AEI Income & Growth Fund 25 10-Q 14 May 21 2021 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information	3 Months Ended
	Mar. 31, 2021shares
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	Mar. 31, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
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 ($)	Mar. 31, 2021	Dec. 31, 2020
Current Assets:
Cash	$ 664,981	$ 703,002
Rent Receivable	112,269	123,496
Total Current Assets	777,250	826,498
Real Estate Investments:
Land	7,103,977	7,103,977
Buildings	18,874,469	18,874,469
Acquired Intangible Lease Assets	2,712,159	2,712,159
Real Estate Held for Investment, at cost	28,690,605	28,690,605
Accumulated Depreciation and Amortization	(9,182,301)	(8,929,368)
Real Estate Held for Investment, Net	19,508,304	19,761,237
Long-Term Rent Receivable	0	11,227
Total Assets	20,285,554	20,598,962
Current Liabilities:
Payable to AEI Fund Management, Inc.	125,123	121,914
Distributions Payable	416,395	416,395
Unearned Rent	41,924	35,090
Total Current Liabilities	583,442	573,399
Long-term Liabilities:
Acquired Below-Market Lease Intangibles, Net	15,766	19,145
Members’ Equity:
Managing Members	(9,218)	384
Limited Members – 50,000 Units authorized; 38,962 Units issued and outstanding as of 3/31/2021 and 12/31/2020	19,695,564	20,006,034
Total Members’ Equity	19,686,346	20,006,418
Total Liabilities and Members’ Equity	$ 20,285,554	$ 20,598,962

Balance Sheet (Parentheticals)

Balance Sheet (Parentheticals) - Limited Partner [Member] - shares	Mar. 31, 2021	Dec. 31, 2020
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
	Mar. 31, 2021	Mar. 31, 2020
Income Statement [Abstract]
Rental Income	$ 434,849	$ 473,765
Expenses:
LLC Administration – Affiliates	61,516	74,308
LLC Administration and Property Management – Unrelated Parties	48,737	31,299
Depreciation and Amortization	228,388	209,600
Total Expenses	338,641	315,207
Operating Income	96,208	158,558
Other Income:
Gain on Sale of Real Estate	0	165,255
Interest Income	115	5,688
Total Other Income	115	170,943
Net Income	96,323	329,501
Net Income Allocated:
Managing Members	2,890	109,594
Limited Members	$ 93,433	$ 219,907
Net Income per LLC Unit (in Dollars per share)	$ 2.40	$ 5.64
Weighted Average Units Outstanding – Basic and Diluted (in Shares)	38,962	38,962

Statement of Cash Flows

Statement of Cash Flows - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash Flows from Operating Activities:
Net Income	$ 96,323	$ 329,501
Adjustments to Reconcile Net Income To Net Cash Provided by Operating Activities:
Depreciation and Amortization	249,554	225,555
Gain on Sale of Real Estate	0	(165,255)
(Increase) Decrease in Rent Receivable	22,454	0
Increase (Decrease) in Payable to AEI Fund Management, Inc.	3,209	11,230
Increase (Decrease) in Unearned Rent	6,834	(11,499)
Total Adjustments	282,051	60,031
Net Cash Provided By (Used For) Operating Activities	378,374	389,532
Cash Flows from Investing Activities:
Investments in Real Estate	0	(831,455)
Proceeds from Sale of Real Estate	0	681,729
Net Cash Provided By (Used For) Investing Activities	0	(149,726)
Cash Flows from Financing Activities:
Distributions Paid to Members	(416,395)	(414,435)
Net Increase (Decrease) in Cash	(38,021)	(174,629)
Cash, beginning of period	703,002	3,756,509
Cash, end of period	$ 664,981	$ 3,581,880

Statement of Changes in Members

Statement of Changes in Members' Equity - USD ($)	General Partner [Member]	Limited Partner [Member]	Total
Balance at Dec. 31, 2019	$ (96,493)	$ 20,950,442	$ 20,853,949
Balance (in Shares) at Dec. 31, 2019		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
Distributions Declared	(12,489)	$ (403,799)	(416,288)
Net Income	109,594	219,907	329,501
Balance at Dec. 31, 2020	384	$ 20,006,034	20,006,418
Balance (in Shares) at Dec. 31, 2020		38,962
Balance at Mar. 31, 2021	(9,218)	$ 19,695,564	19,686,346
Balance (in Shares) at Mar. 31, 2021		38,962
Distributions Declared	(12,492)	$ (403,903)	(416,395)
Net Income	$ 2,890	$ 93,433	$ 96,323

Basis of Accounting

Basis of Accounting	3 Months Ended
	Mar. 31, 2021
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	3 Months Ended
	Mar. 31, 2021
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	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
New Accounting Pronouncements, Policy [Policy Text Block]	(3) Recently Issued Accounting Pronouncements – In April 2020, the Financial Accounting Standards Board (FASB) issued a question-and-answer document (the “Lease Modification Q&A”) focused on the application of lease accounting guidance to lease concessions provided as a result of COVID-19. Under existing lease guidance, the Company would have to determine, on a lease by lease basis, if a lease concession was the result of a new arrangement reached with the tenant or if a lease concession was under the enforceable rights and obligations within the existing lease agreement. The Lease Modification Q&A clarifies that entities may elect to not evaluate whether lease-related relief that lessors provide to mitigate the economic effects of COVID-19 on lessees is a lease modification under current lease guidance. Instead, an entity that elects not to evaluate whether a concession directly related to COVID-19 is a modification can then elect whether to apply the modification guidance. During the year ended December 31, 2020, the Company provided lease concessions to certain tenants in response to the impact of COVID-19, in the form of rent deferrals. The Company has made an election to account for such lease concessions consistent with how those concessions would be accounted for under lease guidance if enforceable rights and obligations for those concessions had already existed in the leases. This election is available for concessions related to the effects of the COVID-19 pandemic that do not result in a substantial increase in the rights as lessor, including concessions that result in the total payments required by the modified lease being substantially the same as or less than total payments required by the original lease. Substantially, all of the Company’s concessions to date provide for a deferral of payments with no substantive changes to the consideration in the original lease. These deferrals affect the timing, but not the amount, of the lease payments. The Company is accounting for these deferrals as if no changes to the lease were made. Under this accounting, the Company increases its rent receivables as tenant payments accrue and continues to recognize rental income. During the year ended December 31, 2020, the Company has entered into lease modifications that deferred $134,723, which was recognized as rental income for those deferred months in 2020. The rent receivable related to these rental deferrals is $112,269 as of March 31, 2021.

Real Estate Investments

Real Estate Investments	3 Months Ended
	Mar. 31, 2021
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. On July 31, 2020, the Company purchased a 50% interest in a Talecris plasma facility in Dallas, Texas for $2,746,350. The Company allocated $452,929 of the purchase price to Acquired Intangible Lease Assets, representing in-place lease intangibles of $284,439 and above-market lease intangibles of $168,490. 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 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 December 31, 2020, the tenant owed $29,049 of past due rent, which was not accrued for financial reporting purposes. On March 23, 2021, a motion to dismiss the bankruptcy case was issued by a federal judge to The Sports Authority, Inc., the Company will therefore not be receiving any of the past due rent. 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. Due to ongoing difficulties due to the COVID-19 Pandemic the Company is negotiating a rent commencement date of April 1, 2021. As a part of the negotiations the tenant improvement allowance will be replaced with a ten month rent abatement starting April 1, 2021. Additionally, this agreement would forebear rent and additional charges for the period from February 23, 2020 to March 31, 2021. 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. On January 22, 2021, the owner of Big Time Fun Center, LLC informed the Company it does not intend to open the Wichita property. As a result of the tenant informing the Company of their intention not to open, the full amount of the lease commission was amortized in the fourth quarter of 2020. The property is currently being marketed for lease with a real estate broker in the Wichita area. 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. 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 sale or 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. However, at this time, the Company does not anticipate the need to further reduce its regular quarterly cash distribution rate.

Payable to AEI Fund Management,

Payable to AEI Fund Management, Inc.	3 Months Ended
	Mar. 31, 2021
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	3 Months Ended
	Mar. 31, 2021
Disclosure Text Block Supplement [Abstract]
Members' Equity Notes Disclosure [Text Block]	(6) Members’ Equity – For the three months ended March 31, 2021 and 2020, the Company declared distributions of $416,395 and $416,288, respectively. The Limited Members received distributions of $403,903 and $403,799 and the Managing Members received distributions of $12,492 and $12,489 for the periods, respectively. The Limited Members' distributions represented $10.37 and $10.36 per LLC Unit outstanding using 38,962 weighted average Units for both periods. The distributions represented $2.40 and $5.64 per Unit of Net Income and $7.97 and $4.72 per Unit of return of contributed capital in 2021 and 2020, respectively.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value Disclosures [Text Block]	(7) Fair Value Measurements – At March 31, 2021 and December 31, 2020, the Company had no financial assets or liabilities measured at fair value on a recurring basis or nonrecurring basis.

Coronavirus Outbreak

Coronavirus Outbreak	3 Months Ended
	Mar. 31, 2021
Coronavirus Outbreak Policy [Abstract]
CoronavirusOutbreakPolicyTextBlock	(8) COVID-19 Outbreak – During the first quarter of 2020, there was a global outbreak of 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 COVID-19. Nevertheless, COVID19 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 eleven 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, Illinois, and Auburn Hills, Michigan to defer base rent in April and May 2020. The tenant started paying 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 FASB. Deferred rent of $134,723 was recognized as rental income during the year ended December 31, 2020 and a corresponding rent receivable was recorded. The rent receivable related to these rental deferrals is $112,269 as of March 31, 2021. 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)	3 Months Ended
	Mar. 31, 2021
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.
Accounting Standards Update and Change in Accounting Principle [Text Block]	In April 2020, the Financial Accounting Standards Board (FASB) issued a question-and-answer document (the “Lease Modification Q&A”) focused on the application of lease accounting guidance to lease concessions provided as a result of COVID-19. Under existing lease guidance, the Company would have to determine, on a lease by lease basis, if a lease concession was the result of a new arrangement reached with the tenant or if a lease concession was under the enforceable rights and obligations within the existing lease agreement. The Lease Modification Q&A clarifies that entities may elect to not evaluate whether lease-related relief that lessors provide to mitigate the economic effects of COVID-19 on lessees is a lease modification under current lease guidance. Instead, an entity that elects not to evaluate whether a concession directly related to COVID-19 is a modification can then elect whether to apply the modification guidance. During the year ended December 31, 2020, the Company provided lease concessions to certain tenants in response to the impact of COVID-19, in the form of rent deferrals. The Company has made an election to account for such lease concessions consistent with how those concessions would be accounted for under lease guidance if enforceable rights and obligations for those concessions had already existed in the leases. This election is available for concessions related to the effects of the COVID-19 pandemic that do not result in a substantial increase in the rights as lessor, including concessions that result in the total payments required by the modified lease being substantially the same as or less than total payments required by the original lease. Substantially, all of the Company’s concessions to date provide for a deferral of payments with no substantive changes to the consideration in the original lease. These deferrals affect the timing, but not the amount, of the lease payments. The Company is accounting for these deferrals as if no changes to the lease were made. Under this accounting, the Company increases its rent receivables as tenant payments accrue and continues to recognize rental income. During the year ended December 31, 2020, the Company has entered into lease modifications that deferred $134,723, which was recognized as rental income for those deferred months in 2020. The rent receivable related to these rental deferrals is $112,269 as of March 31, 2021.
CoronavirusOutbreakTextBlock	During the first quarter of 2020, there was a global outbreak of 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 COVID-19. Nevertheless, COVID19 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 eleven 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, Illinois, and Auburn Hills, Michigan to defer base rent in April and May 2020. The tenant started paying 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 FASB. Deferred rent of $134,723 was recognized as rental income during the year ended December 31, 2020 and a corresponding rent receivable was recorded. The rent receivable related to these rental deferrals is $112,269 as of March 31, 2021. 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 ($)	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019	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	38,962	38,961.72	38,961.72	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

Recently Issued Accounting Pr_2

Recently Issued Accounting Pronouncements (Details) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Deferred Rent Receivables, Net	$ 112,269	$ 134,723

Real Estate Investments (Detail

Real Estate Investments (Details) - USD ($)

Apr. 01, 2021

Jul. 31, 2020

Mar. 04, 2020

Mar. 01, 2020

Jan. 17, 2020

Aug. 27, 2019

Sep. 21, 2017

Apr. 30, 2020

Dec. 31, 2020

Jul. 30, 2021

Sep. 01, 2020

Jun. 17, 2019

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

Talecris Dallas TX

Real Estate Investments (Details) [Line Items]

Business Acquisition, Effective Date of Acquisition

Jul. 31, 2020

Payments to Acquire Real Estate

$ 2,746,350

Revenue from Contract with Customer, Excluding Assessed Tax

$ 182,035

Finite-lived Intangible Assets Acquired

$ 452,929

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)

Talecris Dallas TX | Leases, Acquired-in-Place [Member]

Real Estate Investments (Details) [Line Items]

Finite-Lived Intangible Asset, Acquired-in-Place Leases

$ 284,439

Talecris Dallas TX | Above Market Leases [Member]

Real Estate Investments (Details) [Line Items]

Finite-Lived Intangible Asset, Off-market Lease, Favorable, Gross

$ 168,490

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

Jared Jewelry Aurora IL

Real Estate Investments (Details) [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

$ 370,686

$ 235,989

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

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

Members' Equity (Details)

Members' Equity (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Members' Equity (Details) [Line Items]
Distribution Made to Limited Partner, Cash Distributions Declared	$ 416,395	$ 416,288
Limited Partner [Member]
Members' Equity (Details) [Line Items]
Distribution Made to Limited Partner, Cash Distributions Declared	$ 403,903	$ 403,799
Distribution Made to Limited Partner, Distributions Declared, Per Unit	$ 10.37	$ 10.36
Weighted Average Limited Partnership Units Outstanding, Basic	38,962	38,962
DistributionsPerUnitOfNetIncome	$ 2.40	$ 5.64
DistributionsPerUnitOfReturnOfCapital	$ 7.97	$ 4.72
General Partner [Member]
Members' Equity (Details) [Line Items]
Distribution Made to Limited Partner, Cash Distributions Declared	$ 12,492	$ 12,489

Coronavirus Outbreak (Details)

Coronavirus Outbreak (Details) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Coronavirus Outbreak Policy [Abstract]
Deferred Rent Receivables, Net	$ 112,269	$ 134,723