AEI Net Lease Income & Growth Fund XX Limited Partnership

Management Discussion

• For the six months ended June 30, 2022 and 2021, the Partnership recognized rental income of $70,794 and $503,297, respectively. In 2022, rental income decreased due to the sale of five properties. The Family Dollar in Mobile, Alabama was the final property, which is classified as Real Estate Held for Sale as of June 30, 2022. The Partnership expects rental income in 2022 to total $70,794, as the Family Dollar lease matured on June 30, 2022 and was not renewed.
• For the six months ended June 30, 2022 and 2021, the Partnership incurred Partnership administration expenses from affiliated parties of $55,672 and $73,612, respectively. These administration expenses include costs associated with the management of the properties, processing distributions, reporting requirements and communicating with the Limited Partners. During the same periods, the Partnership incurred Partnership administration and property management expenses from unrelated parties of $40,520 and $44,402, respectively. These expenses represent direct payments to third parties for legal and filing fees, direct administrative costs, outside audit costs, taxes, insurance and other property costs.
• For the six months ended June 30, 2022 and 2021, the Partnership recognized interest income of $1,014 and $1,590, respectively.