AIM 86 Reports First Quarter Net Earnings of Four Cents Per Unit.ROCKVILLE Rockville, city (1990 pop. 44,835), seat of Montgomery co., W central Md., a NW suburb of Washington, D.C.; settled c.1760s, inc. as a city 1860. It has several scientific research and technology laboratories that focus on the aerospace, electronics, nuclear energy, , Md. -- ROCKVILLE, Md., May 6 /PRNewswire/ -- American Insured Mortgage Investors L.P.-Series 86 (AIM 86) , a liquidating partnership that holds investments in federally insured multifamily mortgages, reported net earnings for the quarter ended March 31, 2003 of approximately ap·prox·i·mate
1. Almost exact or correct: the approximate time of the accident.
2. $412,000 (four cents per unit) compared to approximately $570,000 (six cents per unit) for the quarter ended March 31, 2002. The decrease in net earnings for the first quarter of 2003, as compared to the same period last year, is primarily due to a decrease in mortgage investment income and gain on mortgage dispositions.
Mortgage investment income decreased for the three months ended March 31, 2003, as compared to the corresponding period in 2002, primarily due to a reduction in the mortgage base. The mortgage base has decreased approximately 17% since April 2002 due to three mortgage dispositions with an aggregate principal balance of approximately $6.0 million. Gain on mortgage dispositions decreased for the three months ended March 31, 2003 compared to the same period in 2002. During the first quarter of 2003, the Partnership did not recognize a gain or loss due to mortgage dispositions. During the first quarter of 2002, AIM 86 recognized gain Recognized Gain
The amount of gain reported for income tax purposes.
You can defer recognizing some gains until the following year(s).
See also: Capital Gain, Capital Loss, Deferred Income Tax, Drought Sale, Exempt Income, Exemption, Gain, Recognized Loss of approximately $30,000 from the prepayment Prepayment
1. The payment of a debt obligation prior to its due date.
2. The excess payment over a scheduled debt repayment amount.
1. Examples include deferred expenses such as rent and early loan repayments.
2. of one mortgage and additional gain of approximately $26,000 from the disposition of a coinsured mortgage.
As of March 31, 2003, AIM 86 had invested in nine fully federally insured mortgages with an aggregate amortized cost of approximately $28.8 million, an aggregate face value of approximately $28.5 million and an aggregate fair value of approximately $28.7 million.
In April 2003, AIM 86 received net proceeds Net Proceeds
The amount received after all costs are deducted from the sale of a piece of property or security.
In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). of approximately $1.3 million from the prepayment of the mortgage on Mountain Village Apartments. The Partnership declared de·clare
v. de·clared, de·clar·ing, de·clares
1. To make known formally or officially. See Synonyms at announce.
2. To state emphatically or authoritatively; affirm.
3. a distribution in April of 12.5 cents per unit related to the prepayment of this mortgage, payable on August 1, 2003.
As of May 1, 2003, all of the mortgages are current with respect to the payment of principal and interest.
AIM 86 distributes net proceeds, if any, from mortgage dispositions 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.
AMERICAN INSURED MORTGAGE INVESTORS L.P.-SERIES 86 STATEMENTS OF INCOME (Unaudited) For the three months ended March 31, 2003 2002 Income: Mortgage investment income $527,389 $647,301 Interest and other income 7,355 7,431 534,744 654,732 Expenses: Asset management fee to related parties 58,956 72,152 General and administrative 63,316 68,390 122,272 140,542 Net earnings before gain on mortgage dispositions 412,472 514,190 Gain on mortgage dispositions - 55,943 Net earnings $412,472 $570,133 Net earnings allocated to: Limited partners - 95.1% $392,261 $542,196 General Partner - 4.9% 20,211 27,937 $412,472 $570,133 Net earnings per unit of limited partnership interest - basic $0.04 $0.06 Limited partnership units outstanding - basic 9,576,290 9,576,290 Balance Sheet Data: March 31, December 31, 2003 2002 Investment in insured mortgages $28,835,920 $29,148,889 Total assets 31,545,369 32,772,326
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