Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2022 | Oct. 31, 2022 | |
Document Information Line Items | ||
Entity Registrant Name | AEI INCOME & GROWTH FUND XXII LIMITED PARTNERSHIP | |
Document Type | 10-Q | |
Current Fiscal Year End Date | --12-31 | |
Entity Common Stock, Shares Outstanding | 11,749.37 | |
Amendment Flag | false | |
Entity Central Index Key | 0001023458 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Document Period End Date | Sep. 30, 2022 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q3 | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Document Quarterly Report | true | |
Entity File Number | 000-24003 | |
Entity Incorporation, State or Country Code | MN | |
Entity Tax Identification Number | 41-1848181 | |
Entity Address, Address Line One | 30 East 7th Street, Suite 1300 | |
Entity Address, City or Town | St. Paul | |
Entity Address, State or Province | MN | |
Entity Address, Postal Zip Code | 55101 | |
City Area Code | 651 | |
Local Phone Number | 227-7333 | |
Entity Information, Former Legal or Registered Name | Not Applicable | |
No Trading Symbol Flag | true | |
Security Exchange Name | NONE | |
Title of 12(g) Security | Limited Partnership Units | |
Entity Interactive Data Current | Yes | |
Document Transition Report | false |
Balance Sheet
Balance Sheet - USD ($) | Sep. 30, 2022 | Dec. 31, 2021 |
Current Assets: | ||
Cash | $ 340,906 | $ 1,291,115 |
Receivables | 0 | 20,191 |
Total Current Assets | 340,906 | 1,311,306 |
Land | 1,966,950 | 1,867,879 |
Buildings | 5,315,188 | 5,543,826 |
Acquired Intangible Lease Assets | 1,415,859 | 1,181,359 |
Real Estate Held for Investment, at cost | 8,697,997 | 8,593,064 |
Accumulated Depreciation and Amortization | (1,597,400) | (2,641,740) |
Real Estate Held for Investment, Net | 7,100,597 | 5,951,324 |
Total Assets | 7,441,503 | 7,262,630 |
Payable to AEI Fund Management, Inc. | 168,046 | 16,784 |
Distributions Payable | 103,813 | 105,669 |
Unearned Rent | 14,314 | 0 |
Total Current Liabilities | 286,173 | 122,453 |
Partners’ Capital (Deficit): | ||
General Partners | 5,071 | (7,021) |
Limited Partners – 24,000 Units authorized; 11,749.37 and 12,063.23 Units issued and outstanding as of 9/30/2022 and 12/31/2021 | 7,150,259 | 7,147,198 |
Total Partners' Capital | 7,155,330 | 7,140,177 |
Total Liabilities and Partners' Capital | $ 7,441,503 | $ 7,262,630 |
Balance Sheet (Parentheticals)
Balance Sheet (Parentheticals) - Limited Partner [Member] - shares | Sep. 30, 2022 | Dec. 31, 2021 |
Limited Partners, units authorized | 24,000 | 24,000 |
Limited Partners, units issued | 11,749.37 | 12,063.23 |
Limited Partners, units outstanding | 11,749.37 | 12,063.23 |
Statement of Income
Statement of Income - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Income Statement [Abstract] | ||||
Rental Income | $ 100,651 | $ 127,442 | $ 324,621 | $ 381,389 |
Expenses: | ||||
Partnership Administration – Affiliates | 26,174 | 28,110 | 81,409 | 87,091 |
Partnership Administration and Property Management – Unrelated Parties | 8,590 | 12,787 | 56,161 | 44,560 |
Depreciation and Amortization | 46,246 | 68,555 | 155,422 | 205,665 |
Total Expenses | 81,010 | 109,452 | 292,992 | 337,316 |
Operating Income | 19,641 | 17,990 | 31,629 | 44,073 |
Other Income: | ||||
Gain on Sale of Real Estate | 0 | 0 | 524,668 | 0 |
Interest Income | 5,446 | 366 | 6,974 | 1,167 |
Total Other Income | 5,446 | 366 | 531,642 | 1,167 |
Net Income | 25,087 | 18,356 | 563,271 | 45,240 |
Net Income Allocated: | ||||
General Partners | 3,091 | 550 | 23,839 | 1,357 |
Limited Partners | 21,996 | 17,806 | 539,432 | 43,883 |
Net Income | $ 25,087 | $ 18,356 | $ 563,271 | $ 45,240 |
Net Income per Limited Partnership Unit (in Dollars per share) | $ 1.87 | $ 1.45 | $ 45.51 | $ 3.53 |
Weighted Average Units Outstanding – Basic and Diluted (in Shares) | 11,749 | 12,307 | 11,853 | 12,435 |
Statement of Cash Flows
Statement of Cash Flows - USD ($) | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Cash Flows from Operating Activities: | ||
Net Income | $ 563,271 | $ 45,240 |
Adjustments to Reconcile Net Income To Net Cash Provided by Operating Activities: | ||
Depreciation and Amortization | 202,122 | 252,366 |
Gain on Sale of Real Estate | (524,668) | 0 |
(Increase) Decrease in Receivables | 20,191 | 0 |
Increase (Decrease) in Payable to AEI Fund Management, Inc. | 151,262 | 17,328 |
Increase (Decrease) in Unearned Rent | 14,314 | 20,718 |
Total Adjustments | (136,779) | 290,412 |
Net Cash Provided By (Used For) Operating Activities | 426,492 | 335,652 |
Cash Flows from Investing Activities: | ||
Investments in Real Estate | (3,027,474) | 0 |
Proceeds from Sale of Real Estate | 2,200,747 | 0 |
Net Cash Provided By (Used For) Investing Activities | (826,727) | 0 |
Cash Flows from Financing Activities: | ||
Distributions Paid to Partners | (315,151) | (325,572) |
Repurchase of Partnership Units | (234,823) | (288,927) |
Net Cash Provided By (Used For) Financing Activities | (549,974) | (614,499) |
Net Increase (Decrease) in Cash | (950,209) | (278,847) |
Cash, beginning of period | 1,291,115 | 1,802,014 |
Cash, end of period | $ 340,906 | $ 1,523,167 |
Statement of Changes in Partner
Statement of Changes in Partners' Capital - USD ($) | General Partner [Member] | Limited Partner [Member] | Total |
Balance at Dec. 31, 2020 | $ 8,557 | $ 7,965,924 | $ 7,974,481 |
Balance (in Shares) at Dec. 31, 2020 | 12,691.78 | ||
Distributions Declared | (3,279) | $ (106,001) | (109,280) |
Net Income | 444 | 14,368 | 14,812 |
Balance at Mar. 31, 2021 | 5,722 | $ 7,874,291 | 7,880,013 |
Balance (in Shares) at Mar. 31, 2021 | 12,691.78 | ||
Balance at Dec. 31, 2020 | 8,557 | $ 7,965,924 | 7,974,481 |
Balance (in Shares) at Dec. 31, 2020 | 12,691.78 | ||
Distributions Declared | (9,699) | $ (313,607) | (323,306) |
Repurchase of Partnership Units | (2,889) | $ (286,038) | |
Units Repurchased (in Shares) | (385.24) | ||
Net Income | 45,240 | ||
Balance at Sep. 30, 2021 | (2,674) | $ 7,410,162 | 7,407,488 |
Balance (in Shares) at Sep. 30, 2021 | 12,306.54 | ||
Balance at Mar. 31, 2021 | 5,722 | $ 7,874,291 | 7,880,013 |
Balance (in Shares) at Mar. 31, 2021 | 12,691.78 | ||
Distributions Declared | (3,210) | $ (103,803) | (107,013) |
Repurchase of Partnership Units | (2,889) | $ (286,038) | (288,927) |
Units Repurchased (in Shares) | (385.24) | ||
Net Income | 363 | $ 11,709 | 12,072 |
Balance at Jun. 30, 2021 | (14) | $ 7,496,159 | 7,496,145 |
Balance (in Shares) at Jun. 30, 2021 | 12,306.54 | ||
Distributions Declared | (3,210) | $ (103,803) | (107,013) |
Net Income | 550 | 17,806 | 18,356 |
Balance at Sep. 30, 2021 | (2,674) | $ 7,410,162 | 7,407,488 |
Balance (in Shares) at Sep. 30, 2021 | 12,306.54 | ||
Balance at Dec. 31, 2021 | (7,021) | $ 7,147,198 | 7,140,177 |
Balance (in Shares) at Dec. 31, 2021 | 12,063.23 | ||
Distributions Declared | (3,170) | $ (102,498) | (105,668) |
Net Income | 13,281 | 312,177 | 325,458 |
Balance at Mar. 31, 2022 | 3,090 | $ 7,356,877 | 7,359,967 |
Balance (in Shares) at Mar. 31, 2022 | 12,063.23 | ||
Balance at Dec. 31, 2021 | (7,021) | $ 7,147,198 | 7,140,177 |
Balance (in Shares) at Dec. 31, 2021 | 12,063.23 | ||
Distributions Declared | (9,399) | $ (303,896) | $ (313,295) |
Repurchase of Partnership Units | (2,348) | (232,475) | |
Units Repurchased (in Shares) | (313.86) | ||
Net Income | $ 563,271 | ||
Balance at Sep. 30, 2022 | 5,071 | $ 7,150,259 | 7,155,330 |
Balance (in Shares) at Sep. 30, 2022 | 11,749.37 | ||
Balance at Mar. 31, 2022 | 3,090 | $ 7,356,877 | 7,359,967 |
Balance (in Shares) at Mar. 31, 2022 | 12,063.23 | ||
Distributions Declared | (3,115) | $ (100,699) | (103,814) |
Repurchase of Partnership Units | (2,348) | $ (232,475) | (234,823) |
Units Repurchased (in Shares) | (313.86) | ||
Net Income | 7,467 | $ 205,259 | 212,726 |
Balance at Jun. 30, 2022 | 5,094 | $ 7,228,962 | 7,234,056 |
Balance (in Shares) at Jun. 30, 2022 | 11,749.37 | ||
Distributions Declared | (3,114) | $ (100,699) | (103,813) |
Net Income | 3,091 | 21,996 | 25,087 |
Balance at Sep. 30, 2022 | $ 5,071 | $ 7,150,259 | $ 7,155,330 |
Balance (in Shares) at Sep. 30, 2022 | 11,749.37 |
Basis of Accounting
Basis of Accounting | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Basis of Accounting [Text Block] | (1) The condensed statements included herein have been prepared by the registrant, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission, and reflect all adjustments which are, in the opinion of management, necessary to a fair statement of the results of operations for the interim period, on a basis consistent with the annual audited statements. The adjustments made to these condensed statements consist only of normal recurring adjustments. Certain information, accounting policies, and footnote disclosures normally included in financial statements prepared in accordance with United States Generally Accepted Accounting Principles (US GAAP) have been condensed or omitted pursuant to such rules and regulations, although the registrant believes that the disclosures are adequate to make the information presented not misleading. It is suggested that these condensed financial statements be read in conjunction with the financial statements and the summary of significant accounting policies and notes thereto included in the registrant’s latest annual report on Form 10K. |
Organization
Organization | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block] | (2) Organization – AEI Income & Growth Fund XXII Limited Partnership (“Partnership”) was formed to acquire and lease commercial properties to operating tenants. The Partnership's operations are managed by AEI Fund Management XXI, Inc. (“AFM”), the Managing General Partner. The Estate of Robert P. Johnson serves as the Individual General Partner. AFM is a wholly owned subsidiary of AEI Capital Corporation of which the Robert P. Johnson Trust and Patricia Johnson own a majority interest. AEI Fund Management, Inc. (“AEI”), an affiliate of AFM, performs the administrative and operating functions for the Partnership. |
Recently Issued Accounting Pron
Recently Issued Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements, Policy [Policy Text Block] | (3) Recently Issued Accounting Pronouncements – In April 2020, the Financial Accounting Standards Board (FASB) issued a question-and-answer document (the “Lease Modification Q&A”) focused on the application of lease accounting guidance to lease concessions provided as a result of COVID-19. Under existing lease guidance, the Partnership would have to determine, on a lease by lease basis, if a lease concession was the result of a new arrangement reached with the tenant or if a lease concession was under the enforceable rights and obligations within the existing lease agreement. The Lease Modification Q&A clarifies that entities may elect to not evaluate whether lease-related relief that lessors provide to mitigate the economic effects of COVID-19 on lessees is a lease modification under current lease guidance. Instead, an entity that elects not to evaluate whether a concession directly related to COVID-19 is a modification can then elect whether to apply the modification guidance. Other accounting standards that have been issued or proposed by the FASB are currently not applicable to the Partnership or are not expected to have a significant impact on the Partnership’s financial position, results of operations and cash flows. |
Real Estate Investments
Real Estate Investments | 9 Months Ended |
Sep. 30, 2022 | |
Real Estate [Abstract] | |
Real Estate Disclosure [Text Block] | (4) Real Estate Investments – In February 2022, the Partnership entered into an agreement to sell its 33% interest in the Best Buy store in Lake Geneva, Wisconsin to an unrelated third party. On March 29, 2022, the sale closed with the Partnership receiving net proceeds of $1,438,654, which resulted in a net gain of $319,006. At the time of sale, the cost and related accumulated depreciation was $2,022,246 and $902,598, respectively. In June 2022, the Partnership entered into an agreement to sell its 28% interest in the Staples store in Clermont, Florida to an unrelated third party. On June 30, 2022, the sale closed with the Partnership receiving net proceeds of $762,093, which resulted in a net gain of $205,662. At the time of sale, the cost and related accumulated depreciation was $900,295 and $343,864, respectively. In September 2022, the Partnership purchased a 100% interest in the DaVita property in Hempstead, TX for $3,027,474. The Partnership allocated $351,453 of the purchase price to Acquired Intangible Lease Assets, representing in-place lease intangibles of $273,715 and above-market lease intangibles of $77,738. The property is leased to Bollinger Dialysis, LLC under a lease agreement with a remaining primary term of approximately 7.75 years (as of date of purchase) and annual rent of $182,209. |
Payable to AEI Fund Management,
Payable to AEI Fund Management, Inc. | 9 Months Ended |
Sep. 30, 2022 | |
Payables and Accruals [Abstract] | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | (5) Payable to AEI Fund Management, Inc. – AEI Fund Management, Inc. performs the administrative and operating functions for the Partnership. The payable to AEI Fund Management represents the balance due for those services. This balance is non-interest bearing and unsecured and is to be paid in the normal course of business. |
Partners' Capital
Partners' Capital | 9 Months Ended |
Sep. 30, 2022 | |
Partners' Capital Notes [Abstract] | |
Partners' Capital Notes Disclosure [Text Block] | (6) Partners’ Capital – For the nine months ended September 30, 2022 and 2021, the Partnership declared distributions of $313,295 and $323,306, respectively. The Limited Partners were allocated distributions of $303,896 and $313,607 and the General Partners were allocated distributions of $9,399 and $9,699 for the periods, respectively. The Limited Partners' distributions represented $25.64 and $25.22 per Limited Partnership Unit outstanding using 11,853 and 12,435 weighted average Units in 2022 and 2021, respectively. The distributions represented $25.64 and $3.53 per Unit of Net Income and $0 and $21.69 per Unit of return of capital in 2022 and 2021, respectively. On April 1, 2022, the Partnership repurchased a total of 313.86 Units for $232,475 from 21 Limited Partners in accordance with the Partnership Agreement. The Partnership acquired these Units using net sales proceeds. For the nine months ended September 30, 2021, the Partnership repurchased a total of 385.24 Units for $286,038 from 31 Limited Partners in accordance with the Partnership Agreement. The Partnership acquired these Units using net sales proceeds. The repurchases increase the remaining Limited Partners' ownership interest in the Partnership. As a result of these repurchases and pursuant to the Partnership Agreement, the General Partners received distributions of $2,348 and $2,889 in 2022 and 2021, respectively. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | (7) Fair Value Measurements – As of September 30, 2022 and December 31, 2021, the Partnership had no assets or liabilities measured at fair value on a recurring basis or nonrecurring basis. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncement or Change in Accounting Principle, Description | In April 2020, the Financial Accounting Standards Board (FASB) issued a question-and-answer document (the “Lease Modification Q&A”) focused on the application of lease accounting guidance to lease concessions provided as a result of COVID-19. Under existing lease guidance, the Partnership would have to determine, on a lease by lease basis, if a lease concession was the result of a new arrangement reached with the tenant or if a lease concession was under the enforceable rights and obligations within the existing lease agreement. The Lease Modification Q&A clarifies that entities may elect to not evaluate whether lease-related relief that lessors provide to mitigate the economic effects of COVID-19 on lessees is a lease modification under current lease guidance. Instead, an entity that elects not to evaluate whether a concession directly related to COVID-19 is a modification can then elect whether to apply the modification guidance. Other accounting standards that have been issued or proposed by the FASB are currently not applicable to the Partnership or are not expected to have a significant impact on the Partnership’s financial position, results of operations and cash flows. |
Real Estate Investments (Detail
Real Estate Investments (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||||
Sep. 22, 2022 | Jun. 30, 2022 | Mar. 29, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Real Estate Investments (Details) [Line Items] | |||||||
Proceeds from Sale of Real Estate | $ 1,438,654 | ||||||
Gain (Loss) on Disposition of Assets | 319,006 | $ 0 | $ 0 | $ 524,668 | $ 0 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Cost of Investment in Real Estate Sold | 2,022,246 | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | $ 902,598 | ||||||
Payments to Acquire Real Estate | $ 3,027,474 | $ 3,027,474 | $ 0 | ||||
AverageLeaseTerm | The property is leased to Bollinger Dialysis, LLC under a lease agreement with a remaining primary term of approximately 7.75 years | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 182,209 | ||||||
Best Buy Lake Geneva WI 'Member' | |||||||
Real Estate Investments (Details) [Line Items] | |||||||
Disposal Date | Mar. 29, 2022 | ||||||
Staples Clermont FL 'Member' | |||||||
Real Estate Investments (Details) [Line Items] | |||||||
Disposal Date | Jun. 30, 2022 | ||||||
PetSmart Galveston TX | |||||||
Real Estate Investments (Details) [Line Items] | |||||||
Proceeds from Sale of Real Estate | $ 762,093 | ||||||
Gain (Loss) on Disposition of Assets | 205,662 | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Cost of Investment in Real Estate Sold | 900,295 | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | $ 343,864 | ||||||
Leases, Acquired-in-Place [Member] | |||||||
Real Estate Investments (Details) [Line Items] | |||||||
Finite-Lived Intangible Asset, Acquired-in-Place Leases | 273,715 | ||||||
Above Market Leases [Member] | |||||||
Real Estate Investments (Details) [Line Items] | |||||||
Finite-Lived Intangible Asset, off-Market Lease, Favorable, Gross | $ 77,738 |
Partners' Capital (Details)
Partners' Capital (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | |
Partners' Capital (Details) [Line Items] | |||||||||
Distribution Made to Limited Partner, Cash Distributions Declared | $ 103,813 | $ 103,814 | $ 105,668 | $ 107,013 | $ 107,013 | $ 109,280 | $ 313,295 | $ 323,306 | |
Partners' Capital Account, Units, Redeemed (in Shares) | 313.86 | ||||||||
Partners' Capital Account, Redemptions | 234,823 | 288,927 | |||||||
Limited Partner [Member] | |||||||||
Partners' Capital (Details) [Line Items] | |||||||||
Distribution Made to Limited Partner, Cash Distributions Declared | 100,699 | $ 100,699 | 102,498 | 103,803 | $ 103,803 | 106,001 | $ 303,896 | $ 313,607 | |
Distribution Made to Limited Partner, Distributions Declared, Per Unit (in Dollars per share) | $ 25.64 | $ 25.22 | |||||||
Weighted Average Limited Partnership Units Outstanding, Basic (in Shares) | 11,853 | 12,435 | |||||||
DistributionsPerUnitOfNetIncome (in Dollars per share) | $ 25.64 | $ 3.53 | |||||||
DistributionsPerUnitOfReturnOfCapital (in Dollars per share) | $ 0 | $ 21.69 | |||||||
Partners' Capital Account, Units, Redeemed (in Shares) | 313.86 | 385.24 | 385.24 | ||||||
Partners' Capital Account, Redemptions | $ 232,475 | $ 286,038 | $ 232,475 | $ 286,038 | |||||
General Partner [Member] | |||||||||
Partners' Capital (Details) [Line Items] | |||||||||
Distribution Made to Limited Partner, Cash Distributions Declared | $ 3,114 | 3,115 | $ 3,170 | $ 3,210 | 3,210 | $ 3,279 | 9,399 | 9,699 | |
Partners' Capital Account, Redemptions | $ 2,348 | $ 2,889 | $ 2,348 | $ 2,889 |