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TWO CRI-MANAGED PARTNERSHIPS APPROVED TO BEGIN AMERICAN STOCK EXCHANGE TRADING ON JAN. 18, 1994

 ROCKVILLE, Md., Jan. 10 /PRNewswire/ -- The general partner of American Insured Mortgage Investors L.P.-Series 86 (AIM 86) and American Insured Mortgage Investors L.P.-Series 88 (AIM 88) said today that the American Stock Exchange (AMEX) has approved the securities of these two partnerships for listing on the AMEX and expects trading to begin on Jan. 18, 1994.
 The symbol for AIM 86 will be AIJ and the symbol for AIM 88 will be AIK.
 AIM 86 and AIM 88 own insured mortgages on multifamily housing. The two partnerships are managed by an affiliate of the Rockville-based real estate investment firm CRI, Inc. Their general partner is an affiliate of CRIIMI MAE Inc. (NYSE: CMM) a CRI-advised real estate investment trust.
 Currently, AIM 86 and AIM 88 are tradable only in the informal "secondary market" for partnership interests. The general partner believes that investors will receive greater value and liquidity through a nationally recognized securities market such as the AMEX than through the "secondary market."
 Distributions for Three Quarters of 1993
 AIM 86 distributed a total of 73 cents per investment unit for the first three quarters of 1993. There are 9,576,290 AIM 86 investment units outstanding.
 AIM 88 distributed a total of 76 cents per investment unit for the first three quarters of 1993. There are 8,852,091 AIM 88 investment units outstanding.
 Record dates for AIM 86 and AIM 88 cash distributions occur at the end of each month. Distributions are paid approximately one month after the end of each calendar quarter and cover any monthly distributions declared during the quarter.
 AIM 86 Portfolio
 At the end of the third quarter there were 19 mortgages in the AIM 86 portfolio with an aggregate carrying value and a face value of approximately $176 million.
 Of the 19 mortgages, 10 were fully insured multifamily mortgages and nine were coinsured multifamily mortgages. Two mortgages were classified as Assets Held for Sale Under Coinsurance Program with an aggregate carrying value of approximately $40.7 million and two more mortgages were classified as Mortgages Held for Disposition with an aggregate carrying value of approximately $19.1 million.
 Upon receiving proceeds from the sale or other disposition of mortgages, AIM 86 reinvests net principal proceeds in fully insured multifamily mortgages. The AIM 86 reinvestment period ends Dec. 31, 1994, after which AIM 86 will distribute to investors the net proceeds of mortgage dispositions, rather than reinvest proceeds in additional multifamily mortgages.
 Since the end of the third quarter, AIM 86 disposed of one nonperforming mortgage which at Sept. 30, 1993, was classified as an Asset Held for Sale Under Coinsurance Program. AIM 86 expects to reinvest the net principal proceeds of approximately $7.8 million in fully insured multifamily mortgages.
 AIM 88 Portfolio
 At the end of the third quarter, there were 22 mortgages in the AIM 88 portfolio with an aggregate carrying value of approximately $160 million and face value of approximately $161 million.
 This total included three mortgages classified as Assets Held For Sale Under Coinsurance Program with a combined carrying value of approximately $26.3 million and four Mortgages Held for Disposition with a carrying value of $50.1 million.
 Since the end of the third quarter, AIM 88 disposed of three nonperforming mortgages: Arborview Apartments, Graymere Apartments and Hazeltine Shores. AIM 88 will reinvest approximately $23.4 million of net principal proceeds already received from the Arborview and Graymere dispositions, and expects to reinvest approximately $7.2 million after receiving the principal proceeds from the Hazeltine Shores disposition.
 These investments in newly acquired performing multifamily loans are expected to increase recurring cash flow from operations,
 Also, since the end of the third quarter, AIM 88 entered into agreements with the borrower of two defaulted mortgages having an aggregate carrying value of approximately $16.9 million at Sept. 30, 1993. Under these court ordered plans, the borrower has until April 30, 1994, to execute acceptable purchase agreements on the properties. The net proceeds from these sales would be used to pay off all principal and accrued interest on the mortgages. If the mortgagor fails to meet the terms of the agreements, the general partner could take possession of the properties and sell them.
 Upon receiving proceeds from the sale or other disposition of assets, AIM 88 reinvests net principal proceeds in fully insured multifamily mortgages. The AIM 88 reinvestment period ends Dec. 31, 1996, after which AIM 88 will distribute to investors the net proceeds of mortgage dispositions, rather than reinvest the proceeds in additional multifamily mortgages.
 The two other AIM partnerships already trade on the AMEX. They are American Insured Mortgage Investors (AMEX: AIA), known as AIM 84, and American Insured Mortgage Investors-Series 85, L.P. (AMEX: AII), known as AIM 85.
 Both AIM 84 and AIM 85 have concluded their reinvestment periods and are expected to liquidate their mortgage portfolios over time.
 -0- 1/10/94
 /CONTACT: James T. Pastore, 301-231-0323, Susan B. Railey, 301-468-3120, both for the AIM 86 and AIM 88/
 (CMM AIA AII)


CO: American Insured Mortgage Investors L.P.-Series 86; American
 Insured Mortgage Investors L.P.-Series 88 ST: Maryland IN: FIN SU:


DC-KW -- DC006 -- 0410 01/10/94 08:33 EST
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Date:Jan 10, 1994
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