UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): March 29, 2022
Commission File Number: 000-24003
AEI INCOME & GROWTH FUND XXII LIMITED PARTNERSHIP
(Exact name of registrant as specified in its charter)
State of Minnesota | 41-1848181 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |
30 East 7th Street, Suite 1300 St. Paul, Minnesota 55101 | (651) 227-7333 | |
(Address of principal executive offices) | (Registrant’s telephone number) |
Not Applicable |
(Former name, former address and former fiscal year, if changed since last report) |
Securities registered pursuant to Section 12(b) of the Act:
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
NONE | NONE | NONE |
Securities registered pursuant to Section 12(g) of the Act:
Limited Partnership Units | ||
(Title of class) |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
(17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act
(17 CFR 240.13e-4(c))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging Growth Company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Section 2 – Financial Information
Item 2.01 Completion of Acquisition or Disposition of Assets.
On March 29, 2022, the Partnership sold its 33% interest in a Best Buy store in Lake Geneva, Wisconsin to BB Geneva LLC, an unrelated third party. The Partnership received net cash proceeds of approximately $1,444,000 for the property, which resulted in a net gain of approximately $324,000.
Section 9 – Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits.
(a) Financial statements of businesses acquired – Not Applicable.
(b) Pro forma financial information – A limited number of pro forma adjustments are required to illustrate the effects of the transaction on the balance sheet and income statement. The following narrative description is furnished in lieu of pro forma statements. Assuming the Partnership had sold the property on January 1, 2021:
The Company’s Investments in Real Estate would have been reduced by $1,198,379 and its Current Assets (cash) would have increased by $1,443,613 and Partners’ Capital would have increased by $245,234.
For the year ended December 31, 2021, Income from Operations would have decreased $57,136, representing a decrease in rental income of $129,395, a decrease in depreciation expense of $67,484 and a decrease in property management expenses of $4,775.
The net effect of these pro forma adjustments would have caused Net Income to decrease from $67,186 to $10,050, which would have resulted in Net Income of $0.79 per Limited Partnership Unit outstanding for the year ended December 31, 2021.
(c) Shell company transactions – Not Applicable.
(d) Exhibit 10.1 – Purchase and Sale Agreement dated February 9, 2022 between the Partnership and Carmen Galante, relating to the property at 700 North Edwards Boulevard, Lake Geneva, Wisconsin 53147.
Exhibit 10.2 – First Amendment to Purchase and Sale Agreement dated March 7, 2022 between the Partnership and BB Geneva LLC, as successor-in-interest to Carmen Galante relating to the property at 700 North Edwards Boulevard, Lake Geneva, Wisconsin.
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 hereunto duly authorized.
AEI Income & Growth Fund XXII | ||
Limited Partnership | ||
By: | AEI Fund Management XXI, Inc. | |
Its: | Managing General Partner | |
Date: April 4, 2022 | By: | |
Keith E. Petersen | ||
Chief Financial Officer |
0001023458 2022-03-29 2022-03-29