Document And Entity Information
Document And Entity Information | 12 Months Ended |
Dec. 31, 2022 USD ($) shares | |
Document Information Line Items | |
Entity Registrant Name | AEI INCOME & GROWTH FUND XXII LIMITED PARTNERSHIP |
Document Type | 10-K |
Current Fiscal Year End Date | --12-31 |
Entity Common Stock, Shares Outstanding | shares | 11,749.372 |
Entity Public Float | $ | $ 0 |
Amendment Flag | false |
Entity Central Index Key | 0001023458 |
Entity Current Reporting Status | Yes |
Entity Voluntary Filers | No |
Entity Filer Category | Non-accelerated Filer |
Entity Well-known Seasoned Issuer | No |
Document Period End Date | Dec. 31, 2022 |
Document Fiscal Year Focus | 2022 |
Document Fiscal Period Focus | FY |
Entity Small Business | true |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
ICFR Auditor Attestation Flag | true |
Document Annual 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 |
Title of 12(g) Security | Limited Partnership Units |
Entity Interactive Data Current | Yes |
Document Transition Report | false |
Auditor Firm ID | 542 |
Auditor Name | Boulay PLLP |
Auditor Location | Minneapolis, Minnesota |
Balance Sheet
Balance Sheet - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Current Assets: | ||
Cash | $ 256,165 | $ 1,291,115 |
Receivable | 6,822 | 20,191 |
Total Current Assets | 262,987 | 1,311,306 |
Real Estate Investments: | ||
Land | 1,923,065 | 1,867,879 |
Buildings | 5,382,608 | 5,543,826 |
Acquired Intangible Lease Assets | 1,415,859 | 1,181,359 |
Real Estate Held for Investment, at Cost | 8,721,532 | 8,593,064 |
Accumulated Depreciation and Amortization | (1,691,249) | (2,641,740) |
Real Estate Held for Investment, Net | 7,030,283 | 5,951,324 |
Total Assets | 7,293,270 | 7,262,630 |
Current Liabilities: | ||
Payable to AEI Fund Management, Inc. | 87,973 | 16,784 |
Unearned Revenue | 14,743 | 0 |
Distributions Payable | 103,813 | 105,669 |
Total Current Liabilities | 206,529 | 122,453 |
Partners’ Capital: | ||
General Partners | 5,050 | (7,021) |
Limited Partners – 24,000 Units authorized; 11,749.37 and 12,063.23 Units issued and outstanding as of December 31, 2022 and 2021, respectively | 7,081,691 | 7,147,198 |
Total Partners' Capital | 7,086,741 | 7,140,177 |
Total Liabilities and Partners' Capital | $ 7,293,270 | $ 7,262,630 |
Balance Sheet (Parentheticals)
Balance Sheet (Parentheticals) - Limited Partner [Member] - shares | Dec. 31, 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 ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Income Statement [Abstract] | ||
Rental Income | $ 466,091 | $ 510,679 |
Expenses: | ||
Partnership Administration – Affiliates | 109,723 | 113,025 |
Partnership Administration and Property Management – Unrelated Parties | 59,054 | 57,731 |
Depreciation and Amortization | 231,195 | 274,220 |
Total Expenses | 399,972 | 444,976 |
Operating Income | 66,119 | 65,703 |
Other Income: | ||
Gain on Sale of Real Estate | 524,668 | 0 |
Interest Income | 7,708 | 1,483 |
Total Other Income | 532,376 | 1,483 |
Net Income | 598,495 | 67,186 |
Net Income Allocated: | ||
General Partners | 26,932 | 2,016 |
Limited Partners | 571,563 | 65,170 |
Net Income | $ 598,495 | $ 67,186 |
Net Income per Limited Partnership Unit (in Dollars per share) | $ 48.32 | $ 5.28 |
Weighted Average Units Outstanding – Basic and Diluted (in Shares) | 11,828 | 12,342 |
Statement of Cash Flows
Statement of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Cash Flows from Operating Activities: | ||
Net Income | $ 598,495 | $ 67,186 |
Adjustments to Reconcile Net Income To Net Cash Provided by Operating Activities: | ||
Depreciation and Amortization | 295,971 | 336,488 |
Gain on Sale of Real Estate | (524,668) | 0 |
Increase (Decrease) in Payable to AEI Fund Management, Inc. | 71,189 | 10,718 |
Increase (Decrease) in Unearned Rent | 14,743 | 0 |
(Increase) Decrease in Receivable | 13,369 | (20,191) |
Total Adjustments | (129,396) | 327,015 |
Net Cash Provided By (Used For) Operating Activities | 469,099 | 394,201 |
Cash Flows from Investing Activities: | ||
Investments in Real Estate | (3,051,009) | 0 |
Proceeds from Sale of Real Estate | 2,200,747 | 0 |
Net Cash Provided By (Used For) Investing Activities | (850,262) | 0 |
Cash Flows from Financing Activities: | ||
Distributions Paid to Partners | (418,964) | (432,585) |
Repurchase of Partnership Units | (234,823) | (472,515) |
Net Cash Provided By (Used For) Financing Activities | (653,787) | (905,100) |
Net Increase (Decrease) in Cash | (1,034,950) | (510,899) |
Cash, beginning of year | 1,291,115 | 1,802,014 |
Cash, end of year | $ 256,165 | $ 1,291,115 |
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 | (12,869) | $ (416,106) | (428,975) |
Repurchase of Partnership Units | (4,725) | $ (467,790) | (472,515) |
Repurchase of Partnership Units (in Shares) | (628.55) | ||
Net Income | 2,016 | $ 65,170 | 67,186 |
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 | (12,513) | $ (404,595) | (417,108) |
Repurchase of Partnership Units | (2,348) | $ (232,475) | (234,823) |
Repurchase of Partnership Units (in Shares) | (313.86) | ||
Net Income | 26,932 | $ 571,563 | 598,495 |
Balance at Dec. 31, 2022 | $ 5,050 | $ 7,081,691 | $ 7,086,741 |
Balance (in Shares) at Dec. 31, 2022 | 11,749.37 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block] | (1) Organization – AEI Income & Growth Fund XXII Limited Partnership (the “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. The terms of the Partnership offering called for a subscription price of $1,000 per Limited Partnership Unit, payable on acceptance of the offer. The Partnership commenced operations on May 1, 1997 when minimum subscriptions of 1,500 Limited Partnership Units ($1,500,000) were accepted. The offering terminated January 9, 1999 when the extended offering period ended. The Partnership received subscriptions for 16,917.222 Limited Partnership Units. Under the terms of the Limited Partnership Agreement, the Limited Partners and General Partners contributed funds of $16,917,222 and $1,000, respectively. During operations, any Net Cash Flow, as defined, which the General Partners determine to distribute will be distributed 97% to the Limited Partners and 3% to the General Partners. Distributions to Limited Partners will be made pro rata by Units. Any Net Proceeds of Sale, as defined, from the sale or financing of properties which the General Partners determine to distribute will, after provisions for debts and reserves, be paid in the following manner: (i) first, 99% to the Limited Partners and 1% to the General Partners until the Limited Partners receive an amount equal to: (a) their Adjusted Capital Contribution plus (b) an amount equal to 9% of their Adjusted Capital Contribution per annum, cumulative but not compounded, to the extent not previously distributed from Net Cash Flow; (ii) any remaining balance will be distributed 90% to the Limited Partners and 10% to the General Partners. Distributions to the Limited Partners will be made pro rata by Units. For tax purposes, profits from operations, other than profits attributable to the sale, exchange, financing, refinancing or other disposition of property, will be allocated first in the same ratio in which, and to the extent, Net Cash Flow is distributed to the Partners for such year. Any additional profits will be allocated in the same ratio as the last dollar of Net Cash Flow is distributed. Net losses from operations will be allocated 99% to the Limited Partners and 1% to the General Partners. For tax purposes, profits arising from the sale, financing, or other disposition of property will be allocated in accordance with the Partnership Agreement as follows: (i) first, to those partners with deficit balances in their capital accounts in an amount equal to the sum of such deficit balances; (ii) second, 99% to the Limited Partners and 1% to the General Partners until the aggregate balance in the Limited Partners' capital accounts equals the sum of the Limited Partners' Adjusted Capital Contributions plus an amount equal to 9% of their Adjusted Capital Contributions per annum, cumulative but not compounded, to the extent not previously allocated; (iii) third, the balance of any remaining gain will then be allocated 90% to the Limited Partners and 10% to the General Partners. Losses will be allocated 98% to the Limited Partners and 2% to the General Partners. The General Partners are not required to currently fund a deficit capital balance. Upon liquidation of the Partnership or withdrawal by a General Partner, the General Partners will contribute to the Partnership an amount equal to the lesser of the deficit balances in their capital accounts or 1% of total Limited Partners' and General Partners' capital contributions. In June 2021, the Managing General Partner mailed a Consent Statement (Proxy) seeking the consent of the Limited Partners to continue the Partnership for an additional 60 months or to initiate the final disposition, liquidation and distribution of all of the Partnership’s properties and assets. Approval of either proposal required the affirmative vote of holders of a majority of the outstanding units. On August 6, 2021, the votes were counted and neither proposal received the required majority vote. As a result, the Partnership will not liquidate and will continue in operation until the Limited Partners vote to authorize the sale of all of the Partnership's properties or December 31, 2046, as stated in the Limited Partnership Agreement. However, in approximately five years, the Managing General Partner expects to again submit the question to liquidate to a vote by the Limited Partners. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | (2) Summary of Significant Accounting Policies – Financial Statement Presentation The accounts of the Partnership are maintained on the accrual basis of accounting for both federal income tax purposes and financial reporting purposes. Accounting Estimates Management uses estimates and assumptions in preparing these financial statements in accordance with United States Generally Accepted Accounting Principles (US GAAP). Those estimates and assumptions may affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, and the reported revenues and expenses. Actual results could differ from those estimates, and the difference could be material. Significant items, subject to such estimates and assumptions, include the carrying value of real estate held for investment, real estate held for sale and the allocation of purchase price of real estate assets and intangible assets. The Partnership regularly assesses whether market events and conditions indicate that it is reasonably possible to recover the carrying amounts of its investments in real estate from future operations and sales. A change in those market events and conditions could have a material effect on the carrying amount of its real estate. Cash Concentrations of Credit Risk The Partnership's cash is deposited in one financial institution and at times during the year it may exceed FDIC insurance limits. Rent Receivables Credit terms are extended to tenants in the normal course of business. The Partnership performs ongoing credit evaluations of its customers’ financial condition and, generally, requires no collateral. Rent receivables are recorded at their estimated net realizable value. The Partnership follows a policy of providing an allowance for doubtful accounts; however, based on historical experience, and its evaluation of the current status of receivables, the Partnership is of the belief that such accounts, if any, will be collectible in all material respects and thus an allowance is not necessary. Accounts are considered past due if payment is not made on a timely basis in accordance with the Partnership’s credit terms. Receivables considered uncollectible are written off. Income Taxes The income or loss of the Partnership for federal income tax reporting purposes is includable in the income tax returns of the partners. In general, no recognition has been given to income taxes in the accompanying financial statements. The tax return and the amount of distributable Partnership income or loss are subject to examination by federal and state taxing authorities. If such an examination results in changes to distributable Partnership income or loss, the taxable income of the partners would be adjusted accordingly. Primarily due to its tax status as a partnership, the Partnership has no significant tax uncertainties that require recognition or disclosure. The Partnership is no longer subject to U.S. federal income tax examinations for tax years before 2019, and with few exceptions, is no longer subject to state tax examinations for tax years before 2019. Revenue Recognition The Partnership's real estate is leased under net leases, classified as operating leases. The leases provide for base annual rental payments payable in monthly installments. The Partnership recognizes rental income according to the terms of the individual leases. For deferred rents, the Partnership recognizes the deferred rent related to the month it applies and records a rental receivable. For leases that contain stated rental increases, the increases are recognized in the year in which they are effective. Contingent rental payments are recognized when the contingencies on which the payments are based are satisfied and the rental payments become due under the terms of the leases. Real Estate Investments Upon acquisition of real properties, the Partnership records them in the financial statements at cost. The purchase price is allocated to tangible assets, consisting of land and building, and to identified intangible assets and liabilities, which may include the value of above market and below market leases and the value of in-place leases. The allocation of the purchase price is based upon the relative fair value of each component of the property. Although independent appraisals may be used to assist in the determination of fair value, in many cases these values will be based upon management’s assessment of each property, the selling prices of comparable properties and the discounted value of cash flows from the asset. The fair values of above market and below market in-place leases will be recorded based on the present value (using an interest rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) an estimate of fair market lease rates for the corresponding in-place leases measured over a period equal to the non-cancelable term of the lease including any bargain renewal periods. The above market and below market lease values will be capitalized as intangible lease assets or liabilities. Above market lease values will be amortized as an adjustment of rental income over the remaining term of the respective leases. Below market lease values will be amortized as an adjustment of rental income over the remaining term of the respective leases, including any bargain renewal periods. If a lease were to be terminated prior to its stated expiration, all unamortized amounts of above market and below market in-place lease values relating to that lease would be recorded as an adjustment to rental income. The fair values of in-place leases will include estimated direct costs associated with obtaining a new tenant, and opportunity costs associated with lost rentals which are avoided by acquiring an in-place lease. Direct costs associated with obtaining a new tenant may include commissions, tenant improvements, and other direct costs and are estimated, in part, by management’s consideration of current market costs to execute a similar lease. These direct costs will be included in intangible lease assets on the balance sheet and will be amortized to expense over the remaining term of the respective leases. The value of opportunity costs will be calculated using the contractual amounts to be paid pursuant to the in-place leases over a market absorption period for a similar lease. These intangibles will be included in intangible lease assets on the balance sheet and will be amortized to expense over the remaining term of the respective leases. If a lease were to be terminated prior to its stated expiration, all unamortized amounts of in-place lease assets relating to that lease would be expensed. The Partnership tests real estate for recoverability when events or changes in circumstances indicate that the carrying value may not be recoverable. For properties the Partnership will hold and operate, it compares the carrying amount of the property to the estimated probability-weighted future undiscounted cash flows expected to result from the property and its eventual disposition. If the sum of the expected future cash flows is less than the carrying amount of the property, the Partnership recognizes an impairment loss equal to the amount by which the carrying amount of the property exceeds the fair value of the property. For properties held for sale, the Partnership determines whether impairment has occurred by comparing the property’s estimated fair value less cost to sell to its current carrying value. If the carrying value is greater than the net realizable value, an impairment loss is recorded to reduce the carrying value of the property to its net realizable value. For financial reporting purposes, the buildings owned by the Partnership are depreciated using the straight-line method over an estimated useful life of 25 years. Intangible lease assets are amortized using the straight-line method for financial reporting purposes based on the remaining life of the lease. The disposition of a property or classification of a property as Real Estate Held for Sale by the Partnership does not represent a strategic shift that will have a major effect on the Partnership’s operations and financial results. Therefore, the results from operating and selling the property are included in continuing operations. The Partnership accounts for properties owned as tenants-in-common with affiliated entities and/or unrelated third parties using the proportionate consolidation method. Each tenant-in-common owns a separate, undivided interest in the properties. Any tenant-in-common that holds more than a 50% interest does not control decisions over the other tenant-in-common interests. The financial statements reflect only this Partnership's percentage share of the properties, land, building, intangible assets, liabilities, revenues and expenses. The Partnership's properties are subject to environmental laws and regulations adopted by various governmental entities in the jurisdiction in which the properties are located. These laws could require the Partnership to investigate and remediate the effects of the release or disposal of hazardous materials at these locations if found. For each property, an environmental assessment is completed prior to acquisition. In addition, the lease agreements typically strictly prohibit the production, handling, or storage of hazardous materials (except where incidental to the tenant’s business such as use of cleaning supplies) in violation of applicable law to restrict environmental and other damage. Environmental liabilities are recorded when it is determined the liability is probable and the costs can reasonably be estimated. There were no environmental issues noted or liabilities recorded at December 31, 2022 and 2021. Fair Value Measurements As of December 31, 2022 and 2021, the Partnership had no assets or liabilities measured at fair value on a recurring basis or nonrecurring basis. Income Per Unit Income per Limited Partnership Unit is calculated based on the weighted average number of Limited Partnership Units outstanding during each period presented. Diluted income per Limited Partnership Unit considers the effect of any potentially dilutive Unit equivalents, of which the Partnership had none for each of the years ended December 31, 2022 and 2021. Reportable Segments The Partnership invests in single tenant commercial properties throughout the United States that are net leased to tenants in various industries. Because these net leased properties have similar economic characteristics, the Partnership evaluates operating performance on an overall portfolio basis. Therefore, the Partnership’s properties are classified as one reportable segment. Recently Adopted Accounting Pronouncements Other accounting standards that have been issued or proposed by the Financial Accounting Standards Board 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. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2022 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | (3) Related Party Transactions – The Partnership owns the percentage interest shown below in the following properties as tenants-in-common with the affiliated entities listed: Advance Auto Parts store in Indianapolis, Indiana (65% – AEI Income & Growth Fund 25 LLC) and Talecris Plasma Facility in Dallas, Texas (50% – AEI Income & Growth Fund 25 LLC). AEI received the following reimbursements for costs and expenses from the Partnership for the years ended December 31: 2022 2021 a. AEI is reimbursed for costs incurred in providing services related to managing the Partnership's operations and properties, maintaining the Partnership's books, and communicating with the Limited Partners. $ 109,723 $ 113,025 b. AEI is reimbursed for all direct expenses it paid on the Partnership's behalf to third parties related to Partnership administration and property management. These expenses included printing costs, legal and filing fees, direct administrative costs, outside audit costs, taxes, insurance and other property costs. $ 59,054 $ 57,731 c. AEI is reimbursed for costs incurred in providing services and direct expenses related to the acquisition of property on behalf of the Partnership. $ 51,009 $ 0 d. AEI is reimbursed for costs incurred in providing services related to the sale of property on behalf of the Partnership. $ 10,308 $ 0 The payable to AEI Fund Management, Inc. represents the balance due for the services described in 3a, b, c and d. This balance is non-interest bearing and unsecured and is to be paid in the normal course of business. |
Real Estate Investments
Real Estate Investments | 12 Months Ended |
Dec. 31, 2022 | |
Real Estate [Abstract] | |
Real Estate Disclosure [Text Block] | (4) Real Estate Investments – The Partnership leases its properties to tenants under net leases, classified as operating leases. Under a net lease, the tenant is responsible for real estate taxes, insurance, maintenance, repairs and operating expenses for the property. For some leases, the Partnership is responsible for repairs to the structural components of the building, the roof, and the parking lot. At the time the properties were acquired, the remaining primary lease terms varied from 8 to 20 years, except for the DaVita facility in Hempstead, Texas, which had a remaining primary term of 7.75 years. The leases provide the tenants with two to five five-year renewal options subject to the same terms and conditions as the primary term, except for the Talecris Plasma Facility in Dallas, Texas which has one ten-year renewal option. The lease for the Advance Auto Parts store in Indianapolis, Indiana was extended to end on April 30, 2025. The Partnership's properties are commercial, single-tenant buildings. The Advance Auto Parts store in Indianapolis, Indiana was constructed in 2005 and acquired in 2006. The St. Vincent Medical Clinic in Lonoke, Arkansas was constructed in 2010 and acquired in 2013. The Talecris Plasma Facility in Dallas, Texas was constructed in 2008 and acquired in 2020. The DaVita facility in Hempstead, Texas was constructed in 2015 and acquired in 2022. There have been no costs capitalized as improvements subsequent to the acquisitions. The cost of the properties not held for sale and related accumulated depreciation at December 31, 2022 are as follows: Property Land Buildings Total Accumulated Depreciation Advance Auto Parts, Indianapolis, IN $ 537,914 $ 706,259 $ 1,244,173 $ 453,190 DaVita, Hempstead, TX 629,728 2,069,828 2,699,556 20,698 St. Vincent Medical Clinic, Lonoke, AR 170,000 898,523 1,068,523 342,930 Talecris Plasma Facility, Dallas, TX 585,423 1,707,998 2,293,421 165,107 $ 1,923,065 $ 5,382,608 $ 7,305,673 $ 981,925 For the years ended December 31, 2022 and 2021, the Partnership recognized depreciation expense of $169,896 and $221,752, respectively. The following schedule presents the cost and related accumulated amortization of acquired lease intangibles not held for sale at December 31: 2022 2021 Cost Accumulated Amortization Cost Accumulated Amortization In-Place Lease Intangibles (weighted average life of 62 and 46 months, respectively) $ 738,140 $ 259,466 $ 581,378 $ 315,120 Above-Market Lease Intangibles (weighted average life of 34 and 38 months, respectively) 677,719 449,858 599,981 385,082 Acquired Intangible Lease Assets $ 1,415,859 $ 709,324 $ 1,181,359 $ 700,202 For the years ended December 31, 2022 and 2021, the value of in-place lease intangibles amortized to expense was $61,298 and $52,468 and the decrease to rental income for above-market leases was $64,776 and $62,268, respectively. For lease intangibles not held for sale at December 31, 2022, the estimated amortization for the next five years is as follows: Amortization Expense for In-Place Lease Intangibles Decrease to Rental Income for Above-Market Leases 2023 $ 84,896 $ 65,388 2024 70,506 30,875 2025 70,506 30,875 2026 70,506 30,875 2027 70,506 30,875 $ 366,920 $ 188,888 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, Texas for $3,051,009. 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. For properties owned as of December 31, 2022, the minimum future rent payments required by the leases are as follows: 2023 $ 610,413 2024 464,973 2025 425,537 2026 413,568 2027 419,962 Thereafter 650,329 $ 2,984,782 There were no contingent rents recognized in 2022 and 2021. |
Major Tenants
Major Tenants | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Major Customers, Policy [Policy Text Block] | (5) Major Tenants – The following schedule presents rental income from individual tenants, or affiliated groups of tenants, who each contributed more than ten percent of the Partnership's total rental income for the years ended December 31: Tenants Industry 2022 2021 Best Buy Stores, L.P. Retail $ 0 $ 129,395 Bollinger Dialysis, LLC Medical 47,093 0 St. Vincent Health System Medical 131,197 126,169 Talecris Plasma Resources, Inc. Medical 174,208 168,527 Advance Stores Company Retail 81,861 81,861 Aggregate rental income of major tenants $ 434,359 $ 505,952 Aggregate rental income of major tenants as a percentage of total rental income 93% 99% |
Partners' Capital
Partners' Capital | 12 Months Ended |
Dec. 31, 2022 | |
Partners' Capital Notes [Abstract] | |
Partners' Capital Notes Disclosure [Text Block] | (6) Partners’ Capital – For the years ended December 31, 2022 and 2021, the Partnership declared distributions of $417,108 and $428,975, respectively. The Limited Partners were allocated distributions of $404,595 and $416,106 and the General Partners were allocated distributions of $12,513 and $12,869 for the years ended December 31, 2022 and 2021, respectively. The Limited Partners' distributions represented $34.21 and $33.71 per Limited Partnership Unit outstanding using 11,828 and 12,342 weighted average Units in 2022 and 2021, respectively. The distributions represented $34.21 and $5.28 per Unit of Net Income and $0 and $28.43 per Unit of return of capital in 2022 and 2021, respectively. The Partnership may repurchase Units from Limited Partners who have tendered their Units to the Partnership. Such Units may be acquired at a discount. The Partnership will not be obligated to purchase in any year any number of Units that, when aggregated with all other transfers of Units that have occurred since the beginning of the same calendar year (excluding Permitted Transfers as defined in the Partnership Agreement), would exceed 5% of the total number of Units outstanding on January 1 of such year. In no event shall the Partnership be obligated to purchase Units if, in the sole discretion of the Managing General Partner, such purchase would impair the capital or operation of the Partnership. During 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. During 2021, the Partnership repurchased a total of 628.55 Units for $467,790 from 38 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 $4,725 in 2022 and 2021, respectively. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | (7) Income Taxes – The following is a reconciliation of net income for financial reporting purposes to income reported for federal income tax purposes for the years ended December 31: 2022 2021 Net Income for Financial Reporting Purposes $ 598,495 $ 67,186 Depreciation for Tax Purposes Under Depreciation and Amortization for Financial Reporting Purposes 128,836 138,833 Income Accrued for Tax Purposes Under Income for Financial Reporting Purposes 14,743 0 Gain on Sale of Real Estate for Tax Purposes Under Gain for Financial Reporting Purposes (384,809) 0 Taxable Income to Partners $ 357,265 $ 206,019 The following is a reconciliation of Partners' capital for financial reporting purposes to Partners' capital reported for federal income tax purposes for the years ended December 31: 2022 2021 Partners' Capital for Financial Reporting Purposes $ 7,086,741 $ 7,140,177 Adjusted Tax Basis of Investments in Real Estate Over Net Investments in Real Estate for Financial Reporting Purposes 850,487 1,091,717 Syndication Costs Treated as Reduction of Capital For Financial Reporting Purposes 2,418,726 2,418,726 Partners' Capital for Tax Reporting Purposes $ 10,355,954 $ 10,650,620 |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Distribution Policy, Members or Limited Partners, Description | During operations, any Net Cash Flow, as defined, which the General Partners determine to distribute will be distributed 97% to the Limited Partners and 3% to the General Partners. Distributions to Limited Partners will be made pro rata by Units. Any Net Proceeds of Sale, as defined, from the sale or financing of properties which the General Partners determine to distribute will, after provisions for debts and reserves, be paid in the following manner: (i) first, 99% to the Limited Partners and 1% to the General Partners until the Limited Partners receive an amount equal to: (a) their Adjusted Capital Contribution plus (b) an amount equal to 9% of their Adjusted Capital Contribution per annum, cumulative but not compounded, to the extent not previously distributed from Net Cash Flow; (ii) any remaining balance will be distributed 90% to the Limited Partners and 10% to the General Partners. Distributions to the Limited Partners will be made pro rata by Units. |
Key Provisions of Operating or Partnership Agreement, Description | For tax purposes, profits from operations, other than profits attributable to the sale, exchange, financing, refinancing or other disposition of property, will be allocated first in the same ratio in which, and to the extent, Net Cash Flow is distributed to the Partners for such year. Any additional profits will be allocated in the same ratio as the last dollar of Net Cash Flow is distributed. Net losses from operations will be allocated 99% to the Limited Partners and 1% to the General Partners. For tax purposes, profits arising from the sale, financing, or other disposition of property will be allocated in accordance with the Partnership Agreement as follows: (i) first, to those partners with deficit balances in their capital accounts in an amount equal to the sum of such deficit balances; (ii) second, 99% to the Limited Partners and 1% to the General Partners until the aggregate balance in the Limited Partners' capital accounts equals the sum of the Limited Partners' Adjusted Capital Contributions plus an amount equal to 9% of their Adjusted Capital Contributions per annum, cumulative but not compounded, to the extent not previously allocated; (iii) third, the balance of any remaining gain will then be allocated 90% to the Limited Partners and 10% to the General Partners. Losses will be allocated 98% to the Limited Partners and 2% to the General Partners. The General Partners are not required to currently fund a deficit capital balance. Upon liquidation of the Partnership or withdrawal by a General Partner, the General Partners will contribute to the Partnership an amount equal to the lesser of the deficit balances in their capital accounts or 1% of total Limited Partners' and General Partners' capital contributions |
Basis of Accounting, Policy [Policy Text Block] | The accounts of the Partnership are maintained on the accrual basis of accounting for both federal income tax purposes and financial reporting purposes. |
Use of Estimates, Policy [Policy Text Block] | Management uses estimates and assumptions in preparing these financial statements in accordance with United States Generally Accepted Accounting Principles (US GAAP). Those estimates and assumptions may affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, and the reported revenues and expenses. Actual results could differ from those estimates, and the difference could be material. Significant items, subject to such estimates and assumptions, include the carrying value of real estate held for investment, real estate held for sale and the allocation of purchase price of real estate assets and intangible assets. The Partnership regularly assesses whether market events and conditions indicate that it is reasonably possible to recover the carrying amounts of its investments in real estate from future operations and sales. A change in those market events and conditions could have a material effect on the carrying amount of its real estate. |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | The Partnership's cash is deposited in one financial institution and at times during the year it may exceed FDIC insurance limits. |
Receivable [Policy Text Block] | Credit terms are extended to tenants in the normal course of business. The Partnership performs ongoing credit evaluations of its customers’ financial condition and, generally, requires no collateral. |
Income Tax, Policy [Policy Text Block] | The income or loss of the Partnership for federal income tax reporting purposes is includable in the income tax returns of the partners. In general, no recognition has been given to income taxes in the accompanying financial statements. The tax return and the amount of distributable Partnership income or loss are subject to examination by federal and state taxing authorities. If such an examination results in changes to distributable Partnership income or loss, the taxable income of the partners would be adjusted accordingly. Primarily due to its tax status as a partnership, the Partnership has no significant tax uncertainties that require recognition or disclosure. The Partnership is no longer subject to U.S. federal income tax examinations for tax years before 2019, and with few exceptions, is no longer subject to state tax examinations for tax years before 2019. |
Revenue Recognition, Leases [Policy Text Block] | The Partnership's real estate is leased under net leases, classified as operating leases. The leases provide for base annual rental payments payable in monthly installments. The Partnership recognizes rental income according to the terms of the individual leases. For deferred rents, the Partnership recognizes the deferred rent related to the month it applies and records a rental receivable. For leases that contain stated rental increases, the increases are recognized in the year in which they are effective. Contingent rental payments are recognized when the contingencies on which the payments are based are satisfied and the rental payments become due under the terms of the leases. |
Property, Plant and Equipment, Policy [Policy Text Block] | Upon acquisition of real properties, the Partnership records them in the financial statements at cost. The purchase price is allocated to tangible assets, consisting of land and building, and to identified intangible assets and liabilities, which may include the value of above market and below market leases and the value of in-place leases. The allocation of the purchase price is based upon the relative fair value of each component of the property. Although independent appraisals may be used to assist in the determination of fair value, in many cases these values will be based upon management’s assessment of each property, the selling prices of comparable properties and the discounted value of cash flows from the asset. The fair values of above market and below market in-place leases will be recorded based on the present value (using an interest rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) an estimate of fair market lease rates for the corresponding in-place leases measured over a period equal to the non-cancelable term of the lease including any bargain renewal periods. The above market and below market lease values will be capitalized as intangible lease assets or liabilities. Above market lease values will be amortized as an adjustment of rental income over the remaining term of the respective leases. Below market lease values will be amortized as an adjustment of rental income over the remaining term of the respective leases, including any bargain renewal periods. If a lease were to be terminated prior to its stated expiration, all unamortized amounts of above market and below market in-place lease values relating to that lease would be recorded as an adjustment to rental income. The fair values of in-place leases will include estimated direct costs associated with obtaining a new tenant, and opportunity costs associated with lost rentals which are avoided by acquiring an in-place lease. Direct costs associated with obtaining a new tenant may include commissions, tenant improvements, and other direct costs and are estimated, in part, by management’s consideration of current market costs to execute a similar lease. These direct costs will be included in intangible lease assets on the balance sheet and will be amortized to expense over the remaining term of the respective leases. The value of opportunity costs will be calculated using the contractual amounts to be paid pursuant to the in-place leases over a market absorption period for a similar lease. These intangibles will be included in intangible lease assets on the balance sheet and will be amortized to expense over the remaining term of the respective leases. If a lease were to be terminated prior to its stated expiration, all unamortized amounts of in-place lease assets relating to that lease would be expensed. The Partnership tests real estate for recoverability when events or changes in circumstances indicate that the carrying value may not be recoverable. For properties the Partnership will hold and operate, it compares the carrying amount of the property to the estimated probability-weighted future undiscounted cash flows expected to result from the property and its eventual disposition. If the sum of the expected future cash flows is less than the carrying amount of the property, the Partnership recognizes an impairment loss equal to the amount by which the carrying amount of the property exceeds the fair value of the property. For properties held for sale, the Partnership determines whether impairment has occurred by comparing the property’s estimated fair value less cost to sell to its current carrying value. If the carrying value is greater than the net realizable value, an impairment loss is recorded to reduce the carrying value of the property to its net realizable value. For financial reporting purposes, the buildings owned by the Partnership are depreciated using the straight-line method over an estimated useful life of 25 years. Intangible lease assets are amortized using the straight-line method for financial reporting purposes based on the remaining life of the lease. The disposition of a property or classification of a property as Real Estate Held for Sale by the Partnership does not represent a strategic shift that will have a major effect on the Partnership’s operations and financial results. Therefore, the results from operating and selling the property are included in continuing operations. The Partnership accounts for properties owned as tenants-in-common with affiliated entities and/or unrelated third parties using the proportionate consolidation method. Each tenant-in-common owns a separate, undivided interest in the properties. Any tenant-in-common that holds more than a 50% interest does not control decisions over the other tenant-in-common interests. The financial statements reflect only this Partnership's percentage share of the properties, land, building, intangible assets, liabilities, revenues and expenses. The Partnership's properties are subject to environmental laws and regulations adopted by various governmental entities in the jurisdiction in which the properties are located. These laws could require the Partnership to investigate and remediate the effects of the release or disposal of hazardous materials at these locations if found. For each property, an environmental assessment is completed prior to acquisition. In addition, the lease agreements typically strictly prohibit the production, handling, or storage of hazardous materials (except where incidental to the tenant’s business such as use of cleaning supplies) in violation of applicable law to restrict environmental and other damage. Environmental liabilities are recorded when it is determined the liability is probable and the costs can reasonably be estimated. There were no environmental issues noted or liabilities recorded at December 31, 2022 and 2021. |
Fair Value of Financial Instruments, Policy [Policy Text Block] | As of December 31, 2022 and 2021, the Partnership had no assets or liabilities measured at fair value on a recurring basis or nonrecurring basis. |
Earnings Per Share, Policy [Policy Text Block] | Income per Limited Partnership Unit is calculated based on the weighted average number of Limited Partnership Units outstanding during each period presented. Diluted income per Limited Partnership Unit considers the effect of any potentially dilutive Unit equivalents, of which the Partnership had none for each of the years ended December 31, 2022 and 2021 |
Segment Reporting, Policy [Policy Text Block] | The Partnership invests in single tenant commercial properties throughout the United States that are net leased to tenants in various industries. Because these net leased properties have similar economic characteristics, the Partnership evaluates operating performance on an overall portfolio basis. Therefore, the Partnership’s properties are classified as one reportable segment |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions [Table Text Block] | Related Party Transactions 2022 2021 a. AEI is reimbursed for costs incurred in providing services related to managing the Partnership's operations and properties, maintaining the Partnership's books, and communicating with the Limited Partners. $ 109,723 $ 113,025 b. AEI is reimbursed for all direct expenses it paid on the Partnership's behalf to third parties related to Partnership administration and property management. These expenses included printing costs, legal and filing fees, direct administrative costs, outside audit costs, taxes, insurance and other property costs. $ 59,054 $ 57,731 c. AEI is reimbursed for costs incurred in providing services and direct expenses related to the acquisition of property on behalf of the Partnership. $ 51,009 $ 0 d. AEI is reimbursed for costs incurred in providing services related to the sale of property on behalf of the Partnership. $ 10,308 $ 0 |
Real Estate Investments (Tables
Real Estate Investments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Real Estate [Abstract] | |
Property, Plant and Equipment [Table Text Block] | properties not held for sale Property Land Buildings Total Accumulated Depreciation Advance Auto Parts, Indianapolis, IN $ 537,914 $ 706,259 $ 1,244,173 $ 453,190 DaVita, Hempstead, TX 629,728 2,069,828 2,699,556 20,698 St. Vincent Medical Clinic, Lonoke, AR 170,000 898,523 1,068,523 342,930 Talecris Plasma Facility, Dallas, TX 585,423 1,707,998 2,293,421 165,107 $ 1,923,065 $ 5,382,608 $ 7,305,673 $ 981,925 |
Schedule of Acquired Finite-Lived Intangible Assets by Major Class [Table Text Block] | acquired lease intangibles not held for sale 2022 2021 Cost Accumulated Amortization Cost Accumulated Amortization In-Place Lease Intangibles (weighted average life of 62 and 46 months, respectively) $ 738,140 $ 259,466 $ 581,378 $ 315,120 Above-Market Lease Intangibles (weighted average life of 34 and 38 months, respectively) 677,719 449,858 599,981 385,082 Acquired Intangible Lease Assets $ 1,415,859 $ 709,324 $ 1,181,359 $ 700,202 |
Finite-Lived Intangible Assets Amortization Expense [Table Text Block] | estimated amortization Amortization Expense for In-Place Lease Intangibles Decrease to Rental Income for Above-Market Leases 2023 $ 84,896 $ 65,388 2024 70,506 30,875 2025 70,506 30,875 2026 70,506 30,875 2027 70,506 30,875 $ 366,920 $ 188,888 |
Schedule of Future Minimum Rent | minimum future rent payment 2023 $ 610,413 2024 464,973 2025 425,537 2026 413,568 2027 419,962 Thereafter 650,329 $ 2,984,782 |
Major Tenants (Tables)
Major Tenants (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Schedule of Revenue by Major Customers by Reporting Segments [Table Text Block] | Major Tenants Tenants Industry 2022 2021 Best Buy Stores, L.P. Retail $ 0 $ 129,395 Bollinger Dialysis, LLC Medical 47,093 0 St. Vincent Health System Medical 131,197 126,169 Talecris Plasma Resources, Inc. Medical 174,208 168,527 Advance Stores Company Retail 81,861 81,861 Aggregate rental income of major tenants $ 434,359 $ 505,952 Aggregate rental income of major tenants as a percentage of total rental income 93% 99% |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Schedule Of GAAP To Federal Taxable Income | reconciliation of net income for financial reporting 2022 2021 Net Income for Financial Reporting Purposes $ 598,495 $ 67,186 Depreciation for Tax Purposes Under Depreciation and Amortization for Financial Reporting Purposes 128,836 138,833 Income Accrued for Tax Purposes Under Income for Financial Reporting Purposes 14,743 0 Gain on Sale of Real Estate for Tax Purposes Under Gain for Financial Reporting Purposes (384,809) 0 Taxable Income to Partners $ 357,265 $ 206,019 |
Schedule Of GAAP To Federal Tax Basis | reconciliation of Partners' capital for financial reporting 2022 2021 Partners' Capital for Financial Reporting Purposes $ 7,086,741 $ 7,140,177 Adjusted Tax Basis of Investments in Real Estate Over Net Investments in Real Estate for Financial Reporting Purposes 850,487 1,091,717 Syndication Costs Treated as Reduction of Capital For Financial Reporting Purposes 2,418,726 2,418,726 Partners' Capital for Tax Reporting Purposes $ 10,355,954 $ 10,650,620 |
Organization (Details)
Organization (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Jan. 09, 1999 | May 01, 1997 |
Limited Partner [Member] | |||||
Organization (Details) [Line Items] | |||||
Capital Units, Value | $ 1,000 | ||||
Limited Partners' Capital Account, Units Outstanding (in Shares) | 11,749.37 | 12,063.23 | 12,691.78 | 16,917.222 | 1,500 |
Limited Partners' Contributed Capital | $ 16,917,222 | $ 1,500,000 | |||
General Partner [Member] | |||||
Organization (Details) [Line Items] | |||||
General Partners' Contributed Capital | $ 1,000 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements, Policy [Policy Text Block] | Other accounting standards that have been issued or proposed by the Financial Accounting Standards Board 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 |
Related Party Transactions (Det
Related Party Transactions (Details) - Related Party Transactions - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Related Party Transactions [Abstract] | ||
a. | $ 109,723 | $ 113,025 |
b. | 59,054 | 57,731 |
c. | 51,009 | 0 |
d. | $ 10,308 | $ 0 |
Real Estate Investments (Detail
Real Estate Investments (Details) - USD ($) | 12 Months Ended | |||||
Sep. 22, 2022 | Jun. 30, 2022 | Mar. 29, 2022 | Jun. 01, 2019 | Dec. 31, 2022 | Dec. 31, 2021 | |
Real Estate Investments (Details) [Line Items] | ||||||
Depreciation, Nonproduction | $ 169,896 | $ 221,752 | ||||
Gain (Loss) on Disposition of Assets | 524,668 | 0 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | 981,925 | |||||
Payments to Acquire Real Estate | $ 3,051,009 | 3,051,009 | 0 | |||
Tractor Supply Grand Forks ND | ||||||
Real Estate Investments (Details) [Line Items] | ||||||
Average Lease Term | The leases provide the tenants with two to five five-year renewal options subject to the same terms and conditions as the primary term, except for the Talecris Plasma Facility in Dallas, Texas which has one ten-year renewal option. | |||||
Best Buy Lake Geneva WI | ||||||
Real Estate Investments (Details) [Line Items] | ||||||
Disposal Date | Mar. 29, 2022 | |||||
Proceeds from Sale of Real Estate | $ 1,438,654 | |||||
Gain (Loss) on Disposition of Assets | 319,006 | |||||
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 | |||||
Staples Clermont FL | ||||||
Real Estate Investments (Details) [Line Items] | ||||||
Disposal Date | Jun. 30, 2022 | |||||
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] | ||||||
Amortization of Intangible Assets | 61,298 | 52,468 | ||||
Finite-Lived Intangible Asset, Acquired-in-Place Leases | 738,140 | 581,378 | ||||
Above Market Leases [Member] | ||||||
Real Estate Investments (Details) [Line Items] | ||||||
Amortization of above and below Market Leases | 64,776 | 62,268 | ||||
Finite-Lived Intangible Asset, off-Market Lease, Favorable, Gross | $ 677,719 | $ 599,981 | ||||
Talecris Dallas TX | ||||||
Real Estate Investments (Details) [Line Items] | ||||||
Average Lease Term | 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) | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 182,209 | |||||
Talecris Dallas TX | Leases, Acquired-in-Place [Member] | ||||||
Real Estate Investments (Details) [Line Items] | ||||||
Finite-Lived Intangible Asset, Acquired-in-Place Leases | 273,715 | |||||
Talecris Dallas TX | Above Market Leases [Member] | ||||||
Real Estate Investments (Details) [Line Items] | ||||||
Finite-Lived Intangible Asset, off-Market Lease, Favorable, Gross | $ 77,738 |
Real Estate Investments (Detai
Real Estate Investments (Details) - Real Estate Held for Investment | Dec. 31, 2022 USD ($) |
Property, Plant and Equipment [Line Items] | |
Land | $ 1,923,065 |
Buildings | 5,382,608 |
Total | 7,305,673 |
Accumulated Depreciation | 981,925 |
Advance Auto Parts Indianapolis IN | |
Property, Plant and Equipment [Line Items] | |
Land | 537,914 |
Buildings | 706,259 |
Total | 1,244,173 |
Accumulated Depreciation | 453,190 |
Davita Hempstead TX | |
Property, Plant and Equipment [Line Items] | |
Land | 629,728 |
Buildings | 2,069,828 |
Total | 2,699,556 |
Accumulated Depreciation | 20,698 |
St Vincent Lonoke AR | |
Property, Plant and Equipment [Line Items] | |
Land | 170,000 |
Buildings | 898,523 |
Total | 1,068,523 |
Accumulated Depreciation | 342,930 |
Talecris Dallas TX | |
Property, Plant and Equipment [Line Items] | |
Land | 585,423 |
Buildings | 1,707,998 |
Total | 2,293,421 |
Accumulated Depreciation | $ 165,107 |
Real Estate Investments (Det_2
Real Estate Investments (Details) - Acquired Lease Intangibles - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Cost | $ 1,415,859 | $ 1,181,359 |
Leases, Acquired-in-Place [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Cost | 738,140 | 581,378 |
Lease Intangibles Accumulated Amortization | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Accumulated Amortization | 259,466 | 315,120 |
Accumulated Amortization | 449,858 | 385,082 |
Accumulated Amortization | 709,324 | 700,202 |
Above Market Leases [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Cost | $ 677,719 | $ 599,981 |
Real Estate Investments (Det_3
Real Estate Investments (Details) - Acquired Lease Intangibles (Parentheticals) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Leases, Acquired-in-Place [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Weighted average life | 62 months | 46 months |
Above Market Leases [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Weighted average life | 34 months | 38 months |
Real Estate Investments (Det_4
Real Estate Investments (Details) - Estimated Amortization of Lease Intangibles - USD ($) | Dec. 31, 2027 | Dec. 31, 2026 | Dec. 31, 2025 | Dec. 31, 2024 | Dec. 31, 2023 |
Leases, Acquired-in-Place [Member] | |||||
Real Estate Investments (Details) - Estimated Amortization of Lease Intangibles [Line Items] | |||||
Amortization Expense for In-Place Lease Intangibles | $ 84,896 | ||||
Amortization Expense for In-Place Lease Intangibles | $ 70,506 | ||||
Amortization Expense for In-Place Lease Intangibles | $ 70,506 | ||||
Amortization Expense for In-Place Lease Intangibles | $ 70,506 | ||||
Amortization Expense for In-Place Lease Intangibles | $ 70,506 | ||||
Amortization Expense for In-Place Lease Intangibles | 366,920 | ||||
Above Market Leases [Member] | |||||
Real Estate Investments (Details) - Estimated Amortization of Lease Intangibles [Line Items] | |||||
Decrease to Rental Income for Above-Market Leases | $ 65,388 | ||||
Decrease to Rental Income for Above-Market Leases | $ 30,875 | ||||
Decrease to Rental Income for Above-Market Leases | $ 30,875 | ||||
Decrease to Rental Income for Above-Market Leases | $ 30,875 | ||||
Decrease to Rental Income for Above-Market Leases | 30,875 | ||||
Decrease to Rental Income for Above-Market Leases | $ 188,888 |
Real Estate Investments (Det_5
Real Estate Investments (Details) - Future Minimum Payments - USD ($) | Dec. 31, 2027 | Dec. 31, 2026 | Dec. 31, 2025 | Dec. 31, 2024 | Dec. 31, 2023 |
Future Minimum Payments Abstract | |||||
2023 | $ 610,413 | ||||
2024 | $ 464,973 | ||||
2025 | $ 425,537 | ||||
2026 | $ 413,568 | ||||
2027 | $ 419,962 | ||||
Thereafter | 650,329 | ||||
$ 2,984,782 |
Major Tenants (Details) - Major
Major Tenants (Details) - Major Tenants - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Revenue, Major Customer [Line Items] | ||
Major Tenants | $ 434,359 | $ 505,952 |
Aggregate rental income of major tenants as a percentage of total rental income | 93% | 99% |
Best Buy Stores LP | ||
Revenue, Major Customer [Line Items] | ||
Major Tenants | $ 0 | $ 129,395 |
Bollinger Dialysis, LLC | ||
Revenue, Major Customer [Line Items] | ||
Major Tenants | 47,093 | 0 |
St. Vincent Health System | ||
Revenue, Major Customer [Line Items] | ||
Major Tenants | 131,197 | 126,169 |
Talecris Plasma Resources Inc | ||
Revenue, Major Customer [Line Items] | ||
Major Tenants | 174,208 | 168,527 |
Advance Stores Company | ||
Revenue, Major Customer [Line Items] | ||
Major Tenants | $ 81,861 | $ 81,861 |
Partners' Capital (Details)
Partners' Capital (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Partners' Capital (Details) [Line Items] | ||
Distribution Made to Limited Partner, Cash Distributions Declared | $ 417,108 | $ 428,975 |
Partners' Capital, Distribution Amount Per Share (in Dollars per share) | $ 0 | $ 28.43 |
Partners' Capital Account, Redemptions | $ 234,823 | $ 472,515 |
Limited Partner [Member] | ||
Partners' Capital (Details) [Line Items] | ||
Distribution Made to Limited Partner, Cash Distributions Declared | $ 404,595 | $ 416,106 |
Distribution Made to Limited Partner, Distributions Declared, Per Unit (in Dollars per share) | $ 34.21 | $ 33.71 |
Weighted Average Limited Partnership Units Outstanding, Basic (in Shares) | 11,828 | 12,342 |
DistributionsPerUnitOfNetIncome (in Dollars per Share) | 34.21 | 5.28 |
Partners' Capital Account, Units, Redeemed (in Shares) | 313.86 | 628.55 |
Partners' Capital Account, Redemptions | $ 232,475 | $ 467,790 |
General Partner [Member] | ||
Partners' Capital (Details) [Line Items] | ||
Distribution Made to Limited Partner, Cash Distributions Declared | 12,513 | 12,869 |
Partners' Capital Account, Redemptions | $ 2,348 | $ 4,725 |
Income Taxes (Details) - Federa
Income Taxes (Details) - Federal Taxable Income Reconciliation - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Federal Taxable Income Reconciliation Abstract | ||
Net Income for Financial Reporting Purposes | $ 598,495 | $ 67,186 |
Depreciation for Tax Purposes Under Depreciation and Amortization for Financial Reporting Purposes | 128,836 | 138,833 |
Income Accrued for Tax Purposes Under Income for Financial Reporting Purposes | 14,743 | 0 |
Gain on Sale of Real Estate for Tax Purposes Under Gain for Financial Reporting Purposes | (384,809) | 0 |
Taxable Income to Partners | $ 357,265 | $ 206,019 |
Income Taxes (Details) - Fede_2
Income Taxes (Details) - Federal Tax Partners' Capital - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Federal Tax Partners Capital Abstract | ||
Partners' Capital for Financial Reporting Purposes | $ 7,086,741 | $ 7,140,177 |
Adjusted Tax Basis of Investments in Real Estate Over Net Investments in Real Estate for Financial Reporting Purposes | 850,487 | 1,091,717 |
Syndication Costs Treated as Reduction of Capital For Financial Reporting Purposes | 2,418,726 | 2,418,726 |
Partners' Capital for Tax Reporting Purposes | $ 10,355,954 | $ 10,650,620 |