<PAGE>1
FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
QUARTERLY REPORT UNDER SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarter ended March 31, 1994
------------------
Commission file number 0-13120
-----------------
AMERICAN INSURED MORTGAGE INVESTORS
-----------------------------------------------------------------
(Exact name of registrant as specified in charter)
California 13-3180848
------------------------------------- ----------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
11200 Rockville Pike, Rockville, Maryland 20852
----------------------------------------- ----------------------
(Address of principal executive offices) (Zip Code)
(301) 468-9200
-----------------------------------------------------------------
(Registrant's telephone number, including area code)
Indicated by check mark whether the Registrant (1) has filed
all reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months
and (2) has been subject to such filing requirements for the past
90 days. Yes X No
----- -----
As of May 9, 1994, 10,000,000 depository units of limited
partnership interest were outstanding.
<PAGE>
<PAGE>2
AMERICAN INSURED MORTGAGE INVESTORS
INDEX TO FORM 10-Q
FOR THE QUARTER ENDED MARCH 31, 1994
Page
----
PART I. Financial Information (Unaudited)
Item 1. Financial Statements
Balance Sheets - March 31, 1994 and
December 31, 1993 . . . . . . . . . . . . . 3
Statements of Operations - for the three
months ended March 31, 1994 and 1993 . . . 4
Statement of Changes in Partners' Equity -
for the three months ended March 31,
1994 . . . . . . . . . . . . . . . . . . . 5
Statements of Cash Flows - for the three
months ended March 31, 1994 and 1993 . . . 6
Notes to Financial Statements . . . . . . . . 7
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of
Operations . . . . . . . . . . . . . . . . 13
PART II. Other Information
Item 6. Exhibits and Reports on Form 8-K . . . . . . 16
Signature . . . . . . . . . . . . . . . . . . . . . . 17
<PAGE>
<PAGE>3<TABLE>
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
AMERICAN INSURED MORTGAGE INVESTORS
BALANCE SHEETS
ASSETS
<CAPTION>
March 31, December 31,
1994 1993
------------- ------------
(Unaudited)
<S> <C> <C>
Investment in mortgages, at
fair value
Acquired insured mortgages $ 26,014,923 $ --
Originated insured mortgages 15,299,984 --
------------- ------------
Total 41,314,907 --
------------- ------------
Investment in mortgages, at
amortized cost, net of
unamortized discount:
Acquired insured mortgages -- 20,758,692
Originated insured mortgages -- 14,642,000
------------ ------------
Total -- 35,400,692
------------ ------------
Mortgage held for disposition,
at lower of cost or market -- 7,941,507
Cash and cash equivalents 9,065,454 3,778,696
Receivables and other assets 480,222 509,426
------------- ------------
Total assets $ 50,860,583 $ 47,630,321
============= ============
LIABILITIES AND PARTNERS' EQUITY
Distributions payable $ 9,165,923 $ 3,810,552
Accounts payable and accrued
expenses 98,352 70,812
------------- ------------
Total liabilities 9,264,275 3,881,364
------------- ------------
Partners' equity:
Limited partners' equity 40,545,194 48,421,623
General partner's deficit
(4,907,905) (4,672,666)
Net unrealized gains on
investment in mortgages 5,959,019 --
------------- ------------
Total partners' equity 41,596,308 43,748,957
------------- ------------
Total liabilities and
partners' equity $ 50,860,583 $ 47,630,321
============= ============
The accompanying notes are an integral part
of these financial statements.
</TABLE>
<PAGE>
<PAGE>4<TABLE>
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
AMERICAN INSURED MORTGAGE INVESTORS
STATEMENTS OF OPERATIONS
(Unaudited)
<CAPTION>
For the three months ended
March 31,
----------------------------
1994 1993
------------- ------------
<S>
<C> <C>
Income:
Mortgage investment income
$ 950,747 $ 1,124,076
Interest and other income 45,276 4,779
------------- ------------
996,023 1,128,855
------------- ------------
Expenses:
Asset management fee to
related parties 98,561 110,229
General and administrative 79,080 98,956
------------- ------------
177,641 209,185
------------- ------------
Earnings before gain on mortgage
disposition 818,382 919,670
Gain on mortgage disposition 235,873 --
------------- ------------
Net earnings $ 1,054,255 $ 919,670
============= ============
Net earnings attributable to:
Limited partners - 97.1% $ 1,023,682 $ 893,000
General partner - 2.9% 30,573 26,670
------------- ------------
$ 1,054,255 $ 919,670
============= ============
Net earnings per unit of
limited partnership interest $ .10 $ .09
============= ============
The accompanying notes are an integral part
of these financial statements.
</TABLE>
<PAGE>
<PAGE>5<TABLE>
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
AMERICAN INSURED MORTGAGE INVESTORS
STATEMENT OF CHANGES IN PARTNERS' EQUITY
For the three months ended March 31, 1994
(Unaudited)
<CAPTION>
Net
Unrealized
Gains on
General Limited Investment
Partner Partners in Mortgages Total
------------ ------------ ------------- ------------
<S> <C> <C> <C> <C>
Balance, December 31, 1993 $ (4,672,666) $ 48,421,623 $ -- $ 43,748,957
Net earnings 30,573 1,023,682 -- 1,054,255
Distributions paid or accrued,
including return of capital, of
$.89 per Unit (265,812) (8,900,111) -- (9,165,923)
Net unrealized gains on investment
in mortgages -- -- 5,959,019 5,959,019
------------ ------------ ------------ ------------
Balance, March 31, 1994 $ (4,907,905) $ 40,545,194 $ 5,959,019 $ 41,596,308
============ ============ ============ ============
Limited Partnership Units outstanding -
March 31, 1994 10,000,125
============
The accompanying notes are an integral part
of these financial statements.
</TABLE>
<PAGE>
<PAGE>6<TABLE>
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
AMERICAN INSURED MORTGAGE INVESTORS
STATEMENTS OF CASH FLOWS
(Unaudited)
<CAPTION>
For the three months
ended March 31,
1994 1993
------------ ------------
<S> <C> <C>
Cash flows from operating activities:
Net earnings $ 1,054,255 $ 919,670
Adjustments to reconcile net earnings
to net cash provided by operating activities:
Gain on mortgage disposition (235,873) --
Changes in assets and liabilities:
Decrease in receivables and other assets 29,204 52,102
Increase in accounts payable and accrued expenses 27,541 25,441
------------ ------------
Net cash provided by operating activities 875,127 997,213
------------ ------------
Cash flows from investing activities:
Proceeds from disposition of Insured Mortgage 8,177,380 --
Receipt of mortgage principal from scheduled payments 44,803 60,883
------------ ------------
Net cash provided by investing activities 8,222,183 60,883
------------ ------------
Cash flows from financing activities:
Distributions paid to partners (3,810,552) (1,029,880)
------------ ------------
Net increase in cash and cash equivalents 5,286,758 28,216
Cash and cash equivalents, beginning of period 3,778,696 722,809
------------ ------------
Cash and cash equivalents, end of period $ 9,065,454 $ 751,025
============ ============
The accompanying notes are an integral part
of these financial statements.
</TABLE>
<PAGE>
<PAGE>7
AMERICAN INSURED MORTGAGE INVESTORS
NOTES TO FINANCIAL STATEMENTS
(Unaudited)
1. ORGANIZATION
American Insured Mortgage Investors (the Partnership) was
formed under the Uniform Limited Partnership Act of the state of
California on July 12, 1983. From inception through September 6,
1991, AIM Capital Management Corp. served as managing general
partner (with a partnership interest of 2.8%), IRI Properties
Capital Corp. served as corporate general partner (with a
partnership interest of 0.1%) and Z Square G Partners II served
as the associate general partner (with a partnership interest of
0.1%). All of the foregoing general partners are sometimes
collectively referred to as former general partners.
Effective September 6, 1991, CRIIMI, Inc. (the General
Partner) succeeded the former general partners to become the sole
general partner of the Partnership. CRIIMI, Inc. purchased the
interests of the former managing general partner and the former
corporate general partner pursuant to the terms of the
Partnership Agreement. The Partnership purchased the interest of
the former associate general partner (0.1%). CRIIMI, Inc. is a
wholly-owned subsidiary of CRIIMI MAE Inc. (CRIIMI MAE), formerly
CRI Insured Mortgage Association, Inc., which is managed by an
adviser whose general partner is C.R.I., Inc. (CRI).
AIM Acquisition Partners, L.P. (the Advisor) serves as the
adviser of the Partnership. The general partner of the Advisor
is AIM Acquisition Corporation (AIM Acquisition). A sub-advisory
agreement exists whereby CRI/AIM Management, Inc. (the Sub-
Advisor), an affiliate of CRI, manages the Partnership's
portfolio and disposes of the Partnership's mortgages.
Prior to the expiration of the Partnership's reinvestment
period in November 1988, the Partnership was engaged in the
business of originating mortgage loans (Originated Insured Mort-
gages) and acquiring mortgage loans (Acquired Insured Mortgages
and, together with Originated Insured Mortgages referred to
herein as Insured Mortgages). In accordance with the terms of
the Partnership Agreement, the Partnership is no longer
authorized to originate or acquire Insured Mortgages and,
consequently, its primary objective is to manage its portfolio of
Insured Mortgages, all of which constitute nonrecourse first
liens on multifamily residential developments and are insured
under Section 221(d)(4) of the National Housing Act. The
Partnership Agreement states that the Partnership will terminate
on December 31, 2008, unless previously terminated under the
provisions of the Partnership Agreement.
2. BASIS OF PRESENTATION
In the opinion of the General Partner, the accompanying
unaudited financial statements contain all adjustments of a
normal recurring nature necessary to present fairly the financial
position of the Partnership as of March 31, 1994 and December 31,
1993 and the results of its operations and cash flows for the
three months ended March 31, 1994 and 1993.
These unaudited financial statements have been prepared
pursuant to the rules and regulations of the Securities and
Exchange Commission. Certain information and note disclosures
normally included in financial statements prepared in accordance
with generally accepted accounting principles have been condensed
or omitted. While the General Partner believes that the
disclosures presented are adequate to make the information not
misleading, it is suggested that these financial statements be
read in conjunction with the financial statements and the notes
to the financial statements included in the Partnership's Annual
Report filed on Form 10-K for the year ended December 31, 1993.
<PAGE>
<PAGE>8
AMERICAN INSURED MORTGAGE INVESTORS
NOTES TO FINANCIAL STATEMENTS
(Unaudited)
3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Investment in Mortgages
-----------------------
In May 1993, the Financial Accounting Standards Board
issued Statement of Financial Accounting Standards No. 115
"Accounting for Certain Investments in Debt and Equity
Securities" (SFAS 115). This statement requires that
investments in debt and equity securities be classified into
one of the following investment categories based upon the
circumstances under which such securities might be sold:
Held to Maturity, Available for Sale, and Trading.
Generally, certain debt securities that an enterprise has
both the ability and intent to hold to maturity should be
accounted for using the amortized cost method and all other
securities must be recorded at their fair values. This
statement is effective for fiscal years beginning after
December 15, 1993. As such, the Partnership has implemented
this statement as of January 1, 1994.
As of March 31, 1994, the weighted average remaining
term of the Partnership's Insured Mortgages is approximately
31 years. However, the Partnership Agreement states that
the Partnership will terminate in approximately 15 years, on
December 31, 2008, unless previously terminated under the
provisions of the Partnership Agreement. As the Partnership
is anticipated to terminate prior to the weighted average
remaining term of its Insured Mortgages, the Partnership
does not have the ability, at this time, to hold its Insured
Mortgages to maturity. Consequently, the General Partner
believes that the Partnership's Insured Mortgages should be
included in the Available for Sale category. Although the
Partnership's Insured Mortgages are classified as Available
for Sale for financial statement purposes, the General
Partner does not intend to voluntarily sell such Insured
Mortgages, other than those which may be sold as a result of
a default or those which are eligible to be put to the
Federal Housing Administration at the expiration of 20 years
from the date of final endorsement.
In connection with this classification, as of March 31,
1994, all of the Partnership's Insured Mortgages are
recorded at fair value, with the net unrealized gains on the
Partnership's Investment in Mortgages reported as a separate
component of partners' equity. Subsequent increases or
decreases in the fair value of Insured Mortgages classified
as Available for Sale shall be included as a separate
component of partners' equity. Realized gains and losses
for Insured Mortgages classified as Available for Sale will
continue to be reported in earnings. The amortized cost of
the Insured Mortgages in this category is adjusted for
amortization of discounts to maturity. Such amortization is
included in mortgage investment income. Prior to January 1,
1994, the Partnership accounted for its Investment in
Mortgages at amortized cost.
4. INVESTMENT IN MORTGAGES
As of March 31, 1994, the Partnership had remaining
investments in 15 Insured Mortgages with an aggregate amortized
cost of $35,355,888, face value of $41,224,908, and fair value of
$41,314,907. All of the Partnership's Insured Mortgages are
insured under Section 221(d)(4) of the National Housing Act, by
the United States Department of Housing and Urban Development
(HUD) for 100% of their current face value, less a 1% assignment
fee, and are nonrecourse first liens on multifamily residential
developments owned by entities unaffiliated with the Partnership,
its General Partner or their affiliates. As of March 31, 1994,
all of the Partnership's Insured Mortgages are current with
respect to the payment of principal and interest.
<PAGE>
<PAGE>9
AMERICAN INSURED MORTGAGE INVESTORS
NOTES TO FINANCIAL STATEMENTS
(Unaudited)
4. INVESTMENT IN MORTGAGES - Continued
During the three months ended March 31, 1994, the Partnership
disposed of the following Insured Mortgage which was classified as
a Mortgage Held for Disposition as of December 31, 1993. There
were no dispositions of Insured Mortgages during the three months
ended March 31, 1993.
<TABLE><CAPTION>
Financial
Net Statement
Date of Type of Carrying Net Gain
Complex Name Disposition Disposition Value Proceeds Recognized
---------------------- ---------------- ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
Hidden Oaks Apartments February 1994 Prepayment $ 7,941,507 $ 8,177,380(1) $ 235,873
(1) Includes a prepayment penalty of approximately $260,000.
</TABLE>
<PAGE>
<PAGE>10
AMERICAN INSURED MORTGAGE INVESTORS
NOTES TO FINANCIAL STATEMENTS
(Unaudited)
4. INVESTMENT IN MORTGAGES - Continued
In connection with the Partnership's implementation of SFAS
115 as of January 1, 1994 (see Note 3), the Partnership's
Investment in Mortgages is recorded at fair value, as estimated
below, as of March 31, 1994. The difference between the amortized
cost and the fair value of the Insured Mortgages represents the
net unrealized gains on the Partnership's Insured Mortgages and is
reported as a separate component of partners' equity as of March
31, 1994.
The fair value of the Insured Mortgages is based on quoted
market prices.
<TABLE><CAPTION>
As of March 31, 1994
Amortized Fair
Cost Value
------------ ------------
<S> <C> <C>
Investment in Mortgages:
Acquired insured mortgages $ 20,726,360 $ 26,014,923
Originated insured mortgages 14,629,528 15,299,984
------------ ------------
$ 35,355,888 $ 41,314,907
============ ============
</TABLE>
<PAGE>
<PAGE>11
AMERICAN INSURED MORTGAGE INVESTORS
NOTES TO FINANCIAL STATEMENTS
(Unaudited)
5. DISTRIBUTIONS TO UNITHOLDERS
The distributions paid or accrued to Unitholders on a per
Limited Partnership Unit basis for the three months ended March
31, 1994 and 1993 are as follows:
<TABLE><CAPTION>
1994 1993
-------- --------
<S> <C> <C>
Quarter ended March 31, $ .89(1) $ .095
-------- --------
TOTAL $ .89 $ .095
======== ========
(1) This includes a special distribution of $.81 per Unit
comprised of: (i) $.77 per Unit return of capital from
the disposition of the mortgage on Hidden Oaks
Apartments, (ii) $.03 per Unit capital gain from the
disposition of the mortgage on Hidden Oaks Apartments
and (iii) $.01 per Unit of previously accrued but
undistributed interest received from the mortgage on
Creekside Village.
</TABLE>
The basis for paying distributions to Unitholders is net
proceeds from mortgage dispositions and cash flow from
operations, which is comprised of regular interest income and
principal from Insured Mortgages. Although the Insured Mortgages
yield a fixed monthly mortgage payment once purchased, the cash
distributions paid to the Unitholders will vary during each
quarter due to (1) the fluctuating yields in the short-term money
market where the monthly mortgage payments received are
temporarily invested prior to the payment of quarterly
distributions, (2) the reduction in the asset base due to monthly
mortgage payments received or mortgage dispositions, (3)
variations in the cash flow attributable to the delinquency or
default of Insured Mortgages and (4) changes in the Partnership's
operating expenses.
<PAGE>
<PAGE>12
AMERICAN INSURED MORTGAGE INVESTORS
NOTES TO FINANCIAL STATEMENTS
(Unaudited)
6. TRANSACTIONS WITH RELATED PARTIES
The General Partner and certain affiliated entities have,
during the three months ended March 31, 1994 and 1993, earned or
received compensation or payments for services from the
Partnership as follows:
<TABLE>
COMPENSATION PAID OR ACCRUED TO RELATED PARTIES
----------------------------------------------
<CAPTION>
Three Months Ended
Capacity in Which
March 31,
Name of Recipient Served/Item 1994 1993
----------------- ---------------------------- ---------- ----------
<S> <C> <C> <C>
CRIIMI, Inc. General Partner/Distribution $ 265,812(2) $ 28,373
AIM Acquisition Advisor/Asset Management Fee 98,561(1) 110,229(1)
Partners, L.P.
CRI Affiliate of General Partner/ 18,296 14,215
Expense Reimbursement
(1) Of the amounts paid to the Advisor, the Sub-advisor,
CRI/AIM Management, Inc., earned a fee equal to $29,046
and $32,487, or .28% of Total Invested Assets, for the
three months ended March 31, 1994 and 1993,
respectively.
(2) This amount includes a special distribution as described
above in Note 5.
</TABLE>
<PAGE>
<PAGE>13
PART I. FINANCIAL INFORMATION
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
General
-------
As of March 31, 1994, the Partnership had remaining
investments in 15 Insured Mortgages with an aggregate amortized
cost of $35,355,888, face value of $41,224,908, and fair value of
$41,314,907.
Mortgage Dispositions
---------------------
During the three months ended March 31, 1994, the Partnership
disposed of the following Insured Mortgage which was classified as
a Mortgage Held for Disposition as of December 31, 1993. There
were no dispositions of Insured Mortgages during the three months
ended March 31, 1993.
<TABLE><CAPTION>
Financial
Net Statement
Date of Type of Carrying Net Gain
Complex Name Disposition Disposition Value Proceeds Recognized
---------------------- ---------------- ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
Hidden Oaks Apartments February 1994 Prepayment $ 7,941,507 $ 8,177,380(1) $ 235,873
(1) Includes a prepayment penalty of approximately $260,000.
</TABLE>
<PAGE>
<PAGE>14
PART I. FINANCIAL INFORMATION
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS -
Continued
Results of Operations
---------------------
Net earnings increased for the three months ended March 31,
1994 compared to the corresponding period in 1993 primarily due
to the recognition of a gain from the disposition of the mortgage
on Hidden Oaks Apartments in February 1994.
Mortgage investment income decreased for the three months
ended March 31, 1994 compared to the corresponding period in 1993
primarily due to the decrease in the mortgage base resulting from
mortgage dispositions in 1993 and February 1994.
Interest and other income increased for the three months
ended March 31, 1994 compared to the corresponding period in 1993
primarily due to the short-term investment of disposition
proceeds received during February 1994 pending the anticipated
distribution to Unitholders in May 1994.
Asset management fees decreased for the three months ended
March 31, 1994 compared to the corresponding period in 1993 as a
result of a reduction in the mortgage base resulting from
mortgage dispositions in 1993 and February 1994.
General and administrative expenses decreased for the three
months ended March 31, 1994 as compared to the corresponding
period in 1993 due primarily to a decrease in the mortgage base,
as discussed above.
Fair Value of Insured Mortgages
-------------------------------
As of December 31, 1993, the Partnership's Insured Mortgages
were recorded at amortized cost (excluding a Mortgage Held for
Disposition which was recorded at the lower cost or market). In
connection with the Partnership's implementation of Statement of
Financial Accounting Standards No. 115 "Accounting for Certain
Investments in Debt and Equity Securities" (SFAS 115) as of
January 1, 1994, the Partnership's Investment in Mortgages is
recorded at fair value, as estimated below, as of March 31, 1994.
The difference between the amortized cost and the fair value of
the Insured Mortgages represents the net unrealized gains on the
Partnership's Insured Mortgages and is reported as a separate
component of partners' equity as of March 31, 1994.
The fair value of the Insured Mortgages is based on quoted
market prices.
<PAGE>
<PAGE>15
PART I. FINANCIAL INFORMATION
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS -
Continued
<TABLE><CAPTION>
As of March 31, 1994
Amortized Fair
Cost Value
------------ ------------
<S> <C> <C>
Investment in Mortgages:
Acquired insured mortgages $ 20,726,360 $ 26,014,923
Originated insured mortgages 14,629,528 15,299,984
------------ ------------
$ 35,355,888 $ 41,314,907
============ ============
</TABLE>
<PAGE>
<PAGE>16
PART I. FINANCIAL INFORMATION
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS -
Continued
Liquidity and Capital Resources
-------------------------------
The Partnership's operating cash receipts, derived from
payments of principal and interest on Insured Mortgages, plus
cash receipts from interest on short-term investments, were
sufficient to meet operating requirements.
The basis for paying distributions to Unitholders is net
proceeds from mortgage dispositions and cash flow from
operations. Although the Insured Mortgages yield a fixed monthly
mortgage payment once purchased, the cash distributions paid to
the Unitholders will vary during each quarter due to (1) the
fluctuating yields in the short-term money market where the
monthly mortgage payments received are temporarily invested prior
to the payment of quarterly distributions, (2) the reduction in
the asset base due to monthly mortgage payments received or
mortgage dispositions, (3) variations in the cash flow
attributable to the delinquency or default of Insured Mortgages
and (4) changes in the Partnership's operating expenses.
Net cash provided by operating activities decreased for the
three months ended March 31, 1994 as compared to the
corresponding period in 1993 primarily due to a decrease in
mortgage investment income, as discussed above. This decrease
was offset by an increase in interest and other income, a
decrease in asset management fees and a decrease in general and
administrative expenses, as previously discussed.
Net cash provided by investing activities increased for the
three months ended March 31, 1994 as compared to the
corresponding period in 1993 primarily due to the receipt in
February 1994 of net proceeds of approximately $8.2 million from
the prepayment of the mortgage on Hidden Oaks Apartments.
Net cash used in financing activities increased for the
three months ended March 31, 1994 as compared to the
corresponding period in 1993 primarily due to the special
distribution to Unitholders in 1994 of net proceeds received in
1993 from the sale of the defaulted mortgages on Chapelgate
Apartments and Cumberland Village. This compares to the
distribution to Unitholders in 1993 of regular cash flow from the
fourth quarter of 1992.
PART II. OTHER INFORMATION
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
No reports on Form 8-K were filed with the Securities and
Exchange Commission during the quarter ended March 31, 1994.
All other items are not applicable.
<PAGE>
<PAGE>17
SIGNATURE
Pursuant to the requirements of the Securities Exchange
Act of 1934, the Registrant has duly caused this report to be
signed on its behalf by the undersigned thereunto duly
authorized.
AMERICAN INSURED MORTGAGE
INVESTORS (Registrant)
By: CRIIMI, Inc.
General Partner
May 10, 1994 By: /s/ Cynthia O. Azzara
-------------------------- -------------------------
Date Cynthia O. Azzara
Vice President and
Chief Financial Officer
<PAGE>
