UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSB
Quarterly Report Under Section 13 or 15(d)
of The Securities Exchange Act of 1934
For the Quarter Ended: March 31, 2002
Commission file number: 0-16555
AEI REAL ESTATE FUND XVI LIMITED PARTNERSHIP
(Exact Name of Small Business Issuer as Specified in its Charter)
State of Minnesota 41-1571166
(State or other Jurisdiction of (I.R.S. Employer
Incorporation or Organization) Identification No.)
1300 Minnesota World Trade Center, St. Paul, Minnesota 55101
(Address of Principal Executive Offices)
(651) 227-7333
(Issuer's telephone number)
Not Applicable
(Former name, former address and former fiscal year, if changed
since last report)
Check whether the issuer (1) filed all reports required to be
filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period
that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90
days.
Yes [X] No
Transitional Small Business Disclosure Format:
Yes No [X]
AEI REAL ESTATE FUND XVI LIMITED PARTNERSHIP
INDEX
PART I.Financial Information
Item 1. Balance Sheet as of March 31, 2002 and December 31, 2001
Statements for the Periods ended March 31, 2002 and 2001:
Income
Cash Flows
Changes in Partners' Capital
Notes to Financial Statements
Item 2. Management's Discussion and Analysis
PART II.Other Information
Item 1. Legal Proceedings
Item 2. Changes in Securities
Item 3. Defaults Upon Senior Securities
Item 4. Submission of Matters to a Vote of Security Holders
Item 5. Other Information
Item 6. Exhibits and Reports on Form 8-K
AEI REAL ESTATE FUND XVI LIMITED PARTNERSHIP
BALANCE SHEET
MARCH 31, 2002 AND DECEMBER 31, 2001
(Unaudited)
ASSETS
2002 2001
CURRENT ASSETS:
Cash and Cash Equivalents $ 1,012,907 $ 1,102,307
Receivables 13,827 30,543
----------- -----------
Total Current Assets 1,026,734 1,132,850
----------- -----------
INVESTMENTS IN REAL ESTATE:
Land 1,445,510 1,825,154
Buildings and Equipment 3,359,019 3,961,868
Accumulated Depreciation (1,902,406) (2,079,895)
----------- -----------
2,902,123 3,707,127
Real Estate Held for Sale 670,000 0
----------- -----------
Net Investments in Real Estate 3,572,123 3,707,127
----------- -----------
Total Assets $ 4,598,857 $ 4,839,977
=========== ===========
LIABILITIES AND PARTNERS' CAPITAL
CURRENT LIABILITIES:
Payable to AEI Fund Management, Inc. $ 45,540 $ 79,957
Distributions Payable 127,335 127,335
Deferred Income 13,711 29,743
----------- -----------
Total Current Liabilities 186,586 237,035
----------- -----------
DEFERRED INCOME - Net of Current Portion 55,484 58,457
PARTNERS' CAPITAL (DEFICIT):
General Partners (44,729) (42,383)
Limited Partners, $1,000 Unit value;
15,000 Units authorized and issued;
13,265 Units outstanding 4,401,516 4,586,868
----------- -----------
Total Partners' Capital 4,356,787 4,544,485
----------- -----------
Total Liabilities and Partners' Capital $ 4,598,857 $ 4,839,977
=========== ===========
The accompanying Notes to Financial Statements are an integral
part of this statement.
AEI REAL ESTATE FUND XVI LIMITED PARTNERSHIP
STATEMENT OF INCOME
FOR THE PERIODS ENDED MARCH 31
(Unaudited)
2002 2001
INCOME:
Rent $ 105,984 $ 116,097
Investment Income 3,578 34,905
----------- -----------
Total Income 109,562 151,002
----------- -----------
EXPENSES:
Partnership Administration - Affiliates 56,594 51,249
Partnership Administration and Property
Management - Unrelated Parties 24,158 25,021
Depreciation 28,259 28,259
Real Estate Impairment 106,745 0
----------- -----------
Total Expenses 215,756 104,529
----------- -----------
OPERATING INCOME (LOSS) (106,194) 46,473
GAIN ON SALE OF REAL ESTATE 59,273 0
----------- -----------
NET INCOME (LOSS) $ (46,921) $ 46,473
=========== ===========
NET INCOME (LOSS) ALLOCATED:
General Partners $ (938) $ 465
Limited Partners (45,983) 46,008
----------- -----------
$ (46,921) $ 46,473
=========== ===========
NET INCOME (LOSS) PER LIMITED PARTNERSHIP UNIT
(13,265 and 13,371 weighted average Units
outstanding in 2002 and 2001, respectively) $ (3.47) $ 3.44
=========== ===========
The accompanying Notes to Financial Statements are an integral
part of this statement.
AEI REAL ESTATE FUND XVI LIMITED PARTNERSHIP
STATEMENT OF CASH FLOWS
FOR THE PERIODS ENDED MARCH 31
(Unaudited)
2002 2001
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income (Loss) $ (46,921) $ 46,473
Adjustments to Reconcile Net Income
To Net Cash Provided by Operating Activities:
Depreciation 28,259 28,259
Real Estate Impairment 106,745 0
Gain on Sale of Real Estate (59,273) 0
Decrease in Receivables 16,716 10,525
Decrease in Payable to
AEI Fund Management, Inc. (34,417) (28,744)
Increase (Decrease) in Deferred Income (19,005) 18,168
----------- -----------
Total Adjustments 39,025 28,208
----------- -----------
Net Cash Provided By (Used For)
Operating Activities (7,896) 74,681
----------- -----------
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from Sale of Real Estate 59,273 0
----------- -----------
CASH FLOWS FROM FINANCING ACTIVITIES:
Distributions to Partners (140,777) (253,340)
----------- -----------
NET DECREASE IN CASH AND CASH EQUIVALENTS (89,400) (178,659)
CASH AND CASH EQUIVALENTS, beginning of period 1,102,307 2,839,759
----------- -----------
CASH AND CASH EQUIVALENTS, end of period $ 1,012,907 $ 2,661,100
=========== ===========
The accompanying Notes to Financial Statements are an integral
part of this statement.
AEI REAL ESTATE FUND XVI LIMITED PARTNERSHIP
STATEMENT OF CHANGES IN PARTNERS' CAPITAL
FOR THE PERIODS ENDED MARCH 31
(Unaudited)
Limited
Partnership
General Limited Units
Partners Partners Total Outstanding
BALANCE, December 31, 2000 $ (66,498) $ 6,336,484 $ 6,269,986 13,370.65
Distributions (2,533) (250,807) (253,340)
Net Income 465 46,008 46,473
--------- ----------- ----------- -----------
BALANCE, March 31, 2001 $ (68,566) $ 6,131,685 $ 6,063,119 13,370.65
========= =========== =========== ===========
BALANCE, December 31, 2001 $ (42,383) $ 4,586,868 $ 4,544,485 13,264.85
Distributions (1,408) (139,369) (140,777)
Net Loss (938) (45,983) (46,921)
--------- ----------- ----------- -----------
BALANCE, March 31, 2002 $ (44,729) $ 4,401,516 $ 4,356,787 13,264.85
========= =========== =========== ===========
The accompanying Notes to Financial Statements are an integral
part of this statement.
AEI REAL ESTATE FUND XVI LIMITED PARTNERSHIP
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 2002
(Unaudited)
(1) The condensed statements included herein have been prepared
by the Partnership, 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 Partnership
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
Partnership's latest annual report on Form 10-KSB.
(2) Organization -
AEI Real Estate Fund XVI Limited Partnership (Partnership)
was formed to acquire and lease commercial properties to
operating tenants. The Partnership's operations are managed
by AEI Fund Management XVI, Inc. (AFM), the Managing General
Partner. Robert P. Johnson, the President and sole
shareholder of AFM, serves as the Individual General Partner
and an affiliate of AFM, AEI Fund Management, Inc. (AEI),
performs the administrative and operating functions for the
Partnership.
The terms of the Partnership offering call for a
subscription price of $1,000 per Limited Partnership Unit,
payable on acceptance of the offer. The Partnership
commenced operations on February 6, 1987 when minimum
subscriptions of 2,000 Limited Partnership Units
($2,000,000) were accepted. The offering terminated on
November 6, 1987 when the maximum subscription limit of
15,000 Limited Partnership Units was reached. Under the
terms of the Limited Partnership Agreement, the Limited
Partners and General Partners contributed funds of
$15,000,000 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.
AEI REAL ESTATE FUND XVI LIMITED PARTNERSHIP
NOTES TO FINANCIAL STATEMENTS
(Continued)
(2) Organization - (Continued)
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 6%
of their Adjusted Capital Contribution per annum, cumulative
but not compounded, to the extent not previously distributed
from Net Cash Flow; (ii) next, 99% to the Limited Partners
and 1% to the General Partners until the Limited Partners
receive an amount equal to 14% of their Adjusted Capital
Contribution per annum, cumulative but not compounded, to
the extent not previously distributed; (iii) next, to the
General Partners until cumulative distributions to the
General Partners under Items (ii) and (iii) equal 15% of
cumulative distributions to all Partners under Items (ii)
and (iii). Any remaining balance will be distributed 85% to
the Limited Partners and 15% 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 90% to
the Limited Partners and 10% to the General Partners. In
the event no Net Cash Flow is distributed to the Limited
Partners, 90% of each item of income, gain or credit for
each respective year shall be allocated to the Limited
Partners, and 10% of each such item shall be allocated to
the General Partners. Net losses from operations will be
allocated 98% to the Limited Partners and 2% 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 14% of their Adjusted Capital Contributions
per annum, cumulative but not compounded, to the extent not
previously allocated; (iii) third, to the General Partners
until cumulative allocations to the General Partners equal
15% of cumulative allocations. Any remaining balance will
be allocated 85% to the Limited Partners and 15% 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.
AEI REAL ESTATE FUND XVI LIMITED PARTNERSHIP
NOTES TO FINANCIAL STATEMENTS
(Continued)
(3) Investments in Real Estate -
In November, 2000, the Partnership sold 9,576 square feet of
land from the Fuddruckers' property in Omaha, Nebraska,
pursuant to a Right-Of-Way Agreement with the City of Omaha
Public Works. The Partnership received net proceeds of
$216,593, which resulted in a gain of $168,838. The
original cost of the parcel of land was $47,755. The
Partnership believed the City of Omaha undervalued the land
and negotiated to receive additional proceeds. In March
2002, the City of Omaha approved a settlement and paid the
Partnership additional gross proceeds of $69,795, which
resulted in a net gain of $59,273.
Due to the redevelopment of the roads adjacent to the
Fuddruckers' property and proceeds received from the city of
Omaha for easements during such redevelopment, the
Partnership agreed to a temporary modification of rent
payments through March 31, 2002. For the three months ended
March 31, 2002 and the year ended December 31, 2001, the
modification resulted in a reduction of base rent of $6,410
and $43,002, respectively. Due to the permanent changes to
the property and the proceeds received from the city of
Omaha, the Partnership may consider a long-term modification
of the Lease.
During the three months ended March 31, 2002 and 2001, the
Partnership distributed $114,940 and $181,581 of net sale
proceeds to the Limited and General Partners, which
represented a return of capital of $8.58 and $13.44 per
Limited Partnership Unit, respectively. The remainder of
the sale proceeds will be distributed in future periods.
In August, 2000, Renaissant Development Corp. (RDC), the
lessee of the Applebee's restaurant in Victoria, Texas filed
for reorganization. RDC closed the restaurant, rejected the
Lease and returned possession of the property to the
Partnership. As a result, the Partnership did not collect
scheduled rent of $40,800 for the first three months of 2002
and 2001. These amounts were not accrued for financial
reporting purposes. The Partnership has listed the property
for sale or lease. While the property is vacant, the
Partnership is responsible for real estate taxes and other
costs required to maintain the property.
As of December 31, 2000, based on an analysis of market
conditions in the area, it was determined the fair value of
the Victoria property was approximately $800,000. In the
fourth quarter of 2000, a charge to operations for real
estate impairment of $353,062 was recognized, which is the
difference between the book value at December 31, 2000 of
$1,153,062 and the estimated fair value of $800,000. The
charge was recorded against the cost of the building and
equipment.
In April, 2002, the Partnership received an offer to buy the
restaurant for $725,000 from an unrelated third party. In
the first quarter of 2002, a charge to operations for real
estate impairment of $106,745 was recognized, which was the
difference between the book value at March 31, 2002 of
$776,745 and the estimated net sales proceeds of $670,000.
The charge was recorded against the cost of the land and
building. At March 31, 2002, the land and building were
classified as Real Estate Held for Sale.
AEI REAL ESTATE FUND XVI LIMITED PARTNERSHIP
NOTES TO FINANCIAL STATEMENTS
(Continued)
(4) Payable to AEI Fund Management -
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.
(5) Deferred Income -
In June, 1994, Fuddruckers, Inc., the restaurant concept's
franchisor, acquired the operations of the Fuddruckers
restaurant in Omaha, Nebraska and assumed the lease
obligations from the original lessee. As part of the
agreement, the Partnership amended the Lease to reduce the
base rent from $167,699 to $145,081. The Partnership could
receive additional rent in the future if 10% of gross
receipts from the property exceed the base rent. In
consideration for the lease assumption and amendment, the
Partnership received a lump sum payment from the original
lessee of $159,539. The lump sum payment will be recognized
as income over the remainder of the Lease term, which
expires on November 30, 2007, using the straight line
method.
As of March 31, 2002 and December 31, 2001, the Partnership
had recognized $92,163 and $89,190 of the payment as income.
At March 31, 2002, the remaining deferred income of $1,819
was prepaid rent related to certain other Partnership
properties.
ITEM 2.MANAGEMENT'S DISCUSSION AND ANALYSIS
Results of Operations
For the three months ended March 31, 2002 and 2001, the
Partnership recognized rental income of $105,984 and $116,097,
respectively. During the same periods, the Partnership earned
investment income of $3,578 and $34,905, respectively. In 2002,
investment income decreased due to lower money market interest
rates and the Partnership had less money invested due to a large
distribution of sales proceeds in June, 2001.
In August, 2000, Renaissant Development Corp. (RDC), the
lessee of the Applebee's restaurant in Victoria, Texas filed for
reorganization. RDC closed the restaurant, rejected the Lease
and returned possession of the property to the Partnership. As a
result, the Partnership did not collect scheduled rent of $40,800
for the first three months of 2002 and 2001. These amounts were
not accrued for financial reporting purposes. The Partnership
has listed the property for sale or lease. While the property is
vacant, the Partnership is responsible for real estate taxes and
other costs required to maintain the property.
As of December 31, 2000, based on an analysis of market
conditions in the area, it was determined the fair value of the
Victoria property was approximately $800,000. In the fourth
quarter of 2000, a charge to operations for real estate
impairment of $353,062 was recognized, which is the difference
between the book value at December 31, 2000 of $1,153,062 and the
estimated fair value of $800,000. The charge was recorded
against the cost of the building and equipment.
ITEM 2.MANAGEMENT'S DISCUSSION AND ANALYSIS (Continued)
In April, 2002, the Partnership received an offer to buy
the restaurant for $725,000 from an unrelated third party. In
the first quarter of 2002, a charge to operations for real estate
impairment of $106,745 was recognized, which was the difference
between the book value at March 31, 2002 of $776,745 and the
estimated net sales proceeds of $670,000. The charge was
recorded against the cost of the land and building. At March 31,
2002, the land and building were classified as Real Estate Held
for Sale.
During the three months ended March 31, 2002 and 2001, the
Partnership paid Partnership administration expenses to
affiliated parties of $56,594 and $51,249, respectively. These
administration expenses include costs associated with the
management of the properties, processing distributions, reporting
requirements and correspondence to the Limited Partners. During
the same periods, the Partnership incurred Partnership
administration and property management expenses from unrelated
parties of $24,158 and $25,021, respectively. These expenses
represent direct payments to third parties for legal and filing
fees, direct administrative costs, outside audit and accounting
costs, taxes, insurance and other property costs.
As of March 31, 2002, the Partnership's annualized cash
distribution rate was 6.0%, based on the Adjusted Capital
Contribution. Distributions of Net Cash Flow to the General
Partners were subordinated to the Limited Partners as required in
the Partnership Agreement. As a result, 99% of distributions
were allocated to Limited Partners and 1% to the General
Partners.
Inflation has had a minimal effect on income from
operations. Leases may contain rent increases, based on the
increase in the Consumer Price Index over a specified period,
which will result in an increase in rental income over the term
of the leases. In addition, leases may contain rent clauses
which entitle the Partnership to receive additional rent in
future years if gross receipts for the property exceed certain
specified amounts. Increases in sales volumes of the tenants,
due to inflation and real sales growth, may result in an increase
in rental income over the term of the leases. Inflation also may
cause the real estate to appreciate in value. However, inflation
and changing prices may have an adverse impact on the operating
margins of the properties' tenants, which could impair their
ability to pay rent and subsequently reduce the Net Cash Flow
available for distributions.
Liquidity and Capital Resources
During the three months ended March 31, 2002, the
Partnership's cash balances decreased $89,400 as a result of
distributions made in excess of cash generated from operating
activities which were partially offset by cash generated from the
sale of property. Net Cash provided by operating activities
decreased from $74,681 in 2001 to $(7,896) in 2002 as a result of
a decrease in income and an increase in Partnership
administration expenses in 2002.
In the first three months of 2002, net cash provided by
investing activities was $59,273 which represented cash flow
generated from the sale of real estate.
In November, 2000, the Partnership sold 9,576 square feet
of land from the Fuddruckers' property in Omaha, Nebraska,
pursuant to a Right-Of-Way Agreement with the City of Omaha
Public Works. The Partnership received net proceeds of $216,593,
which resulted in a gain of $168,838. The original cost of the
parcel of land was $47,755. The Partnership believed the City of
Omaha undervalued the land and negotiated to receive additional
proceeds. In March 2002, the City of Omaha approved a settlement
and paid the Partnership additional gross proceeds of $69,795,
which resulted in a net gain of $59,273.
ITEM 2.MANAGEMENT'S DISCUSSION AND ANALYSIS (Continued)
Due to the redevelopment of the roads adjacent to the
Fuddruckers' property and proceeds received from the city of
Omaha for easements during such redevelopment, the Partnership
agreed to a temporary modification of rent payments through March
31, 2002. For the three months ended March 31, 2002 and the year
ended December 31, 2001, the modification resulted in a reduction
of base rent of $6,410 and $43,002, respectively. Due to the
permanent changes to the property and the proceeds received from
the city of Omaha, the Partnership may consider a long-term
modification of the Lease.
During the three months ended March 31, 2002 and 2001, the
Partnership distributed $114,940 and $181,581 of net sale
proceeds to the Limited and General Partners, which represented a
return of capital of $8.58 and $13.44 per Limited Partnership
Unit, respectively. The remainder of the sale proceeds will be
distributed in future periods.
The Partnership's primary use of cash flow is distribution
and redemption payments to Partners. The Partnership declares
its regular quarterly distributions before the end of each
quarter and pays the distribution in the first week after the end
of each quarter. The Partnership attempts to maintain a stable
distribution rate from quarter to quarter. Redemption payments
are paid to redeeming Partners in the fourth quarter of each
year. In 2002, distributions were lower, when compared to 2001,
mainly because more sales proceeds were distributed in 2001.
The Partnership may acquire Units from Limited Partners
who have tendered their Units to the Partnership. Such Units may
be acquired at a discount. The Partnership is not obligated to
purchase in any year more than 5% of the number of Units
outstanding at the beginning of the year. In no event shall the
Partnership be obligated to purchase Units if, in the sole
discretion of the Managing General Partner, such purchase would
impair the capital or operation of the Partnership.
During 2001, nine Limited Partners redeemed a total of
105.80 Partnership Units for $26,612 in accordance with the
Partnership Agreement. The Partnership acquired these Units
using Net Cash Flow from operations. In prior years, a total of
165 Limited Partners redeemed 1,629.35 Partnership Units for
$1,088,794. The redemptions increase the remaining Limited
Partners' ownership interest in the Partnership.
The continuing rent payments from the properties, together
with cash generated from property sales, should be adequate to
fund continuing distributions and meet other Partnership
obligations on both a short-term and long-term basis.
ITEM 2.MANAGEMENT'S DISCUSSION AND ANALYSIS (Continued)
Cautionary Statement for Purposes of the "Safe Harbor" Provisions
of the Private Securities Litigation Reform Act of 1995
The foregoing Management's Discussion and Analysis
contains various "forward looking statements" within the meaning
of federal securities laws which represent management's
expectations or beliefs concerning future events, including
statements regarding anticipated application of cash, expected
returns from rental income, growth in revenue, taxation levels,
the sufficiency of cash to meet operating expenses, rates of
distribution, and other matters. These, and other forward
looking statements made by the Partnership, must be evaluated in
the context of a number of factors that may affect the
Partnership's financial condition and results of operations,
including the following:
Market and economic conditions which affect the value
of the properties the Partnership owns and the cash
from rental income such properties generate;
the federal income tax consequences of rental income,
deductions, gain on sales and other items and the
affects of these consequences for investors;
resolution by the General Partners of conflicts with
which they may be confronted;
the success of the General Partners of locating
properties with favorable risk return characteristics;
the effect of tenant defaults; and
the condition of the industries in which the tenants of
properties owned by the Partnership operate.
PART II - OTHER INFORMATION
ITEM 1.LEGAL PROCEEDINGS
There are no material pending legal proceedings to which
the Partnership is a party or of which the Partnership's
property is subject.
ITEM 2.CHANGES IN SECURITIES
None.
ITEM 3.DEFAULTS UPON SENIOR SECURITIES
None.
ITEM 4.SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
None.
ITEM 5.OTHER INFORMATION
None.
PART II - OTHER INFORMATION
(Continued)
ITEM 6.EXHIBITS AND REPORTS ON FORM 8-K
a. Exhibits -
Description
10.1 Purchase Agreement dated April 11, 2002 between the
Partnership and Ford Tex Investments, Inc. relating to the
property at 6409 North Navarro Road, Victoria, Texas.
b. Reports filed on Form 8-K - None.
SIGNATURES
In accordance with the requirements of the Exchange Act,
the Registrant has caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.
Dated: April 30, 2002 AEI Real Estate Fund XVI
Limited Partnership
By: AEI Fund Management XVI, Inc.
Its: Managing General Partner
By: /s/ Robert P. Johnson
Robert P. Johnson
President
(Principal Executive Officer)
By: /s/ Mark E. Larson
Mark E. Larson
Chief Financial Officer
(Principal Accounting Officer)