMERICAN INS MORTGAGE INVTS SERIES 85 DATE OF NAME CHANGE: 19890917 10-Q 1 AIM85 10-Q 1 FORM 10-Q SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 QUARTERLY REPORT UNDER SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarter ended March 31, 1997 -------------- Commission file number 1-11059 ----------------- AMERICAN INSURED MORTGAGE INVESTORS - SERIES 85, L.P. ----------------------------------------------------------------- (Exact name of registrant as specified in charter) California 13-3257662 ------------------------------- ------------------ (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 11200 Rockville Pike, Rockville, Maryland 20852 - ----------------------------------------- ----------------- (Address of principal executive offices) (Zip Code) (301) 816-2300 ---------------------------------------------------------------- (Registrant's telephone number, including area code) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months and (2) has been subject to such filing requirements for the past 90 days. Yes X No ---- ---- As of March 31, 1997, 12,079,389 depositary units of limited partnership interest were outstanding. 2 AMERICAN INSURED MORTGAGE INVESTORS - SERIES 85, L.P. INDEX TO FORM 10-Q FOR THE QUARTER ENDED MARCH 31, 1997 Page ---- PART I. Financial Information Item 1. Financial Statements Balance Sheets - March 31, 1997 (unaudited) and December 31, 1996 . . . . . . . . . . . 3 Statements of Operations - for the three months ended March 31, 1997 and 1996 (unaudited) . . . . . . . . . . . . . . . 5 Statement of Changes in Partners' Equity - for the three months ended March 31, 1997 (unaudited) . . . . . . . . . . . . . 6 Statements of Cash Flows - for the three months ended March 31, 1997 and 1996 (unaudited) . . . . . . . . . . . . . 7 Notes to Financial Statements (unaudited) . . 8 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations . . . . . . . . . . . . . . . 13 PART II. Other Information Item 6. Exhibits and Reports on Form 8-K . . . . . . 15 Signature . . . . . . . . . . . . . . . . . . . . . . . 16 3 PART I. FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS AMERICAN INSURED MORTGAGE INVESTORS - SERIES 85, L.P. BALANCE SHEETS
March 31, December 31, 1997 1996 ------------- ------------ (unaudited) ASSETS Investment in FHA-Insured Certificates and GNMA Mortgage- Backed Securities, at fair value: Acquired insured mortgages $156,567,336 $159,959,297 Originated insured mortgages 16,230,217 16,646,943 ------------ ------------ 172,797,553 176,606,240 ------------ ------------ Investment in FHA-Insured Loans, at amortized cost, net of unamortized discount and premium: Acquired insured mortgages 14,522,942 14,556,595 Originated insured mortgages 13,005,500 13,030,131 ------------ ------------ 27,528,442 27,586,726 Cash and cash equivalents 3,997,806 9,716,786 Receivables and other assets 1,766,572 1,727,662 Investment in affiliate 314,072 314,072 ------------ ------------ Total assets $206,404,445 $215,951,486 ============ ============ 4 LIABILITIES AND PARTNERS' EQUITY Distributions payable $ 4,902,195 $ 10,684,274 Accounts payable and accrued expenses 205,840 198,964 Note payable and due to affiliate 386,660 380,877 ------------ ------------ Total liabilities 5,494,695 11,264,115 ------------ ------------ Partners' equity: Limited partners' equity 197,823,449 198,836,652 General partner's deficit (1,803,136) (1,762,017) Unrealized gain on investment in FHA-Insured Certificates and GNMA Mortgage-Backed Securities 7,465,987 8,715,942 Unrealized loss on investment in FHA-Insured Certificates and GNMA Mortgage-Backed Securities (2,576,550) (1,103,206) ------------ ------------ Total partners' equity 200,909,750 204,687,371 ------------ ------------ Total liabilities and partners' equity $206,404,445 $215,951,486 ============ ============ The accompanying notes are an integral part of these financial statements.
5 PART I. FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS AMERICAN INSURED MORTGAGE INVESTORS - SERIES 85, L.P. STATEMENTS OF OPERATIONS (Unaudited)
For the three months ended March 31, --------------------------------- 1997 1996 ------------ ------------ Income: Mortgage investment income $ 4,217,068 $ 4,568,155 Interest and other income 57,254 38,173 ------------ ------------ 4,274,322 4,606,328 ------------ ------------ Expenses: Asset management fee to related parties 477,893 507,990 General and administrative 147,990 163,071 Interest expense to affiliate 5,783 5,783 ------------ ------------ 631,666 676,844 ------------ ------------ Net earnings before gain (loss) on mortgage dispositions 3,642,656 3,929,484 Gain on mortgage disposition 205,217 -- Loss on mortgage disposition -- (1,189) ------------ ------------ Net earnings $ 3,847,873 $ 3,928,295 ============ ============ Net earnings allocated to: Limited partners - 96.1% $ 3,697,806 $ 3,775,092 General partner - 3.9% 150,067 153,203 ------------ ------------ $ 3,847,873 $ 3,928,295 ============ ============ Net earnings per Limited Partnership Unit $ 0.31 $ 0.31 ============ ============ The accompanying notes are an integral part of these financial statements.
6 PART I. FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS AMERICAN INSURED MORTGAGE INVESTORS - SERIES 85, L.P. STATEMENT OF CHANGES IN PARTNERS' EQUITY For the three months ended March 31, 1997 (Unaudited)
Adjustment Adjustment to to Unrealized Unrealized Gains on Losses on Investment Investment General Limited in Insured in Insured Partner Partners Mortgages Mortgages Total ------------- ------------- ------------- ------------ ------------- Balance, December 31, 1996 $ (1,762,017) $ 198,836,652 $ 8,715,942 $ (1,103,206) $ 204,687,371 Net earnings 150,067 3,697,806 -- -- 3,847,873 Distributions paid or accrued of $0.39 per Unit (191,186) (4,711,009) -- -- (4,902,195) Adjustments to unrealized gains (losses)on investments in FHA-Insured Certificates and GNMA Mortgage-Backed Securities -- -- (1,249,955) (1,473,344) (2,723,299) ------------- ------------- -------------- ------------ ------------- Balance, March 31, 1997 $ (1,803,136) $ 197,823,449 $ 7,465,987 $ (2,576,550) $ 200,909,750 ============= ============= ============== ============ ============= Limited Partnership Units outstanding -March 31, 1997 12,079,514 ============= The accompanying notes are an integral part of these financial statements.
7 PART I. FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS AMERICAN INSURED MORTGAGE INVESTORS - SERIES 85, L.P. STATEMENTS OF CASH FLOWS (Unaudited)
For the three months ended March 31, 1997 1996 ------------ ------------ Cash flows from operating activities: Net earnings $ 3,847,873 $ 3,928,295 Adjustments to reconcile net earnings to net cash provided by operating activities: Gain on mortgage disposition (205,217) -- Loss on mortgage disposition -- 1,189 Changes in assets and liabilities: Increase in accounts payable and accrued expenses 6,876 11,895 Decrease (increase) in receivables and other assets 22,195 (26,598) Increase in note payable and due to affiliate 5,783 8,306 ------------ ------------ Net cash provided by operating activities 3,677,510 3,923,087 ------------ ------------ Cash flows from investing activities: Receipt of mortgage principal from scheduled payments 382,892 466,846 Proceeds from mortgage dispositions 904,891 687,405 ------------ ------------ Net cash provided by investing activities 1,287,783 1,154,251 ------------ ------------ Cash flows from financing activities: Distributions paid to partners (10,684,273) (4,525,104) ------------ ------------ Net cash used in financing activities (10,684,273) (4,525,104) ------------ ------------ Net increase (decrease) in cash and cash equivalents (5,718,980) 552,234 Cash and cash equivalents, beginning of period 9,716,786 3,368,700 ------------ ------------ Cash and cash equivalents, end of period $ 3,997,806 $ 3,920,934 ============ ============ The accompanying notes are an integral part of these financial statements.
8 AMERICAN INSURED MORTGAGE INVESTORS L.P. - SERIES 85 NOTES TO FINANCIAL STATEMENTS (Unaudited) 1. ORGANIZATION American Insured Mortgage Investors - Series 85, L.P. (the Partnership) was formed under the Uniform Limited Partnership Act of the state of California on June 26, 1984. The Partnership will terminate on December 31, 2009, unless previously terminated under the provisions of the Partnership Agreement. Effective September 6, 1991, CRIIMI, Inc. (the General Partner) succeeded the former general partners to become the sole general partner of the Partnership. CRIIMI, Inc. is a wholly owned subsidiary of CRIIMI MAE Inc. (CRIIMI MAE). The Partnership's investment in mortgages consists of participation certificates evidencing a 100% undivided beneficial interest in government insured multifamily mortgages issued or sold pursuant to Federal Housing Administration (FHA) programs (FHA-Insured Certificates), mortgage-backed securities guaranteed by the Government National Mortgage Association (GNMA) (GNMA Mortgage-Backed Securities) and FHA-insured mortgage loans (FHA-Insured Loans and together with FHA-Insured Certificates and GNMA Mortgage-Backed Securities referred to herein as Insured Mortgages). The mortgages underlying the FHA-Insured Certificates, GNMA Mortgage-Backed Securities and FHA-Insured Loans are non-recourse first liens on multifamily residential developments or retirement homes. 2. BASIS OF PRESENTATION In the opinion of the General Partner, the accompanying unaudited financial statements contain all adjustments of a normal recurring nature necessary to present fairly the financial position of the Partnership as of March 31, 1997 and December 31, 1996 and the results of its operations for the three months ended March 31, 1997 and 1996 and its cash flows for the three months ended March 31, 1997 and 1996. These unaudited financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and note disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted. While the General Partner believes that the disclosures presented are adequate to make the information not misleading, it is suggested that these financial statements be read in conjunction with the financial statements and the notes to the financial statements included in the Partnership's Annual Report filed on Form 10-K for the year ended December 31, 1996. New Accounting Standards ------------------------ In February 1997, FASB issued SFAS No. 128 "Earnings per Share" ("FAS 128"). FAS 128 changes the requirements for calculation and disclosure of earnings per share. This statement eliminates the calculation of primary earnings per share and requires the disclosure of basic earnings per share and diluted earnings per share. There will be no impact to the earnings per Unit of limited partnership interest. During 1997, FASB issued SFAS No. 129 "Disclosure of Information about Capital Structure" ("FAS 129"). FAS 129 continues the existing requirements to disclose the pertinent rights and privileges of all securities other than ordinary common stock but expands the number of 9 AMERICAN INSURED MORTGAGE INVESTORS L.P. - SERIES 85 NOTES TO FINANCIAL STATEMENTS (Unaudited) 2. BASIS OF PRESENTATION - Continued companies subject to portions of its requirements. The Partnership does not anticipate an impact to its current disclosures. 3. INVESTMENT IN FHA-INSURED CERTIFICATES AND GNMA MORTGAGE- BACKED SECURITIES Fully Insured Mortgage Investments ---------------------------------- Listed below is the Partnership's aggregate investment in Fully Insured Mortgages:
March 31, December 31, 1997 1996 ------------ ------------ Fully Insured Acquired Insured: Number of GNMA Mortgage-Backed Securities 9 9 FHA-Insured Certificates (1)(2) 60 62 Amortized Cost $150,808,032 $151,866,819 Face Value 156,556,800 157,889,594 Fair Value 156,567,336 159,959,297 Fully Insured Originated Insured: Number of GNMA Mortgage-Backed Securities 1 1 FHA-Insured Certificates 1 1 Amortized Cost $ 17,100,084 $ 17,126,685 Face Value 16,743,468 16,770,069 Fair Value 16,230,217 16,646,943
(1) On October 11, 1996, the servicer of the mortgage on Meadow Park Apartments I filed a Notice of Default and Election to Assign the mortgage with HUD. On January 24, 1997, the Partnership received approximately $628,000 representing approximately 90% of the assignment proceeds. The Partnership recognized a gain of approximately $139,000 for the three months ended March 31, 1997. A distribution of $0.05 per Unit related to this assignment was declared in February 1997 and was paid to Unitholders in May 1997. (2) In late February 1997, the mortgage on Security Apartments was prepaid. The partnership received net proceeds of approximately $304,000, and recognized a gain of approximately $66,000 for the three months ended March 31, 1997. A distribution of approximately $0.02 per Unit related to this prepayment was declared in April 1997 and was paid to Unitholders in May 1997. The remaining 9% due on assignment is expected to be received. As of May 1, 1997, all of the fully insured FHA-Insured Certificates and GNMA Mortgage-Backed Securities are current with respect to the payment of principal and interest except for the mortgages on Portervillage I Apartments, which has been delinquent since January 1997, as discussed below, and Country Club Terrace Apartments, which is delinquent with 10 AMERICAN INSURED MORTGAGE INVESTORS L.P. - SERIES 85 NOTES TO FINANCIAL STATEMENTS (Unaudited) 3. INVESTMENT IN FHA-INSURED CERTIFICATES AND GNMA MORTGAGE- BACKED SECURITIES - Continued respect to the March 1997 payment of principal and interest. The Partnership expects to receive the payment on Country Club Terrace Apartments. In May 1997, the General Partner instructed the servicer of the mortgage on Portervillage I Apartments to file an Election to Assign the mortgage with HUD. The face value of this mortgage was approximately $1.2 million at December 31, 1996. The Partnership expects to receive 99% of this amount plus accrued interest. 4. INVESTMENT IN FHA-INSURED LOANS Fully Insured FHA-Insured Loans ------------------------------- Listed below is the Partnership's aggregate investment in FHA-Insured Loans:
March 31, December 31, 1997 1996 ------------ ------------ Fully Insured Acquired Insured: Number of Loans 12 12 Amortized Cost $ 14,522,942 $ 14,556,595 Face Value 17,346,773 17,405,640 Fair Value 17,282,002 17,706,486 Fully Insured Originated Insured: Number of Loans 3 3 Amortized Cost $ 13,005,500 $ 13,030,131 Face Value 12,659,167 12,681,532 Fair Value 12,904,175 12,969,589
As of May 1, 1997, all of the Partnership's FHA-Insured Loans, recorded at amortized cost, were current with respect to the payment of principal and interest. In addition to base interest payments under Originated Insured Mortgages, the Partnership is entitled to additional interest based on a percentage of the net cash flow from the underlying development (referred to as Participations). During the three months ended March 31, 1997 and 1996, the Partnership did not receive additional interest from the Participations. These amounts, if any, are included in mortgage investment income on the accompanying statements of operations. 11 AMERICAN INSURED MORTGAGE INVESTORS L.P. - SERIES 85 NOTES TO FINANCIAL STATEMENTS (Unaudited) 5. DISTRIBUTIONS TO UNITHOLDERS The distributions paid or accrued to Unitholders on a per Unit basis for the three months ended March 31, 1997 and 1996 are as follows: 1997 1996 ------ ------ Quarter ended March 31, $ 0.39(1) $ 0.33 ====== ====== (1) This amount includes approximately $0.07 per Unit return of capital and gain from the disposition of the following mortgages: Meadow Park Apartments I $0.05 and Security Apartments $0.02. The basis for paying distributions to Unitholders is net proceeds from mortgage dispositions, if any, and cash flow from operations, which includes regular interest income and principal from Insured Mortgages. Although the Insured Mortgages yield a fixed monthly mortgage payment once purchased, the cash distributions paid to the Unitholders will vary during each quarter due to (1) the fluctuating yields in the short-term money market where the monthly mortgage payment receipts are temporarily invested prior to the payment of quarterly distributions, (2) the reduction in the asset base and monthly mortgage payments resulting from monthly mortgage payments received or mortgage dispositions, (3) variations in the cash flow attributable to the delinquency or default of Insured Mortgages and professional fees and foreclosure costs incurred in connection with those Insured Mortgages and (4) variations in the Partnership's operating expenses. 6. TRANSACTIONS WITH RELATED PARTIES The General Partner and certain affiliated entities, during the three months ended March 31, 1997 and 1996, earned or received compensation or payments for services from the Partnership as follows: 12 AMERICAN INSURED MORTGAGE INVESTORS L.P. - SERIES 85 NOTES TO FINANCIAL STATEMENTS (Unaudited) 6. TRANSACTIONS WITH RELATED PARTIES - Continued
COMPENSATION PAID OR ACCRUED TO RELATED PARTIES ----------------------------------------------- For the three months ended Capacity in Which March 31, Name of Recipient Served/Item 1997 1996 - ----------------- ---------------------------- ---------- ---------- CRIIMI, Inc. General Partner/Distribution $ 191,186 $ 161,773 AIM Acquisition Advisor/Asset Management Fee 477,893 507,990 Partners, L.P.(1) CRIIMI MAE Affiliate of General Partner/ 16,943 15,242 Management, Inc. Expense Reimbursement (1) The Advisor, pursuant to the Partnership Agreement, effective June 26, 1984, is entitled to an Asset Management Fee equal to 0.95% of Total Invested Assets (as defined in the Partnership Agreement). CRIIMI MAE Services Limited Partnership, the sub- advisor to the Partnership (the Sub-advisor) is entitled to a fee of 0.28% of Total Invested Assets. Of the amounts paid to the Advisor, the Sub-advisor earned a fee equal to $140,856 and $149,730 for the three months ended March 31, 1997 and 1996, respectively. The Sub-advisor is an affiliate of CRIIMI MAE.
13 PART I. FINANCIAL INFORMATION ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Introduction - ------------ The Partnership's Management's Discussion and Analysis of Financial Condition and Results of Operations contains statements that may be considered forward looking. These statements contain a number of risks and uncertainties as discussed herein and in the Partnership's other reports filed with the Securities and Exchange Commission that could cause actual results to differ materially. General - ------- As of March 31, 1997, the Partnership had invested in 86 insured mortgages with an aggregate amortized cost of approximately $195 million, an aggregate face value of approximately $203 million and an aggregate fair value of approximately $203 million, as discussed below. As of May 1, 1997, all of the Insured Mortgages are current with respect to the payment of principal and interest except for the mortgages on Portervillage I Apartments, which has been delinquent since January 1997, as discussed below, and Country Club Terrace Apartments, which is delinquent with respect to the March 1997 payment of principal and interest. The Partnership expects to receive the payment on Country Club Terrace Apartments. In May 1997, the General Partner instructed the servicer of the mortgage on Portervillage I Apartments to file an Election to Assign the mortgage with HUD. The face value of this mortgage was approximately $1.2 million at December 31, 1996. The Partnership expects to receive 99% of this amount plus accrued interest. Results of Operations - --------------------- Net earnings for the three months ended March 31, 1997 decreased slightly as compared to the corresponding period in 1996. This decrease was primarily the result of a reduction in mortgage investment income due to the disposition of six mortgages since March 31, 1996. The decrease was offset by an increase in gain on mortgage dispositions, as discussed below. Interest and other income increased for the three months ended March 31, 1997, as compared to the corresponding period in 1996 primarily due to the investment of proceeds received in December 1996 from the prepayment of the mortgage on Westlake Village Apartments and distributed in February 1996. Asset management fees decreased for the three months ended March 31, 1997, as compared to the corresponding period in 1996 resulting from the reduction in the asset base. General and administrative expenses decreased for the three months ended March 31, 1997, as compared to the corresponding period in 1996, due to a reduction in payroll expense and payroll-related expenses resulting from a smaller mortgage base. Gain on mortgage dispositions increased for the three months ended March 31, 1997, as compared to the corresponding period in 1996. Loss on mortgage dispositions decreased for the three months ended March 31, 1997, as compared to the corresponding period in 1996. During the first quarter of 1997, the Partnership recognized gains of approximately $66,000 from the prepayment of the mortgage on Security Apartments in February 1997, and approximately $139,000 from the assignment of the mortgage on Meadow Park Apartments I in January 1997. During the first quarter of 1996, the Partnership recognized a loss of $1,189 as a result of the prepayment on the Harbor View Estates loan in March 1996. 14 PART I. FINANCIAL INFORMATION ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS - Continued Liquidity and Capital Resources - ------------------------------- The Partnership's operating cash receipts, derived from payments of principal and interest on insured mortgages, plus cash receipts from interest on short-term investments, were sufficient during the first three months of 1997 to meet operating requirements. The basis for paying distributions to Unitholders is net proceeds from mortgage dispositions, if any, and cash flow from operations, which includes regular interest income and principal from insured mortgages. Although the insured mortgages yield a fixed monthly mortgage payment once purchased, the cash distributions paid to the Unitholders will vary during each quarter due to (1) the fluctuating yields in the short-term money market where the monthly mortgage payments received are temporarily invested prior to the payment of quarterly distributions, (2) the reduction in the asset base and monthly mortgage payments due to monthly mortgage payments received or mortgage dispositions, (3) variations in the cash flow attributable to the delinquency or default of insured mortgages and professional fees and foreclosure costs incurred in connection with those insured mortgages and (4) variations in the Partnership's operating expenses. Net cash provided by operating activities decreased for the three months ended March 31, 1997, as compared to the corresponding period in 1996 primarily due to the decrease in net earnings, as discussed above. Net cash provided by investing activities increased for the three months ended March 31, 1997, as compared to the corresponding period in 1996 due to the increase in proceeds from dispositions from the prepayment of two mortgages, as discussed above. This increase was partially offset by a decrease in receipt of mortgage principal from scheduled payments due to the normal amortization of mortgages and the disposition of mortgages. Net cash used in financing activities increased for the three months ended March 31, 1997, as compared to the corresponding period in 1996. This increase was due to the distribution of net proceeds received from the mortgage on Westlake Village. 15 PART II. OTHER INFORMATION ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K No reports on Form 8-K were filed with the Securities and Exchange Commission during the quarter ended March 31, 1997. The exhibits filed as part of this report are listed below: Exhibit No. Description ----------- ----------------------- 27 Financial Data Schedule 16 SIGNATURE ------------ Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. AMERICAN INSURED MORTGAGE INVESTORS L.P. - SERIES 85 (Registrant) By: CRIIMI, Inc. General Partner May 15, 1997 /s/ Cynthia O. Azzara - ------------ ------------------------- DATE Cynthia O. Azzara Principal Financial and Accounting Officer EX-27 2
5 THIS SCHEDULE CONTAINS SUMMARY INFORMATION EXTRACTED FROM THE QUARTERLY REPORT ON FORM 10-Q AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH QUARTERLY REPORT ON FORM 10-Q. 1,000 3-MOS DEC-31-1997 JAN-01-1997 MAR-31-1997 3,998 172,797 29,609 0 0 0 0 0 206,404 5,494 0 0 0 0 200,910 206,404 0 4,480 0 0 632 1 0 3,848 0 3,848 0 0 0 3,848 .31 0
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