-----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, SesD7zIoyxJi0Afly5tYkkzAHvFzhgmkd8f1Hr3eVzYA1iKguNlBueOTzdY81zPj AFBTNrsDOtborREzsrWR8w== 0000753281-03-000007.txt : 20030508 0000753281-03-000007.hdr.sgml : 20030508 20030508100730 ACCESSION NUMBER: 0000753281-03-000007 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 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: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-11059 FILM NUMBER: 03687324 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 8-K 1 aim85_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 - SERIES 85, L.P. (Exact name of registrant as specified in its charter) California 1-11059 13-3257662 (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, Pro Forma Financial Information 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 Parter 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 - SERIES 85, L.P. 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 aim85_earn030331.txt EARNINGS RELEASE EXHIBIT 99.1 Contact: Susan B. Railey FOR IMMEDIATE RELEASE (301) 468-3120 Sharon Bramell (301) 231-0351 AIM 85 REPORTS FIRST QUARTER NET EARNINGS OF 12 CENTS PER UNIT ----------------------------------------- ROCKVILLE, MD, May 6, 2003--(AMEX/AII) -- American Insured Mortgage Investors-Series 85, L.P. (AIM 85), a liquidating partnership that holds investments in government insured multifamily mortgages, reported net earnings for the three months ended March 31, 2003 of approximately $1.5 million (12 cents per unit) compared to approximately $2.6 million (21 cents per unit) for the three months ended March 31, 2002. Net earnings decreased compared to the corresponding period in 2002 primarily due to decreases in gains on mortgage dispositions and mortgage investment income. Gains on mortgage dispositions decreased for the three months ended March 31, 2003, as compared to the corresponding period in 2002. During the first three months of 2003, AIM 85 recognized gains of approximately $453,000 from the prepayment of one mortgage and the assignment of two mortgages. This compares to gains recognized of approximately $1.2 million from the prepayment of one mortgage and the assignment of three mortgages during the first three months of 2002. Mortgage investment income decreased for the first quarter of 2003 as compared to the first quarter of 2002, primarily due to a reduction in the mortgage base. The mortgage base has decreased approximately 19% since April 2002 due to ten mortgage dispositions with an aggregate principal balance of approximately $14.8 million. As of March 31, 2003, AIM 85 had invested in 26 insured mortgages and one debenture, described below, with an aggregate amortized cost of approximately $62.6 million, an aggregate face value of approximately $63.8 million and an aggregate fair value of approximately $64.8 million. A distribution of 7.5 cents per unit was declared in April 2003, payable on August 1, 2003, related to proceeds received in March 2003 from the prepayment of the mortgage on Stonebridge Apartments. In February 2003, HUD issued a 6.375% debenture in exchange for the mortgage on Baypoint Shoreline Apartments. The mortgage was owned jointly by AIM 85 and AIM 84. AIM 85 is entitled to receive 50%, or approximately $906,000, of the face value of the debenture when redeemed. As of May 1, 2003, AIM 85 has not received approval from HUD for the assignment of five mortgages, with an aggregate face value of approximately $6.8 million, which have been put to HUD under the Section 221 program. AIM 85 will continue to accrue interest on these mortgages until the debentures are transferred to the mortgagee and AIM 85 begins receiving the debenture interest from HUD. 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 - SERIES 85, L.P. STATEMENTS OF INCOME (Unaudited)
For the three months ended March 31, ----------------------------------- 2003 2002 ------------ ------------ Income: Mortgage investment income $ 1,321,225 $ 1,620,471 Interest and other income 24,024 106,204 ------------ ------------ 1,345,249 1,726,675 ------------ ------------ Expenses: Asset management fee to related parties 163,451 189,781 General and administrative 107,091 98,974 ------------ ------------ 270,542 288,755 ------------ ------------ Net earnings before gains on Mortgage dispositions 1,074,707 1,437,920 Gains on mortgage dispositions 452,826 1,169,159 ------------ ------------ Net earnings $ 1,527,533 $ 2,607,079 ============ ============ Net earnings allocated to: Limited partners - 96.1% $ 1,467,959 $ 2,505,403 General Partner - 3.9% 59,574 101,676 ------------ ------------ $ 1,527,533 $ 2,607,079 ============ ============ Net earnings per unit of limited partnership interest - basic $ 0.12 $ 0.21 ============ ============ Limited partnership units outstanding - basic 12,079,514 12,079,514 ========== ========== Balance Sheet Data: March 31, December 31, 2003 2002 ------------ ------------ Investment in insured mortgages $ 62,825,057 $ 66,323,565 Total assets 70,364,408 78,237,534
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