AEI Income & Growth Fund 25 10-Q 14 Nov 18 2018 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information	9 Months Ended
	Sep. 30, 2018USD ($)shares
Document and Entity Information [Abstract]
Entity Registrant Name	AEI Income & Growth Fund 25 LLC
Document Type	10-Q
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding | shares	39,898
Entity Public Float | $	$ 0
Amendment Flag	false
Entity Central Index Key	1,185,198
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Document Period End Date	Sep. 30, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q3
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Ex Transition Period	false

Balance Sheet

Balance Sheet - USD ($)	Sep. 30, 2018	Dec. 31, 2017
Current Assets:
Cash	$ 5,579,698	$ 6,081,556
Real Estate Investments:
Land	8,005,563	8,005,563
Buildings	18,386,544	18,386,544
Acquired Intangible Lease Assets	1,487,092	1,487,092
Real Estate Held for Investment, at cost	27,879,199	27,879,199
Accumulated Depreciation and Amortization	(8,843,851)	(8,177,003)
Real Estate Held for Investment, Net	19,035,348	19,702,196
Total Assets	24,615,046	25,783,752
Current Liabilities:
Payable to AEI Fund Management, Inc.	134,307	155,267
Distributions Payable	422,667	720,251
Unearned Rent	30,117	15,485
Total Current Liabilities	587,091	891,003
Long-term Liabilities:
Acquired Below-Market Lease Intangibles, Net	49,556	59,693
Members’ Equity (Deficit):
Managing Members	(14,738)	7,265
Limited Members – 50,000 Units authorized; 39,898 and 40,042 Units issued and outstanding as of 9/30/2018 and 12/31/2017, respectively	23,993,137	24,825,791
Total Members’ Equity	23,978,399	24,833,056
Total Liabilities and Members’ Equity	$ 24,615,046	$ 25,783,752

Balance Sheet (Parentheticals)

Balance Sheet (Parentheticals) - Limited Partner [Member] - shares	Sep. 30, 2018	Dec. 31, 2017
Limited Members, units authorized	50,000	50,000
Limited Members, units issued	39,898	40,042
Limited Members, units outstanding	39,898	40,042

Statement of Income

Statement of Income - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Rental Income	$ 530,636	$ 564,891	$ 1,549,101	$ 1,690,909
Expenses:
LLC Administration – Affiliates	46,906	69,027	177,437	207,301
LLC Administration and Property Management – Unrelated Parties	70,457	35,142	244,549	118,089
Depreciation and Amortization	214,551	234,152	639,920	702,456
Total Expenses	331,914	338,321	1,061,906	1,027,846
Operating Income	198,722	226,570	487,195	663,063
Other Income:
Interest Income	13,820	1,651	27,822	4,802
Net Income	212,542	228,221	515,017	667,865
Net Income Allocated:
Managing Members	6,377	6,847	15,451	20,036
Limited Members	$ 206,165	$ 221,374	$ 499,566	$ 647,829
Net Income per LLC Unit (in Dollars per share)	$ 5.17	$ 5.51	$ 12.51	$ 16.11
Weighted Average Units Outstanding – Basic and Diluted (in Shares)	39,898	40,197	39,946	40,203

Statement of Cash Flows

Statement of Cash Flows - USD ($)	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Cash Flows from Operating Activities:
Net Income	$ 515,017	$ 667,865
Adjustments to Reconcile Net Income To Net Cash Provided by Operating Activities:
Depreciation and Amortization	656,711	745,245
Increase (Decrease) in Payable to AEI Fund Management, Inc.	(20,960)	64,421
Increase (Decrease) in Unearned Rent	14,632	11,301
Total Adjustments	650,383	820,967
Net Cash Provided By (Used For) Operating Activities	1,165,400	1,488,832
Cash Flows from Financing Activities:
Distributions Paid to Members	(1,566,831)	(1,279,856)
Repurchase of LLC Units	(100,427)	(13,973)
Net Cash Provided By (Used For) Financing Activities	(1,667,258)	(1,293,829)
Net Increase (Decrease) in Cash	(501,858)	195,003
Cash, beginning of period	6,081,556	2,139,205
Cash, end of period	$ 5,579,698	$ 2,334,208

Statement of Changes in Members

Statement of Changes in Members' Equity - USD ($)	Managing Member [Member]	Limited Member [Member]	Total
Balance at Dec. 31, 2016	$ 879	$ 25,337,464	$ 25,338,343
Balance (in Shares) at Dec. 31, 2016		40,216.65
Balance at Sep. 30, 2017	(17,963)	$ 24,728,236	24,710,273
Balance (in Shares) at Sep. 30, 2017		40,196.65
Distributions Declared	(38,459)	$ (1,243,503)	(1,281,962)
Repurchase of LLC Units	(419)	$ (13,554)	(13,973)
Units Repurchased (in Shares)		(20)
Net Income	20,036	$ 647,829	667,865
Balance at Dec. 31, 2017	7,265	$ 24,825,791	24,833,056
Balance (in Shares) at Dec. 31, 2017		40,042.40
Balance at Sep. 30, 2018	(14,738)	$ 23,993,137	23,978,399
Balance (in Shares) at Sep. 30, 2018		39,898.15
Distributions Declared	(34,441)	$ (1,234,806)	(1,269,247)
Repurchase of LLC Units	(3,013)	$ (97,414)	(100,427)
Units Repurchased (in Shares)		(144.25)
Net Income	$ 15,451	$ 499,566	$ 515,017

Basis of Accounting

Basis of Accounting	9 Months Ended
	Sep. 30, 2018
Disclosure Text Block [Abstract]
Basis of Accounting [Text Block]	(1) The condensed statements included herein have been prepared by the registrant, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission, and reflect all adjustments which are, in the opinion of management, necessary to a fair statement of the results of operations for the interim period, on a basis consistent with the annual audited statements. The adjustments made to these condensed statements consist only of normal recurring adjustments. Certain information, accounting policies, and footnote disclosures normally included in financial statements prepared in accordance with United States Generally Accepted Accounting Principles (US GAAP) have been condensed or omitted pursuant to such rules and regulations, although the registrant believes that the disclosures are adequate to make the information presented not misleading. It is suggested that these condensed financial statements be read in conjunction with the financial statements and the summary of significant accounting policies and notes thereto included in the registrant’s latest annual report on Form 10K.

Organization

Organization	9 Months Ended
	Sep. 30, 2018
Accounting Policies [Abstract]
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block]	(2) Organization – AEI Income & Growth Fund 25 LLC (“Company”), a Limited Liability Company, was formed on June 24, 2002 to acquire and lease commercial properties to operating tenants. The Company's operations are managed by AEI Fund Management XXI, Inc. (“AFM”), the Managing Member. Robert P. Johnson, the President and sole director of AFM, serves as the Special Managing Member. AFM is a wholly owned subsidiary of AEI Capital Corporation of which Mr. Johnson is the majority shareholder. AEI Fund Management, Inc. (“AEI”), an affiliate of AFM, performs the administrative and operating functions for the Company. The terms of the offering called for a subscription price of $1,000 per LLC Unit, payable on acceptance of the offer. The Company commenced operations on September 11, 2003 when minimum subscriptions of 1,500 LLC Units ($1,500,000) were accepted. The offering terminated May 12, 2005, when the extended offering period expired. The Company received subscriptions for 42,434.763 Units. Under the terms of the Operating Agreement, the Limited Members and Managing Members contributed funds of $42,434,763 and $1,000, respectively. The Company shall continue until December 31, 2053, unless dissolved, terminated and liquidated prior to that date. During operations, any Net Cash Flow, as defined, which the Managing Members determine to distribute will be distributed 97% to the Limited Members and 3% to the Managing Members. Distributions to Limited Members will be made pro rata by Units. Any Net Proceeds of Sale, as defined, from the sale or financing of properties which the Managing Members determine to distribute will, after provisions for debts and reserves, be paid in the following manner: (i) first, 99% to the Limited Members and 1% to the Managing Members until the Limited Members receive an amount equal to: (a) their Adjusted Capital Contribution plus (b) an amount equal to 7% of their Adjusted Capital Contribution per annum, cumulative but not compounded, to the extent not previously distributed from Net Cash Flow; (ii) any remaining balance will be distributed 90% to the Limited Members and 10% to the Managing Members. Distributions to the Limited Members will be made pro rata by Units. For tax purposes, profits from operations, other than profits attributable to the sale, exchange, financing, refinancing or other disposition of property, will be allocated 97% to the Limited Members and 3% to the Managing Members. Net losses from operations will be allocated 99% to the Limited Members and 1% to the Managing Members. For tax purposes, profits arising from the sale, financing, or other disposition of property will be allocated in accordance with the Operating Agreement as follows: (i) first, to those Members with deficit balances in their capital accounts in an amount equal to the sum of such deficit balances; (ii) second, 99% to the Limited Members and 1% to the Managing Members until the aggregate balance in the Limited Members' capital accounts equals the sum of the Limited Members' Adjusted Capital Contributions plus an amount equal to 7% of their Adjusted Capital Contributions per annum, cumulative but not compounded, to the extent not previously allocated; (iii) third, the balance of any remaining gain will then be allocated 90% to the Limited Members and 10% to the Managing Members. Losses will be allocated 99% to the Limited Members and 1% to the Managing Members. The Managing Members are not required to currently fund a deficit capital balance. Upon liquidation of the Company or withdrawal by a Managing Member, the Managing Members will contribute to the Company an amount equal to the lesser of the deficit balances in their capital accounts or 1.01% of the total capital contributions of the Limited Members over the amount previously contributed by the Managing Members. 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 Adopted Accounting Pro

Recently Adopted Accounting Pronouncements	9 Months Ended
	Sep. 30, 2018
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
New Accounting Pronouncements and Changes in Accounting Principles [Text Block]	(3) Recently Adopted Accounting Pronouncements – In May 2014, with subsequent updates issued in August 2015 and March, April and May 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2014-09 regarding ASC Topic 606, Revenue from Contracts with Customers. This standard was developed to enable financial statement users to better understand the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. The update’s core principle is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Entities are to use a five-step contract review model to ensure revenue is recognized, measured and disclosed in accordance with this principle. Those steps include the following: (i) identify the contract with the customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, (iv) allocate the transaction price to each performance obligation in the contract, and (v) recognize revenue when or as the entity satisfies a performance obligation. Management has concluded that all of the Company’s material revenue streams fall outside of the scope of this guidance. The new standard may be applied retrospectively to each prior period presented or prospectively with the cumulative effect, if any, recognized as of the date of adoption. During 2018, the Company selected the modified retrospective transition method as of the date of adoption effective January 1, 2018. Management has concluded that the majority of total revenues consist of rental income from leasing arrangements, which are specifically excluded from the standard. The Company analyzed its remaining revenue streams, inclusive of gains and losses on real estate sales, and concluded there are no changes in revenue recognition with the adoption of the new standard. As such, adoption of the standard did not result in a cumulative adjustment recognized as of January 1, 2018, and the standard did not have a material impact on the Company’s financial statements. In January 2017, the FASB issued ASU 2017-01, which clarifies the definition of a business by adding guidance to assist entities in evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The guidance is effective for annual periods beginning after December 15, 2017, including interim periods within those periods, with early adoption permitted, and is required to be applied prospectively to any transactions occurring within the period of adoption. We expect the new standard will result in all of our real estate acquisitions being considered asset acquisitions, whereby substantially all acquisition costs related to our real estate acquisitions will be capitalized. Prior to the adoption of the new standard, all of our real estate acquisitions completed after January 1, 2009, were considered acquisitions of businesses, whereby all acquisition-related costs were expensed as incurred. During 2018, the Company has adopted the accounting pronouncement effective January 1, 2018, and applied this guidance prospectively. The adoption did not have a material effect on its financial statements.

Recently Issued Accounting Pron

Recently Issued Accounting Pronouncements	9 Months Ended
	Sep. 30, 2018
Policy Text Block [Abstract]
New Accounting Pronouncements, Policy [Policy Text Block]	(4) Recently Issued Accounting Pronouncements – In August 2018, the SEC adopted the final rule under SEC Release No. 33-10532, Disclosure Update and Simplification, amending certain disclosure requirements that were redundant, duplicative, overlapping, outdated or superseded. In addition, the amendments expanded the disclosure requirements for the analysis of members’ equity for interim financial statements. Under the amendments, an analysis of changes in each caption of members’ equity presented in the balance sheet must be provided in a note or separate statement. The analysis should present a reconciliation of the beginning balance to the ending balance of each period for which a statement of comprehensive income is required to be filed. The Company anticipates its first presentation of year-to-date quarterly changes in members’ equity will be included in its Form 10-Q for the quarter ended March 31, 2019.

Real Estate Investments

Real Estate Investments	9 Months Ended
	Sep. 30, 2018
Real Estate [Abstract]
Real Estate Disclosure [Text Block]	(5) Real Estate Investments – 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 September 30, 2018, 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 is vacant, the Company is 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 will operate 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 the second quarter of 2018, the Company recorded $81,329 as a property expense for its 60% share of the remaining cost to replace the roof. At December 31, 2017, the Company accrued its 60% share of lease commissions due to real estate brokers totaling $81,440 that were owed as part of the lease transaction. This amount was capitalized and will be amortized over the term of the lease. The Company is continuing to pursue additional tenants for the remaining space. In the third quarter of 2017, the Company decided to sell the Fresenius Medical Center in Gretna, Louisiana. In October 2017, the Company entered into an agreement to sell the property to an unrelated third party. On December 6, 2017, the sale closed with the Company receiving net proceeds of $3,939,360, which resulted in a net gain of $757,670. At the time of sale, the cost and related accumulated depreciation and amortization was $3,456,892 and $275,202, respectively. In February 2018, the Company entered into an agreement with the tenant of the Advance Auto Parts store in Indianapolis, Indiana to extend the lease term five years to end on April 30, 2025. As part of the agreement, the annual rent decreased from $51,630 to $44,079 effective January 1, 2018. In addition, beginning on March 1, 2018, the tenant received free rent for four months that equaled $14,693. In September 2018, the Company entered into an agreement with the tenant of the Tractor Supply Company store in Yankton, South Dakota to extend the lease term five years to end on December 31, 2023. As part of the agreement, the annual rent will decrease from $185,820 to $105,000 effective January 1, 2019. The annual rent will increase to $115,500 effective January 1, 2021 and will increase to $185,820 effective October 1, 2023.

Payable to AEI Fund Management,

Payable to AEI Fund Management, Inc.	9 Months Ended
	Sep. 30, 2018
Payables and Accruals [Abstract]
Accounts Payable and Accrued Liabilities Disclosure [Text Block]	(6) 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, 2018
Disclosure Text Block Supplement [Abstract]
Members' Equity Notes Disclosure [Text Block]	(7) Members’ Equity – For the nine months ended September 30, 2018 and 2017, the Company declared distributions of $1,269,247 and $1,281,962, respectively. The Limited Members received distributions of $1,234,806 and $1,243,503 and the Managing Members received distributions of $34,441 and $38,459 for the periods, respectively. The Limited Members' distributions represented $30.91 and $30.93 per LLC Unit outstanding using 39,946 and 40,203 weighted average Units in 2018 and 2017, respectively. The distributions represented $10.07 and $15.77 per Unit of Net Income and $20.84 and $15.16 per Unit of return of contributed capital in 2018 and 2017, respectively. As part of the distributions discussed above, the Company distributed net sale proceeds of $181,818 in 2018. The Limited Members received distributions of $180,000 and the Managing Members received distributions of $1,818. The Limited Members’ distributions represented $4.52 per Unit. On April 1, 2018, the Company repurchased a total of 144.25 Units for $97,414 from five Limited Members in accordance with the Operating Agreement. On April 1, 2017, the Company repurchased a total of 20.00 Units for $13,554 from one Limited Member. The Company acquired these Units using Net Cash Flow from operations. The repurchases increase the remaining Limited Members’ ownership interest in the Company. As a result of these repurchases and pursuant to the Operating Agreement, the Managing Members received distributions of $3,013 and $419 in 2018 and 2017, respectively.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2018
Fair Value Disclosures [Abstract]
Fair Value Disclosures [Text Block]	(8) Fair Value Measurements – As of September 30, 2018 and December 31, 2017, the Company had no assets or liabilities measured at fair value on a recurring basis or nonrecurring basis.

Accounting Policies, by Policy

Accounting Policies, by Policy (Policies)	9 Months Ended
	Sep. 30, 2018
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.
New Accounting Pronouncement or Change in Accounting Principle, Description	In May 2014, with subsequent updates issued in August 2015 and March, April and May 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2014-09 regarding ASC Topic 606, Revenue from Contracts with Customers.  This standard was developed to enable financial statement users to better understand the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers.  The update’s core principle is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.  Entities are to use a five-step contract review model to ensure revenue is recognized, measured and disclosed in accordance with this principle.  Those steps include the following:  (i) identify the contract with the customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, (iv) allocate the transaction price to each performance obligation in the contract, and (v) recognize revenue when or as the entity satisfies a performance obligation.Management has concluded that all of the Company’s material revenue streams fall outside of the scope of this guidance.  The new standard may be applied retrospectively to each prior period presented or prospectively with the cumulative effect, if any, recognized as of the date of adoption.  During 2018, the Company selected the modified retrospective transition method as of the date of adoption effective January 1, 2018.  Management has concluded that the majority of total revenues consist of rental income from leasing arrangements, which are specifically excluded from the standard.  The Company analyzed its remaining revenue streams, inclusive of gains and losses on real estate sales, and concluded there are no changes in revenue recognition with the adoption of the new standard.  As such, adoption of the standard did not result in a cumulative adjustment recognized as of January 1, 2018, and the standard did not have a material impact on the Company’s financial statements.In January 2017, the FASB issued ASU 2017-01, which clarifies the definition of a business by adding guidance to assist entities in evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses.  The guidance is effective for annual periods beginning after December 15, 2017, including interim periods within those periods, with early adoption permitted, and is required to be applied prospectively to any transactions occurring within the period of adoption.  We expect the new standard will result in all of our real estate acquisitions being considered asset acquisitions, whereby substantially all acquisition costs related to our real estate acquisitions will be capitalized.  Prior to the adoption of the new standard, all of our real estate acquisitions completed after January 1, 2009, were considered acquisitions of businesses, whereby all acquisition-related costs were expensed as incurred.  During 2018, the Company has adopted the accounting pronouncement effective January 1, 2018, and applied this guidance prospectively.  The adoption did not have a material effect on its financial statements.
Description of New Accounting Pronouncements Not yet Adopted [Text Block]	In August 2018, the SEC adopted the final rule under SEC Release No. 33-10532, Disclosure Update and Simplification, amending certain disclosure requirements that were redundant, duplicative, overlapping, outdated or superseded. In addition, the amendments expanded the disclosure requirements for the analysis of members’ equity for interim financial statements. Under the amendments, an analysis of changes in each caption of members’ equity presented in the balance sheet must be provided in a note or separate statement. The analysis should present a reconciliation of the beginning balance to the ending balance of each period for which a statement of comprehensive income is required to be filed. The Company anticipates its first presentation of year-to-date quarterly changes in members’ equity will be included in its Form 10-Q for the quarter ended March 31, 2019.

Organization (Details)

Organization (Details) - USD ($)	Sep. 30, 2018	Dec. 31, 2017	Sep. 30, 2017	Dec. 31, 2016	May 12, 2005	Sep. 11, 2003
Limited Member [Member]
Organization (Details) [Line Items]
Capital Units, Value						$ 1,000
Limited Partners' Capital Account, Units Outstanding (in Shares)	39,898.15	40,042.40	40,196.65	40,216.65	42,434.763	1,500
Limited Partners' Contributed Capital					$ 42,434,763	$ 1,500,000
Managing Member [Member]
Organization (Details) [Line Items]
General Partners' Contributed Capital					$ 1,000

Real Estate Investments (Detail

Real Estate Investments (Details) - USD ($)

Sep. 01, 2018

Feb. 01, 2018

Dec. 06, 2017

Dec. 31, 2023

Dec. 31, 2017

Jun. 30, 2018

Dec. 31, 2021

Dec. 31, 2019

Jun. 17, 2019

Dec. 31, 2018

Sep. 20, 2018

Dec. 31, 2017

Mar. 01, 2018

Biomat USA Plasma Center Wichita KS

Real Estate Investments (Details) [Line Items]

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.

Revenue from Contract with Customer, Excluding Assessed Tax

$ 55,607

Cost of Property Repairs and Maintenance

$ 81,329

Payments for Lease Commissions

$ 81,440

Advance Auto Parts Indianapolis IN

Real Estate Investments (Details) [Line Items]

Average Lease Term

In February 2018, the Company entered into an agreement with the tenant of the Advance Auto Parts store in Indianapolis, Indiana to extend the lease term five years to end on April 30, 2025.

Revenue from Contract with Customer, Excluding Assessed Tax

$ 44,079

$ 51,630

Allowance for Notes, Loans and Financing Receivable, Current

$ 14,693

Tractor Supply Yankton SD

Real Estate Investments (Details) [Line Items]

Average Lease Term

In September 2018, the Company entered into an agreement with the tenant of the Tractor Supply Company store in Yankton, South Dakota to extend the lease term five years to end on December 31, 2023.

Revenue from Contract with Customer, Excluding Assessed Tax

$ 185,820

$ 115,500

$ 105,000

$ 185,820

Fresenius Gretna LA

Real Estate Investments (Details) [Line Items]

Disposal Date

Dec. 6, 2017

Proceeds from Sale of Real Estate

$ 3,939,360

Gain (Loss) on Sale of Properties

757,670

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

3,456,892

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

$ 275,202

Members' Equity (Details)

Members' Equity (Details)	9 Months Ended
	Sep. 30, 2018USD ($)$ / shares$ / itemshares	Sep. 30, 2017USD ($)$ / shares$ / itemshares
Members' Equity (Details) [Line Items]
Distribution Made to Limited Liability Company (LLC) Member, Cash Distributions Declared	$ 1,269,247	$ 1,281,962
Sale Proceeds Distribution Made To Member Or Limited Partner	181,818
Partners' Capital Account, Redemptions	100,427	13,973
Limited Member [Member]
Members' Equity (Details) [Line Items]
Distribution Made to Limited Liability Company (LLC) Member, Cash Distributions Declared	$ 1,234,806	$ 1,243,503
Distributions Per Limited Partnership Unit Outstanding, Basic (in Dollars per share) | $ / shares	$ 30.91	$ 30.93
Weighted Average Limited Partnership Units Outstanding, Basic (in Shares) | shares	39,946	40,203
DistributionsPerUnitOfNetIncome (in Dollars per Item) | $ / item	10.07	15.77
DistributionsPerUnitOfReturnOfCapital (in Dollars per Item) | $ / item	20.84	15.16
Sale Proceeds Distribution Made To Member Or Limited Partner	$ 180,000
SaleProceedsDistributionMadetoLimitedPartnerPerUnit	$ 4.52
Partners' Capital Account, Units, Redeemed (in Shares) | shares	144.25	20
Partners' Capital Account, Redemptions	$ 97,414	$ 13,554
Managing Member [Member]
Members' Equity (Details) [Line Items]
Distribution Made to Limited Liability Company (LLC) Member, Cash Distributions Declared	34,441	38,459
Sale Proceeds Distribution Made To Member Or Limited Partner	1,818
Partners' Capital Account, Redemptions	$ 3,013	$ 419