10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended:  September 30, 2015

Commission File Number:  000-24003

AEI INCOME & GROWTH FUND XXII LIMITED PARTNERSHIP

(Exact name of registrant as specified in its charter)

State of Minnesota	41-1848181
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
30 East 7th Street, Suite 1300 St. Paul, Minnesota 55101	(651) 227-7333
(Address of principal executive offices)	(Registrant’s telephone number)

Not Applicable

(Former name, former address and former fiscal year, if changed since last report)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     x Yes    o No

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).     x Yes    o No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.  See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

o Large accelerated filer	o Accelerated filer
o Non-accelerated filer	x Smaller reporting company

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).     o Yes    x No

AEI INCOME & GROWTH FUND XXII LIMITED PARTNERSHIP

INDEX

				Page
Part I – Financial Information
	Item 1.	Financial Statements:
		Balance Sheets as of September 30, 2015 and December 31, 2014		3
		Statements for the Periods ended September 30, 2015 and 2014:
			Income	4
			Cash Flows	5
			Changes in Partners’ Capital (Deficit)	6
		Notes to Financial Statements		7 - 10
	Item 2.	Management's Discussion and Analysis of Financial
			Condition and Results of Operations	11 - 16
	Item 3.	Quantitative and Qualitative Disclosures About Market Risk		16
	Item 4.	Controls and Procedures		16
Part II – Other Information
	Item 1.	Legal Proceedings		16
	Item 1A.	Risk Factors		16
	Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds		17
	Item 3.	Defaults Upon Senior Securities		17
	Item 4.	Mine Safety Disclosures		17
	Item 5.	Other Information		17
	Item 6.	Exhibits		17
Signatures				18

Page 2 of 18

AEI INCOME & GROWTH FUND XXII LIMITED PARTNERSHIP

BALANCE SHEETS

ASSETS

	September 30,			December 31,
	2015			2014
	(unaudited)
Current Assets:
Cash	$	1,503,713		$	1,246,487
Real Estate Investments:
Land		2,367,033			2,367,033
Buildings		6,628,822			6,628,822
Acquired Intangible Lease Assets		932,882			932,882
Real Estate Held for Investment, at cost		9,928,737			9,928,737
Accumulated Depreciation and Amortization		(2,065,514	)		(1,796,867	)
Real Estate Held for Investment, Net		7,863,223			8,131,870
Real Estate Held for Sale		0			550,000
Total Real Estate Investments		7,863,223			8,681,870
Total Assets	$	9,366,936		$	9,928,357

LIABILITIES AND PARTNERS' CAPITAL

Current Liabilities:
Payable to AEI Fund Management, Inc.	$	5,369	$	26,900
Distributions Payable		148,447		134,022
Unearned Rent		14,076		9,058
Total Current Liabilities		167,892		169,980
Partners’ Capital (Deficit):
General Partners		74		(4,151	)
Limited Partners – 24,000 Units authorized;    14,639 and 15,134 Units issued and outstanding    as of 9/30/15 and 12/31/14, respectively		9,198,970		9,762,528
Total Partners' Capital		9,199,044		9,758,377
Total Liabilities and Partners' Capital	$	9,366,936	$	9,928,357

The accompanying Notes to Financial Statements are an integral part of these statements.

Page 3 of 18

AEI INCOME & GROWTH FUND XXII LIMITED PARTNERSHIP

STATEMENTS OF INCOME

(unaudited)

	Three Months Ended September 30					Nine Months Ended September 30
	2015		2014			2015		2014
Rental Income	$	181,590	$	178,393		$	541,443	$	534,764
Expenses:
Partnership Administration – Affiliates		36,211		37,640			122,745		110,948
Partnership Administration and Property    Management – Unrelated Parties		5,201		4,559			35,649		28,962
Depreciation and Amortization		77,111		77,111			231,333		231,333
Total Expenses		118,523		119,310			389,727		371,243
Operating Income		63,067		59,083			151,716		163,521
Other Income:
Interest Income		1,080		1,073			2,641		3,255
Income From Continuing Operations		64,147		60,156			154,357		166,776
Income (Loss) from Discontinued Operations		43,622		(12,269	)		38,688		(32,369	)
Net Income	$	107,769	$	47,887		$	193,045	$	134,407
Net Income Allocated:
General Partners	$	3,841	$	1,436		$	19,337	$	4,032
Limited Partners		103,928		46,451			173,708		130,375
Total	$	107,769	$	47,887		$	193,045	$	134,407
Income (Loss) per Limited Partnership Unit:
Continuing Operations	$	4.25	$	3.77		$	10.11	$	10.46
Discontinued Operations		2.85		(.77	)		1.62		(2.03	)
Total – Basic and Diluted	$	7.10	$	3.00		$	11.73	$	8.43
Weighted Average Units Outstanding –       Basic and Diluted		14,639		15,466			14,804		15,472

The accompanying Notes to Financial Statements are an integral part of these statements.

Page 4 of 18

AEI INCOME & GROWTH FUND XXII LIMITED PARTNERSHIP

STATEMENTS OF CASH FLOWS

(unaudited)

	Nine Months Ended September 30
	2015			2014
Cash Flows from Operating Activities:
Net Income	$	193,045		$	134,407
Adjustments to Reconcile Net Income To Net Cash Provided by Operating Activities:
Depreciation and Amortization		268,647			268,650
Gain on Sale of Real Estate		(21,525	)		0
Increase (Decrease) in Payable to    AEI Fund Management, Inc.		(21,531	)		(786	)
Increase (Decrease) in Unearned Rent		5,018			14,969
Total Adjustments		230,609			282,833
Net Cash Provided By (Used For)    Operating Activities		423,654			417,240
Cash Flows from Investing Activities:
Proceeds from Sale of Real Estate		571,525			0
Cash Flows from Financing Activities:
Distributions Paid to Partners		(395,261	)		(546,985	)
Repurchase of Partnership Units		(342,692	)		(13,955	)
Net Cash Provided By (Used For)    Financing Activities		(737,953	)		(560,940	)
Net Increase (Decrease) in Cash		257,226			(143,700	)
Cash, beginning of period		1,246,487			1,629,308
Cash, end of period	$	1,503,713		$	1,485,608

The accompanying Notes to Financial Statements are an integral part of these statements.

Page 5 of 18

AEI INCOME & GROWTH FUND XXII LIMITED PARTNERSHIP

STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)

(unaudited)

	General Partners			Limited Partners			Total			Limited Partnership Units Outstanding
Balance, December 31, 2013	$	9,608		$	10,390,700		$	10,400,308			15,485.67
Distributions Declared		(12,579	)		(440,405	)		(452,984	)
Repurchase of Partnership Units		(419	)		(13,536	)		(13,955	)		(20.00	)
Net Income		4,032			130,375			134,407
Balance, September 30, 2014	$	642		$	10,067,134		$	10,067,776			15,465.67
Balance, December 31, 2014	$	(4,151	)	$	9,762,528		$	9,758,377			15,134.26
Distributions Declared		(11,685	)		(398,001	)		(409,686	)
Repurchase of Partnership Units		(3,427	)		(339,265	)		(342,692	)		(495.35	)
Net Income		19,337			173,708			193,045
Balance, September 30, 2015	$	74		$	9,198,970		$	9,199,044			14,638.91

The accompanying Notes to Financial Statements are an integral part of these statements.

Page 6 of 18

AEI INCOME & GROWTH FUND XXII LIMITED PARTNERSHIP

NOTES TO FINANCIAL STATEMENTS

SEPTEMBER 30, 2015

(unaudited)

(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 10-K.

(2)  Organization –

AEI Income & Growth Fund XXII Limited Partnership (“Partnership”) was formed to acquire and lease commercial properties to operating tenants.  The Partnership's operations are managed by AEI Fund Management XXI, Inc. (“AFM”), the Managing General Partner.  Robert P. Johnson, the President and sole director of AFM, serves as the Individual General Partner.  AFM is a wholly owned subsidiary of AEI Capital Corporation of which Mr. Johnson is the majority shareholder.  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 May 1, 1997 when minimum subscriptions of 1,500 Limited Partnership Units ($1,500,000) were accepted.  The offering terminated January 9, 1999 when the extended offering period expired.  The Partnership received subscriptions for 16,917.222 Limited Partnership Units.  Under the terms of the Limited Partnership Agreement, the Limited Partners and General Partners contributed funds of $16,917,222 and $1,000, respectively.

During operations, any Net Cash Flow, as defined, which the General Partners determine to distribute will be distributed 97% to the Limited Partners and 3% to the General Partners.  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 9% 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.

Page 7 of 18

AEI INCOME & GROWTH FUND XXII LIMITED PARTNERSHIP

NOTES TO FINANCIAL STATEMENTS

(Continued)

(2)  Organization – (Continued)

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 9% 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 May 2015, 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.  Approval of either proposal required the affirmative vote of holders of a majority of the outstanding units.  On June 17, 2015, the votes were counted and neither proposal received the required majority vote.  As a result, the Partnership will not liquidate and will continue in operation until the Limited Partners vote to authorize the sale of all of the Partnership's properties or December 31, 2046, as stated in the Limited Partnership Agreement. However, in approximately five years, the Managing General Partner expects to again submit the question to liquidate to a vote by the Limited Partners.

(3)  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.

Page 8 of 18

AEI INCOME & GROWTH FUND XXII LIMITED PARTNERSHIP

NOTES TO FINANCIAL STATEMENTS

(Continued)

(4)  Discontinued Operations –

After experiencing financial difficulties, the tenant of the Johnny Carino’s restaurant in Longmont, Colorado filed for Chapter 11 bankruptcy reorganization on March 27, 2014.  Shortly thereafter, the tenant closed the restaurant, filed a motion with the bankruptcy court to reject the lease and returned possession of the property to the Partnership.  As of the date of the bankruptcy filing, the tenant owed $31,212 of past due rent, which was not accrued for financial reporting purposes.  The Partnership submitted a Proof of Claim for damages to the bankruptcy court.  The tenant’s reorganization plan was approved by the bankruptcy court effective February 2, 2015.  In August 2015, the Partnership received a payment of $43,813 on its claim from the plan.

In September 2013, the Partnership decided to sell its 50% interest in the Johnny Carino’s restaurant in Longmont, Colorado and classified it as Real Estate Held for Sale.  Since November 2013, the Partnership has reached agreements to sell the property to three unrelated third parties.  In each case, the potential buyer subsequently withdrew the offer and cancelled the agreement.  In April 2015, the Partnership entered into an agreement to sell the property to a new buyer.  On June 19, 2015, the sale closed with the Partnership receiving net sale proceeds of $571,525, which resulted in a net gain of $21,525.  At the time of sale, the carrying value of the property was $550,000.  While the property was vacant, the Partnership was responsible for its 50% share of real estate taxes and other costs associated with maintaining the property.

The financial results for this property are reflected as Discontinued Operations in the accompanying financial statements.  The following are the results of discontinued operations:

		Three Months Ended September 30				Nine Months Ended September 30
		2015		2014		2015		2014
Rental Income	$	0	$	0	$	1,697	$	0
Bankruptcy Claim Payment Received		43,813		0		43,813		0
Property Management Expenses		(191)		(12,269)		(28,347)		(32,369)
Gain on Disposal of Real Estate		0		0		21,525		0
Income (Loss) from Discontinued Operations	$	43,622	$	(12,269)	$	38,688	$	(32,369)

		Three Months Ended September 30				Nine Months Ended September 30
		2015		2014		2015		2014
Cash Flows from Discontinued Operations:
Operating Activities	$	43,622	$	(12,269)	$	17,163	$	(32,369)
Investing Activities	$	0	$	0	$	571,525	$	0

Page 9 of 18

AEI INCOME & GROWTH FUND XXII LIMITED PARTNERSHIP

NOTES TO FINANCIAL STATEMENTS

(Continued)

(5)  Partners’ Capital –

For the nine months ended September 30, 2015 and 2014, the Partnership declared distributions of $409,686 and $452,984, respectively.  The Limited Partners received distributions of $398,001 and $440,405 and the General Partners received distributions of $11,685 and $12,579 for the periods, respectively.  The Limited Partners' distributions represented $26.88 and $28.46 per Limited Partnership Unit outstanding using 14,804 and 15,472 weighted average Units in 2015 and 2014, respectively.  The distributions represented $11.73 and $7.55 per Unit of Net Income and $15.15 and $20.91 per Unit of return of capital for the periods, respectively.

As part of the distributions discussed above, the Partnership distributed net sale proceeds of $30,303 and $50,505 in 2015 and 2014, respectively.  The Limited Partners received distributions of $30,000 and $50,000 and the General Partners received distributions of $303 and $505 for the periods, respectively.  The Limited Partners’ distributions represented $2.05 and $3.23 per Unit for the periods, respectively.

On April 1, 2015, the Partnership repurchased a total of 495.35 Units for $339,265 from 22 Limited Partners in accordance with the Partnership Agreement.  The Partnership acquired these Units using net sale proceeds.  On April 1, 2014, the Partnership repurchased a total of 20.0 Units for $13,536 from two Limited Partners.  The Partnership acquired these Units using Net Cash Flow from operations.  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 $3,427 and $419 in 2015 and 2014, respectively.

(6)  Fair Value Measurements –

As of September 30, 2015 and December 31, 2014, the Partnership had no assets or liabilities measured at fair value on a recurring basis or nonrecurring basis.

Page 10 of 18

ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL

CONDITION AND RESULTS OF OPERATIONS.

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

— Market and economic conditions which affect the value of the properties the Partnership owns and the cash from rental income such properties generate;

— the federal income tax consequences of rental income, deductions, gain on sales and other items and the effects of these consequences for the Partners;

— resolution by the General Partners of conflicts with which they may be confronted;

— the success of the General Partners of locating properties with favorable risk return characteristics;

— the effect of tenant defaults; and

— the condition of the industries in which the tenants of properties owned by the Partnership operate.

Application of Critical Accounting Policies

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

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

Allocation of Purchase Price of Acquired Properties

Upon acquisition of real properties, the Partnership records them in the financial statements at cost.  The purchase price is allocated to tangible assets, consisting of land and building, and to identified intangible assets and liabilities, which may include the value of above market and below market leases and the value of in-place leases.  The allocation of the purchase price is based upon the 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.

Page 11 of 18

ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS.  (Continued)

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

Carrying Value of Properties

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

Page 12 of 18

ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS.  (Continued)

Allocation of Expenses

AEI Fund Management, Inc. allocates expenses to each of the funds they manage primarily on the basis of the number of hours devoted by their employees to each fund’s affairs.  They also allocate expenses at the end of each month that are not directly related to a fund’s operations based upon the number of investors in the fund and the fund’s capitalization relative to other funds they manage.  The Partnership reimburses these expenses subject to detailed limitations contained in the Partnership Agreement.

Results of Operations

For the nine months ended September 30, 2015 and 2014, the Partnership recognized rental income from continuing operations of $541,443 and $534,764, respectively.  In 2015, rental income increased due to rent increases on three properties.  Based on the scheduled rent for the properties as of October 31, 2015, the Partnership expects to recognize rental income from continuing operations of approximately $724,000 and $741,000 in 2015 and 2016, respectively.

For the nine months ended September 30, 2015 and 2014, the Partnership incurred Partnership administration expenses from affiliated parties of $122,745 and $110,948, respectively.  These administration expenses include costs associated with the management of the properties, processing distributions, reporting requirements and communicating with the Limited Partners.  During the same periods, the Partnership incurred Partnership administration and property management expenses from unrelated parties of $35,649 and $28,962, respectively.  These expenses represent direct payments to third parties for legal and filing fees, direct administrative costs, outside audit costs, taxes, insurance and other property costs.  The expenses were higher in 2015, when compared to 2014, as a result of costs incurred related to a Consent Statement (Proxy) that was mailed to investors in May 2015.

For the nine months ended September 30, 2015 and 2014, the Partnership recognized interest income of $2,641 and $3,255, respectively.

Prior to January 1, 2014, upon complete disposal of a property or classification of a property as Real Estate Held for Sale, the Partnership included the operating results and sale of the property in discontinued operations.  In addition, the Partnership reclassified the prior periods’ operating results of the property to discontinued operations.  For the nine months ended September 30, 2015, the Partnership recognized income from discontinued operations of $38,688, representing rental income and a bankruptcy claim payment received less property management expenses of $17,163 and gain on disposal of real estate of $21,525.  For the nine months ended September 30, 2014, the Partnership recognized a loss from discontinued operations of $32,369, representing property management expenses.

Page 13 of 18

ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS.  (Continued)

After experiencing financial difficulties, the tenant of the Johnny Carino’s restaurant in Longmont, Colorado filed for Chapter 11 bankruptcy reorganization on March 27, 2014.  Shortly thereafter, the tenant closed the restaurant, filed a motion with the bankruptcy court to reject the lease and returned possession of the property to the Partnership.  As of the date of the bankruptcy filing, the tenant owed $31,212 of past due rent, which was not accrued for financial reporting purposes.  The Partnership submitted a Proof of Claim for damages to the bankruptcy court.  The tenant’s reorganization plan was approved by the bankruptcy court effective February 2, 2015.  In August 2015, the Partnership received a payment of $43,813 on its claim from the plan.

In September 2013, the Partnership decided to sell its 50% interest in the Johnny Carino’s restaurant in Longmont, Colorado and classified it as Real Estate Held for Sale.  Since November 2013, the Partnership has reached agreements to sell the property to three unrelated third parties.  In each case, the potential buyer subsequently withdrew the offer and cancelled the agreement.  In April 2015, the Partnership entered into an agreement to sell the property to a new buyer.  On June 19, 2015, the sale closed with the Partnership receiving net sale proceeds of $571,525, which resulted in a net gain of $21,525.  At the time of sale, the carrying value of the property was $550,000.  While the property was vacant, the Partnership was responsible for its 50% share of real estate taxes and other costs associated with maintaining the property.

Management believes inflation has not significantly affected income from operations.  Leases may contain rent increases, based on the increase in the Consumer Price Index over a specified period, which will result in an increase in rental income over the term of the leases.  Inflation also may cause the real estate to appreciate in value.  However, inflation and changing prices may have an adverse impact on the operating margins of the properties' tenants, which could impair their ability to pay rent and subsequently reduce the Net Cash Flow available for distributions.

Liquidity and Capital Resources

During the nine months ended September 30, 2015, the Partnership's cash balances increased $257,226 as a result of cash generated from the sale of property, which was partially offset by distributions paid to the Partners and cash used to repurchase Units in excess of cash generated from operating activities.  During the nine months ended September 30, 2014, the Partnership's cash balances decreased $143,700 as a result of distributions paid to the Partners and cash used to repurchase Units in excess of cash generated from operating activities.

Net cash provided by operating activities increased from $417,240 in 2014 to $423,654 in 2015 as a result of an increase in total rental and interest income in 2015, which was partially offset by an increase in Partnership administration and property management expenses in 2015 and net timing differences in the collection of payments from the tenants and the payment of expenses.

The major components of the Partnership's cash flow from investing activities are investments in real estate and proceeds from the sale of real estate.  During the nine months ended September 30, 2015, the Partnership generated cash flow from the sale of real estate of $571,525.

Page 14 of 18

ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS.  (Continued)

The Partnership's primary use of cash flow, other than investment in real estate, is distribution payments to Partners and cash used to repurchase Units.  The Partnership declares its regular quarterly distributions before the end of each quarter and pays the distribution in the first week after the end of each quarter.  The Partnership attempts to maintain a stable distribution rate from quarter to quarter.  The Partnership may repurchase tendered Units on April 1st and October 1st of each year subject to limitations.

For the nine months ended September 30, 2015 and 2014, the Partnership declared distributions of $409,686 and $452,984, respectively.  Pursuant to the Partnership Agreement, distributions of Net Cash Flow were allocated 97% to the Limited Partners and 3% to the General Partners.  Distributions of Net Proceeds of Sale were allocated 99% to the Limited Partners and 1% to the General Partners.  The Limited Partners received distributions of $398,001 and $440,405 and the General Partners received distributions of $11,685 and $12,579 for the periods, respectively.  In 2015, distributions declared were lower due to a decrease in the distribution rate per Unit, effective April 1, 2014.  Effective July 1, 2015, the distribution rate per Unit was increased, but not back to the level in effect for the first quarter of 2014.

As part of the distributions discussed above, the Partnership distributed net sale proceeds of $30,303 and $50,505 in 2015 and 2014, respectively.  The Limited Partners received distributions of $30,000 and $50,000 and the General Partners received distributions of $303 and $505 for the periods, respectively.  The Limited Partners’ distributions represented $2.05 and $3.23 per Unit for the periods, respectively.  The Partnership anticipates the remaining net sale proceeds will either be reinvested in additional property or distributed to the Partners in the future.

The Partnership may repurchase Units from Limited Partners who have tendered their Units to the Partnership.  Such Units may be acquired at a discount.  The Partnership will not be obligated to purchase in any year any number of Units that, when aggregated with all other transfers of Units that have occurred since the beginning of the same calendar year (excluding Permitted Transfers as defined in the Partnership Agreement), would exceed 5% of the total number of Units outstanding on January 1 of such year.  In no event shall the Partnership be obligated to purchase Units if, in the sole discretion of the Managing General Partner, such purchase would impair the capital or operation of the Partnership.

On April 1, 2015, the Partnership repurchased a total of 495.35 Units for $339,265 from 22 Limited Partners in accordance with the Partnership Agreement.  The Partnership acquired these Units using net sale proceeds.  On April 1, 2014, the Partnership repurchased a total of 20.0 Units for $13,536 from two Limited Partners.  The Partnership acquired these Units using Net Cash Flow from operations.  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 $3,427 and $419 in 2015 and 2014, respectively.

The continuing rent payments from the properties, together with cash generated from property sales, should be adequate to fund continuing distributions and meet other Partnership obligations on both a short-term and long-term basis.

Page 15 of 18

ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS.  (Continued)

Off-Balance Sheet Arrangements

As of September 30, 2015 and December 31, 2014, the Partnership had no material off-balance sheet arrangements that had or are reasonably likely to have current or future effects on its financial condition, results of operations, liquidity or capital resources.

ITEM 3.  QUANTITATIVE & QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

Not required for a smaller reporting company.

ITEM 4.  CONTROLS AND PROCEDURES.

(a)  Disclosure Controls and Procedures.

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

(b)  Changes in Internal Control Over Financial Reporting.

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

PART II – OTHER INFORMATION

ITEM 1.  LEGAL PROCEEDINGS.

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

ITEM 1A.  RISK FACTORS.

Not required for a smaller reporting company.

Page 16 of 18

ITEM 2.  UNREGISTERED SALES OF EQUITY SECURITIES & USE OF PROCEEDS.

(a) None.

(b) Not applicable.

(c) Pursuant to Section 7.7 of the Partnership Agreement, each Limited Partner has the right to present Units to the Partnership for purchase by submitting notice to the Managing General Partner during January or July of each year.  The purchase price of the Units is equal to 90% of the net asset value per Unit, as of the first business day of January or July of each year, as determined by the Managing General Partner in accordance with the provisions of the Partnership Agreement.  Units tendered to the Partnership during January and July may be repurchased on April 1st and October 1st, respectively, of each year subject to the following limitations.  The Partnership will not be obligated to purchase in any year any number of Units that, when aggregated with all other transfers of Units that have occurred since the beginning of the same calendar year (excluding Permitted Transfers as defined in the Partnership Agreement), would exceed 5% of the total number of Units outstanding on January 1 of such year.  In no event shall the Partnership be obligated to purchase Units if, in the sole discretion of the Managing General Partner, such purchase would impair the capital or operation of the Partnership.  During the period covered by this report, the Partnership did not purchase any Units.

ITEM 3.  DEFAULTS UPON SENIOR SECURITIES.

None.

ITEM 4.  MINE SAFETY DISCLOSURES.

Not Applicable.

ITEM 5.  OTHER INFORMATION.

None.

ITEM 6.  EXHIBITS.

31.1 Certification of Chief Executive Officer of General Partner pursuant to Rule 15d-14(a)(17 CFR 240.15d-14(a)) and Section 302 of the Sarbanes-Oxley Act of 2002.

31.2 Certification of Chief Financial Officer of General Partner pursuant to Rule 15d-14(a)(17 CFR 240.15d-14(a)) and Section 302 of the Sarbanes-Oxley Act of 2002.

32 Certification of Chief Executive Officer and Chief Financial Officer of General Partner pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

Page 17 of 18

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Dated:  November 11, 2015	AEI Income & Growth Fund XXII
	Limited Partnership
	By:	AEI Fund Management XXI, Inc.
	Its:	Managing General Partner
	By:	/s/ ROBERT P JOHNSON
		Robert P. Johnson
		President
		(Principal Executive Officer)
	By:	/s/ PATRICK W KEENE
		Patrick W. Keene
		Chief Financial Officer
		(Principal Accounting Officer)

Page 18 of 18

EX-31.1

Exhibit 31.1

CERTIFICATIONS

I, Robert P. Johnson, certify that:

1. I have reviewed this quarterly report on Form 10-Q of AEI Income & Growth Fund XXII Limited Partnership;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)      Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)      Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)      Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)      Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a)      All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b)      Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:  November 11, 2015	/s/ ROBERT P JOHNSON
	Robert P. Johnson, President
	AEI Fund Management XXI, Inc.
	Managing General Partner

EX-31.2

Exhibit 31.2

CERTIFICATIONS

I, Patrick W. Keene, certify that:

1. I have reviewed this quarterly report on Form 10-Q of AEI Income & Growth Fund XXII Limited Partnership;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)      Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)      Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)      Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)      Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a)      All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b)      Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:  November 11, 2015	/s/ PATRICK W KEENE
	Patrick W. Keene, Chief Financial Officer
	AEI Fund Management XXI, Inc.
	Managing General Partner

EX-32

Exhibit 32

CERTIFICATION PURSUANT TO

18 U.S.C. §1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of AEI Income & Growth Fund XXII Limited Partnership (the “Partnership”) on Form 10-Q for the period ended September 30, 2015, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), the undersigned, Robert P. Johnson, President of AEI Fund Management XXI, Inc., the Managing General Partner of the Partnership, and Patrick W. Keene, Chief Financial Officer of AEI Fund Management XXI, Inc., each certify, pursuant to 18 U.S.C. §1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Partnership.

/s/ ROBERT P JOHNSON

Robert P. Johnson, President

AEI Fund Management XXI, Inc.

Managing General Partner

November 11, 2015

/s/ PATRICK W KEENE

Patrick W. Keene, Chief Financial Officer

AEI Fund Management XXI, Inc.

Managing General Partner

November 11, 2015

XML

Payable to AEI Fund Management, Inc.

9 Months Ended

Sep. 30, 2015

Payables and Accruals [Abstract]

Accounts Payable and Accrued Liabilities Disclosure [Text Block]

(3) 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.

XML

Organization

9 Months Ended

Sep. 30, 2015

Accounting Policies [Abstract]

Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block]

(2) Organization –

AEI Income & Growth Fund XXII Limited Partnership (“Partnership”) was formed to acquire and lease commercial properties to operating tenants. The Partnership's operations are managed by AEI Fund Management XXI, Inc. (“AFM”), the Managing General Partner. Robert P. Johnson, the President and sole director of AFM, serves as the Individual General Partner. AFM is a wholly owned subsidiary of AEI Capital Corporation of which Mr. Johnson is the majority shareholder. 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 May 1, 1997 when minimum subscriptions of 1,500 Limited Partnership Units ($1,500,000) were accepted. The offering terminated January 9, 1999 when the extended offering period expired. The Partnership received subscriptions for 16,917.222 Limited Partnership Units. Under the terms of the Limited Partnership Agreement, the Limited Partners and General Partners contributed funds of $16,917,222 and $1,000, respectively.

During operations, any Net Cash Flow, as defined, which the General Partners determine to distribute will be distributed 97% to the Limited Partners and 3% to the General Partners. 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 9% 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 9% 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 May 2015, 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. Approval of either proposal required the affirmative vote of holders of a majority of the outstanding units. On June 17, 2015, the votes were counted and neither proposal received the required majority vote. As a result, the Partnership will not liquidate and will continue in operation until the Limited Partners vote to authorize the sale of all of the Partnership's properties or December 31, 2046, as stated in the Limited Partnership Agreement. However, in approximately five years, the Managing General Partner expects to again submit the question to liquidate to a vote by the Limited Partners.

XML

Balance Sheet - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Current Assets:
Cash	$ 1,503,713	$ 1,246,487
Real Estate Investments:
Land	2,367,033	2,367,033
Buildings	6,628,822	6,628,822
Acquired Intangible Lease Assets	932,882	932,882
Real Estate Held for Investment, at cost	9,928,737	9,928,737
Accumulated Depreciation and Amortization	2,065,514	1,796,867
Real Estate Held for Investment, Net	7,863,223	8,131,870
Real Estate Held for Sale	0	550,000
Total Real Estate Investments	7,863,223	8,681,870
Total Assets	9,366,936	9,928,357
Current Liabilities:
Payable to AEI Fund Management, Inc.	5,369	26,900
Distributions Payable	148,447	134,022
Unearned Rent	14,076	9,058
Total Current Liabilities	167,892	169,980
Partners’ Capital (Deficit):
General Partners	74	(4,151)
Limited Partners – 24,000 Units authorized; 14,639 and 15,134 Units issued and outstanding as of 9/30/15 and 12/31/14, respectively	9,198,970	9,762,528
Total Partners' Capital	9,199,044	9,758,377
Total Liabilities and Partners' Capital	9,366,936	9,928,357
Limited Partner [Member]
Partners’ Capital (Deficit):
Total Partners' Capital	$ 9,198,970	$ 9,762,528

XML

Statement of Changes in Partners' Capital - USD ($)	General Partner [Member]	Limited Partner [Member]	Total
Balance at Dec. 31, 2013	$ 9,608	$ 10,390,700	$ 10,400,308
Balance (in Shares) at Dec. 31, 2013		15,485.67
Balance at Sep. 30, 2014	642	$ 10,067,134	10,067,776
Balance (in Shares) at Sep. 30, 2014		15,465.67
Distributions Declared	12,579	$ 440,405	452,984
Repurchase of Partnership Units	419	$ 13,536
Repurchases (in Shares)		20.0
Net Income	4,032	$ 130,375	134,407
Balance at Dec. 31, 2014	(4,151)	$ 9,762,528	9,758,377
Balance (in Shares) at Dec. 31, 2014		15,134
Balance at Sep. 30, 2015	74	$ 9,198,970	9,199,044
Balance (in Shares) at Sep. 30, 2015		14,639
Distributions Declared	11,685	$ 398,001	409,686
Repurchase of Partnership Units	3,427	$ 339,265	342,692
Repurchases (in Shares)		495.35
Net Income	$ 19,337	$ 173,708	$ 193,045

XML

Basis of Accounting

9 Months Ended

Sep. 30, 2015

Disclosure Text Block [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.

XML

Balance Sheet (Parentheticals) - shares	Sep. 30, 2015	Dec. 31, 2014
Limited Partner [Member]
Limited Partners, units authorized	24,000	24,000
Limited Partners, units issued	14,639	15,134
Limited Partners, units outstanding	14,639	15,134

XML

Discontinued Operations (Details) - Discontinued Operations - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Discontinued Operations [Abstract]
Rental Income	$ 0	$ 0	$ 1,697	$ 0
Bankruptcy Claim Payment Received	43,813	0	43,813	0
Property Management Expenses	(191)	(12,269)	(28,347)	(32,369)
Gain on Disposal of Real Estate	0	0	21,525	0
Income (Loss) from Discontinued Operations	$ 43,622	$ (12,269)	$ 38,688	$ (32,369)

XML

Document And Entity Information	9 Months Ended
	Sep. 30, 2015 USD ($) shares
Document and Entity Information [Abstract]
Entity Registrant Name	AEI Income & Growth Fund XXII LTD Partnership
Document Type	10-Q
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding | shares	14,639
Entity Public Float	$ 0
Amendment Flag	false
Entity Central Index Key	0001023458
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Smaller Reporting Company
Entity Well-known Seasoned Issuer	No
Document Period End Date	Sep. 30, 2015
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q3

XML

Discontinued Operations (Details) - Cash Flows from Discontinued Operations - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Cash Flows from Discontinued Operations:
Operating Activities	$ 43,622	$ (12,269)	$ 17,163	$ (32,369)
Investing Activities	$ 0	$ 0	$ 571,525	$ 0

XML

Statement of Income - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Rental Income	$ 181,590	$ 178,393	$ 541,443	$ 534,764
Expenses:
Partnership Administration – Affiliates	36,211	37,640	122,745	110,948
Partnership Administration and Property Management – Unrelated Parties	5,201	4,559	35,649	28,962
Depreciation and Amortization	77,111	77,111	231,333	231,333
Total Expenses	118,523	119,310	389,727	371,243
Operating Income	63,067	59,083	151,716	163,521
Other Income:
Interest Income	1,080	1,073	2,641	3,255
Income From Continuing Operations	64,147	60,156	154,357	166,776
Income (Loss) from Discontinued Operations	43,622	(12,269)	38,688	(32,369)
Net Income	107,769	47,887	193,045	134,407
Net Income Allocated:
General Partners	3,841	1,436	19,337	4,032
Limited Partners	$ 103,928	$ 46,451	$ 173,708	$ 130,375
Income (Loss) per Limited Partnership Unit:
Continuing Operations (in Dollars per share)	$ 4.25	$ 3.77	$ 10.11	$ 10.46
Discontinued Operations (in Dollars per share)	2.85	(0.77)	1.62	(2.03)
Total – Basic and Diluted (in Dollars per share)	$ 7.10	$ 3.00	$ 11.73	$ 8.43
Weighted Average Units Outstanding – Basic and Diluted (in Shares)	14,639	15,466	14,804	15,472

XML

Fair Value Measurements

9 Months Ended

Sep. 30, 2015

Fair Value Disclosures [Abstract]

Fair Value Disclosures [Text Block]

(6) Fair Value Measurements –

As of September 30, 2015 and December 31, 2014, the Partnership had no assets or liabilities measured at fair value on a recurring basis or nonrecurring basis.

XML

Partners' Capital

9 Months Ended

Sep. 30, 2015

Partners' Capital Notes [Abstract]

Partners' Capital Notes Disclosure [Text Block]

(5) Partners’ Capital –

For the nine months ended September 30, 2015 and 2014, the Partnership declared distributions of $409,686 and $452,984, respectively.  The Limited Partners received distributions of $398,001 and $440,405 and the General Partners received distributions of $11,685 and $12,579 for the periods, respectively. The Limited Partners' distributions represented $26.88 and $28.46 per Limited Partnership Unit outstanding using 14,804 and 15,472 weighted average Units in 2015 and 2014, respectively. The distributions represented $11.73 and $7.55 per Unit of Net Income and $15.15 and $20.91 per Unit of return of capital for the periods, respectively.

As part of the distributions discussed above, the Partnership distributed net sale proceeds of $30,303 and $50,505 in 2015 and 2014, respectively. The Limited Partners received distributions of $30,000 and $50,000 and the General Partners received distributions of $303 and $505 for the periods, respectively. The Limited Partners’ distributions represented $2.05 and $3.23 per Unit for the periods, respectively.

On April 1, 2015, the Partnership repurchased a total of 495.35 Units for $339,265 from 22 Limited Partners in accordance with the Partnership Agreement. The Partnership acquired these Units using net sale proceeds. On April 1, 2014, the Partnership repurchased a total of 20.0 Units for $13,536 from two Limited Partners. The Partnership acquired these Units using Net Cash Flow from operations. 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 $3,427 and $419 in 2015 and 2014, respectively.

XML

Partners' Capital (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2015 shares	Sep. 30, 2014 shares	Sep. 30, 2015 USD ($) $ / shares $ / item shares	Sep. 30, 2014 USD ($) $ / shares $ / item shares	Sep. 30, 2014 USD ($) shares
Partners' Capital (Details) [Line Items]
Partners' Capital Account, Distributions			$ 409,686	$ 452,984
Weighted Average Limited Partnership Units Outstanding, Basic (in Shares) | shares	14,639	15,466	14,804	15,472
SaleProceedsDistributionMadeToMemberOrLimitedPartner			$ 30,303	$ 50,505
Partners' Capital Account, Redemptions			342,692		$ 13,955
Limited Partner [Member]
Partners' Capital (Details) [Line Items]
Partners' Capital Account, Distributions			$ 398,001	$ 440,405
Distributions Per Limited Partnership Unit Outstanding, Basic (in Dollars per share) | $ / shares			$ 26.88	$ 28.46
Weighted Average Limited Partnership Units Outstanding, Basic (in Shares) | shares			14,804	15,472
DistributionsPerUnitOfNetIncome (in Dollars per Item) | $ / item			11.73	7.55
ReturnOfCapitalDistributionMadeToMemberOrLimitedPartnerDistributionsPaidPerUnit (in Dollars per share) | $ / shares			$ 15.15	$ 20.91
SaleProceedsDistributionMadeToMemberOrLimitedPartner			$ 30,000	$ 50,000
Sale Proceeds Distribution Made to Limited Partner Per Unit (in Dollars per Item) | $ / item			2.05	3.23
Partners' Capital Account, Units, Redeemed (in Shares) | shares			495.35	20.0	20.00
Partners' Capital Account, Redemptions			$ 339,265	$ 13,536	$ 13,536
General Partner [Member]
Partners' Capital (Details) [Line Items]
Partners' Capital Account, Distributions			11,685	12,579
SaleProceedsDistributionMadeToMemberOrLimitedPartner			303	505
Partners' Capital Account, Redemptions			$ 3,427	$ 419	$ 419

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Organization (Details) - USD ($)	Jan. 09, 1999	May. 01, 1997
Accounting Policies [Abstract]
Capital Units, Value		$ 1,000
Limited Partners' Capital Account, Units Outstanding (in Shares)	16,917.222	1,500
Limited Partners' Contributed Capital	$ 16,917,222	$ (1,500,000)
General Partners' Contributed Capital	$ 1,000

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Accounting Policies, by Policy (Policies)	9 Months Ended
	Sep. 30, 2015
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 97% to the Limited Partners and 3% to the General Partners. 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 9% 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 9% 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.

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Discontinued Operations (Tables)

9 Months Ended

Sep. 30, 2015

Discontinued Operations and Disposal Groups [Abstract]

Disposal Groups, Including Discontinued Operations [Table Text Block]

Discontinued Operations

		Three Months Ended September 30				Nine Months Ended September 30
		2015		2014		2015		2014
Rental Income	$	0	$	0	$	1,697	$	0
Bankruptcy Claim Payment Received		43,813		0		43,813		0
Property Management Expenses		(191)		(12,269)		(28,347)		(32,369)
Gain on Disposal of Real Estate		0		0		21,525		0
Income (Loss) from Discontinued Operations	$	43,622	$	(12,269)	$	38,688	$	(32,369)

Cash Flow, Supplemental Disclosures [Text Block]

Cash Flows from Discontinued Operations

		Three Months Ended September 30				Nine Months Ended September 30
		2015		2014		2015		2014
Cash Flows from Discontinued Operations:
Operating Activities	$	43,622	$	(12,269)	$	17,163	$	(32,369)
Investing Activities	$	0	$	0	$	571,525	$	0

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Discontinued Operations (Details) - USD ($)	Jun. 19, 2015	Sep. 30, 2015	Aug. 01, 2015	Sep. 30, 2014
Discontinued Operations (Details) [Line Items]
Bankruptcy Claims, Amount of Claims Settled		$ 43,813		$ 0
Carinos Longmont CO
Discontinued Operations (Details) [Line Items]
Bankruptcy Claims, Amount of Claims Settled			$ 43,813
Disposal Group, Including Discontinued Operation, Consideration	$ 571,525
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax	21,525
Property, Plant, and Equipment, Fair Value Disclosure	$ 550,000

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Statement of Cash Flows - USD ($)	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Cash Flows from Operating Activities:
Net Income	$ 193,045	$ 134,407
Adjustments to Reconcile Net Income To Net Cash Provided by Operating Activities:
Depreciation and Amortization	268,647	268,650
Gain on Sale of Real Estate	21,525	0
Increase (Decrease) in Payable to AEI Fund Management, Inc.	(21,531)	(786)
Increase (Decrease) in Unearned Rent	5,018	14,969
Total Adjustments	230,609	282,833
Net Cash Provided By (Used For) Operating Activities	423,654	417,240
Cash Flows from Investing Activities:
Proceeds from Sale of Real Estate	571,525	0
Cash Flows from Financing Activities:
Distributions Paid to Partners	395,261	546,985
Repurchase of Partnership Units	342,692	13,955
Net Cash Provided By (Used For) Financing Activities	(737,953)	(560,940)
Net Increase (Decrease) in Cash	257,226	(143,700)
Cash, beginning of period	1,246,487	1,629,308
Cash, end of period	$ 1,503,713	$ 1,485,608

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Discontinued Operations

9 Months Ended

Sep. 30, 2015

Discontinued Operations and Disposal Groups [Abstract]

Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]

(4) Discontinued Operations –

After experiencing financial difficulties, the tenant of the Johnny Carino’s restaurant in Longmont, Colorado filed for Chapter 11 bankruptcy reorganization on March 27, 2014. Shortly thereafter, the tenant closed the restaurant, filed a motion with the bankruptcy court to reject the lease and returned possession of the property to the Partnership. As of the date of the bankruptcy filing, the tenant owed $31,212 of past due rent, which was not accrued for financial reporting purposes. The Partnership submitted a Proof of Claim for damages to the bankruptcy court. The tenant’s reorganization plan was approved by the bankruptcy court effective February 2, 2015. In August 2015, the Partnership received a payment of $43,813 on its claim from the plan.

In September 2013, the Partnership decided to sell its 50% interest in the Johnny Carino’s restaurant in Longmont, Colorado and classified it as Real Estate Held for Sale. Since November 2013, the Partnership has reached agreements to sell the property to three unrelated third parties. In each case, the potential buyer subsequently withdrew the offer and cancelled the agreement. In April 2015, the Partnership entered into an agreement to sell the property to a new buyer. On June 19, 2015, the sale closed with the Partnership receiving net sale proceeds of $571,525, which resulted in a net gain of $21,525. At the time of sale, the carrying value of the property was $550,000. While the property was vacant, the Partnership was responsible for its 50% share of real estate taxes and other costs associated with maintaining the property.

The financial results for this property are reflected as Discontinued Operations in the accompanying financial statements. The following are the results of discontinued operations:

		Three Months Ended September 30				Nine Months Ended September 30
		2015		2014		2015		2014
Rental Income	$	0	$	0	$	1,697	$	0
Bankruptcy Claim Payment Received		43,813		0		43,813		0
Property Management Expenses		(191)		(12,269)		(28,347)		(32,369)
Gain on Disposal of Real Estate		0		0		21,525		0
Income (Loss) from Discontinued Operations	$	43,622	$	(12,269)	$	38,688	$	(32,369)

		Three Months Ended September 30				Nine Months Ended September 30
		2015		2014		2015		2014
Cash Flows from Discontinued Operations:
Operating Activities	$	43,622	$	(12,269)	$	17,163	$	(32,369)
Investing Activities	$	0	$	0	$	571,525	$	0

AEI INCOME & GROWTH FUND XXII LIMITED PARTNERSHIP