Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2024 | Jul. 31, 2024 | |
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 | Jun. 30, 2024 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q2 | |
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 | |
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 ($) | Jun. 30, 2024 | Dec. 31, 2023 |
Current Assets: | ||
Cash | $ 200,093 | $ 273,604 |
Real Estate Investments: | ||
Land | 1,914,315 | 1,914,315 |
Buildings | 5,356,358 | 5,356,358 |
Acquired Intangible Lease Assets | 1,415,859 | 1,415,859 |
Real Estate Held for Investment, at Cost | 8,686,532 | 8,686,532 |
Accumulated Depreciation and Amortization | (2,214,654) | (2,056,836) |
Real Estate Held for Investment, Net | 6,471,878 | 6,629,696 |
Total Assets | 6,671,971 | 6,903,300 |
Current Liabilities: | ||
Payable to AEI Fund Management, Inc. | 37,181 | 67,322 |
Distributions Payable | 69,220 | 103,813 |
Unearned Rent | 22,006 | 15,184 |
Total Current Liabilities | 128,407 | 186,319 |
Partners’ Capital: | ||
General Partners | (10,008) | (5,504) |
Limited Partners – 24,000 Units authorized; 11,749.37 Units issued and outstanding as of 6/30/2024 and 12/31/2023 | 6,553,572 | 6,722,485 |
Total Partners' Capital | 6,543,564 | 6,716,981 |
Total Liabilities and Partners' Capital | $ 6,671,971 | $ 6,903,300 |
Balance Sheet (Parentheticals)
Balance Sheet (Parentheticals) - Limited Partner [Member] - shares | Jun. 30, 2024 | Dec. 31, 2023 |
Limited Partners, units authorized | 24,000 | 24,000 |
Limited Partners, units issued | 11,749.37 | 11,749.37 |
Limited Partners, units outstanding | 11,749.37 | 11,749.37 |
Statement of Income
Statement of Income - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Income Statement [Abstract] | ||||
Rental Income | $ 109,520 | $ 141,899 | $ 219,039 | $ 283,801 |
Expenses: | ||||
Partnership Administration – Affiliates | 31,277 | 29,939 | 64,804 | 60,006 |
Partnership Administration and Property Management – Unrelated Parties | 30,797 | 2,030 | 49,543 | 21,324 |
Depreciation and Amortization | 71,192 | 75,777 | 142,381 | 151,545 |
Total Expenses | 133,266 | 107,746 | 256,728 | 232,875 |
Operating Income (Loss) | (23,746) | 34,153 | (37,689) | 50,926 |
Other Income: | ||||
Interest Income | 1,344 | 1,289 | 2,712 | 2,320 |
Net Income | (22,402) | 35,442 | (34,977) | 53,246 |
Net Income (Loss) Allocated: | ||||
General Partners | 27 | 1,063 | (350) | 1,597 |
Limited Partners | (22,429) | 34,379 | (34,627) | 51,649 |
Net Income | $ (22,402) | $ 35,442 | $ (34,977) | $ 53,246 |
Net Income (Loss) per Limited Partnership Unit (in Dollars per share) | $ (1.91) | $ 2.93 | $ (2.95) | $ 4.4 |
Weighted Average Units Outstanding – Basic and Diluted (in Shares) | 11,749 | 11,749 | 11,749 | 11,749 |
Statement of Cash Flows
Statement of Cash Flows - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Cash Flows from Operating Activities: | ||||||
Net Income (Loss) | $ (22,402) | $ (12,575) | $ 35,442 | $ 17,804 | $ (34,977) | $ 53,246 |
Adjustments to Reconcile Net Income (Loss) To Net Cash Provided by Operating Activities: | ||||||
Depreciation and Amortization | 157,818 | 187,691 | ||||
(Increase) Decrease in Receivables | 0 | 6,822 | ||||
Decrease in Payable to AEI Fund Management, Inc. | (30,141) | (62,102) | ||||
Increase in Unearned Rent | 6,822 | 22,006 | ||||
Total Adjustments | 134,499 | 154,417 | ||||
Net Cash Provided By Operating Activities | 99,522 | 207,663 | ||||
Cash Flows from Financing Activities: | ||||||
Distributions Paid to Partners | (173,033) | (207,626) | ||||
Net Increase (Decrease) in Cash | (73,511) | 37 | ||||
Cash, beginning of period | $ 273,604 | $ 256,165 | 273,604 | 256,165 | ||
Cash, end of period | $ 200,093 | $ 256,202 | $ 200,093 | $ 256,202 |
Statement of Changes in Partner
Statement of Changes in Partners' Capital - USD ($) | General Partner [Member] | Limited Partner [Member] | Total |
Balance at Dec. 31, 2022 | $ 5,050 | $ 7,081,691 | $ 7,086,741 |
Balance (in Shares) at Dec. 31, 2022 | 11,749.37 | ||
Distributions Declared | (3,114) | $ (100,699) | (103,813) |
Net Income | 534 | 17,270 | 17,804 |
Balance at Mar. 31, 2023 | 2,470 | $ 6,998,262 | 7,000,732 |
Balance (in Shares) at Mar. 31, 2023 | 11,749.37 | ||
Balance at Dec. 31, 2022 | 5,050 | $ 7,081,691 | 7,086,741 |
Balance (in Shares) at Dec. 31, 2022 | 11,749.37 | ||
Distributions Declared | (6,228) | $ (207,700) | (213,928) |
Net Income | 53,246 | ||
Balance at Jun. 30, 2023 | 419 | $ 6,925,640 | 6,926,059 |
Balance (in Shares) at Jun. 30, 2023 | 11,749.37 | ||
Balance at Mar. 31, 2023 | 2,470 | $ 6,998,262 | 7,000,732 |
Balance (in Shares) at Mar. 31, 2023 | 11,749.37 | ||
Distributions Declared | (3,114) | $ (107,001) | (110,115) |
Net Income | 1,063 | 34,379 | 35,442 |
Balance at Jun. 30, 2023 | 419 | $ 6,925,640 | 6,926,059 |
Balance (in Shares) at Jun. 30, 2023 | 11,749.37 | ||
Balance at Dec. 31, 2023 | (5,504) | $ 6,722,485 | 6,716,981 |
Balance (in Shares) at Dec. 31, 2023 | 11,749.37 | ||
Distributions Declared | (2,077) | $ (67,143) | (69,220) |
Net Income | (377) | (12,198) | (12,575) |
Balance at Mar. 31, 2024 | (7,958) | $ 6,643,144 | 6,635,186 |
Balance (in Shares) at Mar. 31, 2024 | 11,749.37 | ||
Balance at Dec. 31, 2023 | (5,504) | $ 6,722,485 | 6,716,981 |
Balance (in Shares) at Dec. 31, 2023 | 11,749.37 | ||
Distributions Declared | (4,154) | $ (134,286) | (138,440) |
Net Income | (34,977) | ||
Balance at Jun. 30, 2024 | (10,008) | $ 6,553,572 | 6,543,564 |
Balance (in Shares) at Jun. 30, 2024 | 11,749.37 | ||
Balance at Mar. 31, 2024 | (7,958) | $ 6,643,144 | 6,635,186 |
Balance (in Shares) at Mar. 31, 2024 | 11,749.37 | ||
Distributions Declared | (2,077) | $ (67,143) | (69,220) |
Net Income | 27 | (22,429) | (22,402) |
Balance at Jun. 30, 2024 | $ (10,008) | $ 6,553,572 | $ 6,543,564 |
Balance (in Shares) at Jun. 30, 2024 | 11,749.37 |
Basis of Accounting
Basis of Accounting | 3 Months Ended |
Jun. 30, 2024 | |
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 10‑K. |
Organization
Organization | 6 Months Ended |
Jun. 30, 2024 | |
Accounting Policies [Abstract] | |
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block] | (2) 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 Credit Trust fbo Patricia Johnson 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 | 6 Months Ended |
Jun. 30, 2024 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements, Policy [Policy Text Block] | (3) Recently Adopted Accounting Pronouncements – 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. |
Payable to AEI Fund Management,
Payable to AEI Fund Management, Inc. | 6 Months Ended |
Jun. 30, 2024 | |
Payables and Accruals [Abstract] | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | (4) 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 | 6 Months Ended |
Jun. 30, 2024 | |
Partners' Capital Notes [Abstract] | |
Partners' Capital Notes Disclosure [Text Block] | (5) Partners’ Capital – For the six months ended June 30, 2024 and 2023, the Partnership declared distributions of $138,440 and $213,928, respectively. The Limited Partners were allocated distributions of $134,286 and $207,700 and the General Partners were allocated distributions of $4,154 and $6,228 for the periods ended June 30, 2024 and 2023, respectively. The Limited Partners' declared distributions represented $11.43 and $17.68 per Limited Partnership Unit outstanding using 11,749 weighted average Units in 2024 and 2023, respectively. The declared distributions represented $0 and $4.40 per Unit of Net Income and $11.43 and $13.28 per Unit of return of capital in 2024 and 2023, respectively. During the six months ended June 30, 2024 and 2023, the Partnership did not repurchase any Units from the Limited Partners. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Jun. 30, 2024 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | (6) Fair Value Measurements – As of June 30, 2024, the Partnership had no assets or liabilities measured at fair value on a recurring basis or nonrecurring basis. At December 31, 2023, the Partnership had one property measured on a nonrecurring basis that was recorded at fair value during 2023. The fair value of the St. Vincent Medical Clinic in Lonoke, Arkansas was based upon a non-binding exploratory offer, which is considered a Level 3 input in the valuation hierarchy. A Level 3 input is unobservable and corroborated by little or no market data. |
Partners' Capital (Details)
Partners' Capital (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Partners' Capital (Details) [Line Items] | ||||||
Distribution Made to Limited Partner, Cash Distributions Declared | $ 69,220 | $ 69,220 | $ 110,115 | $ 103,813 | $ 138,440 | $ 213,928 |
Limited Partner [Member] | ||||||
Partners' Capital (Details) [Line Items] | ||||||
Distribution Made to Limited Partner, Cash Distributions Declared | 67,143 | 67,143 | 107,001 | 100,699 | $ 134,286 | $ 207,700 |
Distribution Made to Limited Partner, Distributions Declared, Per Unit | $ 11.43 | $ 17.68 | ||||
Weighted Average Limited Partnership Units Outstanding, Basic | 11,749 | 11,749 | ||||
DistributionsPerUnitOfReturnOfCapital | $ 0 | $ 13.28 | ||||
DistributionsPerUnitOfNetIncome | $ 11.43 | $ 4.4 | ||||
General Partner [Member] | ||||||
Partners' Capital (Details) [Line Items] | ||||||
Distribution Made to Limited Partner, Cash Distributions Declared | $ 2,077 | $ 2,077 | $ 3,114 | $ 3,114 | $ 4,154 | $ 6,228 |