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AIM 85 REPORTS THIRD QUARTER EARNINGS OF 30 CENTS PER INVESTMENT UNIT

 ROCKVILLE, Md., Dec. 1 ~PRNewswire~ -- American Insured Mortgage Investors - Series 85, L.P. (AIM 85) (AMEX: AII) reported net earnings for the three months ended Sept. 30, 1992, of approximately $3.7 million (30 cents per investment unit), compared with the prior year's third quarter total of approximately $4.1 million (33 cents per investment unit).
 For the first nine months of 1992, net earnings were approximately $10.8 million (86 cents per investment unit), compared with approximately $9.1 million (72 cents per investment unit) for the first nine months of last year.
 The third quarter 1992 distribution to unitholders totaled 27 cents per investment unit. During the third quarter, AIM 85 received approximately 70 percent of the insurance benefits resulting from the assignment to HUD of the mortgage on Urban Village Apartments. As a result, approximately 4 cents per investment unit of previously accrued and undistributed interest from the Urban Village mortgage was included in the third quarter distribution.
 At quarter-end, AIM 85 was invested in 83 mortgage investments on multifamily housing with a carrying value of approximately $195 million plus approximately $4.7 million in remaining insurance benefits due from HUD resulting from the assignment of the mortgage on Urban Village Apartments.
 AMERICAN INSURED MORTGAGE INVESTORS -- SERIES 85, L.P.
 Statements of Operations
 (Unaudited)
 For the three months For the nine months
 ended Sept. 30, ended Sept. 30,
 1992 1991 1992 1991
 Income:
 Mortgage investment
 income $4,095,085 $4,144,710 $11,786,699 $13,461,127
 Interest and
 other income 383,898 802,126 1,722,612 1,220,719
 Total 4,478,983 4,946,836 13,509,311 14,681,846
 Expenses:
 Asset management
 fee to related
 parties 489,599 717,534 1,408,560 2,345,422
 General and
 administrative 265,628 73,359 812,062 650,422
 Total 755,227 790,893 2,220,622 2,995,844
 Earnings before
 dispositions and
 loan losses 3,723,756 4,155,943 11,288,689 11,686,002
 Gain on mortgage
 dispositions -- -- -- 460,406
 Loss on mortgage
 dispositions -- (6,312) (440,735) (3,090,530)
 Net earnings $3,723,756 $4,149,631 $10,847,954 $9,055,878
 Net earnings per
 investment unit $0.30 $0.33 $0.86 $0.72
 -0- 12~1~92
 ~CONTACT: James T. Pastore, 301-231-0323, or Susan Bressler- Railey, 301-468-3120, both for AIM 85~
 (AII)


CO: American Insured Mortgage Investors - Series 85, L.P. ST: Maryland IN: FIN SU: ERN

MH -- DC014 -- 2367 12~01~92 11:14 EST
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Publication:PR Newswire
Date:Nov 24, 1992
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