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:  March 31, 2014

Commission File Number:  000-49653

AEI INCOME & GROWTH FUND 24 LLC

(Exact name of registrant as specified in its charter)

State of Delaware	41-1990952
(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 24 LLC

INDEX

				Page
Part I – Financial Information
	Item 1.	Financial Statements:
		Balance Sheet as of March 31, 2014 and December 31, 2013		3
		Statements for the Three Months ended March 31, 2014 and 2013:
			Income	4
			Cash Flows	5
			Changes in Members' Equity	6
		Notes to Financial Statements		7 - 11
	Item 2.	Management's Discussion and Analysis of Financial
			Condition and Results of Operations	12 - 17
	Item 3.	Quantitative and Qualitative Disclosures About Market Risk		18
	Item 4.	Controls and Procedures		18
Part II – Other Information
	Item 1.	Legal Proceedings		18
	Item 1A.	Risk Factors		18
	Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds		19
	Item 3.	Defaults Upon Senior Securities		19
	Item 4.	Mine Safety Disclosures		19
	Item 5.	Other Information		19
	Item 6.	Exhibits		19
Signatures				20

Page 2 of 20

AEI INCOME & GROWTH FUND 24 LLC

BALANCE SHEET

ASSETS

	March 31,			December 31,
	2014			2013
	(unaudited)
Current Assets:
Cash	$	2,473,631		$	2,294,263
Real Estate Held for Investment:
Land		4,874,814			4,874,814
Buildings and Equipment		10,236,613			10,236,613
Acquired Intangible Lease Assets		831,213			831,213
Real Estate Investments, at cost		15,942,640			15,942,640
Accumulated Depreciation and Amortization		(2,429,893	)		(2,305,379	)
Real Estate Held for Investment, Net		13,512,747			13,637,261
Real Estate Held for Sale		0			1,302,233
Equity Method Investment Held for Sale		1,088,311			0
Total Real Estate		14,601,058			14,939,494
Note Receivable, Net		645,224			645,224
Total Assets	$	17,719,913		$	17,878,981

LIABILITIES AND MEMBERS’ EQUITY

Current Liabilities:
Payable to AEI Fund Management, Inc.	$	110,673	$	158,154
Distributions Payable		309,280		460,795
Unearned Rent		17,842		9,058
Total Current Liabilities		437,795		628,007
Members’ Equity:
Managing Members		3,655		6,581
Limited Members – 50,000 Units authorized;    24,368 Units issued and outstanding		17,278,463		17,244,393
Total Members’ Equity		17,282,118		17,250,974
Total Liabilities and Members’ Equity	$	17,719,913	$	17,878,981

The accompanying Notes to Financial Statements are an integral part of this statement.

Page 3 of 20

AEI INCOME & GROWTH FUND 24 LLC

STATEMENT OF INCOME

(unaudited)

	Three Months Ended March 31
	2014		2013
Rental Income	$	296,724	$	276,866
Expenses:
LLC Administration – Affiliates		50,782		50,825
LLC Administration and Property    Management – Unrelated Parties		13,453		10,399
Depreciation and Amortization		116,330		107,773
Total Expenses		180,565		168,997
Operating Income		116,159		107,869
Other Income:
Interest Income		1,624		23,886
Income from Continuing Operations		117,783		131,755
Income from Discontinued Operations		222,641		40,170
Net Income	$	340,424	$	171,925
Net Income Allocated:
Managing Members	$	6,352	$	5,158
Limited Members		334,072		166,767
Total	$	340,424	$	171,925
Income per LLC Unit:
Continuing Operations	$	4.69	$	5.24
Discontinued Operations		9.02		1.60
Total – Basic and Diluted	$	13.71	$	6.84
Weighted Average Units Outstanding –       Basic and Diluted		24,368		24,382

The accompanying Notes to Financial Statements are an integral part of this statement.

Page 4 of 20

AEI INCOME & GROWTH FUND 24 LLC

STATEMENT OF CASH FLOWS

(unaudited)

	Three Months Ended March 31
	2014			2013
Cash Flows from Operating Activities:
Net Income	$	340,424		$	171,925
Adjustments to Reconcile Net Income To Net Cash Provided by Operating Activities:
Depreciation and Amortization		124,514			132,215
Gain on Sale of Real Estate		(176,854	)		0
Income from Equity Method Investment Held for Sale		(23,005	)		0
(Increase) Decrease in Receivables		0			(14,958	)
Increase (Decrease) in Payable to    AEI Fund Management, Inc.		(47,481	)		13,731
Increase (Decrease) in Unearned Rent		8,784			9,455
Total Adjustments		(114,042	)		140,443
Net Cash Provided By    Operating Activities		226,382			312,368
Cash Flows from Investing Activities:
Proceeds from Sale of Real Estate		422,299			0
Cash Paid for Equity Method Investment Held for Sale		(8,518	)		0
Payments Received on Note Receivable		0			4,326
Net Cash Provided By    Investing Activities		413,781			4,326
Cash Flows from Financing Activities:
Distributions Paid to Members		(460,795	)		(612,308	)
Net Increase (Decrease) in Cash		179,368			(295,614	)
Cash, beginning of period		2,294,263			1,777,911
Cash, end of period	$	2,473,631		$	1,482,297
Supplemental Disclosure of Non-Cash Investing Activities:
Contribution of Real Estate in Exchange for    Equity Method Investment	$	1,056,788		$	0

The accompanying Notes to Financial Statements are an integral part of this statement.

Page 5 of 20

AEI INCOME & GROWTH FUND 24 LLC

STATEMENT OF CHANGES IN MEMBERS' EQUITY

(unaudited)

	Managing Members			Limited Members			Total			Limited Member Units Outstanding
Balance, December 31, 2012	$	10,360		$	17,609,257		$	17,619,617			24,381.70
Distributions Declared		(9,278	)		(300,000	)		(309,278	)
Net Income		5,158			166,767			171,925
Balance, March 31, 2013	$	6,240		$	17,476,024		$	17,482,264			24,381.70
Balance, December 31, 2013	$	6,581		$	17,244,393		$	17,250,974			24,367.78
Distributions Declared		(9,278	)		(300,002	)		(309,280	)
Net Income		6,352			334,072			340,424
Balance, March 31, 2014	$	3,655		$	17,278,463		$	17,282,118			24,367.78

The accompanying Notes to Financial Statements are an integral part of this statement.

Page 6 of 20

AEI INCOME & GROWTH FUND 24 LLC

NOTES TO FINANCIAL STATEMENTS

MARCH 31, 2014

(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 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.

(2)  Organization –

AEI Income & Growth Fund 24 LLC (“Company”), a Limited Liability Company, was formed on November 21, 2000 to acquire and lease commercial properties to operating tenants.  The Company's operations are managed by AEI Fund Management XXI, Inc. (“AFM”), the Managing Member.  Robert P. Johnson, the President and sole director of AFM, serves as the Special Managing Member.  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 Company.

The terms of the offering called for a subscription price of $1,000 per LLC Unit, payable on acceptance of the offer.  The Company commenced operations on October 31, 2001 when minimum subscriptions of 1,500 LLC Units ($1,500,000) were accepted.  The offering terminated May 17, 2003 when the extended offering period expired.  The Company received subscriptions for 24,831.283 Units.  Under the terms of the Operating Agreement, the Limited Members and Managing Members contributed funds of $24,831,283 and $1,000, respectively.  The Company shall continue until December 31, 2051, unless dissolved, terminated and liquidated prior to that date.

During operations, any Net Cash Flow, as defined, which the Managing Members determine to distribute will be distributed 97% to the Limited Members and 3% to the Managing Members.  Distributions to Limited Members will be made pro rata by Units.

Any Net Proceeds of Sale, as defined, from the sale or financing of properties which the Managing Members determine to distribute will, after provisions for debts and reserves, be paid in the following manner: (i) first, 99% to the Limited Members and 1% to the Managing Members until the Limited Members receive an amount equal to: (a) their Adjusted Capital Contribution plus (b) an amount equal to 7% 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 Members and 10% to the Managing Members.  Distributions to the Limited Members will be made pro rata by Units.

Page 7 of 20

AEI INCOME & GROWTH FUND 24 LLC

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 97% to the Limited Members and 3% to the Managing Members.  Net losses from operations will be allocated 99% to the Limited Members and 1% to the Managing Members.

For tax purposes, profits arising from the sale, financing, or other disposition of property will be allocated in accordance with the Operating Agreement as follows: (i) first, to those Members with deficit balances in their capital accounts in an amount equal to the sum of such deficit balances; (ii) second, 99% to the Limited Members and 1% to the Managing Members until the aggregate balance in the Limited Members' capital accounts equals the sum of the Limited Members' Adjusted Capital Contributions plus an amount equal to 7% 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 Members and 10% to the Managing Members.  Losses will be allocated 99% to the Limited Members and 1% to the Managing Members.

The Managing Members are not required to currently fund a deficit capital balance.  Upon liquidation of the Company or withdrawal by a Managing Member, the Managing Members will contribute to the Company an amount equal to the lesser of the deficit balances in their capital accounts or 1.01% of the total capital contributions of the Limited Members over the amount previously contributed by the Managing Members.

(3) Recently Adopted Accounting Standards -

In April 2014, the FASB issued ASU No. 2014-08, “Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360) Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity.”  This topic amends the requirements for reporting discontinued operations.  The disposal of a component must represent a strategic shift that will have a major effect on the Company’s operations and financial results in order to be reported as discontinued operations, and require certain additional interim and annual disclosures.  The amendments in this ASU are effective for reporting periods beginning after December 15, 2014 with early adoption permitted.  The Company has early adopted this standard effective January 1, 2014 and has applied the provisions prospectively.  As a result, the Company anticipates that properties will not be considered discontinued operations when the properties are sold after January 1, 2014, with the exception of properties that were classified as Real Estate Held for Sale at December 31, 2013.

(4)  Reclassification –

Certain items related to discontinued operations in the prior year’s financial statements have been reclassified to conform to 2014 presentation.  These reclassifications had no effect on Members’ equity, net income or cash flows.

Page 8 of 20

AEI INCOME & GROWTH FUND 24 LLC

NOTES TO FINANCIAL STATEMENTS

(Continued)

(5) Real Estate Held for Investment –

On June 12, 2013, the Company purchased a 27% interest in a PetSmart store in Gonzales, Louisiana for $842,400.  The Company allocated $184,279 of the purchase price to Acquired Intangible Lease Assets, representing in-place lease intangibles of $115,022 and above-market lease intangibles of $69,257. The Company incurred $19,945 of acquisition expenses related to the purchase that were expensed.  The property is leased to PetSmart, Inc. under a Lease Agreement with a remaining primary term of 9.6 years (as of the date of purchase) and annual rent of $63,186 for the interest purchased.  The remaining interest in the property was purchased by AEI Income & Growth Fund 25 LLC.

(6) Equity Method Investment Held for Sale –

In the fourth quarter of 2013, the Company decided to sell its 14% interest in the CarMax Auto Superstore in Lithia Springs, Georgia.  The remaining interests in the property are owned by three affiliated entities, AEI Income & Growth Fund XXI Limited Partnership, AEI Income & Growth Fund 25 LLC and AEI Private Net Lease Millennium Fund Limited Partnership.  On March 7, 2014, to facilitate the sale of the property, the Company and affiliated entities contributed their respective interests in the property via a limited liability company to CM Lithia Springs DST (“CMLS”), a Delaware statutory trust (“DST”), in exchange for Class B ownership interests in CMLS.  In addition, a small amount of cash was contributed for working capital.  A DST is a recognized mechanism for selling property to investors who are looking for replacement real estate to complete like-kind exchanges under Section 1031 of the Internal Revenue Code.  As investors purchase Class A ownership interests in CMLS, the proceeds received will be used to redeem, on a one-for-one basis, the Class B ownership interests of the Company and affiliated entities.

The investment in CMLS is recorded using the equity method of accounting in the accompanying financial statements.  Under the equity method, the investment in CMLS is stated at cost and adjusted for the Company’s share of net income or losses and reduced by distributions received by the Company.  As of March 31, 2014, the investment balance consists of the following:

Real Estate Contributed	$	1,056,788
Cash Contributed		8,518
Net Income		23,005
Distributions Received		0
Equity Method Investment Held for Sale	$	1,088,311

Page 9 of 20

AEI INCOME & GROWTH FUND 24 LLC

NOTES TO FINANCIAL STATEMENTS

(Continued)

(7)  Note Receivable –

On May 19, 2010, as a result of the sale of the Johnny Carino’s restaurant in Littleton, Colorado, the Company received a Note with a principal balance of $1,361,730 as a lease settlement payment from Fired Up, Inc., the parent company of the tenant and guarantor of the Lease.  The Note bears interest at a 7% rate.  The Note requires interest only quarterly payments of $23,830 for two years and monthly payments of principal and interest of $12,242 for the next three years. A balloon payment for the outstanding principal is due on May 19, 2015.

Based on a review of Fired Up’s payment history during the first quarter of 2013 and continued monitoring of its financial condition, the Company recorded an allowance for doubtful accounts against the Note Receivable.  As a result, a bad debt expense of $330,000 was recognized in the fourth quarter of 2012.  Subsequently, Fired Up stopped making payments in October 2013.  As a result, an additional bad debt expense of $315,000 was recognized in the fourth quarter of 2013.  On March 27, 2014, Fired Up filed for Chapter 11 bankruptcy reorganization.  As of the date of the bankruptcy filing, Fired Up owed $46,314 of past due interest, which was not accrued for financial reporting purposes.  The Company will continue to monitor the situation and work with Fired Up through the bankruptcy process towards a solution.  At March 31, 2014 and December 31, 2013, the outstanding principal balance due on the Note, net of the allowance for doubtful accounts, was $645,224.

(8)  Payable to AEI Fund Management, Inc. –

AEI Fund Management, Inc. performs the administrative and operating functions for the Company.  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.

(9)  Discontinued Operations –

During 2013, the Company sold 43.3937% of the Applebee’s restaurant in Sandusky, Ohio, in eight separate transactions, to unrelated third parties.  The Company received total net sale proceeds of $1,593,739, which resulted in a net gain of $676,070.  The cost and related accumulated depreciation of the interests sold was $1,231,805 and $314,136, respectively.

During the first three months of 2014, the Company sold its remaining 11.6063% interest in the Applebee’s restaurant in Sandusky, Ohio, in two separate transactions, to unrelated third parties.  The Company received total net sale proceeds of $422,299, which resulted in a net gain of $176,854.  The cost and related accumulated depreciation of the interests sold was $329,466 and $84,021, respectively.  At December 31, 2013, the property was classified as Real Estate Held for Sale with a carrying value of $245,445.

Page 10 of 20

AEI INCOME & GROWTH FUND 24 LLC

NOTES TO FINANCIAL STATEMENTS

(Continued)

(9)  Discontinued Operations – (Continued)

In the fourth quarter of 2013, the Company decided to sell its 14% interest in the CarMax Auto Superstore in Lithia Springs, Georgia.  On March 7, 2014, to facilitate the sale of the property, the Company contributed its interest in the property via a limited liability company to CM Lithia Springs DST as described in Note 6.  At December 31, 2013, the property was classified as Real Estate Held for Sale with a carrying value of $1,056,788.

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:

		2014		2013
Rental Income	$	22,782	$	58,235
Depreciation		0		(18,065)
Income from Equity Method Investment Held for Sale		23,005		0
Gain on Disposal of Real Estate		176,854		0
Income from Discontinued Operations	$	222,641	$	40,170

		2014		2013
Cash Flows from Discontinued Operations:
Operating Activities	$	22,782	$	58,235
Investing Activities	$	413,781	$	0

(10)  Fair Value Measurements –

As of March 31, 2014 and December 31, 2013, the Company had no assets or liabilities measured at fair value on a recurring basis or nonrecurring basis.

Page 11 of 20

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 Company’s financial condition and results of operations, including the following:

— Market and economic conditions which affect the value of the properties the Company 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 Members;

— resolution by the Managing Members of conflicts with which they may be confronted;

— the success of the Managing Members 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 Company operate.

Application of Critical Accounting Policies

The Company’s financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (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 Company’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 Company’s assets and liabilities, or the results of reported operations, will be affected if management’s estimates or assumptions prove inaccurate.

Management of the Company 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 the managing member of the Company.

Allocation of Purchase Price of Acquired Properties

Upon acquisition of real properties, the Company 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 12 of 20

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 term of the respective leases.  Below market leases will be amortized as an adjustment of rental income over the remaining terms 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 Company tests long-lived assets for recoverability when events or changes in circumstances indicate that the carrying value may not be recoverable.  For properties the Company 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 13 of 20

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 Company reimburses these expenses subject to detailed limitations contained in the Operating Agreement.

Results of Operations

For the three months ended March 31, 2014 and 2013, the Company recognized rental income from continuing operations of $296,724 and $276,866, respectively.  In 2014, rental income increased due to additional rent received from one property acquisition in 2013 and rent increases on three properties.  Based on the scheduled rent for the properties owned as of April 30, 2014, the Company expects to recognize rental income from continuing operations of approximately $1,195,000 in 2014.

For the three months ended March 31, 2014 and 2013, the Company incurred LLC administration expenses from affiliated parties of $50,782 and $50,825, respectively.  These administration expenses include costs associated with the management of the properties, processing distributions, reporting requirements and communicating with the Limited Members.  During the same periods, the Company incurred LLC administration and property management expenses from unrelated parties of $13,453 and $10,399, 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.

On May 19, 2010, as a result of the sale of the Johnny Carino’s restaurant in Littleton, Colorado, the Company received a Note with a principal balance of $1,361,730 as a lease settlement payment from Fired Up, Inc., the parent company of the tenant and guarantor of the Lease.  Based on a review of Fired Up’s payment history during the first quarter of 2013 and continued monitoring of its financial condition, the Company recorded an allowance for doubtful accounts against the Note Receivable.  As a result, a bad debt expense of $330,000 was recognized in the fourth quarter of 2012.  Subsequently, Fired Up stopped making payments in October 2013.  As a result, an additional bad debt expense of $315,000 was recognized in the fourth quarter of 2013.  On March 27, 2014, Fired Up filed for Chapter 11 bankruptcy reorganization.  As of the date of the bankruptcy filing, Fired Up owed $46,314 of past due interest, which was not accrued for financial reporting purposes.  The Company will continue to monitor the situation and work with Fired Up through the bankruptcy process towards a solution.  At March 31, 2014 and December 31, 2013, the outstanding principal balance due on the Note, net of the allowance for doubtful accounts, was $645,224.

For the three months ended March 31, 2014 and 2013, the Company recognized interest income of $1,624 and $23,886, respectively.  In 2014, interest income decreased mainly because the Company stopped recognizing interest on the Note from Fired Up after Fired Up stopped making payments on its Note in October 2013.

Page 14 of 20

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

In April 2014, the FASB issued ASU No. 2014-08, “Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360) Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity.”  This topic amends the requirements for reporting discontinued operations.  The Company has early adopted this standard effective January 1, 2014 and has applied the provisions prospectively.  As a result, the Company anticipates that properties will not be considered discontinued operations when the properties are sold after January 1, 2014, with the exception of properties that were classified as Real Estate Held for Sale at December 31, 2013.

Prior to January 1, 2014, upon complete disposal of a property or classification of a property as Real Estate Held for Sale, the Company included the operating results and sale of the property in discontinued operations.  In addition, the Company reclassified the prior periods’ operating results of the property to discontinued operations.  For the three months ended March 31, 2014, the Company recognized income from discontinued operations of $222,641, representing rental income of $22,782, income from an equity method investment held for sale of $23,005, and gain on disposal of real estate of $176,854.  For the three months ended March 31, 2013, the Company recognized income from discontinued operations of $40,170, representing rental income less depreciation.

During 2013, the Company sold 43.3937% of the Applebee’s restaurant in Sandusky, Ohio, in eight separate transactions, to unrelated third parties.  The Company received total net sale proceeds of $1,593,739, which resulted in a net gain of $676,070.  The cost and related accumulated depreciation of the interests sold was $1,231,805 and $314,136, respectively.

During the first three months of 2014, the Company sold its remaining 11.6063% interest in the Applebee’s restaurant in Sandusky, Ohio, in two separate transactions, to unrelated third parties.  The Company received total net sale proceeds of $422,299, which resulted in a net gain of $176,854.  The cost and related accumulated depreciation of the interests sold was $329,466 and $84,021, respectively.  At December 31, 2013, the property was classified as Real Estate Held for Sale with a carrying value of $245,445.

In the fourth quarter of 2013, the Company decided to sell its 14% interest in the CarMax Auto Superstore in Lithia Springs, Georgia.  The remaining interests in the property are owned by three affiliated entities, AEI Income & Growth Fund XXI Limited Partnership, AEI Income & Growth Fund 25 LLC and AEI Private Net Lease Millennium Fund Limited Partnership.  On March 7, 2014, to facilitate the sale of the property, the Company and affiliated entities contributed their respective interests in the property via a limited liability company to CM Lithia Springs DST (“CMLS”), a Delaware statutory trust (“DST”), in exchange for Class B ownership interests in CMLS.  In addition, a small amount of cash was contributed for working capital.  A DST is a recognized mechanism for selling property to investors who are looking for replacement real estate to complete like-kind exchanges under Section 1031 of the Internal Revenue Code.  As investors purchase Class A ownership interests in CMLS, the proceeds received will be used to redeem, on a one-for-one basis, the Class B ownership interests of the Company and affiliated entities.  At December 31, 2013, the property was classified as Real Estate Held for Sale with a carrying value of $1,056,788.

Page 15 of 20

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

The investment in CMLS is recorded using the equity method of accounting in the accompanying financial statements.  Under the equity method, the investment in CMLS is stated at cost and adjusted for the Company’s share of net income or losses and reduced by distributions received by the Company.

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 three months ended March 31, 2014, the Company's cash balances increased $179,368 as a result of cash generated from the sale of property, which was partially offset by distributions paid to the Members in excess of cash generated from operating activities.  During the three months ended March 31, 2013, the Company's cash balances decreased $295,614 as a result of distributions paid to the Members in excess of cash generated from operating and investing activities.

Net cash provided by operating activities decreased from $312,368 in 2013 to $226,382 in 2014 as a result of a decrease in total rental and interest income in 2014, an increase in LLC administration and property management expenses in 2014, and net timing differences in the collection of payments from the tenants and the payment of expenses.

The major components of the Company's cash flow from investing activities are investments in real estate and proceeds from the sale of real estate.  During the three months ended March 31, 2014, the Company generated cash flow from the sale of real estate of $422,299, and paid cash for an equity method investment held for sale of $8,518.

On June 12, 2013, the Company purchased a 27% interest in a PetSmart store in Gonzales, Louisiana for $842,400.  The property is leased to PetSmart, Inc. under a Lease Agreement with a remaining primary term of 9.6 years (as of the date of purchase) and annual rent of $63,186 for the interest purchased.  The remaining interest in the property was purchased by AEI Income & Growth Fund 25 LLC.

The Company's primary use of cash flow, other than investment in real estate, is distribution and redemption payments to Members.  The Company 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 Company attempts to maintain a stable distribution rate from quarter to quarter.  Redemption payments are paid to redeeming Members on a semi-annual basis.

Page 16 of 20

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

For the three months ended March 31, 2014 and 2013, the Company declared distributions of $309,280 and $309,278, respectively.  Pursuant to the Operating Agreement, distributions of Net Cash Flow were allocated 97% to the Limited Members and 3% to the Managing Members.  Distributions of Net Proceeds of Sale were allocated 99% to the Limited Members and 1% to the Managing Members.  The Limited Members received distributions of $300,002 and $300,000 and the Managing Members received distributions of $9,278 and $9,278 for the periods, respectively.

In December 2013, the Company declared a special distribution of net sale proceeds of $151,515, which resulted in a higher distributions payable at December 31, 2013.  The Limited Members received distributions of $150,000 and the Managing Members received distributions of $1,515.  The Limited Members’ distributions represented $6.16 per Unit for the period.  The Company anticipates the remaining net sale proceeds will either be reinvested in additional property or distributed to the Members in the future.

The Company may acquire Units from Limited Members who have tendered their Units to the Company.  Such Units may be acquired at a discount.  The Company 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 Operating Agreement), would exceed 2% of the total number of Units outstanding on January 1 of such year.  In no event shall the Company be obligated to purchase Units if, in the sole discretion of the Managing Member, such purchase would impair the capital or operation of the Company.  During the three months ended March 31, 2014 and 2013, the Company did not redeem any Units from the Limited Members.

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

The Economy and Market Conditions

The impact of conditions in the economy over the last several years, including the turmoil in the credit markets, has adversely affected many real estate investment funds.  However, the absence of mortgage financing on the Company’s properties eliminates the risks of foreclosure and debt-refinancing that can negatively impact the value and distributions of leveraged real estate investment funds.  Nevertheless, a prolonged economic downturn may adversely affect the operations of the Company’s tenants and their cash flows.  If a tenant were to default on its lease obligations, the Company’s income would decrease, its distributions would likely be reduced and the value of its properties might decline.

Off-Balance Sheet Arrangements

As of March 31, 2014 and December 31, 2013, the Company 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.

Page 17 of 20

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 Member of the Company 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 Member 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 Member, 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 Company is a party or of which the Company's property is subject.

ITEM 1A.  RISK FACTORS.

Not required for a smaller reporting company.

Page 18 of 20

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

(a) None.

(b) Not applicable.

(c) Pursuant to Section 7.7 of the Operating Agreement, each Limited Member has the right to present Units to the Company for purchase by submitting notice to the Managing Member during January or July of each year.  The purchase price of the Units is equal to 80% 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 Member in accordance with the provisions of the Operating Agreement.  Units tendered to the Company during January and July are redeemed on April 1st and October 1st, respectively, of each year subject to the following limitations.  The Company 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 Operating Agreement), would exceed 2% of the total number of Units outstanding on January 1 of such year.  In no event shall the Company be obligated to purchase Units if, in the sole discretion of the Managing Member, such purchase would impair the capital or operation of the Company.  During the period covered by this report, the Company 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 Managing Member 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 Managing Member 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 Managing Member pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

Page 19 of 20

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:  May 14, 2014	AEI Income & Growth Fund 24 LLC
	By:	AEI Fund Management XXI, Inc.
	Its:	Managing Member
	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 20 of 20

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 24 LLC;

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:  May 14, 2014	/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 24 LLC;

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:  May 14, 2014	/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 24 LLC (the “Company”) on Form 10-Q for the period ended March 31, 2014, 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 Member of the Company, 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 Company.

  /s/ ROBERT P JOHNSON

Robert P. Johnson, President

AEI Fund Management XXI, Inc.

Managing General Partner

May 14, 2014

  /s/ PATRICK W KEENE

Patrick W. Keene, Chief Financial Officer

AEI Fund Management XXI, Inc.

Managing General Partner

May 14, 2014

XML

Discontinued Operations (Details) (USD $)	3 Months Ended	12 Months Ended
	Mar. 31, 2014	Dec. 31, 2013
Applebees Sandusky OH
Discontinued Operations (Details) [Line Items]
Significant Acquisitions and Disposals, Acquisition Costs or Sale Proceeds	$ 422,299	$ 1,593,739
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax	176,854	676,070
SEC Schedule III, Real Estate, Cost of Real Estate Sold	329,466	1,231,805
SEC Schedule III, Real Estate Accumulated Depreciation, Real Estate Sold	84,021	314,136
CarMax Auto Superstore Lithia Springs GA
Discontinued Operations (Details) [Line Items]
Real Estate Held-for-sale		$ 1,056,788

XML

Recently Adopted Accounting Standards

3 Months Ended

Mar. 31, 2014

Disclosure Text Block Supplement [Abstract]

Accounting Changes [Text Block]

(3) Recently Adopted Accounting Standards -

In April 2014, the FASB issued ASU No. 2014-08, “Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360) Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity.” This topic amends the requirements for reporting discontinued operations. The disposal of a component must represent a strategic shift that will have a major effect on the Company’s operations and financial results in order to be reported as discontinued operations, and require certain additional interim and annual disclosures. The amendments in this ASU are effective for reporting periods beginning after December 15, 2014 with early adoption permitted. The Company has early adopted this standard effective January 1, 2014 and has applied the provisions prospectively. As a result, the Company anticipates that properties will not be considered discontinued operations when the properties are sold after January 1, 2014, with the exception of properties that were classified as Real Estate Held for Sale at December 31, 2013.

XML

Organization

3 Months Ended

Mar. 31, 2014

Accounting Policies [Abstract]

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

(2)  Organization –

AEI Income & Growth Fund 24 LLC (“Company”), a Limited Liability Company, was formed on November 21, 2000 to acquire and lease commercial properties to operating tenants. The Company's operations are managed by AEI Fund Management XXI, Inc. (“AFM”), the Managing Member. Robert P. Johnson, the President and sole director of AFM, serves as the Special Managing Member. 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 Company.

The terms of the offering called for a subscription price of $1,000 per LLC Unit, payable on acceptance of the offer. The Company commenced operations on October 31, 2001 when minimum subscriptions of 1,500 LLC Units ($1,500,000) were accepted. The offering terminated May 17, 2003 when the extended offering period expired. The Company received subscriptions for 24,831.283 Units. Under the terms of the Operating Agreement, the Limited Members and Managing Members contributed funds of $24,831,283 and $1,000, respectively. The Company shall continue until December 31, 2051, unless dissolved, terminated and liquidated prior to that date.

During operations, any Net Cash Flow, as defined, which the Managing Members determine to distribute will be distributed 97% to the Limited Members and 3% to the Managing Members. Distributions to Limited Members will be made pro rata by Units.

Any Net Proceeds of Sale, as defined, from the sale or financing of properties which the Managing Members determine to distribute will, after provisions for debts and reserves, be paid in the following manner: (i) first, 99% to the Limited Members and 1% to the Managing Members until the Limited Members receive an amount equal to: (a) their Adjusted Capital Contribution plus (b) an amount equal to 7% 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 Members and 10% to the Managing Members. Distributions to the Limited Members 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 97% to the Limited Members and 3% to the Managing Members. Net losses from operations will be allocated 99% to the Limited Members and 1% to the Managing Members.

For tax purposes, profits arising from the sale, financing, or other disposition of property will be allocated in accordance with the Operating Agreement as follows: (i) first, to those Members with deficit balances in their capital accounts in an amount equal to the sum of such deficit balances; (ii) second, 99% to the Limited Members and 1% to the Managing Members until the aggregate balance in the Limited Members' capital accounts equals the sum of the Limited Members' Adjusted Capital Contributions plus an amount equal to 7% 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 Members and 10% to the Managing Members. Losses will be allocated 99% to the Limited Members and 1% to the Managing Members.

The Managing Members are not required to currently fund a deficit capital balance. Upon liquidation of the Company or withdrawal by a Managing Member, the Managing Members will contribute to the Company an amount equal to the lesser of the deficit balances in their capital accounts or 1.01% of the total capital contributions of the Limited Members over the amount previously contributed by the Managing Members.

XML

Balance Sheet (USD $)	Mar. 31, 2014	Dec. 31, 2013
Current Assets:
Cash	$ 2,473,631	$ 2,294,263
Real Estate Held for Investment:
Land	4,874,814	4,874,814
Buildings and Equipment	10,236,613	10,236,613
Acquired Intangible Lease Assets	831,213	831,213
Real Estate Investments, at cost	15,942,640	15,942,640
Accumulated Depreciation and Amortization	2,429,893	2,305,379
Real Estate Held for Investment, Net	13,512,747	13,637,261
Real Estate Held for Sale	0	1,302,233
Equity Method Investment Held for Sale	1,088,311	0
Total Real Estate	14,601,058	14,939,494
Note Receivable, Net	645,224	645,224
Total Assets	17,719,913	17,878,981
Current Liabilities:
Payable to AEI Fund Management, Inc.	110,673	158,154
Distributions Payable	309,280	460,795
Unearned Rent	17,842	9,058
Total Current Liabilities	437,795	628,007
Members’ Equity:
Managing Members	3,655	6,581
Limited Members – 50,000 Units authorized; 24,368 Units issued and outstanding	17,278,463	17,244,393
Total Members’ Equity	17,282,118	17,250,974
Total Liabilities and Members’ Equity	$ 17,719,913	$ 17,878,981

XML

Statement of Changes in Members' Equity (USD $)	Managing Member [Member]	Limited Member [Member]	Total
Balance at Dec. 31, 2012	$ 10,360	$ 17,609,257	$ 17,619,617
Balance (in Shares) at Dec. 31, 2012		24,381.70
Balance (in Shares)		24,381.70
Distributions Declared	9,278	300,000	309,278
Net Income	5,158	166,767	171,925
Balance at Mar. 31, 2013	6,240	17,476,024	17,482,264
Balance at Dec. 31, 2013	6,581	17,244,393	17,250,974
Balance (in Shares) at Dec. 31, 2013		24,367.78
Balance (in Shares)		24,367.78
Distributions Declared	9,278	300,002	309,280
Net Income	6,352	334,072	340,424
Balance at Mar. 31, 2014	$ 3,655	$ 17,278,463	$ 17,282,118

XML

Equity Method Investment Held for Sale (Details) (CM Lithia Springs DST)	Mar. 07, 2014
CM Lithia Springs DST
Equity Method Investment Held for Sale (Details) [Line Items]
Equity Method Investment, Ownership Percentage	14.00%

XML

Note Receivable (Details) (USD $)	3 Months Ended	12 Months Ended	24 Months Ended	36 Months Ended	46 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	May 19, 2012	May 19, 2015	Mar. 31, 2014	Mar. 07, 2014	May 19, 2010
Receivables [Abstract]
Loans and Leases Receivable, Gross, Other							$ 1,361,730
Interest Rate on Note Receivable					7.00%
Interest-only quarterly collection of note receivable			23,830
Principal and Interest Collection of Note Receivable				12,242
Provision for Doubtful Accounts	315,000	330,000
Interest Receivable						46,314
Loans and Leases Receivable, Net Amount					$ 645,224

XML

Basis of Accounting

3 Months Ended

Mar. 31, 2014

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 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.

XML

Balance Sheet (Parentheticals)(Limited Partner [Member])	Mar. 31, 2014	Dec. 31, 2013
Limited Members, units authorized	50,000	50,000
Limited Members, units issued	24,368	24,368
Limited Members, units outstanding	24,368	24,368

XML

Accounting Policies, by Policy (Policies)	3 Months Ended
	Mar. 31, 2014
Accounting Policies [Abstract]
Distribution Policy, Members or Limited Partners, Description	During operations, any Net Cash Flow, as defined, which the Managing Members determine to distribute will be distributed 97% to the Limited Members and 3% to the Managing Members. Distributions to Limited Members will be made pro rata by Units.Any Net Proceeds of Sale, as defined, from the sale or financing of properties which the Managing Members determine to distribute will, after provisions for debts and reserves, be paid in the following manner: (i) first, 99% to the Limited Members and 1% to the Managing Members until the Limited Members receive an amount equal to: (a) their Adjusted Capital Contribution plus (b) an amount equal to 7% 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 Members and 10% to the Managing Members. Distributions to the Limited Members 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 97% to the Limited Members and 3% to the Managing Members. Net losses from operations will be allocated 99% to the Limited Members and 1% to the Managing Members.For tax purposes, profits arising from the sale, financing, or other disposition of property will be allocated in accordance with the Operating Agreement as follows: (i) first, to those Members with deficit balances in their capital accounts in an amount equal to the sum of such deficit balances; (ii) second, 99% to the Limited Members and 1% to the Managing Members until the aggregate balance in the Limited Members' capital accounts equals the sum of the Limited Members' Adjusted Capital Contributions plus an amount equal to 7% 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 Members and 10% to the Managing Members. Losses will be allocated 99% to the Limited Members and 1% to the Managing Members.The Managing Members are not required to currently fund a deficit capital balance. Upon liquidation of the Company or withdrawal by a Managing Member, the Managing Members will contribute to the Company an amount equal to the lesser of the deficit balances in their capital accounts or 1.01% of the total capital contributions of the Limited Members over the amount previously contributed by the Managing Members.

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Document And Entity Information (USD $)	3 Months Ended
	Mar. 31, 2014
Document and Entity Information [Abstract]
Entity Registrant Name	AEI Income & Growth Fund 24 LLC
Document Type	10-Q
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding	24,368
Entity Public Float	$ 0
Amendment Flag	false
Entity Central Index Key	0001130758
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, 2014
Document Fiscal Year Focus	2014
Document Fiscal Period Focus	Q1

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Equity Method Investment Held for Sale (Tables) (CM Lithia Springs DST)

3 Months Ended

Mar. 31, 2014

CM Lithia Springs DST

Equity Method Investment Held for Sale (Tables) [Line Items]

Equity Method Investments [Table Text Block]

Equity Method Investment Held for Sale

Real Estate Contributed	$	1,056,788
Cash Contributed		8,518
Net Income		23,005
Distributions Received		0
Equity Method Investment Held for Sale	$	1,088,311

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Statement of Income (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Rental Income	$ 296,724	$ 276,866
Expenses:
LLC Administration – Affiliates	50,782	50,825
LLC Administration and Property Management – Unrelated Parties	13,453	10,399
Depreciation and Amortization	116,330	107,773
Total Expenses	180,565	168,997
Operating Income	116,159	107,869
Other Income:
Interest Income	1,624	23,886
Income from Continuing Operations	117,783	131,755
Income from Discontinued Operations	222,641	40,170
Net Income	340,424	171,925
Net Income Allocated:
Managing Members	6,352	5,158
Limited Members	$ 334,072	$ 166,767
Income per LLC Unit:
Continuing Operations (in Dollars per share)	$ 4.69	$ 5.24
Discontinued Operations (in Dollars per share)	$ 9.02	$ 1.60
Total – Basic and Diluted (in Dollars per share)	$ 13.71	$ 6.84
Weighted Average Units Outstanding – Basic and Diluted (in Shares)	24,368	24,382

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Equity Method Investment Held for Sale

3 Months Ended

Mar. 31, 2014

Policy Text Block [Abstract]

Equity Method Investments, Policy [Policy Text Block]

(6) Equity Method Investment Held for Sale –

In the fourth quarter of 2013, the Company decided to sell its 14% interest in the CarMax Auto Superstore in Lithia Springs, Georgia. The remaining interests in the property are owned by three affiliated entities, AEI Income & Growth Fund XXI Limited Partnership, AEI Income & Growth Fund 25 LLC and AEI Private Net Lease Millennium Fund Limited Partnership. On March 7, 2014, to facilitate the sale of the property, the Company and affiliated entities contributed their respective interests in the property via a limited liability company to CM Lithia Springs DST (“CMLS”), a Delaware statutory trust (“DST”), in exchange for Class B ownership interests in CMLS. In addition, a small amount of cash was contributed for working capital. A DST is a recognized mechanism for selling property to investors who are looking for replacement real estate to complete like-kind exchanges under Section 1031 of the Internal Revenue Code. As investors purchase Class A ownership interests in CMLS, the proceeds received will be used to redeem, on a one-for-one basis, the Class B ownership interests of the Company and affiliated entities.

The investment in CMLS is recorded using the equity method of accounting in the accompanying financial statements. Under the equity method, the investment in CMLS is stated at cost and adjusted for the Company’s share of net income or losses and reduced by distributions received by the Company. As of March 31, 2014, the investment balance consists of the following:

Real Estate Contributed	$	1,056,788
Cash Contributed		8,518
Net Income		23,005
Distributions Received		0
Equity Method Investment Held for Sale	$	1,088,311

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Real Estate Held for Investment

3 Months Ended

Mar. 31, 2014

Real Estate [Abstract]

Real Estate Disclosure [Text Block]

(5) Real Estate Held for Investment –

On June 12, 2013, the Company purchased a 27% interest in a PetSmart store in Gonzales, Louisiana for $842,400. The Company allocated $184,279 of the purchase price to Acquired Intangible Lease Assets, representing in-place lease intangibles of $115,022 and above-market lease intangibles of $69,257. The Company incurred $19,945 of acquisition expenses related to the purchase that were expensed. The property is leased to PetSmart, Inc. under a Lease Agreement with a remaining primary term of 9.6 years (as of the date of purchase) and annual rent of $63,186 for the interest purchased. The remaining interest in the property was purchased by AEI Income & Growth Fund 25 LLC.

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Equity Method Investment Held for Sale (Details) - Equity Method Investment Held for Sale (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013
Equity Method Investment Held for Sale [Abstract]
Real Estate Contributed	$ 1,056,788	$ 0
Cash Contributed	8,518
Net Income	23,005	0
Distributions Received	0
Equity Method Investment Held for Sale	$ 1,088,311		$ 0

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Discontinued Operations (Tables)

3 Months Ended

Mar. 31, 2014

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block]

Discontinued Operations

		2014		2013
Rental Income	$	22,782	$	58,235
Depreciation		0		(18,065)
Income from Equity Method Investment Held for Sale		23,005		0
Gain on Disposal of Real Estate		176,854		0
Income from Discontinued Operations	$	222,641	$	40,170

Cash Flow, Supplemental Disclosures [Text Block]

Cash Flows from Discontinued Operations

		2014		2013
Cash Flows from Discontinued Operations:
Operating Activities	$	22,782	$	58,235
Investing Activities	$	413,781	$	0

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Discontinued Operations

3 Months Ended

Mar. 31, 2014

Discontinued Operations and Disposal Groups [Abstract]

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

(9)  Discontinued Operations –

During 2013, the Company sold 43.3937% of the Applebee’s restaurant in Sandusky, Ohio, in eight separate transactions, to unrelated third parties. The Company received total net sale proceeds of $1,593,739, which resulted in a net gain of $676,070. The cost and related accumulated depreciation of the interests sold was $1,231,805 and $314,136, respectively.

During the first three months of 2014, the Company sold its remaining 11.6063% interest in the Applebee’s restaurant in Sandusky, Ohio, in two separate transactions, to unrelated third parties. The Company received total net sale proceeds of $422,299, which resulted in a net gain of $176,854. The cost and related accumulated depreciation of the interests sold was $329,466 and $84,021, respectively. At December 31, 2013, the property was classified as Real Estate Held for Sale with a carrying value of $245,445.

In the fourth quarter of 2013, the Company decided to sell its 14% interest in the CarMax Auto Superstore in Lithia Springs, Georgia. On March 7, 2014, to facilitate the sale of the property, the Company contributed its interest in the property via a limited liability company to CM Lithia Springs DST as described in Note 6. At December 31, 2013, the property was classified as Real Estate Held for Sale with a carrying value of $1,056,788.

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:

		2014		2013
Rental Income	$	22,782	$	58,235
Depreciation		0		(18,065)
Income from Equity Method Investment Held for Sale		23,005		0
Gain on Disposal of Real Estate		176,854		0
Income from Discontinued Operations	$	222,641	$	40,170

		2014		2013
Cash Flows from Discontinued Operations:
Operating Activities	$	22,782	$	58,235
Investing Activities	$	413,781	$	0

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Note Receivable

3 Months Ended

Mar. 31, 2014

Receivables [Abstract]

Loans, Notes, Trade and Other Receivables Disclosure [Text Block]

(7) Note Receivable –

On May 19, 2010, as a result of the sale of the Johnny Carino’s restaurant in Littleton, Colorado, the Company received a Note with a principal balance of $1,361,730 as a lease settlement payment from Fired Up, Inc., the parent company of the tenant and guarantor of the Lease. The Note bears interest at a 7% rate. The Note requires interest only quarterly payments of $23,830 for two years and monthly payments of principal and interest of $12,242 for the next three years. A balloon payment for the outstanding principal is due on May 19, 2015.

Based on a review of Fired Up’s payment history during the first quarter of 2013 and continued monitoring of its financial condition, the Company recorded an allowance for doubtful accounts against the Note Receivable. As a result, a bad debt expense of $330,000 was recognized in the fourth quarter of 2012. Subsequently, Fired Up stopped making payments in October 2013. As a result, an additional bad debt expense of $315,000 was recognized in the fourth quarter of 2013. On March 27, 2014, Fired Up filed for Chapter 11 bankruptcy reorganization. As of the date of the bankruptcy filing, Fired Up owed $46,314 of past due interest, which was not accrued for financial reporting purposes. The Company will continue to monitor the situation and work with Fired Up through the bankruptcy process towards a solution. At March 31, 2014 and December 31, 2013, the outstanding principal balance due on the Note, net of the allowance for doubtful accounts, was $645,224.

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Payable to AEI Fund Management, Inc.

3 Months Ended

Mar. 31, 2014

Payables and Accruals [Abstract]

Accounts Payable and Accrued Liabilities Disclosure [Text Block]

(8)  Payable to AEI Fund Management, Inc. –

AEI Fund Management, Inc. performs the administrative and operating functions for the Company. 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.

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Fair Value Measurements

3 Months Ended

Mar. 31, 2014

Fair Value Disclosures [Abstract]

Fair Value Disclosures [Text Block]

(10)  Fair Value Measurements –

As of March 31, 2014 and December 31, 2013, the Company had no assets or liabilities measured at fair value on a recurring basis or nonrecurring basis.

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Real Estate Held for Investment (Details) (USD $)	12 Months Ended	0 Months Ended
	Jun. 12, 2014	Jun. 12, 2013 Petsmart Gonzales LA
Real Estate Held for Investment (Details) [Line Items]
Business Acquisition, Effective Date of Acquisition		Jun. 12, 2013
Business Acquisition, Percentage of Voting Interests Acquired		27.00%
Business Acquisition, Name of Acquired Entity		PetSmart
Significant Acquisitions and Disposals, Acquisition Costs or Sale Proceeds		$ 842,400
Finite-lived Intangible Assets Acquired		184,279
Finite-Lived Intangible Asset, Acquired-in-Place Leases		115,022
Finite-Lived Intangible Asset, Off-market Lease, Favorable, Gross		69,257
Business Acquisition, Transaction Costs		19,945
Average Lease Term		9.6
Real Estate Revenue, Net	$ 63,186

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Discontinued Operations (Details) - Discontinued Operations (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Discontinued Operations [Abstract]
Rental Income	$ 22,782	$ 58,235
Depreciation	0	(18,065)
Income from Equity Method Investment Held for Sale	23,005	0
Gain on Disposal of Real Estate	176,854	0
Income from Discontinued Operations	$ 222,641	$ 40,170

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Statement of Cash Flows (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Cash Flows from Operating Activities:
Net Income	$ 340,424	$ 171,925
Adjustments to Reconcile Net Income To Net Cash Provided by Operating Activities:
Depreciation and Amortization	124,514	132,215
Gain on Sale of Real Estate	176,854	0
Income from Equity Method Investment Held for Sale	23,005	0
(Increase) Decrease in Receivables	0	14,958
Increase (Decrease) in Payable to AEI Fund Management, Inc.	(47,481)	13,731
Increase (Decrease) in Unearned Rent	8,784	9,455
Total Adjustments	(114,042)	140,443
Net Cash Provided By Operating Activities	226,382	312,368
Cash Flows from Investing Activities:
Proceeds from Sale of Real Estate	422,299	0
Cash Paid for Equity Method Investment Held for Sale	(8,518)	0
Payments Received on Note Receivable	0	4,326
Net Cash Provided By Investing Activities	413,781	4,326
Cash Flows from Financing Activities:
Distributions Paid to Members	460,795	612,308
Net Increase (Decrease) in Cash	179,368	(295,614)
Cash, beginning of period	2,294,263	1,777,911
Cash, end of period	2,473,631	1,482,297
Supplemental Disclosure of Non-Cash Investing Activities:
Contribution of Real Estate in Exchange for Equity Method Investment	$ 1,056,788	$ 0

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Reclassification

3 Months Ended

Mar. 31, 2014

Disclosure Text Block [Abstract]

Reclassifications [Text Block]

(4) Reclassification –

Certain items related to discontinued operations in the prior year’s financial statements have been reclassified to conform to 2014 presentation. These reclassifications had no effect on Members’ equity, net income or cash flows.

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Discontinued Operations (Details) - Cash Flows from Discontinued Operations (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Cash Flows from Discontinued Operations:
Operating Activities	$ 22,782	$ 58,235
Investing Activities	$ 413,781	$ 0

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Organization (Details) (USD $)	May 17, 2003	Oct. 31, 2001
Accounting Policies [Abstract]
Capital Units, Value		$ 1,000
Limited Partners' Capital Account, Units Outstanding (in Shares)	24,831.283	1,500
Limited Partners' Contributed Capital	24,831,283	1,500,000
General Partners' Contributed Capital	$ 1,000