Document And Entity Information
Document And Entity Information | 3 Months Ended |
Mar. 31, 2016USD ($)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 | shares | 20,105 |
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 | Mar. 31, 2016 |
Document Fiscal Year Focus | 2,016 |
Document Fiscal Period Focus | Q1 |
Balance Sheet
Balance Sheet - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
Current Assets: | ||
Cash | $ 1,135,357 | $ 2,925,122 |
Real Estate Investments: | ||
Land | 3,839,216 | 3,484,216 |
Buildings | 11,377,241 | 10,126,971 |
Acquired Intangible Lease Assets | 807,178 | 522,129 |
Real Estate Held for Investment, at cost | 16,023,635 | 14,133,316 |
Accumulated Depreciation and Amortization | 3,251,526 | 3,127,521 |
Real Estate Held for Investment, Net | 12,772,109 | 11,005,795 |
Total Assets | 13,907,466 | 13,930,917 |
Current Liabilities: | ||
Payable to AEI Fund Management, Inc. | 46,994 | 10,727 |
Distributions Payable | 264,144 | 264,144 |
Unearned Rent | 57,615 | 12,121 |
Total Current Liabilities | 368,753 | 286,992 |
Long-term Liabilities: | ||
Acquired Below-Market Lease Intangibles, Net | 140,180 | 63,200 |
Partners’ Capital (Deficit): | ||
General Partners | (10,947) | (9,126) |
Limited Partners – 24,000 Units authorized; 20,105 Units issued and outstanding as of 3/31/16 and 12/31/15 | 13,409,480 | 13,589,851 |
Total Partners' Capital | 13,398,533 | 13,580,725 |
Total Liabilities and Partners' Capital | 13,907,466 | 13,930,917 |
Limited Partner [Member] | ||
Partners’ Capital (Deficit): | ||
Total Partners' Capital | $ 13,409,480 | $ 13,589,851 |
Balance Sheet (Parentheticals)
Balance Sheet (Parentheticals) - shares | Mar. 31, 2016 | Dec. 31, 2015 |
Limited Partner [Member] | ||
Limited Partners, units authorized | 24,000 | 24,000 |
Limited Partners, units issued | 20,105 | 20,105 |
Limited Partners, units outstanding | 20,105 | 20,105 |
Statement of Income
Statement of Income - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Rental Income | $ 315,233 | $ 294,898 |
Expenses: | ||
Partnership Administration – Affiliates | 41,273 | 57,244 |
Partnership Administration and Property Management – Unrelated Parties | 12,897 | 12,746 |
Property Acquisition | 56,360 | 0 |
Depreciation and Amortization | 124,005 | 113,275 |
Total Expenses | 234,535 | 183,265 |
Operating Income | 80,698 | 111,633 |
Other Income: | ||
Interest Income | 1,254 | 3,240 |
Net Income | 81,952 | 114,873 |
Net Income Allocated: | ||
General Partners | 820 | 1,149 |
Limited Partners | $ 81,132 | $ 113,724 |
Net Income per Limited Partnership Unit (in Dollars per share) | $ 4.04 | $ 5.21 |
Weighted Average Units Outstanding – Basic and Diluted (in Shares) | 20,105 | 21,829 |
Statement of Cash Flows
Statement of Cash Flows - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Cash Flows from Operating Activities: | ||
Net Income | $ 81,952 | $ 114,873 |
Adjustments to Reconcile Net Income To Net Cash Provided by Operating Activities: | ||
Depreciation and Amortization | 120,581 | 110,527 |
Increase (Decrease) in Payable to AEI Fund Management, Inc. | 36,267 | 1,842 |
Increase (Decrease) in Unearned Rent | 45,494 | 23,093 |
Total Adjustments | 202,342 | 135,462 |
Net Cash Provided By (Used For) Operating Activities | 284,294 | 250,335 |
Cash Flows from Investing Activities: | ||
Investments in Real Estate | 1,809,915 | 0 |
Cash Flows from Financing Activities: | ||
Distributions Paid to Partners | 264,144 | 291,921 |
Net Increase (Decrease) in Cash | (1,789,765) | (41,586) |
Cash, beginning of period | 2,925,122 | 4,540,920 |
Cash, end of period | $ 1,135,357 | $ 4,499,334 |
Statement of Changes in Partner
Statement of Changes in Partners' Capital - 3 months ended Mar. 31, 2016 - USD ($) | General Partner [Member] | Limited Partner [Member] | Total |
Balance at Dec. 31, 2015 | $ (9,126) | $ 13,589,851 | $ 13,580,725 |
Balance (in Shares) at Dec. 31, 2015 | 20,105 | ||
Balance at Mar. 31, 2016 | (10,947) | $ 13,409,480 | 13,398,533 |
Balance (in Shares) at Mar. 31, 2016 | 20,105 | ||
Distributions Declared | 2,641 | $ 261,503 | 264,144 |
Net Income | $ 820 | $ 81,132 | $ 81,952 |
Basis of Accounting
Basis of Accounting | 3 Months Ended |
Mar. 31, 2016 | |
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, 2016 | |
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 | 3 Months Ended |
Mar. 31, 2016 | |
Real Estate [Abstract] | |
Real Estate Disclosure [Text Block] | (3) Real Estate Investments – On February 3, 2016, the Partnership purchased a Dollar Tree store in Cincinnati, Ohio for $1,809,915. The Partnership allocated $285,049 of the purchase price to Acquired Intangible Lease Assets, representing in-place lease intangibles, and allocated $80,404 to Acquired Below-Market Lease Intangibles. The Partnership incurred $56,360 of acquisition expenses related to the purchase that were expensed. The property is leased to Dollar Tree Stores, Inc. under a Lease Agreement with a remaining primary term of 10 years (as of the date of purchase) and annual rent of $122,169. For the three months ended March 31, 2016 and 2015, the value of in-place lease intangibles amortized to expense was $14,401 and $12,005 and the increase to rental income for below-market leases was $3,424 and $2,748, respectively. For lease intangibles not held for sale as of March 31, 2016, the weighted average remaining life is 123 months for in-place lease intangibles and 92 months for below-market leases. The estimated amortization expense is $76,764 and the estimated increase to rental income is $19,100 for each of the next five succeeding years. |
Payable to AEI Fund Management,
Payable to AEI Fund Management, Inc. | 3 Months Ended |
Mar. 31, 2016 | |
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. |
Partners' Capital
Partners' Capital | 3 Months Ended |
Mar. 31, 2016 | |
Partners' Capital Notes [Abstract] | |
Partners' Capital Notes Disclosure [Text Block] | (5) Partners’ Capital – For the three months ended March 31, 2016 and 2015, the Partnership declared distributions of $264,144 and $281,814, respectively. The Limited Partners received distributions of $261,503 and $278,996 and the General Partners received distributions of $2,641 and $2,818 for the periods, respectively. The Limited Partners' distributions represented $13.01 and $12.78 per Limited Partnership Unit outstanding using 20,105 and 21,829 weighted average Units in 2016 and 2015, respectively. The distributions represented $4.04 and $5.21 per Unit of Net Income and $8.97 and $7.57 per Unit of contributed capital in 2016 and 2015, respectively. As part of the distributions discussed above, the Partnership distributed net sale proceeds of $56,414 in 2015. The Limited Partners received distributions of $55,850 and the General Partners received distributions of $564. The Limited Partners’ distributions represented $2.56 per Unit. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | (6) Fair Value Measurements – As of March 31, 2016 and December 31, 2015, 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) | 3 Months Ended |
Mar. 31, 2016 | |
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. |
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 Investme15
Real Estate Held for Investment (Details) - USD ($) | Feb. 03, 2016 | Mar. 31, 2016 | Mar. 31, 2015 | Feb. 03, 2017 | Mar. 31, 2017 |
Real Estate Held for Investment (Details) [Line Items] | |||||
Payments to Acquire Real Estate | $ 1,809,915 | $ 0 | |||
Dollar Tree Cincinnatio OH | |||||
Real Estate Held for Investment (Details) [Line Items] | |||||
Payments to Acquire Real Estate | $ 1,809,915 | ||||
Business Acquisition, Transaction Costs | $ 56,360 | ||||
Average Lease Term | 10 | ||||
Real Estate Revenue, Net | $ 122,169 | ||||
Leases, Acquired-in-Place [Member] | |||||
Real Estate Held for Investment (Details) [Line Items] | |||||
Amortization of Intangible Assets | 14,401 | 12,005 | |||
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | $ 76,764 | ||||
Leases, Acquired-in-Place [Member] | Dollar Tree Cincinnatio OH | |||||
Real Estate Held for Investment (Details) [Line Items] | |||||
Finite-Lived Intangible Asset, Acquired-in-Place Leases | $ 285,049 | ||||
Off Market Unfavorable Lease Member | |||||
Real Estate Held for Investment (Details) [Line Items] | |||||
Amortization of above and below Market Leases | $ 3,424 | $ 2,748 | |||
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | $ 19,100 | ||||
Off Market Unfavorable Lease Member | Dollar Tree Cincinnatio OH | |||||
Real Estate Held for Investment (Details) [Line Items] | |||||
Below Market Lease, Acquired | $ 80,404 |
Partners' Capital (Details)
Partners' Capital (Details) | 3 Months Ended | |
Mar. 31, 2016USD ($)$ / shares$ / itemshares | Mar. 31, 2015USD ($)$ / shares$ / itemshares | |
Partners' Capital (Details) [Line Items] | ||
Partners' Capital Account, Distributions | $ 264,144 | $ 281,814 |
Weighted Average Limited Partnership Units Outstanding, Basic (in Shares) | shares | 20,105 | 21,829 |
Sale Proceeds Distribution Made to Member or Limited Partner | $ 56,414 | |
Limited Partner [Member] | ||
Partners' Capital (Details) [Line Items] | ||
Partners' Capital Account, Distributions | $ 261,503 | $ 278,996 |
Distributions Per Limited Partnership Unit Outstanding, Basic (in Dollars per share) | $ / shares | $ 13.01 | $ 12.78 |
Weighted Average Limited Partnership Units Outstanding, Basic (in Shares) | shares | 20,105 | 21,829 |
Distributions Per Unit of Net Income (in Dollars per Item) | $ / item | 4.04 | 5.21 |
Distributions Per Unit of Return of Capital (in Dollars per Item) | $ / item | 8.97 | 7.57 |
Sale Proceeds Distribution Made to Member or Limited Partner | $ 55,850 | |
Sale Proceeds Distribution Made to Limited Partner Per Unit | 2.56 | |
General Partner [Member] | ||
Partners' Capital (Details) [Line Items] | ||
Partners' Capital Account, Distributions | $ 2,641 | 2,818 |
Sale Proceeds Distribution Made to Member or Limited Partner | $ 564 |
Uncategorized Items - aei21-201
Label | Element | Value |
Distributions Declared | us-gaap_DistributionMadeToLimitedPartnerCashDistributionsDeclared | $ 281,814 |
General Partner [Member] | ||
Distributions Declared | us-gaap_DistributionMadeToLimitedPartnerCashDistributionsDeclared | 2,818 |
Net Income | us-gaap_ProfitLoss | 1,149 |
Partners' Capital | us-gaap_PartnersCapital | 10,980 |
Partners' Capital | us-gaap_PartnersCapital | 9,311 |
Limited Partner [Member] | ||
Distributions Declared | us-gaap_DistributionMadeToLimitedPartnerCashDistributionsDeclared | 278,996 |
Net Income | us-gaap_ProfitLoss | $ 113,724 |