State of | | |
(State or other jurisdiction of incorporation or organization) | | (I.R.S. Employer Identification No.) |
| | |
| | ( |
(Address of principal executive offices) | | (Registrant’s telephone number) |
|
(Former name, former address and former fiscal year, if changed since last report) |
Title of each class
|
|
Trading Symbol(s)
|
|
Name of each exchange on which registered
|
NONE
|
|
NONE
|
|
NONE
|
| | |
| (Title of class) | |
☐ Large accelerated filer | ☐ |
☒ Non-accelerated filer | |
| |
Page
|
||||
Part I – Financial Information
|
||||
Item 1.
|
Financial Statements (unaudited):
|
|||
Balance Sheets as of September 30, 2023 and December 31, 2022
|
3
|
|||
Statements for the Periods ended September 30, 2023 and 2022:
|
||||
Income
|
4
|
|||
Cash Flows
|
5
|
|||
Changes in Partners’ Capital
|
6
|
|||
Condensed Notes to Financial Statements
|
7 – 9
|
|||
Item 2.
|
Management's Discussion and Analysis of Financial
|
|||
Condition and Results of Operations
|
9 - 14
|
|||
Item 3.
|
Quantitative and Qualitative Disclosures About Market Risk
|
14
|
||
Item 4.
|
Controls and Procedures
|
15
|
||
Part II – Other Information
|
||||
Item 1.
|
Legal Proceedings
|
15
|
||
Item 1A.
|
Risk Factors
|
15
|
||
Item 2.
|
Unregistered Sales of Equity Securities and Use of Proceeds
|
16
|
||
Item 3.
|
Defaults Upon Senior Securities
|
16
|
||
Item 4.
|
Mine Safety Disclosures
|
16
|
||
Item 5.
|
Other Information
|
16
|
||
Item 6.
|
Exhibits
|
16
|
||
Signatures
|
17
|
September 30,
|
December 31,
|
|||
2023
|
2022
|
|||
(unaudited)
|
||||
Current Assets:
|
|
|||
Cash
|
$
|
|
$
|
|
Receivables
|
|
|
|
|
Total Current Assets
|
|
|
|
|
|
|
|
||
Real Estate Investments:
|
|
|
|
|
Land
|
|
|
|
|
Buildings
|
|
|
|
|
Acquired Intangible Lease Assets
|
|
|
|
|
Real Estate Held for Investment, at Cost
|
|
|
|
|
Accumulated Depreciation and Amortization
|
( |
|
( |
|
Real Estate Held for Investment, Net
|
|
|
||
Total Assets
|
$
|
|
$
|
|
Current Liabilities:
|
|
|
|
|
Payable to AEI Fund Management, Inc.
|
$
|
|
$
|
|
Distributions Payable
|
|
|
|
|
Unearned Rent
|
|
|
|
|
Total Current Liabilities
|
|
|
|
|
|
|
|
|
|
Partners’ Capital (Deficit):
|
|
|
|
|
General Partners
|
|
( |
|
|
Limited Partners – as of 9/30/2023 and 12/31/2022 |
|
|
|
|
Total Partners' Capital
|
|
|
|
|
Total Liabilities and Partners' Capital
|
$
|
|
$
|
|
|
Three Months Ended September 30
|
|
Nine Months Ended September 30
|
|||||
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
|
|
|
|
|
|
|
|
|
Rental Income
|
$
|
|
$
|
|
$
|
|
$
|
|
|
|
|
|
|
|
|
|
|
Expenses:
|
|
|
|
|
|
|
|
|
Partnership Administration – Affiliates
|
|
|
|
|
|
|
|
|
Partnership Administration and Property
Management – Unrelated Parties
|
|
|
|
|
|
|
|
|
Depreciation and Amortization
|
|
|
|
|
|
|
|
|
Total Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Income:
|
|
|
|
|
|
|
|
|
Gain on Sale of Real Estate
|
|
|
|
|
|
|
|
|
Interest Income
|
|
|
|
|
|
|
|
|
Total Other Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income
|
$
|
|
$
|
|
$
|
|
$
|
|
|
|
|
|
|
|
|
|
|
Net Income Allocated:
|
|
|
|
|
|
|
|
|
General Partners
|
$
|
|
$
|
|
$
|
|
$
|
|
Limited Partners
|
|
|
|
|
|
|
|
|
Total
|
$
|
|
$
|
|
$
|
|
$
|
|
|
|
|
|
|
|
|
|
|
Net Income per Limited Partnership Unit
|
$
|
|
$
|
|
$
|
|
$
|
|
|
|
|
|
|
|
|
|
|
Weighted Average Units Outstanding –
Basic and Diluted
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30
|
|||
|
2023
|
|
2022
|
|
Cash Flows from Operating Activities:
|
|
|
|
|
Net Income
|
$
|
|
$
|
|
|
|
|
|
|
Adjustments to Reconcile Net Income
To Net Cash Provided by Operating Activities:
|
|
|
|
|
Depreciation and Amortization
|
|
|
|
|
Gain on Sale of Real Estate
|
|
|
|
( |
(Increase) Decrease in Receivables
|
|
|
|
|
Increase (Decrease) in Payable to
AEI Fund Management, Inc.
|
|
( |
|
|
Increase (Decrease) in Unearned Rent
|
|
|
|
|
Total Adjustments
|
|
|
|
( |
Net Cash Provided By (Used For)
Operating Activities
|
|
|
|
|
|
|
|
|
|
Cash Flows from Investing Activities:
|
|
|
|
|
Investments in Real Estate
|
|
|
|
( |
Proceeds from Sale of Real Estate
|
|
|
|
|
Net Cash Provided By (Used For)
Investing Activities
|
|
|
|
( |
|
|
|
|
|
Cash Flows from Financing Activities:
|
|
|
|
|
Distributions Paid to Partners
|
|
( |
|
( |
Repurchase of Partnership Units
|
|
|
|
( |
Net Cash Provided By (Used For)
Financing Activities
|
|
( |
|
( |
|
|
|
|
|
Net Increase (Decrease) in Cash
|
|
|
|
( |
|
|
|
|
|
Cash, beginning of period
|
|
|
|
|
|
|
|
|
|
Cash, end of period
|
$
|
|
$
|
|
|
|
|
|
|
General Partners
|
|
Limited Partners
|
|
Total
|
|
Limited Partnership Units Outstanding
|
|
|
|
|
|
|
|
|
|
|
Balance, December 31, 2021
|
$
|
( |
$
|
|
$
|
|
|
|
|
|
|
|
|
|
|
|
|
Distributions Declared
|
|
( |
|
( |
|
( |
|
|
Net Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, March 31, 2022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Distributions Declared
|
|
( |
|
( |
|
( |
|
|
Repurchase of Partnership Units
|
|
( |
|
( |
|
( |
|
( |
Net Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, June 30, 2022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Distributions Declared
|
|
( |
|
( |
|
( |
|
|
Net Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, September 30, 2022
|
$
|
|
$
|
|
$
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, December 31, 2022
|
$
|
|
$
|
|
$
|
|
|
|
|
|
|
|
|
|
|
|
|
Distributions Declared
|
|
( |
|
( |
|
( |
|
|
Net Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, March 31, 2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Distributions Declared
|
|
( |
|
( |
|
( |
|
|
Net Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, June 30, 2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Distributions Declared
|
|
( |
|
( |
|
( |
|
|
Net Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, September 30, 2023
|
$
|
( |
$
|
|
$
|
|
|
|
Dated: November 10, 2023
|
AEI Income & Growth Fund XXII
|
|
Limited Partnership
|
||
By:
|
AEI Fund Management XXI, Inc.
|
|
Its:
|
Managing General Partner
|
|
By:
|
/s/ Marni J Nygard | |
Marni J. Nygard
|
||
President
|
||
(Principal Executive Officer)
|
||
By:
|
/s/ Keith E Petersen | |
Keith E. Petersen
|
||
Chief Financial Officer
|
||
(Principal Accounting Officer)
|