Document And Entity Information
Document And Entity Information | 9 Months Ended |
Sep. 30, 2015USD ($)shares | |
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 | 20,710 |
Entity Public Float | $ | $ 0 |
Amendment Flag | false |
Entity Central Index Key | 931,755 |
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 | Sep. 30, 2015 |
Document Fiscal Year Focus | 2,015 |
Document Fiscal Period Focus | Q3 |
Balance Sheet
Balance Sheet - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 |
Current Assets: | ||
Cash | $ 3,481,106 | $ 4,540,920 |
Real Estate Investments: | ||
Land | 3,484,216 | 3,484,216 |
Buildings | 10,126,971 | 10,126,971 |
Acquired Intangible Lease Assets | 522,129 | 522,129 |
Real Estate Held for Investment, at cost | 14,133,316 | 14,133,316 |
Accumulated Depreciation and Amortization | 3,014,248 | 2,674,423 |
Real Estate Held for Investment, Net | 11,119,068 | 11,458,893 |
Total Assets | 14,600,174 | 15,999,813 |
Current Liabilities: | ||
Payable to AEI Fund Management, Inc. | 19,458 | 30,299 |
Distributions Payable | 270,502 | 291,921 |
Unearned Rent | 35,215 | 12,121 |
Total Current Liabilities | 325,175 | 334,341 |
Long-term Liabilities: | ||
Acquired Below-Market Lease Intangibles, Net | 65,947 | 74,191 |
Partners’ Capital (Deficit) : | ||
General Partners | (2,843) | 10,980 |
Limited Partners – 24,000 Units authorized; 20,710 and 21,829 Units issued and outstanding as of 9/30/15 and 12/31/14, respectively | 14,211,895 | 15,580,301 |
Total Partners' Capital | 14,209,052 | 15,591,281 |
Total Liabilities and Partners' Capital | 14,600,174 | 15,999,813 |
Limited Partner [Member] | ||
Partners’ Capital (Deficit) : | ||
Total Partners' Capital | $ 14,211,895 | $ 15,580,301 |
Balance Sheet (Parentheticals)
Balance Sheet (Parentheticals) - shares | Sep. 30, 2015 | Dec. 31, 2014 |
Limited Partner [Member] | ||
Limited Partners, units authorized | 24,000 | 24,000 |
Limited Partners, units issued | 20,710 | 21,829 |
Limited Partners, units outstanding | 20,710 | 21,829 |
Statement of Income
Statement of Income - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Rental Income | $ 294,898 | $ 313,659 | $ 884,694 | $ 813,070 |
Expenses: | ||||
Partnership Administration – Affiliates | 52,025 | 57,078 | 165,505 | 165,388 |
Partnership Administration and Property Management – Unrelated Parties | 7,668 | 11,194 | 35,486 | 43,877 |
Property Acquisition | 0 | 30,653 | 0 | 56,473 |
Depreciation and Amortization | 113,275 | 120,510 | 339,825 | 303,500 |
Total Expenses | 172,968 | 219,435 | 540,816 | 569,238 |
Operating Income | 121,930 | 94,224 | 343,878 | 243,832 |
Other Income: | ||||
Income from Equity Method Investment | 0 | 258,367 | 0 | 258,367 |
Interest Income | 2,543 | 2,097 | 8,337 | 9,449 |
Total Other Income | 2,543 | 260,464 | 8,337 | 267,816 |
Income from Continuing Operations | 124,473 | 354,688 | 352,215 | 511,648 |
Income from Discontinued Operations | 0 | 99,528 | 0 | 635,587 |
Net Income | 124,473 | 454,216 | 352,215 | 1,147,235 |
Net Income Allocated: | ||||
General Partners | 1,245 | 4,542 | 3,522 | 11,472 |
Limited Partners | $ 123,228 | $ 449,674 | $ 348,693 | $ 1,135,763 |
Income per Limited Partnership Unit: | ||||
Continuing Operations (in Dollars per share) | $ 5.95 | $ 15.50 | $ 16.54 | $ 22.36 |
Discontinued Operations (in Dollars per share) | 0 | 4.35 | 0 | 27.78 |
Total – Basic and Diluted (in Dollars per share) | $ 5.95 | $ 19.85 | $ 16.54 | $ 50.14 |
Weighted Average Units Outstanding – Basic and Diluted (in Shares) | 20,710 | 22,653 | 21,083 | 22,653 |
Statement of Cash Flows
Statement of Cash Flows - USD ($) | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Cash Flows from Operating Activities: | ||
Net Income | $ 352,215 | $ 1,147,235 |
Adjustments to Reconcile Net Income To Net Cash Provided by Operating Activities: | ||
Depreciation and Amortization | 331,581 | 299,836 |
Income from Equity Method Investments | 0 | 870,359 |
Increase (Decrease) in Payable to AEI Fund Management, Inc. | (10,841) | 32,405 |
Increase (Decrease) in Unearned Rent | 23,094 | 23,094 |
Total Adjustments | 343,834 | (515,024) |
Net Cash Provided By (Used For) Operating Activities | 696,049 | 632,211 |
Cash Flows from Investing Activities: | ||
Investments in Real Estate | 0 | 4,335,000 |
Cash Paid for Equity Method Investments | 0 | 37,488 |
Proceeds from Equity Method Investments | 0 | 3,103,100 |
Net Cash Provided By (Used For) Investing Activities | 0 | (1,269,388) |
Cash Flows from Financing Activities: | ||
Distributions Paid to Partners | 844,237 | 875,765 |
Repurchase of Partnership Units | 911,626 | 0 |
Net Cash Provided By (Used For) Financing Activities | (1,755,863) | (875,765) |
Net Increase (Decrease) in Cash | (1,059,814) | (1,512,942) |
Cash, beginning of period | 4,540,920 | 5,553,960 |
Cash, end of period | 3,481,106 | 4,041,018 |
Supplemental Disclosure of Non-Cash Investing Activities: | ||
Contribution of Real Estate (at carrying value) in Exchange for Equity Method Investment | $ 0 | $ 3,190,628 |
Statement of Changes in Partner
Statement of Changes in Partners' Capital - USD ($) | General Partner [Member] | Limited Partner [Member] | Total |
Balance at Dec. 31, 2013 | $ 11,205 | $ 15,878,354 | $ 15,889,559 |
Balance (in Shares) at Dec. 31, 2013 | 22,653.11 | ||
Balance at Sep. 30, 2014 | 13,920 | $ 16,147,109 | 16,161,029 |
Balance (in Shares) at Sep. 30, 2014 | 22,653.11 | ||
Distributions Declared | 8,757 | $ 867,008 | 875,765 |
Net Income | 11,472 | 1,135,763 | 1,147,235 |
Balance at Dec. 31, 2014 | 10,980 | $ 15,580,301 | 15,591,281 |
Balance (in Shares) at Dec. 31, 2014 | 21,829 | ||
Balance at Sep. 30, 2015 | (2,843) | $ 14,211,895 | 14,209,052 |
Balance (in Shares) at Sep. 30, 2015 | 20,710 | ||
Distributions Declared | 8,228 | $ 814,590 | 822,818 |
Repurchase of Partnership Units | 9,117 | $ 902,509 | 911,626 |
Repurchase of Partnership Units (in Shares) | 1,118.25 | ||
Net Income | $ 3,522 | $ 348,693 | $ 352,215 |
Basis of Accounting
Basis of Accounting | 9 Months Ended |
Sep. 30, 2015 | |
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, 2015 | |
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. In January 2014, the Managing General Partner mailed a Consent Statement (Proxy) seeking the consent of the Limited Partners to continue the Partnership for an additional 60 months or to initiate the final disposition, liquidation and distribution of all of the Partnership’s properties and assets. On February 14, 2014, the proposal to continue the Partnership was approved with a majority of Units voted in favor of the continuation proposal. As a result, the Managing General Partner will continue the operations of the Partnership for an additional 60 months at which time it will again ask the Limited Partners to vote on the same two proposals. |
Real Estate Held for Investment
Real Estate Held for Investment | 9 Months Ended |
Sep. 30, 2015 | |
Real Estate [Abstract] | |
Real Estate Disclosure [Text Block] | (3) Real Estate Investments – On May 29, 2014, the Partnership purchased a 50% interest in a Tractor Supply Company store in Canton, Georgia for $2,212,500. The Partnership allocated $185,920 of the purchase price to Acquired Intangible Lease Assets, representing in-place lease intangibles and allocated $80,603 to Acquired Below-Market Lease Intangibles. The Partnership incurred $27,970 of acquisition expenses related to the purchase that were expensed. The property is leased to Tractor Supply Company under a Lease Agreement with a remaining primary term of 7.3 years (as of the date of purchase) and annual rent of $164,355 for the interest purchased. The remaining interest in the property was purchased by AEI Accredited Investor Fund V LP, an affiliate of the Partnership. On July 3, 2014, the Partnership purchased a 30% interest in a Gander Mountain store in Champaign, Illinois for $2,122,500. The Partnership allocated $336,209 of the purchase price to Acquired Intangible Lease Assets, representing in-place lease intangibles. The Partnership incurred $34,052 of acquisition expenses related to the purchase that were expensed. The property is leased to Gander Mountain Company under a Lease Agreement with a remaining primary term of 14.9 years and annual rent of $167,772 for the interest purchased. The remaining interests in the property were purchased by AEI Accredited Investor Fund V LP and AEI National Income Property Fund VIII LP, affiliates of the Partnership. |
Equity Method Investments
Equity Method Investments | 9 Months Ended |
Sep. 30, 2015 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | (4) Equity Method Investments – In the fourth quarter of 2013, the Partnership decided to sell its 20% interest in the CarMax Auto Superstore in Lithia Springs, Georgia. At December 31, 2013, the property was classified as Real Estate Held for Sale with a carrying value of $1,508,930. The remaining interests in the property were owned by three affiliated entities, AEI Income & Growth Fund 24 LLC, AEI Income & Growth Fund 25 LLC and AEI Private Net Lease Millennium Fund Limited Partnership. On March 7, 2014, to facilitate the sale of the property, the Partnership and affiliated entities contributed their respective interests in the property via a limited liability company to CM Lithia Springs DST (“CMLS”), a Delaware statutory trust (“DST”), in exchange for Class B ownership interests in CMLS. In addition, a small amount of cash was contributed for working capital. A DST is a recognized mechanism for selling property to investors who are looking for replacement real estate to complete like-kind exchanges under Section 1031 of the Internal Revenue Code. As investors purchased Class A ownership interests in CMLS, the proceeds received were used to redeem, on a one-for-one basis, the Class B ownership interests of the Partnership and affiliated entities. From March 13, 2014 to July 25, 2014, CMLS sold 100% of its Class A ownership interests to investors and redeemed 100% of the Class B ownership interests from the Partnership and affiliated entities. As of December 31, 2014, the Partnership had no ongoing interest in CMLS. On August 29, 2014, to facilitate the sale of its 63% interest in the Tractor Supply Company store in Rapid City, South Dakota, the Partnership contributed the property via a limited liability company to AEI Net Lease Portfolio DST (“ANLP”) in exchange for 16.95% of the Class B ownership interests in ANLP. The remaining interest in the property, owned by an affiliated entity, along with two other properties owned by two other affiliated entities, were also contributed to ANLP in exchange for 83.05% of the Class B ownership interests in ANLP. In addition, cash was contributed for working capital. From September 5, 2014 to October 30, 2014, ANLP sold 100% of its Class A ownership interests to investors and redeemed 100% of the Class B ownership interests from the Partnership and affiliated entities. As of December 31, 2014, the Partnership had no ongoing interest in ANLP. The investments in CMLS and ANLP were recorded using the equity method of accounting in the accompanying financial statements. Under the equity method, the investments were stated at cost and adjusted for the Partnership’s share of net income or losses and reduced by proceeds received from the sale of the Class B ownership interests of the DSTs as well as distributions from net rental income. During 2014, the investment balances consisted of the following: Activity Through September 30, 2014: CMLS ANLP Total Real Estate Contributed (at carrying value) $ 1,508,930 $ 1,681,698 $ 3,190,628 Cash Contributed 12,169 25,319 37,488 Net Income – Rental Activity 32,956 9,148 42,104 Net Income – Gain on Sale of Real Estate 579,036 249,219 828,255 Distributions from Net Rental Income (32,956) (9,148) (42,104) Proceeds from Sale of Class B Interests (2,087,044) (973,952) (3,060,996) Equity Method Investments at September 30, 2014 13,091 982,284 995,375 Activity After September 30, 2014: Net Income – Rental Activity 9 2,602 2,611 Net Income – Gain on Sale of Real Estate 11,781 260,690 272,471 Distributions from Net Rental Income (9) (2,602) (2,611) Proceeds from Sale of Class B Interests (24,872) (1,242,974) (1,267,846) Equity Method Investments at December 31, 2014 $ 0 $ 0 $ 0 |
Payable to AEI Fund Management,
Payable to AEI Fund Management, Inc. | 9 Months Ended |
Sep. 30, 2015 | |
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 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, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | (6) Discontinued Operations – In the fourth quarter of 2013, the Partnership decided to sell its 20% interest in the CarMax Auto Superstore in Lithia Springs, Georgia. At December 31, 2013, the property was classified as Real Estate Held for Sale with a carrying value of $1,508,930. On March 7, 2014, to facilitate the sale of the property, the Partnership contributed its interest in the property via a limited liability company to CM Lithia Springs DST as described in Note 4. The financial results for this property 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 2015 2014 2015 2014 Rental Income $ 0 $ 0 $ 0 $ 26,740 Property Management Expenses 0 (117) 0 (3,145) Income from Equity Method Investment Held for Sale 0 99,645 0 611,992 Income from Discontinued Operations $ 0 $ 99,528 $ 0 $ 635,587 Three Months Ended September 30 Nine Months Ended September 30 2015 2014 2015 2014 Cash Flows from Discontinued Operations: Operating Activities $ 0 $ (117) $ 0 $ 23,595 Investing Activities $ 0 $ 520,000 $ 0 $ 2,107,831 |
Partners' Capital
Partners' Capital | 9 Months Ended |
Sep. 30, 2015 | |
Partners' Capital Notes [Abstract] | |
Partners' Capital Notes Disclosure [Text Block] | (7) Partners’ Capital – For the nine months ended September 30, 2015 and 2014, the Partnership declared distributions of $822,818 and $875,765, respectively. The Limited Partners received distributions of $814,590 and $867,008 and the General Partners received distributions of $8,228 and $8,757 for the periods, respectively. The Limited Partners' distributions represented $38.64 and $38.27 per Limited Partnership Unit outstanding using 21,083 and 22,653 weighted average Units in 2015 and 2014, respectively. The distributions represented $16.54 and $38.27 per Unit of Net Income and $22.10 and $0 per Unit of return of contributed capital for the periods, respectively. As part of the distributions discussed above, the Partnership distributed net sale proceeds of $139,022 and $200,478 in 2015 and 2014, respectively. The Limited Partners received distributions of $137,632 and $198,473 and the General Partners received distributions of $1,390 and $2,005 for the periods, respectively. The Limited Partners’ distributions represented $6.51 and $8.76 per Unit for the periods, respectively. On April 1, 2015, the Partnership repurchased a total of 1,118.25 Units for $902,509 from 27 Limited Partners in accordance with the Partnership Agreement. The Partnership acquired these Units using net sale proceeds. During the first nine months of 2014, the Partnership did not repurchase any Units from the Limited Partners. The repurchases increase the remaining Limited Partners' ownership interest in the Partnership. As a result of these repurchases and pursuant to the Partnership Agreement, the General Partners received distributions of $9,117 in 2015. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | (8) Fair Value Measurements – As of September 30, 2015 and December 31, 2014, 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, 2015 | |
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. |
Equity Method Investments (Tabl
Equity Method Investments (Tables) | 3 Months Ended | 9 Months Ended |
Dec. 31, 2014 | Sep. 30, 2014 | |
Accounting Policies [Abstract] | ||
Equity Method Investments [Table Text Block] | Equity Method Investments Activity After September 30, 2014: Net Income – Rental Activity 9 2,602 2,611 Net Income – Gain on Sale of Real Estate 11,781 260,690 272,471 Distributions from Net Rental Income (9) (2,602) (2,611) Proceeds from Sale of Class B Interests (24,872) (1,242,974) (1,267,846) Equity Method Investments at December 31, 2014 $ 0 $ 0 $ 0 | Equity Method Investments Activity Through September 30, 2014: CMLS ANLP Total Real Estate Contributed (at carrying value) $ 1,508,930 $ 1,681,698 $ 3,190,628 Cash Contributed 12,169 25,319 37,488 Net Income – Rental Activity 32,956 9,148 42,104 Net Income – Gain on Sale of Real Estate 579,036 249,219 828,255 Distributions from Net Rental Income (32,956) (9,148) (42,104) Proceeds from Sale of Class B Interests (2,087,044) (973,952) (3,060,996) Equity Method Investments at September 30, 2014 13,091 982,284 995,375 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | Discontinued Operations Three Months Ended September 30 Nine Months Ended September 30 2015 2014 2015 2014 Rental Income $ 0 $ 0 $ 0 $ 26,740 Property Management Expenses 0 (117) 0 (3,145) Income from Equity Method Investment Held for Sale 0 99,645 0 611,992 Income from Discontinued Operations $ 0 $ 99,528 $ 0 $ 635,587 |
Cash Flow, Supplemental Disclosures [Text Block] | Cash Flows from Discontinued Operations Three Months Ended September 30 Nine Months Ended September 30 2015 2014 2015 2014 Cash Flows from Discontinued Operations: Operating Activities $ 0 $ (117) $ 0 $ 23,595 Investing Activities $ 0 $ 520,000 $ 0 $ 2,107,831 |
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 |
Real Estate Held for Investme19
Real Estate Held for Investment (Details) - USD ($) | Jul. 03, 2014 | May. 29, 2014 | Jul. 03, 2015 | May. 29, 2015 |
Tractor Supply Canton GA | ||||
Real Estate Held for Investment (Details) [Line Items] | ||||
Business Acquisition, Effective Date of Acquisition | May 29, 2014 | |||
Business Acquisition, Percentage of Voting Interests Acquired | 50.00% | |||
Business Acquisition, Name of Acquired Entity | Tractor Supply Company | |||
Business Combination, Consideration Transferred | $ 2,212,500 | |||
Business Acquisition, Transaction Costs | $ 27,970 | |||
Average Lease Term | 7.3 years | |||
Real Estate Revenue, Net | $ 164,355 | |||
Gander Mountain Champaign IL | ||||
Real Estate Held for Investment (Details) [Line Items] | ||||
Business Acquisition, Effective Date of Acquisition | Jul. 3, 2014 | |||
Business Acquisition, Percentage of Voting Interests Acquired | 30.00% | |||
Business Acquisition, Name of Acquired Entity | Gander Mountain | |||
Business Combination, Consideration Transferred | $ 2,122,500 | |||
Business Acquisition, Transaction Costs | $ 34,052 | |||
Average Lease Term | 14.9 years | |||
Real Estate Revenue, Net | $ 167,772 | |||
Leases, Acquired-in-Place [Member] | Tractor Supply Canton GA | ||||
Real Estate Held for Investment (Details) [Line Items] | ||||
Finite-Lived Intangible Asset, Acquired-in-Place Leases | $ 185,920 | |||
Leases, Acquired-in-Place [Member] | Gander Mountain Champaign IL | ||||
Real Estate Held for Investment (Details) [Line Items] | ||||
Finite-Lived Intangible Asset, Acquired-in-Place Leases | $ 336,209 | |||
Off Market Unfavorable Lease Member | Tractor Supply Canton GA | ||||
Real Estate Held for Investment (Details) [Line Items] | ||||
Below Market Lease, Acquired | $ 80,603 |
Equity Method Investments (Deta
Equity Method Investments (Details) | Aug. 29, 2014 | Mar. 07, 2014 |
CM Lithia Springs DST | CarMax Auto Superstore Lithia Springs GA | ||
Equity Method Investments (Details) [Line Items] | ||
Equity Method Investment, Ownership Percentage | 20.00% | |
Business Acquisition, Effective Date of Acquisition | Mar. 7, 2014 | |
AEI Net Lease Portfolio DST | ||
Equity Method Investments (Details) [Line Items] | ||
Equity Method Investment, Ownership Percentage | 16.95% | |
AEI Net Lease Portfolio DST | Tractor Supply Rapid City SD | ||
Equity Method Investments (Details) [Line Items] | ||
Business Acquisition, Effective Date of Acquisition | Aug. 29, 2014 |
Equity Method Investments (De21
Equity Method Investments (Details) - Equity Method Investments - USD ($) | 3 Months Ended | 9 Months Ended | |
Dec. 31, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Schedule of Equity Method Investments [Line Items] | |||
Real Estate Contributed (at carrying value) | $ 0 | $ 3,190,628 | |
Cash Contributed | $ 0 | 37,488 | |
Net Income – Rental Activity | $ 2,611 | 42,104 | |
Net Income – Gain on Sale of Real Estate | 272,471 | 828,255 | |
Distributions from Net Rental Income | (2,611) | (42,104) | |
Proceeds from Sale of Class B Interests | (1,267,846) | (3,060,996) | |
Equity Method Investments at September 30, 2014 | 0 | 995,375 | |
CM Lithia Springs DST | |||
Schedule of Equity Method Investments [Line Items] | |||
Real Estate Contributed (at carrying value) | 1,508,930 | ||
Cash Contributed | 12,169 | ||
Net Income – Rental Activity | 9 | 32,956 | |
Net Income – Gain on Sale of Real Estate | 11,781 | 579,036 | |
Distributions from Net Rental Income | (9) | (32,956) | |
Proceeds from Sale of Class B Interests | (24,872) | (2,087,044) | |
Equity Method Investments at September 30, 2014 | 0 | 13,091 | |
AEI Net Lease Portfolio DST | |||
Schedule of Equity Method Investments [Line Items] | |||
Real Estate Contributed (at carrying value) | 1,681,698 | ||
Cash Contributed | 25,319 | ||
Net Income – Rental Activity | 2,602 | 9,148 | |
Net Income – Gain on Sale of Real Estate | 260,690 | 249,219 | |
Distributions from Net Rental Income | (2,602) | (9,148) | |
Proceeds from Sale of Class B Interests | (1,242,974) | (973,952) | |
Equity Method Investments at September 30, 2014 | $ 0 | $ 982,284 |
Equity Method Investments (De22
Equity Method Investments (Details) - Equity Method Investments - USD ($) | 3 Months Ended | 9 Months Ended |
Dec. 31, 2014 | Sep. 30, 2014 | |
Schedule of Equity Method Investments [Line Items] | ||
Net Income – Rental Activity | $ 2,611 | $ 42,104 |
Net Income – Gain on Sale of Real Estate | 272,471 | 828,255 |
Distributions from Net Rental Income | (2,611) | (42,104) |
Proceeds from Sale of Class B Interests | (1,267,846) | (3,060,996) |
Equity Method Investments at December 31, 2014 | 0 | 995,375 |
CM Lithia Springs DST | ||
Schedule of Equity Method Investments [Line Items] | ||
Net Income – Rental Activity | 9 | 32,956 |
Net Income – Gain on Sale of Real Estate | 11,781 | 579,036 |
Distributions from Net Rental Income | (9) | (32,956) |
Proceeds from Sale of Class B Interests | (24,872) | (2,087,044) |
Equity Method Investments at December 31, 2014 | 0 | 13,091 |
AEI Net Lease Portfolio DST | ||
Schedule of Equity Method Investments [Line Items] | ||
Net Income – Rental Activity | 2,602 | 9,148 |
Net Income – Gain on Sale of Real Estate | 260,690 | 249,219 |
Distributions from Net Rental Income | (2,602) | (9,148) |
Proceeds from Sale of Class B Interests | (1,242,974) | (973,952) |
Equity Method Investments at December 31, 2014 | $ 0 | $ 982,284 |
Discontinued Operations (Detail
Discontinued Operations (Details) | Dec. 31, 2013USD ($) |
CarMax Auto Superstore Lithia Springs GA | |
Discontinued Operations (Details) [Line Items] | |
Real Estate Held-for-sale | $ 1,508,930 |
Discontinued Operations (Deta24
Discontinued Operations (Details) - Discontinued Operations - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Discontinued Operations [Abstract] | ||||
Rental Income | $ 0 | $ 0 | $ 0 | $ 26,740 |
Property Management Expenses | 0 | (117) | 0 | (3,145) |
Income from Equity Method Investment Held for Sale | 0 | 99,645 | 0 | 611,992 |
Income from Discontinued Operations | $ 0 | $ 99,528 | $ 0 | $ 635,587 |
Discontinued Operations (Deta25
Discontinued Operations (Details) - Cash Flows from Discontinued Operations - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Cash Flows from Discontinued Operations: | ||||
Operating Activities | $ 0 | $ (117) | $ 0 | $ 23,595 |
Investing Activities | $ 0 | $ 520,000 | $ 0 | $ 2,107,831 |
Partners' Capital (Details)
Partners' Capital (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015shares | Sep. 30, 2014shares | Sep. 30, 2015USD ($)$ / shares$ / itemshares | Sep. 30, 2014USD ($)$ / shares$ / itemshares | |
Partners' Capital (Details) [Line Items] | ||||
Partners' Capital Account, Distributions | $ 822,818 | $ 875,765 | ||
Weighted Average Limited Partnership Units Outstanding, Basic (in Shares) | shares | 20,710 | 22,653 | 21,083 | 22,653 |
Sale Proceeds Distribution Made To Member Or Limited Partner | $ 139,022 | $ 200,478 | ||
Partners' Capital Account, Redemptions | 911,626 | |||
Limited Partner [Member] | ||||
Partners' Capital (Details) [Line Items] | ||||
Partners' Capital Account, Distributions | $ 814,590 | $ 867,008 | ||
Distributions Per Limited Partnership Unit Outstanding, Basic (in Dollars per share) | $ / shares | $ 38.64 | $ 38.27 | ||
Weighted Average Limited Partnership Units Outstanding, Basic (in Shares) | shares | 21,083 | 22,653 | ||
DistributionsPerUnitOfNetIncome (in Dollars per Item) | $ / item | 16.54 | 38.27 | ||
Return Of Capital Distribution Made To Member Or Limited Partner Distributions Paid Per Unit (in Dollars per share) | $ / shares | $ 22.10 | $ 0 | ||
Sale Proceeds Distribution Made To Member Or Limited Partner | $ 137,632 | $ 198,473 | ||
Sale Proceeds Distribution Made to Limited Partner Per Unit (in Dollars per Item) | $ / item | 6.51 | 8.76 | ||
Partners' Capital Account, Units, Redeemed (in Shares) | shares | 1,118.25 | |||
Partners' Capital Account, Redemptions | $ 902,509 | |||
General Partner [Member] | ||||
Partners' Capital (Details) [Line Items] | ||||
Partners' Capital Account, Distributions | 8,228 | $ 8,757 | ||
Sale Proceeds Distribution Made To Member Or Limited Partner | 1,390 | $ 2,005 | ||
Partners' Capital Account, Redemptions | $ 9,117 |