QUESTIONS AND ANSWERS ABOUT THE PROPOSALS AND THE CONSENT SOLICITATION
|
3
|
||
SUMMARY OF PROPOSALS
|
8
|
||
BACKGROUND OF THE FUND
|
10
|
||
|
Fund XXI
|
10
|
|
|
Properties
|
10
|
|
|
Summary Financial Information
|
11
|
|
PROPOSAL #1 – LIQUIDATION
|
12
|
||
|
Reasons for the Liquidation Proposal
|
12
|
|
|
Effects of the Liquidation Proposal
|
12
|
|
|
Material Federal Income Tax Considerations of Liquidation
|
13
|
|
|
Risks of the Liquidation Proposal
|
14
|
|
PROPOSAL #2 – CONTINUE OPERATIONS FOR 60 MONTHS
|
15
|
||
|
Reasons for the Proposal to Continue Operations
|
15
|
|
|
Effects of the Proposal to Continue Operations
|
15
|
|
|
Amendment to the Limited Partnership Agreement
|
15
|
|
|
Conflicts of Interest with the Proposal to Continue Operations
|
16
|
|
|
Risks of the Proposal to Continue Operations
|
16
|
|
PROPOSAL #3 – SALE OF JOINT VENTURE INTERESTS TO OTHER AEI AFFILIATED FUNDS
|
17
|
||
|
Reasons for Proposal #3
|
17
|
|
|
Effects of Proposal #3
|
18
|
|
|
Amendment to the Operating Agreement
|
18
|
|
|
Risks of Proposal #3
|
19
|
|
UNIT OWNERSHIP OF PRINCIPAL HOLDERS AND MANAGEMENT
|
19
|
||
CONSENT PROCEDURES
|
20
|
||
|
Timing of the Consent Solicitation
|
20
|
|
|
Record Date and Votes Required for Approval
|
20
|
|
|
Procedures for Voting
|
21
|
|
|
Costs of Solicitation
|
21
|
|
|
Mailing
|
21
|
|
|
|
||
Exhibit A –
|
Amendment to Limited Partnership Agreement (Proposal #2)
|
22
|
|
|
|
|
|
Exhibit B –
|
Financial Statements at and for the years ended December 31, 2019 and 2018 and for the nine months ended September 30, 2020 and 2019
|
23
|
Property
|
Date Acquired
|
Ownership Interest (%)
|
Acquisition Cost
|
Lease Expiration
|
Annual Rent
|
Estimated Value (1)
|
|
Jared Jewelry
Hanover, MD
|
2/9/04
|
50.00
|
1,989,135
|
1/31/22
|
203,946
|
2,147,000
|
|
Jared Jewelry
Auburn Hills, MI
|
1/14/05
|
40.00
|
1,466,048
|
12/31/24
|
214,480
|
1,173,000
|
|
Best Buy
Eau Claire, WI
|
1/31/08
|
54.00
|
3,637,706
|
1/19/23
|
119,926
|
3,400,000
|
|
Fresenius
Shreveport, LA
|
10/2/08
|
55.00
|
1,360,617
|
6/30/27
|
175,818
|
1,555,000
|
|
Gander Mountain
Champaign, IL
|
7/3/14
|
30.00
|
2,156,552
|
n/a
|
n/a
|
1,002,000
|
|
Dollar Tree
Cincinnati, OH
|
2/3/16
|
100.00
|
1,866,675
|
1/31/26
|
215,240
|
1,685,000
|
|
Total Estimated Value
|
$10,962,000
|
|
Nine Months Ended
September 30
|
Year Ended
December 31 |
||
|
2020
|
2019
|
2019
|
2018
|
Rental income
|
$626,097
|
$777,638
|
$1,001,165
|
$1,036,602
|
Partnership Administration & Property
Management Expenses
|
177,258
|
200,420
|
254,139
|
245,023
|
Depreciation
|
291,633
|
352,863
|
450,074
|
470,484
|
Total Expenses
|
468,891
|
553,283
|
704,213
|
715,507
|
Operating Income
|
157,206
|
224,355
|
296,952
|
321,095
|
Other Income – Interest
|
7,406
|
9,635
|
15,995
|
7,647
|
Gain on Sale of Real Estate
|
0
|
0
|
804,853
|
0
|
Net Income
|
164,612
|
233,990
|
1,117,800
|
328,742
|
Net Income Allocated to Limited Partners
|
162,966
|
231,650
|
1,101,066
|
325,455
|
Net Income Per LP Unit
|
8.67
|
12.01
|
57.46
|
16.74
|
Distributions Per LP Unit
|
22.83
|
30.52
|
40.96
|
40.38
|
|
September 30
|
December 31
|
||
|
2020
|
2019
|
2019
|
2018
|
Cash
|
$2,974,676
|
$829,804
|
$3,197,449
|
$993,307
|
Receivables
|
51,585
|
1,466
|
0
|
3,664
|
Investments in Real Estate, net
|
8,034,167
|
10,281,646
|
8,258,725
|
10,566,489
|
Total Assets
|
11,060,428
|
11,112,916
|
11,456,174
|
11,563,460
|
Payable to Affiliate
|
37,697
|
102,025
|
94,400
|
107,167
|
Distributions Payable
|
133,937
|
198,178
|
198,178
|
198,186
|
Acquired Below-Market Lease Intangible
|
43,242
|
51,350
|
49,323
|
87,655
|
Total Liabilities
|
225,491
|
351,553
|
341,901
|
393,008
|
General Partners’ Capital
|
5,305
|
(1,093)
|
7,992
|
2,998
|
Limited Partners’ Capital
|
10,840,247
|
10,762,456
|
11,106,281
|
11,167,454
|
Name and Address
of Beneficial Owner
|
Number of
Units Held
|
Percent
of Class
|
|
|
|
AEI Fund Management XXI, Inc.
|
0
|
0.00%
|
Robert P. Johnson
|
0
|
0.00%
|
Marni J. Nygard
|
0
|
0.00%
|
Keith E. Petersen
|
0
|
0.00%
|
|
|
|
Address for all:
|
|
|
1300 Wells Fargo Place
30 East 7th Street, St. Paul, Minnesota 55101
|
|
|
Page
|
||
Report of Independent Registered Public Accounting Firm
|
24
|
|
Balance Sheets as of December 31, 2019 and 2018
|
25
|
|
Statements for the Years Ended December 31, 2019 and 2018:
|
||
Income
|
26
|
|
Cash Flows
|
27
|
|
Changes in Partners’ Capital (Deficit)
|
28
|
|
Notes to Financial Statements
|
29 – 40
|
|
|
Boulay PLLP
|
|
|
|
We have served as the Partnership’s auditor since 1994
|
|
|
|
Minneapolis, Minnesota
|
|
March 30, 2020
|
|
|
|
December 31,
|
|
December 31,
|
|
|
2019
|
|
2018
|
|
|
|
|
|
Current Assets:
|
|
|
|
|
Cash
|
$
|
3,197,449
|
$
|
993,307
|
Receivables
|
|
0
|
|
3,664
|
Total Current Assets
|
|
3,197,449
|
|
996,971
|
|
|
|
|
|
Real Estate Investments:
|
|
|
|
|
Land
|
|
2,959,461
|
|
3,659,461
|
Buildings
|
|
8,932,356
|
|
10,339,539
|
Acquired Intangible Lease Assets
|
|
621,258
|
|
807,178
|
Real Estate Held for Investment, at cost
|
|
12,513,075
|
|
14,806,178
|
Accumulated Depreciation and Amortization
|
|
(4,254,350)
|
|
(4,239,689)
|
|
8,258,725
|
|
10,566,489
|
|
Total Assets
|
$
|
11,456,174
|
$
|
11,563,460
|
Current Liabilities:
|
|
|
|
|
Payable to AEI Fund Management, Inc.
|
$
|
94,400
|
$
|
107,167
|
Distributions Payable
|
|
198,178
|
|
198,186
|
Total Current Liabilities
|
|
292,578
|
|
305,353
|
|
|
|
|
|
Long-term Liabilities:
|
|
|
|
|
Acquired Below-Market Lease Intangibles, Net
|
|
49,323
|
|
87,655
|
|
|
|
|
|
Partners’ Capital :
|
|
|
|
|
General Partners
|
|
7,992
|
|
2,998
|
Limited Partners – 24,000 Units authorized;
18,791 and 19,329 Units issued and outstanding
as of December 31, 2019 and 2018, respectively
|
|
11,106,281
|
|
11,167,454
|
Total Partners' Capital
|
|
11,114,273
|
|
11,170,452
|
Total Liabilities and Partners' Capital
|
$
|
11,456,174
|
$
|
11,563,460
|
|
|
Years Ended December 31
|
||
|
|
2019
|
|
2018
|
|
|
|
|
|
Rental Income
|
$
|
1,001,165
|
$
|
1,036,602
|
|
|
|
|
|
Expenses:
|
|
|
|
|
Partnership Administration – Affiliates
|
|
156,988
|
|
147,914
|
Partnership Administration and Property
Management – Unrelated Parties
|
|
97,151
|
|
97,109
|
Depreciation and Amortization
|
|
450,074
|
|
470,484
|
Total Expenses
|
|
704,213
|
|
715,507
|
|
|
|
|
|
Operating Income
|
|
296,952
|
|
321,095
|
|
|
|
|
|
Other Income:
|
|
|
|
|
Gain on Sale of Real Estate
|
|
804,853
|
|
0
|
Interest Income
|
|
15,995
|
|
7,647
|
Total Other Income
|
|
820,848
|
|
7,647
|
|
|
|
|
|
Net Income
|
$
|
1,117,800
|
$
|
328,742
|
|
|
|
|
|
Net Income Allocated:
|
|
|
|
|
General Partners
|
$
|
16,734
|
$
|
3,287
|
Limited Partners
|
|
1,101,066
|
|
325,455
|
Total
|
$
|
1,117,800
|
$
|
328,742
|
|
|
|
|
|
Net Income per Limited Partnership Unit:
|
$
|
57.46
|
$
|
16.74
|
|
|
|
|
|
Weighted Average Units Outstanding –
Basic and Diluted
|
|
19,162
|
|
19,437
|
|
|
|
|
|
|
|
Years Ended December 31
|
||
|
|
2019
|
|
2018
|
|
|
|
|
|
Cash Flows from Operating Activities:
|
|
|
|
|
Net Income
|
$
|
1,117,800
|
$
|
328,742
|
|
|
|
|
|
Adjustments to Reconcile Net Income
To Net Cash Provided by Operating Activities:
|
|
|
|
|
Depreciation and Amortization
|
|
433,722
|
|
451,384
|
Gain on Sale of Real Estate
|
|
(804,853)
|
|
0
|
(Increase) Decrease in Receivables
|
|
3,664
|
|
47,153
|
Increase (Decrease) in Payable to
AEI Fund Management, Inc.
|
|
(12,767)
|
|
79,932
|
Total Adjustments
|
|
(380,234)
|
|
578,469
|
Net Cash Provided By (Used For)
Operating Activities
|
|
737,566
|
|
907,211
|
|
|
|
|
|
Cash Flows from Investing Activities:
|
|
|
|
|
Investments in Real Estate
|
|
(90,000)
|
|
0
|
Proceeds from Sale of Real Estate
|
|
2,730,563
|
|
0
|
Net Cash Provided By (Used For)
Investing Activities
|
|
2,640,563
|
|
0
|
|
|
|
|
|
Cash Flows from Financing Activities:
|
|
|
|
|
Distributions Paid to Partners
|
|
(792,729)
|
|
(1,812,925)
|
Repurchase of Partnership Units
|
|
(381,258)
|
|
(243,373)
|
Net Cash Provided By (Used For)
Financing Activities
|
|
(1,173,987)
|
|
(2,056,298)
|
|
|
|
|
|
Net Increase (Decrease) in Cash
|
|
2,204,142
|
|
(1,149,087)
|
|
|
|
|
|
Cash, beginning of year
|
|
993,307
|
|
2,142,394
|
|
|
|
|
|
Cash, end of year
|
$
|
3,197,449
|
$
|
993,307
|
|
|
|
|
|
|
|
General Partners
|
|
Limited Partners
|
|
Total
|
|
Limited Partnership Units Outstanding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, December 31, 2017
|
$
|
10,072
|
$
|
11,867,738
|
$
|
11,877,810
|
|
19,615.64
|
|
|
|
|
|
|
|
|
|
Distributions Declared
|
|
(7,927)
|
|
(784,800)
|
|
(792,727)
|
|
|
|
|
|
|
|
|
|
|
|
Repurchase of Partnership Units
|
|
(2,434)
|
|
(240,939)
|
|
(243,373)
|
|
(287.00)
|
|
|
|
|
|
|
|
|
|
Net Income
|
|
3,287
|
|
325,455
|
|
328,742
|
|
|
|
|
|
|
|
|
|
|
|
Balance, December 31, 2018
|
|
2,998
|
|
11,167,454
|
|
11,170,452
|
|
19,328.64
|
|
|
|
|
|
|
|
|
|
Distributions Declared
|
|
(7,928)
|
|
(784,793)
|
|
(792,721)
|
|
|
|
|
|
|
|
|
|
|
|
Repurchase of Partnership Units
|
|
(3,812)
|
|
(377,446)
|
|
(381,258)
|
|
(537.50)
|
|
|
|
|
|
|
|
|
|
Net Income
|
|
16,734
|
|
1,101,066
|
|
1,117,800
|
|
|
|
|
|
|
|
|
|
|
|
Balance, December 31, 2019
|
$
|
7,992
|
$
|
11,106,281
|
$
|
11,114,273
|
|
18,791.14
|
|
|
|
|
|
|
|
|
|
|
|
|
2019
|
|
2018
|
|
|
|
|
|
|
a.
|
AEI is reimbursed for costs incurred in providing services related to managing the Partnership's operations and properties, maintaining the Partnership's books, and communicating with the Limited Partners.
|
$
|
156,988
|
$
|
147,914
|
|
|
|
|
|
|
b.
|
AEI is reimbursed for all direct expenses it paid on the Partnership's behalf to third parties related to Partnership administration and property management. These expenses included printing costs, legal and filing fees, direct administrative costs, outside audit costs, taxes, insurance and other property costs.
|
$
|
97,151
|
$
|
97,109
|
|
|
|
|
|
|
c.
|
AEI is reimbursed for costs incurred in providing services related to the sale of property on behalf of the Partnership.
|
$
|
13,668
|
$
|
0
|
|
|
|
|
|
|
Property
|
Land
|
Buildings
|
Total
|
Accumulated
Depreciation
|
||||
|
|
|
|
|
|
|
|
|
Jared Jewelry, Hanover, MD
|
$
|
861,065
|
$
|
1,128,070
|
$
|
1,989,135
|
$
|
716,331
|
Jared Jewelry, Auburn Hills, MI
|
|
280,993
|
|
1,185,055
|
|
1,466,048
|
|
709,047
|
Best Buy, Eau Claire, WI
|
|
853,357
|
|
2,784,349
|
|
3,637,706
|
|
1,327,199
|
Fresenius Medical Center, Shreveport, LA
|
|
102,046
|
|
1,305,321
|
|
1,407,367
|
|
578,053
|
Gander Mountain, Champaign, IL
|
|
507,000
|
|
1,279,291
|
|
1,786,291
|
|
281,446
|
Dollar Tree, Cincinnati, OH
|
|
355,000
|
|
1,250,270
|
|
1,605,270
|
|
195,879
|
|
$
|
2,959,461
|
$
|
8,932,356
|
$
|
11,891,817
|
$
|
3,807,955
|
|
|
|
|
|
|
|
|
|
|
|
2019
|
|
2018
|
||||
|
|
Cost
|
|
Accumulated Amortization
|
|
Cost
|
|
Accumulated Amortization
|
Acquired Intangible Lease Assets
(in-place lease intangibles with a weighted average
life of 33 and 64 months, respectively)
|
$
|
621,258
|
$
|
446,395
|
$
|
807,178
|
$
|
533,849
|
|
|
|
|
|
|
|
|
|
Acquired Below-Market Lease Intangibles
(weighted average life of 73 and 59 months, respectively)
|
$
|
80,404
|
$
|
31,081
|
$
|
161,007
|
$
|
73,352
|
|
|
|
|
|
|
|
|
|
2020
|
$
|
826,688
|
2021
|
|
833,197
|
2022
|
|
641,437
|
2023
|
|
354,917
|
2024
|
|
340,501
|
Thereafter
|
|
414,280
|
|
$
|
3,411,020
|
|
|
|
Tenants
|
|
Industry
|
|
2019
|
|
2018
|
|
|
|
|
|
|
|
Sterling Jewelers Inc.
|
|
Retail
|
$
|
327,995
|
$
|
327,995
|
Best Buy Stores, L.P.
|
|
Retail
|
|
282,241
|
|
281,992
|
Tractor Supply Company
|
|
Retail
|
|
147,880
|
|
183,565
|
Dollar Tree Stores, Inc.
|
|
Retail
|
|
130,277
|
|
130,278
|
Bio-Medical Applications of Louisiana, LLC
|
|
Medical
|
|
112,772
|
|
112,772
|
Aggregate rental income of major tenants
|
|
|
$
|
1,001,165
|
$
|
1,036,602
|
Aggregate rental income of major tenants
as a percentage of total rental income
|
|
|
|
100%
|
|
100%
|
|
|
|
|
|
|
|
|
|
2019
|
|
2018
|
|
|
|
|
|
Net Income for Financial Reporting Purposes
|
$
|
1,117,800
|
$
|
328,742
|
|
|
|
|
|
Depreciation for Tax Purposes Under Depreciation
and Amortization for Financial Reporting Purposes
|
|
147,696
|
|
152,847
|
|
|
|
|
|
Gain on Sale of Real Estate for Tax Purposes
Under Gain for Financial Reporting Purposes
|
|
(166,404)
|
|
0
|
Taxable Income to Partners
|
$
|
1,099,092
|
$
|
481,589
|
|
|
|
|
|
|
|
2019
|
|
2018
|
|
|
|
|
|
Partners' Capital for Financial Reporting Purposes
|
$
|
11,114,273
|
$
|
11,170,452
|
|
|
|
|
|
Adjusted Tax Basis of Investments in Real Estate
Over Net Investments in Real Estate
for Financial Reporting Purposes
|
|
1,708,319
|
|
1,727,027
|
|
|
|
|
|
Syndication Costs Treated as Reduction
of Capital For Financial Reporting Purposes
|
|
3,208,043
|
|
3,208,043
|
Partners' Capital for Tax Reporting Purposes
|
$
|
16,030,635
|
$
|
16,105,522
|
|
|
|
|
|
|
|
September 30,
|
|
December 31,
|
|
|
2020
|
|
2019
|
|
|
(unaudited)
|
|
|
Current Assets:
|
|
|
|
|
Cash
|
$
|
2,974,676
|
$
|
3,197,449
|
Rent Receivable
|
|
34,390
|
|
0
|
Total Current Assets
|
|
3,009,066
|
|
3,197,449
|
|
|
|
|
|
Real Estate Investments:
|
|
|
|
|
Land
|
|
2,857,415
|
|
2,959,461
|
Buildings
|
|
7,627,035
|
|
8,932,356
|
Acquired Intangible Lease Assets
|
|
655,278
|
|
621,258
|
Property Acquisition Costs
|
|
33,055
|
|
0
|
Real Estate Held for Investment, at cost
|
|
11,172,783
|
|
12,513,075
|
Accumulated Depreciation and Amortization
|
|
(3,926,665)
|
|
(4,254,350)
|
Real Estate Held for Investment, Net
|
|
7,246,118
|
|
8,258,725
|
Real Estate Held for Sale
|
|
788,049
|
|
0
|
Total Real Estate Investments
|
|
8,034,167
|
|
8,258,725
|
Long-Term Rent Receivable
|
|
17,195
|
|
0
|
Total Assets
|
$
|
11,060,428
|
$
|
11,456,174
|
Current Liabilities:
|
|
|
|
|
Payable to AEI Fund Management, Inc.
|
$
|
37,697
|
$
|
94,400
|
Distributions Payable
|
|
133,937
|
|
198,178
|
Total Current Liabilities
|
|
171,634
|
|
292,578
|
|
|
|
|
|
Long-term Liabilities:
|
|
|
|
|
Acquired Below-Market Lease Intangibles, Net
|
|
43,242
|
|
49,323
|
|
|
|
|
|
Partners’ Capital :
|
|
|
|
|
General Partners
|
|
5,305
|
|
7,992
|
Limited Partners – 24,000 Units authorized;
18,791 Units issued and outstanding
as of 9/30/2020 and 12/31/2019
|
|
10,840,247
|
|
11,106,281
|
Total Partners' Capital
|
|
10,845,552
|
|
11,114,273
|
Total Liabilities and Partners' Capital
|
$
|
11,060,428
|
$
|
11,456,174
|
|
|
Three Months Ended September 30
|
|
Nine Months Ended September 30
|
||||
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
|
|
|
|
|
|
|
|
|
Rental Income
|
$
|
208,699
|
$
|
259,213
|
$
|
626,097
|
$
|
777,638
|
|
|
|
|
|
|
|
|
|
Expenses:
|
|
|
|
|
|
|
|
|
Partnership Administration – Affiliates
|
|
36,212
|
|
42,893
|
|
103,663
|
|
116,781
|
Partnership Administration and Property
Management – Unrelated Parties
|
|
21,707
|
|
22,456
|
|
73,595
|
|
83,639
|
Depreciation and Amortization
|
|
97,211
|
|
117,621
|
|
291,633
|
|
352,863
|
Total Expenses
|
|
155,130
|
|
182,970
|
|
468,891
|
|
553,283
|
|
|
|
|
|
|
|
|
|
Operating Income
|
|
53,569
|
|
76,243
|
|
157,206
|
|
224,355
|
|
|
|
|
|
|
|
|
|
Other Income:
|
|
|
|
|
|
|
|
|
Interest Income
|
|
752
|
|
3,051
|
|
7,406
|
|
9,635
|
|
|
|
|
|
|
|
|
|
Net Income
|
$
|
54,321
|
$
|
79,294
|
$
|
164,612
|
$
|
233,990
|
|
|
|
|
|
|
|
|
|
Net Income Allocated:
|
|
|
|
|
|
|
|
|
General Partners
|
$
|
543
|
$
|
793
|
$
|
1,646
|
$
|
2,340
|
Limited Partners
|
|
53,778
|
|
78,501
|
|
162,966
|
|
231,650
|
Total
|
$
|
54,321
|
$
|
79,294
|
$
|
164,612
|
$
|
233,990
|
|
|
|
|
|
|
|
|
|
Net Income per Limited Partnership Unit
|
$
|
2.86
|
$
|
4.08
|
$
|
8.67
|
$
|
12.01
|
|
|
|
|
|
|
|
|
|
Weighted Average Units Outstanding –
Basic and Diluted
|
|
18,791
|
|
19,264
|
|
18,791
|
|
19,286
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30
|
||
|
|
2020
|
|
2019
|
Cash Flows from Operating Activities:
|
|
|
|
|
Net Income
|
$
|
164,612
|
$
|
233,990
|
|
|
|
|
|
Adjustments to Reconcile Net Income
To Net Cash Provided by Operating Activities:
|
|
|
|
|
Depreciation and Amortization
|
|
285,552
|
|
338,538
|
(Increase) Decrease in Rent Receivable
|
|
(51,585)
|
|
2,198
|
Increase (Decrease) in Payable to
AEI Fund Management, Inc.
|
|
(56,703)
|
|
(5,142)
|
Total Adjustments
|
|
177,264
|
|
335,594
|
Net Cash Provided By (Used For)
Operating Activities
|
|
341,876
|
|
569,584
|
|
|
|
|
|
Cash Flows from Investing Activities:
|
|
|
|
|
Investments in Real Estate
|
|
(67,075)
|
|
(90,000)
|
|
|
|
|
|
Cash Flows from Financing Activities:
|
|
|
|
|
Distributions Paid to Partners
|
|
(497,574)
|
|
(594,550)
|
Repurchase of Partnership Units
|
|
0
|
|
(48,537)
|
Net Cash Provided By (Used For)
Financing Activities
|
|
(497,574)
|
|
(643,087)
|
|
|
|
|
|
Net Increase (Decrease) in Cash
|
|
(222,773)
|
|
(163,503)
|
|
|
|
|
|
Cash, beginning of period
|
|
3,197,449
|
|
993,307
|
|
|
|
|
|
Cash, end of period
|
$
|
2,974,676
|
$
|
829,804
|
|
|
|
|
|
|
General Partners
|
|
Limited Partners
|
|
Total
|
|
Limited Partnership Units Outstanding
|
|
|
|
|
|
|
|
|
|
|
Balance, December 31, 2018
|
$
|
2,998
|
$
|
11,167,454
|
$
|
11,170,452
|
|
19,328.64
|
|
|
|
|
|
|
|
|
|
Distributions Declared
|
|
(1,982)
|
|
(196,204)
|
|
(198,186)
|
|
|
|
|
|
|
|
|
|
|
|
Net Income
|
|
819
|
|
81,036
|
|
81,855
|
|
|
|
|
|
|
|
|
|
|
|
Balance, March 31, 2019
|
|
1,835
|
|
11,052,286
|
|
11,054,121
|
|
19,328.64
|
|
|
|
|
|
|
|
|
|
Distributions Declared
|
|
(1,982)
|
|
(196,196)
|
|
(198,178)
|
|
|
|
|
|
|
|
|
|
|
|
Repurchase of Partnership Units
|
|
(486)
|
|
(48,051)
|
|
(48,537)
|
|
(64.66)
|
|
|
|
|
|
|
|
|
|
Net Income
|
|
728
|
|
72,113
|
|
72,841
|
|
|
|
|
|
|
|
|
|
|
|
Balance, June 30, 2019
|
|
95
|
|
10,880,152
|
|
10,880,247
|
|
19,263.98
|
|
|
|
|
|
|
|
|
|
Distributions Declared
|
|
(1,981)
|
|
(196,197)
|
|
(198,178)
|
|
|
|
|
|
|
|
|
|
|
|
Net Income
|
|
793
|
|
78,501
|
|
79,294
|
|
|
|
|
|
|
|
|
|
|
|
Balance, September 30, 2019
|
$
|
(1,093)
|
$
|
10,762,456
|
$
|
10,761,363
|
|
19,263.98
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, December 31, 2019
|
$
|
7,992
|
$
|
11,106,281
|
$
|
11,114,273
|
|
18,791.14
|
|
|
|
|
|
|
|
|
|
Distributions Declared
|
|
(1,948)
|
|
(192,902)
|
|
(194,850)
|
|
|
|
|
|
|
|
|
|
|
|
Net Income
|
|
494
|
|
48,866
|
|
49,360
|
|
|
|
|
|
|
|
|
|
|
|
Balance, March 31, 2020
|
|
6,538
|
|
10,962,245
|
|
10,968,783
|
|
18,791.14
|
|
|
|
|
|
|
|
|
|
Distributions Declared
|
|
(1,045)
|
|
(103,501)
|
|
(104,546)
|
|
|
|
|
|
|
|
|
|
|
|
Net Income
|
|
609
|
|
60,322
|
|
60,931
|
|
|
|
|
|
|
|
|
|
|
|
Balance, June 30, 2020
|
|
6,102
|
|
10,919,066
|
|
10,925,168
|
|
18,791.14
|
|
|
|
|
|
|
|
|
|
Distributions Declared
|
|
(1,340)
|
|
(132,597)
|
|
(133,937)
|
|
|
|
|
|
|
|
|
|
|
|
Net Income
|
|
543
|
|
53,778
|
|
54,321
|
|
|
|
|
|
|
|
|
|
|
|
Balance, September 30, 2020
|
$
|
5,305
|
$
|
10,840,247
|
$
|
10,845,552
|
|
18,791.14
|
|
|
|
|
|
|
|
|
|