Document_And_Entity_Informatio
Document And Entity Information (USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Document and Entity Information [Abstract] | ' |
Entity Registrant Name | 'AEI Income & Growth Fund XXI Ltd Partnership |
Document Type | '10-Q |
Current Fiscal Year End Date | '--12-31 |
Entity Common Stock, Shares Outstanding | 22,653 |
Entity Public Float | $0 |
Amendment Flag | 'false |
Entity Central Index Key | '0000931755 |
Entity Current Reporting Status | 'Yes |
Entity Voluntary Filers | 'No |
Entity Filer Category | 'Smaller Reporting Company |
Entity Well-known Seasoned Issuer | 'No |
Document Period End Date | 30-Sep-13 |
Document Fiscal Year Focus | '2013 |
Document Fiscal Period Focus | 'Q3 |
Balance_Sheet
Balance Sheet (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Current Assets: | ' | ' |
Cash | $6,061,006 | $2,259,911 |
Real Estate Held for Investment: | ' | ' |
Land | 3,681,363 | 4,403,667 |
Buildings and Equipment | 9,879,315 | 12,273,366 |
Accumulated Depreciation | 2,811,196 | 2,930,639 |
Real Estate Held for Investment, Net | 10,749,482 | 13,746,394 |
Total Assets | 16,810,488 | 16,006,305 |
Current Liabilities: | ' | ' |
Payable to AEI Fund Management, Inc. | 126,744 | 41,189 |
Distributions Payable | 594,952 | 293,940 |
Unearned Rent | 33,331 | 12,120 |
Total Current Liabilities | 755,027 | 347,249 |
Partners’ Capital: | ' | ' |
General Partners | 11,221 | 686 |
Limited Partners – 24,000 Units authorized; 22,653 Units issued and outstanding | 16,044,240 | 15,658,370 |
Total Partners' Capital | 16,055,461 | 15,659,056 |
Total Liabilities and Partners' Capital | 16,810,488 | 16,006,305 |
Limited Partner [Member] | ' | ' |
Partners’ Capital: | ' | ' |
Total Partners' Capital | $16,044,240 | $15,658,370 |
Balance_Sheet_Parentheticals
Balance Sheet (Parentheticals)(Limited Partner [Member]) | Sep. 30, 2013 | Dec. 31, 2012 |
Limited Partners, units authorized | 24,000 | 24,000 |
Limited Partners, units issued | 22,653 | 22,653 |
Limited Partners, units outstanding | 22,653 | 22,653 |
Statement_of_Income
Statement of Income (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Rental Income | $278,308 | $272,545 | $829,686 | $811,024 |
Expenses: | ' | ' | ' | ' |
Partnership Administration – Affiliates | 50,650 | 53,588 | 152,129 | 163,845 |
Partnership Administration and Property Management – Unrelated Parties | 17,181 | 7,148 | 42,398 | 34,794 |
Depreciation | 98,794 | 98,794 | 296,382 | 296,382 |
Total Expenses | 166,625 | 159,530 | 490,909 | 495,021 |
Operating Income | 111,683 | 113,015 | 338,777 | 316,003 |
Other Income: | ' | ' | ' | ' |
Interest Income | 3,126 | 1,859 | 6,277 | 6,085 |
Income from Continuing Operations | 114,809 | 114,874 | 345,054 | 322,088 |
Income from Discontinued Operations | 1,157,138 | 64,707 | 1,234,181 | 181,357 |
Net Income | 1,271,947 | 179,581 | 1,579,235 | 503,445 |
Net Income Allocated: | ' | ' | ' | ' |
General Partners | 19,290 | 1,795 | 22,363 | 5,034 |
Limited Partners | $1,252,657 | $177,786 | $1,556,872 | $498,411 |
Income per Limited Partnership Unit: | ' | ' | ' | ' |
Continuing Operations (in Dollars per share) | $5.02 | $5.02 | $15.08 | $14.07 |
Discontinued Operations (in Dollars per share) | $50.28 | $2.82 | $53.65 | $7.92 |
Total – Basic and Diluted (in Dollars per share) | $55.30 | $7.84 | $68.73 | $21.99 |
Weighted Average Units Outstanding – Basic and Diluted (in Shares) | 22,653 | 22,663 | 22,653 | 22,663 |
Statement_of_Cash_Flows
Statement of Cash Flows (USD $) | 9 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Cash Flows from Operating Activities: | ' | ' |
Net Income | $1,579,235 | $503,445 |
Adjustments to Reconcile Net Income To Net Cash Provided by Operating Activities: | ' | ' |
Depreciation | 344,262 | 368,202 |
Gain on Sale of Real Estate | 1,128,749 | 46,795 |
Increase (Decrease) in Payable to AEI Fund Management, Inc. | 85,555 | -2,434 |
Increase (Decrease) in Unearned Rent | 21,211 | 2,044 |
Total Adjustments | -677,721 | 321,017 |
Net Cash Provided By Operating Activities | 901,514 | 824,462 |
Cash Flows from Investing Activities: | ' | ' |
Proceeds from Sale of Real Estate | 3,781,399 | 277,275 |
Cash Flows from Financing Activities: | ' | ' |
Distributions Paid to Partners | 881,818 | 881,806 |
Net Increase (Decrease) in Cash | 3,801,095 | 219,931 |
Cash, beginning of period | 2,259,911 | 1,934,854 |
Cash, end of period | $6,061,006 | $2,154,785 |
Statement_of_Changes_in_Partne
Statement of Changes in Partners' Capital (USD $) | General Partner [Member] | Limited Partner [Member] | Total |
Balance at Dec. 31, 2011 | $4,646 | $16,170,124 | $16,174,770 |
Balance (in Shares) at Dec. 31, 2011 | ' | 22,663.11 | ' |
Distributions Declared | 8,818 | 872,988 | 881,806 |
Net Income | 5,034 | 498,411 | 503,445 |
Balance at Sep. 30, 2012 | 862 | 15,795,547 | 15,796,409 |
Balance (in Shares) at Sep. 30, 2012 | ' | 22,663.11 | ' |
Balance at Dec. 31, 2012 | 686 | 15,658,370 | 15,659,056 |
Balance (in Shares) at Dec. 31, 2012 | ' | 22,653 | ' |
Distributions Declared | 11,828 | 1,171,002 | 1,182,830 |
Net Income | 22,363 | 1,556,872 | 1,579,235 |
Balance at Sep. 30, 2013 | $11,221 | $16,044,240 | $16,055,461 |
Balance (in Shares) at Sep. 30, 2013 | ' | 22,653 | ' |
Basis_of_Accounting
Basis of Accounting | 9 Months Ended |
Sep. 30, 2013 | |
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 generally accepted accounting principles 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, 2013 | |
Accounting Policies [Abstract] | ' |
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block] | ' |
(2) Organization – | |
AEI Income & Growth Fund XXI Limited Partnership (“Partnership”) was formed to acquire and lease commercial properties to operating tenants. The Partnership's operations are managed by AEI Fund Management XXI, Inc. (“AFM”), the Managing General Partner. Robert P. Johnson, the President and sole director of AFM, serves as the Individual General Partner. 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 Partnership. | |
The terms of the Partnership offering called for a subscription price of $1,000 per Limited Partnership Unit, payable on acceptance of the offer. The Partnership commenced operations on April 14, 1995 when minimum subscriptions of 1,500 Limited Partnership Units ($1,500,000) were accepted. On January 31, 1997, the offering terminated when the maximum subscription limit of 24,000 Limited Partnership Units was reached. Under the terms of the Limited Partnership Agreement, the Limited Partners and General Partners contributed funds of $24,000,000 and $1,000, respectively. | |
During operations, any Net Cash Flow, as defined, which the General Partners determine to distribute will be distributed 90% to the Limited Partners and 10% to the General Partners; provided, however, that such distributions to the General Partners will be subordinated to the Limited Partners first receiving an annual, noncumulative distribution of Net Cash Flow equal to 10% of their Adjusted Capital Contribution, as defined, and, provided further, that in no event will the General Partners receive less than 1% of such Net Cash Flow per annum. Distributions to Limited Partners will be made pro rata by Units. | |
Any Net Proceeds of Sale, as defined, from the sale or financing of properties which the General Partners determine to distribute will, after provisions for debts and reserves, be paid in the following manner: (i) first, 99% to the Limited Partners and 1% to the General Partners until the Limited Partners receive an amount equal to: (a) their Adjusted Capital Contribution plus (b) an amount equal to 10% 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 Partners and 10% to the General Partners. Distributions to the Limited Partners 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 first in the same ratio in which, and to the extent, Net Cash Flow is distributed to the Partners for such year. Any additional profits will be allocated in the same ratio as the last dollar of Net Cash Flow is distributed. Net losses from operations will be allocated 99% to the Limited Partners and 1% to the General Partners. | |
For tax purposes, profits arising from the sale, financing, or other disposition of property will be allocated in accordance with the Partnership Agreement as follows: (i) first, to those partners with deficit balances in their capital accounts in an amount equal to the sum of such deficit balances; (ii) second, 99% to the Limited Partners and 1% to the General Partners until the aggregate balance in the Limited Partners' capital accounts equals the sum of the Limited Partners' Adjusted Capital Contributions plus an amount equal to 10% 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 Partners and 10% to the General Partners. Losses will be allocated 98% to the Limited Partners and 2% to the General Partners. | |
The General Partners are not required to currently fund a deficit capital balance. Upon liquidation of the Partnership or withdrawal by a General Partner, the General Partners will contribute to the Partnership an amount equal to the lesser of the deficit balances in their capital accounts or 1% of total Limited Partners' and General Partners' capital contributions. | |
Reclassification
Reclassification | 9 Months Ended |
Sep. 30, 2013 | |
Disclosure Text Block [Abstract] | ' |
Reclassifications [Text Block] | ' |
(3) Reclassification – | |
Certain items related to discontinued operations in the prior year’s financial statements have been reclassified to conform to 2013 presentation. These reclassifications had no effect on Partners’ capital, net income or cash flows. | |
Payable_to_AEI_Fund_Management
Payable to AEI Fund Management, Inc. | 9 Months Ended |
Sep. 30, 2013 | |
Payables and Accruals [Abstract] | ' |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | ' |
(4) Payable to AEI Fund Management, Inc. – | |
AEI Fund Management, Inc. performs the administrative and operating functions for the Partnership. 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. | |
Discontinued_Operations
Discontinued Operations | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | ||||||||
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | ' | ||||||||
(5) Discontinued Operations – | |||||||||
On February 3, 2012, the Partnership sold its remaining 2.6811% interest in the Arby’s restaurant in Montgomery, Alabama to an unrelated third party. The Partnership received net sale proceeds of $16,200, which resulted in a net gain of $1,788. The cost and related accumulated depreciation of the interest sold was $23,049 and $8,637, respectively. | |||||||||
During 2012, the Partnership sold its remaining 8.8038% interest in the Winn-Dixie store in Panama City, Florida, in three separate transactions, to unrelated third parties. The Partnership received total net sale proceeds of $406,884, which resulted in a net gain of $68,108. The cost and related accumulated depreciation of the interests sold was $408,060 and $69,284, respectively. For the nine months ended September 30, 2012, the net gain was $45,007. | |||||||||
On August 2, 2013, the Partnership sold its 39% interest in the Scott & White Clinic in College Station, Texas to an unrelated third party. The Partnership received net sale proceeds of $1,822,494, which resulted in a net gain of $512,842. At the time of sale, the cost and related accumulated depreciation was $1,433,468 and $123,816, respectively. | |||||||||
In June 2013, the Partnership entered into an agreement to sell its 62% interest in the Applebee’s restaurant in Johnstown, Pennsylvania to an unrelated third party. On August 23, 2013, the sale closed with the Partnership receiving net sale proceeds of $1,958,905, which resulted in a net gain of $615,907. At the time of sale, the cost and related accumulated depreciation was $1,682,887 and $339,889, respectively. | |||||||||
During the first nine months of 2013 and 2012, the Partnership distributed net sale proceeds of $388,083 and $56,955 to the Limited and General Partners as part of their quarterly distributions, which represented a return of capital of $16.96 and $2.49 per Limited Partnership Unit, respectively. | |||||||||
The financial results for these properties are reflected as Discontinued Operations in the accompanying financial statements. The following are the results of discontinued operations: | |||||||||
Three Months Ended September 30 | Nine Months Ended September 30 | ||||||||
2013 | 2012 | 2013 | 2012 | ||||||
Rental Income | $ | 28,567 | $ | 66,271 | $ | 153,847 | $ | 208,021 | |
Property Management Expenses | 178 | 943 | 535 | 1,639 | |||||
Depreciation | 0 | 23,940 | 47,880 | 71,820 | |||||
Gain on Disposal of Real Estate | 1,128,749 | 23,319 | 1,128,749 | 46,795 | |||||
Income from Discontinued Operations | $ | 1,157,138 | $ | 64,707 | $ | 1,234,181 | $ | 181,357 | |
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2013 | |
Fair Value Disclosures [Abstract] | ' |
Fair Value Disclosures [Text Block] | ' |
(7) Fair Value Measurements – | |
As of September 30, 2013, the Partnership 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, 2013 | |
Accounting Policies [Abstract] | ' |
Distribution Policy, Members or Limited Partners, Description | 'During operations, any Net Cash Flow, as defined, which the General Partners determine to distribute will be distributed 90% to the Limited Partners and 10% to the General Partners; provided, however, that such distributions to the General Partners will be subordinated to the Limited Partners first receiving an annual, noncumulative distribution of Net Cash Flow equal to 10% of their Adjusted Capital Contribution, as defined, and, provided further, that in no event will the General Partners receive less than 1% of such Net Cash Flow per annum. Distributions to Limited Partners will be made pro rata by Units.Any Net Proceeds of Sale, as defined, from the sale or financing of properties which the General Partners determine to distribute will, after provisions for debts and reserves, be paid in the following manner: (i) first, 99% to the Limited Partners and 1% to the General Partners until the Limited Partners receive an amount equal to: (a) their Adjusted Capital Contribution plus (b) an amount equal to 10% 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 Partners and 10% to the General Partners. Distributions to the Limited Partners 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 first in the same ratio in which, and to the extent, Net Cash Flow is distributed to the Partners for such year. Any additional profits will be allocated in the same ratio as the last dollar of Net Cash Flow is distributed. Net losses from operations will be allocated 99% to the Limited Partners and 1% to the General Partners.For tax purposes, profits arising from the sale, financing, or other disposition of property will be allocated in accordance with the Partnership Agreement as follows: (i) first, to those partners with deficit balances in their capital accounts in an amount equal to the sum of such deficit balances; (ii) second, 99% to the Limited Partners and 1% to the General Partners until the aggregate balance in the Limited Partners' capital accounts equals the sum of the Limited Partners' Adjusted Capital Contributions plus an amount equal to 10% 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 Partners and 10% to the General Partners. Losses will be allocated 98% to the Limited Partners and 2% to the General Partners.The General Partners are not required to currently fund a deficit capital balance. Upon liquidation of the Partnership or withdrawal by a General Partner, the General Partners will contribute to the Partnership an amount equal to the lesser of the deficit balances in their capital accounts or 1% of total Limited Partners' and General Partners' capital contributions. |
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | ||||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | 'Discontinued Operations | ||||||||
Three Months Ended September 30 | Nine Months Ended September 30 | ||||||||
2013 | 2012 | 2013 | 2012 | ||||||
Rental Income | $ | 28,567 | $ | 66,271 | $ | 153,847 | $ | 208,021 | |
Property Management Expenses | 178 | 943 | 535 | 1,639 | |||||
Depreciation | 0 | 23,940 | 47,880 | 71,820 | |||||
Gain on Disposal of Real Estate | 1,128,749 | 23,319 | 1,128,749 | 46,795 | |||||
Income from Discontinued Operations | $ | 1,157,138 | $ | 64,707 | $ | 1,234,181 | $ | 181,357 |
Organization_Details
Organization (Details) (USD $) | Jan. 31, 1997 | Apr. 14, 1995 |
Accounting Policies [Abstract] | ' | ' |
Capital Units, Value | ' | $1,000 |
Limited Partners' Capital Account, Units Outstanding (in Shares) | 24,000 | 1,500 |
Limited Partners' Contributed Capital | 24,000,000 | 1,500,000 |
General Partners' Contributed Capital | $1,000 | ' |
Discontinued_Operations_Detail
Discontinued Operations (Details) (USD $) | 9 Months Ended | 0 Months Ended | 9 Months Ended | 0 Months Ended | |||
Sep. 30, 2013 | Sep. 30, 2012 | Feb. 03, 2012 | Dec. 31, 2012 | Sep. 30, 2012 | Aug. 02, 2013 | Aug. 23, 2013 | |
Arby's Montgomery AL | Winn Dixie Panama City FL | Winn Dixie Panama City FL | Scott White College Station TX | Applebees Johnstown PA | |||
Discontinued Operations (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Significant Acquisitions and Disposals, Acquisition Costs or Sale Proceeds | ' | ' | $16,200 | $406,884 | ' | $1,822,494 | $1,958,905 |
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax | ' | ' | 1,788 | 68,108 | 45,007 | 512,842 | 615,907 |
SEC Schedule III, Real Estate, Cost of Real Estate Sold | ' | ' | 23,049 | 408,060 | ' | 1,433,468 | 1,682,887 |
SEC Schedule III, Real Estate Accumulated Depreciation, Real Estate Sold | ' | ' | 8,637 | 69,284 | ' | 123,816 | 339,889 |
Sale Proceeds Distribution Made To Member Or Limited Partner | $388,083 | $56,955 | ' | ' | ' | ' | ' |
Return Of Capital Distribution Made To Member Or Limited Partner Distributions Paid Per Unit (in Dollars per share) | $16.96 | $2.49 | ' | ' | ' | ' | ' |
Discontinued_Operations_Detail1
Discontinued Operations (Details) - Discontinued Operations (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Discontinued Operations [Abstract] | ' | ' | ' | ' |
Rental Income | $28,567 | $66,271 | $153,847 | $208,021 |
Property Management Expenses | 178 | 943 | 535 | 1,639 |
Depreciation | 0 | 23,940 | 47,880 | 71,820 |
Gain on Disposal of Real Estate | 1,128,749 | 23,319 | 1,128,749 | 46,795 |
Income from Discontinued Operations | $1,157,138 | $64,707 | $1,234,181 | $181,357 |