Document And Entity Information
Document And Entity Information | 12 Months Ended |
Dec. 31, 2021USD ($)shares | |
Document Information Line Items | |
Entity Registrant Name | AEI INCOME & GROWTH FUND 25 LLC |
Trading Symbol | None |
Document Type | 10-K |
Current Fiscal Year End Date | --12-31 |
Entity Common Stock, Shares Outstanding | shares | 38,962 |
Entity Public Float | $ | $ 0 |
Amendment Flag | false |
Entity Central Index Key | 0001185198 |
Entity Current Reporting Status | Yes |
Entity Voluntary Filers | No |
Entity Filer Category | Non-accelerated Filer |
Entity Well-known Seasoned Issuer | No |
Document Period End Date | Dec. 31, 2021 |
Document Fiscal Year Focus | 2021 |
Document Fiscal Period Focus | FY |
Entity Small Business | true |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
ICFR Auditor Attestation Flag | true |
Document Annual Report | true |
Entity File Number | 000-50609 |
Entity Incorporation, State or Country Code | DE |
Entity Tax Identification Number | 75-3074973 |
Entity Address, Address Line One | 30 East 7th Street, Suite 1300 |
Entity Address, City or Town | St. Paul |
Entity Address, State or Province | MN |
Entity Address, Postal Zip Code | 55101 |
City Area Code | 651 |
Local Phone Number | 227-7333 |
Title of 12(g) Security | Limited Liability Company Units |
Entity Interactive Data Current | Yes |
Document Transition Report | false |
Auditor Name | Boulay |
Auditor Firm ID | 542 |
Auditor Location | Minneapolis |
Balance Sheet
Balance Sheet - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Current Assets: | ||
Cash | $ 656,658 | $ 703,002 |
Rent Receivable | 11,227 | 123,496 |
Total Current Assets | 667,885 | 826,498 |
Real Estate Investments: | ||
Land | 7,103,977 | 7,103,977 |
Buildings | 18,874,469 | 18,874,469 |
Acquired Intangible Lease Assets | 2,712,159 | 2,712,159 |
Real Estate Held for Investment, at cost | 28,690,605 | 28,690,605 |
Accumulated Depreciation and Amortization | (9,941,100) | (8,929,368) |
Real Estate Held for Investment, Net | 18,749,505 | 19,761,237 |
Long-Term Rent Receivable | 0 | 11,227 |
Total Assets | 19,417,390 | 20,598,962 |
Current Liabilities: | ||
Payable to AEI Fund Management, Inc. | 95,381 | 121,914 |
Distributions Payable | 286,181 | 416,395 |
Unearned Rent | 35,425 | 35,090 |
Total Current Liabilities | 416,987 | 573,399 |
Long-term Liabilities: | ||
Acquired Below-Market Lease Intangibles, Net | 5,629 | 19,145 |
Members’ Equity (Deficit): | ||
Managing Members | (29,966) | 384 |
Limited Members – 50,000 Units authorized; 38,962 Units issued and outstanding as of December 31, 2021 and 2020 | 19,024,740 | 20,006,034 |
Total Members’ Equity | 18,994,774 | 20,006,418 |
Total Liabilities and Members’ Equity | $ 19,417,390 | $ 20,598,962 |
Balance Sheet (Parentheticals)
Balance Sheet (Parentheticals) - Limited Partner [Member] - shares | Dec. 31, 2021 | Dec. 31, 2020 |
Limited Members, units authorized | 50,000 | 50,000 |
Limited Members, units issued | 38,962 | 38,962 |
Limited Members, units outstanding | 38,962 | 38,962 |
Statement of Operations
Statement of Operations - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Income Statement [Abstract] | ||
Rental Income | $ 1,743,816 | $ 1,790,938 |
Expenses: | ||
LLC Administration – Affiliates | 239,334 | 237,036 |
LLC Administration and Property Management – Unrelated Parties | 197,858 | 161,024 |
Depreciation and Amortization | 913,552 | 908,991 |
Total Expenses | 1,350,744 | 1,307,051 |
Operating Income | 393,072 | 483,887 |
Other Income: | ||
Gain on Sale of Real Estate | 0 | 165,255 |
Interest Income | 436 | 7,045 |
Total Other Income | 436 | 172,300 |
Net Income | 393,508 | 656,187 |
Net Income Allocated: | ||
Managing Members | 11,805 | 141,988 |
Limited Members | 381,703 | 514,199 |
Net Income | $ 393,508 | $ 656,187 |
Net Income per LLC Unit (in Dollars per share) | $ 9.8 | $ 13.2 |
Weighted Average Units Outstanding – Basic and Diluted (in Shares) | 38,962 | 38,962 |
Statement of Cash Flows
Statement of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Cash Flows from Operating Activities: | ||
Net Income | $ 393,508 | $ 656,187 |
Adjustments to Reconcile Net Income To Net Cash Provided by Operating Activities: | ||
Depreciation and Amortization | 998,216 | 981,496 |
Gain on Sale of Real Estate | 0 | (165,255) |
(Increase) Decrease in Rent Receivable | 123,496 | (134,723) |
Increase (Decrease) in Payable to AEI Fund Management, Inc. | (26,533) | (10,135) |
Increase (Decrease) in Unearned Rent | 335 | 16,757 |
Total Adjustments | 1,095,514 | 688,140 |
Net Cash Provided By (Used For) Operating Activities | 1,489,022 | 1,344,327 |
Cash Flows from Investing Activities: | ||
Investments in Real Estate | 0 | (3,577,805) |
Proceeds from Sale of Real Estate | 0 | 681,729 |
Net Cash Provided By (Used For) Investing Activities | 0 | (2,896,076) |
Cash Flows from Financing Activities: | ||
Distributions Paid to Members | (1,535,366) | (1,501,758) |
Net Increase (Decrease) in Cash | (46,344) | (3,053,507) |
Cash, beginning of year | 703,002 | 3,756,509 |
Cash, end of year | $ 656,658 | $ 703,002 |
Statement of Changes in Members
Statement of Changes in Members' Equity - USD ($) | General Partner [Member] | Limited Partner [Member] | Total |
Balance at Dec. 31, 2019 | $ (96,493) | $ 20,950,442 | $ 20,853,949 |
Balance (in Shares) at Dec. 31, 2019 | 38,961.72 | ||
Balance at Dec. 31, 2020 | 384 | $ 20,006,034 | 20,006,418 |
Balance (in Shares) at Dec. 31, 2020 | 38,961.72 | ||
Distributions Declared | (45,111) | $ (1,458,607) | (1,503,718) |
Net Income (Loss) | 141,988 | 514,199 | 656,187 |
Balance at Dec. 31, 2021 | (29,966) | $ 19,024,740 | 18,994,774 |
Balance (in Shares) at Dec. 31, 2021 | 38,961.72 | ||
Distributions Declared | (42,155) | $ (1,362,997) | (1,405,152) |
Net Income (Loss) | $ 11,805 | $ 381,703 | $ 393,508 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block] | (1) Organization – AEI Income & Growth Fund 25 LLC (“Company”), a Limited Liability Company, was formed on June 24, 2002 to acquire and lease commercial properties to operating tenants. The Company's operations are managed by AEI Fund Management XXI, Inc. (“AFM”), the Managing Member. Robert P. Johnson, the previous Chief Executive Officer and sole director of AFM, served as the Special Managing Member until his withdrawal date effective March 31, 2020. AFM is a wholly owned subsidiary of AEI Capital Corporation of which the Robert P. Johnson Trust and Patricia Johnson own a majority interest. AEI Fund Management, Inc. (“AEI”), an affiliate of AFM, performs the administrative and operating functions for the Company. The terms of the offering called for a subscription price of $1,000 per LLC Unit, payable on acceptance of the offer. The Company commenced operations on September 11, 2003 when minimum subscriptions of 1,500 LLC Units ($1,500,000) were accepted. The offering terminated May 12, 2005, when the extended offering period ended. The Company received subscriptions for 42,434.763 Units. Under the terms of the Operating Agreement, the Limited Members and Managing Members contributed funds of $42,434,763 and $1,000, respectively. The Company shall continue until December 31, 2053, unless dissolved, terminated and liquidated prior to that date. During operations, any Net Cash Flow, as defined, which the Managing Members determine to distribute will be distributed 97% to the Limited Members and 3% to the Managing Members. Distributions to Limited Members will be made pro rata by Units. Any Net Proceeds of Sale, as defined, from the sale or financing of properties which the Managing Members determine to distribute will, after provisions for debts and reserves, be paid in the following manner: (i) first, 99% to the Limited Members and 1% to the Managing Members until the Limited Members receive an amount equal to: (a) their Adjusted Capital Contribution plus (b) an amount equal to 7% 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 Members and 10% to the Managing Members. Distributions to the Limited Members 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 97% to the Limited Members and 3% to the Managing Members. Net losses from operations will be allocated 99% to the Limited Members and 1% to the Managing Members. For tax purposes, profits arising from the sale, financing, or other disposition of property will be allocated in accordance with the Operating Agreement as follows: (i) first, to those Members with deficit balances in their capital accounts in an amount equal to the sum of such deficit balances; (ii) second, 99% to the Limited Members and 1% to the Managing Members until the aggregate balance in the Limited Members' capital accounts equals the sum of the Limited Members' Adjusted Capital Contributions plus an amount equal to 7% 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 Members and 10% to the Managing Members. Losses will be allocated 99% to the Limited Members and 1% to the Managing Members. The Managing Members are not required to currently fund a deficit capital balance. Upon liquidation of the Company or withdrawal by a Managing Member, the Managing Members will contribute to the Company an amount equal to the lesser of the deficit balances in their capital accounts or 1.01% of the total capital contributions of the Limited Members over the amount previously contributed by the Managing Members. In July 2018, the Managing Member mailed a Consent Statement (Proxy) seeking the consent of the Limited Members to continue the Company for an additional 60 months or to initiate the final disposition, liquidation and distribution of all of the Company’s properties and assets. Approval of either proposal required the affirmative vote of holders of a majority of the outstanding units. On August 24, 2018, the votes were counted and neither proposal received the required majority vote. As a result, the Company will not liquidate and will continue in operation until the Limited Members vote to authorize the sale of all of the Company’s properties or December 31, 2053, as stated in the Operating Agreement. However, in approximately five years, the Managing Member expects to again submit the question to liquidate to a vote by the Limited Members. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | (2) Summary of Significant Accounting Policies – Financial Statement Presentation The accounts of the Company are maintained on the accrual basis of accounting for both federal income tax purposes and financial reporting purposes. Accounting Estimates Management uses estimates and assumptions in preparing these financial statements in accordance with United States Generally Accepted Accounting Principles (US GAAP). Those estimates and assumptions may affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, and the reported revenues and expenses. Actual results could differ from those estimates, and the difference could be material. Significant items, subject to such estimates and assumptions, include the carrying value of real estate held for investment, real estate held for sale and the allocation of purchase price of real estate assets and intangible assets. The Company regularly assesses whether market events and conditions indicate that it is reasonably possible to recover the carrying amounts of its investments in real estate from future operations and sales. A change in those market events and conditions could have a material effect on the carrying amount of its real estate. Cash Concentrations of Credit Risk The Company's cash is deposited in one financial institution and at times during the year it may exceed FDIC insurance limits. Rent Receivables Credit terms are extended to tenants in the normal course of business. The Company performs ongoing credit evaluations of its customers’ financial condition and, generally, requires no collateral. Rent receivables are recorded at their estimated net realizable value. The Company follows a policy of providing an allowance for doubtful accounts; however, based on historical experience, and its evaluation of the current status of receivables, the Company is of the belief that such accounts, if any, will be collectible in all material respects and thus an allowance is not necessary. Accounts are considered past due if payment is not made on a timely basis in accordance with the Company’s credit terms. Receivables considered uncollectible are written off. Income Taxes The income or loss of the Company for federal income tax reporting purposes is includable in the income tax returns of the Members. In general, no recognition has been given to income taxes in the accompanying financial statements. The tax return and the amount of distributable Company income or loss are subject to examination by federal and state taxing authorities. If such an examination results in changes to distributable Company income or loss, the taxable income of the members would be adjusted accordingly. Primarily due to its tax status as a partnership, the Company has no significant tax uncertainties that require recognition or disclosure. The Company is no longer subject to U.S. federal income tax examinations for tax years before 2018, and with few exceptions, is no longer subject to state tax examinations for tax years before 2018. Revenue Recognition The Company's real estate is leased under net leases, classified as operating leases. The leases provide for base annual rental payments payable in monthly installments. The Company recognizes rental income according to the terms of the individual leases. For deferred rents due to COVID-19, the Company recognizes the deferred rent related to the month it applies and records a rental receivable. For leases that contain stated rental increases, the increases are recognized in the year in which they are effective. Contingent rental payments are recognized when the contingencies on which the payments are based are satisfied and the rental payments become due under the terms of the leases. Real Estate Investments Upon acquisition of real properties, the Company 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’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’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 Company tests real estate for recoverability when events or changes in circumstances indicate that the carrying value may not be recoverable. For properties the Company will hold and operate, it compares the carrying amount of the property to the estimated probability-weighted future undiscounted cash flows expected to result from the property and its eventual disposition. If the sum of the expected future cash flows is less than the carrying amount of the property, the Company recognizes an impairment loss equal to the amount by which the carrying amount of the property exceeds the fair value of the property. For properties held for sale, the Company determines whether impairment has occurred by comparing the property’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. For financial reporting purposes, the buildings owned by the Company are depreciated using the straight-line method over an estimated useful life of 25 years. Intangible lease assets are amortized using the straight-line method for financial reporting purposes based on the remaining life of the lease. The disposition of a property or classification of a property as Real Estate Held for Sale by the Company does not represent a strategic shift that will have a major effect on the Company’s operations and financial results. Therefore, the results from operating and selling the property are included in continuing operations. The Company accounts for properties owned as tenants-in-common with affiliated entities and/or unrelated third parties using the proportionate consolidation method. Each tenant-in-common owns a separate, undivided interest in the properties. Any tenant-in-common that holds more than a 50% interest does not control decisions over the other tenant-in-common interests. The financial statements reflect only this Company's percentage share of the properties' land, building, intangible assets, liabilities, revenues and expenses. The Company’s properties are subject to environmental laws and regulations adopted by various governmental entities in the jurisdiction in which the properties are located. These laws could require the Company to investigate and remediate the effects of the release or disposal of hazardous materials at these locations if found. For each property, an environmental assessment is completed prior to acquisition. In addition, the lease agreements typically strictly prohibit the production, handling, or storage of hazardous materials (except where incidental to the tenant’s business such as use of cleaning supplies) in violation of applicable law to restrict environmental and other damage. Environmental liabilities are recorded when it is determined the liability is probable and the costs can reasonably be estimated. There were no environmental issues noted or liabilities recorded at December 31, 2021 and 2020. Fair Value Measurements At December 31, 2021 and 2020, the Company had no financial assets or liabilities measured at fair value on a recurring basis or nonrecurring basis. Income Per Unit Income per LLC Unit is calculated based on the weighted average number of LLC Units outstanding during each period presented. Diluted income per LLC Unit considers the effect of any potentially dilutive Unit equivalents, of which the Company had none for each of the years ended December 31, 2021 and 2020. Reportable Segments The Company invests in single tenant commercial properties throughout the United States that are net leased to tenants in various industries. Because these net leased properties have similar economic characteristics, the Company evaluates operating performance on an overall portfolio basis. Therefore, the Company’s properties are classified as one reportable segment. Recently Adopted Accounting Pronouncements In April 2020, the Financial Accounting Standards Board (FASB) issued a question-and-answer document (the “Lease Modification Q&A”) focused on the application of lease accounting guidance to lease concessions provided as a result of COVID-19. Under existing lease guidance, the Company would have to determine, on a lease by lease basis, if a lease concession was the result of a new arrangement reached with the tenant or if a lease concession was under the enforceable rights and obligations within the existing lease agreement. The Lease Modification Q&A clarifies that entities may elect to not evaluate whether lease-related relief that lessors provide to mitigate the economic effects of COVID-19 on lessees is a lease modification under current lease guidance. Instead, an entity that elects not to evaluate whether a concession directly related to COVID-19 is a modification can then elect whether to apply the modification guidance. During the year ended December 31, 2020, the Company provided lease concessions to certain tenants in response to the impact of COVID-19, in the form of rent deferrals. The Company has made an election to account for such lease concessions consistent with how those concessions would be accounted for under lease guidance if enforceable rights and obligations for those concessions had already existed in the leases. This election is available for concessions related to the effects of the COVID-19 pandemic that do not result in a substantial increase in the rights as lessor, including concessions that result in the total payments required by the modified lease being substantially the same as or less than total payments required by the original lease. Substantially all of the Company’s concessions to date provide for a deferral of payments with no substantive changes to the consideration in the original lease. These deferrals affect the timing, but not the amount, of the lease payments. The Company is accounting for these deferrals as if no changes to the lease were made. Under this accounting, the Company increases its rent receivables as tenant payments accrue and continues to recognize rental income. During the year ended December 31, 2020, the Company has entered into lease modifications that deferred $134,723, which was recognized as rental income for those deferred months in 2020. The rent receivable related to these rental deferrals is $11,227 as of December 31, 2021. Other accounting standards that have been issued or proposed by the FASB are currently not applicable to the Company or are not expected to have a significant impact on the Company’s financial position, results of operations and cash flows. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | (3) Related Party Transactions – The Company owns the percentage interest shown below in the following properties as tenants-in-common with the affiliated entities listed: Jared Jewelry store in Auburn Hills, Michigan (60% – AEI Income & Growth Fund XXI Limited Partnership); property in Wichita, Kansas (60% – AEI Income & Growth Fund 26 LLC); Advance Auto Parts store in Indianapolis, Indiana (35% – AEI Income & Growth Fund XXII Limited Partnership); Staples store (72% – AEI Income & Growth Fund XXII Limited Partnership); Coliseum Health clinic (50% – AEI Income & Growth Fund 24 LLC); and Talecris Plasma Facility (50% – AEI Income & Growth Fund XXII Limited Partnership). The Company owned a 21% interest in a Jared Jewelry store in Madison Heights, Michigan. AEI Income & Growth Fund 23 LLC and AEI Accredited Investor Fund 2002 Limited Partnership, affiliates of the Company, owned the remaining 79% interest in this property until the property was sold to an unrelated third party in 2020. The Company owned a 73% interest in a PetSmart store. AEI Income & Growth Fund 24 LLC owned the remaining 27% interest in this property until the property was sold to the Company in 2020. AEI received the following reimbursements for costs and expenses from the Company for the years ended December 31: 2021 2020 AEI is reimbursed for costs incurred in providing services related to managing the Company’s operations and properties, maintaining the Company’s books, and communicating with the Limited Members. $ 239,334 $ 237,036 AEI is reimbursed for all direct expenses it paid on the Company’s behalf to third parties related to Company administration and property management. These expenses included printing costs, legal and filing fees, direct administrative costs, outside audit costs, taxes, insurance and other property costs. $ 197,858 $ 161,024 AEI is reimbursed for costs incurred in providing services and direct expenses related to the acquisition of property on behalf of the Company. $ 0 $ 50,105 AEI is reimbursed for costs incurred in providing services related to the sale of property on behalf of the Company. $ 0 $ 4,580 The payable to AEI Fund Management, Inc. represents the balance due for the services described in 3a, b, c and d. This balance is non-interest bearing and unsecured and is to be paid in the normal course of business. |
Real Estate Investments
Real Estate Investments | 12 Months Ended |
Dec. 31, 2021 | |
Real Estate [Abstract] | |
Real Estate Disclosure [Text Block] | (4) Real Estate Investments – The Company leases its properties to tenants under net leases, classified as operating leases. Under a net lease, the tenant is responsible for real estate taxes, insurance, maintenance, repairs and operating expenses for the property. For some leases, the Company is responsible for repairs to the structural components of the building, the roof, and the parking lot. At the time the properties were acquired, the remaining primary lease terms varied from 7.8 to 20 years. The leases provide the tenants with one to five five-year renewal options subject to the same terms and conditions as the primary term, except for the Talecris plasma facility which has one ten-year renewal option. The leases for the Jared Jewelry store in Auburn Hills, Michigan, Jared Jewelry store in Aurora, IL, and the Advance Auto Parts store were extended to end on December 31, 2024, April 30, 2025, and April 30, 2025, respectively. The Company's properties are commercial, single-tenant buildings. The Jared Jewelry store in Auburn Hills, Michigan was constructed in 1999 and acquired in 2005. The Jared Jewelry store in Concord, New Hampshire was constructed and acquired in 2005. The Jared Jewelry store in Aurora, Illinois was constructed in 2000 and acquired in 2005. The building in Wichita, Kansas was constructed in 1996, renovated in 2001 and acquired in 2005. The Advance Auto Parts store in Indianapolis, Indiana was constructed in 2005 and acquired in 2006. The Staples store was constructed in 2010 and acquired in 2011. The Coliseum Health clinic was constructed and acquired in 2012. The PetSmart store was constructed and acquired in 2013 and 2020. The Premier Diagnostic Imaging center was constructed in 2005, renovated in 2012 and acquired in 2014. The Tractor Supply Company store in Canton, Mississippi was constructed in 2013 and acquired in 2018. The Talecris plasma facility was constructed in 2008 and acquired in 2020. There have been no costs capitalized as improvements subsequent to the acquisitions, except for $7,733 of tenant improvements related to the Staples store. The cost of the properties not held for sale and related accumulated depreciation at December 31, 2021 are as follows: Property Land Buildings Total Accumulated Depreciation Jared Jewelry, Auburn Hills, MI $ 421,489 $ 1,777,578 $ 2,199,067 $ 1,205,794 Jared Jewelry, Concord, NH 1,061,663 3,095,971 4,157,634 1,991,750 Jared Jewelry, Aurora, IL 1,790,636 2,027,709 3,818,345 1,301,106 Biomat USA, Wichita, KS 771,076 1,937,641 2,708,717 1,330,421 Advance Auto Parts, Indianapolis, IN 289,661 380,315 669,976 228,823 Staples, Clermont, FL 615,600 1,398,709 2,014,309 569,527 Coliseum Health, Macon, GA 200,000 451,517 651,517 170,821 PetSmart, Gonzales, AR 419,587 2,149,142 2,568,729 563,877 Premier Diagnostic Imaging, Terre Haute, IN 300,000 1,848,049 2,148,049 545,187 Tractor Supply, Canton, MS 648,841 2,099,841 2,748,682 258,987 Talecris Plasma Facility, Dallas, TX 585,424 1,707,997 2,293,421 96,787 $ 7,103,977 $ 18,874,469 $ 25,978,446 $ 8,263,080 For the years ended December 31, 2021 and 2020, the Company recognized depreciation expense of $745,264 and $704,331, respectively. On January 17, 2020, the Company purchased an additional 27% interest in the PetSmart store in Gonzales, Louisiana for $831,455 from AEI Income & Growth Fund 24 LLC (“Fund 24”), an affiliate of the Company. The purchase price of the property interest was based upon the property’s fair market value as determined by an independent, third-party, commercial property appraiser. The property interest became available because Fund 24 is in the process of liquidating its property portfolio. The Company now owns 100% of the PetSmart property. The annual rent for the additional 27% interest that was purchased is $66,468. On July 31, 2020, the Company purchased a 50% interest in a Talecris plasma facility in Dallas, Texas for $2,746,350. The Company allocated $452,929 of the purchase price to Acquired Intangible Lease Assets, representing in-place lease intangibles of $284,439 and above-market lease intangibles of $168,490. The property is leased to Talecris Plasma Resources, Inc. under a lease agreement with a remaining primary term of 8.1 years (as of the date of purchase) and annual rent of $182,035. The remaining interest in this property was purchased by AEI Income & Growth Fund XXII Limited Partnership, an affiliate of the Company. The following schedule presents the cost and related accumulated amortization of acquired lease intangibles not held for sale at December 31: 2021 2020 Cost Accumulated Amortization Cost Accumulated Amortization In-Place Lease Intangibles (weighted average life of 37 and 44 months, respectively) $ 1,771,908 $ 1,200,563 $ 1,771,908 $ 1,032,275 Above-Market Lease Intangibles (weighted average life of 55 and 67 months, respectively) 940,251 477,457 940,251 379,277 Acquired Intangible Lease Assets $ 2,712,159 $ 1,678,020 $ 2,712,159 $ 1,411,552 Acquired Below-Market Lease Intangibles (weighted average life of 5 and 17 months, respectively) $ 104,746 $ 99,117 $ 104,746 $ 85,601 For the years ended December 31, 2021 and 2020, the value of in-place lease intangibles amortized to expense was $168,288 and $204,660, the decrease to rental income for above-market leases was $98,180 and $86,021, and the increase to rental income for below-market leases was $13,516 and $13,516, respectively. For lease intangibles not held for sale at December 31, 2021, the estimated amortization for the next five years is as follows: Amortization Expense for In-Place Lease Intangibles Decrease to Rental Income for Above-Market Leases Increase to Rental Income for Below-Market Leases 2022 $ 146,417 $ 98,180 $ 5,629 2023 88,154 80,264 0 2024 76,268 66,358 0 2025 73,576 62,276 0 2026 73,576 62,276 0 $ 457,991 $ 369,354 $ 5,629 The Company owns a 60% interest in a former Sports Authority store in Wichita, Kansas. On March 2, 2016, the tenant, TSA Stores, Inc., and its parent company, The Sports Authority, Inc., the guarantor of the lease, filed for Chapter 11 bankruptcy reorganization. In June 2016, the tenant filed a motion with the bankruptcy court to reject the lease for this store effective June 30, 2016, at which time the tenant returned possession of the property to the owners. As of December 31, 2020, the tenant owed $29,049 of past due rent, which was not recorded for financial reporting purposes. On March 23, 2021, a motion to dismiss the bankruptcy case was issued by a federal judge to The Sports Authority, Inc., the Company will therefore not be receiving any of the past due rent. The owners listed the property for lease with a real estate broker in the Wichita area. While the property was vacant, the Company was responsible for its 60% share of real estate taxes and other costs associated with maintaining the property. On September 21, 2017, the Company entered into a lease agreement with a primary term of 10 years with Biomat USA, Inc. (“Biomat”) as a replacement tenant for 28% of the square footage of the property. The tenant operates a Biomat USA Plasma Center in the space. The Company’s 60% share of annual rent, which commenced on June 18, 2018, is $55,607. Biomat agreed to pay for the costs to divide the building into two separate spaces, the costs of tenant improvements to remodel the Biomat space and 28% of the cost to replace the roof. On August 27, 2019, the Company entered into a lease agreement with a primary term of 10 years with BigTime Fun Center, LLC as a replacement tenant for 57% of the square footage of the property. The tenant was to operate an indoor sports entertainment center in the space. The Company’s 60% share of annual rent, which was to commence on February 23, 2020, is $117,000. As part of the agreement, the Company will pay a tenant improvement allowance of $96,000 when certain conditions are met by the tenant. Due to ongoing difficulties relating to the COVID-19 pandemic the Company was negotiating a rent commencement date of April 1, 2021. As a part of the negotiations, the tenant improvement allowance was to be replaced with a ten month rent abatement starting April 1, 2021. Additionally, this agreement would forebear rent and additional charges for the period from February 23, 2020 to March 31, 2021. In September 2019, the Company paid $49,140 to a real estate broker for its 60% share of the lease commission due as part of the lease transaction. This amount was capitalized and will be amortized over the term of the lease. On January 22, 2021, the owner of Big Time Fun Center, LLC informed the Company it does not intend to open the Wichita property. As a result of the tenant informing the Company of their intention not to open, the full amount of the lease commission was amortized in the fourth quarter of 2020. The property is currently being marketed for sale or lease with a real estate broker in the Wichita area. In March 2020, the Company entered into an agreement with the tenant of the Jared Jewelry store in Aurora, Illinois to extend the lease term five years to end on April 30, 2025. As part of the agreement, the annual rent decreased from $370,686 to $235,989 effective May 1, 2020. In January 2020, the Company entered into an agreement to sell its 21% interest in the Jared Jewelry store in Madison Heights, Michigan to an unrelated third party. On March 4, 2020, the sale closed with the Company receiving net proceeds of $681,729, which resulted in a net gain of $165,255. At the time of sale, the cost and related accumulated depreciation was $852,592 and $336,118, respectively. The Company owns a 72% interest in a Staples store in Clermont, Florida. The remaining interest in the property is owned by an affiliate of the Company. On July 17, 2020, the lease term ended, and the tenant returned possession of the property to the owners. While the property is vacant, the Company is responsible for its 72% share of real estate taxes and other costs associated with maintaining the property. The owners have listed the property for sale or lease with a real estate broker in the Clermont area. The annual rent from this property represented approximately 10% of the total annual rent of the Company’s property portfolio. The loss of rent and increased expenses related to this property will decrease the Company’s cash flow. The Company will reduce its regular quarterly distribution rate due to the decrease in cash flow. In March 2022, the Partnership entered into an agreement to sell its 72% interest in the Staples store in Clermont, Florida to an unrelated third party. The sale is subject to contingencies and may not be completed. If the sale is completed, the Partnership expects to receive net sale proceeds of approximately $1,959,000, which will result in a net gain of approximately $528,000. For properties owned as of December 31, 2021, the minimum future rent payments required by the leases are as follows: 2022 $ 1,705,887 2023 1,412,076 2024 1,339,362 2025 985,983 2026 545,700 Thereafter 793,021 $ 6,782,029 There were no contingent rents recognized in 2021 and 2020. |
Major Tenants
Major Tenants | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Major Customers, Policy [Policy Text Block] | (5) Major Tenants – The following schedule presents rental income from individual tenants, or affiliated groups of tenants, who each contributed more than ten percent of the Company's total rental income for the years ended December 31: Tenants 2021 2020 Sterling Jewelers Group $ 775,654 $ 807,280 PetSmart LLC 226,639 223,780 Terre Haute Regional Hospital L.P. 216,938 212,949 Tractor Supply Company 178,568 0 Aggregate rental income of major tenants $ 1,397,799 $ 1,244,009 Aggregate rental income of major tenants as a percentage of total rental income 80% 69% |
Members' Equity
Members' Equity | 12 Months Ended |
Dec. 31, 2021 | |
Partners' Capital Notes [Abstract] | |
Partners' Capital Notes Disclosure [Text Block] | (6) Members’ Equity – For the years ended December 31, 2021 and 2020, the Company declared distributions of $1,405,152 and $1,503,718, respectively. The Limited Members received distributions of $1,362,997 and $1,458,607 and the Managing Members received distributions of $42,155 and $45,111 for the years, respectively. The Limited Members' distributions represented $34.98 and $37.44 per LLC Unit outstanding using 38,962 Units in 2021 and 2020. The distributions represented $9.80 and $13.20 per Unit of Net Income and $25.18 and $24.24 per Unit of return of contributed capital in 2021 and 2020, respectively. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | (7) Income Taxes – The following is a reconciliation of net income for financial reporting purposes to income reported for federal income tax purposes for the years ended December 31: 2021 2020 Net Income for Financial Reporting Purposes $ 393,508 $ 656,187 Depreciation for Tax Purposes Under Depreciation and Amortization for Financial Reporting Purposes 336,998 397,070 Income Accrued for Tax Purposes Over (Under) Income for Financial Reporting Purposes (28,714) 16,757 Gain / Loss on Sale of Real Estate for Tax Purposes Compared to Gain for Financial Reporting Purposes 0 (119,719) Taxable Income to Members $ 701,792 $ 950,295 The following is a reconciliation of Members’ Equity for financial reporting purposes to Members’ Equity reported for federal income tax purposes for the years ended December 31: 2021 2020 Members’ Equity for Financial Reporting Purposes $ 18,994,774 $ 20,006,418 Adjusted Tax Basis of Investments in Real Estate Over Net Investments in Real Estate for Financial Reporting Purposes 4,541,056 4,204,058 Income Accrued for Tax Purposes Over Income for Financial Reporting Purposes 35,425 64,139 Syndication Costs Treated as Reduction of Capital For Financial Reporting Purposes 6,015,670 6,015,670 Members’ Equity for Tax Reporting Purposes $ 29,586,925 $ 30,290,285 |
COVID-19 Outbreak
COVID-19 Outbreak | 12 Months Ended |
Dec. 31, 2021 | |
COVID-19Outbreak [Abstract] | |
COVID-19Outbreak [Text Block] | (8) COVID-19 Outbreak – During the first quarter of 2020, there was a global outbreak of COVID-19 which continues to adversely impact global commercial activity and has contributed to significant volatility in financial markets. The global impact of the outbreak has been rapidly evolving, and as cases of the virus have continued to be identified in additional countries, many countries have reacted by instituting quarantines, placing restrictions on travel, and limiting hours of operations of non-essential offices and retail centers. Such actions are creating disruption in global supply chains, and adversely impacting a number of industries, such as retail, restaurants and transportation. The outbreak could have a continued adverse impact on economic and market conditions and trigger a period of global economic slowdown. The rapid development and fluidity of this situation precludes any prediction as to the ultimate adverse impact of COVID-19. Nevertheless, COVID19 presents material uncertainty and risk with respect to the Company’s performance and financial results, such as the potential negative impact to the tenants of its properties, the potential closure of certain of its properties, increased costs of operations, decrease in values of its properties, changes in law and/or regulation, and uncertainty regarding government and regulatory policy. Up to the date of this filing, the Company has entered into rent deferral agreements with three tenants of the eleven properties owned by the Company. In June 2020, the Company entered into an agreement with the tenant of the Jared Jewelry stores in Concord, New Hampshire, Aurora, Illinois, and Auburn Hills, Michigan to defer base rent in April and May 2020. The tenant started paying the deferred amounts in twelve equal monthly installments beginning on February 1, 2021. The Company has elected not to account for these deferrals of rent as a lease modification under COVID-19 guidance issued by the FASB. Deferred rent of $134,723 was recognized as rental income during the year ended December 31, 2020 and a corresponding rent receivable was recorded. The rent receivable related to these rental deferrals is $11,227 as of December 31, 2021. The Company continues to work closely with tenants to determine the best course of action to meet the tenants short-term rental needs during these unprecedented times. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Accounting Policies [Abstract] | ||
Distribution Policy, Members or Limited Partners, Description | During operations, any Net Cash Flow, as defined, which the Managing Members determine to distribute will be distributed 97% to the Limited Members and 3% to the Managing Members. Distributions to Limited Members will be made pro rata by Units. Any Net Proceeds of Sale, as defined, from the sale or financing of properties which the Managing Members determine to distribute will, after provisions for debts and reserves, be paid in the following manner: (i) first, 99% to the Limited Members and 1% to the Managing Members until the Limited Members receive an amount equal to: (a) their Adjusted Capital Contribution plus (b) an amount equal to 7% 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 Members and 10% to the Managing Members. Distributions to the Limited Members 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 97% to the Limited Members and 3% to the Managing Members. Net losses from operations will be allocated 99% to the Limited Members and 1% to the Managing Members. For tax purposes, profits arising from the sale, financing, or other disposition of property will be allocated in accordance with the Operating Agreement as follows: (i) first, to those Members with deficit balances in their capital accounts in an amount equal to the sum of such deficit balances; (ii) second, 99% to the Limited Members and 1% to the Managing Members until the aggregate balance in the Limited Members' capital accounts equals the sum of the Limited Members' Adjusted Capital Contributions plus an amount equal to 7% 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 Members and 10% to the Managing Members. Losses will be allocated 99% to the Limited Members and 1% to the Managing Members. The Managing Members are not required to currently fund a deficit capital balance. Upon liquidation of the Company or withdrawal by a Managing Member, the Managing Members will contribute to the Company an amount equal to the lesser of the deficit balances in their capital accounts or 1.01% of the total capital contributions of the Limited Members over the amount previously contributed by the Managing Members. | |
Basis of Accounting, Policy [Policy Text Block] | The accounts of the Company are maintained on the accrual basis of accounting for both federal income tax purposes and financial reporting purposes. | |
Use of Estimates, Policy [Policy Text Block] | Management uses estimates and assumptions in preparing these financial statements in accordance with United States Generally Accepted Accounting Principles (US GAAP). Those estimates and assumptions may affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, and the reported revenues and expenses. Actual results could differ from those estimates, and the difference could be material. Significant items, subject to such estimates and assumptions, include the carrying value of real estate held for investment, real estate held for sale and the allocation of purchase price of real estate assets and intangible assets. The Company regularly assesses whether market events and conditions indicate that it is reasonably possible to recover the carrying amounts of its investments in real estate from future operations and sales. A change in those market events and conditions could have a material effect on the carrying amount of its real estate. | |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | The Company's cash is deposited in one financial institution and at times during the year it may exceed FDIC insurance limits. | |
Receivable [Policy Text Block] | Credit terms are extended to tenants in the normal course of business. The Company performs ongoing credit evaluations of its customers’ financial condition and, generally, requires no collateral. | |
Income Tax, Policy [Policy Text Block] | The income or loss of the Company for federal income tax reporting purposes is includable in the income tax returns of the Members. In general, no recognition has been given to income taxes in the accompanying financial statements. The tax return and the amount of distributable Company income or loss are subject to examination by federal and state taxing authorities. If such an examination results in changes to distributable Company income or loss, the taxable income of the members would be adjusted accordingly. Primarily due to its tax status as a partnership, the Company has no significant tax uncertainties that require recognition or disclosure. The Company is no longer subject to U.S. federal income tax examinations for tax years before 2018, and with few exceptions, is no longer subject to state tax examinations for tax years before 2018. | |
Revenue Recognition, Leases [Policy Text Block] | The Company's real estate is leased under net leases, classified as operating leases. The leases provide for base annual rental payments payable in monthly installments. The Company recognizes rental income according to the terms of the individual leases. For deferred rents due to COVID-19, the Company recognizes the deferred rent related to the month it applies and records a rental receivable. For leases that contain stated rental increases, the increases are recognized in the year in which they are effective. Contingent rental payments are recognized when the contingencies on which the payments are based are satisfied and the rental payments become due under the terms of the leases. | |
Property, Plant and Equipment, Policy [Policy Text Block] | Upon acquisition of real properties, the Company 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’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’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 Company tests real estate for recoverability when events or changes in circumstances indicate that the carrying value may not be recoverable. For properties the Company will hold and operate, it compares the carrying amount of the property to the estimated probability-weighted future undiscounted cash flows expected to result from the property and its eventual disposition. If the sum of the expected future cash flows is less than the carrying amount of the property, the Company recognizes an impairment loss equal to the amount by which the carrying amount of the property exceeds the fair value of the property. For properties held for sale, the Company determines whether impairment has occurred by comparing the property’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. For financial reporting purposes, the buildings owned by the Company are depreciated using the straight-line method over an estimated useful life of 25 years. Intangible lease assets are amortized using the straight-line method for financial reporting purposes based on the remaining life of the lease. The disposition of a property or classification of a property as Real Estate Held for Sale by the Company does not represent a strategic shift that will have a major effect on the Company’s operations and financial results. Therefore, the results from operating and selling the property are included in continuing operations. The Company accounts for properties owned as tenants-in-common with affiliated entities and/or unrelated third parties using the proportionate consolidation method. Each tenant-in-common owns a separate, undivided interest in the properties. Any tenant-in-common that holds more than a 50% interest does not control decisions over the other tenant-in-common interests. The financial statements reflect only this Company's percentage share of the properties' land, building, intangible assets, liabilities, revenues and expenses. The Company’s properties are subject to environmental laws and regulations adopted by various governmental entities in the jurisdiction in which the properties are located. These laws could require the Company to investigate and remediate the effects of the release or disposal of hazardous materials at these locations if found. For each property, an environmental assessment is completed prior to acquisition. In addition, the lease agreements typically strictly prohibit the production, handling, or storage of hazardous materials (except where incidental to the tenant’s business such as use of cleaning supplies) in violation of applicable law to restrict environmental and other damage. Environmental liabilities are recorded when it is determined the liability is probable and the costs can reasonably be estimated. There were no environmental issues noted or liabilities recorded at December 31, 2021 and 2020. | |
Earnings Per Share, Policy [Policy Text Block] | Income per LLC Unit is calculated based on the weighted average number of LLC Units outstanding during each period presented. Diluted income per LLC Unit considers the effect of any potentially dilutive Unit equivalents, of which the Company had none for each of the years ended December 31, 2021 and 2020 | |
Segment Reporting, Policy [Policy Text Block] | The Company invests in single tenant commercial properties throughout the United States that are net leased to tenants in various industries. Because these net leased properties have similar economic characteristics, the Company evaluates operating performance on an overall portfolio basis. Therefore, the Company’s properties are classified as one reportable segment | |
New Accounting Pronouncements, Policy [Policy Text Block] | In April 2020, the Financial Accounting Standards Board (FASB) issued a question-and-answer document (the “Lease Modification Q&A”) focused on the application of lease accounting guidance to lease concessions provided as a result of COVID-19. Under existing lease guidance, the Company would have to determine, on a lease by lease basis, if a lease concession was the result of a new arrangement reached with the tenant or if a lease concession was under the enforceable rights and obligations within the existing lease agreement. The Lease Modification Q&A clarifies that entities may elect to not evaluate whether lease-related relief that lessors provide to mitigate the economic effects of COVID-19 on lessees is a lease modification under current lease guidance. Instead, an entity that elects not to evaluate whether a concession directly related to COVID-19 is a modification can then elect whether to apply the modification guidance. During the year ended December 31, 2020, the Company provided lease concessions to certain tenants in response to the impact of COVID-19, in the form of rent deferrals. The Company has made an election to account for such lease concessions consistent with how those concessions would be accounted for under lease guidance if enforceable rights and obligations for those concessions had already existed in the leases. This election is available for concessions related to the effects of the COVID-19 pandemic that do not result in a substantial increase in the rights as lessor, including concessions that result in the total payments required by the modified lease being substantially the same as or less than total payments required by the original lease. Substantially all of the Company’s concessions to date provide for a deferral of payments with no substantive changes to the consideration in the original lease. These deferrals affect the timing, but not the amount, of the lease payments. The Company is accounting for these deferrals as if no changes to the lease were made. Under this accounting, the Company increases its rent receivables as tenant payments accrue and continues to recognize rental income. During the year ended December 31, 2020, the Company has entered into lease modifications that deferred $134,723, which was recognized as rental income for those deferred months in 2020. The rent receivable related to these rental deferrals is $11,227 as of December 31, 2021. Other accounting standards that have been issued or proposed by the FASB are currently not applicable to the Company or are not expected to have a significant impact on the Company’s financial position, results of operations and cash flows. | |
Fair Value of Financial Instruments, Policy [Policy Text Block] | At December 31, 2021 and 2020, the Company had no financial assets or liabilities measured at fair value on a recurring basis or nonrecurring basis. | |
COVID-19 Outbreak [Policy Text Block] | During the first quarter of 2020, there was a global outbreak of COVID-19 which continues to adversely impact global commercial activity and has contributed to significant volatility in financial markets. The global impact of the outbreak has been rapidly evolving, and as cases of the virus have continued to be identified in additional countries, many countries have reacted by instituting quarantines, placing restrictions on travel, and limiting hours of operations of non-essential offices and retail centers. Such actions are creating disruption in global supply chains, and adversely impacting a number of industries, such as retail, restaurants and transportation. The outbreak could have a continued adverse impact on economic and market conditions and trigger a period of global economic slowdown. The rapid development and fluidity of this situation precludes any prediction as to the ultimate adverse impact of COVID-19. Nevertheless, COVID19 presents material uncertainty and risk with respect to the Company’s performance and financial results, such as the potential negative impact to the tenants of its properties, the potential closure of certain of its properties, increased costs of operations, decrease in values of its properties, changes in law and/or regulation, and uncertainty regarding government and regulatory policy. Up to the date of this filing, the Company has entered into rent deferral agreements with three tenants of the eleven properties owned by the Company. In June 2020, the Company entered into an agreement with the tenant of the Jared Jewelry stores in Concord, New Hampshire, Aurora, Illinois, and Auburn Hills, Michigan to defer base rent in April and May 2020. The tenant started paying the deferred amounts in twelve equal monthly installments beginning on February 1, 2021. The Company has elected not to account for these deferrals of rent as a lease modification under COVID-19 guidance issued by the FASB. Deferred rent of $134,723 was recognized as rental income during the year ended December 31, 2020 and a corresponding rent receivable was recorded. The rent receivable related to these rental deferrals is $11,227 as of December 31, 2021. The Company continues to work closely with tenants to determine the best course of action to meet the tenants short-term rental needs during these unprecedented times. |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions [Table Text Block] | 2021 2020 AEI is reimbursed for costs incurred in providing services related to managing the Company’s operations and properties, maintaining the Company’s books, and communicating with the Limited Members. $ 239,334 $ 237,036 AEI is reimbursed for all direct expenses it paid on the Company’s behalf to third parties related to Company administration and property management. These expenses included printing costs, legal and filing fees, direct administrative costs, outside audit costs, taxes, insurance and other property costs. $ 197,858 $ 161,024 AEI is reimbursed for costs incurred in providing services and direct expenses related to the acquisition of property on behalf of the Company. $ 0 $ 50,105 AEI is reimbursed for costs incurred in providing services related to the sale of property on behalf of the Company. $ 0 $ 4,580 |
Real Estate Investments (Tables
Real Estate Investments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Real Estate [Abstract] | |
Property, Plant and Equipment [Table Text Block] | properties not held for sale Property Land Buildings Total Accumulated Depreciation Jared Jewelry, Auburn Hills, MI $ 421,489 $ 1,777,578 $ 2,199,067 $ 1,205,794 Jared Jewelry, Concord, NH 1,061,663 3,095,971 4,157,634 1,991,750 Jared Jewelry, Aurora, IL 1,790,636 2,027,709 3,818,345 1,301,106 Biomat USA, Wichita, KS 771,076 1,937,641 2,708,717 1,330,421 Advance Auto Parts, Indianapolis, IN 289,661 380,315 669,976 228,823 Staples, Clermont, FL 615,600 1,398,709 2,014,309 569,527 Coliseum Health, Macon, GA 200,000 451,517 651,517 170,821 PetSmart, Gonzales, AR 419,587 2,149,142 2,568,729 563,877 Premier Diagnostic Imaging, Terre Haute, IN 300,000 1,848,049 2,148,049 545,187 Tractor Supply, Canton, MS 648,841 2,099,841 2,748,682 258,987 Talecris Plasma Facility, Dallas, TX 585,424 1,707,997 2,293,421 96,787 $ 7,103,977 $ 18,874,469 $ 25,978,446 $ 8,263,080 |
Schedule of Acquired Finite-Lived Intangible Assets by Major Class [Table Text Block] | acquired lease intangibles not held for sale 2021 2020 Cost Accumulated Amortization Cost Accumulated Amortization In-Place Lease Intangibles (weighted average life of 37 and 44 months, respectively) $ 1,771,908 $ 1,200,563 $ 1,771,908 $ 1,032,275 Above-Market Lease Intangibles (weighted average life of 55 and 67 months, respectively) 940,251 477,457 940,251 379,277 Acquired Intangible Lease Assets $ 2,712,159 $ 1,678,020 $ 2,712,159 $ 1,411,552 Acquired Below-Market Lease Intangibles (weighted average life of 5 and 17 months, respectively) $ 104,746 $ 99,117 $ 104,746 $ 85,601 |
Finite-Lived Intangible Assets Amortization Expense [Table Text Block] | estimated amortization Amortization Expense for In-Place Lease Intangibles Decrease to Rental Income for Above-Market Leases Increase to Rental Income for Below-Market Leases 2022 $ 146,417 $ 98,180 $ 5,629 2023 88,154 80,264 0 2024 76,268 66,358 0 2025 73,576 62,276 0 2026 73,576 62,276 0 $ 457,991 $ 369,354 $ 5,629 |
Schedule of Future Minimum Rent | minimum future rent payments 2022 $ 1,705,887 2023 1,412,076 2024 1,339,362 2025 985,983 2026 545,700 Thereafter 793,021 $ 6,782,029 |
Major Tenants (Tables)
Major Tenants (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Schedule of Revenue by Major Customers by Reporting Segments [Table Text Block] | Major Tenants Tenants 2021 2020 Sterling Jewelers Group $ 775,654 $ 807,280 PetSmart LLC 226,639 223,780 Terre Haute Regional Hospital L.P. 216,938 212,949 Tractor Supply Company 178,568 0 Aggregate rental income of major tenants $ 1,397,799 $ 1,244,009 Aggregate rental income of major tenants as a percentage of total rental income 80% 69% |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Schedule Of GAAP To Federal Taxable Income | reconciliation of net income for financial reporting 2021 2020 Net Income for Financial Reporting Purposes $ 393,508 $ 656,187 Depreciation for Tax Purposes Under Depreciation and Amortization for Financial Reporting Purposes 336,998 397,070 Income Accrued for Tax Purposes Over (Under) Income for Financial Reporting Purposes (28,714) 16,757 Gain / Loss on Sale of Real Estate for Tax Purposes Compared to Gain for Financial Reporting Purposes 0 (119,719) Taxable Income to Members $ 701,792 $ 950,295 |
Schedule Of GAAP To Federal Tax Basis | reconciliation of Members’ Equity for financial reporting 2021 2020 Members’ Equity for Financial Reporting Purposes $ 18,994,774 $ 20,006,418 Adjusted Tax Basis of Investments in Real Estate Over Net Investments in Real Estate for Financial Reporting Purposes 4,541,056 4,204,058 Income Accrued for Tax Purposes Over Income for Financial Reporting Purposes 35,425 64,139 Syndication Costs Treated as Reduction of Capital For Financial Reporting Purposes 6,015,670 6,015,670 Members’ Equity for Tax Reporting Purposes $ 29,586,925 $ 30,290,285 |
Organization (Details)
Organization (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | May 12, 2005 | Sep. 11, 2003 |
Limited Partner [Member] | |||||
Organization (Details) [Line Items] | |||||
Capital Units, Value | $ 1,000 | ||||
Limited Partners' Capital Account, Units Outstanding (in Shares) | 38,961.72 | 38,961.72 | 38,961.72 | 42,434.763 | 1,500 |
Limited Partners' Contributed Capital | $ 42,434,763 | $ 1,500,000 | |||
General Partner [Member] | |||||
Organization (Details) [Line Items] | |||||
General Partners' Contributed Capital | $ 1,000 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Details) | Dec. 31, 2021USD ($) |
Accounting Policies [Abstract] | |
Deferred Rent Credit | $ 134,723 |
Deferred Rent Receivables, Net | $ 11,227 |
Related Party Transactions (Det
Related Party Transactions (Details) - Related Party Transactions - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Related Party Transactions [Abstract] | ||
AEI is reimbursed for costs incurred in providing services related to managing the Company’s operations and properties, maintaining the Company’s books, and communicating with the Limited Members. | $ 239,334 | $ 237,036 |
AEI is reimbursed for all direct expenses it paid on the Company’s behalf to third parties related to Company administration and property management. These expenses included printing costs, legal and filing fees, direct administrative costs, outside audit costs, taxes, insurance and other property costs. | 197,858 | 161,024 |
AEI is reimbursed for costs incurred in providing services and direct expenses related to the acquisition of property on behalf of the Company. | 0 | 50,105 |
AEI is reimbursed for costs incurred in providing services related to the sale of property on behalf of the Company. | $ 0 | $ 4,580 |
Real Estate Investments (Detail
Real Estate Investments (Details) - USD ($) | Jul. 31, 2020 | Mar. 04, 2020 | Mar. 01, 2020 | Jan. 17, 2020 | Sep. 01, 2019 | Aug. 27, 2019 | Mar. 01, 2019 | Sep. 21, 2017 | Apr. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2021 | Jul. 30, 2021 | Feb. 22, 2021 | Jan. 16, 2021 | Dec. 31, 2020 | Jun. 17, 2019 |
Real Estate Investments (Details) [Line Items] | ||||||||||||||||
Depreciation, Nonproduction | $ 745,264 | $ 704,331 | ||||||||||||||
Payments to Acquire Real Estate | 0 | 3,577,805 | ||||||||||||||
Gain (Loss) on Disposition of Assets | 0 | 165,255 | ||||||||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | 8,263,080 | |||||||||||||||
Jared Jewelry Auburn Hills MI | ||||||||||||||||
Real Estate Investments (Details) [Line Items] | ||||||||||||||||
Average Lease Term | The leases for the Jared Jewelry store in Auburn Hills, Michigan, Jared Jewelry store in Aurora, IL, and the Advance Auto Parts store were extended to end on December 31, 2024, April 30, 2025, and April 30, 2025, respectively. | |||||||||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | 1,205,794 | |||||||||||||||
Jared Jewelry Aurora IL | ||||||||||||||||
Real Estate Investments (Details) [Line Items] | ||||||||||||||||
Average Lease Term | In March 2020, the Company entered into an agreement with the tenant of the Jared Jewelry store in Aurora, Illinois to extend the lease term five years to end on April 30, 2025. | |||||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 370,686 | $ 235,989 | ||||||||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | 1,301,106 | |||||||||||||||
Jared Jewelry Madison Heights MI | ||||||||||||||||
Real Estate Investments (Details) [Line Items] | ||||||||||||||||
Disposal Date | Mar. 4, 2020 | |||||||||||||||
Proceeds from Sale of Real Estate | $ 681,729 | |||||||||||||||
Gain (Loss) on Disposition of Assets | 165,255 | |||||||||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Cost of Investment in Real Estate Sold | 852,592 | |||||||||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | $ 336,118 | |||||||||||||||
Leases, Acquired-in-Place [Member] | ||||||||||||||||
Real Estate Investments (Details) [Line Items] | ||||||||||||||||
Finite-Lived Intangible Asset, Acquired-in-Place Leases | 1,771,908 | 1,771,908 | 1,771,908 | |||||||||||||
Amortization of Intangible Assets | 168,288 | 204,660 | ||||||||||||||
Above Market Leases [Member] | ||||||||||||||||
Real Estate Investments (Details) [Line Items] | ||||||||||||||||
Finite-Lived Intangible Asset, off-Market Lease, Favorable, Gross | $ 940,251 | 940,251 | 940,251 | |||||||||||||
Amortization of above and below Market Leases | 98,180 | 86,021 | ||||||||||||||
Off Market Unfavorable Lease | ||||||||||||||||
Real Estate Investments (Details) [Line Items] | ||||||||||||||||
Amortization of Below Market Lease | $ 13,516 | $ 13,516 | ||||||||||||||
PetSmart Gonzales LA | ||||||||||||||||
Real Estate Investments (Details) [Line Items] | ||||||||||||||||
Business Acquisition, Effective Date of Acquisition | Jan. 17, 2020 | |||||||||||||||
Payments to Acquire Real Estate | $ 831,455 | |||||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 66,468 | |||||||||||||||
Talecris Dallas TX | ||||||||||||||||
Real Estate Investments (Details) [Line Items] | ||||||||||||||||
Average Lease Term | The property is leased to Talecris Plasma Resources, Inc. under a lease agreement with a remaining primary term of 8.1 years | |||||||||||||||
Business Acquisition, Effective Date of Acquisition | Jul. 31, 2020 | |||||||||||||||
Payments to Acquire Real Estate | $ 2,746,350 | |||||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 182,035 | |||||||||||||||
Finite-Lived Intangible Assets Acquired | 452,929 | |||||||||||||||
Talecris Dallas TX | Leases, Acquired-in-Place [Member] | ||||||||||||||||
Real Estate Investments (Details) [Line Items] | ||||||||||||||||
Finite-Lived Intangible Asset, Acquired-in-Place Leases | 284,439 | |||||||||||||||
Talecris Dallas TX | Above Market Leases [Member] | ||||||||||||||||
Real Estate Investments (Details) [Line Items] | ||||||||||||||||
Finite-Lived Intangible Asset, off-Market Lease, Favorable, Gross | $ 168,490 | |||||||||||||||
Biomat Wichita KS | ||||||||||||||||
Real Estate Investments (Details) [Line Items] | ||||||||||||||||
Average Lease Term | On September 21, 2017, the Company entered into a lease agreement with a primary term of 10 years with Biomat USA, Inc. (“Biomat”) as a replacement tenant for 28% of the square footage of the property. | |||||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 55,607 | |||||||||||||||
BigTime Fun Wichita KS | ||||||||||||||||
Real Estate Investments (Details) [Line Items] | ||||||||||||||||
Average Lease Term | On August 27, 2019, the Company entered into a lease agreement with a primary term of 10 years with BigTime Fun Center, LLC as a replacement tenant for 57% of the square footage of the property. | |||||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 117,000 | |||||||||||||||
Payments for Tenant Improvements | $ 96,000 | |||||||||||||||
Payments for Lease Commissions | $ 49,140 |
Real Estate Investments (Deta_2
Real Estate Investments (Details) - Real Estate Held for Investment | Dec. 31, 2021USD ($) |
Property, Plant and Equipment [Line Items] | |
Land | $ 7,103,977 |
Buildings | 18,874,469 |
Total | 25,978,446 |
Accumulated Depreciation | 8,263,080 |
Jared Jewelry Auburn Hills MI | |
Property, Plant and Equipment [Line Items] | |
Land | 421,489 |
Buildings | 1,777,578 |
Total | 2,199,067 |
Accumulated Depreciation | 1,205,794 |
Jared Jewelry Concord NH | |
Property, Plant and Equipment [Line Items] | |
Land | 1,061,663 |
Buildings | 3,095,971 |
Total | 4,157,634 |
Accumulated Depreciation | 1,991,750 |
Jared Jewelry Aurora IL | |
Property, Plant and Equipment [Line Items] | |
Land | 1,790,636 |
Buildings | 2,027,709 |
Total | 3,818,345 |
Accumulated Depreciation | 1,301,106 |
Biomat Wichita KS | |
Property, Plant and Equipment [Line Items] | |
Land | 771,076 |
Buildings | 1,937,641 |
Total | 2,708,717 |
Accumulated Depreciation | 1,330,421 |
Advance Auto Parts Indianapolis IN | |
Property, Plant and Equipment [Line Items] | |
Land | 289,661 |
Buildings | 380,315 |
Total | 669,976 |
Accumulated Depreciation | 228,823 |
Staples Clermont FL | |
Property, Plant and Equipment [Line Items] | |
Land | 615,600 |
Buildings | 1,398,709 |
Total | 2,014,309 |
Accumulated Depreciation | 569,527 |
Coliseum Health Macon GA | |
Property, Plant and Equipment [Line Items] | |
Land | 200,000 |
Buildings | 451,517 |
Total | 651,517 |
Accumulated Depreciation | 170,821 |
PetSmart Gonzales LA | |
Property, Plant and Equipment [Line Items] | |
Land | 419,587 |
Buildings | 2,149,142 |
Total | 2,568,729 |
Accumulated Depreciation | 563,877 |
Premier Diagnostic Imaging Terre Haute IN | |
Property, Plant and Equipment [Line Items] | |
Land | 300,000 |
Buildings | 1,848,049 |
Total | 2,148,049 |
Accumulated Depreciation | 545,187 |
Tractor Supply Canton MS | |
Property, Plant and Equipment [Line Items] | |
Land | 648,841 |
Buildings | 2,099,841 |
Total | 2,748,682 |
Accumulated Depreciation | 258,987 |
Talecris Dallas TX | |
Property, Plant and Equipment [Line Items] | |
Land | 585,424 |
Buildings | 1,707,997 |
Total | 2,293,421 |
Accumulated Depreciation | $ 96,787 |
Real Estate Investments (Deta_3
Real Estate Investments (Details) - Acquired Lease Intangibles - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Leases, Acquired-in-Place [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Cost | $ 1,771,908 | $ 1,771,908 |
Lease Intangibles Accumulated Amortization | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Accumulated Amortization | 1,200,563 | 1,032,275 |
Accumulated Amortization | 477,457 | 379,277 |
Accumulated Amortization | 1,678,020 | 1,411,552 |
Accumulated Amortization | 99,117 | 85,601 |
Above Market Leases [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Cost | 940,251 | 940,251 |
Cost | 2,712,159 | 2,712,159 |
Off Market Unfavorable Lease | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Cost | $ 104,746 | $ 104,746 |
Real Estate Investments (Deta_4
Real Estate Investments (Details) - Acquired Lease Intangibles (Parentheticals) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Leases, Acquired-in-Place [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Weighted average life | 37 months | 44 months |
Above Market Leases [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Weighted average life | 55 months | 67 months |
Off Market Unfavorable Lease | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Weighted average life | 5 months | 17 months |
Real Estate Investments (Deta_5
Real Estate Investments (Details) - Estimated Amortization of Lease Intangibles - USD ($) | 12 Months Ended | ||||
Dec. 31, 2026 | Dec. 31, 2025 | Dec. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2022 | |
Leases, Acquired-in-Place [Member] | |||||
Real Estate Investments (Details) - Estimated Amortization of Lease Intangibles [Line Items] | |||||
Amortization Expense for In-Place Lease Intangibles | $ 146,417 | ||||
Amortization Expense for In-Place Lease Intangibles | $ 88,154 | ||||
Amortization Expense for In-Place Lease Intangibles | $ 76,268 | ||||
Amortization Expense for In-Place Lease Intangibles | $ 73,576 | ||||
Amortization Expense for In-Place Lease Intangibles | $ 73,576,000,000 | ||||
Amortization Expense for In-Place Lease Intangibles | 457,991,000,000 | ||||
Decrease to Rental Income for Above-Market Leases | 73,576,000,000 | ||||
Increase to Rental Income for Below-Market Leases | 73,576,000,000 | ||||
Above Market Leases [Member] | |||||
Real Estate Investments (Details) - Estimated Amortization of Lease Intangibles [Line Items] | |||||
Decrease to Rental Income for Above-Market Leases | 98,180 | ||||
Decrease to Rental Income for Above-Market Leases | 80,264 | ||||
Decrease to Rental Income for Above-Market Leases | 66,358 | ||||
Decrease to Rental Income for Above-Market Leases | 62,276 | ||||
Amortization Expense for In-Place Lease Intangibles | 62,276,000,000 | ||||
Decrease to Rental Income for Above-Market Leases | 369,354,000,000 | ||||
Decrease to Rental Income for Above-Market Leases | 62,276,000,000 | ||||
Increase to Rental Income for Below-Market Leases | 62,276,000,000 | ||||
Off Market Unfavorable Lease | |||||
Real Estate Investments (Details) - Estimated Amortization of Lease Intangibles [Line Items] | |||||
Increase to Rental Income for Below-Market Leases | $ 5,629 | ||||
Increase to Rental Income for Below-Market Leases | $ 0 | ||||
Increase to Rental Income for Below-Market Leases | $ 0 | ||||
Increase to Rental Income for Below-Market Leases | $ 0 | ||||
Amortization Expense for In-Place Lease Intangibles | 0 | ||||
Increase to Rental Income for Below-Market Leases | 5,629,000,000 | ||||
Decrease to Rental Income for Above-Market Leases | 0 | ||||
Increase to Rental Income for Below-Market Leases | $ 0 |
Real Estate Investments (Deta_6
Real Estate Investments (Details) - Future Minimum Payments - USD ($) | Dec. 31, 2026 | Dec. 31, 2025 | Dec. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2022 |
Future Minimum Payments [Abstract] | |||||
2022 | $ 1,705,887 | ||||
2023 | $ 1,412,076 | ||||
2024 | $ 1,339,362 | ||||
2025 | $ 985,983 | ||||
2026 | $ 545,700 | ||||
Thereafter | 793,021 | ||||
$ 6,782,029 |
Major Tenants (Details) - Major
Major Tenants (Details) - Major Tenants - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Revenue, Major Customer [Line Items] | ||
Major Tenants | $ 1,397,799 | $ 1,244,009 |
Aggregate rental income of major tenants as a percentage of total rental income | 80.00% | 69.00% |
Sterling Jewelers Group | ||
Revenue, Major Customer [Line Items] | ||
Major Tenants | $ 775,654 | $ 807,280 |
PetSmart LLC | ||
Revenue, Major Customer [Line Items] | ||
Major Tenants | 226,639 | 223,780 |
Terre Haute Regional Hospital LP | ||
Revenue, Major Customer [Line Items] | ||
Major Tenants | 216,938 | 212,949 |
Tractor Supply Company | ||
Revenue, Major Customer [Line Items] | ||
Major Tenants | $ 178,568 | $ 0 |
Members' Equity (Details)
Members' Equity (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Members' Equity (Details) [Line Items] | ||
Distribution Made to Limited Partner, Cash Distributions Declared | $ 1,405,152 | $ 1,503,718 |
Limited Partner [Member] | ||
Members' Equity (Details) [Line Items] | ||
Distribution Made to Limited Partner, Cash Distributions Declared | $ 1,362,997 | $ 1,458,607 |
Distribution Made to Limited Partner, Distributions Declared, Per Unit (in Dollars per share) | $ 34.98 | $ 37.44 |
Weighted Average Limited Partnership Units Outstanding, Basic (in Shares) | 38,962 | |
DistributionsPerUnitOfNetIncome (in Dollars per Share) | 9.8 | 13.2 |
DistributionsPerUnitOfReturnOfCapital (in Dollars per Share) | 25.18 | 24.24 |
General Partner [Member] | ||
Members' Equity (Details) [Line Items] | ||
Distribution Made to Limited Partner, Cash Distributions Declared | $ 42,155 | $ 45,111 |
Income Taxes (Details) - Federa
Income Taxes (Details) - Federal Taxable Income Reconciliation - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Federal Taxable Income Reconciliation [Abstract] | ||
Net Income for Financial Reporting Purposes | $ 393,508 | $ 656,187 |
Depreciation for Tax Purposes Under Depreciation and Amortization for Financial Reporting Purposes | 336,998 | 397,070 |
Income Accrued for Tax Purposes Over (Under) Income for Financial Reporting Purposes | (28,714) | 16,757 |
Gain / Loss on Sale of Real Estate for Tax Purposes Compared to Gain for Financial Reporting Purposes | 0 | (119,719) |
Taxable Income to Members | $ 701,792 | $ 950,295 |
Income Taxes (Details) - Fede_2
Income Taxes (Details) - Federal Tax Members' Equity - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Federal Tax Members' Equity [Abstract] | ||
Members’ Equity for Financial Reporting Purposes | $ 18,994,774 | $ 20,006,418 |
Adjusted Tax Basis of Investments in Real Estate Over Net Investments in Real Estate for Financial Reporting Purposes | 4,541,056 | 4,204,058 |
Income Accrued for Tax Purposes Over Income for Financial Reporting Purposes | 35,425 | 64,139 |
Syndication Costs Treated as Reduction of Capital For Financial Reporting Purposes | 6,015,670 | 6,015,670 |
Members’ Equity for Tax Reporting Purposes | $ 29,586,925 | $ 30,290,285 |
COVID-19 Outbreak (Details)
COVID-19 Outbreak (Details) | Dec. 31, 2021USD ($) |
COVID-19Outbreak [Abstract] | |
Deferred Rent Receivables, Net | $ 11,227 |