8-K 1 chd18-8k.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES AND EXCHANGE ACT OF 1934 Date of Report (Date of Earliest Event Reported) January 6,2004 AEI REAL ESTATE FUND XVIII LIMITED PARTNERSHIP (Exact Name of Registrant as Specified in its Charter) State of Minnesota (State or other Jurisdiction of Incorporation or Organization) 0-18289 41-1622463 (Commission File Number) (I.R.S. Employer Identification No.) 30 East 7th Street, Suite 1300, St. Paul, Minnesota 55101 (Address of Principal Executive Offices) (651) 227-7333 (Registrant's telephone number, including area code) (Former name or former address, if changed since last report) Item 2. Acquisition or Disposition of Assets. On January 6, 2004, the Partnership sold a Cheddar's restaurant in Clive, Iowa to an unrelated third party. The Partnership received net proceeds of approximately $2,100,000 for the property, which resulted in a net gain of approximately $1,194,000. Item 7. Financial Statements and Exhibits. (a) A limited number of proforma adjustments are required to illustrate the effects of the transaction on the balance sheet and income statement. The following narrative description is furnished in lieu of the proforma statements: Assuming the Partnership had sold the property on January 1, 2002, the Partnership's Investments in Real Estate would have been reduced by $969,518 and its Current Assets (cash) would have increased by approximately $2,100,000 and Partner's Capital would have increased by $1,130,482. The Rental Income for the Partnership would have decreased from $1,929,826 to $1,685,963 for the year ended December 31, 2002 and from $1,023,451 to $853,962 for the nine months ended September 30, 2003 if the Partnership had not owned the property during the periods. Depreciation Expense would have decreased by $30,931 and $23,198 for the year ended December 31, 2002 and the nine months ended September 30, 2003, respectively. Partnership Administration and Property Management Expense would have decreased by $7,426 for the year ended December 31, 2002. The net effect of these pro forma adjustments would have caused Net Income to decrease from $1,893,642 to $1,688,136 and to decrease from $3,703,080 to $3,556,789, which would have resulted in Net Income of $84.38 and $179.52 per Limited Partnership Unit outstanding for the year ended December 31, 2002 and the nine months ended September 30, 2003, respectively. (c) Exhibits Exhibit 10.1 - Purchase Agreement dated October 15, 2003 between the Partnership and Steward Real Estate Services, LLC relating to the Property at 1301 N.W. 114th Street, Clive, Iowa (incorporated by reference to Exhibit 10.4 of Form 10-QSB filed on November 11, 2003). 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 hereunto duly authorized. AEI REAL ESTATE FUND XVIII LIMITED PARTNERSHIP By: AEI Fund Management XVIII, Inc. Its: Managing General Partner Date: January 8, 2004 /s/ Patrick W Keene By: Patrick W. Keene Its: Chief Financial Officer