Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2022 | May 10, 2022 | |
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 | 18,219.68 | |
Amendment Flag | false | |
Entity Central Index Key | 0000894245 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Document Period End Date | Mar. 31, 2022 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q1 | |
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 | |
Security Exchange Name | NONE | |
No Trading Symbol Flag | true | |
Title of 12(g) Security | Limited Partnership Units | |
Entity Interactive Data Current | Yes | |
Document Transition Report | false |
Balance Sheet
Balance Sheet - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Current Assets: | ||
Cash | $ 3,524,041 | $ 5,307,993 |
Rent Receivable | 0 | 2,833 |
Total Current Assets | 3,524,041 | 5,310,826 |
Real Estate Investments: | ||
Land | 300,000 | 300,000 |
Buildings | 635,489 | 635,489 |
Acquired Intangible Lease Assets | 475,411 | 475,411 |
Real Estate Held for Investment, at cost | 1,410,900 | 1,410,900 |
Accumulated Depreciation and Amortization | (669,083) | (651,801) |
Real Estate Held for Investment, Net | 741,817 | 759,099 |
Real Estate Held for Sale | 0 | 1,316,981 |
Total Real Estate Investments | 741,817 | 2,076,080 |
Total Assets | 4,265,858 | 7,386,906 |
Current Liabilities: | ||
Payable to AEI Fund Management, Inc. | 4,739 | 7,599 |
Distributions Payable | 2,519,599 | 4,236,774 |
Total Current Liabilities | 2,524,338 | 4,244,373 |
Partners’ Capital: | ||
General Partners | 11,160 | 7,700 |
Limited Partners – 24,000 Units authorized; 18,220 Units issued and outstanding as of 3/31/2022 and 12/31/2021 | 1,730,360 | 3,134,833 |
Total Partners' Capital | 1,741,520 | 3,142,533 |
Total Liabilities and Partners' Capital | $ 4,265,858 | $ 7,386,906 |
Balance Sheet (Parentheticals)
Balance Sheet (Parentheticals) - Limited Partner [Member] - shares | Mar. 31, 2022 | Dec. 31, 2021 |
Limited Partners, units authorized | 24,000 | 24,000 |
Limited Partners, units issued | 18,220 | 18,220 |
Limited Partners, units outstanding | 18,219.68 | 18,219.68 |
Statement of Income
Statement of Income - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Income Statement [Abstract] | ||
Rental Income | $ 47,985 | $ 265,302 |
Expenses: | ||
Partnership Administration – Affiliates | 37,812 | 45,992 |
Partnership Administration and Property Management – Unrelated Parties | 15,721 | 23,722 |
Depreciation and Amortization | 10,110 | 90,584 |
Total Expenses | 63,643 | 160,298 |
Operating Income (Loss) | (15,658) | 105,004 |
Other Income: | ||
Gain (Loss) on Sale of Real Estate | 1,133,641 | 0 |
Interest Income | 603 | 691 |
Total Other Income (Loss) | 1,134,244 | 691 |
Net Income | 1,118,586 | 105,695 |
Net Income (Loss) Allocated: | ||
General Partners | 28,656 | 1,057 |
Limited Partners | 1,089,930 | 104,638 |
Net Income | $ 1,118,586 | $ 105,695 |
Net Income (Loss) per Limited Partnership Unit (in Dollars per share) | $ 59.82 | $ 5.49 |
Weighted Average Units Outstanding – Basic and Diluted (in Shares) | 18,220 | 19,051 |
Statement of Cash Flows
Statement of Cash Flows - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Cash Flows from Operating Activities: | ||
Net Income | $ 1,118,586 | $ 105,695 |
Adjustments to Reconcile Net Income To Net Cash Provided by Operating Activities: | ||
Depreciation and Amortization | 17,282 | 87,166 |
Gain on Sale of Real Estate | (1,133,641) | 0 |
(Increase) Decrease in Rent Receivable | 2,833 | 23,538 |
Increase (Decrease) in Payable to AEI Fund Management, Inc. | (2,860) | 16,481 |
Total Adjustments | (1,116,386) | 127,185 |
Net Cash Provided By (Used For) Operating Activities | 2,200 | 232,880 |
Cash Flows from Investing Activities: | ||
Proceeds from Sale of Real Estate | 2,450,622 | 0 |
Cash Flows from Financing Activities: | ||
Distributions Paid to Partners | (4,236,774) | (198,381) |
Net Increase (Decrease) in Cash | (1,783,952) | 34,499 |
Cash, beginning of period | 5,307,993 | 2,882,411 |
Cash, end of period | $ 3,524,041 | $ 2,916,910 |
Statement of Changes in Partner
Statement of Changes in Partners' Capital - USD ($) | General Partner [Member] | Limited Partner [Member] | Total |
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, 2021 | 7,700 | $ 3,134,833 | 3,142,533 |
Balance (in Shares) at Dec. 31, 2021 | 18,219.68 | ||
Balance at Mar. 31, 2022 | 11,160 | $ 1,730,360 | 1,741,520 |
Balance (in Shares) at Mar. 31, 2022 | 18,219.68 | ||
Distributions Declared | (25,196) | $ (2,494,403) | (2,519,599) |
Net Income | $ 28,656 | $ 1,089,930 | $ 1,118,586 |
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 | 3 Months Ended |
Mar. 31, 2022 | |
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 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 Partnership. 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 | 3 Months Ended |
Mar. 31, 2022 | |
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. Other accounting standards that have been issued or proposed by the FASB are currently not applicable to the Partnership or are not expected to have a significant impact on the Partnership’s financial position, results of operations and cash flows. |
Real Estate Investments
Real Estate Investments | 3 Months Ended |
Mar. 31, 2022 | |
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 December 2021, the Partnership entered into an agreement to sell its 50% interest in the Jared Jewelry store in Hanover, Maryland to an unrelated third party. On February 14, 2022, the sale closed with the Partnership receiving net proceeds of $2,450,622, which resulted in a net gain of $1,133,641. At the time of sale, the cost and related accumulated depreciation was $1,989,105 and $672,124, respectively. |
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 | 3 Months Ended |
Mar. 31, 2022 | |
Partners' Capital Notes [Abstract] | |
Partners' Capital Notes Disclosure [Text Block] | (6) Partners’ Capital – For the three months ended March, 2022 and 2021, the Partnership declared distributions of $2,519,599 and $198,381, respectively. The Limited Partners were allocated distributions of $2,494,403 and $196,397 and the General Partners were allocated distributions of $25,196 and $1,984 for the periods, respectively. The Limited Partners' distributions represented $136.90 and $10.31 per Limited Partnership Unit outstanding using 18,220 and 19,051 weighted average Units in 2022 and 2021, respectively. The distributions represented $59.82 and $5.49 per Unit of Net Income and $77.08 and $4.82 per Unit of return of capital in 2022 and 2021, respectively. As part of the distributions discussed above, the Partnership distributed net sale proceeds of $2,517,373 in 2022. The Limited Partners received distributions of $2,492,199 and the General Partners received distributions of $25,174. The Limited Partners’ distributions represented $136.79 per Unit. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | (7) Fair Value Measurements – As of March 31, 2022 and December 31, 2021, the Partnership had no assets or liabilities measured at fair value on a recurring basis or nonrecurring basis. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 3 Months Ended | 9 Months Ended |
Mar. 31, 2022 | Sep. 30, 2021 | |
Accounting Policies [Abstract] | ||
Key Provisions of Operating or Partnership Agreement, Description | 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 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 Partnership. 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 | |
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. Other accounting standards that have been issued or proposed by the FASB are currently not applicable to the Partnership or are not expected to have a significant impact on the Partnership’s financial position, results of operations and cash flows. |
Real Estate Investments (Detail
Real Estate Investments (Details) - USD ($) | Sep. 10, 2021 | Jun. 29, 2021 | Apr. 20, 2021 |
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 | Feb. 14, 2022 | ||
Staples Vernon Hills IL | |||
Real Estate Investments (Details) [Line Items] | |||
Proceeds from Sale of Real Estate | $ 2,450,622 | ||
Gain (Loss) on Disposition of Assets | 1,133,641 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Cost of Investment in Real Estate Sold | 1,989,105 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | $ 672,124 |
Partners' Capital (Details)
Partners' Capital (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Partners' Capital (Details) [Line Items] | ||
Units of Partnership Interest, Description | $2,519,599 | $198,381 |
Distribution Made to Limited Partner, Cash Distributions Declared | $ 2,519,599 | $ 198,381 |
SaleProceedsDistributionMadeToMemberOrLimitedPartner | 2,517,373 | |
Limited Partner [Member] | ||
Partners' Capital (Details) [Line Items] | ||
Distribution Made to Limited Partner, Cash Distributions Declared | $ 2,494,403 | $ 196,397 |
Distribution Made to Limited Partner, Distributions Declared, Per Unit | $ 136.9 | $ 10.31 |
Weighted Average Limited Partnership Units Outstanding, Basic | 18,220 | 19,051 |
DistributionsPerUnitOfNetIncome | $ 59.82 | $ 5.49 |
DistributionsPerUnitOfReturnOfCapital | $ 77.08 | $ 4.82 |
SaleProceedsDistributionMadeToMemberOrLimitedPartner | $ 2,492,199 | |
SaleProceedsDistributionMadetoLimitedPartnerPerUnit | $ 136.79 | |
General Partner [Member] | ||
Partners' Capital (Details) [Line Items] | ||
Distribution Made to Limited Partner, Cash Distributions Declared | $ 25,196 | $ 1,984 |
SaleProceedsDistributionMadeToMemberOrLimitedPartner | $ 25,174 |