Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2023 | Oct. 31, 2023 | |
Document Information Line Items | ||
Entity Registrant Name | AEI INCOME & GROWTH FUND 25 LLC | |
Trading Symbol | NONE | |
Document Type | 10-Q | |
Current Fiscal Year End Date | --12-31 | |
Entity Common Stock, Shares Outstanding | 37,158.3 | |
Amendment Flag | false | |
Entity Central Index Key | 0001185198 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Document Period End Date | Sep. 30, 2023 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q3 | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Document Quarterly Report | true | |
Entity File Number | 000-50609 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 75-3074973 | |
Entity Address, Address Line One | 30 East 7th Street, Suite 1300 | |
Entity Address, City or Town | St. Paul | |
Entity Address, State or Province | MN | |
Entity Address, Postal Zip Code | 55101 | |
City Area Code | 651 | |
Local Phone Number | 651) 227-7333 | |
Entity Information, Former Legal or Registered Name | Not Applicable | |
Security Exchange Name | NONE | |
Title of 12(g) Security | Limited Liability Company Units | |
Entity Interactive Data Current | Yes | |
Document Transition Report | false |
Balance Sheet
Balance Sheet - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Current Assets: | ||
Cash | $ 1,574,659 | $ 1,762,822 |
Rent Receivable | 0 | 3,673 |
Total Current Assets | 1,574,659 | 1,766,495 |
Real Estate Investments: | ||
Land | 5,840,402 | 5,930,096 |
Buildings | 15,373,384 | 16,356,241 |
Acquired Intangible Lease Assets | 2,444,785 | 2,302,845 |
Real Estate Held for Investment, at Cost | 23,658,571 | 24,589,182 |
Accumulated Depreciation and Amortization | (8,485,984) | (8,528,460) |
Real Estate Held for Investment, Net | 15,172,587 | 16,060,722 |
Real Estate Held for Sale | 1,401,977 | 1,373,947 |
Total Real Estate Investments | 16,574,564 | 17,434,669 |
Total Assets | 18,149,223 | 19,201,164 |
Current Liabilities: | ||
Payable to AEI Fund Management, Inc. | 189,138 | 159,281 |
Distributions Payable | 283,093 | 286,181 |
Unearned Rent | 20,747 | 39,543 |
Total Current Liabilities | 492,978 | 485,005 |
Members’ Equity: | ||
Managing Members | 175 | 4,747 |
Limited Members – 50,000 Units authorized; 38,191.96 and 38,961.72 Units issued and outstanding as of 9/30/2023 and 12/31/2022, respectively | 17,656,070 | 18,711,412 |
Total Members’ Equity | 17,656,245 | 18,716,159 |
Total Liabilities and Members’ Equity | $ 18,149,223 | $ 19,201,164 |
Balance Sheet (Parentheticals)
Balance Sheet (Parentheticals) - Limited Partner [Member] - shares | Sep. 30, 2023 | Dec. 31, 2022 |
Limited Members, units authorized | 50,000 | 50,000 |
Limited Members, units issued | 38,191.96 | 38,961.72 |
Limited Members, units outstanding | 38,191.96 | 38,961.72 |
Statement of Operations
Statement of Operations - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Income Statement [Abstract] | ||||
Rental Income | $ 414,629 | $ 380,716 | $ 1,213,429 | $ 1,232,750 |
Expenses: | ||||
LLC Administration – Affiliates | 75,913 | 64,995 | 229,046 | 203,664 |
LLC Administration and Property Management – Unrelated Parties | 32,564 | 43,241 | 184,032 | 154,353 |
Depreciation and Amortization | 176,168 | 205,024 | 552,992 | 644,696 |
Real Estate Impairment | 0 | 0 | 90,000 | 0 |
Total Expenses | 284,645 | 313,260 | 1,056,070 | 1,002,713 |
Operating Income | 129,984 | 67,456 | 157,359 | 230,037 |
Other Income: | ||||
Gain on Sale of Real Estate | 0 | 0 | 44,186 | 528,892 |
Interest Income | 14,988 | 4,994 | 47,428 | 5,397 |
Total Other Income | 14,988 | 4,994 | 91,614 | 534,289 |
Net Income | 144,972 | 72,450 | 248,973 | 764,326 |
Net Income Allocated: | ||||
Managing Members | 8,451 | 8,522 | 34,696 | 60,525 |
Limited Members | 136,521 | 63,928 | 214,277 | 703,801 |
Net Income | $ 144,972 | $ 72,450 | $ 248,973 | $ 764,326 |
Net Income per LLC Unit (in Dollars per share) | $ 3.57 | $ 1.64 | $ 5.57 | $ 18.06 |
Weighted Average Units Outstanding – Basic and Diluted (in Shares) | 38,192 | 38,962 | 38,449 | 38,962 |
Statement of Cash Flows
Statement of Cash Flows - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Cash Flows from Operating Activities: | ||||
Net Income | $ 144,972 | $ 72,450 | $ 248,973 | $ 764,326 |
Adjustments to Reconcile Net Income To Net Cash Provided by Operating Activities: | ||||
Depreciation and Amortization | 613,595 | 712,703 | ||
Real Estate Impairment | 0 | 0 | 90,000 | 0 |
Gain on Sale of Real Estate | 0 | 0 | (44,186) | (528,892) |
(Increase) Decrease in Rent Receivable | 3,673 | 11,227 | ||
Increase (Decrease) in Payable to AEI Fund Management, Inc. | 29,857 | 13,338 | ||
Increase (Decrease) in Unearned Rent | (18,796) | (17,092) | ||
Total Adjustments | 674,143 | 191,284 | ||
Net Cash Provided By (Used For) Operating Activities | 923,116 | 955,610 | ||
Cash Flows from Investing Activities: | ||||
Proceeds from Sale of Real Estate | 1,418,133 | 1,959,687 | ||
Investments in Real Estate | (1,217,438) | 0 | ||
Net Cash Provided By (Used For) Investing Activities | 200,695 | 1,959,687 | ||
Cash Flows from Financing Activities: | ||||
Distributions Paid to Members | (855,455) | (858,545) | ||
Repurchase of LLC Units | (456,519) | 0 | ||
Net Cash Provided By (Used For) | (1,311,974) | (858,545) | ||
Net Increase (Decrease) in Cash | (188,163) | 2,056,752 | ||
Cash, beginning of period | 1,762,822 | 656,658 | ||
Cash, end of period | $ 1,574,659 | $ 2,713,410 | $ 1,574,659 | $ 2,713,410 |
Statement of Changes in Members
Statement of Changes in Members' Equity - USD ($) | General Partner [Member] | Limited Partner [Member] | Total |
Balance at Dec. 31, 2021 | $ (29,966) | $ 19,024,740 | $ 18,994,774 |
Balance (in Shares) at Dec. 31, 2021 | 38,961.72 | ||
Distributions Declared | (8,586) | $ (277,595) | (286,181) |
Net Income | 2,552 | 82,528 | 85,080 |
Balance at Mar. 31, 2022 | (36,000) | $ 18,829,673 | 18,793,673 |
Balance (in Shares) at Mar. 31, 2022 | 38,961.72 | ||
Balance at Dec. 31, 2021 | (29,966) | $ 19,024,740 | 18,994,774 |
Balance (in Shares) at Dec. 31, 2021 | 38,961.72 | ||
Distributions Declared | (25,758) | $ (832,787) | (858,545) |
Net Income | 764,326 | ||
Balance at Sep. 30, 2022 | 4,801 | $ 18,895,754 | 18,900,555 |
Balance (in Shares) at Sep. 30, 2022 | 38,961.72 | ||
Balance at Mar. 31, 2022 | (36,000) | $ 18,829,673 | 18,793,673 |
Balance (in Shares) at Mar. 31, 2022 | 38,961.72 | ||
Distributions Declared | (8,586) | $ (277,596) | (286,182) |
Net Income | 49,451 | 557,345 | 606,796 |
Balance at Jun. 30, 2022 | 4,865 | $ 19,109,422 | 19,114,287 |
Balance (in Shares) at Jun. 30, 2022 | 38,961.72 | ||
Distributions Declared | (8,586) | $ (277,596) | (286,182) |
Net Income | 8,522 | 63,928 | 72,450 |
Balance at Sep. 30, 2022 | 4,801 | $ 18,895,754 | 18,900,555 |
Balance (in Shares) at Sep. 30, 2022 | 38,961.72 | ||
Balance at Dec. 31, 2022 | 4,747 | $ 18,711,412 | 18,716,159 |
Balance (in Shares) at Dec. 31, 2022 | 38,961.72 | ||
Distributions Declared | (8,586) | $ (277,596) | (286,182) |
Net Income | 4,264 | 111,447 | 115,711 |
Balance at Mar. 31, 2023 | 425 | $ 18,545,263 | 18,545,688 |
Balance (in Shares) at Mar. 31, 2023 | 38,961.72 | ||
Balance at Dec. 31, 2022 | 4,747 | $ 18,711,412 | 18,716,159 |
Balance (in Shares) at Dec. 31, 2022 | 38,961.72 | ||
Distributions Declared | (25,572) | $ (826,796) | $ (852,368) |
Repurchase of LLC Units | (13,696) | (442,823) | |
Repurchase of LLC Units (in Shares) | (769.76) | ||
Net Income | $ 248,973 | ||
Balance at Sep. 30, 2023 | 175 | $ 17,656,070 | 17,656,245 |
Balance (in Shares) at Sep. 30, 2023 | 38,191.96 | ||
Balance at Mar. 31, 2023 | 425 | $ 18,545,263 | 18,545,688 |
Balance (in Shares) at Mar. 31, 2023 | 38,961.72 | ||
Distributions Declared | (8,493) | $ (274,600) | (283,093) |
Repurchase of LLC Units | (13,696) | $ (442,823) | (456,519) |
Repurchase of LLC Units (in Shares) | (769.76) | ||
Net Income | 21,981 | $ (33,691) | (11,710) |
Balance at Jun. 30, 2023 | 217 | $ 17,794,149 | 17,794,366 |
Balance (in Shares) at Jun. 30, 2023 | 38,191.96 | ||
Distributions Declared | (8,493) | $ (274,600) | (283,093) |
Net Income | 8,451 | 136,521 | 144,972 |
Balance at Sep. 30, 2023 | $ 175 | $ 17,656,070 | $ 17,656,245 |
Balance (in Shares) at Sep. 30, 2023 | 38,191.96 |
Basis of Accounting
Basis of Accounting | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of Accounting [Text Block] | (1) The condensed statements included herein have been prepared by the registrant, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission, and reflect all adjustments which are, in the opinion of management, necessary to a fair statement of the results of operations for the interim period, on a basis consistent with the annual audited statements. The adjustments made to these condensed statements consist only of normal recurring adjustments. Certain information, accounting policies, and footnote disclosures normally included in financial statements prepared in accordance with United States Generally Accepted Accounting Principles (US GAAP) have been condensed or omitted pursuant to such rules and regulations, although the registrant believes that the disclosures are adequate to make the information presented not misleading. It is suggested that these condensed financial statements be read in conjunction with the financial statements and the summary of significant accounting policies and notes thereto included in the registrant’s latest annual report on Form 10‑K. |
Organization
Organization | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block] | (2) Organization – AEI Income & Growth Fund 25 LLC (the “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 previous 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 the Robert P. Johnson Trust and Patricia Johnson own a majority interest. AEI Fund Management, Inc. (“AEI”), an affiliate of AFM, performs the administrative and operating functions for the Company. In June 2022, 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, 2022, 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 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 | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements, Policy [Policy Text Block] | (3) Recently Adopted Accounting Pronouncements – Effective January 1, 2023, the Company adopted the Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) No. 2016-13, Financial Instruments – Credit Losses (Topic 326). This guidance changes the methodology to be used to measure credit losses for certain financial instruments and financial assets, including receivables. The new methodology requires the recognition of an allowance that reflects the current estimate of credit losses expected to be incurred over the life of the financial assets. The adoption of the guidance did not have a material impact on the Company's financial statements. Other accounting standards that have been issued or proposed by the FASB are currently not applicable to the Company or are not expected to have a significant impact on the Company’s financial position, results of operations and cash flows. |
Real Estate Investments
Real Estate Investments | 9 Months Ended |
Sep. 30, 2023 | |
Real Estate [Abstract] | |
Real Estate Disclosure [Text Block] | (4) Real Estate Investments – The Company owned 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. On March 23, 2021, 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. In September 2022, the Company entered into an agreement to sell its 60% interest in the Biomat medical center in Wichita, Kansas to an unrelated third party. The property was classified as real estate held for sale at December 31, 2022. On February 9, 2023, the sale closed with the Company receiving net proceeds of $1,418,133, which resulted in a net gain of $44,186. At the time of sale, the cost and related accumulated depreciation was $2,839,297 and $1,465,350, respectively. The Company owns a 100% interest in a Premier Diagnostic Imaging Center in Terre Haute, Indiana. On May 31, 2022, 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 100% share of real estate taxes and other costs associated with maintaining the property. The property is listed with Ten-X for auction on November 13, 2023. The annual rent from this property represented approximately 12% 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. However, at this time, the Company does not anticipate the need to reduce its regular quarterly cash distribution. In June 2022, the Company entered into an agreement to sell its 72% interest in the Staples store in Clermont, Florida to an unrelated third party. On June 30, 2022, the sale closed with the Company receiving net proceeds of $1,959,687, which resulted in a net gain of $528,892. At the time of sale, the cost and related accumulated depreciation was $2,315,045 and $884,250, respectively. In October 2022, the Company entered into an agreement with the tenant of the PetSmart store in Gonzales, Louisiana to extend the lease term five years to end on January 31, 2028. As part of the agreement, the annual rent increased from $246,179 to $258,336 effective February 1, 2023. On November 1, 2022, the Company purchased an additional 50% joint-venture interest in the Coliseum Health property in Macon, Georgia for $1,050,000 from AEI Income & Growth Fund 24 LLC, an affiliate of the Company. The purchase price of the property 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 AEI Income & Growth Fund 24 LLC was in the process of liquidating its property portfolio. The Company now owns 100% interest in the property. The Company allocated $22,002 of the purchase price to Acquired Intangible Lease Assets, representing in-place lease intangibles. The annual rent for the additional 50% interest that was purchased is $119,672. In June 2023, the Company entered into an agreement with the tenant of the Coliseum Health store in Macon, Georgia to extend the lease term 87 months commencing on April 1, 2024 and expiring on June 30, 2031. As an inducement for the Tenant’s extension of the lease term, fixed rent will be abated for the first three months of the new lease term. As part of the agreement, the annual rent decreased from $168,948 to $167,375 effective July 1, 2024. The Company also agrees to pay a commission to the Tenant’s real estate broker in the amount of 2% of the Fixed Rent to be paid during the period from April 1, 2024, to June 30, 2031, which is the amount of $23,968. In June 2023, the Company performed a long-lived asset valuation analysis and determined the Premier Diagnostic Imaging Center in Terre Haute, Indiana was impaired. As a result, in the second quarter of 2023, the Company recognized real estate impairment of $90,000 to decrease the carrying value to the estimated fair value of $1,401,977. The charge was recorded against the land, building, in-place lease and above market lease. This property has been classified as Real Estate Held for Sale on the balance sheet with a carrying value of $1,401,977. On August 3, 2023 the Company purchased a 30% interest in the University of Iowa Health in Riverside, Iowa for $1,193,470 from AEI Property Corporation (“APC”), an affiliate of the Company. The purchase price of the property was based upon the property’s fair market value as determined by an independent third party, commercial property appraiser. The Company allocated $141,940 of the purchase price to Acquired Intangible Lease Assets, representing in-place lease intangibles. The property is leased to Board of Regents, State of Iowa under a lease agreement with a remaining primary term of approximately 10 years (as of date of purchase) and annual rent of $73,215 scheduled to increase annually at 2.5%. |
Payable to AEI Fund Management,
Payable to AEI Fund Management, Inc. | 9 Months Ended |
Sep. 30, 2023 | |
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 | 9 Months Ended |
Sep. 30, 2023 | |
Disclosure Text Block Supplement [Abstract] | |
Members' Equity Notes Disclosure [Text Block] | (6) Members’ Equity – For the nine months ended September 30, 2023 and 2022, the Company declared distributions of $852,368 and $858,545, respectively. The Limited Members were allocated distributions of $826,796 and $832,787 and the Managing Members were allocated distributions of $25,572 and $25,758 for the periods ended September 30, 2023 and 2022, respectively. The Limited Members' distributions represented $21.50 and $21.37 per LLC Unit outstanding using 38,449 and 38,962 weighted average Units in 2023 and 2022, respectively. The distributions represented $10.13 and $18.06 per Unit of Net Income and $11.37 and $3.31 per Unit of return of contributed capital in 2023 and 2022, respectively. For the nine months ended September 30, 2023, the Company repurchased a total of 769.76 Units for $442,823 from 30 Limited Members in accordance with the Operating Agreement. The Company acquired these Units using net sales proceeds. The repurchase increases the remaining Limited Members' ownership interest in the Company. As a result of this repurchase and pursuant to the Operating Agreement, the Managing Members received distributions of $13,696 in 2023. For the nine months ended September 30, 2022, the Company did not repurchase any Units from the Limited Members. 10 AEI INCOME & GROWTH FUND 25 LLC CONDENSED NOTES TO FINANCIAL STATEMENTS |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | (7) Fair Value Measurements – At September 30, 2023 and December 31, 2022, the Company had no financial assets or liabilities measured at fair value on a recurring basis or nonrecurring basis. During 2023, the Company impaired the Premier Diagnostic Imaging Center in Terre Haute, Indiana to its fair value of approximately $1,401,000. Fair value was determined using feedback provided by a local broker less costs to sell based on the held for sale classification (level 3 in the fair value hierarchy). An impairment of $90,000 was recognized during the second quarter of 2023. |
Recently Issued Accounting Pr_2
Recently Issued Accounting Pronouncements (Details) | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncement or Change in Accounting Principle, Description | 2023, the Company adopted the Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) No. 2016-13, Financial Instruments – Credit Losses (Topic 326). This guidance changes the methodology to be used to measure credit losses for certain financial instruments and financial assets, including receivables. The new methodology requires the recognition of an allowance that reflects the current estimate of credit losses expected to be incurred over the life of the financial assets. The adoption of the guidance did not have a material impact on the Company's financial statements. Other accounting standards that have been issued or proposed by the FASB are currently not applicable to the Company or are not expected to have a significant impact on the Company’s financial position, results of operations and cash flows |
Real Estate Investments (Detail
Real Estate Investments (Details) - USD ($) | 3 Months Ended | 4 Months Ended | 9 Months Ended | 11 Months Ended | 12 Months Ended | 87 Months Ended | |||||||||
Aug. 03, 2023 | Jun. 30, 2023 | Jun. 01, 2023 | Nov. 01, 2022 | Oct. 01, 2022 | Jun. 30, 2022 | Sep. 21, 2017 | Sep. 30, 2023 | Sep. 30, 2022 | Jan. 31, 2023 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2023 | Jun. 17, 2019 | Jun. 30, 2031 | |
Real Estate Investments (Details) [Line Items] | |||||||||||||||
Average Lease Term | September 21, 2017 | ||||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 167,375 | $ 55,607 | |||||||||||||
Gain (Loss) on Disposition of Assets | $ 0 | $ 0 | $ 44,186 | $ 528,892 | |||||||||||
Payments to Acquire Real Estate | 1,217,438 | 0 | |||||||||||||
Impairment of Real Estate | $ 0 | $ 0 | $ 90,000 | $ 0 | |||||||||||
Petsmart Gonzales LA 'Member' | |||||||||||||||
Real Estate Investments (Details) [Line Items] | |||||||||||||||
Average Lease Term | In October 2022, the Company entered into an agreement with the tenant of the PetSmart store in Gonzales, Louisiana to extend the lease term five years to end on January 31, 2028 | ||||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 246,179 | $ 258,336 | |||||||||||||
Coliseum Health Member | |||||||||||||||
Real Estate Investments (Details) [Line Items] | |||||||||||||||
Average Lease Term | In June 2023, the Company entered into an agreement with the tenant of the Coliseum Health store in Macon, Georgia to extend the lease term 87 months commencing on April 1, 2024 and expiring on June 30, 2031. | ||||||||||||||
Payments to Acquire Real Estate | $ 1,050,000 | ||||||||||||||
Intangible Assets, Current | $ 22,002 | ||||||||||||||
Payments for Lease Commissions | $ 23,968 | ||||||||||||||
Premier Diagnostics Terre Haute IN "Member" | |||||||||||||||
Real Estate Investments (Details) [Line Items] | |||||||||||||||
Impairment of Real Estate | $ 90,000 | ||||||||||||||
Property, Plant, and Equipment, Fair Value Disclosure | $ 1,401,977 | ||||||||||||||
Staples Clermont FL 'Member' | |||||||||||||||
Real Estate Investments (Details) [Line Items] | |||||||||||||||
Disposal Date | Jun. 30, 2022 | ||||||||||||||
Proceeds from Sale of Real Estate | $ 1,959,687 | ||||||||||||||
Gain (Loss) on Disposition of Assets | 528,892 | ||||||||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Cost of Investment in Real Estate Sold | 2,315,045 | ||||||||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | $ 884,250 | ||||||||||||||
Coliseum Health Member | |||||||||||||||
Real Estate Investments (Details) [Line Items] | |||||||||||||||
Business Acquisition, Effective Date of Acquisition | Nov. 01, 2022 | ||||||||||||||
University of Iowa Riverside IA 'Member" | |||||||||||||||
Real Estate Investments (Details) [Line Items] | |||||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 73,215 | ||||||||||||||
Payments to Acquire Real Estate | $ 1,193,470 |
Members' Equity (Details)
Members' Equity (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Members' Equity (Details) [Line Items] | ||||||||
Distribution Made to Limited Partner, Cash Distributions Declared | $ 283,093 | $ 283,093 | $ 286,182 | $ 286,182 | $ 286,182 | $ 286,181 | $ 852,368 | $ 858,545 |
Partners' Capital Account, Units, Redeemed (in Shares) | 769.76 | |||||||
Partners' Capital Account, Redemptions | 456,519 | |||||||
Limited Partner [Member] | ||||||||
Members' Equity (Details) [Line Items] | ||||||||
Distribution Made to Limited Partner, Cash Distributions Declared | 274,600 | $ 274,600 | 277,596 | 277,596 | 277,596 | 277,595 | $ 826,796 | $ 832,787 |
Distribution Made to Limited Partner, Distributions Declared, Per Unit (in Dollars per share) | $ 21.5 | $ 21.37 | ||||||
Weighted Average Limited Partnership Units Outstanding, Basic (in Shares) | 38,449 | 38,962 | ||||||
DistributionsPerUnitOfNetIncome (in Dollars per share) | $ 10.13 | $ 18.06 | ||||||
DistributionsPerUnitOfReturnOfCapital (in Dollars per share) | $ 11.37 | $ 3.31 | ||||||
Partners' Capital Account, Units, Redeemed (in Shares) | 769.76 | |||||||
Partners' Capital Account, Redemptions | $ 442,823 | $ 442,823 | ||||||
General Partner [Member] | ||||||||
Members' Equity (Details) [Line Items] | ||||||||
Distribution Made to Limited Partner, Cash Distributions Declared | $ 8,493 | 8,493 | $ 8,586 | $ 8,586 | $ 8,586 | $ 8,586 | 25,572 | $ 25,758 |
Partners' Capital Account, Redemptions | $ 13,696 | $ 13,696 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | ||||
Fair Value, Concentration of Risk, Investment in Federal Home Loan Bank Stock | $ 1,401,000 | $ 1,401,000 | ||
Impairment of Real Estate | $ 0 | $ 0 | $ 90,000 | $ 0 |