AEI Income & Growth Fund 25 10-Q 14 Aug 20 2020 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information	6 Months Ended
	Jun. 30, 2020shares
Document Information Line Items
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	38,962
Amendment Flag	false
Entity Central Index Key	0001185198
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Document Period End Date	Jun. 30, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
City Area Code	651
Document Quarterly Report	true
Document Transition Report	false
Entity Address, Address Line One	30 East 7th Street, Suite 1300
Entity Address, City or Town	St. Paul
Entity Address, Country	US
Entity Address, Postal Zip Code	55101
Entity File Number	000-50609
Entity Incorporation, State or Country Code	DE
Entity Interactive Data Current	Yes
Entity Tax Identification Number	75-3074973
Local Phone Number	227-7333
No Trading Symbol Flag	true
Security Exchange Name	NONE
Title of 12(g) Security	Limited Liability Company Units

Balance Sheet

Balance Sheet - USD ($)	Jun. 30, 2020	Dec. 31, 2019
Current Assets:
Cash	$ 3,449,724	$ 3,756,509
Rent Receivable	56,135	0
Total Current Assets	3,505,859	3,756,509
Real Estate Investments:
Land	6,518,553	6,376,366
Buildings	17,166,472	16,519,294
Acquired Intangible Lease Assets	2,259,230	2,217,140
Real Estate Held for Investment, at cost	25,944,255	25,112,800
Accumulated Depreciation and Amortization	(8,386,363)	(7,934,356)
Real Estate Held for Investment, Net	17,557,892	17,178,444
Real Estate Held for Sale	0	516,474
Total Real Estate Investments	17,557,892	17,694,918
Long-Term Rent Receivable	78,588	0
Total Assets	21,142,339	21,451,427
Current Liabilities:
Payable to AEI Fund Management, Inc.	152,115	132,049
Distributions Payable	254,640	414,435
Unearned Rent	37,063	18,333
Total Current Liabilities	443,818	564,817
Long-term Liabilities:
Acquired Below-Market Lease Intangibles, Net	25,903	32,661
Members’ Equity (Deficit):
Managing Members	584	(96,493)
Limited Members – 50,000 Units authorized; 38,962 Units issued and outstanding as of 6/30/2020 and 12/31/2019	20,672,034	20,950,442
Total Members’ Equity	20,672,618	20,853,949
Total Liabilities and Members’ Equity	$ 21,142,339	$ 21,451,427

Balance Sheet (Parentheticals)

Balance Sheet (Parentheticals) - Limited Partner [Member] - shares	Jun. 30, 2020	Dec. 31, 2019
Limited Members, units authorized	50,000	50,000
Limited Members, units issued	38,962	38,962
Limited Members, units outstanding	38,962	38,962

Statement of Operations

Statement of Operations - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Income Statement [Abstract]
Rental Income	$ 442,285	$ 487,568	$ 916,050	$ 1,005,799
Expenses:
LLC Administration – Affiliates	41,452	66,690	115,760	134,572
LLC Administration and Property Management – Unrelated Parties	37,815	60,132	69,114	106,258
Depreciation and Amortization	203,739	212,512	413,339	435,028
Real Estate Impairment	0	0	0	611,623
Total Expenses	283,006	339,334	598,213	1,287,481
Operating Income (Loss)	159,279	148,234	317,837	(281,682)
Other Income:
Gain on Sale of Real Estate	0	338,843	165,255	338,843
Interest Income	817	8,665	6,505	16,138
Total Other Income	817	347,508	171,760	354,981
Net Income	160,096	495,742	489,597	73,299
Net Income Allocated:
Managing Members	7,611	2,640	117,205	2,199
Limited Members	$ 152,485	$ 493,102	$ 372,392	$ 71,100
Net Income per LLC Unit (in Dollars per share)	$ 3.91	$ 12.56	$ 9.56	$ 1.80
Weighted Average Units Outstanding – Basic and Diluted (in Shares)	38,962	39,252	38,962	39,536

Statement of Cash Flows

Statement of Cash Flows - USD ($)	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Cash Flows from Operating Activities:
Net Income	$ 489,597	$ 73,299
Adjustments to Reconcile Net Income To Net Cash Provided by Operating Activities:
Depreciation and Amortization	445,249	466,938
Real Estate Impairment	0	611,623
Gain on Sale of Real Estate	(165,255)	(338,843)
(Increase) Decrease in Rent Receivable	(134,723)	0
Increase (Decrease) in Payable to AEI Fund Management, Inc.	20,066	(60,290)
Increase (Decrease) in Unearned Rent	18,730	(4,599)
Total Adjustments	184,067	674,829
Net Cash Provided By (Used For) Operating Activities	673,664	748,128
Cash Flows from Investing Activities:
Investments in Real Estate	(831,455)	0
Proceeds from Sale of Real Estate	681,729	1,586,787
Net Cash Provided By (Used For) Investing Activities	(149,726)	1,586,787
Cash Flows from Financing Activities:
Distributions Paid to Members	(830,723)	(848,657)
Repurchase of LLC Units	0	(350,617)
Net Cash Provided By (Used For) Financing Activities	(830,723)	(1,199,274)
Net Increase (Decrease) in Cash	(306,785)	1,135,641
Cash, beginning of period	3,756,509	2,217,588
Cash, end of period	$ 3,449,724	$ 3,353,229

Statement of Changes in Members

Statement of Changes in Members' Equity - USD ($)	General Partner [Member]	Limited Partner [Member]	Total
Balance (in Shares)		39,820.36
Balance at Dec. 31, 2018	$ (46,882)	$ 22,953,817	$ 22,906,935
Balance (in Shares) at Dec. 31, 2018		39,820.36
Balance at Mar. 31, 2019	(60,053)	$ 22,120,217	22,060,164
Balance (in Shares)		39,820.36
Distributions Declared	(12,730)	$ (411,598)	(424,328)
Net Income (Loss)	(441)	(422,002)	(422,443)
Balance at Dec. 31, 2018	(46,882)	$ 22,953,817	22,906,935
Balance (in Shares) at Dec. 31, 2018		39,820.36
Balance at Jun. 30, 2019	(72,997)	$ 21,867,023	21,794,026
Balance (in Shares)		39,820.36
Distributions Declared	(17,795)	$ (817,796)	(835,591)
Units Repurchased	(10,519)	$ (340,098)
Units Repurchased (in Shares)		(568.29)
Net Income (Loss)			73,299
Balance (in Shares)		39,820.36
Balance at Mar. 31, 2019	(60,053)	$ 22,120,217	22,060,164
Balance (in Shares) at Mar. 31, 2019		39,820.36
Balance at Jun. 30, 2019	(72,997)	$ 21,867,023	21,794,026
Balance (in Shares)		39,820.36
Distributions Declared	(5,065)	$ (406,198)	(411,263)
Units Repurchased	(10,519)	$ (340,098)	(350,617)
Units Repurchased (in Shares)		(568.29)
Net Income (Loss)	2,640	$ 493,102	495,742
Balance (in Shares)		39,252.07
Balance (in Shares)		38,962
Balance at Dec. 31, 2019	(96,493)	$ 20,950,442	20,853,949
Balance (in Shares) at Dec. 31, 2019		38,962
Balance at Mar. 31, 2020	612	$ 20,766,550	20,767,162
Balance (in Shares)		38,962
Distributions Declared	(12,489)	$ (403,799)	(416,288)
Net Income (Loss)	109,594	219,907	329,501
Balance at Dec. 31, 2019	(96,493)	$ 20,950,442	20,853,949
Balance (in Shares) at Dec. 31, 2019		38,962
Balance at Jun. 30, 2020	584	$ 20,672,034	20,672,618
Balance (in Shares)		38,962
Distributions Declared	(20,128)	$ (650,800)	(670,928)
Net Income (Loss)			489,597
Balance (in Shares)		38,961.72
Balance at Mar. 31, 2020	612	$ 20,766,550	20,767,162
Balance (in Shares) at Mar. 31, 2020		38,961.72
Balance at Jun. 30, 2020	584	$ 20,672,034	20,672,618
Balance (in Shares)		38,961.72
Distributions Declared	(7,639)	$ (247,001)	(254,640)
Net Income (Loss)	$ 7,611	$ 152,485	$ 160,096
Balance (in Shares)		38,962

Basis of Accounting

Basis of Accounting	6 Months Ended
	Jun. 30, 2020
Accounting Policies [Abstract]
Basis of Accounting [Text Block]	(1) The condensed statements included herein have been prepared by the registrant, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission, and reflect all adjustments which are, in the opinion of management, necessary to a fair statement of the results of operations for the interim period, on a basis consistent with the annual audited statements. The adjustments made to these condensed statements consist only of normal recurring adjustments. Certain information, accounting policies, and footnote disclosures normally included in financial statements prepared in accordance with United States Generally Accepted Accounting Principles (US GAAP) have been condensed or omitted pursuant to such rules and regulations, although the registrant believes that the disclosures are adequate to make the information presented not misleading. It is suggested that these condensed financial statements be read in conjunction with the financial statements and the summary of significant accounting policies and notes thereto included in the registrant’s latest annual report on Form 10K.

Organization

Organization	6 Months Ended
	Jun. 30, 2020
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 Chief Executive Officer and sole director of AFM, served as the Special Managing Member until his withdrawal date effective March 31, 2020. AFM is a wholly owned subsidiary of AEI Capital Corporation of which Mr. Johnson and his wife own a majority interest. 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 ended. 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. In July 2018, the Managing Member mailed a Consent Statement (Proxy) seeking the consent of the Limited Members to continue the Company for an additional 60 months or to initiate the final disposition, liquidation and distribution of all of the Company’s properties and assets. Approval of either proposal required the affirmative vote of holders of a majority of the outstanding units. On August 24, 2018, the votes were counted and neither proposal received the required majority vote. As a result, the Company will not liquidate and will continue in operation until the Limited Members vote to authorize the sale of all of the Company’s properties or December 31, 2053, as stated in the Operating Agreement. However, in approximately five years, the Managing Member expects to again submit the question to liquidate to a vote by the Limited Members.

Recently Issued Accounting Pron

Recently Issued Accounting Pronouncements	6 Months Ended
	Jun. 30, 2020
Accounting Policies [Abstract]
New Accounting Pronouncements, Policy [Policy Text Block]	(3) Recently Issued Accounting Pronouncements – Management has reviewed recently issued, but not yet effective, accounting pronouncements and does not expect the implementation of these pronouncements to have a significant effect on the Company’s financial statements.

Real Estate Investments

Real Estate Investments	6 Months Ended
	Jun. 30, 2020
Real Estate [Abstract]
Real Estate Disclosure [Text Block]	(4) Real Estate Investments – On January 17, 2020, the Company purchased an additional 27% interest in the PetSmart store in Gonzales, Louisiana for $831,455 from AEI Income & Growth Fund 24 LLC (“Fund 24”), an affiliate of the Company. The purchase price of the property interest was based upon the property’s fair market value as determined by an independent, third-party, commercial property appraiser. The property interest became available because Fund 24 is in the process of liquidating its property portfolio. The Company now owns 100% of the PetSmart property. The annual rent for the additional 27% interest that was purchased is $66,468. The Company owns a 60% interest in a former Sports Authority store in Wichita, Kansas. On March 2, 2016, the tenant, TSA Stores, Inc., and its parent company, The Sports Authority, Inc., the guarantor of the lease, filed for Chapter 11 bankruptcy reorganization. In June 2016, the tenant filed a motion with the bankruptcy court to reject the lease for this store effective June 30, 2016, at which time the tenant returned possession of the property to the owners. As of June 30, 2020, the tenant owed $29,049 of past due rent, which was not accrued for financial reporting purposes. The owners listed the property for lease with a real estate broker in the Wichita area. While the property was vacant, the Company was responsible for its 60% share of real estate taxes and other costs associated with maintaining the property. On September 21, 2017, the Company entered into a lease agreement with a primary term of 10 years with Biomat USA, Inc. (“Biomat”) as a replacement tenant for 28% of the square footage of the property. The tenant operates a Biomat USA Plasma Center in the space. The Company’s 60% share of annual rent, which commenced on June 18, 2018, is $55,607. Biomat agreed to pay for the costs to divide the building into two separate spaces, the costs of tenant improvements to remodel the Biomat space and 28% of the cost to replace the roof. On August 27, 2019, the Company entered into a lease agreement with a primary term of 10 years with BigTime Fun Center, LLC as a replacement tenant for 57% of the square footage of the property. The tenant will operate an indoor sports entertainment center in the space. The Company’s 60% share of annual rent, which commenced on February 23, 2020, is $117,000. As part of the agreement, the Company will pay a tenant improvement allowance of $96,000 when certain conditions are met by the tenant. During the first quarter of 2020, the Company agreed to extend the rent commencement date to June 1, 2020. As part of the agreement, the tenant agreed to convert the tenant improvement allowance to a ten month rent abatement. In September 2019, the Company paid $49,140 to a real estate broker for its 60% share of the lease commission due as part of the lease transaction. This amount was capitalized and will be amortized over the term of the lease. In January 2019, the Company decided to sell the Tractor Supply Company store in Yankton, South Dakota. In March 2019, the Company entered into an agreement to sell the property to an unrelated third party. On May 22, 2019, the sale closed with the Company receiving net proceeds of $1,586,787, which resulted in a net gain of $338,843. At the time of sale, the cost and related accumulated depreciation was $2,265,936 and $1,017,992, respectively. The Company owned a 27% interest in a Dick’s Sporting Goods store in Fredericksburg, Virginia. The remaining interests in the property were owned by three affiliates of the Company. On January 31, 2019, the lease term ended, and the tenant returned possession of the property to the owners. While the property was vacant, the Company was responsible for its 27% share of real estate taxes and other costs associated with maintaining the property. The owners listed the property for lease with a real estate broker in the Fredericksburg area. The annual rent from this property represented approximately 10% of the total annual rent of the Company’s property portfolio. The loss of rent and increased expenses related to this property decreased the Company’s cash flow. Based on its long-lived asset valuation analysis, the Company determined the former Dick’s Sporting Goods store was impaired. As a result, in the first quarter of 2019, the Company recognized real estate impairment of $611,623 to decrease the carrying value to the estimated fair value of $972,000. The charge was recorded against the cost of the land and building. In March 2019, the Company entered into an agreement with the tenant of the Jared Jewelry store in Auburn Hills, Michigan to extend the lease term five years to end on December 31, 2024. As part of the agreement, the annual rent decreased from $186,074 to $158,340 effective January 1, 2020. In March 2020, the Company entered into an agreement with the tenant of the Jared Jewelry store in Aurora, Illinois to extend the lease term five years to end on April 30, 2025. As part of the agreement, the annual rent decreased from $370,686 to $235,989 effective May 1, 2020. In January 2020, the Company entered into an agreement to sell its 21% interest in the Jared Jewelry store in Madison Heights, Michigan to an unrelated third party. On March 4, 2020, the sale closed with the Company receiving net proceeds of $681,729, which resulted in a net gain of $165,255. At the time of sale, the cost and related accumulated depreciation was $852,592 and $336,118, respectively. At December 31, 2019, the property was classified as Real Estate Held for Sale with a carrying value of $516,474. On July 31, 2020, the Company purchased a 50% interest in a Talecris plasma facility in Dallas, Texas for $2,697,450. The property is leased to Talecris Plasma Resources, Inc. under a lease agreement with a remaining primary term of 8.1 years (as of the date of purchase) and annual rent of $182,035. The remaining interest in this property was purchased by AEI Income & Growth Fund XXII Limited Partnership, an affiliate of the Company. The Company owns a 72% interest in a Staples store in Clermont, Florida. The remaining interest in the property is owned by an affiliate of the Company. On July 17, 2020, the lease term ended, and the tenant returned possession of the property to the owners. While the property is vacant, the Company is responsible for its 72% share of real estate taxes and other costs associated with maintaining the property. The owners have listed the property for lease with a real estate broker in the Clermont area. The annual rent from this property represented approximately 10% of the total annual rent of the Company’s property portfolio. The loss of rent and increased expenses related to this property will decrease the Company’s cash flow.

Payable to AEI Fund Management,

Payable to AEI Fund Management, Inc.	6 Months Ended
	Jun. 30, 2020
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.

Members' Equity

Members' Equity	6 Months Ended
	Jun. 30, 2020
Disclosure Text Block Supplement [Abstract]
Members' Equity Notes Disclosure [Text Block]	(6) Members’ Equity – For the six months ended June 30, 2020 and 2019, the Company declared distributions of $670,928 and $835,591, respectively. The Limited Members received distributions of $650,800 and $817,796 and the Managing Members received distributions of $20,128 and $17,795 for the periods, respectively. The Limited Members' distributions represented $16.70 and $20.68 per LLC Unit outstanding using 38,962 and 39,536 weighted average Units in 2020 and 2019, respectively. The distributions represented $9.56 and $0.00 per Unit of Net Income and $7.14 and $20.68 per Unit of return of contributed capital in 2020 and 2019, respectively. As part of the distributions discussed above, the Company distributed net sale proceeds of $363,636 in 2019. The Limited Members received distributions of $360,000 and the Managing Members received distributions of $3,636. The Limited Members’ distributions represented $9.17 per Unit. On April 1, 2020, the Company did not repurchase any Units from the Limited Members. On April 1, 2019, the Company repurchased a total of 568.29 Units for $340,098 from nine Limited Members in accordance with the Operating Agreement. 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 $10,519 in 2019.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2020
Fair Value Disclosures [Abstract]
Fair Value Disclosures [Text Block]	(7) 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 June 30, 2020 and December 31, 2019, 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 during 2019. The Dick’s Sporting Goods store in Fredericksburg, Virginia with a carrying amount of $1,583,623 at March 31, 2019, was written down to its estimated fair value of $972,000 after completing our long-lived asset valuation analysis. The resulting impairment charge of $611,623 was included in earnings for the first quarter of 2019. The fair value of the property was based upon an appraisal prepared by an independent commercial property appraiser. The appraisal is considered a Level 3 input in the valuation hierarchy.

Coronavirus Outbreak

Coronavirus Outbreak	6 Months Ended
	Jun. 30, 2020
Coronavirus Outbreak Policy [Abstract]
CoronavirusOutbreakPolicyTextBlock	(8) Coronavirus Outbreak – During the first quarter of 2020, there was a global outbreak of a new strain of coronavirus, COVID-19 which continues to adversely impact global commercial activity and has contributed to significant volatility in financial markets. The global impact of the outbreak has been rapidly evolving, and as cases of the virus have continued to be identified in additional countries, many countries have reacted by instituting quarantines, placing restrictions on travel, and limiting hours of operations of non-essential offices and retail centers. Such actions are creating disruption in global supply chains, and adversely impacting a number of industries, such as retail, restaurants and transportation. The outbreak could have a continued adverse impact on economic and market conditions and trigger a period of global economic slowdown. The rapid development and fluidity of this situation precludes any prediction as to the ultimate adverse impact of the coronavirus. Nevertheless, the coronavirus presents material uncertainty and risk with respect to the Company’s performance and financial results, such as the potential negative impact to the tenants of its properties, the potential closure of certain of its properties, increased costs of operations, decrease in values of its properties, changes in law and/or regulation, and uncertainty regarding government and regulatory policy. Up to the date of this filing, the Company has entered into rent deferral agreements with three tenants of the ten properties owned by the Company. In June 2020, the Company entered into an agreement with the tenant of the Jared Jewelry stores in Concord, New Hampshire, Aurora, IL, and Auburn Hills, Michigan to defer base rent in April and May 2020. The tenant shall pay the deferred amounts in twelve equal monthly installments beginning on February 1, 2021. The Company has elected not to account for these deferrals of rent as a lease modification under COVID-19 guidance issued by the Financial Accounting Standards Board. Deferred rent of $134,723 was recognized as rental income during the three months ended June 30, 2020 and a corresponding rent receivable was recorded. The Company continues to work closely with tenants to determine the best course of action to meet the tenants short-term rental needs during these unprecedented times.

Accounting Policies, by Policy

Accounting Policies, by Policy (Policies)	6 Months Ended
	Jun. 30, 2020
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.
Description of New Accounting Pronouncements Not yet Adopted [Text Block]	Management has reviewed recently issued, but not yet effective, accounting pronouncements and does not expect the implementation of these pronouncements to have a significant effect on the Company’s financial statements.
CoronavirusOutbreakTextBlock	During the first quarter of 2020, there was a global outbreak of a new strain of coronavirus, COVID-19 which continues to adversely impact global commercial activity and has contributed to significant volatility in financial markets. The global impact of the outbreak has been rapidly evolving, and as cases of the virus have continued to be identified in additional countries, many countries have reacted by instituting quarantines, placing restrictions on travel, and limiting hours of operations of non-essential offices and retail centers. Such actions are creating disruption in global supply chains, and adversely impacting a number of industries, such as retail, restaurants and transportation. The outbreak could have a continued adverse impact on economic and market conditions and trigger a period of global economic slowdown. The rapid development and fluidity of this situation precludes any prediction as to the ultimate adverse impact of the coronavirus. Nevertheless, the coronavirus presents material uncertainty and risk with respect to the Company’s performance and financial results, such as the potential negative impact to the tenants of its properties, the potential closure of certain of its properties, increased costs of operations, decrease in values of its properties, changes in law and/or regulation, and uncertainty regarding government and regulatory policy. Up to the date of this filing, the Company has entered into rent deferral agreements with three tenants of the ten properties owned by the Company. In June 2020, the Company entered into an agreement with the tenant of the Jared Jewelry stores in Concord, New Hampshire, Aurora, IL, and Auburn Hills, Michigan to defer base rent in April and May 2020. The tenant shall pay the deferred amounts in twelve equal monthly installments beginning on February 1, 2021. The Company has elected not to account for these deferrals of rent as a lease modification under COVID-19 guidance issued by the Financial Accounting Standards Board. Deferred rent of $134,723 was recognized as rental income during the three months ended June 30, 2020 and a corresponding rent receivable was recorded. The Company continues to work closely with tenants to determine the best course of action to meet the tenants short-term rental needs during these unprecedented times.

Organization (Details)

Organization (Details) - USD ($)	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	May 12, 2005	Sep. 11, 2003
Limited Partner [Member]
Organization (Details) [Line Items]
Capital Units, Value								$ 1,000
Limited Partners' Capital Account, Units Outstanding (in Shares)	38,962	38,961.72	38,962	39,252.07	39,820.36	39,820.36	42,434.763	1,500
Limited Partners' Contributed Capital							$ 42,434,763	$ 1,500,000
General Partner [Member]
Organization (Details) [Line Items]
General Partners' Contributed Capital							$ 1,000

Real Estate Investments (Detail

Real Estate Investments (Details) - USD ($)

Jul. 31, 2020

Mar. 04, 2020

Mar. 01, 2020

Jan. 17, 2020

Aug. 27, 2019

May 22, 2019

Mar. 01, 2019

Sep. 21, 2017

Jun. 30, 2020

Jun. 30, 2020

Jun. 30, 2019

Mar. 31, 2019

Apr. 30, 2020

Jun. 30, 2020

Jun. 30, 2019

Jul. 30, 2021

Feb. 22, 2021

Jan. 16, 2021

Dec. 31, 2020

Sep. 01, 2020

Dec. 31, 2019

Jun. 17, 2019

Real Estate Investments (Details) [Line Items]

Payments to Acquire Real Estate

$ 831,455

$ 0

Gain (Loss) on Disposition of Assets

$ 0

$ 338,843

165,255

338,843

Impairment of Real Estate

$ 0

$ 0

$ 0

$ 611,623

Tractor Supply Yankton SD

Real Estate Investments (Details) [Line Items]

Disposal Date

May 22, 2019

Proceeds from Sale of Real Estate

$ 1,586,787

Gain (Loss) on Disposition of Assets

338,843

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Cost of Investment in Real Estate Sold

2,265,936

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation

$ 1,017,992

Dicks Sporting Goods Fredericksburg VA

Real Estate Investments (Details) [Line Items]

Impairment of Real Estate

$ 611,623

Property, Plant, and Equipment, Fair Value Disclosure

$ 972,000

Jared Jewelry Madison Heights MI

Real Estate Investments (Details) [Line Items]

Disposal Date

Mar. 4, 2020

Proceeds from Sale of Real Estate

$ 681,729

Gain (Loss) on Disposition of Assets

165,255

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Cost of Investment in Real Estate Sold

852,592

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation

$ 336,118

Property, Plant and Equipment, Gross

$ 516,474

Jared Jewelry Auburn Hills MI

Real Estate Investments (Details) [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

$ 158,340

$ 186,074

Average Lease Term

In March 2019, the Company entered into an agreement with the tenant of the Jared Jewelry store in Auburn Hills, Michigan to extend the lease term five years to end on December 31, 2024.

Jared Jewelry Aurora IL

Real Estate Investments (Details) [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

$ 235,989

$ 370,686

Average Lease Term

In March 2020, the Company entered into an agreement with the tenant of the Jared Jewelry store in Aurora, Illinois to extend the lease term five years to end on April 30, 2025

PetSmart Gonzales LA

Real Estate Investments (Details) [Line Items]

Business Acquisition, Effective Date of Acquisition

Jan. 17, 2020

Payments to Acquire Real Estate

$ 831,455

Revenue from Contract with Customer, Excluding Assessed Tax

$ 66,468

Biomat USA Plasma Center Wichita KS

Real Estate Investments (Details) [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

$ 55,607

Average Lease Term

On September 21, 2017, the Company entered into a lease agreement with a primary term of 10 years with Biomat USA, Inc. (“Biomat”) as a replacement tenant for 28% of the square footage of the property.

BigTime Fun Wichita KS

Real Estate Investments (Details) [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

$ 117,000

Average Lease Term

On August 27, 2019, the Company entered into a lease agreement with a primary term of 10 years with BigTime Fun Center, LLC as a replacement tenant for 57% of the square footage of the property.

Payments for Tenant Improvements

$ 96,000

Payments for Lease Commissions

$ 49,140

Talecris Dallas TX

Real Estate Investments (Details) [Line Items]

Business Acquisition, Effective Date of Acquisition

Jul. 31, 2020

Payments to Acquire Real Estate

$ 2,697,450

Revenue from Contract with Customer, Excluding Assessed Tax

$ 182,035

Average Lease Term

The property is leased to Talecris Plasma Resources, Inc. under a lease agreement with a remaining primary term of 8.1 years (as of the date of purchase)

Members' Equity (Details)

Members' Equity (Details) - USD ($)	3 Months Ended				6 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2020	Jun. 30, 2019
Members' Equity (Details) [Line Items]
Distribution Made to Limited Partner, Cash Distributions Declared	$ 254,640	$ 416,288	$ 411,263	$ 424,328	$ 670,928	$ 835,591
SaleProceedsDistributionMadeToMemberOrLimitedPartner						363,636
Partners' Capital Account, Redemptions			350,617
Limited Partner [Member]
Members' Equity (Details) [Line Items]
Distribution Made to Limited Partner, Cash Distributions Declared	247,001	403,799	$ 406,198	411,598	$ 650,800	$ 817,796
Distribution Made to Limited Partner, Distributions Declared, Per Unit (in Dollars per share)					$ 16.70	$ 20.68
Weighted Average Limited Partnership Units Outstanding, Basic (in Shares)					38,962	39,536
DistributionsPerUnitOfNetIncome (in Dollars per share)					$ 9.56	$ 0
DistributionsPerUnitOfReturnOfCapital (in Dollars per share)					$ 7.14	$ 20.68
SaleProceedsDistributionMadeToMemberOrLimitedPartner						$ 360,000
SaleProceedsDistributionMadeToLimitedPartnerPerUnit (in Dollars per share)						$ 9.17
Partners' Capital Account, Units, Redeemed (in Shares)			568.29			568.29
Partners' Capital Account, Redemptions			$ 340,098			$ 340,098
General Partner [Member]
Members' Equity (Details) [Line Items]
Distribution Made to Limited Partner, Cash Distributions Declared	$ 7,639	$ 12,489	5,065	$ 12,730	$ 20,128	17,795
SaleProceedsDistributionMadeToMemberOrLimitedPartner						3,636
Partners' Capital Account, Redemptions			$ 10,519			$ 10,519

Fair Value Measurements (Detail

Fair Value Measurements (Details) - Dicks Sporting Goods Fredericksburg VA	3 Months Ended
	Mar. 31, 2019USD ($)
Fair Value Measurements (Details) [Line Items]
Property, Plant and Equipment, Gross	$ 1,583,623
Property, Plant, and Equipment, Fair Value Disclosure	972,000
Impairment of Real Estate	$ 611,623