0000868740-12-000012.txt : 20121114 0000868740-12-000012.hdr.sgml : 20121114 20121114112409 ACCESSION NUMBER: 0000868740-12-000012 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 10 CONFORMED PERIOD OF REPORT: 20120930 FILED AS OF DATE: 20121114 DATE AS OF CHANGE: 20121114 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AEI INCOME & GROWTH FUND 25 LLC CENTRAL INDEX KEY: 0001185198 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE [6500] IRS NUMBER: 753074973 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-50609 FILM NUMBER: 121201960 BUSINESS ADDRESS: STREET 1: 30 EAST 7TH STREET STREET 2: SUITE 1300 CITY: ST PAUL STATE: MN ZIP: 55101 BUSINESS PHONE: 6512277333 MAIL ADDRESS: STREET 1: 30 EAST 7TH STREET STREET 2: SUITE 1300 CITY: ST. PAUL STATE: MN ZIP: 55101 10-Q 1 q253-12.htm Unassociated Document
 

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:  September 30, 2012

Commission File Number:  000-50609

AEI INCOME & GROWTH FUND 25 LLC
(Exact name of registrant as specified in its charter)

State of Delaware
 
75-3074973
(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 25 LLC

INDEX


   
Page
Part I – Financial Information
 
       
 
Item 1.
Financial Statements (unaudited):
 
       
   
Balance Sheet as of September 30, 2012 and December 31, 2011
3
       
   
Statements for the Periods ended September 30, 2012 and 2011:
 
         
     
Income
4
         
     
Cash Flows
5
         
     
Changes in Members' Equity
6
         
   
Notes to Financial Statements
7 - 10
       
 
Item 2.
Management's Discussion and Analysis of Financial
 
     
Condition and Results of Operations
11 - 16
       
 
Item 3.
Quantitative and Qualitative Disclosures About Market Risk
16
       
 
Item 4.
Controls and Procedures
16 - 17
       
Part II – Other Information
 
       
 
Item 1.
Legal Proceedings
17
       
 
Item 1A.
Risk Factors
17
       
 
Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
17
       
 
Item 3.
Defaults Upon Senior Securities
17
       
 
Item 4.
Mine Safety Disclosures
17
       
 
Item 5.
Other Information
18
       
 
Item 6.
Exhibits
18
       
Signatures
18

 
Page 2 of 18

 

AEI INCOME & GROWTH FUND 25 LLC
BALANCE SHEET

ASSETS

   
September 30,
 
December 31,
   
2012
 
2011
Current Assets:
       
Cash
$
3,302,381
$
894,730
         
Real Estate Held for Investment:
       
Land
 
10,919,252
 
11,172,239
Buildings and Equipment
 
22,212,473
 
21,760,956
Acquired Intangible Lease Assets
 
616,719
 
300,736
Real Estate Investments, at cost
 
33,748,444
 
33,233,931
Accumulated Depreciation and Amortization
 
(5,738,087)
 
(5,054,768)
Real Estate Held for Investment, Net
 
28,010,357
 
28,179,163
Real Estate Held for Sale
 
0
 
2,190,980
Total Real Estate
 
28,010,357
 
30,370,143
Total Assets
$
31,312,738
$
31,264,873

LIABILITIES AND MEMBERS’ EQUITY

Current Liabilities:
       
Payable to AEI Fund Management, Inc.
$
161,160
$
86,718
Distributions Payable
 
544,950
 
651,717
Unearned Rent
 
15,650
 
33,392
Total Current Liabilities
 
721,760
 
771,827
         
Members’ Equity:
       
Managing Members
 
8,403
 
1,329
Limited Members:
   50,000 Units authorized; 42,435 Units issued;
   41,865 and 41,920 Units outstanding in
   2012 and 2011, respectively
 
30,582,575
 
30,491,717
Total Members’ Equity
 
30,590,978
 
30,493,046
Total Liabilities and Members’ Equity
$
31,312,738
$
31,264,873




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

 
 
Page 3 of 18

 
 
 AEI INCOME & GROWTH FUND 25 LLC
STATEMENT OF INCOME


   
Three Months Ended September 30
 
Nine Months Ended September 30
   
2012
 
2011
 
2012
 
2011
                 
Rental Income
$
662,843
$
593,384
$
1,954,937
$
1,780,325
                 
Expenses:
               
LLC Administration – Affiliates
 
84,778
 
87,225
 
259,483
 
269,801
LLC Administration and Property
   Management – Unrelated Parties
 
19,264
 
14,278
 
54,018
 
50,901
Property Acquisition
 
27,240
 
0
 
27,240
 
0
Depreciation and Amortization
 
230,564
 
202,171
 
680,592
 
606,513
Total Expenses
 
361,846
 
303,674
 
1,021,333
 
927,215
                 
Operating Income
 
300,997
 
289,710
 
933,604
 
853,110
                 
Other Income:
               
Interest Income
 
3,253
 
4,114
 
6,763
 
12,655
                 
Income from Continuing Operations
 
304,250
 
293,824
 
940,367
 
865,765
                 
Income from Discontinued Operations
 
0
 
97,335
 
934,982
 
265,626
                 
Net Income
$
304,250
$
391,159
$
1,875,349
$
1,131,391
                 
Net Income Allocated:
               
Managing Members
$
16,276
$
16,905
$
58,261
$
49,141
Limited Members
 
287,974
 
374,254
 
1,817,088
 
1,082,250
Total
$
304,250
$
391,159
$
1,875,349
$
1,131,391
                 
Income per LLC Unit:
               
Continuing Operations
$
6.88
$
6.80
$
21.78
$
20.02
Discontinued Operations
 
0
 
2.13
 
21.60
 
5.78
Total
$
6.88
$
8.93
$
43.38
$
25.80
                 
Weighted Average Units Outstanding –
      Basic and Diluted
 
41,865
 
41,929
 
41,883
 
41,944
                 


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

 
 
Page 4 of 18

 

 
AEI INCOME & GROWTH FUND 25 LLC
STATEMENT OF CASH FLOWS


   
Nine Months Ended September 30
   
2012
 
2011
Cash Flows from Operating Activities:
       
Net Income
$
1,875,349
$
1,131,391
         
Adjustments to Reconcile Net Income
To Net Cash Provided by Operating Activities:
       
Depreciation and Amortization
 
683,319
 
688,158
Gain on Sale of Real Estate
 
(859,263)
 
(135,269)
Increase (Decrease) in Payable to
   AEI Fund Management, Inc.
 
74,442
 
4,934
Increase (Decrease) in Unearned Rent
 
(17,742)
 
(7,199)
Total Adjustments
 
(119,244)
 
550,624
Net Cash Provided By
   Operating Activities
 
1,756,105
 
1,682,015
         
Cash Flows from Investing Activities:
       
Investments in Real Estate
 
(967,500)
 
0
Proceeds from Sale of Real Estate
 
3,503,230
 
918,644
Net Cash Provided By
   Investing Activities
 
2,535,730
 
918,644
         
Cash Flows from Financing Activities:
       
Distributions Paid to Members
 
(1,848,384)
 
(1,741,615)
Redemption Payments
 
(35,800)
 
(28,303)
Net Cash Used For
   Financing Activities
 
(1,884,184)
 
(1,769,918)
         
Net Increase (Decrease) in Cash
 
2,407,651
 
830,741
         
Cash, beginning of period
 
894,730
 
2,209,831
         
Cash, end of period
$
3,302,381
$
3,040,572
         




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

 
 
Page 5 of 18

 
 
 
AEI INCOME & GROWTH FUND 25 LLC
STATEMENT OF CHANGES IN MEMBERS' EQUITY


   
Managing Members
 
Limited Members
 
Total
 
Limited Member Units Outstanding
                 
Balance, December 31, 2010
$
1,925
$
31,366,718
$
31,368,643
 
41,972.36
                 
Distributions Declared
 
(49,045)
 
(1,585,802)
 
(1,634,847)
   
                 
Redemption Payments
 
(849)
 
(27,454)
 
(28,303)
 
(42.99)
                 
Net Income
 
49,141
 
1,082,250
 
1,131,391
   
                 
Balance, September 30, 2011
$
1,172
$
30,835,712
$
30,836,884
 
41,929.37
                 
                 
Balance, December 31, 2011
$
1,329
$
30,491,717
$
30,493,046
 
41,919.75
                 
Distributions Declared
 
(50,113)
 
(1,691,504)
 
(1,741,617)
   
                 
Redemption Payments
 
(1,074)
 
(34,726)
 
(35,800)
 
(55.00)
                 
Net Income
 
58,261
 
1,817,088
 
1,875,349
   
                 
Balance, September 30, 2012
$
8,403
$
30,582,575
$
30,590,978
 
41,864.75
                 

















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

 
 
Page 6 of 18

 
 
AEI INCOME & GROWTH FUND 25 LLC
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2012

(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 25 LLC (“Company”), a Limited Liability Company, was formed on June 24, 2002 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 September 11, 2003 when minimum subscriptions of 1,500 LLC Units ($1,500,000) were accepted.  The offering terminated May 12, 2005, when the extended offering period expired.  The Company received subscriptions for 42,434.763 Units.  Under the terms of the Operating Agreement, the Limited Members and Managing Members contributed funds of $42,434,763 and $1,000, respectively.  The Company shall continue until December 31, 2053, 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 18

 
 
 
AEI INCOME & GROWTH FUND 25 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)  Reclassification –

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 Members’ equity, net income or cash flows.

(4)  Real Estate Held for Investment –

On October 21, 2011, the Company purchased a 72% interest in a Staples store in Clermont, Florida for $2,307,312.  The Company allocated $300,736 of the purchase price to Acquired Intangible Lease Assets, representing in-place lease intangibles. The Partnership incurred $46,084 of acquisition expenses related to the purchase that were expensed.  The property is leased to Staples the Office Superstore East, Inc. under a Lease Agreement with a remaining primary term of 8.4 years (as of the date of purchase) and annual rent of $187,795 for the interest purchased.  The remaining interest in the property was purchased by AEI Income & Growth Fund XXII Limited Partnership, an affiliate of the Company.



 
Page 8 of 19

 
 
AEI INCOME & GROWTH FUND 25 LLC
NOTES TO FINANCIAL STATEMENTS
(Continued)

(4)  Real Estate Held for Investment – (Continued)

On July 25, 2012, the Company purchased a 50% interest in a Coliseum Health urgent care clinic in Macon, Georgia for $967,500.  The Company allocated $315,983 of the purchase price to Acquired Intangible Lease Assets, representing in-place lease intangibles of $125,082 and above-market lease intangibles of $190,901. The Partnership incurred $27,240 of acquisition expenses related to the purchase that were expensed.  The property is leased to Macon Healthcare, LLC under a Lease Agreement with a remaining primary term of 11.7 years and annual rent of $79,625 for the interest purchased.  The remaining interest in the property was purchased by AEI Income & Growth Fund 24 LLC, an affiliate of the Company.

For the nine months ended September 30, 2012 and 2011, the value of in-place lease intangibles amortized to expense was $28,586 and $0, respectively, and the decrease to rental income for above-market leases was $2,727 and $0, respectively.  For lease intangibles owned as of September 30, 2012, the weighted average remaining life is 115 months, the estimated amortization expense for in-place lease intangibles is $46,452 and the estimated decrease to rental income for above-market leases is $16,363 for each of the next five succeeding years.

In September 2012, the Company sold 18,208 square feet of land from the Jared Jewelry property in Aurora, Illinois, pursuant to a threat of condemnation from the state of Illinois Department of Transportation.  The Company received net proceeds of $452,523, which resulted in a net loss of $464.  The cost allocated to the parcel of land was $452,987.

(5)  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.

(6)  Discontinued Operations –

During the last three quarters of 2011, the Company sold its remaining 32.5589% interest in the Applebee’s restaurant in Macedonia, Ohio, in five separate transactions, to unrelated third parties.  The Company received total net sale proceeds of $1,095,688, which resulted in a net gain of $159,873.  The cost and related accumulated depreciation of the interests sold were $1,020,657 and $84,842, respectively.  For the nine months ended September 30, 2011, the net gain was $135,269.

 
Page 9 of 18

 


AEI INCOME & GROWTH FUND 25 LLC
NOTES TO FINANCIAL STATEMENTS
(Continued)

(6)  Discontinued Operations – (Continued)

In March 2012, the Company entered into an agreement to sell the Tractor Supply Company store in Marion, Indiana to an unrelated third party.  On May 1, 2012, the sale closed with the Company receiving net sale proceeds of $3,050,707, which resulted in a net gain of $859,727.  At the time of sale, the cost and related accumulated depreciation was $2,939,385 and $748,405, respectively.  At December 31, 2011, the property was classified as Real Estate Held for Sale with a carrying value of $2,190,980.

During the first nine months of 2012, the Company distributed net sale proceeds of $106,768 to the Limited and Managing Members as part of their quarterly distributions, which represented a return of capital of $2.52 per LLC Unit.  The Company anticipates the remaining net sale proceeds will either be reinvested in additional property or distributed to the Members in the future.

The financial results for these properties are reflected as Discontinued Operations in the accompanying financial statements.  The following are the results of discontinued operations:

   
Three Months Ended September 30
 
Nine Months Ended September 30
   
2012
 
2011
 
2012
 
2011
                 
Rental Income
$
0
$
64,076
$
75,255
$
213,768
Property Management Expenses
 
0
 
(1,538)
 
0
 
(1,766)
Depreciation
 
0
 
(27,215)
 
0
 
(81,645)
Gain on Disposal of Real Estate
 
0
 
62,012
 
859,727
 
135,269
Income from Discontinued Operations
$
0
$
97,335
$
934,982
$
265,626

(7)  Fair Value Measurements –

As of September 30, 2012, the Company had no assets or liabilities measured at fair value on a recurring basis or nonrecurring basis.

 
Page 10 of 18

 


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 (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 (not including acquisition expenses).  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 11 of 18

 
 
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

The carrying value of the properties is initially recorded at cost, not including acquisition expenses. 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 12 of 18

 
 
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 nine months ended September 30, 2012 and 2011, the Company recognized rental income from continuing operations of $1,954,937 and $1,780,325, respectively.  In 2012, rental income increased due to additional rent received from two property acquisitions in 2011 and 2012 and rent increases on three properties.  Based on the scheduled rent for the properties owned as of October 31, 2012, the Company expects to recognize rental income from continuing operations of approximately $2,624,000 and $2,691,000 in 2012 and 2013, respectively.

For the nine months ended September 30, 2012 and 2011, the Company incurred LLC administration expenses from affiliated parties of $259,483 and $269,801, 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 $54,018 and $50,901, 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.

For the nine months ended September 30, 2012, the Partnership incurred property acquisition expenses of $27,240 related to the purchase of the Coliseum Health urgent care clinic in Macon, Georgia.

In September 2012, the Company sold 18,208 square feet of land from the Jared Jewelry property in Aurora, Illinois, pursuant to a threat of condemnation from the state of Illinois Department of Transportation.  The Company received net proceeds of $452,523, which resulted in a net loss of $464.  The cost allocated to the parcel of land was $452,987.

For the nine months ended September 30, 2012 and 2011, the Company recognized interest income of $6,763 and $12,655, respectively.  In 2012, interest income decreased primarily due to the Company having less money invested in a money market account due to property acquisitions.

 
 
Page 13 of 18

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

Upon complete disposal of a property or classification of a property as Real Estate Held for Sale, the Company includes the operating results and sale of the property in discontinued operations.  In addition, the Company reclassifies the prior periods’ operating results of the property to discontinued operations.  For the nine months ended September 30, 2012, the Company recognized income from discontinued operations of $934,982 representing rental income of $75,255 and gain on disposal of real estate of $859,727.  For the nine months ended September 30, 2011, the Company recognized income from discontinued operations of $265,626, representing rental income less property management expenses and depreciation of $130,357 and gain on disposal of real estate of $135,269.

During the last three quarters of 2011, the Company sold its remaining 32.5589% interest in the Applebee’s restaurant in Macedonia, Ohio, in five separate transactions, to unrelated third parties.  The Company received total net sale proceeds of $1,095,688, which resulted in a net gain of $159,873.  The cost and related accumulated depreciation of the interests sold were $1,020,657 and $84,842, respectively.  For the nine months ended September 30, 2011, the net gain was $135,269.

In March 2012, the Company entered into an agreement to sell the Tractor Supply Company store in Marion, Indiana to an unrelated third party.  On May 1, 2012, the sale closed with the Company receiving net sale proceeds of $3,050,707, which resulted in a net gain of $859,727.  At the time of sale, the cost and related accumulated depreciation was $2,939,385 and $748,405, respectively.  At December 31, 2011, the property was classified as Real Estate Held for Sale with a carrying value of $2,190,980.

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 nine months ended September 30, 2012, the Company's cash balances increased $2,407,651 as a result of cash generated from the sale of property, which was partially offset by cash used to purchase property and distributions and redemption payments paid to the Members in excess of cash generated from operating activities.  During the nine months ended September 30, 2011, the Company's cash balances increased $830,741 as a result of cash generated from the sale of property, which was partially offset by distributions and redemption payments paid to the Members in excess of cash generated from operating activities.

 
Page 14 of 18

 


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

Net cash provided by operating activities increased from $1,682,015 in 2011 to $1,756,105 in 2012 as a result of an increase in total rental and interest income in 2012, a decrease in LLC administration and property management expenses in 2012 and net timing differences in the collection of payments from the tenants and the payment of expenses.  During 2012, cash from operations was reduced by $27,240 of acquisition expenses related to the purchase of real estate.  Pursuant to accounting guidance, these expenses were reflected as operating cash outflows.  However, pursuant to the Company’s Operating Agreement, acquisition expenses were funded with proceeds from property sales.

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 nine months ended September 30, 2012 and 2011, the Company generated cash flow from the sale of real estate of $3,503,230 and $918,644, respectively.  During the nine months ended September 30, 2012, the Company expended $967,500 to invest in real properties as the Company reinvested cash generated from property sales.

On October 21, 2011, the Company purchased a 72% interest in a Staples store in Clermont, Florida for $2,307,312.  The property is leased to Staples the Office Superstore East, Inc. under a Lease Agreement with a remaining primary term of 8.4 years (as of the date of purchase) and annual rent of $187,795 for the interest purchased.  The remaining interest in the property was purchased by AEI Income & Growth Fund XXII Limited Partnership, an affiliate of the Company.

On July 25, 2012, the Company purchased a 50% interest in a Coliseum Health urgent care clinic in Macon, Georgia for $967,500.  The property is leased to Macon Healthcare, LLC under a Lease Agreement with a remaining primary term of 11.7 years and annual rent of $79,625 for the interest purchased.  The remaining interest in the property was purchased by AEI Income & Growth Fund 24 LLC, an affiliate of the Company.

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.

For the nine months ended September 30, 2012 and 2011, the Company declared distributions of $1,741,617 and $1,634,847, 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 $1,691,504 and $1,585,802 and the Managing Members received distributions of $50,113 and $49,045 for the periods, respectively.  In June 2012, the Company declared a special distribution of net sale proceeds of $106,768, which resulted in higher distributions declared in 2012.  The special distribution represented a return of capital of $2.52 per LLC Unit.  The Company anticipates the remaining net sale proceeds will either be reinvested in additional property or distributed to the Members in the future.

 
 
Page 15 of 18

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

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 more than 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.

On April 1, 2012, two Limited Members redeemed a total of 55.00 Units for $34,726 in accordance with the Operating Agreement. On April 1, 2011, two Limited Members redeemed a total of 42.99 Units for $27,454.  The Company acquired these Units using Net Cash Flow from operations.  In prior years, a total of ten Limited Members redeemed 462.40 Units for $335,382.  The redemptions increase the remaining Limited Members’ ownership interest in the Company.  As a result of these redemption payments and pursuant to the Operating Agreement, the Managing Members received distributions of $1,074 and $849 in 2012 and 2011, respectively.

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 few 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.

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.

ITEM 4.  CONTROLS AND PROCEDURES.  (Continued)

 
 
Page 16 of 18

 
 
(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.

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 more than 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.

 
 
Page 17 of 18

 
 
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.



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:  November 12, 2012
AEI Income & Growth Fund 25 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 18 of 18

 
EX-31.1 3 ex31-125.htm Unassociated Document
 
 

 

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 25 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:  November 12, 2012
/s/ ROBERT P JOHNSON
 
Robert P. Johnson, President
 
AEI Fund Management XXI, Inc.
 
Managing General Partner

 
 

 

EX-31.2 4 ex31-225.htm Unassociated Document
 
 

 

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 25 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:  November 12, 2012
/s/ PATRICK W KEENE
 
Patrick W. Keene, Chief Financial Officer
 
AEI Fund Management XXI, Inc.
 
Managing General Partner


 
 

 

EX-32 5 ex32-25.htm Unassociated Document
 
 

 

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 25 LLC (the “Company”) on Form 10-Q for the period ended September 30, 2012, 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
 
 
November 12, 2012
 
     
     
     
 
/s/ PATRICK W KEENE
 
 
Patrick W. Keene, Chief Financial Officer
 
 
AEI Fund Management XXI, Inc.
 
 
Managing General Partner
 
 
November 12, 2012
 


 
 

 

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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 &ndash;</font> </div><br/><div style="text-align: justify; font-family: Times New Roman; font-size: 12.0pt;"> <font>AEI Income &amp; Growth Fund 25 LLC (&ldquo;Company&rdquo;), a Limited Liability Company, was formed on June&nbsp;24, 2002 to acquire and lease commercial properties to operating tenants. The Company's operations are managed by AEI Fund Management XXI, Inc. (&ldquo;AFM&rdquo;), 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. (&ldquo;AEI&rdquo;), an affiliate of AFM, performs the administrative and operating functions for the Company.</font> </div><br/><div style="text-align: justify; font-family: Times New Roman; font-size: 12.0pt;"> <font>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 September&nbsp;11, 2003 when minimum subscriptions of 1,500 LLC Units ($1,500,000) were accepted. The offering terminated May&nbsp;12, 2005, when the extended offering period expired. The Company received subscriptions for 42,434.763 Units. Under the terms of the Operating Agreement, the Limited Members and Managing Members contributed funds of $42,434,763 and $1,000, respectively. The Company shall continue until December&nbsp;31, 2053, unless dissolved, terminated and liquidated prior to that date.</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 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.</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 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.</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 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.</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 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.</font> </div><br/><div style="text-align: justify; font-family: Times New Roman; font-size: 12.0pt;"> <font>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.</font> </div><br/> 1000 1500 1500000 42434.763 42434763 1000 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. <div style="text-align: justify; font-weight: bold; font-family: Times New Roman; font-size: 12.0pt;"> <font>(3) Reclassification &ndash;</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&rsquo;s financial statements have been reclassified to conform to 2012 presentation. These reclassifications had no effect on Members&rsquo; equity, 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) Real Estate Held for Investment &ndash;</font> </div><br/><div style="text-align: justify; font-family: Times New Roman; font-size: 12.0pt;"> <font>On October&nbsp;21, 2011, the Company purchased a 72% interest in a Staples store in Clermont, Florida for $2,307,312. The Company allocated $300,736 of the purchase price to Acquired Intangible Lease Assets,&nbsp;representing in-place lease intangibles. The Partnership incurred $46,084 of acquisition expenses related to the purchase that were expensed. The property is leased to Staples the Office Superstore East, Inc. under a Lease Agreement with a remaining primary term of 8.4 years (as of the date of purchase) and annual rent of $187,795 for the interest purchased. The remaining interest in the property was purchased by AEI Income &amp; Growth Fund XXII Limited Partnership, an affiliate of the Company.</font> </div><br/><div style="text-align: justify; font-family: Times New Roman; font-size: 12.0pt;"> <font>On July&nbsp;25, 2012, the Company purchased a 50% interest in a Coliseum Health urgent care clinic in Macon, Georgia for $967,500. The Company allocated $315,983 of the purchase price to Acquired Intangible Lease Assets,&nbsp;representing in-place lease intangibles of $125,082 and above-market lease intangibles of $190,901. The Partnership incurred $27,240 of acquisition expenses related to the purchase that were expensed. The property is leased to Macon Healthcare, LLC under a Lease Agreement with a remaining primary term of 11.7 years and annual rent of $79,625 for the interest purchased. The remaining interest in the property was purchased by AEI Income &amp; Growth Fund 24 LLC, an affiliate of the Company.</font> </div><br/><div style="text-align: justify; font-family: Times New Roman; font-size: 12.0pt;"> <font>For the nine months ended September&nbsp;30, 2012 and 2011, the value of in-place lease intangibles amortized to expense was $28,586 and $0, respectively, and the decrease to rental income for above-market leases was $2,727 and $0, respectively. For lease intangibles owned as of September&nbsp;30, 2012, the weighted average remaining life is 115 months, the estimated amortization expense for in-place lease intangibles is $46,452 and the estimated decrease to rental income for above-market leases is $16,363 for each of the next five succeeding years.</font> </div><br/><div style="text-align: justify; font-family: Times New Roman; font-size: 12.0pt;"> <font>In September 2012, the Company sold 18,208 square feet of land from the Jared Jewelry property in Aurora, Illinois, pursuant to a threat of condemnation&nbsp;from the state of Illinois Department of Transportation. The Company received net proceeds of $452,523, which resulted in a net loss of $464. The cost allocated to the parcel of land was $452,987.</font> </div><br/> 2011-10-21 0.72 Staples store in Clermont, Florida 2307312 300736 46084 8.4 187795 2012-07-25 0.50 Coliseum Health urgent care clinic in Macon, Georgia 967500 315983 125082 190901 27240 11.7 79625 28586 0 2727 0 P115M 46452 16363 18208 452523 464 452987 <div style="text-align: justify; font-weight: bold; font-family: Times New Roman; font-size: 12.0pt;"> <font>(5) Payable to AEI Fund Management, Inc. &ndash;</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 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.</font> </div><br/> <div style="text-align: justify; font-weight: bold; font-family: Times New Roman; font-size: 12.0pt;"> <font>(6) Discontinued Operations &ndash;</font> </div><br/><div style="text-align: justify; font-family: Times New Roman; font-size: 12.0pt;"> <font>During the last three quarters of 2011, the Company sold its remaining 32.5589% interest in the Applebee&rsquo;s restaurant in Macedonia, Ohio, in five separate transactions, to unrelated third parties. The Company received total net sale proceeds of $1,095,688, which resulted in a net gain of $159,873. The cost and related accumulated depreciation of the interests sold were $1,020,657 and $84,842, respectively. For the nine months ended September&nbsp;30, 2011, the net gain was $135,269.</font> </div><br/><div style="text-align: justify; font-family: Times New Roman; font-size: 12.0pt;"> <a id="_GoBack" name="_GoBack"></a><font>In March 2012, the Company entered into an agreement to sell the Tractor Supply Company store in Marion, Indiana to an unrelated third party. On May 1, 2012, the sale closed with the Company receiving net sale proceeds of $3,050,707, which resulted in a net gain of $859,727. At the time of sale, the cost and related accumulated depreciation was $2,939,385 and $748,405, respectively. At December&nbsp;31, 2011, the property was classified as Real Estate Held for Sale with a carrying value of $2,190,980.</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, the Company distributed net sale proceeds of $106,768&nbsp;to the Limited and Managing Members as part of their quarterly distributions, which represented a return of capital of $2.52&nbsp;per LLC Unit. The Company anticipates the remaining net sale proceeds will either be reinvested in additional property or distributed to the Members 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;"> &nbsp; </td> <td style="width: 7.2pt;"> &nbsp; </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;"> &nbsp; </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> &nbsp; </td> <td> &nbsp; </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> &nbsp; </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;"> &nbsp; </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;"> &nbsp; </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> &nbsp; </td> <td> &nbsp; </td> <td> &nbsp; </td> <td> &nbsp; </td> <td> &nbsp; </td> <td> &nbsp; </td> <td> &nbsp; </td> <td> &nbsp; </td> <td> &nbsp; </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;">0</font> </div> </td> <td> <div style="text-align: right;"> <font style="font-size: 11.0pt;">$</font> </div> </td> <td> <div style="text-align: right;"> <font style="font-size: 11.0pt;">64,076</font> </div> </td> <td> <div style="text-align: right;"> <font style="font-size: 11.0pt;">$</font> </div> </td> <td> <div style="text-align: right;"> <font style="font-size: 11.0pt;">75,255</font> </div> </td> <td> <div style="text-align: right;"> <font style="font-size: 11.0pt;">$</font> </div> </td> <td> <div style="text-align: right;"> <font style="font-size: 11.0pt;">213,768</font> </div> </td> </tr> <tr> <td> <div> <font>Property Management Expenses</font> </div> </td> <td> &nbsp; </td> <td> <div style="text-align: right;"> <font style="font-size: 11.0pt;">0</font> </div> </td> <td> &nbsp; </td> <td> <div style="text-align: right;"> <font style="font-size: 11.0pt;">(1,538)</font> </div> </td> <td> &nbsp; </td> <td> <div style="text-align: right;"> <font style="font-size: 11.0pt;">0</font> </div> </td> <td> &nbsp; </td> <td> <div style="text-align: right;"> <font style="font-size: 11.0pt;">(1,766)</font> </div> </td> </tr> <tr> <td> <div> <font>Depreciation</font> </div> </td> <td> &nbsp; </td> <td> <div style="text-align: right;"> <font style="font-size: 11.0pt;">0</font> </div> </td> <td> &nbsp; </td> <td> <div style="text-align: right;"> <font style="font-size: 11.0pt;">(27,215)</font> </div> </td> <td> &nbsp; </td> <td> <div style="text-align: right;"> <font style="font-size: 11.0pt;">0</font> </div> </td> <td> &nbsp; </td> <td> <div style="text-align: right;"> <font style="font-size: 11.0pt;">(81,645)</font> </div> </td> </tr> <tr> <td> <div> <font>Gain on Disposal of Real Estate</font> </div> </td> <td> &nbsp; </td> <td> <div style="border-bottom: 1pt solid black; text-align: right;"> <font style="font-size: 11.0pt;">0</font> </div> </td> <td> &nbsp; </td> <td> <div style="border-bottom: 1pt solid black; text-align: right;"> <font style="font-size: 11.0pt;">62,012</font> </div> </td> <td> &nbsp; </td> <td> <div style="border-bottom: 1pt solid black; text-align: right;"> <font style="font-size: 11.0pt;">859,727</font> </div> </td> <td> &nbsp; </td> <td> <div style="border-bottom: 1pt solid black; text-align: right;"> <font style="font-size: 11.0pt;">135,269</font> </div> </td> </tr> <tr> <td> <div> <font>Income from Discontinued Operations</font> </div> </td> <td> <div style="text-align: right;"> <font style="font-size: 11.0pt;">$</font> </div> </td> <td> <div style="border-bottom: 2pt double black; text-align: right;"> <font style="font-size: 11.0pt;">0</font> </div> </td> <td> <div style="text-align: right;"> <font style="font-size: 11.0pt;">$</font> </div> </td> <td> <div style="border-bottom: 2pt double black; text-align: right;"> <font style="font-size: 11.0pt;">97,335</font> </div> </td> <td> <div style="text-align: right;"> <font style="font-size: 11.0pt;">$</font> </div> </td> <td> <div style="border-bottom: 2pt double black; text-align: right;"> <font style="font-size: 11.0pt;">934,982</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;">265,626</font> </div> </td> </tr> </table><br/> 1095688 159873 1020657 84842 135269 3050707 859727 2939385 748405 2190980 106768 2.52 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;"> &nbsp; </td> <td style="width: 7.2pt;"> &nbsp; </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;"> &nbsp; </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> &nbsp; </td> <td> &nbsp; </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> &nbsp; </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;"> &nbsp; </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;"> &nbsp; </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> &nbsp; </td> <td> &nbsp; </td> <td> &nbsp; </td> <td> &nbsp; </td> <td> &nbsp; </td> <td> &nbsp; </td> <td> &nbsp; </td> <td> &nbsp; </td> <td> &nbsp; </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;">0</font> </div> </td> <td> <div style="text-align: right;"> <font style="font-size: 11.0pt;">$</font> </div> </td> <td> <div style="text-align: right;"> <font style="font-size: 11.0pt;">64,076</font> </div> </td> <td> <div style="text-align: right;"> <font style="font-size: 11.0pt;">$</font> </div> </td> <td> <div style="text-align: right;"> <font style="font-size: 11.0pt;">75,255</font> </div> </td> <td> <div style="text-align: right;"> <font style="font-size: 11.0pt;">$</font> </div> </td> <td> <div style="text-align: right;"> <font style="font-size: 11.0pt;">213,768</font> </div> </td> </tr> <tr> <td> <div> <font>Property Management Expenses</font> </div> </td> <td> &nbsp; </td> <td> <div style="text-align: right;"> <font style="font-size: 11.0pt;">0</font> </div> </td> <td> &nbsp; </td> <td> <div style="text-align: right;"> <font style="font-size: 11.0pt;">(1,538)</font> </div> </td> <td> &nbsp; </td> <td> <div style="text-align: right;"> <font style="font-size: 11.0pt;">0</font> </div> </td> <td> &nbsp; </td> <td> <div style="text-align: right;"> <font style="font-size: 11.0pt;">(1,766)</font> </div> </td> </tr> <tr> <td> <div> <font>Depreciation</font> </div> </td> <td> &nbsp; </td> <td> <div style="text-align: right;"> <font style="font-size: 11.0pt;">0</font> </div> </td> <td> &nbsp; </td> <td> <div style="text-align: right;"> <font style="font-size: 11.0pt;">(27,215)</font> </div> </td> <td> &nbsp; </td> <td> <div style="text-align: right;"> <font style="font-size: 11.0pt;">0</font> </div> </td> <td> &nbsp; </td> <td> <div style="text-align: right;"> <font style="font-size: 11.0pt;">(81,645)</font> </div> </td> </tr> <tr> <td> <div> <font>Gain on Disposal of Real Estate</font> </div> </td> <td> &nbsp; </td> <td> <div style="border-bottom: 1pt solid black; text-align: right;"> <font style="font-size: 11.0pt;">0</font> </div> </td> <td> &nbsp; </td> <td> <div style="border-bottom: 1pt solid black; text-align: right;"> <font style="font-size: 11.0pt;">62,012</font> </div> </td> <td> &nbsp; </td> <td> <div style="border-bottom: 1pt solid black; text-align: right;"> <font style="font-size: 11.0pt;">859,727</font> </div> </td> <td> &nbsp; </td> <td> <div style="border-bottom: 1pt solid black; text-align: right;"> <font style="font-size: 11.0pt;">135,269</font> </div> </td> </tr> <tr> <td> <div> <font>Income from Discontinued Operations</font> </div> </td> <td> <div style="text-align: right;"> <font style="font-size: 11.0pt;">$</font> </div> </td> <td> <div style="border-bottom: 2pt double black; text-align: right;"> <font style="font-size: 11.0pt;">0</font> </div> </td> <td> <div style="text-align: right;"> <font style="font-size: 11.0pt;">$</font> </div> </td> <td> <div style="border-bottom: 2pt double black; text-align: right;"> <font style="font-size: 11.0pt;">97,335</font> </div> </td> <td> <div style="text-align: right;"> <font style="font-size: 11.0pt;">$</font> </div> </td> <td> <div style="border-bottom: 2pt double black; text-align: right;"> <font style="font-size: 11.0pt;">934,982</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;">265,626</font> </div> </td> </tr> </table> 0 64076 75255 213768 0 1538 0 1766 0 27215 0 81645 0 62012 859727 135269 <div style="text-align: justify; font-weight: bold; font-family: Times New Roman; font-size: 12.0pt;"> <font>(7) Fair Value Measurements &ndash;</font> </div><br/><div style="text-align: justify; font-family: Times New Roman; font-size: 12.0pt;"> <font>As of September&nbsp;30, 2012, the Company had no assets or liabilities measured at fair value on a recurring basis or nonrecurring basis.</font> </div><br/> EX-101.SCH 7 aei25-20120930.xsd 001 - Statement - Balance Sheet link:presentationLink link:definitionLink link:calculationLink 002 - Statement - Balance Sheet (Parentheticals) link:presentationLink link:definitionLink link:calculationLink 003 - Statement - Statement of Income link:presentationLink link:definitionLink link:calculationLink 003 - Statement - Statement of Income Alternate 0 link:presentationLink link:definitionLink link:calculationLink 004 - Statement - Statement of Cash Flows link:presentationLink link:definitionLink link:calculationLink 005 - Statement - Statement of Changes in Members' Equity link:presentationLink link:definitionLink link:calculationLink 006 - Disclosure - Basis of Accounting link:presentationLink link:definitionLink link:calculationLink 007 - Disclosure - Organization link:presentationLink link:definitionLink link:calculationLink 008 - Disclosure - Reclassification link:presentationLink link:definitionLink link:calculationLink 009 - Disclosure - Real Estate Held for Investment link:presentationLink link:definitionLink link:calculationLink 010 - Disclosure - Payable to AEI Fund Management, Inc. link:presentationLink link:definitionLink link:calculationLink 011 - Disclosure - Discontinued Operations link:presentationLink link:definitionLink link:calculationLink 012 - Disclosure - Fair Value Measurements link:presentationLink link:definitionLink link:calculationLink 013 - Disclosure - Accounting Policies, by Policy (Policies) link:presentationLink link:definitionLink link:calculationLink 014 - Disclosure - Discontinued Operations (Tables) link:presentationLink link:definitionLink link:calculationLink 015 - Disclosure - Basis of Accounting (Detail) link:presentationLink link:definitionLink link:calculationLink 016 - Disclosure - Organization (Detail) link:presentationLink link:definitionLink link:calculationLink 017 - Disclosure - Reclassification (Detail) link:presentationLink link:definitionLink link:calculationLink 018 - Disclosure - Real Estate Held for Investment (Detail) link:presentationLink link:definitionLink link:calculationLink 019 - Disclosure - Payable to AEI Fund Management, Inc. 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Reclassification
9 Months Ended
Sep. 30, 2012
Reclassifications [Text Block]
(3) Reclassification –

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 Members’ equity, net income or cash flows.

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