AEI Income & Growth Fund 25 10-Q 14 May 19 2019 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information	3 Months Ended
	Mar. 31, 2019USD ($)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	39,820
Entity Public Float | $	$ 0
Amendment Flag	false
Entity Central Index Key	0001185198
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Non-accelerated Filer
Entity Well-known Seasoned Issuer	No
Document Period End Date	Mar. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Ex Transition Period	false

Balance Sheet

Balance Sheet - USD ($)	Mar. 31, 2019	Dec. 31, 2018
Current Assets:
Cash	$ 2,185,355	$ 2,217,588
Real Estate Investments:
Land	7,346,451	8,104,682
Buildings	18,085,808	20,205,136
Acquired Intangible Lease Assets	2,168,000	2,168,000
Real Estate Held for Investment, at cost	27,600,259	30,477,818
Accumulated Depreciation and Amortization	(8,304,208)	(9,080,350)
Real Estate Held for Investment, Net	19,296,051	21,397,468
Real Estate Held for Sale	1,247,944	0
Total Real Estate Investments	20,543,995	21,397,468
Total Assets	22,729,350	23,615,056
Current Liabilities:
Payable to AEI Fund Management, Inc.	190,591	210,532
Distributions Payable	424,328	424,329
Unearned Rent	11,469	27,083
Total Current Liabilities	626,388	661,944
Long-term Liabilities:
Acquired Below-Market Lease Intangibles, Net	42,798	46,177
Members’ Equity (Deficit):
Managing Members	(60,053)	(46,882)
Limited Members – 50,000 Units authorized; 39,820 Units issued and outstanding as of 3/31/2019 and 12/31/2018	22,120,217	22,953,817
Total Members’ Equity	22,060,164	22,906,935
Total Liabilities and Members’ Equity	$ 22,729,350	$ 23,615,056

Balance Sheet (Parentheticals)

Balance Sheet (Parentheticals) - Limited Partner [Member] - shares	Mar. 31, 2019	Dec. 31, 2018
Limited Members, units authorized	50,000	50,000
Limited Members, units issued	39,820	39,820
Limited Members, units outstanding	39,820	39,820

Statement of Income

Statement of Income - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Rental Income	$ 518,231	$ 511,374
Expenses:
LLC Administration – Affiliates	67,882	66,111
LLC Administration and Property Management – Unrelated Parties	46,126	38,934
Depreciation and Amortization	222,516	212,515
Real Estate Impairment	611,623	0
Total Expenses	948,147	317,560
Operating Income (Loss)	(429,916)	193,814
Other Income:
Interest Income	7,473	4,374
Net Income	(422,443)	198,188
Net Income (Loss) Allocated:
Managing Members	(441)	5,946
Limited Members	$ (422,002)	$ 192,242
Net Income (Loss) per LLC Unit (in Dollars per share)	$ (10.60)	$ 4.80
Weighted Average Units Outstanding – Basic and Diluted (in Shares)	39,820	40,042

Statement of Cash Flows

Statement of Cash Flows - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Cash Flows from Operating Activities:
Net Income (Loss)	$ (422,443)	$ 198,188
Adjustments to Reconcile Net Income To Net Cash Provided by Operating Activities:
Depreciation and Amortization	238,471	218,112
Real Estate Impairment	611,623	0
Increase (Decrease) in Payable to AEI Fund Management, Inc.	(19,941)	22,656
Increase (Decrease) in Unearned Rent	(15,614)	27,670
Total Adjustments	814,539	268,438
Net Cash Provided By (Used For) Operating Activities	392,096	466,626
Cash Flows from Financing Activities:
Distributions Paid to Members	(424,329)	(720,251)
Net Increase (Decrease) in Cash	(32,233)	(253,625)
Cash, beginning of period	2,217,588	6,081,556
Cash, end of period	$ 2,185,355	$ 5,827,931

Statement of Changes in Members

Statement of Changes in Members' Equity - USD ($)	General Partner [Member]	Limited Liability Company [Member]	Total
Balance at Dec. 31, 2017	$ 7,265	$ 24,825,791	$ 24,833,056
Balance (in Shares) at Dec. 31, 2017		40,042.44
Balance at Mar. 31, 2018	481	$ 24,606,433	24,606,914
Balance (in Shares) at Mar. 31, 2018		40,042.44
Distributions Declared	(12,730)	$ (411,600)	(424,330)
Net Income (Loss)	5,946	192,242	198,188
Balance at Dec. 31, 2018	(46,882)	$ 22,953,817	22,906,935
Balance (in Shares) at Dec. 31, 2018		39,820.36
Balance at Mar. 31, 2019	(60,053)	$ 22,120,217	22,060,164
Balance (in Shares) at Mar. 31, 2019		39,820.36
Distributions Declared	(12,730)	$ (411,598)	(424,328)
Net Income (Loss)	$ (441)	$ (422,002)	$ (422,443)

Basis of Accounting

Basis of Accounting	3 Months Ended
	Mar. 31, 2019
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	3 Months Ended
	Mar. 31, 2019
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 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 Adopted Accounting Pro

Recently Adopted Accounting Pronouncements	3 Months Ended
	Mar. 31, 2019
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 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’s first presentation of year-to-date quarterly changes in members' equity is included in its Form 10‑Q for the quarter ended March 31, 2019. In February 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-02, which provides guidance for accounting for leases. The new guidance requires companies to recognize the assets and liabilities for the rights and obligations created by leased assets, initially measured at the present value of the lease payments. The accounting guidance for lessors is largely unchanged. The ASU is effective for annual and interim periods beginning after December 15, 2018. It is to be adopted using a modified retrospective approach. The Company has adopted the accounting pronouncement effective January 1, 2019 and the adoption of the standard did not have a material impact on the Company’s financial statements.

Real Estate Investments

Real Estate Investments	3 Months Ended
	Mar. 31, 2019
Real Estate [Abstract]
Real Estate Disclosure [Text Block]	(4) 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 March 31, 2019, 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 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 decreased 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. In January 2019, the Company decided to sell the Tractor Supply Company store in Yankton, South Dakota. In March 2019, the Company entered into an agreement to sell the property to an unrelated third party. The sale is subject to contingencies and may not be completed. If the sale is completed, the Company expects to receive net proceeds of approximately $1,605,000, which will result in a net gain of approximately $357,100. At March 31, 2019, the property was classified as Real Estate Held for Sale with a carrying value of $1,247,944. On November 30, 2018, the Company purchased a Tractor Supply Company store in Canton, Mississippi for $3,429,590. The Company allocated $680,908 of the purchase price to Acquired Intangible Lease Assets, representing in-place lease intangibles of $287,300 and above-market lease intangibles of $393,608. The property is leased to Tractor Supply Company under a lease agreement with a remaining primary term of 9.5 years (as of the date of purchase) and annual rent of $220,000. The Company owns a 27% interest in a Dick’s Sporting Goods store in Fredericksburg, Virginia. The remaining interests in the property are owned by three affiliates of the Company. On January 31, 2019, the lease term ended, and the tenant returned possession of the property to the owners. While the property is vacant, the Company is responsible for its 27% share of real estate taxes and other costs associated with maintaining the property. The owners have listed the property for lease with a real estate broker in the Fredericksburg area. The annual rent from this property represented approximately 10% of the total annual rent of the Company’s property portfolio. The loss of rent and increased expenses related to this property decreased the Company’s cash flow. However, at this time, the Company does not anticipate the need to reduce its regular quarterly cash distribution. Based on its long-lived asset valuation analysis, the Company determined the Dick’s Sporting Goods store was impaired. As a result, in the fourth quarter of 2018, a charge to operations for real estate impairment of $830,971 was recognized, which was the difference between the carrying value at December 31, 2018 of $2,423,971 and the estimated fair value of $1,593,000. Based on its long-lived asset valuation analysis, in the first quarter of 2019, the Company recognized an additional real estate impairment of $611,623 to decrease the carrying value to the estimated fair value of $972,000. The charges were recorded against the cost of the land and building. In March 2019, the Company entered into an agreement with the tenant of the Jared Jewelry store in Auburn Hills, Michigan to extend the lease term five years to end on December 31, 2024. As part of the agreement, the annual rent will decrease from $186,074 to $158,340 effective January 1, 2020.

Payable to AEI Fund Management,

Payable to AEI Fund Management, Inc.	3 Months Ended
	Mar. 31, 2019
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, 2019
Disclosure Text Block Supplement [Abstract]
Members' Equity Notes Disclosure [Text Block]	(6) Members’ Equity – For the three months ended March 31, 2019 and 2018, the Company declared distributions of $424,328 and $424,330, respectively. The Limited Members received distributions of $411,598 and $411,600 and the Managing Members received distributions of $12,730 and $12,730 for the periods, respectively. The Limited Members' distributions represented $10.34 and $10.28 per LLC Unit outstanding using 39,820 and 40,042 weighted average Units in 2019 and 2018, respectively. The distributions represented $0.00 and $4.80 per Unit of Net Income and $10.34 and $5.48 per Unit of return of contributed capital in 2019 and 2018, respectively.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2019
Fair Value Disclosures [Abstract]
Fair Value Disclosures [Text Block]	(7) Fair Value Measurements – Fair value, as defined by US GAAP, is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date in the principal or most advantageous market. US GAAP establishes a hierarchy in determining the fair value of an asset or liability. The fair value hierarchy has three levels of inputs, both observable and unobservable. US GAAP requires the utilization of the lowest possible level of input to determine fair value. Level 1 inputs include quoted market prices in an active market for identical assets or liabilities. Level 2 inputs are market data, other than Level 1 inputs, that are observable either directly or indirectly. Level 2 inputs include quoted market prices for similar assets or liabilities, quoted market prices in an inactive market, and other observable information that can be corroborated by market data. Level 3 inputs are unobservable and corroborated by little or no market data. At March 31, 2019 and December 31, 2018, the Company had no financial assets or liabilities measured at fair value on a recurring basis or nonrecurring basis that would require disclosure. The Company had the following nonfinancial assets measured on a nonrecurring basis that were recorded at fair value during 2019 and 2018. The Dick’s Sporting Goods store in Fredericksburg, Virginia with a carrying amount of $2,423,971 at December 31, 2018, was written down to its estimated fair value of $1,593,000 after completing our long-lived asset valuation analysis. The resulting impairment charge of $830,971 was included in earnings for the fourth quarter of 2018. The fair value of the property was based upon estimated probability-weighted future undiscounted cash flows expected to result from the property and its eventual disposition. These estimates are considered Level 3 inputs in the valuation hierarchy. At March 31, 2019, the property was written down to its estimated fair value of $972,000 after completing our long-lived asset valuation analysis. The resulting impairment charge of $611,623 was included in earnings for the first quarter of 2019. The fair value of the property was based upon an appraisal prepared by an independent commercial property appraiser. The appraisal is considered a Level 3 input in the valuation hierarchy.

Accounting Policies, by Policy

Accounting Policies, by Policy (Policies)	3 Months Ended
	Mar. 31, 2019
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 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’s first presentation of year-to-date quarterly changes in members' equity is included in its Form 10‑Q for the quarter ended March 31, 2019.In February 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-02, which provides guidance for accounting for leases. The new guidance requires companies to recognize the assets and liabilities for the rights and obligations created by leased assets, initially measured at the present value of the lease payments. The accounting guidance for lessors is largely unchanged. The ASU is effective for annual and interim periods beginning after December 15, 2018. It is to be adopted using a modified retrospective approach. The Company has adopted the accounting pronouncement effective January 1, 2019 and the adoption of the standard did not have a material impact on the Company’s financial statements.

Organization (Details)

Organization (Details) - USD ($)	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)	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 ($)

Mar. 01, 2019

Nov. 30, 2018

Feb. 01, 2018

Dec. 31, 2017

Sep. 21, 2017

Dec. 31, 2023

Mar. 31, 2019

Dec. 31, 2018

Jun. 30, 2018

Mar. 31, 2018

Dec. 31, 2020

Dec. 31, 2019

Jun. 17, 2019

Dec. 31, 2018

Dec. 31, 2017

Dec. 31, 2020

Sep. 30, 2023

Mar. 01, 2018

Real Estate Investments (Details) [Line Items]

Impairment of Real Estate

$ 611,623

$ 0

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

Tractor Supply Canton MS

Real Estate Investments (Details) [Line Items]

Average Lease Term

The property is leased to Tractor Supply Company under a lease agreement with a remaining primary term of 9.5 years (as of the date of purchase)

Business Acquisition, Effective Date of Acquisition

Nov. 30, 2018

Payments to Acquire Real Estate

$ 3,429,590

Finite-lived Intangible Assets Acquired

680,908

Leases, Acquired-in-Place [Member] | Tractor Supply Canton MS

Real Estate Investments (Details) [Line Items]

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

287,300

Off-Market Favorable Lease [Member] | Tractor Supply Canton MS

Real Estate Investments (Details) [Line Items]

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

393,608

Off Market Unfavorable Lease | Tractor Supply Canton MS

Real Estate Investments (Details) [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

$ 220,000

Tractor Supply Yankton SD

Real Estate Investments (Details) [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

$ 185,820

$ 185,820

$ 105,000

$ 115,500

Property, Plant and Equipment, Gross

1,247,944

Dicks Sporting Goods Fredericksburg VA

Real Estate Investments (Details) [Line Items]

Property, Plant and Equipment, Gross

$ 2,423,971

2,423,971

Impairment of Real Estate

611,623

830,971

Property, Plant, and Equipment, Fair Value Disclosure

$ 972,000

$ 1,593,000

1,593,000

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

Jared Jewelry Auburn Hills MI

Real Estate Investments (Details) [Line Items]

Average Lease Term

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

Revenue from Contract with Customer, Excluding Assessed Tax

$ 158,340

$ 186,074

Members' Equity (Details)

Members' Equity (Details)	3 Months Ended
	Mar. 31, 2019USD ($)$ / shares$ / itemshares	Mar. 31, 2018USD ($)$ / shares$ / itemshares
Members' Equity (Details) [Line Items]
Distribution Made to Limited Liability Company (LLC) Member, Cash Distributions Declared	$ 424,328	$ 424,330
Limited Liability Company [Member]
Members' Equity (Details) [Line Items]
Distribution Made to Limited Liability Company (LLC) Member, Cash Distributions Declared	$ 411,598	$ 411,600
Distribution Made to Limited Liability Company (LLC) Member, Distributions Declared, Per Unit (in Dollars per share) | $ / shares	$ 10.34	$ 10.28
Weighted Average Limited Partnership Units Outstanding, Basic (in Shares) | shares	39,820	40,042
DistributionsPerUnitOfNetIncome (in Dollars per Item) | $ / item	0	4.80
DistributionsPerUnitOfReturnOfCapital (in Dollars per Item) | $ / item	10.34	5.48
General Partner [Member]
Members' Equity (Details) [Line Items]
Distribution Made to Limited Liability Company (LLC) Member, Cash Distributions Declared	$ 12,730	$ 12,730

Fair Value Measurements (Detail

Fair Value Measurements (Details) - Dicks Sporting Goods Fredericksburg VA - USD ($)	3 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Fair Value Measurements (Details) [Line Items]
Property, Plant and Equipment, Gross		$ 2,423,971
Property, Plant, and Equipment, Fair Value Disclosure	$ 972,000	1,593,000
Assets, Fair Value Adjustment	$ 611,623	$ 830,971