EXHIBIT 99 Contact: Susan B. Railey (301) 468-3120 Sharon Bramell FOR IMMEDIATE RELEASE (301) 231-0351 AIM 85 DECLARES MONTHLY DISTRIBUTION FOR AUGUST OF ONE CENT PER UNIT --------------------------- ROCKVILLE, MD, August 20, 2004 -- (AMEX/AII) The general partner of American Insured Mortgage Investors - Series 85, L.P. (AIM 85) today declared the monthly distribution for August 2004 in the amount of one cent per unit regular cash flow. Holders of record on August 31, 2004 will receive this amount as part of the third quarter distribution which will be paid on November 1, 2004. Record dates for the AIM 85 distributions occur at the end of each month. Distributions are paid approximately one month after the end of each calendar quarter and include the three amounts declared during the quarter. # # #