Document And Entity Information
Document And Entity Information | 9 Months Ended |
Sep. 30, 2021shares | |
Document Information Line Items | |
Entity Registrant Name | AEI NET LEASE INCOME & GROWTH FUND XX LIMITED PARTNERSHIP |
Document Type | 10-Q |
Current Fiscal Year End Date | --12-31 |
Entity Common Stock, Shares Outstanding | 18,319.53 |
Amendment Flag | false |
Entity Central Index Key | 0000894245 |
Entity Current Reporting Status | Yes |
Entity Filer Category | Non-accelerated Filer |
Document Period End Date | Sep. 30, 2021 |
Document Fiscal Year Focus | 2021 |
Document Fiscal Period Focus | Q3 |
Entity Small Business | true |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Document Quarterly Report | true |
Entity File Number | 000-23778 |
Entity Incorporation, State or Country Code | MN |
Entity Address, State or Province | MN |
Entity Tax Identification Number | 41-1729121 |
Entity Address, Address Line One | 30 East 7th Street, Suite 1300 |
Entity Address, City or Town | St. Paul |
Entity Address, Postal Zip Code | 55101 |
City Area Code | 651 |
Local Phone Number | 227-7333 |
Entity Information, Former Legal or Registered Name | Not Applicable |
No Trading Symbol Flag | true |
Security Exchange Name | NONE |
Title of 12(g) Security | Limited Partnership Units |
Entity Interactive Data Current | Yes |
Document Transition Report | false |
Balance Sheet
Balance Sheet - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Current Assets: | ||
Cash | $ 9,578,818 | $ 2,882,411 |
Rent Receivable | 11,330 | 84,778 |
Total Current Assets | 9,590,148 | 2,967,189 |
Real Estate Investments: | ||
Land | 1,161,052 | 5,964,702 |
Buildings | 1,763,542 | 7,400,945 |
Acquired Intangible Lease Assets | 475,411 | 1,458,807 |
Real Estate Held for Investment, at cost | 3,400,005 | 14,824,454 |
Accumulated Depreciation and Amortization | (1,297,244) | (3,188,152) |
Real Estate Held for Investment, Net | 2,102,761 | 11,636,302 |
Long-Term Rent Receivable | 0 | 2,833 |
Total Assets | 11,692,909 | 14,606,324 |
Current Liabilities: | ||
Payable to AEI Fund Management, Inc. | 54,470 | 32,474 |
Distributions Payable | 4,237,173 | 198,381 |
Unearned Rent | 0 | 17,873 |
Total Current Liabilities | 4,291,643 | 248,728 |
Long-Term Liabilities: | ||
Acquired Below-Market Lease Intangibles, Net | 0 | 374,228 |
Partners’ Capital: | ||
General Partners | 8,125 | 38,384 |
Limited Partners – 24,000 Units authorized; 18,319.53 and 19,051.11 Units issued and outstanding as of 9/30/2021 and 12/31/2020 | 7,393,141 | 13,944,984 |
Total Partners' Capital | 7,401,266 | 13,983,368 |
Total Liabilities and Partners' Capital | $ 11,692,909 | $ 14,606,324 |
Balance Sheet (Parentheticals)
Balance Sheet (Parentheticals) - Limited Partner [Member] - shares | Sep. 30, 2021 | Dec. 31, 2020 |
Limited Partners, units authorized | 24,000 | 24,000 |
Limited Partners, units issued | 18,319.53 | 19,051.11 |
Limited Partners, units outstanding | 18,319.53 | 19,051.11 |
Statement of Income
Statement of Income - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Income Statement [Abstract] | ||||
Rental Income | $ 129,048 | $ 265,118 | $ 632,345 | $ 794,984 |
Expenses: | ||||
Partnership Administration – Affiliates | 26,789 | 46,508 | 100,401 | 120,055 |
Partnership Administration and Property Management – Unrelated Parties | 11,194 | 9,900 | 55,596 | 45,977 |
Depreciation and Amortization | 19,507 | 90,584 | 174,647 | 271,752 |
Real Estate Impairment | 0 | 0 | 546,923 | 0 |
Total Expenses | 57,490 | 146,992 | 877,567 | 437,784 |
Operating Income (Loss) | 71,558 | 118,126 | (245,222) | 357,200 |
Other Income: | ||||
Gain (Loss) on Sale of Real Estate | (59,018) | 0 | 853,999 | 0 |
Interest Income | 1,791 | 699 | 3,381 | 6,814 |
Total Other Income (Loss) | (57,227) | 699 | 857,380 | 6,814 |
Net Income | 14,331 | 118,825 | 612,158 | 364,014 |
Net Income (Loss) Allocated: | ||||
General Partners | 35,706 | 1,188 | 41,684 | 3,640 |
Limited Partners | $ (21,375) | $ 117,637 | $ 570,474 | $ 360,374 |
Net Income (Loss) per Limited Partnership Unit (in Dollars per share) | $ (1.17) | $ 6.17 | $ 30.73 | $ 18.92 |
Weighted Average Units Outstanding – Basic and Diluted (in Shares) | 18,320 | 19,051 | 18,563 | 19,051 |
Statement of Cash Flows
Statement of Cash Flows - USD ($) | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Cash Flows from Operating Activities: | ||
Net Income | $ 612,158 | $ 364,014 |
Adjustments to Reconcile Net Income To Net Cash Provided by Operating Activities: | ||
Depreciation and Amortization | 178,519 | 261,498 |
Real Estate Impairment | 546,923 | 0 |
Gain on Sale of Real Estate | (853,999) | 0 |
(Increase) Decrease in Rent Receivable | 76,281 | (87,611) |
Increase (Decrease) in Payable to AEI Fund Management, Inc. | 21,996 | 10,080 |
Increase (Decrease) in Unearned Rent | (17,873) | 0 |
Total Adjustments | (48,153) | 183,967 |
Net Cash Provided By (Used For) Operating Activities | 564,005 | 547,981 |
Cash Flows from Investing Activities: | ||
Proceeds from Sale of Real Estate | 9,287,870 | 0 |
Cash Flows from Financing Activities: | ||
Distributions Paid to Partners | (2,613,738) | (666,668) |
Repurchase of Partnership Units | (541,730) | 0 |
Net Cash Provided By (Used For) Financing Activities | (3,155,468) | (666,668) |
Net Increase (Decrease) in Cash | 6,696,407 | (118,687) |
Cash, beginning of period | 2,882,411 | 3,000,960 |
Cash, end of period | $ 9,578,818 | $ 2,882,273 |
Statement of Changes in Partner
Statement of Changes in Partners' Capital - USD ($) | General Partner [Member] | Limited Partner [Member] | Total |
Balance at Dec. 31, 2019 | $ 41,373 | $ 14,240,801 | $ 14,282,174 |
Balance (in Shares) at Dec. 31, 2019 | 19,051.11 | ||
Balance at Mar. 31, 2020 | 39,762 | $ 14,081,382 | 14,121,144 |
Balance (in Shares) at Mar. 31, 2020 | 19,051.11 | ||
Distributions Declared | (2,778) | $ (275,000) | (277,778) |
Net Income | 1,167 | 115,581 | 116,748 |
Balance at Dec. 31, 2019 | 41,373 | $ 14,240,801 | 14,282,174 |
Balance (in Shares) at Dec. 31, 2019 | 19,051.11 | ||
Balance at Sep. 30, 2020 | 39,140 | $ 14,019,778 | 14,058,918 |
Balance (in Shares) at Sep. 30, 2020 | 19,051.11 | ||
Distributions Declared | (5,873) | $ (581,397) | (587,270) |
Net Income | 364,014 | ||
Balance at Mar. 31, 2020 | 39,762 | $ 14,081,382 | 14,121,144 |
Balance (in Shares) at Mar. 31, 2020 | 19,051.11 | ||
Balance at Jun. 30, 2020 | 39,936 | $ 14,098,538 | 14,138,474 |
Balance (in Shares) at Jun. 30, 2020 | 19,051.11 | ||
Distributions Declared | (1,111) | $ (110,000) | (111,111) |
Net Income | 1,285 | 127,156 | 128,441 |
Balance at Sep. 30, 2020 | 39,140 | $ 14,019,778 | 14,058,918 |
Balance (in Shares) at Sep. 30, 2020 | 19,051.11 | ||
Distributions Declared | (1,984) | $ (196,397) | (198,381) |
Net Income | 1,188 | 117,637 | 118,825 |
Balance at Dec. 31, 2020 | 38,384 | $ 13,944,984 | 13,983,368 |
Balance (in Shares) at Dec. 31, 2020 | 19,051.11 | ||
Balance at Mar. 31, 2021 | 37,457 | $ 13,853,225 | 13,890,682 |
Balance (in Shares) at Mar. 31, 2021 | 19,051.11 | ||
Distributions Declared | (1,984) | $ (196,397) | (198,381) |
Net Income | 1,057 | 104,638 | 105,695 |
Balance at Dec. 31, 2020 | 38,384 | $ 13,944,984 | 13,983,368 |
Balance (in Shares) at Dec. 31, 2020 | 19,051.11 | ||
Balance at Sep. 30, 2021 | 8,125 | $ 7,393,141 | 7,401,266 |
Balance (in Shares) at Sep. 30, 2021 | 18,319.53 | ||
Distributions Declared | (66,526) | $ (6,586,004) | (6,652,530) |
Repurchase of Partnership Units | (5,417) | $ (536,313) | |
Units Repurchased (in Shares) | (731.58) | ||
Net Income | 612,158 | ||
Balance at Mar. 31, 2021 | 37,457 | $ 13,853,225 | 13,890,682 |
Balance (in Shares) at Mar. 31, 2021 | 19,051.11 | ||
Balance at Jun. 30, 2021 | 14,791 | $ 11,609,317 | 11,624,108 |
Balance (in Shares) at Jun. 30, 2021 | 18,319.53 | ||
Distributions Declared | (22,170) | $ (2,194,806) | (2,216,976) |
Repurchase of Partnership Units | (5,417) | $ (536,313) | (541,730) |
Units Repurchased (in Shares) | (731.58) | ||
Net Income | 4,921 | $ 487,211 | 492,132 |
Balance at Sep. 30, 2021 | 8,125 | $ 7,393,141 | 7,401,266 |
Balance (in Shares) at Sep. 30, 2021 | 18,319.53 | ||
Distributions Declared | (42,372) | $ (4,194,801) | (4,237,173) |
Net Income | $ 35,706 | $ (21,375) | $ 14,331 |
Basis of Accounting
Basis of Accounting | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Accounting [Text Block] | (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’s latest annual report on Form 10K. |
Organization
Organization | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block] | (2) Organization – AEI Net Lease Income & Growth Fund XX Limited 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”), the Managing General Partner. The Estate of Robert P. Johnson serves as the Individual General Partner. AFM is a wholly owned subsidiary of AEI Capital Corporation of which the Estate of Robert Johnson and Patricia Johnson, the wife of the deceased, own a majority interest. AEI Fund Management, Inc. (“AEI”), an affiliate of AFM, performs the administrative and operating functions for the Partnership. The terms of the Partnership offering called for a subscription price of $1,000 per Limited Partnership Unit, payable on acceptance of the offer. The Partnership commenced operations on June 30, 1993 when minimum subscriptions of 1,500 Limited Partnership Units ($1,500,000) were accepted. On January 19, 1995, the offering terminated when the maximum subscription limit of 24,000 Limited Partnership Units was reached. Under the terms of the Limited Partnership Agreement, the Limited Partners and General Partners contributed funds of $24,000,000 and $1,000, respectively. During operations, any Net Cash Flow, as defined, which the General Partners determine to distribute will be distributed 90% to the Limited Partners and 10% to the General Partners; provided, however, that such distributions to the General Partners will be subordinated to the Limited Partners first receiving an annual, noncumulative distribution of Net Cash Flow equal to 10% of their Adjusted Capital Contribution, as defined, and, provided further, that in no event will the General Partners receive less than 1% of such Net Cash Flow per annum. Distributions to Limited Partners will be made pro rata by Units. Any Net Proceeds of Sale, as defined, from the sale or financing of properties which the General Partners determine to distribute will, after provisions for debts and reserves, be paid in the following manner: (i) first, 99% to the Limited Partners and 1% to the General Partners until the Limited Partners receive an amount equal to: (a) their Adjusted Capital Contribution plus (b) an amount equal to 12% 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 Partners and 10% to the General Partners. Distributions to the Limited Partners will be made pro rata by Units. For tax purposes, profits from operations, other than profits attributable to the sale, exchange, financing, refinancing or other disposition of property, will be allocated first in the same ratio in which, and to the extent, Net Cash Flow is distributed to the Partners for such year. Any additional profits will be allocated in the same ratio as the last dollar of Net Cash Flow is distributed. Net losses from operations will be allocated 99% to the Limited Partners and 1% to the General Partners. For tax purposes, profits arising from the sale, financing, or other disposition of property will be allocated in accordance with the Partnership Agreement as follows: (i) first, to those partners with deficit balances in their capital accounts in an amount equal to the sum of such deficit balances; (ii) second, 99% to the Limited Partners and 1% to the General Partners until the aggregate balance in the Limited Partners' capital accounts equals the sum of the Limited Partners' Adjusted Capital Contributions plus an amount equal to 12% 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 Partners and 10% to the General Partners. Losses will be allocated 98% to the Limited Partners and 2% to the General Partners. The General Partners are not required to currently fund a deficit capital balance. Upon liquidation of the Partnership or withdrawal by a General Partner, the General Partners will contribute to the Partnership an amount equal to the lesser of the deficit balances in their capital accounts or 1% of total Limited Partners' and General Partners' capital contributions. In 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’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 March 3, 2021, the proposal was approved with a majority of Units voting in favor of the proposal. As a result, the Managing General Partner is proceeding with the planned liquidation of the Partnership. |
Recently Issued Accounting Pron
Recently Issued Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements, Policy [Policy Text Block] | (3) Recently Issued 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 Partnership 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 Partnership provided lease concessions to certain tenants in response to the impact of COVID-19, in the form of rent deferrals. The Partnership 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 Partnership’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 Partnership is accounting for these deferrals as if no changes to the lease were made. Under this accounting, the Partnership increases its rent receivables as tenant payments accrue and continues to recognize rental income. During the year ended December 31, 2020, the Partnership has entered into lease modifications that deferred $87,611, which was recognized as rental income for those deferred months in 2020. The rent receivable related to these rental deferrals is $11,330 as of September 30, 2021. |
Real Estate Investments
Real Estate Investments | 9 Months Ended |
Sep. 30, 2021 | |
Real Estate [Abstract] | |
Real Estate Disclosure [Text Block] | (4) Real Estate Investments – In March 2021, the Partnership entered into an agreement to sell the Dollar Tree store in Indianapolis, Indiana to an unrelated third party. On April 20, 2021, the sale closed with the Partnership receiving net proceeds of $1,608,689, which resulted in a net gain of $187,451. At the time of sale, the cost and related accumulated depreciation and amortization was $1,739,074 and $317,836, respectively. In May 2021, the Partnership entered into an agreement to sell the 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 the 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, 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 $3,010,150, which resulted in a net loss of $11,850. At the time of sale, the cost and related accumulated amortization was $3,032,763 and $10,763, respectively. 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 land and building. 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 the sale, the cost and related accumulated depreciation and amortization was $3,300,849 and $1,144,849, respectively. In July 2021, the Partnership entered into an agreement with the tenant of the Jared Jewelry store in Hanover, Maryland to extend the lease term seven years to end on January 21, 2029. As part of the agreement, the annual rent will decrease from $224,340 to $167,500 effective February 1, 2022. |
Payable to AEI Fund Management,
Payable to AEI Fund Management, Inc. | 9 Months Ended |
Sep. 30, 2021 | |
Payables and Accruals [Abstract] | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | (5) Payable to AEI Fund Management, Inc. – 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. |
Partners' Capital
Partners' Capital | 9 Months Ended |
Sep. 30, 2021 | |
Partners' Capital Notes [Abstract] | |
Partners' Capital Notes Disclosure [Text Block] | (6) Partners’ Capital – For the nine months ended September 30, 2021 and 2020, the Partnership declared distributions of $6,652,530 and $587,270, respectively. The Limited Partners were allocated distributions of $6,586,004 and $581,397 and the General Partners were allocated distributions of $66,526 and $5,873 for the periods, respectively. The Limited Partners' distributions represented $354.79 and $30.52 per Limited Partnership Unit outstanding using 18,563 and 19,051 weighted average Units in 2021 and 2020, respectively. The distributions represented $30.73 and $18.92 per Unit of Net Income and $324.06 and $11.60 per Unit of return of capital in 2021 and 2020, respectively. As part of the distributions discussed above, the Partnership distributed net sale proceeds of $6,060,606 and $73,865 in 2021 and 2020, respectively. The Limited Partners were allocated distributions of $6,000,000 and $73,126 and the General Partners were allocated distributions of $60,606 and $739 for the periods, respectively. The Limited Partners’ distributions represented $327.52 and $3.84 per Unit for the periods, respectively. For the nine months ended September 30, 2021, the Partnership repurchased a total of 731.58 Units for $536,313 from 34 Limited Partners in accordance with the Partnership Agreement. The Partnership acquired these Units using net sales proceeds. For the nine months ended September 30, 2020, the Partnership did not repurchase any Units from the Limited Partners. 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 $5,417 in 2021. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | (7) Fair Value Measurements – As of September 30, 2021 and December 31, 2020, the Partnership had no assets or liabilities measured at fair value on a recurring basis or nonrecurring basis. The Partnership had the following nonfinancial assets measured on a nonrecurring basis that were recorded at fair value during 2021. The 2.36 acres of land in Fredericksburg, Virginia with a carrying value of $3,155,134 at June 30, 2021 was written down to its estimated fair value of $3,022,000 after completing our long-lived asset valuation analysis. The resulting impairment charge of $133,134 was included in earnings for the second quarter of 2021. The fair value of the property was based upon a signed purchase agreement, which is considered a Level 2 input in the valuation hierarchy. The Staples store in Vernon Hills, Illinois with a carrying value of $2,569,789 at June 30, 2021 was written down to its estimated fair value of $2,156,000 after completing our long-lived asset valuation analysis. The resulting impairment charge of $413,789 was included in earnings for the second quarter of 2021. The fair value of the property was based upon a signed purchase agreement, which is considered a Level 2 input in the valuation hierarchy. |
COVID-19 Outbreak
COVID-19 Outbreak | 9 Months Ended |
Sep. 30, 2021 | |
Coronavirus Outbreak Policy [Abstract] | |
CoronavirusOutbreakPolicyTextBlock | (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 Partnership’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 Partnership has entered into rent deferral agreements with two tenants of the four properties owned by the Partnership. In June 2020, the Partnership entered into an agreement with the tenant of the Jared Jewelry store in Hanover, Maryland 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. In April 2020, the Partnership entered into an agreement with the tenant of the Staples store in Vernon Hills, Illinois to defer base rent in May, April, and June 2020. The tenant started paying the deferred amounts in nine equal installments beginning on February 1, 2021. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Distribution Policy, Members or Limited Partners, Description | During operations, any Net Cash Flow, as defined, which the General Partners determine to distribute will be distributed 90% to the Limited Partners and 10% to the General Partners; provided, however, that such distributions to the General Partners will be subordinated to the Limited Partners first receiving an annual, noncumulative distribution of Net Cash Flow equal to 10% of their Adjusted Capital Contribution, as defined, and, provided further, that in no event will the General Partners receive less than 1% of such Net Cash Flow per annum. Distributions to Limited Partners will be made pro rata by Units. Any Net Proceeds of Sale, as defined, from the sale or financing of properties which the General Partners determine to distribute will, after provisions for debts and reserves, be paid in the following manner: (i) first, 99% to the Limited Partners and 1% to the General Partners until the Limited Partners receive an amount equal to: (a) their Adjusted Capital Contribution plus (b) an amount equal to 12% 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 Partners and 10% to the General Partners. Distributions to the Limited Partners 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 first in the same ratio in which, and to the extent, Net Cash Flow is distributed to the Partners for such year. Any additional profits will be allocated in the same ratio as the last dollar of Net Cash Flow is distributed. Net losses from operations will be allocated 99% to the Limited Partners and 1% to the General Partners. For tax purposes, profits arising from the sale, financing, or other disposition of property will be allocated in accordance with the Partnership Agreement as follows: (i) first, to those partners with deficit balances in their capital accounts in an amount equal to the sum of such deficit balances; (ii) second, 99% to the Limited Partners and 1% to the General Partners until the aggregate balance in the Limited Partners' capital accounts equals the sum of the Limited Partners' Adjusted Capital Contributions plus an amount equal to 12% 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 Partners and 10% to the General Partners. Losses will be allocated 98% to the Limited Partners and 2% to the General Partners. The General Partners are not required to currently fund a deficit capital balance. Upon liquidation of the Partnership or withdrawal by a General Partner, the General Partners will contribute to the Partnership an amount equal to the lesser of the deficit balances in their capital accounts or 1% of total Limited Partners' and General Partners' capital contributions |
New Accounting Pronouncement or Change in Accounting Principle, Description | 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 Partnership 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 Partnership provided lease concessions to certain tenants in response to the impact of COVID-19, in the form of rent deferrals. The Partnership 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 Partnership’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 Partnership is accounting for these deferrals as if no changes to the lease were made. Under this accounting, the Partnership increases its rent receivables as tenant payments accrue and continues to recognize rental income. During the year ended December 31, 2020, the Partnership has entered into lease modifications that deferred $87,611, which was recognized as rental income for those deferred months in 2020. The rent receivable related to these rental deferrals is $11,330 as of September 30, 2021. |
CoronavirusOutbreakTextBlock | 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 Partnership’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 Partnership has entered into rent deferral agreements with two tenants of the four properties owned by the Partnership. In June 2020, the Partnership entered into an agreement with the tenant of the Jared Jewelry store in Hanover, Maryland 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. In April 2020, the Partnership entered into an agreement with the tenant of the Staples store in Vernon Hills, Illinois to defer base rent in May, April, and June 2020. The tenant started paying the deferred amounts in nine equal installments beginning on February 1, 2021. |
Organization (Details)
Organization (Details) - USD ($) | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Jan. 19, 1995 | Jun. 30, 1993 |
Limited Partner [Member] | ||||||||||
Organization (Details) [Line Items] | ||||||||||
Capital Units, Value | $ 1,000 | |||||||||
Limited Partners' Capital Account, Units Outstanding (in Shares) | 18,319.53 | 18,319.53 | 19,051.11 | 19,051.11 | 19,051.11 | 19,051.11 | 19,051.11 | 19,051.11 | 24,000 | 1,500 |
Limited Partners' Contributed Capital | $ 24,000,000 | $ 1,500,000 | ||||||||
General Partner [Member] | ||||||||||
Organization (Details) [Line Items] | ||||||||||
General Partners' Contributed Capital | $ 1,000 |
Recently Issued Accounting Pr_2
Recently Issued Accounting Pronouncements (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Accounting Policies [Abstract] | ||
Deferred Rent Receivables, Net | $ 11,330 | $ 87,611 |
Real Estate Investments (Detail
Real Estate Investments (Details) - USD ($) | Sep. 10, 2021 | Jul. 23, 2021 | Jun. 29, 2021 | Apr. 20, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Sep. 30, 2020 | Jan. 31, 2022 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2022 |
Real Estate Investments (Details) [Line Items] | |||||||||||
Gain (Loss) on Disposition of Assets | $ (59,018) | $ 0 | $ 853,999 | $ 0 | |||||||
Impairment of Real Estate | $ 0 | $ 0 | $ 546,923 | $ 0 | |||||||
Dollar Tree Indianapolis IN | |||||||||||
Real Estate Investments (Details) [Line Items] | |||||||||||
Disposal Date | Apr. 20, 2021 | ||||||||||
Proceeds from Sale of Real Estate | $ 1,608,689 | ||||||||||
Gain (Loss) on Disposition of Assets | 187,451 | ||||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Cost of Investment in Real Estate Sold | 1,739,074 | ||||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | $ 317,836 | ||||||||||
Fresenius Medical Center Green OH | |||||||||||
Real Estate Investments (Details) [Line Items] | |||||||||||
Disposal Date | Jun. 29, 2021 | ||||||||||
Proceeds from Sale of Real Estate | $ 2,560,199 | ||||||||||
Gain (Loss) on Disposition of Assets | 725,566 | ||||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Cost of Investment in Real Estate Sold | 2,360,000 | ||||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | $ 525,367 | ||||||||||
Staples Vernon Hills IL | |||||||||||
Real Estate Investments (Details) [Line Items] | |||||||||||
Disposal Date | Sep. 10, 2021 | ||||||||||
Proceeds from Sale of Real Estate | $ 2,108,832 | ||||||||||
Gain (Loss) on Disposition of Assets | 47,168 | ||||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Cost of Investment in Real Estate Sold | 3,300,849 | ||||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | $ 1,144,849 | ||||||||||
Basset Home Furnishings Fredericksburg VA | |||||||||||
Real Estate Investments (Details) [Line Items] | |||||||||||
Disposal Date | Jul. 23, 2021 | ||||||||||
Proceeds from Sale of Real Estate | $ 3,010,150 | ||||||||||
Gain (Loss) on Disposition of Assets | 11,850 | ||||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Cost of Investment in Real Estate Sold | 3,032,763 | ||||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | $ 10,763 | ||||||||||
Impairment of Real Estate | $ 133,134 | ||||||||||
Property, Plant and Equipment, Gross | 3,155,134 | ||||||||||
Property, Plant, and Equipment, Fair Value Disclosure | 3,022,000 | ||||||||||
Staples Vernon Hills IL | |||||||||||
Real Estate Investments (Details) [Line Items] | |||||||||||
Impairment of Real Estate | 413,789 | ||||||||||
Property, Plant and Equipment, Gross | 2,569,789 | ||||||||||
Property, Plant, and Equipment, Fair Value Disclosure | $ 2,156,000 | ||||||||||
Jared Jewelry Hanover MD | |||||||||||
Real Estate Investments (Details) [Line Items] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 224,340 | $ 167,500 |
Partners' Capital (Details)
Partners' Capital (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Partners' Capital (Details) [Line Items] | ||||||||
Distribution Made to Limited Partner, Cash Distributions Declared | $ 4,237,173 | $ 2,216,976 | $ 198,381 | $ 198,381 | $ 111,111 | $ 277,778 | $ 6,652,530 | $ 587,270 |
SaleProceedsDistributionMadeToMemberOrLimitedPartner | 6,060,606 | 73,865 | ||||||
Partners' Capital Account, Redemptions | 541,730 | |||||||
Limited Partner [Member] | ||||||||
Partners' Capital (Details) [Line Items] | ||||||||
Distribution Made to Limited Partner, Cash Distributions Declared | 4,194,801 | $ 2,194,806 | 196,397 | 196,397 | 110,000 | 275,000 | $ 6,586,004 | $ 581,397 |
Distribution Made to Limited Partner, Distributions Declared, Per Unit (in Dollars per share) | $ 354.79 | $ 30.52 | ||||||
Weighted Average Limited Partnership Units Outstanding, Basic (in Shares) | 18,563 | 19,051 | ||||||
DistributionsPerUnitOfNetIncome (in Dollars per share) | $ 30.73 | $ 18.92 | ||||||
DistributionsPerUnitOfReturnOfCapital (in Dollars per share) | $ 324.06 | $ 11.6 | ||||||
SaleProceedsDistributionMadeToMemberOrLimitedPartner | $ 6,000,000 | $ 73,126 | ||||||
SaleProceedsDistributionMadetoLimitedPartnerPerUnit (in Dollars per share) | $ 327.52 | $ 3.84 | ||||||
Partners' Capital Account, Units, Redeemed (in Shares) | 731.58 | 731.58 | ||||||
Partners' Capital Account, Redemptions | $ 536,313 | $ 536,313 | ||||||
General Partner [Member] | ||||||||
Partners' Capital (Details) [Line Items] | ||||||||
Distribution Made to Limited Partner, Cash Distributions Declared | $ 42,372 | 22,170 | $ 1,984 | $ 1,984 | $ 1,111 | $ 2,778 | 66,526 | $ 5,873 |
SaleProceedsDistributionMadeToMemberOrLimitedPartner | 60,606 | $ 739 | ||||||
Partners' Capital Account, Redemptions | $ 5,417 | $ 5,417 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) | 3 Months Ended |
Jun. 30, 2021USD ($) | |
Basset Home Furnishings Fredericksburg VA | |
Fair Value Measurements (Details) [Line Items] | |
Property, Plant and Equipment, Gross | $ 3,155,134 |
Property, Plant, and Equipment, Fair Value Disclosure | 3,022,000 |
Impairment of Real Estate | 133,134 |
Staples Vernon Hills IL | |
Fair Value Measurements (Details) [Line Items] | |
Property, Plant and Equipment, Gross | 2,569,789 |
Property, Plant, and Equipment, Fair Value Disclosure | 2,156,000 |
Impairment of Real Estate | $ 413,789 |