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 September 30, 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)

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 and (2) has been
subject to such filing requirements for the past 90 days. Yes [X]
No [ ]

As of November 14, 1994, 10,000,000 depositary units of limited
partnership interest were outstanding.

2
AMERICAN INSURED MORTGAGE INVESTORS

INDEX TO FORM 10-Q

FOR THE QUARTER ENDED SEPTEMBER 30, 1994

Page
----
PART I. Financial Information (Unaudited)

Item 1. Financial Statements

Balance Sheets - September 30, 1994 and
December 31, 1993 . . . . . . . . . . . . . 3

Statements of Operations - for the three
and nine months ended September 30,
1994 and 1993. . . . . . . . . . . . . . . 4

Statement of Changes in Partners' Equity -
for the nine months ended September 30,
1994 . . . . . . . . . . . . . . . . . . . 5

Statements of Cash Flows - for the nine
months ended September 30, 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
3
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS

AMERICAN INSURED MORTGAGE INVESTORS
BALANCE SHEETS
ASSETS

September 30, December 31,
1994 1993
------------- ------------
(Unaudited)

Investment in mortgages, at
fair value:
Acquired insured mortgages $ 24,745,129 $ --
Originated insured mortgages 14,768,908 --
------------ ------------
Total 39,514,037 --
------------ ------------
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 736,408 3,778,696

Receivables and other assets 425,930 509,426
------------ ------------
Total assets $ 40,676,375 $ 47,630,321
============ ============

LIABILITIES AND PARTNERS' EQUITY

Distributions payable $ 823,903 $ 3,810,552

Accounts payable and accrued
expenses 100,151 70,812
------------ ------------
Total liabilities 924,054 3,881,364
------------ ------------
Partners' equity:
Limited partners' equity 40,412,946 48,421,623
General partner's deficit (4,911,854) (4,672,666)
Net unrealized gains on
investment in mortgage 4,251,229 --
------------ ------------
Total partners' equity 39,752,321 43,748,957
------------ ------------
Total liabilities and
partners' equity $ 40,676,375 $ 47,630,321
============ ============

The accompanying notes are an integral part
of these financial statements.
/TABLE></PAGE

4
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS

AMERICAN INSURED MORTGAGE INVESTORS

STATEMENTS OF OPERATIONS

(Unaudited)

For the three months ended For the nine months ended
September 30, September 30,
1994 1993 1994 1993
------------ ------------ ------------ ------------

Income:
Mortgage investment income $ 891,859 $ 1,119,300 $ 2,748,651 $ 3,363,492
Interest and other income 9,044 5,105 85,233 15,386
------------ ------------ ------------ ------------
900,903 1,124,405 2,833,884 3,378,878
------------ ------------ ------------ ------------
Expenses:
Asset management fee to
related parties 85,773 110,229 270,107 330,687
General and administrative 82,230 70,937 233,786 251,360
------------ ------------ ------------ ------------
168,003 181,166 503,893 582,047
------------ ------------ ------------ ------------
Earnings before gain on mortgage
disposition 732,900 943,239 2,329,991 2,796,831
Gain on mortgage disposition -- 108,415 235,873 108,415
------------ ------------ ------------ ------------
Net earnings $ 732,900 $ 1,051,654 $ 2,565,864 $ 2,905,246
============ ============ ============ ============

Net earnings attributable to:
Limited partners - 97.1% $ 711,646 $ 1,021,156 $ 2,491,454 $ 2,820,994
General partners - 2.9% 21,254 30,498 74,410 84,252
------------ ------------ ------------ ------------
$ 732,900 $ 1,051,654 $ 2,565,864 $ 2,905,246
============ ============ ============ ============
Net earnings per Unit of
limited partnership interest $ .07 $ .10 $ .25 $ .28
============ ============ ============ ============

The accompanying notes are an integral part
of these financial statements.
/TABLE></PAGE

PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS

AMERICAN INSURED MORTGAGE INVESTORS

STATEMENT OF CHANGES IN PARTNERS' EQUITY

For the nine months ended September 30, 1994

(Unaudited)

Net
Unrealized
Gains on
General Limited Investment
Partner Partners in Mortgages Total
------------ ------------ ------------ ------------

Balance, December 31, 1993 $ (4,672,666) $ 48,421,623 $ -- $ 43,748,957

Net earnings 74,410 2,491,454 -- 2,565,864

Distributions paid or accrued,
including return of capital, of
$1.05 per Unit (313,598) (10,500,131) -- (10,813,729)

Net unrealized gains on investment
in mortgages -- -- 4,251,229 4,251,229
------------ ------------ ------------ ------------

Balance, September 30, 1994 $ (4,911,854) $ 40,412,946 $ 4,251,229 $ 39,752,321
============ ============ ============ ============

Limited Partnership Units outstanding -
September 30, 1994 10,000,125
============

The accompanying notes are an integral part
of these financial statements.
/TABLE></PAGE

6
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS

AMERICAN INSURED MORTGAGE INVESTORS

STATEMENTS OF CASH FLOWS

(Unaudited)

For the nine months
ended September 30,
1994 1993
------------ ------------

Cash flows from operating activities:
Net earnings $ 2,565,864 $ 2,905,246
Adjustments to reconcile net earnings
to net cash provided by operating activities:
Gain on mortgage disposition (235,873) (108,415)
Changes in assets and liabilities:
Decrease (increase) in receivables and other assets 83,496 (3,646)
Increase in accounts payable and accrued expenses 29,339 28,118
------------ ------------
Net cash provided by operating activities 2,442,826 2,821,303
------------ ------------
Cash flows from investing activities:
Proceeds from disposition of Insured Mortgage 8,177,380 108,415
Receipt of mortgage principal from scheduled payments 137,884 165,756
------------ ------------
Net cash provided by investing activities 8,315,264 274,171
------------ ------------
Cash flows from financing activities:
Distributions paid to partners (13,800,378) (2,935,164)
------------ ------------
Net (decrease) increase in cash and cash equivalents (3,042,288) 160,310

Cash and cash equivalents, beginning of period 3,778,696 722,809
------------ ------------
Cash and cash equivalents, end of period $ 736,408 $ 883,119
============ ============

The accompanying notes are an integral part
of these financial statements.
/TABLE></PAGE

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, affiliates
of Integrated Resources, Inc. served as managing general partner (with
a partnership interest of 2.8%), corporate general partner (with a
partnership interest of 0.1%) and 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. 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) and the limited partners
include an entity owned by CRIIMI MAE and CRI. 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 Mortgages) 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 September 30, 1994 and December 31, 1993 and the
results of its operations for the three and nine months ended
September 30, 1994 and 1993 and its cash flows for the nine months
ended September 30, 1994 and 1993.

AMERICAN INSURED MORTGAGE INVESTORS

NOTES TO FINANCIAL STATEMENTS

(Unaudited)

2. BASIS OF PRESENTATION - Continued

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.

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 September 30, 1994, the weighted average remaining
term of the Partnership's Insured Mortgages is approximately 30
years. However, the Partnership Agreement states that the
Partnership will terminate in approximately 14 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 the final endorsement.

AMERICAN INSURED MORTGAGE INVESTORS

NOTES TO FINANCIAL STATEMENTS

(Unaudited)

3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued

In connection with this classification, as of September 30,
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

In connection with the Partnership's implementation of SFAS
115 on January 1, 1994 (see Note 3), the Partnership's Investment
in Mortgages is recorded at fair value, as estimated below, as of
September 30, 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
September 30, 1994. The fair value of the Insured Mortgages is
based on quoted market prices.

As of September 30, 1994, the Partnership had remaining
investments in 15 Insured Mortgages with an aggregate amortized
cost of $35,262,808, face value of $41,054,182 and fair value of
$39,514,037. As of December 31, 1993, the Partnership had
remaining investments in 16 Insured Mortgages (including one
Insured Mortgage classified as Mortgage Held for Dispositon) with
an aggregate amortized cost and face value of $43,342,199 and
$49,225,550 respectively. 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
September 30, 1994, all of the Partnership's Insured Mortgages
are current with respect to the payment of principal and
interest.

The following table summarizes the Partnership's Investment
in Mortgages as of September 30, 1994:

AMERICAN INSURED MORTGAGE INVESTORS

NOTES TO FINANCIAL STATEMENTS

(Unaudited)

4. INVESTMENT IN MORTGAGES - Continued

Amortized Fair
Cost Value
------------ ------------

Investment in Mortgages:
Acquired insured mortgages $ 20,659,173 $ 24,745,129
Originated insured mortgages 14,603,635 14,768,908
------------ ------------
$ 35,262,808 $ 39,514,037
============ ============

In addition to base interest payments under Originated
Insured Mortgages, the Partnership is entitled to additional
interest based on a percentage of the net cash flow from the
underlying development and of the net proceeds from the
refinancing, sale or other disposition of the underlying
development (referred to as Participations). During the three
and nine months ended September 30, 1994, the Partnership
received $0 and $13,010, respectively, from the Participations.
During the three and nine months ended September 30, 1993, the
Partnership did not receive any monies from the Participations.
These amounts, if any, are included in mortgage investment income
in the accompanying statements of operations.

During the nine months ended September 30, 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 September 30, 1994.

Financial
Net Statement
Date of Type of Carrying Net Gain
Complex Name Disposition Disposition Value Proceeds Recognized
- ---------------------- ---------------- ------------ ------------ ------------ ------------

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

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 nine months ended September 30, 1994
and 1993 are as follows:

1994 1993
-------- --------

Quarter ended March 31, $ .89(1) $ .095
Quarter ended June 30, .08 .090
Quarter ended September 30, .08 .090
-------- --------
TOTAL $ 1.05 $ .275
======== ========

(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.

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.

AMERICAN INSURED MORTGAGE INVESTORS

NOTES TO FINANCIAL STATEMENTS

(Unaudited)

6. TRANSACTIONS WITH RELATED PARTIES

The General Partner and certain affiliated entities had, during
the three and nine months ended September 30, 1994 and 1993, earned or
received compensation or payments for services from the Partnership as
follows:

COMPENSATION PAID OR ACCRUED TO RELATED PARTIES

For the three months ended For the nine months ended
Capacity in Which September 30, September 30,
Name of Recipient Served/Item 1994 1993 1994 1993
- ----------------- ---------------------------- ---------- ---------- ----------- -----------

CRIIMI, Inc. General Partner/Distribution $ 23,893 $ 26,880 $ 313,598(3) $ 82,133

AIM Acquisition Advisor/Asset Management Fee 85,773(1) 110,229(1) 270,107(2) 330,687(2)
Partners, L.P.

CRI Affiliate of General Partner/
Expense Reimbursement 20,851 17,025 58,856 52,774

(1) Of the amounts paid to the Advisor, the Sub-advisor, CRI/AIM Management, Inc., earned a fee equal to $25,278
and $32,487, or .28% of Total Invested Assets, for the three months ended September 30, 1994 and 1993,
respectively.

(2) Of the amounts paid to the Advisor, the Sub-advisor, CRI/AIM Management, Inc., earned a fee equal to $79,602
and $97,461 or .28% of Total Invested Assets, for the nine months ended September 30, 1994 and 1993,
respectively.

(3) This amount includes a special distribution as described in Note 5.

/TABLE

PART I. FINANCIAL INFORMATION
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS

General
- -------
As of September 30, 1994, the Partnership had remaining
investments in 15 Insured Mortgages, with an aggregate amortized cost
of $35,262,808, face value of $41,054,182, and fair value of
$39,514,037.

Mortgage Dispositions
- ---------------------
During the nine months ended September 30, 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
September 30, 1994.

Hidden Oaks Apartments February 1994 Prepayment $ 7,941,507 $ 8,177,380(1) $ 235,873

(1) Includes a prepayment penalty of approximately $260,000.

Results of Operations
- ---------------------
Net earnings decreased for the three and nine months ended
September 30, 1994 compared to the corresponding periods in 1993
primarily due to the decrease in mortgage investment income as
described below.

Mortgage investment income decreased for the three and nine
months ended September 30, 1994 compared to the corresponding periods
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 nine months ended
September 30, 1994 compared to the corresponding periods in 1993
primarily due to the short-term investment of disposition proceeds
received during February 1994 prior to the distribution to Unitholders
in May 1994.

Asset management fees decreased for the three and nine months
ended September 30, 1994 compared to the corresponding periods in 1993
as a result of the reduction in the mortgage base resulting from
mortgage dispositions in 1993 and February 1994.

General and administrative expenses decreased for the nine months
ended September 30, 1994 as compared to the corresponding period in
1993. This decrease was due primarily to a decrease in investor

PART I. FINANCIAL INFORMATION
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS - Continued

services expenses and annual and quarterly reporting expenses
resulting primarily from a reduction in the number of Unitholders.
General and administrative expenses increased for the three months
ended September 30, 1994 as compared to the corresponding period in
1993 primarily due to one time expenses incurred during the third
quarter of 1994.

The gain on mortgage disposition was a result of the disposition
of the mortgage on Hidden Oaks in February 1994.

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 of 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) on January 1, 1994, the
Partnership's Investment in Mortgages is recorded at fair value, as
estimated below, as of September 30, 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 September
30, 1994. The fair value of the Insured Mortgages is based on quoted
prices.

As of September 30, 1994, the Partnership had remaining
investments in 15 Insured Mortgages with an aggregate amortized cost
of $35,262,808, face value of $41,054,182 and fair value of
$39,514,037. As of December 31, 1993, the Partnership had remaining
investments in 16 Insured Mortgages (including one Insured Mortgage
classified as Mortgage Held for Disposition) with an aggregate
amortized cost and face value of $43,342,199 and $49,225,550
respectively. 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 September 30, 1994, all of the Partnership's
Insured Mortgages are current with respect to the payment of principal
and interest.

PART I. FINANCIAL INFORMATION
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS - Continued

The following table summarizes the Partnership's Investment in
Mortgages as of September 30, 1994:

Amortized Fair
Cost Value
------------ ------------

In addition to base interest payments under Originated Insured
Mortgages, the Partnership is entitled to additional interest based on
a percentage of the net cash flow from the underlying development and
of the net proceeds from the refinancing, sale or other disposition of
the underlying development (referred to as Participations). During
the three and nine months ended September 30, 1994, the Partnership
received $0 and $13,010, respectively, from the Participations.
During the three and nine months ended September 30, 1993, the
Partnership did not receive any monies from the Participations. These
amounts, if any, are included in mortgage investment income in the
accompanying statements of operations.

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 nine
months ended September 30, 1994 as compared to the corresponding
period in 1993 primarily due to a decrease in receivables and other
assets as a result of the reduction in the mortgage base arising from
the prepayment on Hidden Oaks Apartments.

PART I. FINANCIAL INFORMATION
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS - Continued

Net cash provided by investing activities increased for the nine
months ended September 30, 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 disposition of the
mortgage on Hidden Oaks Apartments.

Net cash used in financing activities increased for the nine
months ended September 30, 1994 as compared to the corresponding
period in 1993 primarily due to the special distributions paid to
Unitholders in 1994 of net proceeds received in 1994 from the
disposition of the mortgage on Hidden Oaks Apartments and 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 and first and second quarters of 1993.

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 September 30, 1994.

The exhibits filed as part of this report are listed below:

Exhibit No. Description

27 Financial Data Schedule

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

November 14, 1994 By: /s/ Cynthia O. Azzara
- -------------------------- -------------------------
Date Cynthia O. Azzara
Vice President and
Chief Financial Officer