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 March 31, 1996
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
Commission File Number 0-23972
AMERICAN MORTGAGE INVESTORS TRUST
---------------------------------
(Exact names of registrant as specified in its governing instrument)
Massachusetts 13-6972380
- ---------------------------------------- ------------------------------------
(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
625 Madison Avenue, New York, New York 10022
- ---------------------------------------- ----------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (212) 421-5333
Indicate 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 (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 [ ]
<PAGE>
PART I
Item 1. Financial Statements
AMERICAN MORTGAGE INVESTORS TRUST
BALANCE SHEETS
(Unaudited)
ASSETS
<TABLE>
<CAPTION>
March 31, December 31,
1996 1995
----------- -----------
<S> <C> <C>
Investments in loans (Note 2) $39,811,400 $39,497,133
Cash and cash equivalents 5,671,973 6,242,945
Investment in REMIC and GNMA Certificates and FHA
Insured Project Loan (Note 3) 18,672,306 19,327,518
Organization costs (net of accumulated amortization
of $27,500 and $25,000, respectively) 22,500 25,000
Deferred costs 65,521 70,988
Accrued interest receivable 393,422 354,026
----------- -----------
Total assets $64,637,122 $65,517,610
- ------------ =========== ===========
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Accounts payable and accrued expenses $ 62,304 $ 83,855
Due to affiliates (Note 4) 998,968 919,121
----------- -----------
Total liabilities 1,061,272 1,002,976
----------- -----------
Commitments (Note 5)
Shareholders' equity:
Shares of beneficial interest; $.10 par value; 12,500,000
shares authorized; 3,953,657 and 3,934,423 shares issued
and outstanding, respectively 395,366 393,443
Treasury stock; $.10 par value; 112,771 and 93,539 shares, respectively (11,277) (9,354)
Additional paid-in capital 68,849,598 68,899,562
Accumulated deficit (5,248,907) (4,709,954)
Net unrealized loss on marketable securities (Note 3) (408,930) (59,063)
----------- -----------
Total shareholders' equity 63,575,850 64,514,634
----------- -----------
Total liabilities and shareholders' equity $64,637,122 $65,517,610
=========== ===========
</TABLE>
See accompanying notes to financial statements
2
<PAGE>
AMERICAN MORTGAGE INVESTORS TRUST
STATEMENTS OF OPERATIONS
(Unaudited)
<TABLE>
<CAPTION>
Three Months Ended March 31,
----------------------------
1996 1995
---------- ----------
<S> <C> <C>
Revenues:
Interest income:
Mortgage loans (Note 2) $ 607,752 $ 519,877
REMIC and GNMA Certificates and FHA
Insured Project Loan (Note 3) 362,164 461,981
Temporary investments 68,086 118,779
---------- ----------
Total revenues 1,038,002 1,100,637
---------- ----------
Expenses:
General and administrative 33,510 34,766
General and administrative - related parties (Note 4) 138,262 145,761
Realized (gain) loss on sale of REMICs and GNMAs and FHA
Insured Project Loan (Note 3) (1,082) 444,978
Amortization 2,500 2,500
---------- ----------
Total expenses 173,190 628,005
---------- ----------
Net income $ 864,812 $ 472,632
========== ==========
Net income per weighted average share $ .22 $ .12
========== ==========
</TABLE>
See accompanying notes to financial statements
3
<PAGE>
AMERICAN MORTGAGE INVESTORS TRUST
STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
(unaudited)
(Restubbed Table)
<TABLE>
<CAPTION>
Shares of Beneficial Interest Treasury Stock Additional Accumulated
----------------------------- ---------------------
Shares Amount Share Amount Paid-in Capital Deficit
---------- --------- ---------- --------- --------------- -----------
<S> <C> <C> <C> <C> <C> <C>
Balance at
January 1, 1996 3,934,423 $393,443 (93,539) $(9,354) $68,899,562 $(4,709,954)
Net Income 0 0 0 0 0 864,812
Distributions 0 0 0 0 0 (1,403,765)
Purchase of
Treasury Stock 0 0 (19,232) (1,923) (363,485) 0
Issuance of shares of
beneficial interest
(Note 5) 19,234 1,923 0 0 363,521 0
Offering Costs 0 0 0 0 (50,000) 0
Change in net unrealized
gain (loss) on
securities available
for sale (Note 4) 0 0 0 0 0 0
--------- -------- -------- -------- ----------- -----------
Balance at
March 31, 1996 3,953,657 $395,366 (112,771) $(11,277) $68,849,598 $(5,248,907)
========= ======== ======== ======== =========== ===========
</TABLE>
<TABLE>
<CAPTION>
Net Unrealized Loss
on Securities
Available for Sale Total
-------------------- -----------
<C> <C> <C>
Balance at
January 1, 1996 $ (59,063) $64,514,634
Net Income 0 864,812
Distributions 0 (1,403,765)
Purchase of
Treasury Stock 0 (365,408)
Issuance of shares of
beneficial interest
(Note 5) 0 365,444
Offering Costs 0 (50,000)
Change in net unrealized
gain (loss) on
securities available
for sale (Note 4) (349,867) (349,867)
---------- -----------
Balance at
March 31, 1996 $(408,930) $63,575,850
========== ===========
</TABLE>
(End Restubbed Table)
See accompanying notes to financial statements.
4
<PAGE>
AMERICAN MORTGAGE INVESTORS TRUST
STATEMENTS OF CASH FLOWS
(Unaudited)
<TABLE>
<CAPTION>
Three Months Ended March 31,
----------------------------
1996 1995
------------ -----------
Cash flows from operating activities:
<S> <C> <C>
Net income $ 864,812 $ 472,632
---------- ----------
Adjustments to reconcile net income to net cash provided by
operating activities
Amortization expense - organization costs 2,500 2,500
Amortization expense - loan premium and origination costs 119,382 103,629
Amortization of REMIC premium 5,863 6,117
Amortization or REMIC and GNMA and FHA
Insured Project Loan discount (12,514) (14,270)
(Gain) loss on sale of REMIC certificates (398) 445,590
(Gain) on sale of GNMAs (394) (401)
(Gain) on sale of FHA Insured Project Loan (290) (211)
Changes in operating assets and liabilities:
Increase in accrued interest receivable (39,396) (13,078)
Increase in due to affiliates 29,847 0
Decrease in accounts payable and accrued expenses (21,551) (40,847)
---------- ----------
Total adjustments 83,049 489,029
---------- ----------
Net cash provided by operating activities 947,861 961,661
---------- ----------
Cash flows used in investing activities:
Investments in loans (471,205) (1,273,819)
Principal repayments of loans 43,035 39,923
Proceeds from sale of REMIC Certificates 0 4,092,188
Purchase of FHA Insured Project Loan 0 (3,374,677)
Principal repayment of GNMA 23,113 21,278
Principal repayments of REMIC 279,194 249,573
Principal repayments of FHA Insured Project Loan 10,771 6,580
Increase in deferred costs (12) (17)
Origination costs 0 (76,697)
---------- ----------
Net cash used in investing activities (115,104) (315,668)
---------- ----------
Cash flows used in financing activities:
Increase in due to affiliates 50,000 222,863
Distributions to shareholders (1,403,765) (1,400,818)
Proceeds from issuance of shares of beneficial interest 365,444 365,580
Purchase of Treasury Stock (365,408) (673,842)
Increase in offering costs (50,000) (2,815)
---------- ----------
Net cash used in financing activities (1,403,729) (1,489,032)
---------- ----------
</TABLE>
5
<PAGE>
AMERICAN MORTGAGE INVESTORS TRUST
STATEMENTS OF CASH FLOWS
(continued)
(Unaudited)
<TABLE>
<CAPTION>
Three Months Ended March 31,
----------------------------
1996 1995
----------- -----------
<S> <C> <C>
Net decrease in cash and cash equivalents (570,972) (843,039)
Cash and cash equivalents at beginning of period 6,242,945 12,285,691
----------- -----------
Cash and cash equivalents at end of period $ 5,671,973 $11,442,652
=========== ===========
Supplemental schedule of non cash financial activities:
Decrease in offering costs (value of shares issued to Advisor) $ 0 $ 2,449
Treasury Stock (return of shares issued to Advisor) 0 (2,449)
Decrease in deferred costs 5,479 53,160
Increase in investments in loans (5,479) (14,811)
Increase in investment in REMIC and GNMA Certificates and FHA
Insured Project Loan 0 (38,349)
----------- -----------
$ 0 $ 0
=========== ===========
</TABLE>
See accompanying notes to financial statements
6
<PAGE>
AMERICAN MORTGAGE INVESTORS TRUST
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 1996
(Unaudited)
NOTE 1 - General
American Mortgage Investors Trust (the "Company") was formed on
June 11, 1991 as a Massachusetts business trust for the primary purpose of
investing in government-insured mortgages and guaranteed mortgage-backed
certificates. The Company is electing to be treated as a real estate investment
trust ("REIT") under the Internal Revenue Code of 1986, as amended.
The Company issued 10,000 shares of beneficial interest at $20
per share in exchange for $200,000 cash from Related AMI Associates, Inc., the
current advisor to the Company (the "Advisor").
On March 29, 1993, the Company commenced a public offering (the
"Offering") through Related Equities Corporation, (the "Dealer Manager") an
affiliate of the Advisor, and other broker-dealers on a "best efforts" basis,
for up to 10,000,000 of its shares of beneficial interest at an initial offering
price of $20 per share. The Offering terminated as of November 30, 1994. As of
March 31, 1996, a total of 3,809,601 shares have been sold to the public, either
through the Offering or the Company's dividend reinvestment plan (the
"Reinvestment Plan"), representing Gross Proceeds (the "Gross Proceeds") of
$76,192,021 (before volume discounts of $40,575). Pursuant to the Redemption
Plan which became effective November 30, 1994, the Company is required to redeem
eligible shares presented for redemption for cash to the extent it has
sufficient net proceeds from the sale of shares under the Reinvestment Plan.
After November 30, 1994 95,575 shares were sold through the Reinvestment Plan,
the proceeds of which are restricted for use in connection with the Redemption
Plan and are not included in gross proceeds. Pursuant to the Redemption Plan as
of March 31, 1996 112,599 shares were redeemed for an aggregate price of
$2,135,812. Since 16,931 shares were redeemed from proceeds from the
Reinvestment Plan before the termination of the Offering the proceeds available
for future investment have been reduced by $319,987. In addition, during the
Offering, the Advisor received 38,481 restricted shares (including 717 from the
Reinvestment Plan) which the Advisor has valued at $14.75 per share, pursuant to
the terms of the Offering. As a result of the shares being redeemed the Advisor
was required to return 172 shares as of March 31, 1996.
The Company has invested principally in two types of mortgage
investments ("Mortgage Investments"), new mortgage loans originated by or on
behalf of the Company or by other lenders and sold to the Company prior to the
loans being fully funded and also Ginnie Mae mortgage-backed securities and
pass-through certificates ("Originated Mortgages") and existing mortgage loans
that it acquires ("Acquired Mortgages") on multifamily residential rental
properties ("Developments"). No more than 7% of the Net Proceeds may be invested
in non-interest bearing uninsured loans made directly to developers or sponsors
of Developments (or the general partners or other principals of the owner of the
Developments) with respect to which the Company holds a mortgage ("Additional
Loans"). As of March 31, 1996, all of the total Net Proceeds available for
investment had been invested in permanent Mortgage Investments. As of March 31,
1996, of the total Net Proceeds available for investment, 84.9% had been
invested in Originated Mortgages (including 6.32% in Additional Loans) and 15.1%
had been invested in Acquired Mortgages.
The Company also invests in REMICs and in CMOs or participations
therein that are backed by single family and/or multifamily mortgage loans
insured by FHA or mortgage certificates guaranteed by Ginnie Mae, Fannie Mae or
Freddie Mac.
Management of the Company has made a number of estimates and
assumptions relating to the reporting of assets and liabilities and the
disclosures of contingent assets and liabilities to prepare these financial
statements in conformity with generally accepted accounting principals. Actual
results could differ from those estimates.
Certain prior year amounts have been reclassified to conform with
current year presentation.
7
<PAGE>
AMERICAN MORTGAGE INVESTORS TRUST
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 1996
(Unaudited)
NOTE 2 - Investments in Loans
The Company originally funded five Originated Mortgages
(excluding GNMAs-see Note 3), five noninterest bearing Additional Loans and two
additional loan-bridge loans in the aggregate amount of $38,693,923.
Information relating to investments in Originated Mortgages
(excluding GNMAs-see Note 3) and Additional Loans as of March 31, 1996 is as
follows:
<TABLE>
<CAPTION>
<S> <C> <C>
Investments in loans, January 1, 1996 $39,497,133
Additions:
Columbiana Originated Mortgage 8,683,000
Columbiana Originated Mortgage - unadvanced (911,334)
----------
Columbiana total advanced 7,771,666
Columbiana advanced in 1995 and 1994 (7,552,100)
----------
Columbiana-advanced in 1996 219,566
Columbiana - loan origination costs 2,553
-----------
Stonybrook Originated Mortgage 8,500,000
Stonybrook Originated Mortgage - unadvanced (7,638,152)
-----------
Stonybrook total advanced 861,848
Stonybrook advanced in 1995 (610,209)
-----------
Stonybrook-advanced in 1996 251,639
Stonybrook - loan origination costs 2,926
-----------
39,973,817
Deductions: -----------
Amortization of Additional Loans (93,229)
Amortization of loan origination costs (26,153)
Collection of principal - Cove (11,346)
- Oxford (15,601)
- Town and Country (16,088)
------------
(162,417)
------------
Investments in loans, March 31, 1996 $39,811,400
============
</TABLE>
8
<PAGE>
AMERICAN MORTGAGE INVESTORS TRUST
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 1996
(unaudited)
NOTE 2 - Investment in Loans
Information relating to investments in Originated
Mortgages (Excluding GNMAs-see Note 3) and Additional Loans as of March 31, 1996
is as follows:
(Restubbed Table)
<TABLE>
<CAPTION>
Amounts Advanced
-------------------------------------------------
Date of Total Total Amounts
Investment\Final Equity Bridge Mortgage Amounts Amounts Advanced &
Property Description Maturity Date Loans Loans Loans Advanced Unadvanced Unadvanced
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
The Cove Apts. 308 Dec-93 $ 840,500 $84,210 $6,800,000 $7,724,710 $0 $7,724,710
Houston, TX Apartment Jan-29 (D)
(A) Units (E)
Oxford on 405 Dec-93 1,156,000 115,790 9,350,000 10,621,790 0 10,621,790
Greenridge Apartment Jan-29 (D)
Apts. Units (E)
Houston, TX
(A)
Town & 330 Apr-94 1,039,000 NONE 9,348,000 10,387,000 0 10,387,000
Country IV Apartment May-29
Apts. Units (F)
Urbana, IL
(B)
Columbia 204 Apr-94 563,000 NONE 7,771,666 8,334,666 911,334 9,246,000
Lakes Apt Apartment Nov-35
Columbia, SC Units (G)
(C)
Stony Brook 125 Dec-95 763,909 NONE 861,848 1,625,757 7,638,152 9,263,909
Village II Apts. Apartment Jun-37
East Haven, CT Units (I) ---------- -------- ----------- ----------- ---------- -----------
Total (H) $4,362,409 $200,000 $34,131,514 $38,693,923 $8,549,486 $47,243,409
========== ======== =========== =========== ========== ===========
</TABLE>
<TABLE>
<CAPTION>
Interest Earned
Loan Final Balance Final Balance by the
Outstanding Origination Accumulated At March At December Company Less 1996 Net Interest
Loan Balance Costs Amortization 31, 1996 31, 1995 for 1996 Amortization Earned
------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
The Cove Apts.
Houston, TX
$7,548,974 $444,215 $231,958 $7,761,231 $7,797,927 $151,374 $25,350 $126,024
Oxford on
Greenridge
Apts. 10,380,152 610,814 319,010 10,671,956 10,722,421 222,663 34,864 187,799
Houston, TX
Town &
Country IV
Apts. 10,275,608 603,895 226,430 10,653,073 10,698,339 206,487 29,178 177,309
Urbana, IL
Columbia
Lakes Apt
Columbia, SC 8,334,666 526,961 106,814 8,754,813 8,546,769 116,458 14,075 102,383
Stony Brook
Village II Apts.
East Haven, CT 1,625,757 363,394 18,824 1,970,327 1,731,677 30,152 15,915 14,237
----------- ---------- -------- ----------- ----------- -------- -------- --------
$38,165,157 $2,549,279 $903,036 $39,811,400 $39,497,133 $727,134 $119,382 $607,752
=========== ========== ======== =========== =========== ======== ======== ========
</TABLE>
(A) The interest rates for the Cove and Oxford are 7.625%-9.129%. In
addition to the interest rate during the permanent loan period the
Company will be entitled to 30% of the cash flow remaining after
payment of 9.129% interest and accrued interest, if any. Payments at
the rate of 9.129% are guaranteed by the developer for three years
after closing of the loans.
(B) The interest rates for Town and Country are 7.375%-9.167% during the
permanent loan period. In addition to the interest rate during the
permanent loan period, the Company will be entitled to 30% of the cash
flow remaining after payment of 9.167% interest.
(C) The interest rates for Columbiana are 7.9%-8.678% during the permanent
loan period and 7.4% during the construction period. In addition to the
interest rate during the permanent loan period, the Company will be
entitled to 25% of the cash flow remaining after payment of 8.678%
interest.
(D) Bridge loans were repaid in full on April 7, 1994.
(E) The Originated Mortgages have terms of 35 years, subject to mandatory
prepayment at any time after 10 years and upon one years notice.
(F) The Originated Mortgage has a term of 35 years, subject to mandatory
prepayment at any time after 12 years and upon one years notice.
(G) The Originated Mortgage has a term of 40 years, subject to mandatory
prepayment at any time after 10 years and upon one years notice.
(H) The interest rates for Stony Brook are 7.75%-9.128% during the
permanent loan period and 8.625% during the construction period. In
addition to the interest rate during the permanent loan period, the
Company will be entitled to 40% of the cash flow remaining after
payment of 9.128% interest.
(I) The Originated Mortgage has a term of 40 years, subject to mandatory
prepayment at any time after 10 years and upon one years notice.
9
<PAGE>
AMERICAN MORTGAGE INVESTORS TRUST
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 1996
(Unaudited)
NOTE 3 - Investment in REMIC and GNMA Certificates and FHA Insured Project Loan
Originated Mortgages
GNMA Certificates
The Company used a portion of the Net Proceeds of its Offering to
purchase three Ginnie Mae Guaranteed FHA Insured Project Loan Backed
Certificates from unaffiliated third parties. The full amount of the purchase
price of each of the GNMA Certificates was allocated as a permanent Originated
Mortgage. The table set forth below outlines pertinent information relating to
the GNMA Certificates.
Acquired Mortgages
REMIC Certificates
The Company used a portion of the Net Proceeds of its Offering to
purchase six REMIC Certificates from unaffiliated third parties. Except as set
forth in the notes to the table, each of the REMIC Certificates was purchased as
a permanent Acquired Mortgage. The table set forth below outlines pertinent
information relating to the REMIC Certificates.
FHA Insured Project Loan
The Company used a portion of the Net Proceeds of its Offering to
purchase a FHA Insured Project Loan from unaffiliated third party. The full
amount of the purchase price was allocated as a permanent Acquired Mortgage. The
table set forth below outlines pertinent information relating to the FHA Insured
Project Loan.
Information relating to investments in REMIC and GNMA Certificates
and FHA Insured Project Loan as of March 31, 1996:
Investments in REMIC and GNMA Certificates and FHA Insured
Project Loan - January 1, 1996 $19,327,518
Additions:
Amortization of Discount 12,514
Gain on Sale of GNMAs 394
Gain on Sale of FHA Insured Project Loan 290
Gain on sale of REMIC Certificates 398
-----------
19,341,114
10
<PAGE>
AMERICAN MORTGAGE INVESTORS TRUST
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 1996
(Unaudited)
NOTE 3 - Investment in REMIC and GNMA Certificates and FHA Insured Project Loan
(continued)
Deductions:
Principal Repayments (Sales) of GNMA (23,113)
Principal Repayments (Sales) of REMIC (279,194)
Principal Repayments (Sales) of FHA Insured Project Loan (10,771)
Amortization of REMIC Premium (5,863)
-----------
(318,941)
-----------
Amortized Cost at March 31, 1996
(including unrealized loss at December 31, 1995) 19,022,173
Change in net unrealized loss on securities available for sale (349,867)
------------
Fair value at March 31, 1996 $18,672,306
===========
11
<PAGE>
AMERICAN MORTGAGE INVESTORS TRUST
NOTES TO FINANCIAL STATEMENTS
NOTE 3 - Investment in REMIC and GNMA Certificates and FHA Insured Project Loan
(continued)
Information relating to investments in REMIC and GNMA Certificates and
FHA Insured Project Loan as of March 31, 1996 are as follows:
<TABLE>
<CAPTION>
Date Original
Purchased Purchase Premium Accumulated
/Final Stated Price Principal (Discount) Amortization
Certificate Payment Interest Including at Mar. at Mar. at Mar.
Seller Number Date Rate Prem/(Disc) 31, 1996 31, 1996 31, 1996
- ------ ----------- --------- -------- ------------ ---------- ---------- ------------
<S> <C> <C> <C> <C> <C> <C> <C>
GNMA Certificate
Bear Stearns 0355540 7/27/94 7.125% $2,407,102 $2,623,130 $(242,640) $34,175
Malone 3/15/29
Mortgage 0382486 7/28/94 8.500% 2,197,130 2,189,195 (8,209) 1,207
8/15/29
Goldman Sachs 0328502 7/29/94 8.250% 3,928,615 3,833,187 (3,591) 575
7/15/29
REMIC Certificates
Bear Stearns 1992-17G(1) 8/27/93 6.500% 10,160,938 5,100,000 82,078 (55,715)
3/25/20
Bear Stearns G-024C(2) 10/26/93 4.850% 4,838,600 0 0 0
Sold(3)
Meridan Capital
Markets 1292ZA(3) 10/25/94 5.750% 1,721,291 851,129 (8,777) 8,290
6/15/97
Meridan Capital
Markets 1992-153A(3) 10/25/94 5.250% 258,357 129,274 (2,747) 2,594
9/25/97
Meridan Capital
Markets 1580A(3) 10/27/94 6.500% 742,538 407,470 (2,801) 2,268
9/15/98
Meridan Capital
Markets 1258C(3) 11/9/94 7.350% 269,658 125,543 471 (471)
5/15/04
FHA Insured Loan Project
Donaldson,
Lufkin &
Jenrette 092-11005 1/3/95 8.600% 3,374,679 3,442,064 (114,018) 22,804
4/1/19 ----------- ----------- ---------- -------
Total $29,898,908 $18,700,992 $(300,234) $15,727
=========== =========== ========== =======
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Loan Interest
Origination Unrealized Final Final Earned
Costs Gain (Loss) Balance Balance by the Net
at Mar. at Mar. at Mar. at Dec. Company Less 1996 Interest
Seller 31, 1996 31, 1996 31, 1996 31, 1995 for 1996 Amortization Earned
- ------ ----------- ---------- ---------- ---------- --------- ------------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
GNMA Certificate
Bear Stearns $ 82,060 $37,260 $2,533,985 $2,628,912 $ 46,862 $(5,131) $51,993
Malone
Mortgage 74,903 (2,909) 2,254,187 2,268,623 46,540 (181) 46,721
Goldman Sachs 133,930 (61,438) 3,902,663 3,966,233 79,169 (86) 79,255
REMIC Certificates
Bear Stearns ) 156,818 (357,697) 4,925,484 5,098,406 83,766 5,863 77,903
Bear Stearns 0 0 0 0 0 0 0
Meridan Capital
Markets 58,680 (59,655) 849,667 1,013,800 13,012 (1,604) 14,616
Meridan Capital
Markets 8,808 (9,827) 128,102 151,388 1,850 (513) 2,363
Meridan Capital
Markets 25,314 (23,380) 408,871 470,090 7,434 (429) 7,863
Meridan Capital
Markets 9,192 (8,564) 126,171 158,324 2,798 0 02,798
FHA Insured Loan Project
Donaldson,
Lufkin &
Jenrette 115,046 77,280 3,543,176 3,571,742 74,082 (4,570) 78,652
-------- --------- ----------- ----------- -------- ------- --------
Total $664,751 $(408,930) $18,672,306 $19,327,518 $355,513 $(6,651) $362,164
======== ========= =========== =========== ======== ======= ========
</TABLE>
12
<PAGE>
AMERICAN MORTGAGE INVESTORS TRUST
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 1996
(Unaudited)
NOTE 3 - Investment in REMIC and GNMA Certificates and FHA Insured Project
Loan (continued)
(1) On October 15, 1993 the Company allocated $5,000,000 of the
principal face value as an Acquired Mortgage based on the
expectation that a majority of the investment would be held for at
least two years. Based on such allocation, compensation was paid
to the Advisor. The Advisor has undertaken to reimburse the
Company for any compensation paid to it which is attributable to
the portion of any REMIC Certificate which is sold to support the
Company's distribution policy (the "Advisor's Reimbursement
Undertaking"). On November 4, 1993 and February 1, 1994, the
Company sold $200,000 and $200,000 respectively, of the REMIC
Certificate and the Advisor has reimbursed the Company for the
fees previously paid and the trading loss incurred with respect to
the portions of the REMIC Certificate which were sold. Also on
March 30, 1995, the Company sold $4,500,000 of the temporary
portion at the discounted price of 90.9375% or $4,092,188. The
realized loss on this sale was $447,472.
The REMIC Certificate represents a beneficial ownership interest
in Fannie Mae REMIC Trust 1992-17. The assets of the trust
consist primarily of interests in a separate trust which holds
Fannie Mae Guaranteed Pass-Through Certificates (the "MBS
Certificates"), each of which represents a beneficial interest
in a pool of first lien, fixed-rate residential mortgage loans
(the "Mortgage Loans").
The Company is entitled to monthly interest payments on the
outstanding principal amount of the REMIC Certificate. As of
March 31, 1996 the yield on the REMIC Certificate was 6.397%.
The amount and timing of principal received on the REMIC
Certificate will depend on the rate of payment (including
prepayments) on the principal of the Mortgage Loans underlying
the MBS Certificates which vary as interest rates fluctuate in
the marketplace. Therefore, the amount of principal received
each month may increase or decrease. Although the specific
levels of interest and principal on the REMIC Certificate are
not guaranteed by Fannie Mae, the MBS Certificates underlying
the REMIC Certificate are guaranteed by Fannie Mae.
(2) Represents an FHLMC Mortgage Participation Certificate. On May 4,
1994 the Company allocated $2,419,300 of the principal face value
as an Acquired Mortgage based on the expectation that a majority
of the investment would be held for at least two years. Based upon
such allocation, compensation was paid to the Advisor. On May 5,
1994 the Company sold $1,000,000 of the permanent portion of the
Mortgage Participation Certificate and on October 11, 1994 the
Company sold the remaining balance of the temporary and permanent
portions of the Mortgage Participation Certificate which totaled
$3,838,600. Pursuant to the Advisor's Reimbursement Undertaking,
the Advisor has reimbursed the Company for the fees previously
paid and the trading loss incurred with respect to the permanent
investment portion of the certificate which was sold. A loss of
$297,836 was recorded on these sales in 1994.
(3) Purchased as a permanent investment using a portion of the
proceeds from the sale of FHLMC REMIC Certificate #G-024C. See (2)
above.
13
<PAGE>
AMERICAN MORTGAGE INVESTORS TRUST
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 1996
(Unaudited)
NOTE 3 - Investment in REMIC and GNMA Certificates and FHA Insured Project
Loan (continued)
The amortized cost, unrealized gain (loss) and fair value for
the investment in REMIC and GNMA Certificates and FHA Insured Project Loan at
March 31, 1996 and December 31, 1995 are as follows:
<TABLE>
<CAPTION>
Unrealized Unrealized
Amortized Gain Fair Amortized Gain Fair
Cost at (Loss) at Value at Cost (Loss) at Value at
March 31, March 31, March 31, December December December
Security 1996 1996 1996 31, 1995 31, 1995 31, 1995
- -------- ----------- ---------- ------------ ------------- ---------- -----------
<S> <C> <C> <C> <C> <C> <C>
FHA Insured
Project Loan $ 3,465,896 $ 77,280 $ 3,543,176 $ 3,471,806 $ 99,936 $ 3,571,742
Fannie Mae
REMICs 5,421,110 (367,524) 5,053,586 5,450,047 (200,253) 5,249,794
Federal
Home Loan
REMICs 1,476,308 (91,599) 1,384,709 1,729,483 (87,269) 1,642,214
Ginnie Mae
Certificates 8,717,922 (27,087) 8,690,835 8,735,245 128,523 8,863,768
----------- ---------- ----------- ----------- --------- -----------
$19,081,236 $(408,930) $18,672,306 $19,386,581 $ (59,063) $19,327,518
=========== ========== =========== =========== ========= ===========
</TABLE>
The change in the unrealized loss for the three months ended
March 31, 1996 and the year ended December 31, 1995 were as follows:
Unrealized loss at December 31, 1994 $(2,631,197)
Sale of securities during the year
ended December 31, 1995 included in
unrealized loss at December 31, 1994 887,415
Unrealized gain on securities purchased
during the year ended
December 31, 1995 99,936
Unrealized gain on securities held
at December 31, 1995 and
December 31, 1994 1,584,783
----------
Unrealized loss at December 31, 1995 (59,063)
Sale of securities during the three months
ended March 31, 1996 included in
unrealized gain at December 31, 1995 13,923
Unrealized loss on securities held
at March 31, 1996 (363,790)
-----------
Unrealized loss at March 31, 1996 $ (408,930)
===========
For the three months ended March 31, 1996, gains of $1,082 on
principal repayments of REMICs, GNMAs and FHA Insured Project Loan were
realized.
14
<PAGE>
AMERICAN MORTGAGE INVESTORS TRUST
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 1996
(Unaudited)
NOTE 4 - Related Party Transactions
The Company has entered into an agreement with Related AMI
Associates, Inc. to act as the advisor to the Company. In accordance with the
Agreement, the Advisor will receive compensation consisting primarily of (i)
compensation in connection with the organization and start-up of the Company
and the Company's investment in the Mortgage Investments; (ii) asset
management fees calculated on a percentage of total assets invested by the
Company which totaled approximately $88,000 and $79,000 for the three months
ended March 31, 1996 and 1995, respectively, such amounts are included in due
to affiliates; (iii) a subordinated incentive fee based on the economic gain
on the sale of Mortgage Investments; (iv) an amount, payable in shares of the
Company which, after issuance, will equal 1% of all shares of the Company
issued during the offering period or pursuant to the Company's Reinvestment
Plan as compensation for services rendered. During the Offering the Advisor
received 38,481 shares, however as a result of the shares being redeemed the
Advisor was required to return 172 shares. (As of March 31, 1996 shares held
by the Advisor totaled 38,309 at a total value of $565,058 ($14.75 per
share)); (v) acquisition expense allowance and acquisition fees calculated on
a percentage of the Gross Proceeds applicable to the origination of Originated
Mortgages and related Additional Loans and the acquisition of Acquired
Mortgages and Additional Loan; (acquisition fees and acquisition expense
allowance approximated $2,545,000 and $669,000 at March 31, 1996 and
$2,545,000 and $664,000 at December 31, 1995); and (vi) certain other fees. In
addition to the costs, fees and expenses discussed above, the Company will
reimburse affiliates of the Advisor for certain administrative and other cost
incurred on behalf of the Company. The costs and expenses incurred for the
three months ended March 31, 1996 and 1995 were approximately 50,000 and
$67,000, respectively.
The Company paid the Advisor a non-accountable allowance
("Expense Allowance") equal to 2.5% of the Gross Proceeds of the Offering. The
Advisor has agreed to be responsible for all expenses of the Offering, except
for the payment of the Expense Allowance, and certain selling commissions (not
to exceed 6.0% of gross proceeds) and due diligence expense allowance (not to
exceed 0.5% of gross proceeds) on certain sales of shares.
The Company paid commissions of up to 6% of the aggregate
purchase price of shares sold, subject to quantity discounts, as well as a
non-accountable due diligence expense reimbursement in an amount up to .5% of
Gross Proceeds to certain broker-dealers selected by the Dealer Manager and
approved by the Advisor. The Dealer Manager received commissions of 6% of the
aggregate purchase price of shares sold through the Reinvestment Plan during
the Offering. Through March 31, 1996, the Company has paid $4,943,069 of
commissions and due diligence to broker-dealers (including $98,655 to the
Dealer Manager).
In order to minimize the possible adverse effects of the
Company's investment and distribution policy of attempting to maintain stable
distributions to shareholders during the offering and acquisition stages, the
Company has made the following undertakings: (a) the Advisor has agreed not to
retain acquisition fees or loan disposition fees with respect to any portion
of REMICs or CMOs which are sold pursuant to the distribution policy; such
fees totaled $96,112 as of March 31, 1996 and December 31, 1995; (b) the
Advisor has agreed to contribute to the Company funds equal to the amount by
which all trading losses exceed the gains resulting from the sale of REMICs
and CMOs investments to supplement the distribution policy; such funds totaled
$97,221 as of March 31, 1996 and December 31, 1995; and (c) the Company has
agreed to limit the total amount which can be returned to investors from the
early sale of investments to support the distributions policy to less than 3%
of the Gross Proceeds.
-15-
<PAGE>
AMERICAN MORTGAGE INVESTORS TRUST
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 1996
(Unaudited)
NOTE 5 - Subsequent Events
On May 15, 1996, a distribution of $1,355,976 and $17,272 will be paid
to the Investors and the Advisor, respectively, representing the 1996 first
quarter distribution. The distribution will be funded from cash collections of
debt service payments and interest income through approximately the distribution
date, May 15, 1996.
Pursuant to the Redemption Plan, it is anticipated that in May 1996,
the Company will redeem 18,842 shares for an aggregate price of $357,998 ($19
per unit).
-16-
<PAGE>
Item 2 Management's Discussion and Analysis of Financial Condition and
Results of Operations.
Liquidity and Capital Resources
The Company issued 10,000 shares of beneficial interest at $20 per
share in exchange for $200,000 cash from Related AMI Associates, Inc., the
Advisor to the Company. As of November 30, 1994, the Company had received
$76,192,021 (before volume discounts of $40,575) in Gross Proceeds from the sale
of 3,738,613 shares pursuant to the Offering and 70,988 shares through the
Reinvestment Plan resulting in Net Proceeds available for investment of
approximately $69,334,743 after volume discounts, payments of sales commissions
and organization and offering expenses. Pursuant to the Redemption Plan which
became effective November 30, 1994, the Company is required to redeem eligible
shares presented for redemption for cash to the extent it has sufficient net
proceeds from the sale of shares under the Reinvestment Plan. After the
effective date, 95,575 shares were sold through the Reinvestment Plan, the
proceeds of which are restricted for use in connection with the Redemption Plan
and are not included in gross proceeds. Pursuant to the Redemption Plan as of
March 31, 1996, the Company redeemed 112,599 shares for an aggregate price of
$2,135,812. Since 16,931 shares were redeemed from proceeds from the
reinvestment plan before the termination of the Offering the proceeds available
for future investment have been reduced by $319,987. During the Offering, the
Advisor had received 38,481 shares, pursuant to the terms of the Offering and
Reinvestment Plan in addition to the 10,000 shares purchased by the Advisor. As
a result of the shares being redeemed the Advisor was required to return 172
shares as of March 31, 1996.
During the three months ended March 31, 1996, cash and cash
equivalents decreased approximately $571,000 primarily due to distributions to
shareholders ($1,404,000) an increase to investments in loans ($471,000), net of
principal repayments of loans, GNMAs, REMICs and FHA Insured Project Loan
($356,000) and cash provided by operating activities ($948,000). Included in the
adjustments to reconcile the net income to cash flow from operations is net
amortization in the amount of $115,000.
The Company has utilized the Net proceeds of the Offering primarily to
make or invest in Originated Mortgages and Acquired Mortgages. The Company has
also invested in uninsured Additional Loans made directly to the developers or
sponsors of Developments provided that not more than an aggregate of 7% of the
Net Proceeds raised in the Offering were invested in Additional Loans. As of
March 31, 1996, of the total Net Proceeds available for investment, 84.9% had
been invested in Originated Mortgages (including 6.32% in Additional Loans) and
15.1% in Acquired Mortgages. As of March 31, 1996, all of Net Proceeds available
for investment had been invested in permanent Mortgage Investments.
As of March 31, 1996, the Company had funded five Originated Mortgages
(excluding GNMAs-see below) in an aggregate amount of $34,131,514 and five
non-interest bearing Additional Loans in the aggregate amount of $4,362,409 in
connection with the permanent financing provided on four Developments.
In 1993, the Company made investments in two REMIC Certificates in the
aggregate amount of $14,838,600, of which an aggregate of $9,738,600 were sold
during 1993, 1994 and 1995. In 1994, the Company acquired (i) three Ginnie Mae
Guaranteed FHA Insured Project Loan Backed Certificates in the aggregate amount
of $8,790,154 and (ii) three FHLMC REMIC Certificates and one Fannie Mae
Mortgage Guaranteed REMIC Certificate in the aggregate amount of $2,991,844. In
1995, the company acquired a FHA Insured Project Loan in the aggregate amount of
$3,490,401. Unrealized losses on REMIC and GNMA investments included in
shareholders' equity pursuant to Statement of Financial Accounting Standards No.
115 aggregated $408,930 at March 31, 1996. This represents an increase of
$349,867 from December 31, 1995 of which $13,923 is attributable to the sale of
securities and $335,944 resulting from a decrease in market prices for the
investments held at March 31, 1996. As of May 7, 1996, the unrealized loss was
approximately $667,000.
The yield on the REMIC and GNMA Certificates will depend, in part,
upon the rate and timing of principal prepayments on the underlying mortgages in
the asset pool. Generally, as market interest rates decrease, mortgage
prepayment rates increase and the market value of interest rate sensitive
obligations like the REMIC and GNMA Certificates increases. As market interest
rates increase, mortgage prepayment rates tend to decrease and the market value
of interest rate sensitive obligations like the REMICs and GNMAs tends to
decrease. The effect of
-17-
<PAGE>
prepayments on yield is greater the earlier a prepayment of principal is
received. Due to the complexity of the REMIC structure and the uncertainty of
future economic and other factors that affect interest rates and mortgage
prepayments, it is not possible to predict the effect of future events upon the
yield to maturity or the market value of the REMIC and GNMA Certificates upon
any sale or other disposition or whether the Company, if it chose to, would be
able to reinvest proceeds from prepayments at favorable rates relative to the
coupon rate.
The Company intends to continue to invest the Net Proceeds (including
the portion of reinvested dividends not used for the Redemption Plan) in
Mortgage Investments. Until the Company invests in permanent Mortgage
Investments, the Net Proceeds will be invested in temporary investments. The
Company does not intend to retain a significant amount of the Net Proceeds as
reserves. The Company expects that cash generated from the Company's investments
will be sufficient to pay all of the Company's expenses in the foreseeable
future.
Initially, liquidity was based upon the proceeds raised from the
Offering. Subsequent to the offering period, which terminated as of November 30,
1994, the Company's liquidity is based primarily on interest received from
permanent Mortgage Investments and interest on unadvanced amounts from
Originated Mortgages. In order to qualify as a REIT under the Internal Revenue
Code, as amended, the Company must distribute at least 95% of its taxable
income.
For a description of the Company's investments in Originated
Mortgages, REMIC and GNMA Certificates and FHA Insured Project Loan see Notes 2
and 3 of Notes to Financial Statements.
Results of Operations
Results of operations for the three months ended March 31, 1996 and
1995, primarily consists of interest income from Originated Mortgages, REMIC
Certificates, FHA Insured Project Loan and temporary investments less
administrative and amortization expenses. The total of the annual operating
expenses of the Company may not exceed the greater of (i) 2% of the Average
Invested Assets of the Company or (ii) 25% of the Company's Net Income, unless
such excess is approved by the Independent Trustees. On an annualized basis
there was no excess for the three months ended March 31, 1996 and 1995.
Effective January 1, 1995, the Company has adopted SFAS No. 114,
"Accounting by Creditors for Impairment of a Loan." SFAS No. 114 requires
lenders to measure impaired loans based on: (i) the present value of expected
future cash flows discounted at the loans's effective interest rate; (ii) the
loan's observable market price; or (iii) the fair value of the collateral if the
loan is collateral-dependent. An allowance for loan losses is maintained if the
measure of an impaired loan is less than its recorded investment. Adjustments to
the allowance are made through corresponding charges or credits to the provision
for loan losses.
SFAS No. 114 made certain changes to existing accounting principles
applicable to in-substance foreclosures and restructured loans. SFAS No. 114
substantially narrows the definition of an in-substance foreclosure to
situations in which the lender has physical possession of the collateral. The
impaired loan measurement provisions of SFAS No. 114 apply to restructured loans
involving a modification of terms, which may result in losses not recognized
under existing accounting principles.
SFAS No. 114 was recently amended by SFAS No. 118 which allows for
existing income recognition practices to continue. The implementation of SFAS
Nos. 114 and 118 does not have a material impact on the financial statements.
Results of operations for the three months ended March 31, 1996 and
1995 consist primarily of interest income of $607,752 and 519,877 earned on
Originated Mortgages (excluding GNMAs), respectively, $362,164 and $461,981
earned from investments in REMIC and GNMA Certificates and FHA Insured Project
Loan, respectively, and $68,086 and $118,779 earned from temporary investments,
respectively.
The increase in interest income from Originated Mortgages (excluding
GNMAs) of approximately
-18-
<PAGE>
$88,000 for the three months ended March 31, 1996 compared to the three months
ended March 31, 1995 is due to the addition of the Stony Brook Originated
Mortgage in December 1995 and additional advances on the Columbiana Originated
Mortgage since March 31, 1995.
The decrease in interest income from REMIC and GNMA Certificates and
FHA Insured Project Loan of approximately $100,000 for the three months ended
March 31, 1996 compared to the three months ended March 31, 1995 is primarily
due to the sale of a portion of one of the REMICs in March 1995.
The decrease in interest income from temporary investments of
approximately $51,000 for the three months ended March 31, 1996 compared to the
three months ended March 31, 1995 is primarily due to a decrease in uninvested
proceeds earning interest in 1996.
The decrease in the realized loss on sale of REMICs and GNMAs and FHA
Insured Project Loan of approximately $446,000 for the three months ended March
31, 1996 as compared to the three months ended March 31, 1995 is primarily due
to the sale of a portion of a REMIC in March 1995. The realized loss on this
sale was $447,472.
Distribution Policy
The Company has adopted a policy of attempting to maintain stable
distributions to shareholders during the offering and acquisition stages of the
Company. In order to accomplish this result, it has disposed of, and may be
required to continue to dispose of a portion of the CMOs and REMICs during this
period. The effect of this policy has been the following: (a) a portion of the
distributions have constituted, and will continue to constitute, a return of
capital; (b) earlier investors' returns from an investment in the Company will
be greater than later investors' returns; and (c) there will be a decrease in
funds remaining to be invested in Mortgage Investments.
In order to minimize the possible adverse effects of the investment
and distribution policy described above, the Company has made the following
undertakings: (a) the Advisor has agreed not to retain acquisition fees or loan
disposition fees with respect to any portion of REMICs or CMOs which are sold
pursuant to the distribution policy; such fees totaled $96,112 as of March 31,
1996 and December 31, 1995; (b) the Advisor has agreed to contribute to the
Company funds equal to the amount by which all trading losses exceed the gains
resulting from the sale of REMIC and CMO investments to supplement the
distribution policy; such funds totaled $97,221 as of March 31, 1996 and
December 31, 1995; and (c) the Company has agreed to limit the total amount
which can be returned to investors from the early sale of investments to support
the distributions policy to less than 3% of the Gross Proceeds. During the three
months ended March 31, 1996, no investments were sold in order to support the
distribution policy.
Of the total distributions of $1,403,765 and $1,400,818 made for the
three months ended March 31, 1996 and 1995, $538,953 ($.14 per share or 38%) and
$928,186 ($.24 per share or 66%) represents a return of capital determined in
accordance with generally accepted accounting principles. As of March 31, 1996,
the aggregate amount of the distributions made since the commencement of the
Offering representing a return of capital, in accordance with generally accepted
accounting principles, totaled $5,240,316 ($1.33 per share or 43%). The portion
of the distributions which constitute a return of capital may be significant
during the acquisition stage in order to maintain level distributions to
shareholders. However, as described above, the aggregate amount of the
disposition proceeds used for distributions cannot in the aggregate exceed 3% of
the Gross Proceeds. As of March 31, 1996, the aggregate amount of disposition
proceeds used to support distributions equaled 2.44% of the Gross Proceeds
resulting in approximately $428,000 being available to support future
distributions if necessary.
Management expects that cash flow from operations combined with the
balance of the disposition proceeds above will be sufficient to fund the
Company's operating expenses and continue to make distributions at the current
level in the future.
-19-
<PAGE>
PART II. OTHER INFORMATION
Item 1. Legal Proceedings -- None
Item 2. Changes in Securities -- None
Item 3. Defaults Upon Senior Securities -- None
Item 4. Submission of Matters to a Vote of Security Holders -- None
Item 5. Other Information -- None
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits
3,4 Amended and Restated Declaration of Trust, dated as of
March 29, 1993, as amended as of July 1, 1993 as
previously filed as an Exhibit to Post-Effective
Amendment No. 1 dated November 9, 1993.
Amendment No. 2 to Amended and Restated Declaration of
Trust, dated as of April 5, 1994 as previously filed as an
Exhibit to Annual Report on Form 10-K for the year ended
December 31, 1993.
10(a) Escrow Agreement, dated as of April 16, 1993 and amended
as of August 25, 1993 as previously filed as an Exhibit
to Post-Effective Amendment No. 1 dated November 9,
1993.
10(b) Advisory Services Agreement, dated as of March 29, 1993,
as amended as of October 26, 1993 as previously filed as
an Exhibit to Post-Effective Amendment No. 1 dated
November 9, 1993.
Amendment to Advisory Services Agreement, dated as of
December 31, 1993 as previously filed as an Exhibit to
Annual Report on Form 10-K for the year ended December
31, 1993. Third Amendment to Advisory Services
Agreement, dated as of March 29, 1994 as previously
filed as an Exhibit to Annual Report on Form 10-K for
the year ended December 31, 1993.
10(c) TRI Capital Corporation Mortgage Note in the principal
amount of $9,350,000 dated December 16, 1993 as
previously filed as an Exhibit to Current Report on Form
8-K dated December 16, 1993.
10(d) Equity Loan Note in the principal amount of $1,156,000
dated December 16, 1993 as previously filed as an
Exhibit to Current Report on Form 8-K dated December 16,
1993.
10(e) Bridge Loan Note in the principal amount of $115,790,
dated December 16, 1993 as previously filed as an
Exhibit to Current Report on Form 8-K dated December 16,
1993.
10(f) Subordinated Promissory Note by Oxford Apartments, L.C.,
dated December 16, 1993 as previously filed as an
Exhibit to Current Report on Form 8-K dated December 16,
1993.
10(g) Limited Operating Guaranty between Al L. Bradley, Jr., Tim
L. Myers, Allied Realty Services, Ltd. and American
Mortgage Investors Trust, dated December 16, 1993 as
previously filed as an Exhibit to Current Report on Form
8-K dated December 16, 1993.
-20-
<PAGE>
Item 6. Exhibits and Reports on Form 8-K (continued)
(a) Exhibits (continued)
10(h) TRI Capital Corporation Mortgage Note in the principal
amount of $6,800,000, dated December 16, 1993 as
previously filed as an Exhibit to Current Report on Form
8-K dated December 16, 1993.
10(i) Equity Loan Note in the principal amount of $840,500,
dated December 16, 1993 as previously filed as an
Exhibit to Current Report on Form 8-K dated December 16,
1993.
10(j) Bridge Loan Note in the principal amount of $84,210,
dated December 16, 1993 as previously filed as an
Exhibit to Current Report of Form 8-K dated December 1,
1993.
10(k) Subordinated Promissory Note by Cove Apartments, L.C.,
dated December 16, 1993 as previously filed as an
Exhibit to Current Report on Form 8-K dated December 16,
1993.
10(l) Limited Operating Guaranty between Al L. Bradley, Jr., Tim
L. Myers, Allied Realty Services, Ltd. and American
Mortgage Investors Trust, dated December 16, 1993 as
previously filed as an Exhibit to Current Report on Form
8-K dated December 16, 1993.
10(m) Cambridge Realty Capital LTD Mortgage Note in the
principal amount of $9,348,000, dated April 5, 1994 as
previously filed as an Exhibit to Current Report on Form
8-K dated April 21, 1994.
10(n) Equity Loan Note in the principal amount of $1,039,000,
dated April 5, 1994 as previously filed as an Exhibit to
Current Report on Form 8-K dated April 21, 1994.
10(o) Subordinated Promissory Note by Town and Country IV
Apartments, L.C., dated April 5, 1994 as previously
filed as an Exhibit to Current Report on Form 8-K dated
April 21, 1994.
10(p) Limited Operating Guaranty between Leonard E. Wineburgh,
Arnold H. Dwinn and the Company, dated April 5, 1994 as
previously filed as an Exhibit to Current Report on Form
8-K dated April 21, 1994.
10(q) American Capital Resource, Inc. Mortgage Note in the
principal amount of $8,683,000 dated April 5, 1994 as
previously filed as an Exhibit to Current Report on Form
8-K dated April 28, 1994.
10(r) Equity Loan Note in the principal amount of $563,000
dated April 5, 1994 as previously filed as an Exhibit to
Current Report on Form 8-K dated April 28, 1994.
10(s) Subordinated Promissory Note by Columbiana Lakes
Apartments, L.C., dated April 5, 1994 as previously
filed as an Exhibit to Current Report on Form 8-K dated
April 28, 1994.
10(t) Limited Operating Guaranty between Anderson G. Wise,
Ronald P. Curry and the Company, dated April 5, 1994 as
previously filed as an Exhibit to Current Report on Form
8-K dated April 28, 1994.
10(u) Rockport Mortgage Corporation Mortgage Note is the
principal amount of $8,500,000 dated December 15, 1995,
as previously filed as an Exhibit to Current Report on
Form 8-K dated December 15, 1995.
-21-
<PAGE>
Item 6. Exhibits and Reports on Form 8-K (continued)
(a) Exhibits (continued)
10(v) Equity Loan Note in the principal amount of $1,039,000
dated December 15, 1995, as previously filed as an
Exhibit to Current report on Form 8-K dated December 15,
1995.
10(w) Subordinated Promissory Note by SCI-ROEV East Haven Land
Limited Partnership, dated December 15, 1995, as
previously filed as an Exhibit to Current Report on Form
8-K dated December 15, 1995.
10(x) Limited Operating Guaranty between SCI Real Estate
Development, Ltd., and Euro General East haven, Inc.,
and the Company dated December 15, 1995, as previously
filed as an Exhibit to Current Report in Form 8-K dated
December 15, 1995.
27 Financial Data Schedule (filed herewith).
(b) No reports on Form 8-K were filed during the quarterly
period ended March 31, 1996.
-22-
<PAGE>
SIGNATURES
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 MORTGAGE INVESTORS TRUST
Date: May 14, 1996 By: /s/ Alan Hirmes
-------------------
Alan Hirmes
Senior Vice President and
Chief Financial Officer
Date: May 14, 1996 By: /s/ Lawrence J. Lipton
--------------------------
Lawrence J. Lipton
Treasurer and
Chief Accounting Officer
-23
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
The Schedule contains summary financial information extracted from the
financial statements for American Mortgage Investors Trust and is qualified in
its entirety by reference to such financial statements
</LEGEND>
<CIK> 0000878774
<NAME> American Mortgage Investors Trust
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> MAR-31-1996
<CASH> 5,671,973
<SECURITIES> 18,672,306
<RECEIVABLES> 40,292,843
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 64,637,122
<CURRENT-LIABILITIES> 1,061,272
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 63,575,850
<TOTAL-LIABILITY-AND-EQUITY> 64,637,122
<SALES> 0
<TOTAL-REVENUES> 1,038,002
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 173,190
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 864,812
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
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<NET-INCOME> 864,812
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</TABLE>
