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U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2000
-------------
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from ___________ to ___________
Commission file number 0-15724
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RESOURCES ACCRUED MORTGAGE INVESTORS L.P.--SERIES 86
------------------------------------------------------
(Exact name of Registrant as specified in its charter)
DELAWARE 13-3294835
---------------------------------- ------------------------------------
(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
FIVE CAMBRIDGE CENTER, CAMBRIDGE, MA 02142-1493
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(Address of principal executive office) (Zip Code)
Registrant's telephone number, including area code (617) 234-3000
---------------
Indicate by check mark whether 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 (or for such shorter period that the Registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days. Yes X No
----- -----
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<PAGE>
RESOURCES ACCRUED MORTGAGE INVESTORS L.P.--SERIES 86
FORM 10-Q JUNE 30, 2000
PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS.
BALANCE SHEETS (UNAUDITED)
JUNE 30, DECEMBER 31,
2000 1999
----------- ------------
ASSETS
Cash and cash equivalents $ 7,276,184 $ 7,639,679
Investment in mortgage loan (net of allowance
for loan loss of $5,000,000 at December 31, 1999) -- --
Real estate - net 3,951,897 4,024,056
Other assets 264,455 165,171
----------- -----------
Total Assets $11,492,536 $11,828,906
=========== ===========
LIABILITIES AND PARTNERS' EQUITY
Liabilities:
Mortgage loan payable $ 3,278,331 $ 3,327,004
Due to affiliates 460,892 460,892
Accounts payable and accrued expenses 111,673 196,854
----------- -----------
Total Liabilities 3,850,896 3,984,750
----------- -----------
Commitments and Contingencies
Partners' Equity:
Limited partners' equity (330,004 units
issued and outstanding) 7,259,608 7,451,999
General partners' equity 382,032 392,157
----------- -----------
Total Partners' Equity 7,641,640 7,844,156
----------- -----------
Total Liabilities and Partners' Equity $11,492,536 $11,828,906
=========== ===========
See notes to financial statements.
2 of 15
<PAGE>
RESOURCES ACCRUED MORTGAGE INVESTORS L.P.--SERIES 86
FORM 10-Q JUNE 30, 2000
STATEMENTS OF OPERATIONS (UNAUDITED) FOR THE SIX MONTHS ENDED
---------------------------
JUNE 30, JUNE 30,
2000 1999
----------- -----------
Revenues:
Operating income - real estate $ 786,777 $ 767,385
Other income 16,816 140,255
Short term investment interest 80,375 93,942
----------- -----------
Total revenues 883,968 1,001,582
----------- -----------
Costs and Expenses:
Operating expenses - real estate 554,387 563,039
Mortgage loan interest expense 140,571 144,176
General and administrative 102,018 96,855
Depreciation expense 78,918 74,991
Recovery of loan loss (5,000,000) --
----------- -----------
Total costs and expenses (4,124,106) 879,061
----------- -----------
Net income $ 5,008,074 $ 122,521
=========== ===========
Net income attributable to:
Limited partners $ 4,757,670 $ 116,395
General partners 250,404 6,126
----------- -----------
$ 5,008,074 $ 122,521
=========== ===========
Net income per unit of limited partnership
interest (330,004 units outstanding) $ 14.42 $ 0.35
=========== ===========
See notes to consolidated financial statements.
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RESOURCES ACCRUED MORTGAGE INVESTORS L.P.--SERIES 86
FORM 10-Q JUNE 30, 2000
STATEMENTS OF OPERATIONS (UNAUDITED) FOR THE THREE MONTHS ENDED
---------------------------
JUNE 30, JUNE 30,
2000 1999
----------- -----------
Revenues:
Operating income - real estate $ 449,167 $ 445,968
Other income 16,816 33,495
Short term investment interest 33,203 44,532
----------- -----------
Total revenues 499,186 523,995
----------- -----------
Costs and Expenses:
Operating expenses - real estate 309,298 322,515
Mortgage loan interest expense 69,956 71,850
General and administrative 73,075 53,564
Depreciation expense 38,959 37,097
Recovery of loan loss (5,000,000) --
----------- -----------
Total costs and expenses (4,508,712) 485,026
----------- -----------
Net income $ 5,007,898 $ 38,969
=========== ===========
Net income attributable to:
Limited partners $ 4,757,503 $ 37,021
General partners 250,395 1,948
----------- -----------
$ 5,007,898 $ 38,969
=========== ===========
Net income per unit of limited partnership
interest (330,004 units outstanding) $ 14.42 $ 0.11
=========== ===========
See notes to financial statements.
4 of 15
<PAGE>
RESOURCES ACCRUED MORTGAGE INVESTORS L.P. - SERIES 86
FORM 10-Q JUNE 30, 2000
STATEMENT OF PARTNERS' EQUITY (UNAUDITED)
<TABLE>
<CAPTION>
GENERAL LIMITED TOTAL
PARTNERS' PARTNERS' PARTNERS'
EQUITY EQUITY EQUITY
----------- ----------- -----------
<S> <C> <C> <C> <C>
Balance - January 1, 2000 $ 392,157 $ 7,451,999 7,844,156
Net income 250,404 4,757,670 5,008,074
Distributions to partners ($15.00
per limited partnership unit) (260,529) (4,950,061) (5,210,590)
----------- ----------- -----------
Balance - June 30, 2000 $ 382,032 $ 7,259,608 $ 7,641,640
=========== =========== ===========
</TABLE>
See notes to financial statements.
5 of 15
<PAGE>
RESOURCES ACCRUED MORTGAGE INVESTORS L.P.--SERIES 86
FORM 10-Q JUNE 30, 2000
<TABLE>
<CAPTION>
STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR THE SIX MONTHS ENDED
---------------------------------
JUNE 30, JUNE 30,
2000 1999
--------------- --------------
<S> <C> <C>
Cash Flows from Operating Activities:
Net income
$ 5,008,074 $ 122,521
Adjustments to reconcile net income to net cash
used in operating activities:
Depreciation 78,918 74,991
Recovery of loan loss (5,000,000) --
Deferred asset management and mortgage servicing
fees, net of payments -- (891,608)
Changes in assets and liabilities:
Other assets (99,284) 74,922
Accounts payable and accrued expenses (85,181) (40,581)
----------- -----------
Net cash used in operating activities (97,473) (659,755)
----------- -----------
Cash Flows from Investing Activities:
Payment received on mortgage loan 5,000,000 --
Additions to real estate (6,759) (162,246)
----------- -----------
Net cash provided by (used in) investing activities 4,993,241 (162,246)
----------- -----------
Cash flow from financing Activities:
Distribution to partners (5,210,590) --
Principal payments on mortgage loan payable (48,673) (44,931)
----------- -----------
Cash used in financing activities (5,259,263) (44,931)
----------- -----------
Net decrease in cash and cash equivalents (363,495) (866,932)
Cash and cash equivalents, beginning of period 7,639,679 4,639,050
----------- -----------
Cash and cash equivalents, end of period $ 7,276,184 $ 3,772,118
=========== ===========
Supplementary Disclosure of Cash Flow Information
Interest paid $ 140,571 $ 144,176
=========== ===========
</TABLE>
See notes to financial statements.
6 of 15
<PAGE>
RESOURCES ACCRUED MORTGAGE INVESTORS L.P.--SERIES 86
FORM 10-Q JUNE 30, 2000
NOTES TO FINANCIAL STATEMENTS
1. INTERIM FINANCIAL INFORMATION
The summarized financial information of the Resources Accrued Mortgage
Investors L.P. - Series 86 (the "Partnership") contained herein is
unaudited; however, in the opinion of management, all adjustments
(consisting only of normal recurring accruals) necessary for a fair
presentation of such financial information have been included. The
accompanying financial statements, footnotes and discussions should be read
in conjunction with the financial statements, footnotes and discussions
contained in the Partnership's annual report on Form 10-K for the year
ended December 31, 1999. The accounting policies used in preparing these
financial statements are consistent with those described in the December
31, 1999 financial statements. The results of operations for the six months
ended June 30, 2000, are not necessarily indicative of the results to be
expected for the year ending December 31, 2000.
2. CONFLICTS OF INTEREST AND TRANSACTIONS WITH RELATED PARTIES
RAM Funding, Inc., the investment general partner of the Partnership,
Resources Capital Corp., the administrative general partner, and Presidio
AGP Corp., the associate general partner, (collectively "General
Partners"), are wholly-owned subsidiaries of Presidio Capital Corp.
("Presidio"). The General Partners and certain of their affiliates are
general partners in several other limited partnerships which are also
affiliated with Presidio, and which are engaged in businesses that are, or
may in the future, be in direct competition with the Partnership.
Subject to the rights of the limited partners agreement of the Limited
Partnership ("Partnership Agreement"), Presidio controls the Partnership
through its indirect ownership of the General Partners. On August 28, 1997,
an affiliate of NorthStar Capital Partners acquired all of the Class B
shares of Presidio. This acquisition, when aggregated with previous
acquisitions, caused NorthStar Capital Partners to acquire indirect control
of the General Partners. Effective July 31, 1998, Presidio is indirectly
controlled by NorthStar Capital Investment Corp. ("NorthStar"), a Maryland
corporation.
In August 1997, Presidio entered into a management agreement with NorthStar
Presidio Management Company, LLC ("NorthStar Presidio"), an affiliate of
NorthStar. Under the terms of the management agreement, NorthStar Presidio
provided the day-to-day management of Presidio and its direct and indirect
subsidiaries and affiliates. For the six months ended June 30, 2000 and
1999, reimbursable expenses due to NorthStar Presidio from the Partnership
amounted to $0 and $6,209, respectively.
On October 21, 1999, Presidio entered into a new Services Agreement with
AP-PCC III, L.P (the "Agent") pursuant to which the Agent was retained to
provide asset management and investor relation services to the Partnership
and other entities affiliated with the Partnership.
7 of 15
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RESOURCES ACCRUED MORTGAGE INVESTORS L.P.--SERIES 86
FORM 10-Q JUNE 30, 2000
NOTES TO FINANCIAL STATEMENTS
2. CONFLICTS OF INTEREST AND TRANSACTIONS WITH RELATED PARTIES (CONTINUED)
As a result of this agreement, the Agent has the duty to direct the day to
day affairs of the Partnership, including, without limitation, reviewing
and analyzing potential sale, financing or restructuring proposals
regarding the Partnership's assets, preparation of all Partnership reports,
maintaining Partnership records and maintaining bank accounts of the
Partnership. The Agent is not permitted, however, without the consent of
Presidio, or as otherwise required under the terms of the Partnership
Agreement to, among other things, cause the Partnership to sell or acquire
an asset or file for bankruptcy.
The Administrative General Partner is entitled to receive an asset
management fee for services rendered in the administration and management
of the Partnership's operations equal to 1/4 of 1% per annum of the Net
Asset Value of the Partnership, as defined in the Partnership Agreement.
Payment of the asset management fee was deferred until commencement of the
disposition of the Partnership's mortgage loans, with interest on the
amount deferred at 10% per annum, compounded annually. No assets management
fee was earned for the six months ended June 30, 2000 and 1999.
The Administrative General Partner is also entitled to receive a
mortgage-servicing fee at an annual rate of 1/4 of 1% per annum of the
principal balance of the Partnership's mortgage loans outstanding from time
to time. Payment of the mortgage servicing fee is deferred until
disposition of the applicable mortgage loan, with interest on the amount
deferred at 10% per annum, compounded annually. No mortgage-servicing fee
was earned for the six months ended June 30, 2000 and 1999.
Amounts due to affiliates for asset management and mortgage servicing fees
consist of the following:
June 30, December 31,
2000 1999
------- ------------
Asset management fee
(principally deferred interest) $460,892 $460,892
======== =============
There are no amounts outstanding for mortgage servicing fees.
The General Partners collectively are allocated 5% of the net income or
loss of the Partnership and are entitled to receive 5% of distributions.
Such amounts are allocated or distributed 4.8% to the Administrative
General Partner, 0.1% to the Investment General Partner, and 0.1% to the
Associate General Partner.
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<PAGE>
RESOURCES ACCRUED MORTGAGE INVESTORS L.P.--SERIES 86
FORM 10-Q JUNE 30, 2000
NOTES TO FINANCIAL STATEMENTS
2. CONFLICTS OF INTEREST AND TRANSACTIONS WITH RELATED PARTIES (CONTINUED)
On November 17, 1999, Bighorn Associates, LLC ("Bighorn"), a wholly-owned
subsidiary of Presidio Capital Investment Company, LLC, the sole
shareholder of Presidio, commenced a tender offer to purchase limited
partnership units of the Partnership. Upon the expiration of the tender
offer in December 1999, Bighorn purchased 46,766 limited partnership units
for $22 per unit, which represents approximately 14.2% of the Partnership's
outstanding limited partnership units. Accordingly, Bighorn holds an
approximately 14.2% limited partnership interest in the Partnership.
3. INVESTMENTS IN MORTGAGE LOAN AND ALLOWANCES FOR LOAN LOSS
The Partnership originally invested its net proceeds in sixteen
non-recourse, zero-coupon junior mortgage loans which aggregated
$70,332,103. At June 30, 2000, the Partnership continues to hold the motel
property in Richmond, Virginia, which the Partnership acquired title to as
a result of its foreclosure on the Southern Inns Loan.
West Palm loan
The loan to West Palm Associates Limited Partnership ("West Palm") was in
the original principal amount of $9,200,000. The loan is secured by a
582-unit apartment complex located in Los Angeles, California.
On July 2, 1996, West Palm filed for protection under Chapter 11 of the
United States Bankruptcy Code. Although the bankruptcy protection enabled
West Palm to avoid an imminent foreclosure, there was no assurance that
West Palm would be able to successfully restructure its debt service
obligations on the first mortgage. The Partnership had reserved the entire
carrying value of the West Palm loan in 1993. The Partnership filed a Proof
of Claim for all outstanding principal, accrued interest, prepayment
penalties, additional interest and all other costs and obligations of West
Palm to the Partnership.
In February 1997, a Plan of Reorganization was filed which called for a
restructuring of the Partnership's mortgage, and in September 1997, the
restructuring agreement was executed. The Partnership had reduced its
indebtedness to $5,000,000, with interest accruing at 7% per annum and
extended the maturity date to February 2017. The Partnership was also
entitled to a participation interest in the event of a sale of the
property.
9 of 15
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RESOURCES ACCRUED MORTGAGE INVESTORS L.P.--SERIES 86
FORM 10-Q JUNE 30, 2000
NOTES TO FINANCIAL STATEMENTS
3. INVESTMENTS IN MORTGAGE LOAN AND ALLOWANCES FOR LOAN LOSS (CONTINUED)
West Palm loan (Continued)
West Palm previously approached the General Partner seeking to restructure
the Partnership's loan. During the course of these negotiations, West Palm
entered into an agreement to sell its property to an unaffiliated third
party. As a condition to the entering into this agreement, the Partnership
agreed to accept a payment of $5,000,000 in full satisfaction of the West
Palm loan. During the three months ended June 30, 2000, the West Palm
property was sold and the Partnership received $5,000,000 in satisfaction
of its mortgage loan.
A summary of mortgage activity is as follows:
<TABLE>
<CAPTION>
Six Months Ended Year Ended
June 30, 2000 December 31, 1999
------------------------------------------------ -----------------------------------------------
Investment Interest Investment Interest
Method Method Total Method Method Total
---------------- --------------- --------------- --------------- --------------- ---------------
<S> <C> <C> <C> <C> <C> <C>
Opening balance $ -- $ -- $ -- $ -- $ -- $ --
Recovery of loan losses 5,000,000 -- 5,000,000 2,481,562 -- 2,481,562
Interest recognized - -- -- 1,405,993 -- 1,405,993
Payments received on
mortgage loan (5,000,000) -- (5,000,000) (3,887,555) - (3,887,555)
---------------- --------------- --------------- --------------- --------------- ---------------
Ending balance $ -- $ -- $ -- $ -- $ -- $ --
================ =============== =============== =============== =============== ===============
</TABLE>
Information with respect to the Partnership's investments in mortgage loans
is as follows:
<TABLE>
<CAPTION>
Original Date Mortgage Mortgage
Interest Compound Loan Maturity Prepayment Amount Purchase Placement
Rate Period Date Date Permissible Advanced Interest Fees
------------ ------------ ---------- ----------- -------------- ------------- ------------ ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Description
Residential
West Palm 13.46% Monthly 6/16/88 7/1/00 7/1/97 $ 9,200,000 $ -- $ 539,589
Los Angeles, CA ============ =========== =========
</TABLE>
<TABLE>
<CAPTION>
Interest Recognized Carrying Value
--------------------------- Write-offs ------------------------------
June 30, 1999 and net of Payments June 30, December 31,
2000 Prior Reserves Recoveries Received 2000 1999
---------- ------------- ------------ ----------- ------------ ------------ --------------
<S> <C> <C> <C> <C> <C> <C> <C>
Description
Residential
West palm $ -- $ -- $(5,000,000) $260,411 $ 5,000,000 $ -- $ --
Los Angeles, CA ========= ========== =========== ========= ============ ========= ===========
</TABLE>
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<PAGE>
RESOURCES ACCRUED MORTGAGE INVESTORS L.P.--SERIES 86
FORM 10-Q JUNE 30, 2000
NOTES TO FINANCIAL STATEMENTS
4. REAL ESTATE
The Partnership holds fee title to the Richmond Comfort Inn which it
acquired upon the foreclosure of one of its original mortgage loans. A
summary of the Partnership's real estate is as follows:
June 30, December 31,
2000 1999
---------- ----------
Land $ 444,700 $ 444,700
Building and improvements 4,312,238 4,305,479
---------- ----------
4,756,938 4,750,179
Less: Accumulated depreciation (805,041) (726,123)
---------- ----------
$3,951,897 $4,024,056
========== ==========
The land, building and improvements are pledged to collateralize the
mortgage loan payable.
6. MORTGAGE LOAN PAYABLE
In connection with the foreclosure of the Richmond Comfort Inn, the
Partnership acquired the property subject to a $4,000,000 non-recourse
promissory note secured by a first mortgage on the hotel property. The
mortgage note has a current balance of $3,278,331 at June 30, 2000.
Interest rates on the loan are adjustable every five years, with a current
interest rate of 8.5%, through April 2002. Interest is based on a 2%
premium over the Federal Home Loan Bank of Atlanta five-year Advance Rate.
The loan presently requires monthly payments of interest and principal
aggregating $31,526. The loan is currently held by GMAC Commercial Mortgage
and the lender is permitted to accelerate the note as of April 1, 1997, and
thereafter with six months notice. The Partnership has not received any
notice of acceleration from the lender. The loan matures on February 1,
2016. A prepayment penalty of 2%, reducing to 1%, exists for the first two
years after an interest rate change.
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RESOURCES ACCRUED MORTGAGE INVESTORS L.P.--SERIES 86
FORM 10-Q JUNE 30, 2000
NOTES TO FINANCIAL STATEMENTS
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
The matters discussed in this Form 10-Q contain certain
forward-looking statements and involve risks and uncertainties
(including changing market conditions, competitive and regulatory
matters, etc.) detailed in the disclosure contained in this Form 10-Q
and the other filings with the Securities and Exchange Commission made
by the Partnership from time to time. The discussion of the
Partnership's liquidity, capital resources and results of operations,
including forward-looking statements pertaining to such matters, does
not take into account the effects of any changes to the Partnership's
operations. Accordingly, actual results could differ materially from
those projected in the forward-looking statements as a result of a
number of factors, including those identified herein.
This item should be read in conjunction with the financial statements
and other items contained elsewhere in the report.
Liquidity and Capital Resources
The Partnership invested 100% of the net proceeds of its public
offering in zero coupon Junior Mortgage Loans secured by properties
owned principally by privately syndicated limited partnerships
sponsored by affiliates of the General Partners.
The Partnership originally invested its net proceeds in sixteen
Mortgage Loans, which aggregated $70,332,103. As of June 30, 2000, the
Partnership's investment consists of a hotel which it acquired through
foreclosure.
West Palm previously approached the General Partner seeking to
restructure the Partnership's loan. During the course of these
negotiations, West Palm entered into an agreement to sell its property
to an unaffiliated third party. As a condition to the entering into of
this agreement, the Partnership agreed to accept a payment of
$5,000,000 in full satisfaction of the West Palm loan. During the
three months ended June 30, 2000, the West Palm property was sold and
the Partnership received $5,000,000 in satisfaction of its mortgage
loan.
The Partnership uses working capital reserves provided from any
undistributed cash from temporary investments plus any cash flow from
the operation of its hotel as its primary measure of liquidity. As of
June 30, 2000, the Partnership's cash and cash equivalents decreased
by $363,495 from December 31, 1999 to $7,276,184. The decrease is due
to a $5,210,590 cash distribution to partners in January 2000 and
$48,673 of mortgage loan payments, $97,473 of cash used in operating
activities and $4,993,241 of cash provided by investing activities.
Cash provided by operating activities was primarily the result of the
timing of payments and receipt of cash. Cash used in investing
activities consisted of $6,759 of improvements at the Richmond Comfort
Inn and the recovery of loan loss of $5,000,000. The Partnership may
utilize its working capital reserves in the event the Partnership
incurs additional expenses with respect to its hotel property or to
pay fees. The Partnership's cash flow from the operations of its hotel
property is anticipated to be sufficient to meet such property's
capital expenditures in the near term.
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RESOURCES ACCRUED MORTGAGE INVESTORS L.P.--SERIES 86
FORM 10-Q JUNE 30, 2000
NOTES TO FINANCIAL STATEMENTS
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTSOF OPERATIONS (CONTINUED)
Liquidity and Capital Resources (Continued)
In January 2000, the Partnership distributed $5,210,590 of which the
Limited Partners received $4,950,061 or $15.00 per unit. Working
capital reserves will be temporarily invested in short-term money
market instruments and are expected to be sufficient to pay
administrative expenses during the term of the Partnership.
Except as discussed above, management is not aware of any other known
trends, events, commitments or uncertainties that will have a
significant impact on liquidity.
Results of Operations
Net income increased for the three and six month periods ended June
30, 2000 compared with the corresponding periods in the prior year.
The increase was primarily due to the recovery of a loan loss of
$5,000,000.
Revenues decreased for the three and six month periods ended June 30,
2000 compared with the corresponding periods in the prior year due
primarily to a decrease in other income which was partially offset by
a slight increase in operating income. The decrease in other income
was due primarily to a decrease in the receipt of transfer fees. This
was offset by decreases in short term investment income as a result of
lower cash balances available for investment.
Costs and expenses decreased for the six month period ended June 30,
2000 compared to the same period in the prior year primarily due to
the recovery of a loan loss of $5,000,000. The decrease was
additionally due to decreases in mortgage loan interest expense and
operating expenses, which were partially offset by an increase in
general and administrative expenses and depreciation expense at the
Richmond Comfort Inn. Mortgage loan interest expense decreased due to
the decreased loan balance.
Inflation
Inflation and changing economic conditions could adversely affect
occupancy, rental rates and operating expenses underlying the
Partnership's operations.
ITEM 3 QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
The Partnership is not subject to market risk as its cash and cash
equivalents are invested in short term money market mutual fund. The
Partnership has no loans outstanding.
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RESOURCES ACCRUED MORTGAGE INVESTORS L.P.--SERIES 86
FORM 10-Q JUNE 30, 2000
PART II - OTHER INFORMATION
ITEM 6. EXHIBITS AND REPORTS ON FORM K-8
(a) Exhibits: 27. Financial Data Schedule
(b) Reports on Form 8-K: none.
14 of 15
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RESOURCES ACCRUED MORTGAGE INVESTORS L.P.--SERIES 86
FORM 10-Q JUNE 30, 2000
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
RESOURCES ACCRUED MORTGAGE INVESTORS L.P.- SERIES 86
BY: Resources Capital Corp.
--------------------------------------------------
Administrative General Partner
BY: /s/ MICHAEL L. ASHNER
--------------------------------------------------
Michael L. Ashner
President and Director
(Principle Executive Officer)
BY: /s/ CAROLYN B. TIFFANY
--------------------------------------------------
Carolyn B. Tiffany
Vice President and Treasurer
(Principal Financial and Accounting Officer)
Dated: August 14, 2000
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