SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES AND EXCHANGE ACT OF 1934
Date of Report (Date of Earliest Event Reported) December 31, 1997
AEI INCOME & GROWTH FUND XXI LIMITED PARTNERSHIP
(Exact Name of Registrant as Specified in its Charter)
State of Minnesota
(State or other Jurisdiction of Incorporation or
Organization)
33-85076C 41-1789725
(Commission File Number) (I.R.S. Employer
Identification No.)
1300 Minnesota World Trade Center, St. Paul, Minnesota 55101
(Address of Principal Executive Offices)
(612) 227-7333
(Registrant's telephone number, including area code)
(Former name or former address, if changed since last report)
Item 2. Acquisition or Disposition of Assets.
On December 31, 1997, the Partnership purchased a
49.6% interest in a newly constructed Champps Americana
restaurant in Schaumburg, Illinois from Champps Americana,
Inc. The total cash purchase price of the land and building
was approximately $4,435,083. The remaining interest is
owned by Net Lease Income & Growth Fund 84-A Limited
Partnership and AEI Net Lease Income & Growth Fund XX
Limited Partnership, affiliates of the Partnership. Champps
Americana, Inc. is not affiliated with the Partnership.
The cash, used in purchasing the property, was from
the proceeds of sale of Limited Partnership Units.
Item 7. Financial Statements and Exhibits.
(a) Financial statements of businesses acquired.
Not Applicable. Property was newly constructed.
(b) A limited number of proforma adjustments are
required to illustrate the effects of the
transaction on the balance sheet and income
statement. The following narrative
description is furnished in lieu of the
proforma statements:
Assuming the Partnership had acquired the
property on January 1, 1996, the Partnership's
Investments in Real Estate would have
increased by approximately $2,199,801 and its
Current Assets (cash) would have decreased by
approximately $2,199,801 at December 31, 1996
and September 30, 1997.
The Total Income for the Partnership would
have increased from $1,341,753 to $1,578,232
for the year ended December 31, 1996 and from
$1,098,273 to $1,275,632 for nine months ended
SeptemberE30, 1997 if the Partnership had
owned the property during the periods.
Depreciation Expense would have increased by
$115,721 and $86,791 for the year ended
December 31, 1996 and the nine months ended
September 30, 1997, respectively.
The net effect of these proforma adjustments
would have caused Net Income to increase from
$912,232 to $1,032,990 and from $703,500 to
$794,068, which would have resulted in Net
Income of $58.64 and $32.82 per Limited
Partnership Unit outstanding for the year
ended December 31, 1996 and the nine months
ended SeptemberE30, 1997, respectively.
(c) Exhibits
Exhibit 10.1 - Net Lease Agreement
dated April 21, 1997 between the
Partnership, AEI Net Lease Income
& Growth Fund XX Limited
Partnership, Net Lease Income &
Growth Fund 84-A, and Champps
Americana, Inc. relating to the
property at 955 Golf Road,
Schaumburg, Illinois (incorporated
by reference to Exhibit 10.2 of
Form 10-QSB filed with the
Commission on May 13, 1997).
Exhibit 10.2 - First Amendment to
Net Lease Agreement dated December
31, 1997 between the Partnership,
AEI Net Lease Income & Growth Fund
XX Limited Partnership, Net Lease
Income & Growth Fund 84-A, and
Champps Americana, Inc. relating
to the property at 955 Golf Road,
Schaumburg, Illinois.
SIGNATURES
Pursuant to the requirements of the Securities Exchange
Act of 1934, the registrant has duly caused this report to
be signed on its behalf by the undersigned hereunto duly
authorized.
AEI INCOME & GROWTH FUND XXI LIMITED PARTNERSHIP
By: AEI Fund Management XXI, Inc.
Its: Managing General Partner
Date: January 5, 1998 /s/ Mark E Larson
By: Mark E. Larson
Its Chief Financial Officer
(Principal Accounting and
Financial Officer)