(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'sregistrant’s latest annual report on Form 10‑K.10K.

AEI Net Lease Income & Growth Fund XX Limited Partnership ("Partnership"(“Partnership”) was formed to acquire and lease commercial properties to operating tenants. The Partnership's operations are managed by AEI Fund Management XX, Inc. ("AFM"(“AFM”), the Managing General Partner. The Estate of 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.the Robert P. Johnson is theTrust and Patricia Johnson, own a majority shareholder.interest. AEI Fund Management, Inc. ("AEI"(“AEI”), an affiliate of AFM, performs the administrative and operating functions for the Partnership.

In June 2014,January 2021, 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'sPartnership’s properties and assets within 24 to 36 months. Approval of either proposal required the affirmative vote of holders of a majority of the outstanding units. On July 23, 2014,March 3, 2021, the votes were counted and neither proposal receivedwas approved with a majority of Units voting in favor of the required majority vote.proposal. As a result, the Partnership will not liquidate and will continue in operation until the Limited Partners vote to authorize the sale of all of the Partnership's properties or December 31, 2043, as stated in the Limited Partnership Agreement. However, in approximately five years, the Managing General Partner expects to again submitis proceeding with the question to liquidate to a vote byplanned liquidation of the Limited Partners.Partnership.

In March 2021, the Partnership purchased aentered into an agreement to sell the Dollar Tree store in Indianapolis, Indiana for $1,739,074.  Theto an unrelated third party. On April 20, 2021, the sale closed with the Partnership allocated $241,360receiving net proceeds of $1,608,689, which resulted in a net gain of $187,451. At the purchase price to Acquired Intangible Lease Assets, representing in-place lease intangibles. The Partnership incurred $47,902time of acquisition expensessale, the cost and 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 9.7 years (as of the date of purchase)accumulated depreciation and annual rent of $117,387.amortization was $1,739,074 and $317,836, respectively.

In March 2017,May 2021, the Partnership entered into an agreement with the tenant of the KinderCare daycare center in Mayfield Heights, Ohio to extend the lease term five years to expire on June 30, 2022.  The annual rent will remain the same throughout the remainder of the extended lease term.  As part of the agreement, the Partnership paid a tenant improvement allowance of $43,350 that was capitalized.  In addition, beginning on July 1, 2017, the tenant received free rent for three months that equaled $40,421.  In the first quarter of 2017, the Partnership decided to sell the property.Fresenius Medical Center in Green, Ohio to an unrelated third party. On June 29, 2021, the sale closed with the Partnership receiving net proceeds of $2,560,199, which resulted in a net gain of $725,566. At Septemberthe time of sale, the cost and related accumulated depreciation and amortization was $2,360,000 and $525,367, respectively.

In May 2021, the Partnership entered into an agreement to sell 2.36 acres of land in Fredericksburg, Virginia to an unrelated third party. Based on its long-lived asset valuation analysis, the Partnership determined the land was impaired. As a result, in the second quarter of 2021, a charge to operations for real estate impairment of $133,134 was recognized, which was the difference between the carrying value at June 30, 2017,2021 of $3,155,134 and the estimated fair value of $3,022,000. The charge was recorded against the cost of the land. On July 23, 2021, the sale closed with the Partnership receiving net proceeds of $3,022,000, which resulted in no gain or loss due to the impairment charge recorded in the second quarter of 2021. At the time of sale, the cost and related accumulated amortization was $3,032,763 and $10,763, respectively. At June 30, 2021, the property was classified as Real Estate Held for Sale with a carrying value of $899,271.$3,022,000.

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.

For the ninesix months ended SeptemberJune 30, 20172022 and 2016,2021, the Partnership declared distributions of $839,402$2,598,087 and $846,354,$2,415,357, respectively. The Limited Partners receivedwere allocated distributions of $831,008$2,572,106 and $837,890$2,391,203 and the General Partners receivedwere allocated distributions of $8,394$25,981 and $8,464$24,154 for the periods, respectively. The Limited Partners'Partners’ distributions represented $41.25$141.17 and $41.27$127.97 per Limited Partnership Unit outstanding using 20,14418,220 and 20,30318,685 weighted average Units in 20172022 and 2016,2021, respectively. The distributions represented $26.16$38.95 and $19.33$31.68 per Unit of Net Income and $15.09$102.22 and $21.94$96.29 per Unit of return of contributed capital in 20172022 and 2016,2021, respectively.

As part of the distributions discussed above, the Partnership distributed net sale proceeds (from property sales completedof $2,595,860 and $2,020,202 in 2015) of $107,756 in 2016.2022 and 2021, respectively. The Limited Partners received distributions of $106,678$2,569,902 and $2,000,000 and the General Partners received distributions of $1,078.$25,958 and $20,202 for the periods, respectively. The Limited Partners'Partners’ distributions represented $5.26$141.05 and $109.17 per Unit.

As of September 30, 2017June, 2022 and December 31, 2016,2021, the Partnership had no assets or liabilities measured at fair value on a recurring basis or nonrecurring basis. During 2022, the Partnership impaired the Family Dollar store in Mobile, Alabama to its fair value of approximately $375,000. Fair value was determined using feedback provided by a local broker less costs to sell based on the held for sale classification (level 2 in the fair value hierarchy). An impairment of $350,000 was recognized during the second quarter of 2022.  

This section contains "forward-looking statements"“forward-looking statements” which represent management'smanagement’s expectations or beliefs concerning future events, including statements regarding anticipated application of cash, expected returns from rental income, growth in revenue, the sufficiency of cash to meet operating expenses, rates of distribution, and other matters. These, and other forward-looking statements, should be evaluated in the context of a number of factors that may affect the Partnership'sPartnership’s financial condition and results of operations, including the following:

The Partnership'sPartnership’s financial statements have been prepared in accordance with US GAAP. Preparing the financial statements requires management to use judgment in the application of these accounting policies, including making estimates and assumptions. These judgments will affect the reported amounts of the Partnership'sPartnership’s assets and liabilities and the disclosure of contingent assets and liabilities as of the dates of the financial statements and will affect the reported amounts of revenue and expenses during the reporting periods. It is possible that the carrying amount of the Partnership'sPartnership’s assets and liabilities, or the results of reported operations, will be affected if management'smanagement’s estimates or assumptions prove inaccurate.

Management of the Partnership evaluates the following accounting estimates on an ongoing basis, and has discussed the development and selection of these estimates and the management discussion and analysis disclosures regarding them with the managing partner of the Partnership.

Upon acquisition of real properties, the Partnership records them in the financial statements at cost. The purchase price is allocated to tangible assets, consisting of land and building, and to identified intangible assets and liabilities, which may include the value of above market and below market leases and the value of in-place leases. The allocation of the purchase price is based upon the relative fair value of each component of the property. Although independent appraisals may be used to assist in the determination of fair value, in many cases these values will be based upon management'smanagement’s assessment of each property, the selling prices of comparable properties and the discounted value of cash flows from the asset.

The fair values of above market and below market in-place leases will be recorded based on the present value (using an interest rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) an estimate of fair market lease rates for the corresponding in-place leases measured over a period equal to the non-cancelable term of the lease including any bargain renewal periods. The above market and below market lease values will be capitalized as intangible lease assets or liabilities. Above market lease values will be amortized as an adjustment of rental income over the remaining term of the respective leases. Below market lease values will be amortized as an adjustment of rental income over the remaining term of the respective leases, including any bargain renewal periods. If a lease were to be terminated prior to its stated expiration, all unamortized amounts of above market and below market in-place lease values relating to that lease would be recorded as an adjustment to rental income.

The fair values of in-place leases will include estimated direct costs associated with obtaining a new tenant, and opportunity costs associated with lost rentals which are avoided by acquiring an in-place lease. Direct costs associated with obtaining a new tenant may include commissions, tenant improvements, and other direct costs and are estimated, in part, by management'smanagement’s consideration of current market costs to execute a similar lease. These direct costs will be included in intangible lease assets on the balance sheet and will be amortized to expense over the remaining term of the respective leases. The value of opportunity costs will be calculated using the contractual amounts to be paid pursuant to the in-place leases over a market absorption period for a similar lease. These intangibles will be included in intangible lease assets on the balance sheet and will be amortized to expense over the remaining term of the respective leases. If a lease were to be terminated prior to its stated expiration, all unamortized amounts of in-place lease assets relating to that lease would be expensed.

The determination of the relative fair values of the assets and liabilities acquired will require the use of significant assumptions with regard to the current market rental rates, rental growth rates, discount and capitalization rates, interest rates and other variables. If management'smanagement’s estimates or assumptions prove inaccurate, the result would be an inaccurate allocation of purchase price, which could impact the amount of reported net income.

Properties are carried at original cost, less accumulated depreciation and amortization. The Partnership tests long-lived assets for recoverability when events or changes in circumstances indicate that the carrying value may not be recoverable. For properties the Partnership will hold and operate, management determines whether impairment has occurred by comparing the property'sproperty’s probability-weighted future undiscounted cash flows to its current carrying value. For properties held for sale, management determines whether impairment has occurred by comparing the property'sproperty’s estimated fair value less cost to sell to its current carrying value. If the carrying value is greater than the net realizable value, an impairment loss is recorded to reduce the carrying value of the property to its net realizable value. Changes in these assumptions or analysis may cause material changes in the carrying value of the properties.

For the ninesix months ended SeptemberJune 30, 20172022 and 2016,2021, the Partnership recognized rental income of $1,004,134$70,794 and $1,028,149,$503,297, respectively. In 2017,2022, rental income decreased due to the tenantsale of five properties. The Family Dollar in Mobile, Alabama was the KinderCare daycare center receiving free rent,final property, which is classified as discussed below. This decrease was partially offset by additional rent received from one property acquisition in 2016 and rent increases on two properties.  Based on the scheduled rentReal Estate Held for the propertiesSale as of October 31, 2017, theJune 30, 2022. The Partnership expects to recognize rental income from continuing operations of approximately $1,352,000in 2022 to total $70,794, as the Family Dollar lease matured on June 30, 2022 and $1,361,000 in 2017 and 2018, respectively.was not renewed.

For the ninesix months ended SeptemberJune 30, 20172022 and 2016,2021, the Partnership incurred Partnership administration expenses from affiliated parties of $131,892$55,672 and $134,476,$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 $73,312$40,520 and $58,983,$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.  These expenses were higher in 2017, when compared to 2016, due to expenses related to the legal action involving the owners of the HomeTown Buffet restaurant, as discussed below.

For the ninesix months ended September 30, 2016, the Partnership incurred property acquisition expenses of $47,902 related to the purchase of the Dollar Tree store in Indianapolis, Indiana.

Management believes inflation has not significantly affected 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. 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.

During the ninesix months ended SeptemberJune 30, 2017,2022, the Partnership's cash balance decreased $4,316,297 as a result of distributions paid to the Partners in excess of cash generated from operating activities, which was partially offset by cash generated from the sale of property. During the six months ended June 30, 2021, the Partnership's cash balances increased $34,813$3,677,723 as a result of cash generated from operating activities in excessthe sale of distributions paid to the Partners and cash used to repurchase Units,property, which was partially offset by cash paid for a tenant improvement allowance.  During the nine months ended September 30, 2016, the Partnership's cash balances decreased $1,820,613 as a result of cash used to purchase property, and distributions paid to the Partners and cash used to repurchase Units in excess of cash generated from operating activities.

Net cash provided by or used for operating activities increaseddecreased from $867,848$447,327 in 20162021 to $945,881($10,546) in 20172022 as a result of an increasea decrease in total rental and interest income in 2017, a decrease in acquisition expenses in 2016,2022 and net timing differences in the collection of payments from the tenants and the payment of expenses, which werewas partially offset by an increasea decrease in PartnershipLLC administration and property management expenses in 2017.  During 2016, cash from operations was reduced by $47,902 of acquisition expenses related to the purchase of real estate.  Pursuant to accounting guidance, these expenses were reflected as operating cash outflows.  However, pursuant to the Partnership Agreement, acquisition expenses were funded with proceeds from property sales.2022.

The major components of the Partnership's cash flow from investing activities are investments in real estate and proceeds from the sale of real estate. During the ninesix months ended SeptemberJune 30, 2017 and 2016,2022, the Partnership expended $43,350 and $1,739,074, respectively, to invest ingenerated cash flow from the sale of real properties asestate of $2,450,622.

In March 2021, the Partnership reinvested cash generated from property sales completed in 2015.

In May 2021, the Partnership entered into an agreement to sell 2.36 acres of land in Fredericksburg, Virginia to an unrelated third party. Based on its long-lived asset valuation analysis, the Partnership determined the land was impaired. As a result, in the second quarter of 2021, a charge to operations for $1,739,074.real estate impairment of $133,134 was recognized, which was the difference between the carrying value at June 30, 2021 of $3,155,134 and the estimated fair value of $3,022,000. The charge was recorded against the cost of the land. On July 23, 2021, the sale closed with the Partnership receiving net proceeds of $3,022,000, which resulted in no gain or loss due to the impairment charge recorded in the second quarter of 2021. At the time of sale, the cost and related accumulated amortization was $3,032,763 and $10,763, respectively. At June 30, 2021, the property is leased to Dollar Tree Stores, Inc. under a lease agreementwas classified as Real Estate Held for Sale with a remaining primary termcarrying value of 9.7 years (as$3,022,000.

In July 2021, the Partnership entered into an agreement to sell its 70% interest in the Staples retail store in Vernon Hills, Illinois to an unrelated third party. Based on its long-lived asset valuation analysis, the Partnership determined the Staples store was impaired. As a result, in the second quarter of 2021, a charge to operations for real estate impairment of $413,789 was recognized, which was the difference between the carrying value at June 30, 2021 of $2,569,789 and the estimated fair value of $2,156,000. The charge was recorded against the cost of the dateland and building. At June 30, 2021, the property was classified as Real Estate Held for Sale with a carrying value of purchase)$2,156,000. On September 10, 2021, the sale closed with the Partnership receiving net proceeds of $2,108,832, which resulted in a net loss of $47,168. At the time of sale, the cost and annual rentrelated accumulated depreciation and amortization was $3,300,849 and $1,144,849, respectively.

In December 2021, the Partnership entered into an agreement to sell its 50% interest in the Jared Jewelry store in Hanover, Maryland to an unrelated third party. On February 14, 2022, the sale closed with the Partnership receiving net proceeds of $117,387.$2,450,622, which resulted in a net gain of $1,133,641. At the time of sale, the cost and related accumulated depreciation was $1,989,105 and $672,124, respectively.

The Partnership's primary use of cash flow, other than investment in real estate, is distribution payments to Partners and cash used to repurchase Units. 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. The Partnership may repurchase tendered Units on April 1st and October 1st of each year subject to limitations.

For the ninesix months ended SeptemberJune 30, 20172022 and 2016,2021, the Partnership declared distributions of $839,402$2,598,087 and $846,354,$2,415,357, respectively, which were distributed 99% to the Limited Partners and 1% to the General Partners. The Limited Partners receivedwere allocated distributions of $831,008$2,572,106 and $837,890$2,391,203 and the General Partners receivedwere allocated distributions of $8,394$25,981 and $8,464$24,154 for the periods, respectively.

As part of the distributions discussed above, the Partnership distributed net sale proceeds (from property sales completedof $2,595,860 and $2,020,202 in 2015) of $107,756 in 2016.2022 and 2021, respectively. The Limited Partners received distributions of $106,678$2,569,902 and $2,000,000 and the General Partners received distributions of $1,078.$25,958 and $20,202 for the periods, respectively. The Limited Partners'Partners’ distributions represented $5.26$141.05 and $109.17 per Unit.Unit for the periods, respectively.

The Partnership may repurchase Units from Limited Partners who have tendered their Units to the Partnership. Such Units may be acquired at a discount. The Partnership will not be obligated to purchase in any year any number of Units that, when aggregated with all other transfers of Units

that have occurred since the beginning of the same calendar year (excluding Permitted Transfers as defined in the Partnership Agreement), would exceed 5% of the total number of Units outstanding on January 1 of such 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.

On April 1, 2017,2022, the Partnership did not repurchase any Units from the Limited Partners. On April 1, 2021, the Partnership repurchased a total of 28.72731.58 Units for $25,738$536,313 from three34 Limited Partners in accordance with the Partnership Agreement. On April 1, 2016, the Partnership repurchased a total of 115.00 Units for $98,301 from three Limited Partners.  The Partnership acquired these Units using Net Cash Flow from operations.net sales proceeds. 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 $260 and $993$5,417 in 2017 and 2016, respectively.2021.

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.

As of SeptemberJune 30, 20172022 and December 31, 2016,2021, the Partnership had no material off-balance sheet arrangements that had or are reasonably likely to have current or future effects on its financial condition, results of operations, liquidity or capital resources.

Not required for a smaller reporting company.

(a)  Disclosure Controls and Procedures.

Under the supervision and with the participation of management, including its President and Chief Financial Officer, the Managing General Partner of the Partnership evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934 (the "Exchange Act"“Exchange Act”)). Based upon that evaluation, the President and Chief Financial Officer of the Managing General Partner concluded that, as of the end of the period covered by this report, our disclosure controls and procedures were effective in ensuring that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in applicable rules and forms and that such information is accumulated and communicated to management, including the President and Chief Financial Officer of the Managing General Partner, in a manner that allows timely decisions regarding required disclosure.

(b)  Changes in Internal Control Over Financial Reporting.

During the most recent period covered by this report, there has been no change in our internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

There are no material pending legal proceedings to which the Partnership is a party or of which the Partnership's property is subject.

(a) None.

(b) Not applicable.

(c) Pursuant to Section 7.7 of the Partnership Agreement, as amended, each Limited Partner has the right to present Units to the Partnership for purchase by submitting notice to the Managing General Partner during January or July of each year. The purchase price of the Units is equal to 90% of the net asset value per Unit, as of the first business day of January or July of each year, as determined by the Managing General Partner in accordance with the provisions of the Partnership Agreement. Units tendered to the Partnership during January and July may be repurchased on April 1^st and October 1^st, respectively, of each year subject to the following limitations. The Partnership will not be obligated to purchase in any year any number of Units that, when aggregated with all other transfers of Units that have occurred since the beginning of the same calendar year (excluding Permitted Transfers as defined in the Partnership Agreement), would exceed 5% of the total number of Units outstanding on January 1 of such 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 the period covered by this report, the Partnership did not purchase any Units.

None.

Not Applicable.