State of Minnesota
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41-1789725
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(State or other jurisdiction of
incorporation or organization)
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(I.R.S. Employer
Identification No.)
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30 East 7th Street, Suite 1300
St. Paul, Minnesota 55101
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(651) 227-7333
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(Address of principal executive offices)
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(Registrant’s telephone number)
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Not Applicable
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(Former name, former address and former fiscal year, if changed since last report)
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o Large accelerated filer
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o Accelerated filer
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o Non-accelerated filer
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x Smaller reporting company
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Page
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||||
Part I – Financial Information
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||||
Item 1.
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Financial Statements (unaudited):
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|||
Balance Sheet as of March 31, 2013 and December 31, 2012
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3
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|||
Statements for the Three Months ended March 31, 2013 and 2012:
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||||
Income
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4
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|||
Cash Flows
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5
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|||
Changes in Partners’ Capital (Deficit)
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6
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Notes to Financial Statements
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7 - 9
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Item 2.
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Management's Discussion and Analysis of Financial
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|||
Condition and Results of Operations
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10 - 13
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Item 3.
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Quantitative and Qualitative Disclosures About Market Risk
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13
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Item 4.
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Controls and Procedures
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14
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Part II – Other Information
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||||
Item 1.
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Legal Proceedings
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14
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Item 1A.
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Risk Factors
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14
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Item 2.
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Unregistered Sales of Equity Securities and Use of Proceeds
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15
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||
Item 3.
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Defaults Upon Senior Securities
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15
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Item 4.
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Mine Safety Disclosures
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15
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Item 5.
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Other Information
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15
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Item 6.
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Exhibits
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15
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Signatures
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16
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March 31,
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December 31,
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|||
2013
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2012
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|||
Current Assets:
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||||
Cash
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$
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2,243,441
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$
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2,259,911
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Real Estate Held for Investment:
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||||
Land
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4,403,667
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4,403,667
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||
Buildings and Equipment
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12,273,366
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12,273,366
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Accumulated Depreciation
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(3,053,373)
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(2,930,639)
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Real Estate Held for Investment, Net
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13,623,660
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13,746,394
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||
Total Assets
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$
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15,867,101
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$
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16,006,305
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Current Liabilities:
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||||
Payable to AEI Fund Management, Inc.
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$
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32,797
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$
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41,189
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Distributions Payable
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293,939
|
293,940
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||
Unearned Rent
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20,356
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12,120
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||
Total Current Liabilities
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347,092
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347,249
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||
Partners’ Capital (Deficit):
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||||
General Partners
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(704)
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686
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||
Limited Partners – 24,000 Units authorized;
22,653 Units issued and outstanding
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15,520,713
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15,658,370
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Total Partners' Capital
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15,520,009
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15,659,056
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Total Liabilities and Partners' Capital
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$
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15,867,101
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$
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16,006,305
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Three Months Ended March 31
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||||
2013
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2012
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|||
Rental Income
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$
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337,732
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$
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331,879
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Expenses:
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||||
Partnership Administration – Affiliates
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51,104
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54,938
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||
Partnership Administration and Property
Management – Unrelated Parties
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10,576
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10,738
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Depreciation
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122,734
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122,734
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Total Expenses
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184,414
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188,410
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Operating Income
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153,318
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143,469
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Other Income:
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||||
Interest Income
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1,574
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2,275
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||
Income from Continuing Operations
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154,892
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145,744
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||
Income from Discontinued Operations
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0
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10,189
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||
Net Income
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$
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154,892
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$
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155,933
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Net Income Allocated:
|
||||
General Partners
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$
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1,549
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$
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1,559
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Limited Partners
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153,343
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154,374
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||
Total
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$
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154,892
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$
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155,933
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Income per Limited Partnership Unit:
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||||
Continuing Operations
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$
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6.77
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$
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6.37
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Discontinued Operations
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0.00
|
.44
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||
Total – Basic and Diluted
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$
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6.77
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$
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6.81
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Weighted Average Units Outstanding –
Basic and Diluted
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22,653
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22,663
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||
Three Months Ended March 31
|
||||
2013
|
2012
|
|||
Cash Flows from Operating Activities:
|
||||
Net Income
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$
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154,892
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$
|
155,933
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Adjustments to Reconcile Net Income
To Net Cash Provided by Operating Activities:
|
||||
Depreciation
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122,734
|
122,734
|
||
Gain on Sale of Real Estate
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0
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(1,788)
|
||
Increase (Decrease) in Payable to
AEI Fund Management, Inc.
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(8,392)
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(9,493)
|
||
Increase (Decrease) in Unearned Rent
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8,236
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41,689
|
||
Total Adjustments
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122,578
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153,142
|
||
Net Cash Provided By
Operating Activities
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277,470
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309,075
|
||
Cash Flows from Investing Activities:
|
||||
Proceeds from Sale of Real Estate
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0
|
16,200
|
||
Cash Flows from Financing Activities:
|
||||
Distributions Paid to Partners
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(293,940)
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(293,936)
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||
Net Increase (Decrease) in Cash
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(16,470)
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31,339
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||
Cash, beginning of period
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2,259,911
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1,934,854
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||
Cash, end of period
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$
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2,243,441
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$
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1,966,193
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General Partners
|
Limited Partners
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Total
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Limited Partnership Units Outstanding
|
|||||
Balance, December 31, 2011
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$
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4,646
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$
|
16,170,124
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$
|
16,174,770
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22,663.11
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|
Distributions Declared
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(2,940)
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(290,996)
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(293,936)
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|||||
Net Income
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1,559
|
154,374
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155,933
|
|||||
Balance, March 31, 2012
|
$
|
3,265
|
$
|
16,033,502
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$
|
16,036,767
|
22,663.11
|
|
Balance, December 31, 2012
|
$
|
686
|
$
|
15,658,370
|
$
|
15,659,056
|
22,653.11
|
|
Distributions Declared
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(2,939)
|
(291,000)
|
(293,939)
|
|||||
Net Income
|
1,549
|
153,343
|
154,892
|
|||||
Balance, March 31, 2013
|
$
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(704)
|
$
|
15,520,713
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$
|
15,520,009
|
22,653.11
|
|
2013
|
2012
|
|||
Rental Income
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$
|
0
|
$
|
8,501
|
Property Management Expenses
|
0
|
(100)
|
||
Gain on Disposal of Real Estate
|
0
|
1,788
|
||
Income from Discontinued Operations
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$
|
0
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$
|
10,189
|
|
—
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Market and economic conditions which affect the value of the properties the Partnership owns and the cash from rental income such properties generate;
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|
—
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the federal income tax consequences of rental income, deductions, gain on sales and other items and the effects of these consequences for the Partners;
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|
—
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resolution by the General Partners of conflicts with which they may be confronted;
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|
—
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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.
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31.1
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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.
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31.2
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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.
|
Dated: May 13, 2013
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AEI Income & Growth Fund XXI
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|
Limited Partnership
|
||
By:
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AEI Fund Management XXI, Inc.
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|
Its:
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Managing General Partner
|
|
By:
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/s/ ROBERT P JOHNSON
|
|
Robert P. Johnson
|
||
President
|
||
(Principal Executive Officer)
|
||
By:
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/s/ PATRICK W KEENE
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|
Patrick W. Keene
|
||
Chief Financial Officer
|
||
(Principal Accounting Officer)
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Date: May 13, 2013
|
/s/ ROBERT P JOHNSON
|
Robert P. Johnson, President
|
|
AEI Fund Management XXI, Inc.
|
|
Managing General Partner
|
Date: May 13, 2013
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/s/ PATRICK W KEENE
|
Patrick W. Keene, Chief Financial Officer
|
|
AEI Fund Management XXI, Inc.
|
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Managing General Partner
|
|
1.
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The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
|
2.
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The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Partnership.
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/s/ ROBERT P JOHNSON
|
||
Robert P. Johnson, President
|
||
AEI Fund Management XXI, Inc.
|
||
Managing General Partner
|
||
May 13, 2013
|
||
/s/ PATRICK W KEENE
|
||
Patrick W. Keene, Chief Financial Officer
|
||
AEI Fund Management XXI, Inc.
|
||
Managing General Partner
|
||
May 13, 2013
|
Payable to AEI Fund Management, Inc.
|
3 Months Ended |
---|---|
Mar. 31, 2013
|
|
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.
|
Organization
|
3 Months Ended |
---|---|
Mar. 31, 2013
|
|
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block] |
(2) Organization –
AEI Income & Growth Fund XXI 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 April 14, 1995 when minimum subscriptions
of 1,500 Limited Partnership Units ($1,500,000) were
accepted. On January 31, 1997, the offering terminated
when the maximum subscription limit of 24,000 Limited
Partnership Units was reached. Under the terms of the Limited
Partnership Agreement, the Limited Partners and General
Partners contributed funds of $24,000,000 and $1,000,
respectively.
During operations, any Net Cash Flow, as defined, which
the General Partners determine to distribute will be
distributed 90% to the Limited Partners and 10% to the
General Partners; provided, however, that such distributions
to the General Partners will be subordinated to the Limited
Partners first receiving an annual, noncumulative
distribution of Net Cash Flow equal to 10% of their Adjusted
Capital Contribution, as defined, and, provided further, that
in no event will the General Partners receive less than 1% of
such Net Cash Flow per annum. Distributions to Limited
Partners will be made pro rata by Units.
Any Net Proceeds of Sale, as defined, from the sale or
financing of properties which the General Partners determine
to distribute will, after provisions for debts and reserves,
be paid in the following manner: (i) first, 99% to the
Limited Partners and 1% to the General Partners until the
Limited Partners receive an amount equal to: (a) their
Adjusted Capital Contribution plus (b) an amount equal to 10%
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 10% 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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Balance Sheet (USD $)
|
Mar. 31, 2013
|
Dec. 31, 2012
|
---|---|---|
Current Assets: | ||
Cash | $ 2,243,441 | $ 2,259,911 |
Real Estate Held for Investment: | ||
Land | 4,403,667 | 4,403,667 |
Buildings and Equipment | 12,273,366 | 12,273,366 |
Accumulated Depreciation | 3,053,373 | 2,930,639 |
Real Estate Held for Investment, Net | 13,623,660 | 13,746,394 |
Total Assets | 15,867,101 | 16,006,305 |
Current Liabilities: | ||
Payable to AEI Fund Management, Inc. | 32,797 | 41,189 |
Distributions Payable | 293,939 | 293,940 |
Unearned Rent | 20,356 | 12,120 |
Total Current Liabilities | 347,092 | 347,249 |
Partners’ Capital (Deficit): | ||
General Partners | (704) | 686 |
Limited Partners – 24,000 Units authorized; 22,653 Units issued and outstanding | 15,520,713 | 15,658,370 |
Total Partners' Capital | 15,520,009 | 15,659,056 |
Total Liabilities and Partners' Capital | $ 15,867,101 | $ 16,006,305 |
Statement of Changes in Partners' Capital (USD $)
|
General Partner [Member]
|
Limited Partner [Member]
|
Total
|
---|---|---|---|
Balance at Dec. 31, 2011 | $ 4,646 | $ 16,170,124 | $ 16,174,770 |
Balance (in Shares) at Dec. 31, 2011 | 22,663.11 | ||
Distributions Declared | 2,940 | 290,996 | 293,936 |
Net Income | 1,559 | 154,374 | 155,933 |
Balance at Mar. 31, 2012 | 3,265 | 16,033,502 | 16,036,767 |
Balance (in Shares) at Mar. 31, 2012 | 22,663.11 | ||
Balance at Dec. 31, 2012 | 686 | 15,658,370 | 15,659,056 |
Balance (in Shares) at Dec. 31, 2012 | 22,653.11 | 22,653 | |
Distributions Declared | 2,939 | 291,000 | 293,939 |
Net Income | 1,549 | 153,343 | 154,892 |
Balance at Mar. 31, 2013 | $ (704) | $ 15,520,713 | $ 15,520,009 |
Balance (in Shares) at Mar. 31, 2013 | 22,653.11 | 22,653 |
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Basis of Accounting
|
3 Months Ended |
---|---|
Mar. 31, 2013
|
|
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 generally accepted
accounting principles 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.
|
Balance Sheet (Parentheticals)
|
Mar. 31, 2013
|
Dec. 31, 2012
|
---|---|---|
Limited Partners, unit authorized | 24,000 | 24,000 |
Limited Partners, units issued | 22,653 | 22,653 |
Limited Partners, units outstanding | 22,653 | 22,653 |
Document And Entity Information (USD $)
|
3 Months Ended |
---|---|
Mar. 31, 2013
|
|
Document and Entity Information [Abstract] | |
Entity Registrant Name | AEI Income & Growth Fund XXI Ltd Partnership |
Document Type | 10-Q |
Current Fiscal Year End Date | --12-31 |
Entity Common Stock, Shares Outstanding | 22,653 |
Entity Public Float | $ 0 |
Amendment Flag | false |
Entity Central Index Key | 0000931755 |
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 | Mar. 31, 2013 |
Document Fiscal Year Focus | 2013 |
Document Fiscal Period Focus | Q1 |
Statement of Income (USD $)
|
3 Months Ended | |
---|---|---|
Mar. 31, 2013
|
Mar. 31, 2012
|
|
Rental Income | $ 337,732 | $ 331,879 |
Expenses: | ||
Partnership Administration – Affiliates | 51,104 | 54,938 |
Partnership Administration and Property Management – Unrelated Parties | 10,576 | 10,738 |
Depreciation | 122,734 | 122,734 |
Total Expenses | 184,414 | 188,410 |
Operating Income | 153,318 | 143,469 |
Other Income: | ||
Interest Income | 1,574 | 2,275 |
Income from Continuing Operations | 154,892 | 145,744 |
Income from Discontinued Operations | 0 | 10,189 |
Net Income | 154,892 | 155,933 |
Net Income Allocated: | ||
General Partners | 1,549 | 1,559 |
Limited Partners | 153,343 | 154,374 |
Total | $ 154,892 | $ 155,933 |
Income per Limited Partnership Unit: | ||
Continuing Operations (in Dollars per Item) | 6.77 | 6.37 |
Discontinued Operations (in Dollars per Item) | 0.00 | 0.44 |
Total – Basic and Diluted (in Dollars per Item) | 6.77 | 6.81 |
Weighted Average Units Outstanding – Basic and Diluted (in Shares) | 22,653 | 22,663 |
Accounting Policies, by Policy (Policies)
|
3 Months Ended | 9 Months Ended |
---|---|---|
Mar. 31, 2013
|
Sep. 30, 2012
|
|
Distribution Policy, Members or Limited Partners, Description | During operations, any Net Cash Flow, as defined, which the General Partners determine to distribute will be distributed 90% to the Limited Partners and 10% to the General Partners; provided, however, that such distributions to the General Partners will be subordinated to the Limited Partners first receiving an annual, noncumulative distribution of Net Cash Flow equal to 10% of their Adjusted Capital Contribution, as defined, and, provided further, that in no event will the General Partners receive less than 1% of such Net Cash Flow per annum. Distributions to Limited Partners will be made pro rata by Units. Any Net Proceeds of Sale, as defined, from the sale or financing of properties which the General Partners determine to distribute will, after provisions for debts and reserves, be paid in the following manner: (i) first, 99% to the Limited Partners and 1% to the General Partners until the Limited Partners receive an amount equal to: (a) their Adjusted Capital Contribution plus (b) an amount equal to 10% 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 10% 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. |
Fair Value Measurements
|
3 Months Ended |
---|---|
Mar. 31, 2013
|
|
Fair Value Disclosures [Text Block] |
(5) Fair Value Measurements –
As of March 31, 2013, the Partnership had no
assets or liabilities measured at fair value on a recurring
basis or nonrecurring basis.
|
Discontinued Operations (Detail) (USD $)
|
3 Months Ended | 0 Months Ended | 9 Months Ended | |
---|---|---|---|---|
Mar. 31, 2013
|
Mar. 31, 2012
|
Feb. 03, 2012
Arby's Montgomery AL
|
Dec. 31, 2012
Winn Dixie Panama City FL
|
|
Significant Acquisitions and Disposals, Acquisition Costs or Sale Proceeds | $ 16,200 | $ 406,884 | ||
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax | 1,788 | 68,108 | ||
Real Estate, Cost of Real Estate Sold | 23,049 | 408,060 | ||
Real Estate Accumulated Depreciation, Real Estate Sold | 8,637 | 69,284 | ||
Sale Proceeds Distribution Made To Member Or Limited Partner | $ 16,314 | $ 17,057 | ||
Return Of Capital Distribution Made To Member Or Limited Partner Distributions Paid Per Unit (in Dollars per share) | $ 0.71 | $ 0.75 |
Discontinued Operations (Tables)
|
3 Months Ended | |||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2013
|
||||||||||||||||||||||||||||||||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | Discontinued Operations
|
Organization (Detail) (USD $)
|
Mar. 31, 2013
|
Dec. 31, 2012
|
Jan. 31, 1997
|
Apr. 14, 1995
|
---|---|---|---|---|
Capital Units, Value | $ 1,000 | |||
Limited Partners' Capital Account, Units Outstanding (in Shares) | 22,653 | 22,653 | 24,000 | 1,500 |
Limited Partners' Contributed Capital | 24,000,000 | 1,500,000 | ||
General Partners' Contributed Capital | $ 1,000 |
Discontinued Operations (Detail) - Discontinued Operations (USD $)
|
3 Months Ended | |
---|---|---|
Mar. 31, 2013
|
Mar. 31, 2012
|
|
Rental Income | $ 0 | $ 8,501 |
Property Management Expenses | 0 | 100 |
Gain on Disposal of Real Estate | 0 | 1,788 |
Income from Discontinued Operations | $ 0 | $ 10,189 |
Statement of Cash Flows (USD $)
|
3 Months Ended | |
---|---|---|
Mar. 31, 2013
|
Mar. 31, 2012
|
|
Cash Flows from Operating Activities: | ||
Net Income | $ 154,892 | $ 155,933 |
Adjustments to Reconcile Net Income To Net Cash Provided by Operating Activities: | ||
Depreciation | 122,734 | 122,734 |
Gain on Sale of Real Estate | 0 | 1,788 |
Increase (Decrease) in Payable to AEI Fund Management, Inc. | (8,392) | (9,493) |
Increase (Decrease) in Unearned Rent | 8,236 | 41,689 |
Total Adjustments | 122,578 | 153,142 |
Net Cash Provided By Operating Activities | 277,470 | 309,075 |
Cash Flows from Investing Activities: | ||
Proceeds from Sale of Real Estate | 0 | 16,200 |
Cash Flows from Financing Activities: | ||
Distributions Paid to Partners | 293,940 | 293,936 |
Net Increase (Decrease) in Cash | (16,470) | 31,339 |
Cash, beginning of period | 2,259,911 | 1,934,854 |
Cash, end of period | $ 2,243,441 | $ 1,966,193 |
Discontinued Operations
|
3 Months Ended | |||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2013
|
||||||||||||||||||||||||||||||||||||
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] |
(4) Discontinued Operations –
On February 3, 2012, the Partnership sold its
remaining 2.6811% interest in the Arby’s restaurant in
Montgomery, Alabama to an unrelated third party. The
Partnership received net sale proceeds of $16,200, which
resulted in a net gain of $1,788. The cost and related
accumulated depreciation of the interest sold was $23,049 and
$8,637, respectively.
During the last three quarters of 2012, the Partnership
sold its remaining 8.8038% interest in the Winn-Dixie store
in Panama City, Florida, in three separate transactions, to
unrelated third parties. The Partnership received total net
sale proceeds of $406,884, which resulted in a net gain of
$68,108. The cost and related accumulated depreciation of the
interests sold was $408,060 and $69,284, respectively.
During the first three months of 2013 and 2012, the
Partnership distributed net sale proceeds of $16,314 and
$17,057 to the Limited and General Partners as part of their
quarterly distributions, which represented a return of
capital of $0.71 and $0.75 per Limited Partnership Unit,
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 financial results for these properties are
reflected as Discontinued Operations in the accompanying
financial statements. The following are the results of
discontinued operations for the three months ended March
31:
|