AEI Income & Growth Fund 25 10-Q 12 Nov 15 2015 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information	9 Months Ended
	Sep. 30, 2015USD ($)shares
Document and Entity Information [Abstract]
Entity Registrant Name	AEI Income & Growth Fund 25 LLC
Document Type	10-Q
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding	40,922
Entity Public Float | $	$ 0
Amendment Flag	false
Entity Central Index Key	1,185,198
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Smaller Reporting Company
Entity Well-known Seasoned Issuer	No
Document Period End Date	Sep. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3

Balance Sheet

Balance Sheet - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Current Assets:
Cash	$ 2,004,516	$ 4,182,911
Real Estate Investments:
Land	9,330,921	8,280,921
Buildings	20,225,531	18,740,891
Acquired Intangible Lease Assets	2,327,904	1,405,652
Real Estate Held For Investment, at cost	31,884,356	28,427,464
Accumulated Depreciation and Amortization	6,210,698	5,495,528
Real Estate Held for Investment, Net	25,673,658	22,931,936
Real Estate Held for Sale	650,000	1,776,343
Total Real Estate Investments	26,323,658	24,708,279
Total Assets	28,328,174	28,891,190
Current Liabilities:
Payable to AEI Fund Management, Inc.	106,105	134,238
Distributions Payable	544,949	542,448
Unearned Rent	59,549	15,485
Total Current Liabilities	710,603	692,171
Long-term Liabilities:
Acquired Below-Market Lease Intangibles, Net	90,104	100,241
Members’ Equity:
Managing Members	4,122	13,000
Limited Members – 50,000 Units authorized; 40,922 and 41,122 Units issued and outstanding as of 9/30/15 and 12/31/14, respectively	27,523,345	28,085,778
Total Members’ Equity	27,527,467	28,098,778
Total Liabilities and Members’ Equity	$ 28,328,174	$ 28,891,190

Balance Sheet (Parentheticals)

Balance Sheet (Parentheticals) - shares	Sep. 30, 2015	Dec. 31, 2014
Limited Partner [Member]
Limited Members, units authorized	50,000	50,000
Limited Members, units issued	40,922	41,122
Limited Members, units outstanding	40,922	41,122

Statement of Income

Statement of Income - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Rental Income	$ 635,476	$ 579,863	$ 1,843,926	$ 1,687,256
Expenses:
LLC Administration – Affiliates	86,733	82,561	271,009	245,639
LLC Administration and Property Management – Unrelated Parties	18,656	16,078	79,311	56,023
Property Acquisition	815	51,940	139,639	51,940
Depreciation and Amortization	239,009	215,924	679,576	623,040
Total Expenses	345,213	366,503	1,169,535	976,642
Operating Income	290,263	213,360	674,391	710,614
Other Income:
Gain on Sale of Real Estate	0	0	424,001	0
Interest Income	1,295	2,908	7,300	4,972
Total Other Income	1,295	2,908	431,301	4,972
Income from Continuing Operations	291,558	216,268	1,105,692	715,586
Income from Discontinued Operations	122,248	195,149	85,086	1,373,278
Net Income	413,806	411,417	1,190,778	2,088,864
Net Income Allocated:
Managing Members	16,310	16,625	38,934	56,141
Limited Members	$ 397,496	$ 394,792	$ 1,151,844	$ 2,032,723
Income per LLC Unit:
Continuing Operations (in Dollars per share)	$ 6.81	$ 5.08	$ 26.09	$ 16.81
Discontinued Operations (in Dollars per share)	2.90	4.49	2.01	32.41
Total – Basic and Diluted (in Dollars per share)	$ 9.71	$ 9.57	$ 28.10	$ 49.22
Weighted Average Units Outstanding – Basic and Diluted (in Shares)	40,922	41,267	40,989	41,302

Statement of Cash Flows

Statement of Cash Flows - USD ($)	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Cash Flows from Operating Activities:
Net Income	$ 1,190,778	$ 2,088,864
Adjustments to Reconcile Net Income To Net Cash Provided by Operating Activities:
Depreciation and Amortization	705,033	648,842
Gain on Sale of Real Estate	424,001	1,544
Income from Equity Method Investment Held for Sale	0	1,376,982
Increase (Decrease) in Payable to AEI Fund Management, Inc.	(28,133)	31,272
Increase (Decrease) in Unearned Rent	44,064	46,119
Total Adjustments	296,963	(652,293)
Net Cash Provided By (Used For) Operating Activities	1,487,741	1,436,571
Cash Flows from Investing Activities:
Investments in Real Estate	3,456,892	2,334,000
Proceeds from Sale of Real Estate	1,550,344	551,544
Cash Paid for Equity Method Investment Held for Sale	0	27,380
Distributions from Equity Method Investment Held for Sale	0	4,770,000
Net Cash Provided By (Used For) Investing Activities	(1,906,548)	2,960,164
Cash Flows from Financing Activities:
Distributions Paid to Members	1,627,137	1,631,312
Repurchase of LLC Units	132,451	67,325
Net Cash Provided By (Used For) Financing Activities	(1,759,588)	(1,698,637)
Net Increase (Decrease) in Cash	(2,178,395)	2,698,098
Cash, beginning of period	4,182,911	1,632,418
Cash, end of period	2,004,516	4,330,516
Supplemental Disclosure of Non-Cash Investing Activities:
Contribution of Real Estate (at carrying value) in Exchange for Equity Method Investment	$ 0	$ 3,395,625

Statement of Changes in Members

Statement of Changes in Members' Equity - USD ($)	Managing Member [Member]	Limited Member [Member]	Total
Balance at Dec. 31, 2013	$ 2,355	$ 28,212,231	$ 28,214,586
Balance (in Shares) at Dec. 31, 2013		41,370.98
Balance at Sep. 30, 2014	12,846	$ 28,593,842	28,606,688
Balance (in Shares) at Sep. 30, 2014		41,266.86
Distributions Declared	43,630	$ 1,585,807	1,629,437
Repurchase of LLC Units	2,020	$ 65,305	67,325
Units Repurchased (in Shares)		104.12
Net Income	56,141	$ 2,032,723	2,088,864
Balance at Dec. 31, 2014	13,000	$ 28,085,778	28,098,778
Balance (in Shares) at Dec. 31, 2014		41,121.89
Balance at Sep. 30, 2015	4,122	$ 27,523,345	27,527,467
Balance (in Shares) at Sep. 30, 2015		40,922.37
Distributions Declared	43,839	$ 1,585,799	1,629,638
Repurchase of LLC Units	3,973	$ 128,478	132,451
Units Repurchased (in Shares)		199.52
Net Income	$ 38,934	$ 1,151,844	$ 1,190,778

Basis of Accounting

Basis of Accounting	9 Months Ended
	Sep. 30, 2015
Disclosure Text Block [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, 2015
Accounting Policies [Abstract]
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block]	(2) Organization – AEI Income & Growth Fund 25 LLC (“Company”), a Limited Liability Company, was formed on June 24, 2002 to acquire and lease commercial properties to operating tenants. The Company's operations are managed by AEI Fund Management XXI, Inc. (“AFM”), the Managing Member. Robert P. Johnson, the President and sole director of AFM, serves as the Special Managing Member. AFM is a wholly owned subsidiary of AEI Capital Corporation of which Mr. Johnson is the majority shareholder. AEI Fund Management, Inc. (“AEI”), an affiliate of AFM, performs the administrative and operating functions for the Company. The terms of the offering called for a subscription price of $1,000 per LLC Unit, payable on acceptance of the offer. The Company commenced operations on September 11, 2003 when minimum subscriptions of 1,500 LLC Units ($1,500,000) were accepted. The offering terminated May 12, 2005, when the extended offering period expired. The Company received subscriptions for 42,434.763 Units. Under the terms of the Operating Agreement, the Limited Members and Managing Members contributed funds of $42,434,763 and $1,000, respectively. The Company shall continue until December 31, 2053, unless dissolved, terminated and liquidated prior to that date. During operations, any Net Cash Flow, as defined, which the Managing Members determine to distribute will be distributed 97% to the Limited Members and 3% to the Managing Members. Distributions to Limited Members will be made pro rata by Units. Any Net Proceeds of Sale, as defined, from the sale or financing of properties which the Managing Members determine to distribute will, after provisions for debts and reserves, be paid in the following manner: (i) first, 99% to the Limited Members and 1% to the Managing Members until the Limited Members receive an amount equal to: (a) their Adjusted Capital Contribution plus (b) an amount equal to 7% 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 Members and 10% to the Managing Members. Distributions to the Limited Members 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 97% to the Limited Members and 3% to the Managing Members. Net losses from operations will be allocated 99% to the Limited Members and 1% to the Managing Members. For tax purposes, profits arising from the sale, financing, or other disposition of property will be allocated in accordance with the Operating Agreement as follows: (i) first, to those Members with deficit balances in their capital accounts in an amount equal to the sum of such deficit balances; (ii) second, 99% to the Limited Members and 1% to the Managing Members until the aggregate balance in the Limited Members' capital accounts equals the sum of the Limited Members' Adjusted Capital Contributions plus an amount equal to 7% 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 Members and 10% to the Managing Members. Losses will be allocated 99% to the Limited Members and 1% to the Managing Members. The Managing Members are not required to currently fund a deficit capital balance. Upon liquidation of the Company or withdrawal by a Managing Member, the Managing Members will contribute to the Company an amount equal to the lesser of the deficit balances in their capital accounts or 1.01% of the total capital contributions of the Limited Members over the amount previously contributed by the Managing Members.

Real Estate Investments

Real Estate Investments	9 Months Ended
	Sep. 30, 2015
Real Estate [Abstract]
Real Estate Disclosure [Text Block]	(3) Real Estate Investments – On August 12, 2014, the Company purchased a Premier Diagnostic Imaging center in Terre Haute, Indiana for $2,334,000. The Company allocated $290,697 of the purchase price to Acquired Intangible Lease Assets, representing in-place lease intangibles, and allocated $104,746 to Acquired Below-Market Lease Intangibles. The Company incurred $56,376 of acquisition expenses related to the purchase that were expensed. The property is leased to Terre Haute Regional Hospital, L.P. under a Lease Agreement with a remaining primary term of 7.8 years (as of the date of purchase) and annual rent of $178,550. In the fourth quarter of 2014, the Company decided to sell the Advance Auto store in Brownsville, Texas. In February 2015, the Company entered into an agreement to sell the property to an unrelated third party. On April 20, 2015, the sale closed with the Company receiving net proceeds of $1,550,344, which resulted in a net gain of $424,001. At the time of sale, the cost and related accumulated depreciation was $1,585,269 and $458,926, respectively. At December 31, 2014, the property was classified as Real Estate Held for Sale with a carrying value of $1,126,343. On June 9, 2015, the Company purchased a Fresenius Medical Center in Gretna, Louisiana for $3,456,892. The Company allocated $922,252 of the purchase price to Acquired Intangible Lease Assets, representing in-place lease intangibles of $405,185 and above-market lease intangibles of $517,067. The Company incurred $139,639 of acquisition expenses related to the purchase that were expensed. The property is leased to Bio-Medical Application of Louisiana, a subsidiary of Fresenius Medical Care Holdings, Inc., under a Lease Agreement with a remaining primary term of 15.0 years and annual rent of $224,698. For the nine months ended September 30, 2015 and 2014, the value of in-place lease intangibles amortized to expense was $94,100 and $62,304, the decrease to rental income for above-market leases was $35,594 and $26,928, and the increase to rental income for below-market leases was $10,137 and $1,126, respectively. For lease intangibles not held for sale as of September 30, 2015, the weighted average remaining life is 105 months for in-place lease intangibles, 142 months for above-market leases and 80 months for below-market leases. The estimated amortization expense is $143,575, the estimated decrease to rental income for above-market leases is $70,566 and the estimated increase to rental income for below-market leases is $13,516 for each of the next five succeeding years.

Equity Method Investment Held f

Equity Method Investment Held for Sale	9 Months Ended
	Sep. 30, 2015
Policy Text Block [Abstract]
Equity Method Investments, Policy [Policy Text Block]	(4) Equity Method Investment Held for Sale – In the fourth quarter of 2013, the Company decided to sell its 45% interest in the CarMax Auto Superstore in Lithia Springs, Georgia. The remaining interests in the property were owned by three affiliated entities, AEI Income & Growth Fund XXI Limited Partnership, AEI Income & Growth Fund 24 LLC and AEI Private Net Lease Millennium Fund Limited Partnership. On March 7, 2014, to facilitate the sale of the property, the Company and affiliated entities contributed their respective interests in the property via a limited liability company to CM Lithia Springs DST (“CMLS”), a Delaware statutory trust (“DST”) in exchange for Class B ownership interests in CMLS. In addition, a small amount of cash was contributed for working capital. A DST is a recognized mechanism for selling property to investors who are looking for replacement real estate to complete like-kind exchanges under Section 1031 of the Internal Revenue Code. As investors purchased Class A ownership interests in CMLS, the proceeds received were used to redeem, on a one-for-one basis, the Class B ownership interests of the Company and affiliated entities. From March 13, 2014 to July 25, 2014, CMLS sold 100% of its Class A ownership interests to investors and redeemed 100% of the Class B ownership interests from the Company and affiliated entities. As of December 31, 2014, the Partnership had no ongoing interest in CMLS. The investment in CMLS was recorded using the equity method of accounting in the accompanying financial statements. Under the equity method, the investment in CMLS was stated at cost and adjusted for the Company’s share of net income or losses and reduced by proceeds received from the sale of the Class B ownership interests of CMLS as well as distributions from net rental income. During 2014, the investment balance consisted of the following: Activity Through September 30, 2014: Real Estate Contributed (at carrying value) $ 3,395,625 Cash Contributed 27,380 Net Income – Rental Activity 74,150 Net Income – Gain on Sale of Real Estate 1,302,832 Distributions from Net Rental Income (74,150) Proceeds from Sale of Class B Interests (4,695,850) Equity Method Investments at September 30, 2014 29,987 Activity After September 30, 2014: Net Income – Rental Activity 21 Net Income – Gain on Sale of Real Estate 25,975 Distributions from Net Rental Income (21) Proceeds from Sale of Class B Interests (55,962) Equity Method Investments at December 31, 2014 $ 0

Payable to AEI Fund Management,

Payable to AEI Fund Management, Inc.	9 Months Ended
	Sep. 30, 2015
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 Company. 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.

Discontinued Operations

Discontinued Operations	9 Months Ended
	Sep. 30, 2015
Discontinued Operations and Disposal Groups [Abstract]
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]	(6) Discontinued Operations – The tenant of the Johnny Carino’s restaurants was experiencing financial difficulties and closed the restaurants in Pueblo, Colorado (October 2013) and Lake Charles, Louisiana (January 2014). On March 27, 2014, the tenant filed for Chapter 11 bankruptcy reorganization. Shortly thereafter, the tenant filed a motion with the bankruptcy court to reject the leases and returned possession of the properties to the Company. As of the date of the bankruptcy filing, the tenant owed $97,680 of past due rent, which was not accrued for financial reporting purposes. While the properties are vacant, the Company is responsible for the real estate taxes and other costs associated with maintaining the properties. The Company submitted a Proof of Claim for damages to the bankruptcy court for each property. The tenant’s reorganization plan was approved by the bankruptcy court effective February 2, 2015. In August 2015, the Company received payments totaling $137,474 on its claims from the plan. In September 2013, the Company decided to sell its 50% interest in the Johnny Carino’s restaurant in Lake Charles and classified it as Real Estate Held for Sale. In March 2014, the Company entered into an agreement to sell the Lake Charles property to an unrelated third party. On August 1, 2014, the sale closed with the Company receiving net sale proceeds of $551,544, which resulted in a net gain of $1,544. At the time of sale, the cost and related accumulated depreciation was $911,408 and $361,408, respectively. In September 2013, the Company decided to sell the Johnny Carino’s restaurant in Pueblo and classified it as Real Estate Held for Sale. Based on its long-lived asset valuation analysis, the Company determined the property was impaired. As a result, in the fourth quarter of 2014, a charge to discontinued operations for real estate impairment of $150,000 was recognized, which was the difference between the carrying value at December 31, 2014 of $800,000 and the estimated fair value of $650,000. The charge was recorded against the cost of the land and building. In June 2015, the Company entered into an agreement to sell the property to an unrelated third party. If the sale was completed, the Company expected to receive net proceeds of approximately $779,000. In October 2015, the buyer withdrew the offer. The Company continues to seek a buyer for the property and may not be able to negotiate a purchase with similar economic terms. In the fourth quarter of 2013, the Company decided to sell its 45% interest in the CarMax Auto Superstore in Lithia Springs, Georgia. At December 31, 2013, the property was classified as Real Estate Held for Sale with a carrying value of $3,395,625. On March 7, 2014, to facilitate the sale of the property, the Company contributed its interest in the property via a limited liability company to CM Lithia Springs DST as described in Note 4. The financial results for these properties are reflected as Discontinued Operations in the accompanying financial statements. The following are the results of discontinued operations: Three Months Ended September 30 Nine Months Ended September 30 2015 2014 2015 2014 Rental Income $ 0 $ 0 $ 0 $ 60,166 Bankruptcy Claim Payments Received 137,474 0 137,474 0 Property Management Expenses (15,226) (30,596) (52,388) (65,414) Income from Equity Method Investment Held for Sale 0 224,201 0 1,376,982 Gain on Disposal of Real Estate 0 1,544 0 1,544 Income from Discontinued Operations $ 122,248 $ 195,149 $ 85,086 $ 1,373,278 Three Months Ended September 30 Nine Months Ended September 30 2015 2014 2015 2014 Cash Flows from Discontinued Operations: Operating Activities $ 122,248 $ (30,596) $ 85,086 $ (5,248) Investing Activities $ 0 $ 1,721,544 $ 0 $ 5,294,164

Members' Capital

Members' Capital	9 Months Ended
	Sep. 30, 2015
Partners' Capital Notes [Abstract]
Partners' Capital Notes Disclosure [Text Block]	(7) Members’ Capital – For the nine months ended September 30, 2015 and 2014, the Company declared distributions of $1,629,638 and $1,629,437, respectively. The Limited Members received distributions of $1,585,799 and $1,585,807 and the Managing Members received distributions of $43,839 and $43,630 for the periods, respectively. The Limited Members' distributions represented $38.69 and $38.40 per LLC Unit outstanding using 40,989 and 41,302 weighted average Units in 2015 and 2014, respectively. The distributions represented $24.96 and $38.40 per Unit of Net Income and $13.73 and $0 per Unit of return of contributed capital for the periods, respectively. As part of the distributions discussed above, the Company distributed net sale proceeds of $252,525 and $262,626 in 2015 and 2014, respectively. The Limited Members received distributions of $250,000 and $260,000 and the Managing Members received distributions of $2,525 and $2,626 for the periods, respectively. The Limited Members’ distributions represented $6.11 and $6.30 per Unit for the periods, respectively. On April 1, 2015, the Company repurchased a total of 199.52 Units for $128,478 from 12 Limited Members in accordance with the Operating Agreement. On April 1, 2014, the Company repurchased a total of 104.12 Units for $65,305 from seven Limited Members. The Company acquired these Units using Net Cash Flow from operations. The repurchases increase the remaining Limited Members’ ownership interest in the Company. As a result of these repurchases and pursuant to the Operating Agreement, the Managing Members received distributions of $3,973 and $2,020 in 2015 and 2014, respectively.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2015
Fair Value Disclosures [Abstract]
Fair Value Disclosures [Text Block]	(8) Fair Value Measurements – Fair value, as defined by US GAAP, is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date in the principal or most advantageous market. US GAAP establishes a hierarchy in determining the fair value of an asset or liability. The fair value hierarchy has three levels of inputs, both observable and unobservable. US GAAP requires the utilization of the lowest possible level of input to determine fair value. Level 1 inputs include quoted market prices in an active market for identical assets or liabilities. Level 2 inputs are market data, other than Level 1 inputs, that are observable either directly or indirectly. Level 2 inputs include quoted market prices for similar assets or liabilities, quoted market prices in an inactive market, and other observable information that can be corroborated by market data. Level 3 inputs are unobservable and corroborated by little or no market data. At September 30, 2015 and December 31, 2014, the Company had no financial assets or liabilities measured at fair value on a recurring basis or nonrecurring basis that would require disclosure. The Company had the following nonfinancial assets measured on a nonrecurring basis that were recorded at fair value. The Johnny Carino’s restaurant in Pueblo, Colorado, with a carrying amount of $800,000 at December 31, 2014, was written down to its estimated fair value of $650,000 after completing our long-lived asset valuation analysis. The resulting impairment charge of $150,000 was included in earnings for the fourth quarter of 2014. The fair value of the property was based upon comparable sales of similar properties, which are considered Level 2 inputs in the valuation hierarchy.

Accounting Policies, by Policy

Accounting Policies, by Policy (Policies)	9 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
Distribution Policy, Members or Limited Partners, Description	During operations, any Net Cash Flow, as defined, which the Managing Members determine to distribute will be distributed 97% to the Limited Members and 3% to the Managing Members. Distributions to Limited Members will be made pro rata by Units.Any Net Proceeds of Sale, as defined, from the sale or financing of properties which the Managing Members determine to distribute will, after provisions for debts and reserves, be paid in the following manner: (i) first, 99% to the Limited Members and 1% to the Managing Members until the Limited Members receive an amount equal to: (a) their Adjusted Capital Contribution plus (b) an amount equal to 7% 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 Members and 10% to the Managing Members. Distributions to the Limited Members 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 97% to the Limited Members and 3% to the Managing Members. Net losses from operations will be allocated 99% to the Limited Members and 1% to the Managing Members.For tax purposes, profits arising from the sale, financing, or other disposition of property will be allocated in accordance with the Operating Agreement as follows: (i) first, to those Members with deficit balances in their capital accounts in an amount equal to the sum of such deficit balances; (ii) second, 99% to the Limited Members and 1% to the Managing Members until the aggregate balance in the Limited Members' capital accounts equals the sum of the Limited Members' Adjusted Capital Contributions plus an amount equal to 7% 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 Members and 10% to the Managing Members. Losses will be allocated 99% to the Limited Members and 1% to the Managing Members.The Managing Members are not required to currently fund a deficit capital balance. Upon liquidation of the Company or withdrawal by a Managing Member, the Managing Members will contribute to the Company an amount equal to the lesser of the deficit balances in their capital accounts or 1.01% of the total capital contributions of the Limited Members over the amount previously contributed by the Managing Members.

Equity Method Investment Held16

Equity Method Investment Held for Sale (Tables)	3 Months Ended	9 Months Ended
	Dec. 31, 2014	Sep. 30, 2014
CM Lithia Springs DST
Equity Method Investment Held for Sale (Tables) [Line Items]
Equity Method Investments [Table Text Block]	Equity Method Investment Held for Sale Activity After September 30, 2014: Net Income – Rental Activity 21 Net Income – Gain on Sale of Real Estate 25,975 Distributions from Net Rental Income (21) Proceeds from Sale of Class B Interests (55,962) Equity Method Investments at December 31, 2014 $ 0	Equity Method Investment Held for Sale Activity Through September 30, 2014: Real Estate Contributed (at carrying value) $ 3,395,625 Cash Contributed 27,380 Net Income – Rental Activity 74,150 Net Income – Gain on Sale of Real Estate 1,302,832 Distributions from Net Rental Income (74,150) Proceeds from Sale of Class B Interests (4,695,850) Equity Method Investments at September 30, 2014 29,987

Discontinued Operations (Tables

Discontinued Operations (Tables)	9 Months Ended
	Sep. 30, 2015
Discontinued Operations and Disposal Groups [Abstract]
Disposal Groups, Including Discontinued Operations [Table Text Block]	Discontinued Operations Three Months Ended September 30 Nine Months Ended September 30 2015 2014 2015 2014 Rental Income $ 0 $ 0 $ 0 $ 60,166 Bankruptcy Claim Payments Received 137,474 0 137,474 0 Property Management Expenses (15,226) (30,596) (52,388) (65,414) Income from Equity Method Investment Held for Sale 0 224,201 0 1,376,982 Gain on Disposal of Real Estate 0 1,544 0 1,544 Income from Discontinued Operations $ 122,248 $ 195,149 $ 85,086 $ 1,373,278
Cash Flow, Supplemental Disclosures [Text Block]	Cash Flows from Discontinued Operations Three Months Ended September 30 Nine Months Ended September 30 2015 2014 2015 2014 Cash Flows from Discontinued Operations: Operating Activities $ 122,248 $ (30,596) $ 85,086 $ (5,248) Investing Activities $ 0 $ 1,721,544 $ 0 $ 5,294,164

Organization (Details)

Organization (Details) - USD ($)	May. 12, 2005	Sep. 11, 2003
Accounting Policies [Abstract]
Capital Units, Value		$ 1,000
Limited Partners' Capital Account, Units Outstanding (in Shares)	42,434.763	1,500
Limited Partners' Contributed Capital	$ 42,434,763	$ (1,500,000)
General Partners' Contributed Capital	$ 1,000

Real Estate Investments (Detail

Real Estate Investments (Details) - USD ($)	Jun. 09, 2015	Apr. 20, 2015	Aug. 12, 2014	Sep. 30, 2015	Sep. 30, 2014	Jun. 09, 2016	Aug. 12, 2015	Dec. 31, 2014
Real Estate Investments (Details) [Line Items]
Payments to Acquire Real Estate				$ 3,456,892	$ 2,334,000
Advance Auto Brownsville TX
Real Estate Investments (Details) [Line Items]
Proceeds from Sale of Buildings		$ 1,550,344
Gain (Loss) on Sale of Properties		424,001
SEC Schedule III, Real Estate, Cost of Real Estate Sold		1,585,269
SEC Schedule III, Real Estate Accumulated Depreciation		$ 458,926
Real Estate Held-for-sale								$ 1,126,343
Premier Diagnostic Imaging Terre Haute IN
Real Estate Investments (Details) [Line Items]
Business Acquisition, Effective Date of Acquisition			Aug. 12, 2014
Business Acquisition, Name of Acquired Entity			Premier Diagnostic Imaging
Payments to Acquire Real Estate			$ 2,334,000
Business Acquisition, Transaction Costs			$ 56,376
Average Lease Term			7.8
Real Estate Revenue, Net							$ 178,550
Fresenius Medical Center Gretna LA
Real Estate Investments (Details) [Line Items]
Business Acquisition, Effective Date of Acquisition	Jun. 9, 2015
Payments to Acquire Real Estate	$ 3,456,892
Business Acquisition, Transaction Costs	$ 139,639
Average Lease Term	15
Real Estate Revenue, Net						$ 224,698
Finite-lived Intangible Assets Acquired	$ 922,252
Leases, Acquired-in-Place [Member]
Real Estate Investments (Details) [Line Items]
Amortization of Intangible Assets				94,100	62,304
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months				143,575
Leases, Acquired-in-Place [Member] | Premier Diagnostic Imaging Terre Haute IN
Real Estate Investments (Details) [Line Items]
Finite-Lived Intangible Asset, Acquired-in-Place Leases			$ 290,697
Leases, Acquired-in-Place [Member] | Fresenius Medical Center Gretna LA
Real Estate Investments (Details) [Line Items]
Finite-Lived Intangible Asset, Acquired-in-Place Leases	405,185
Off-Market Favorable Lease [Member]
Real Estate Investments (Details) [Line Items]
Amortization of above and below Market Leases				10,137	1,126
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months				13,516
Off-Market Favorable Lease [Member] | Premier Diagnostic Imaging Terre Haute IN
Real Estate Investments (Details) [Line Items]
Below Market Lease, Acquired			$ 104,746
Above Market Leases [Member]
Real Estate Investments (Details) [Line Items]
Amortization of above and below Market Leases				35,594	$ 26,928
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months				$ 70,566
Above Market Leases [Member] | Fresenius Medical Center Gretna LA
Real Estate Investments (Details) [Line Items]
Finite-Lived Intangible Asset, Off-market Lease, Favorable, Gross	$ 517,067

Equity Method Investment Held20

Equity Method Investment Held for Sale (Details) - CM Lithia Springs DST - CarMax Auto Superstore Lithia Springs GA	Mar. 07, 2014
Equity Method Investment Held for Sale (Details) [Line Items]
Equity Method Investment, Ownership Percentage	45.00%
Business Acquisition, Effective Date of Acquisition	Mar. 7, 2014

Equity Method Investment Held21

Equity Method Investment Held for Sale (Details) - Equity Method Investment Held for Sale - USD ($)	3 Months Ended	9 Months Ended
	Dec. 31, 2014	Sep. 30, 2015	Sep. 30, 2014
Equity Method Investment Held for Sale [Abstract]
Real Estate Contributed (at carrying value)		$ 0	$ 3,395,625
Cash Contributed		$ 0	27,380
Net Income – Rental Activity	$ 21		74,150
Net Income – Gain on Sale of Real Estate	25,975		1,302,832
Distributions from Net Rental Income	(21)		(74,150)
Proceeds from Sale of Class B Interests	(55,962)		(4,695,850)
Equity Method Investments at September 30, 2014	$ 0		$ 29,987

Equity Method Investment Held22

Equity Method Investment Held for Sale (Details) - Equity Method Investment Held for Sale - USD ($)	3 Months Ended	9 Months Ended
	Dec. 31, 2014	Sep. 30, 2014
Equity Method Investment Held for Sale [Abstract]
Net Income – Rental Activity	$ 21	$ 74,150
Net Income – Gain on Sale of Real Estate	25,975	1,302,832
Distributions from Net Rental Income	(21)	(74,150)
Proceeds from Sale of Class B Interests	(55,962)	(4,695,850)
Equity Method Investments at December 31, 2014	$ 0	$ 29,987

Discontinued Operations (Detail

Discontinued Operations (Details) - USD ($)	Aug. 01, 2014	Dec. 31, 2014	Sep. 30, 2015	Jun. 30, 2015	May. 01, 2015	Sep. 30, 2014	Mar. 27, 2014	Dec. 31, 2013
Discontinued Operations (Details) [Line Items]
Disposal Group, Including Discontinued Operation, Accounts, Notes and Loans Receivable, Net							$ 97,680
Bankruptcy Claims, Amount of Claims Settled			$ 137,474		$ 137,474	$ 0
Carinos Lake Charles LA
Discontinued Operations (Details) [Line Items]
Disposal Group, Including Discontinued Operation, Consideration	$ 551,544
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax	1,544
SEC Schedule III, Real Estate, Cost of Real Estate Sold	911,408
SEC Schedule III, Real Estate Accumulated Depreciation, Real Estate Sold	$ 361,408
Carinos Pueblo CO
Discontinued Operations (Details) [Line Items]
Disposal Group, Including Discontinued Operation, Consideration				$ 779,000
Assets, Fair Value Adjustment		$ 150,000
Property, Plant and Equipment, Gross		800,000
Property, Plant, and Equipment, Fair Value Disclosure		$ 650,000
CarMax Auto Superstore Lithia Springs GA
Discontinued Operations (Details) [Line Items]
Real Estate Held-for-sale								$ 3,395,625

Discontinued Operations (Deta24

Discontinued Operations (Details) - Discontinued Operations - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	May. 01, 2015
Discontinued Operations [Abstract]
Rental Income	$ 0	$ 0	$ 0	$ 60,166
Bankruptcy Claim Payments Received	137,474	0	137,474	0	$ 137,474
Property Management Expenses	(15,226)	(30,596)	(52,388)	(65,414)
Income from Equity Method Investment Held for Sale	0	224,201	0	1,376,982
Gain on Disposal of Real Estate	0	1,544	0	1,544
Income from Discontinued Operations	$ 122,248	$ 195,149	$ 85,086	$ 1,373,278

Discontinued Operations (Deta25

Discontinued Operations (Details) - Cash Flows from Discontinued Operations - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Cash Flows from Discontinued Operations:
Operating Activities	$ 122,248	$ (30,596)	$ 85,086	$ (5,248)
Investing Activities	$ 0	$ 1,721,544	$ 0	$ 5,294,164

Members' Capital (Details)

Members' Capital (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2015shares	Sep. 30, 2014shares	Sep. 30, 2015USD ($)$ / shares$ / itemshares	Sep. 30, 2014USD ($)$ / shares$ / itemshares
Members' Capital (Details) [Line Items]
Distribution Made to Limited Liability Company (LLC) Member, Cash Distributions Declared			$ 1,629,638	$ 1,629,437
Weighted Average Limited Partnership Units Outstanding, Basic (in Shares) | shares	40,922	41,267	40,989	41,302
Sale Proceeds Distribution Made To Member Or Limited Partner			$ 252,525	$ 262,626
Partners' Capital Account, Redemptions			132,451	67,325
Limited Member [Member]
Members' Capital (Details) [Line Items]
Distribution Made to Limited Liability Company (LLC) Member, Cash Distributions Declared			$ 1,585,799	$ 1,585,807
Distributions Per Limited Partnership Unit Outstanding, Basic (in Dollars per share) | $ / shares			$ 38.69	$ 38.40
Weighted Average Limited Partnership Units Outstanding, Basic (in Shares) | shares			40,989	41,302
DistributionsPerUnitOfNetIncome (in Dollars per Item) | $ / item			24.96	38.40
DistributionPerUnitReturnOfCapital (in Dollars per Item) | $ / item			13.73	0
Sale Proceeds Distribution Made To Member Or Limited Partner			$ 250,000	$ 260,000
Sale Proceeds Distribution Made to Limited Partner Per Unit			$ 6.11	$ 6.30
Partners' Capital Account, Units, Redeemed (in Shares) | shares			199.52	104.12
Partners' Capital Account, Redemptions			$ 128,478	$ 65,305
Managing Member [Member]
Members' Capital (Details) [Line Items]
Distribution Made to Limited Liability Company (LLC) Member, Cash Distributions Declared			43,839	43,630
Sale Proceeds Distribution Made To Member Or Limited Partner			2,525	2,626
Partners' Capital Account, Redemptions			$ 3,973	$ 2,020

Fair Value Measurements (Detail

Fair Value Measurements (Details) - Carinos Pueblo CO	3 Months Ended
	Dec. 31, 2014USD ($)
Fair Value Measurements (Details) [Line Items]
Property, Plant and Equipment, Gross	$ 800,000
Property, Plant, and Equipment, Fair Value Disclosure	650,000
Assets, Fair Value Adjustment	$ 150,000