-----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, IsKzFyIAo7oykQIe2FdDGSzMDmmoV/nNAp3m32I1sy2VmH9jczLPwSHS+sL2t1u5 U08d9Tdl+SWTOlRnanw7QA== 0000753281-03-000040.txt : 20031113 0000753281-03-000040.hdr.sgml : 20031113 20031113142548 ACCESSION NUMBER: 0000753281-03-000040 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20031113 ITEM INFORMATION: ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20031113 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: 03997360 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-earn3q2003.txt AIM 85 EARNINGS PR 3RD QTR 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): November 13, 2003 (November 12, 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 November 12, 2003. Item 12. Results of Operations and Financial Condition On November 12, 2003, the General Parter issued a press release reporting the Partnership's financial results for the three and nine months ended September 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 - SERIES 85, L.P. By: CRIIMI, Inc. General Partner Dated: November 13, 2003 By:/s/ Mark A. Libera ------------------------- Mark A. Libera Vice President General Counsel 3 EXHIBIT INDEX Exhibit No. Description - -------------------------------------------------------------------------------- * 99.1 Press Release dated November 12, 2003 * Filed herewith. EX-99 3 aim85_earnpr-111303.txt AIM 85 EARNINGS PR 111303 EXHIBIT 99.1 Contact: Susan B. Railey FOR IMMEDIATE RELEASE (301) 468-3120 Sharon Bramell (301) 231-0351 AIM 85 REPORTS THIRD QUARTER NET EARNINGS OF 13 CENTS PER UNIT --------------------------------------- ROCKVILLE, MD, November 12, 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 September 30, 2003 of approximately $1.6 million (13 cents per unit) compared to approximately $1.4 million (11 cents per unit) for the three months ended September 30, 2002. Net earnings increased for the three months ended September 30, 2003, as compared to the same period in 2002, primarily due to an increase in gains on mortgage dispositions partially offset by a decrease in mortgage investment income. AIM 85 reported net earnings for the nine months ended September 30, 2003 of approximately $4.5 million (35 cents per unit) compared to approximately $5.4 million (43 cents per unit) for the nine months ended September 30, 2002. Net earnings decreased for the nine months ended September 30, 2003 compared to the corresponding period in 2002 primarily due to a decrease in mortgage investment income partially offset by an increase in gains on mortgage dispositions. Gains on mortgage dispositions increased for the three and nine months ended September 30, 2003, as compared to the corresponding periods in 2002. During the three months ended September 30, 2003, AIM 85 recognized gains of approximately $627,000 from the assignment of three mortgages compared to net gains of approximately $87,000 from the disposition of two mortgages during the three months ended September 30, 2002. During the first nine months of 2003, AIM 85 recognized gains of approximately $1.4 million from four mortgage prepayments and six mortgage assignments. During the first nine months of 2002, the Partnership recognized net gains of approximately $1.3 million from three mortgage prepayments and four mortgage assignments. Mortgage investment income decreased for the three and nine months ended September 30, 2003, as compared to the corresponding periods in 2002, primarily due to a reduction in the mortgage base. The mortgage base decreased as a result of 14 mortgage dispositions with an aggregate principal balance of approximately $14.6 million, representing an approximate 21% decrease in the aggregate principal balance of the total mortgage portfolio since September 2002. As of September 30, 2003, AIM 85 was invested in 19 insured mortgages and five debentures with an aggregate amortized cost of approximately $61.6 million, an aggregate face value of approximately $61.8 million and an aggregate fair value of approximately $63.3 million. As of November 1, 2003, all of the mortgages are current with respect to the payment of principal and interest. HUD has issued a call notice to redeem the five debentures on January 1, 2004. One of these mortgages, Kaynorth Apartments, was assigned to the United States Department of Housing and Urban Development ("HUD") pursuant to Section 221(g)(4) of the National Housing Act (the "Section 221 program") by the servicer in April 2003. The face value of the mortgage was approximately $1.7 million as of the HUD put date. AIM 85 has not received approval for this assignment as of November 1, 2003. AIM 85 distributes net proceeds, if any, from mortgage dispositions and debenture redemptions to its investors, in addition to distributions of regular cash flow. 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. -table follows- 2
AMERICAN INSURED MORTGAGE INVESTORS - SERIES 85, L.P. STATEMENTS OF INCOME (Unaudited) For the three months ended For the nine months ended September 30, September 30, --------------------------- -------------------------- 2003 2002 2003 2002 ------------ ----------- ----------- ----------- Income: Mortgage investment income $ 1,161,982 $1,556,263 $3,745,842 $ 4,756,219 Interest and other income 77,349 34,691 141,231 228,977 ----------- ---------- ---------- ----------- 1,239,331 1,590,954 3,887,073 4,985,196 ----------- ---------- ---------- ----------- Expenses: Asset management fee to related parties 148,703 189,662 469,277 571,168 General and administrative 106,163 98,586 329,205 320,922 ----------- ---------- ---------- ----------- 254,866 288,248 798,482 892,090 ----------- ---------- ---------- ----------- Net earnings before gains on mortgage dispositions 984,465 1,302,706 3,088,591 4,093,106 Gains on mortgage dispositions 627,469 86,839 1,373,339 1,264,766 ----------- ---------- ---------- ----------- Net earnings $ 1,611,934 $1,389,545 $4,461,930 $ 5,357,872 =========== ========== ========== =========== Net earnings allocated to: Limited partners - 96.1% $ 1,549,069 1,335,353 $4,287,915 $ 5,148,915 General Partner - 3.9% 62,865 54,192 174,015 208,957 ----------- ---------- ---------- ----------- $ 1,611,934 $1,389,545 $4,461,930 $ 5,357,872 =========== ========== ========== =========== Net earnings per unit of limited partnership interest - basic $ 0.13 $ 0.11 $ 0.35 $ 0.43 =========== ========== ========== =========== Limited partnership units outstanding - basic 12,079,514 12,079,514 12,079,514 12,079,514 =========== ========== ========== =========== Balance Sheet Data: September 30, December 31, 2003 2002 ------------ ------------ Investment in insured mortgages $ 56,807,467 $66,323,565 Total assets 70,613,191 78,237,534
-----END PRIVACY-ENHANCED MESSAGE-----