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AEI Income & Growth Fund XXI Ltd Partnership 10-Q --12-31 22663 0 false 0000931755 Yes No Smaller Reporting Company No 2012 Q3 2012-09-30

<div style="text-align: justify; font-family: Times New Roman; font-size: 12.0pt;"> <font style="font-weight: bold;">(1)</font> <font>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.</font> </div><br/>

<div style="text-align: justify; font-weight: bold; font-family: Times New Roman; font-size: 12.0pt;"> <font>(2) Organization –</font> </div><br/><div style="text-align: justify; font-family: Times New Roman; font-size: 12.0pt;"> <font>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.</font> </div><br/><div style="text-align: justify; font-family: Times New Roman; font-size: 12.0pt;"> <font>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.</font> </div><br/><div style="text-align: justify; font-family: Times New Roman; font-size: 12.0pt;"> <font>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.</font> </div><br/><div style="text-align: justify; font-family: Times New Roman; font-size: 12.0pt;"> <font>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.</font> </div><br/><div style="text-align: justify; font-family: Times New Roman; font-size: 12.0pt;"> <font>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.</font> </div><br/><div style="text-align: justify; font-family: Times New Roman; font-size: 12.0pt;"> <font>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.</font> </div><br/><div style="text-align: justify; font-family: Times New Roman; font-size: 12.0pt;"> <font>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.</font> </div><br/>

1000

1500

1500000

24000

24000000

1000

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.

<div style="text-align: justify; font-weight: bold; font-family: Times New Roman; font-size: 12.0pt;"> <font>(3) Reclassification –</font> </div><br/><div style="text-align: justify; font-family: Times New Roman; font-size: 12.0pt;"> <font>Certain items related to discontinued operations in the prior year’s financial statements have been reclassified to conform to 2012 presentation. These reclassifications had no effect on Partners’ capital, net income or cash flows.</font> </div><br/>

<div style="text-align: justify; font-weight: bold; font-family: Times New Roman; font-size: 12.0pt;"> <font>(4) Payable to AEI Fund Management, Inc. –</font> </div><br/><div style="text-align: justify; font-family: Times New Roman; font-size: 12.0pt;"> <font>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.</font> </div><br/>

<div style="text-align: justify; font-weight: bold; font-family: Times New Roman; font-size: 12.0pt;"> <font>(5) Discontinued Operations –</font> </div><br/><div style="text-align: justify; font-family: Times New Roman; font-size: 12.0pt;"> <font>On January 19, 2011, the Partnership sold its remaining 0.1534% interest in the Champps Americana restaurant in Livonia, Michigan to an unrelated third party. The Partnership received net sale proceeds of $7,861, which resulted in a net gain of $3,904. The cost and related accumulated depreciation of the interest sold was $6,366 and $2,409, respectively.</font> </div><br/><div style="text-align: justify; font-family: Times New Roman; font-size: 12.0pt;"> <font>On March 25, 2011, the Partnership sold its remaining 44.5116% interest in the KinderCare daycare center in Ballwin, Missouri, in two separate transactions, to unrelated third parties. The Partnership received total net sale proceeds of $902,133, which resulted in a net gain of $362,374. The cost and related accumulated depreciation of the interests sold was $675,587 and $135,828, respectively.</font> </div><br/><div style="text-align: justify; font-family: Times New Roman; font-size: 12.0pt;"> <font>During the last two quarters of 2011, the Partnership sold 11.5987% of the Winn-Dixie store in Panama City, Florida, in four separate transactions, to unrelated third parties. The Partnership received total net sale proceeds of $547,411, which resulted in a net gain of $101,088. The cost and related accumulated depreciation of the interests sold was $537,605 and $91,282, respectively.</font> </div><br/><div style="text-align: justify; font-family: Times New Roman; font-size: 12.0pt;"> <font>On June 22, 2012, the Partnership sold an additional 2.8075% of the Winn-Dixie store in Panama City, Florida to an unrelated third party. The Partnership received net sale proceeds of $129,722, which resulted in a net gain of $21,688. The cost and related accumulated depreciation of the interest sold was $130,129 and $22,095, respectively.</font> </div><br/><div style="text-align: justify; font-family: Times New Roman; font-size: 12.0pt;"> <font>On July 24, 2012, the Partnership sold an additional 2.8075% of the Winn-Dixie store in Panama City, Florida to an unrelated third party. The Partnership received net sale proceeds of $131,353, which resulted in a net gain of $23,319. The cost and related accumulated depreciation of the interest sold was $130,129 and $22,095, respectively.</font> </div><br/><div style="text-align: justify; font-family: Times New Roman; font-size: 12.0pt;"> <font>On October 5, 2012, the Partnership sold its remaining 3.1888% interest in the Winn-Dixie store in Panama City, Florida to an unrelated third party. The Partnership received net sale proceeds of approximately $146,000, which resulted in a net gain of approximately $23,000. The cost and related accumulated depreciation of the interest sold was $147,802 and $25,094, respectively. At September 30, 2012 and December 31, 2011, the property was classified as Real Estate Held for Sale with a carrying value of $122,708 and $338,776, respectively.</font> </div><br/><div style="text-align: justify; font-family: Times New Roman; font-size: 12.0pt;"> <font>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.</font> </div><br/><div style="text-align: justify; font-family: Times New Roman; font-size: 12.0pt;"> <font>During the first nine months of 2012 and 2011, the Partnership distributed net sale proceeds of $56,955 and $31,439 to the Limited and General Partners as part of their quarterly distributions, which represented a return of capital of $2.49 and $1.37 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.</font> </div><br/><div style="text-align: justify; font-family: Times New Roman; font-size: 12.0pt;"> <font>The financial results for these properties are reflected as Discontinued Operations in the accompanying financial statements. The following are the results of discontinued operations:</font> </div><br/><table style="border-spacing: 0px; border-collapse: collapse; margin: auto; width: 479.5pt; font-family: Times New Roman; font-size: 12.0pt;"> <tr> <td style="width: 226.8pt;">   </td> <td style="width: 7.2pt;">   </td> <td colspan="3" style="width: 117.35pt;"> <div style="border-bottom: 1pt solid black; text-align: center;"> <font style="font-size: 11.0pt; font-weight: bold;">Three Months Ended September 30</font> </div> </td> <td style="width: 10.8pt;">   </td> <td colspan="3" style="width: 117.35pt;"> <div style="border-bottom: 1pt solid black; text-align: center;"> <font style="font-size: 11.0pt; font-weight: bold;">Nine Months Ended September 30</font> </div> </td> </tr> <tr> <td>   </td> <td>   </td> <td style="width: 54.0pt;"> <div style="border-bottom: 1pt solid black; text-align: center;"> <font style="font-size: 11.0pt; font-weight: bold;">2012</font> </div> </td> <td>   </td> <td style="width: 54.0pt;"> <div style="border-bottom: 1pt solid black; text-align: center;"> <font style="font-size: 11.0pt; font-weight: bold;">2011</font> </div> </td> <td style="width: 10.8pt;">   </td> <td style="width: 54.0pt;"> <div style="border-bottom: 1pt solid black; text-align: center;"> <font style="font-size: 11.0pt; font-weight: bold;">2012</font> </div> </td> <td style="width: 9.35pt;">   </td> <td style="width: 54.0pt;"> <div style="border-bottom: 1pt solid black; text-align: center;"> <font style="font-size: 11.0pt; font-weight: bold;">2011</font> </div> </td> </tr> <tr> <td>   </td> <td>   </td> <td>   </td> <td>   </td> <td>   </td> <td>   </td> <td>   </td> <td>   </td> <td>   </td> </tr> <tr> <td> <div> <font>Rental Income</font> </div> </td> <td> <div style="text-align: right;"> <font style="font-size: 11.0pt;">$</font> </div> </td> <td> <div style="text-align: right;"> <font style="font-size: 11.0pt;">3,630</font> </div> </td> <td> <div style="text-align: right;"> <font style="font-size: 11.0pt;">$</font> </div> </td> <td> <div style="text-align: right;"> <font style="font-size: 11.0pt;">19,535</font> </div> </td> <td> <div style="text-align: right;"> <font style="font-size: 11.0pt;">$</font> </div> </td> <td> <div style="text-align: right;"> <font style="font-size: 11.0pt;">20,100</font> </div> </td> <td> <div style="text-align: right;"> <font style="font-size: 11.0pt;">$</font> </div> </td> <td> <div style="text-align: right;"> <font style="font-size: 11.0pt;">75,531</font> </div> </td> </tr> <tr> <td> <div> <font>Property Management Expenses</font> </div> </td> <td>   </td> <td> <div style="text-align: right;"> <font style="font-size: 11.0pt;">(367)</font> </div> </td> <td>   </td> <td> <div style="text-align: right;"> <font style="font-size: 11.0pt;">(60)</font> </div> </td> <td>   </td> <td> <div style="text-align: right;"> <font style="font-size: 11.0pt;">(1,400)</font> </div> </td> <td>   </td> <td> <div style="text-align: right;"> <font style="font-size: 11.0pt;">(2,226)</font> </div> </td> </tr> <tr> <td> <div> <font>Depreciation</font> </div> </td> <td>   </td> <td> <div style="text-align: right;"> <font style="font-size: 11.0pt;">0</font> </div> </td> <td>   </td> <td> <div style="text-align: right;"> <font style="font-size: 11.0pt;">(130)</font> </div> </td> <td>   </td> <td> <div style="text-align: right;"> <font style="font-size: 11.0pt;">0</font> </div> </td> <td>   </td> <td> <div style="text-align: right;"> <font style="font-size: 11.0pt;">(390)</font> </div> </td> </tr> <tr> <td> <div> <font>Gain on Disposal of Real Estate</font> </div> </td> <td>   </td> <td> <div style="border-bottom: 1pt solid black; text-align: right;"> <font style="font-size: 11.0pt;">23,319</font> </div> </td> <td>   </td> <td> <div style="border-bottom: 1pt solid black; text-align: right;"> <font style="font-size: 11.0pt;">3,210</font> </div> </td> <td>   </td> <td> <div style="border-bottom: 1pt solid black; text-align: right;"> <font style="font-size: 11.0pt;">46,795</font> </div> </td> <td>   </td> <td> <div style="border-bottom: 1pt solid black; text-align: right;"> <font style="font-size: 11.0pt;">369,488</font> </div> </td> </tr> <tr> <td> <div> <font>Income from Discontinued Operations</font> </div> </td> <td> <div style="text-align: right;"> <font style="font-size: 11.0pt;">$</font> </div> </td> <td> <div style="border-bottom: 2pt double black; text-align: right;"> <font style="font-size: 11.0pt;">26,582</font> </div> </td> <td> <div style="text-align: right;"> <font style="font-size: 11.0pt;">$</font> </div> </td> <td> <div style="border-bottom: 2pt double black; text-align: right;"> <font style="font-size: 11.0pt;">22,555</font> </div> </td> <td> <div style="text-align: right;"> <font style="font-size: 11.0pt;">$</font> </div> </td> <td> <div style="border-bottom: 2pt double black; text-align: right;"> <font style="font-size: 11.0pt;">65,495</font> </div> </td> <td> <div style="text-align: right;"> <font style="font-size: 11.0pt;">$</font> </div> </td> <td> <div style="border-bottom: 2pt double black; text-align: right;"> <font style="font-size: 11.0pt;">442,403</font> </div> </td> </tr> </table><br/>

7861

3904

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130129

22095

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23000

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56955 31439 2.49 1.37

Discontinued Operations<br /><table style="border-spacing: 0px; border-collapse: collapse; margin: auto; width: 479.5pt; font-family: Times New Roman; font-size: 12.0pt;"> <tr> <td style="width: 226.8pt;">   </td> <td style="width: 7.2pt;">   </td> <td colspan="3" style="width: 117.35pt;"> <div style="border-bottom: 1pt solid black; text-align: center;"> <font style="font-size: 11.0pt; font-weight: bold;">Three Months Ended September 30</font> </div> </td> <td style="width: 10.8pt;">   </td> <td colspan="3" style="width: 117.35pt;"> <div style="border-bottom: 1pt solid black; text-align: center;"> <font style="font-size: 11.0pt; font-weight: bold;">Nine Months Ended September 30</font> </div> </td> </tr> <tr> <td>   </td> <td>   </td> <td style="width: 54.0pt;"> <div style="border-bottom: 1pt solid black; text-align: center;"> <font style="font-size: 11.0pt; font-weight: bold;">2012</font> </div> </td> <td>   </td> <td style="width: 54.0pt;"> <div style="border-bottom: 1pt solid black; text-align: center;"> <font style="font-size: 11.0pt; font-weight: bold;">2011</font> </div> </td> <td style="width: 10.8pt;">   </td> <td style="width: 54.0pt;"> <div style="border-bottom: 1pt solid black; text-align: center;"> <font style="font-size: 11.0pt; font-weight: bold;">2012</font> </div> </td> <td style="width: 9.35pt;">   </td> <td style="width: 54.0pt;"> <div style="border-bottom: 1pt solid black; text-align: center;"> <font style="font-size: 11.0pt; font-weight: bold;">2011</font> </div> </td> </tr> <tr> <td>   </td> <td>   </td> <td>   </td> <td>   </td> <td>   </td> <td>   </td> <td>   </td> <td>   </td> <td>   </td> </tr> <tr> <td> <div> <font>Rental Income</font> </div> </td> <td> <div style="text-align: right;"> <font style="font-size: 11.0pt;">$</font> </div> </td> <td> <div style="text-align: right;"> <font style="font-size: 11.0pt;">3,630</font> </div> </td> <td> <div style="text-align: right;"> <font style="font-size: 11.0pt;">$</font> </div> </td> <td> <div style="text-align: right;"> <font style="font-size: 11.0pt;">19,535</font> </div> </td> <td> <div style="text-align: right;"> <font style="font-size: 11.0pt;">$</font> </div> </td> <td> <div style="text-align: right;"> <font style="font-size: 11.0pt;">20,100</font> </div> </td> <td> <div style="text-align: right;"> <font style="font-size: 11.0pt;">$</font> </div> </td> <td> <div style="text-align: right;"> <font style="font-size: 11.0pt;">75,531</font> </div> </td> </tr> <tr> <td> <div> <font>Property Management Expenses</font> </div> </td> <td>   </td> <td> <div style="text-align: right;"> <font style="font-size: 11.0pt;">(367)</font> </div> </td> <td>   </td> <td> <div style="text-align: right;"> <font style="font-size: 11.0pt;">(60)</font> </div> </td> <td>   </td> <td> <div style="text-align: right;"> <font style="font-size: 11.0pt;">(1,400)</font> </div> </td> <td>   </td> <td> <div style="text-align: right;"> <font style="font-size: 11.0pt;">(2,226)</font> </div> </td> </tr> <tr> <td> <div> <font>Depreciation</font> </div> </td> <td>   </td> <td> <div style="text-align: right;"> <font style="font-size: 11.0pt;">0</font> </div> </td> <td>   </td> <td> <div style="text-align: right;"> <font style="font-size: 11.0pt;">(130)</font> </div> </td> <td>   </td> <td> <div style="text-align: right;"> <font style="font-size: 11.0pt;">0</font> </div> </td> <td>   </td> <td> <div style="text-align: right;"> <font style="font-size: 11.0pt;">(390)</font> </div> </td> </tr> <tr> <td> <div> <font>Gain on Disposal of Real Estate</font> </div> </td> <td>   </td> <td> <div style="border-bottom: 1pt solid black; text-align: right;"> <font style="font-size: 11.0pt;">23,319</font> </div> </td> <td>   </td> <td> <div style="border-bottom: 1pt solid black; text-align: right;"> <font style="font-size: 11.0pt;">3,210</font> </div> </td> <td>   </td> <td> <div style="border-bottom: 1pt solid black; text-align: right;"> <font style="font-size: 11.0pt;">46,795</font> </div> </td> <td>   </td> <td> <div style="border-bottom: 1pt solid black; text-align: right;"> <font style="font-size: 11.0pt;">369,488</font> </div> </td> </tr> <tr> <td> <div> <font>Income from Discontinued Operations</font> </div> </td> <td> <div style="text-align: right;"> <font style="font-size: 11.0pt;">$</font> </div> </td> <td> <div style="border-bottom: 2pt double black; text-align: right;"> <font style="font-size: 11.0pt;">26,582</font> </div> </td> <td> <div style="text-align: right;"> <font style="font-size: 11.0pt;">$</font> </div> </td> <td> <div style="border-bottom: 2pt double black; text-align: right;"> <font style="font-size: 11.0pt;">22,555</font> </div> </td> <td> <div style="text-align: right;"> <font style="font-size: 11.0pt;">$</font> </div> </td> <td> <div style="border-bottom: 2pt double black; text-align: right;"> <font style="font-size: 11.0pt;">65,495</font> </div> </td> <td> <div style="text-align: right;"> <font style="font-size: 11.0pt;">$</font> </div> </td> <td> <div style="border-bottom: 2pt double black; text-align: right;"> <font style="font-size: 11.0pt;">442,403</font> </div> </td> </tr> </table>

3630

19535

20100

75531

367

1400

2226

130

390

23319

3210

46795

369488

<div style="text-align: justify; font-weight: bold; font-family: Times New Roman; font-size: 12.0pt;"> <font>(7) Fair Value Measurements –</font> </div><br/><div style="text-align: justify; font-family: Times New Roman; font-size: 12.0pt;"> <font>As of September 30, 2012, the Partnership had no assets or liabilities measured at fair value on a recurring basis or nonrecurring basis.</font> </div><br/>