0000868740-12-000004.txt : 20121114 0000868740-12-000004.hdr.sgml : 20121114 20121114111430 ACCESSION NUMBER: 0000868740-12-000004 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 NET LEASE INCOME & GROWTH FUND XX LIMITED PARTNERSHIP CENTRAL INDEX KEY: 0000894245 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE [6500] IRS NUMBER: 411729121 STATE OF INCORPORATION: MN FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-23778 FILM NUMBER: 121201884 BUSINESS ADDRESS: STREET 1: 30 EAST 7TH ST SUITE 1300 CITY: ST PAUL STATE: MN ZIP: 55101 BUSINESS PHONE: 6512277333 MAIL ADDRESS: STREET 1: 30 EAST 7TH ST SUITE 1300 CITY: ST PAUL STATE: MN ZIP: 55101 10-Q 1 q203-12.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:  000-23778

AEI NET LEASE INCOME & GROWTH FUND XX LIMITED PARTNERSHIP
(Exact name of registrant as specified in its charter)

State of Minnesota
 
41-1729121
(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 NET LEASE INCOME & GROWTH FUND XX LIMITED PARTNERSHIP

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 Partners’ Capital (Deficit)
6
         
   
Notes to Financial Statements
7 - 11
       
 
Item 2.
Management's Discussion and Analysis of Financial
 
     
Condition and Results of Operations
12 - 18
       
 
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
19
       
 
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 NET LEASE INCOME & GROWTH FUND XX LIMITED PARTNERSHIP
BALANCE SHEET

ASSETS

   
September 30,
 
December 31,
   
2012
 
2011
Current Assets:
       
Cash
$
621,144
$
2,008,010
Receivables
 
1,843
 
1,725
Total Current Assets
 
622,987
 
2,009,735
         
Real Estate Held for Investment:
       
Land
 
5,481,760
 
4,835,035
Buildings and Equipment
 
11,954,684
 
10,486,807
Acquired Intangible Lease Assets
 
703,997
 
0
Real Estate Investments, at cost
 
18,140,441
 
15,321,842
Accumulated Depreciation and Amortization
 
(3,256,006)
 
(2,960,793)
Real Estate Held for Investment, Net
 
14,884,435
 
12,361,049
Real Estate Held for Sale
 
0
 
1,131,104
Total Real Estate
 
14,884,435
 
13,492,153
Total Assets
$
15,507,422
$
15,501,888

LIABILITIES AND PARTNERS' CAPITAL

Current Liabilities:
       
Payable to AEI Fund Management, Inc.
$
78,300
$
68,186
Distributions Payable
 
299,701
 
342,425
Unearned Rent
 
74,788
 
42,906
Total Current Liabilities
 
452,789
 
453,517
Long-term Liabilities:
       
Acquired Below-Market Lease Intangibles, Net
 
78,856
 
0
         
Partners’ Capital:
       
General Partners
 
6,948
 
7,673
Limited Partners:
   24,000 Units authorized and issued;
   21,712 and 21,786 Units outstanding in
   2012 and 2011, respectively
 
14,968,829
 
15,040,698
Total Partners' Capital
 
14,975,777
 
15,048,371
Total Liabilities and Partners' Capital
$
15,507,422
$
15,501,888
 
The accompanying Notes to Financial Statements are an integral part of this statement.
 
 
Page 3 of 20

 


AEI NET LEASE INCOME & GROWTH FUND XX LIMITED PARTNERSHIP
STATEMENT OF INCOME


   
Three Months Ended September 30
 
Nine Months Ended September 30
   
2012
 
2011
 
2012
 
2011
                 
Rental Income
$
374,144
$
347,328
$
1,109,885
$
992,701
                 
Expenses:
               
Partnership Administration – Affiliates
 
60,638
 
63,883
 
182,482
 
195,738
Partnership Administration and Property
   Management – Unrelated Parties
 
30,125
 
13,403
 
75,829
 
74,776
Property Acquisition
 
29,133
 
0
 
51,342
 
0
Depreciation and Amortization
 
105,419
 
81,156
 
295,232
 
241,840
Total Expenses
 
225,315
 
158,442
 
604,885
 
512,354
                 
Operating Income
 
148,829
 
188,886
 
505,000
 
480,347
                 
Other Income:
               
Interest Income
 
771
 
3,136
 
4,573
 
8,788
                 
Income from Continuing Operations
 
149,600
 
192,022
 
509,573
 
489,135
                 
Income from Discontinued Operations
 
0
 
24,910
 
447,826
 
897,947
                 
Net Income
$
149,600
$
216,932
$
957,399
$
1,387,082
                 
Net Income Allocated:
               
General Partners
$
1,496
$
3,411
$
9,574
$
22,684
Limited Partners
 
148,104
 
213,521
 
947,825
 
1,364,398
Total
$
149,600
$
216,932
$
957,399
$
1,387,082
                 
Income per Limited Partnership Unit:
           
Continuing Operations
$
6.82
$
8.70
$
23.21
$
22.17
Discontinued Operations
 
0.00
 
1.07
 
20.39
 
40.29
Total
$
6.82
$
9.77
$
43.60
$
62.46
                 
Weighted Average Units Outstanding –
      Basic and Diluted
 
21,712
 
21,845
 
21,737
 
21,845
                 


The accompanying Notes to Financial Statements are an integral part of this statement.
 
 
Page 4 of 20

 


AEI NET LEASE INCOME & GROWTH FUND XX LIMITED PARTNERSHIP
STATEMENT OF CASH FLOWS


   
Nine Months Ended September 30
   
2012
 
2011
Cash Flows from Operating Activities:
       
Net Income
$
957,399
$
1,387,082
         
Adjustments to Reconcile Net Income
To Net Cash Provided by Operating Activities:
       
Depreciation and Amortization
 
296,806
 
263,985
Gain on Sale of Real Estate
 
(430,939)
 
(777,808)
(Increase) Decrease in Receivables
 
(118)
 
(2,368)
Increase (Decrease) in Payable to
   AEI Fund Management, Inc.
 
10,114
 
(10,881)
Increase (Decrease) in Unearned Rent
 
31,882
 
74,721
Total Adjustments
 
(92,255)
 
(452,351)
Net Cash Provided By
   Operating Activities
 
865,144
 
934,731
         
Cash Flows from Investing Activities:
       
Investments in Real Estate
 
(2,750,400)
 
0
Proceeds from Sale of Real Estate
 
1,571,107
 
1,627,280
Net Cash Provided By (Used For)
   Investing Activities
 
(1,179,293)
 
1,627,280
         
Cash Flows from Financing Activities:
       
Distributions Paid to Partners
 
(1,013,137)
 
(1,028,280)
Redemption Payments
 
(59,580)
 
0
Net Cash Used For
   Financing Activities
 
(1,072,717)
 
(1,028,280)
         
Net Increase (Decrease) in Cash
 
(1,386,866)
 
1,533,731
         
Cash, beginning of period
 
2,008,010
 
587,665
         
Cash, end of period
$
621,144
$
2,121,396
         



The accompanying Notes to Financial Statements are an integral part of this statement.
 
 
Page 5 of 20

 


AEI NET LEASE INCOME & GROWTH FUND XX LIMITED PARTNERSHIP
STATEMENT OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)


   
General Partners
 
Limited Partners
 
Total
 
Limited Partnership Units Outstanding
                 
Balance, December 31, 2010
$
(4,722)
$
14,853,177
$
14,848,455
 
21,845.28
                 
Distributions Declared
 
(10,272)
 
(1,016,996)
 
(1,027,268)
   
                 
Net Income
 
22,684
 
1,364,398
 
1,387,082
   
                 
Balance, September 30, 2011
$
7,690
$
15,200,579
$
15,208,269
 
21,845.28
                 
                 
Balance, December 31, 2011
$
7,673
$
15,040,698
$
15,048,371
 
21,786.28
                 
Distributions Declared
 
(9,704)
 
(960,709)
 
(970,413)
   
                 
Redemption Payments
 
(595)
 
(58,985)
 
(59,580)
 
(74.50)
                 
Net Income
 
9,574
 
947,825
 
957,399
   
                 
Balance, September 30, 2012
$
6,948
$
14,968,829
$
14,975,777
 
21,711.78
                 



















The accompanying Notes to Financial Statements are an integral part of this statement.
 
 
Page 6 of 20

 


AEI NET LEASE INCOME & GROWTH FUND XX LIMITED PARTNERSHIP
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 Net Lease Income & Growth Fund XX Limited Partnership (“Partnership”) was formed to acquire and lease commercial properties to operating tenants.  The Partnership's operations are managed by AEI Fund Management XX, Inc. (“AFM”), the Managing General Partner.  Robert P. Johnson, the President and sole director of AFM, serves as the Individual General Partner.  AFM is a wholly owned subsidiary of AEI Capital Corporation of which Mr. Johnson is the majority shareholder.  AEI Fund Management, Inc. (“AEI”), an affiliate of AFM, performs the administrative and operating functions for the Partnership.

The terms of the Partnership offering called for a subscription price of $1,000 per Limited Partnership Unit, payable on acceptance of the offer.  The Partnership commenced operations on June 30, 1993 when minimum subscriptions of 1,500 Limited Partnership Units ($1,500,000) were accepted.  On January 19, 1995, the offering terminated when the maximum subscription limit of 24,000 Limited Partnership Units was reached.  Under the terms of the Limited Partnership Agreement, the Limited Partners and General Partners contributed funds of $24,000,000 and $1,000, respectively.

During operations, any Net Cash Flow, as defined, which the General Partners determine to distribute will be distributed 90% to the Limited Partners and 10% to the General Partners; provided, however, that such distributions to the General Partners will be subordinated to the Limited Partners first receiving an annual, noncumulative distribution of Net Cash Flow equal to 10% of their Adjusted Capital Contribution, as defined, and, provided further, that in no event will the General Partners receive less than 1% of such Net Cash Flow per annum.  Distributions to Limited Partners will be made pro rata by Units.

 
Page 7 of 20

 


AEI NET LEASE INCOME & GROWTH FUND XX LIMITED PARTNERSHIP
NOTES TO FINANCIAL STATEMENTS
(Continued)

(2)  Organization – (Continued)

Any Net Proceeds of Sale, as defined, from the sale or financing of properties which the General Partners determine to distribute will, after provisions for debts and reserves, be paid in the following manner: (i) first, 99% to the Limited Partners and 1% to the General Partners until the Limited Partners receive an amount equal to: (a) their Adjusted Capital Contribution plus (b) an amount equal to 12% of their Adjusted Capital Contribution per annum, cumulative but not compounded, to the extent not previously distributed from Net Cash Flow;  (ii) any remaining balance will be distributed 90% to the Limited Partners and 10% to the General Partners.  Distributions to the Limited Partners will be made pro rata by Units.

For tax purposes, profits from operations, other than profits attributable to the sale, exchange, financing, refinancing or other disposition of property, will be allocated first in the same ratio in which, and to the extent, Net Cash Flow is distributed to the Partners for such year.  Any additional profits will be allocated in the same ratio as the last dollar of Net Cash Flow is distributed.  Net losses from operations will be allocated 99% to the Limited Partners and 1% to the General Partners.

For tax purposes, profits arising from the sale, financing, or other disposition of property will be allocated in accordance with the Partnership Agreement as follows: (i) first, to those partners with deficit balances in their capital accounts in an amount equal to the sum of such deficit balances; (ii) second, 99% to the Limited Partners and 1% to the General Partners until the aggregate balance in the Limited Partners' capital accounts equals the sum of the Limited Partners' Adjusted Capital Contributions plus an amount equal to 12% of their Adjusted Capital Contributions per annum, cumulative but not compounded, to the extent not previously allocated; (iii) third, the balance of any remaining gain will then be allocated 90% to the Limited Partners and 10% to the General Partners.  Losses will be allocated 98% to the Limited Partners and 2% to the General Partners.

The General Partners are not required to currently fund a deficit capital balance.  Upon liquidation of the Partnership or withdrawal by a General Partner, the General Partners will contribute to the Partnership an amount equal to the lesser of the deficit balances in their capital accounts or 1% of total Limited Partners' and General Partners' capital contributions.

In December 2008, the Managing General Partner solicited by mail a proxy statement seeking the consent of the Limited Partners to continue the Partnership for an additional 60 months or to initiate the final disposition, liquidation and distribution of all of the Partnership’s properties and assets within 24 months.  On January 9, 2009, the proposal to continue the Partnership was approved with a majority of Units voted in favor of the continuation proposal.  As a result, the Managing General Partner will continue the operations of the Partnership for an additional 60 months at which time it will again ask the Limited Partners to vote on the same two proposals.

 
Page 8 of 20

 


AEI NET LEASE INCOME & GROWTH FUND XX LIMITED PARTNERSHIP
NOTES TO FINANCIAL STATEMENTS
(Continued)

(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 Partners’ capital, net income or cash flows.

(4)  Real Estate Held for Investment –

On February 23, 2012, the Partnership purchased a 47% interest in a Tractor Supply Company store in Starkville, Mississippi for $1,339,500.  The Partnership allocated $228,586 of the purchase price to Acquired Intangible Lease Assets, representing in-place lease intangibles, and allocated $82,065 to Acquired Below-Market Lease Intangibles.  The Partnership incurred $23,079 of acquisition expenses related to the purchase that were expensed.  The property is leased to Tractor Supply Company under a Lease Agreement with a remaining primary term of 15 years (as of the date of purchase) and annual rent of $102,462 for the interest purchased.  The remaining interest in the property was purchased by AEI Income & Growth Fund 26 LLC, an affiliate of the Partnership.

On July 23, 2012, the Partnership purchased a Family Dollar store in Mobile, Alabama for $1,410,900.  The Partnership allocated $475,411 of the purchase price to Acquired Intangible Lease Assets, representing in-place lease intangibles of $190,845 and above-market lease intangibles of $284,566. The Partnership incurred $28,263 of acquisition expenses related to the purchase that were expensed.  The property is leased to Family Dollar Stores of Alabama, Inc., a subsidiary of Family Dollar Stores, Inc., under a Lease Agreement with a remaining primary term of 9.9 years and annual rent of $119,926.

For the nine months ended September 30, 2012 and 2011, the value of in-place lease intangibles amortized to expense was $12,147 and $0, respectively, the decrease to rental income for above-market leases was $4,783 and $0, respectively, and the increase to rental income for below-market leases was $3,209 and $0, respectively.  For lease intangibles owned as of September 30, 2012, the weighted average remaining life is 130 months, the estimated amortization expense for in-place lease intangibles is $34,569, the estimated increase to rental income for above-market leases is $28,696 and the estimated increase to rental income for below-market leases is $5,502 for each of the next five succeeding years.

On January 31, 2011, the Lease term expired for the HomeTown Buffet restaurant in Albuquerque, New Mexico.  The tenant returned possession of the property to the Partnership.  The Partnership has listed the property for lease or sale with a real estate broker in the Albuquerque area.  While the property is vacant, the Partnership is responsible for its 40.1354% share of real estate taxes and other costs associated with maintaining the property.

 
Page 9 of 20

 



AEI NET LEASE INCOME & GROWTH FUND XX LIMITED PARTNERSHIP
NOTES TO FINANCIAL STATEMENTS
(Continued)

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

Effective June 20, 2011, the Partnership entered into an agreement to lease the former Red Robin property to a local restaurant operator. The Lease Agreement had a term of two years with annual rental payments of $100,000.  The tenant remodeled the building and converted it into a Chinese buffet restaurant called Royal Buffet.  In July 2012, the tenant closed the restaurant due to lower than expected sales.  The Partnership took possession of the property and has listed the property for lease or sale with a real estate broker in the Colorado Springs area.  While the property is vacant, the Partnership is responsible for real estate taxes and other costs associated with maintaining the property.

The HomeTown Buffet and Royal Buffet restaurants represent less than 6% of the value of the Partnership's property portfolio.  The Partnership has evaluated the carrying value of the properties and concluded that there is no impairment at this time.

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

AEI Fund Management, Inc. performs the administrative and operating functions for the Partnership.  The payable to AEI Fund Management represents the balance due for those services.  This balance is non-interest bearing and unsecured and is to be paid in the normal course of business.

(6)  Discontinued Operations –

In January 2011, the Partnership entered into an agreement to sell the Applebee’s restaurant in McAllen, Texas to an unrelated third party.  On March 10, 2011, the sale closed with the Partnership receiving net proceeds of $1,618,981, which resulted in a net gain of $776,219.  At the time of sale, the cost and related accumulated depreciation was $1,320,104 and $477,342, respectively.

On March 16, 2011, the Partnership sold its remaining 0.2706% interest in the Champps Americana restaurant in Columbus, Ohio to an unrelated third party.  The Partnership received net sale proceeds of $8,299, which resulted in a net gain of $1,589.  The cost and related accumulated depreciation of the interest sold was $9,330 and $2,620, respectively.

On February 3, 2012, the Partnership sold its remaining 1.1177% interest in the Arby’s restaurant in Smyrna, Georgia to an unrelated third party.  The Partnership received net sale proceeds of $4,300, which resulted in a net loss of $4,764.  The cost and related accumulated depreciation of the interest sold was $13,866 and $4,802, respectively.

 
Page 10 of 20

 



AEI NET LEASE INCOME & GROWTH FUND XX LIMITED PARTNERSHIP
NOTES TO FINANCIAL STATEMENTS
(Continued)

(6)  Discontinued Operations – (Continued)

In February 2012, the Partnership entered into an agreement to sell the Biaggi’s restaurant in Fort Wayne, Indiana to an unrelated third party.  On March 29, 2012, the sale closed with the Partnership receiving net proceeds of $1,566,807, which resulted in a net gain of $435,703.  At the time of sale, the cost and related accumulated depreciation was $1,379,346 and $248,242, respectively.  At December 31, 2011, the property was classified as Real Estate Held for Sale with a carrying value of $1,131,104.

During the first nine months of 2012 and 2011, the Partnership distributed net sale proceeds of $155,385 and $154,010 to the Limited and General Partners as part of their quarterly distributions, which represented a return of capital of $7.08 and $6.99 per Limited Partnership Unit, respectively.  The Partnership anticipates the remaining net sale proceeds will either be reinvested in additional property or distributed to the Partners in the future.

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

   
Three Months Ended September 30
 
Nine Months Ended September 30
   
2012
 
2011
 
2012
 
2011
                 
Rental Income
$
0
$
33,151
$
21,595
$
145,035
Property Management Expenses
 
0
 
(874)
 
(4,708)
 
(2,751)
Depreciation
 
0
 
(7,367)
 
0
 
(22,145)
Gain on Disposal of Real Estate
 
0
 
0
 
430,939
 
777,808
Income from Discontinued Operations
$
0
$
24,910
$
447,826
$
897,947

(7)  Fair Value Measurements –

As of September 30, 2012, the Partnership 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 Partnership's financial condition and results of operations, including the following:

 
Market and economic conditions which affect the value of the properties the Partnership 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 the Partners;
 
resolution by the General Partners of conflicts with which they may be confronted;
 
the success of the General Partners of locating properties with favorable risk return characteristics;
 
the effect of tenant defaults; and
 
the condition of the industries in which the tenants of properties owned by the Partnership operate.

Application of Critical Accounting Policies

The Partnership’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 Partnership’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 Partnership’s assets and liabilities, or the results of reported operations, will be affected if management’s estimates or assumptions prove inaccurate.

Management of the Partnership 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 managing partner of the Partnership.

Allocation of Purchase Price of Acquired Properties

Upon acquisition of real properties, the Partnership 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 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 terms of the respective leases.  Below market leases will be amortized as an adjustment of rental income over the remaining term 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 Partnership tests long-lived assets for recoverability when events or changes in circumstances indicate that the carrying value may not be recoverable.  For properties the Partnership 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 Partnership reimburses these expenses subject to detailed limitations contained in the Partnership Agreement.

Results of Operations

For the nine months ended September 30, 2012 and 2011, the Partnership recognized rental income from continuing operations of $1,109,885 and $992,701, respectively.  In 2012, rental income increased due to additional rent received from two property acquisitions in 2012, rent increases on two properties and rent received from re-leasing the former Red Robin restaurant.  Based on the scheduled rent for the properties owned as of October 31, 2012, the Partnership expects to recognize rental income from continuing operations of approximately $1,496,000 and $1,556,000 in 2012 and 2013, respectively.

For the nine months ended September 30, 2012 and 2011, the Partnership incurred Partnership administration expenses from affiliated parties of $182,482 and $195,738, respectively.  These administration expenses include costs associated with the management of the properties, processing distributions, reporting requirements and communicating with the Limited Partners.  During the same periods, the Partnership incurred Partnership administration and property management expenses from unrelated parties of $75,829 and $74,776, 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 $23,079 related to the purchase of the Tractor Supply Company store in Starkville, Mississippi and $28,263 related to the purchase of the Family Dollar store in Mobile, Alabama.

On January 31, 2011, the Lease term expired for the HomeTown Buffet restaurant in Albuquerque, New Mexico.  The tenant returned possession of the property to the Partnership.  The Partnership has listed the property for lease or sale with a real estate broker in the Albuquerque area.  While the property is vacant, the Partnership is responsible for its 40.1354% share of real estate taxes and other costs associated with maintaining the property.

Effective June 20, 2011, the Partnership entered into an agreement to lease the former Red Robin property to a local restaurant operator. The Lease Agreement had a term of two years with annual rental payments of $100,000.  The tenant remodeled the building and converted it into a Chinese buffet restaurant called Royal Buffet.  In July 2012, the tenant closed the restaurant due to lower than expected sales.  The Partnership took possession of the property and has listed the property for lease or sale with a real estate broker in the Colorado Springs area.  While the property is vacant, the Partnership is responsible for real estate taxes and other costs associated with maintaining the property.
 
 
Page 14 of 20

 


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

The HomeTown Buffet and Royal Buffet restaurants represent less than 6% of the value of the Partnership's property portfolio.  The Partnership has evaluated the carrying value of the properties and concluded that there is no impairment at this time.

For the nine months ended September 30, 2012 and 2011, the Partnership recognized interest income of $4,573 and $8,788, respectively.  In 2012, interest income decreased primarily due to the Partnership having less money invested in a money market account due to two property acquisitions in 2012.

Upon complete disposal of a property or classification of a property as Real Estate Held for Sale, the Partnership includes the operating results and sale of the property in discontinued operations.  In addition, the Partnership reclassifies the prior periods’ operating results of the property to discontinued operations.  For the nine months ended September 30, 2012, the Partnership recognized income from discontinued operations of $447,826, representing rental income less property management expenses of $16,887 and gain on disposal of real estate of $430,939.  For the nine months ended September 30, 2011, the Partnership recognized income from discontinued operations of $897,947, representing rental income less property management expenses and depreciation of $120,139 and gain on disposal of real estate of $777,808.

In January 2011, the Partnership entered into an agreement to sell the Applebee’s restaurant in McAllen, Texas to an unrelated third party.  On March 10, 2011, the sale closed with the Partnership receiving net proceeds of $1,618,981, which resulted in a net gain of $776,219.  At the time of sale, the cost and related accumulated depreciation was $1,320,104 and $477,342, respectively.

On March 16, 2011, the Partnership sold its remaining 0.2706% interest in the Champps Americana restaurant in Columbus, Ohio to an unrelated third party.  The Partnership received net sale proceeds of $8,299, which resulted in a net gain of $1,589.  The cost and related accumulated depreciation of the interest sold was $9,330 and $2,620, respectively.

On February 3, 2012, the Partnership sold its remaining 1.1177% interest in the Arby’s restaurant in Smyrna, Georgia to an unrelated third party.  The Partnership received net sale proceeds of $4,300, which resulted in a net loss of $4,764.  The cost and related accumulated depreciation of the interest sold was $13,866 and $4,802, respectively.

In February 2012, the Partnership entered into an agreement to sell the Biaggi’s restaurant in Fort Wayne, Indiana to an unrelated third party.  On March 29, 2012, the sale closed with the Partnership receiving net proceeds of $1,566,807, which resulted in a net gain of $435,703.  At the time of sale, the cost and related accumulated depreciation was $1,379,346 and $248,242, respectively.  At December 31, 2011, the property was classified as Real Estate Held for Sale with a carrying value of $1,131,104.

 
Page 15 of 20

 



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

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 Partnership's cash balances decreased $1,386,866 as a result of cash used to purchase property and distributions and redemption payments paid to the Partners in excess of cash generated from operating activities, which were partially offset by cash generated from the sale of property.  During the nine months ended September 30, 2011, the Partnership's cash balances increased $1,533,731 as a result of cash generated from the sale of property, which was partially offset by distributions paid to the Partners in excess of cash generated from operating activities.

Net cash provided by operating activities decreased from $934,731 in 2011 to $865,144 in 2012 as a result of a decrease in total rental and interest income in 2012 and net timing differences in the collection of payments from the tenants and the payment of expenses, which were partially offset by a decrease in Partnership administration and property management expenses in 2012.  During 2012, cash from operations was also reduced by $51,342 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 Partnership Agreement, acquisition expenses were funded with proceeds from property sales.

The major components of the Partnership'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 Partnership generated cash flow from the sale of real estate of $1,571,107 and $1,627,280, respectively.  During the nine months ended September 30, 2012, the Partnership expended $2,750,400 to invest in real properties as the Partnership reinvested cash generated from property sales.

On February 23, 2012, the Partnership purchased a 47% interest in a Tractor Supply Company store in Starkville, Mississippi for $1,339,500.  The property is leased to Tractor Supply Company under a Lease Agreement with a remaining primary term of 15 years (as of the date of purchase) and annual rent of $102,462 for the interest purchased.  The remaining interest in the property was purchased by AEI Income & Growth Fund 26 LLC, an affiliate of the Partnership.

On July 23, 2012, the Partnership purchased a Family Dollar store in Mobile, Alabama for $1,410,900.  The property is leased to Family Dollar Stores of Alabama, Inc., a subsidiary of Family Dollar Stores, Inc., under a Lease Agreement with a remaining primary term of 9.9 years and annual rent of $119,926.
 
 
Page 16 of 20

 


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

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

For the nine months ended September 30, 2012 and 2011, the Partnership declared distributions of $970,413 and $1,027,268, respectively, which were distributed 99% to the Limited Partners and 1% to the General Partners.  The Limited Partners received distributions of $960,709 and $1,016,996 and the General Partners received distributions of $9,704 and $10,272 for the periods, respectively.  In 2012, distributions were lower due to decreases in the distribution rate per Unit, effective April 1, 2012 and July 1, 2012.

During the first nine months of 2012 and 2011, the Partnership distributed net sale proceeds of $155,385 and $154,010 to the Limited and General Partners as part of their quarterly distributions, which represented a return of capital of $7.08 and $6.99 per Limited Partnership Unit, respectively.  The Partnership anticipates the remaining net sale proceeds will either be reinvested in additional property or distributed to the Partners in the future.

The Partnership may acquire Units from Limited Partners who have tendered their Units to the Partnership.  Such Units may be acquired at a discount.  The Partnership 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 Partnership Agreement), would exceed 5% of the total number of Units outstanding on January 1 of such year.  In no event shall the Partnership be obligated to purchase Units if, in the sole discretion of the Managing General Partner, such purchase would impair the capital or operation of the Partnership.

On April 1, 2012, seven Limited Partners redeemed a total of 74.50 Partnership Units for $58,985 in accordance with the Partnership Agreement.  On October 1, 2011, five Limited Partners redeemed a total of 59.00 Partnership Units for $46,662.  The Partnership acquired these Units using Net Cash Flow from operations.  In prior years, a total of 134 Limited Partners redeemed 2,154.72 Partnership Units for $1,671,832.  The redemptions increase the remaining Limited Partners' ownership interest in the Partnership.  As a result of these redemption payments and pursuant to the Partnership Agreement, the General Partners received distributions of $595 and $471 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 Partnership obligations on both a short-term and long-term basis.

 
Page 17 of 20

 


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

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 Partnership'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 Partnership's tenants and their cash flows.  If a tenant were to default on its lease obligations, the Partnership'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 General Partner of the Partnership 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 General Partner 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 General Partner, 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 Partnership is a party or of which the Partnership's property is subject.
 
 
Page 18 of 20

 


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 Partnership Agreement, as amended, each Limited Partner has the right to present Units to the Partnership for purchase by submitting notice to the Managing General Partner during January or July of each year.  The purchase price of the Units is equal to 90% 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 General Partner in accordance with the provisions of the Partnership Agreement.  Units tendered to the Partnership during January and July are redeemed on April 1st and October 1st, respectively, of each year subject to the following limitations.  The Partnership 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 Partnership Agreement), would exceed 5% of the total number of Units outstanding on January 1 of such year.  In no event shall the Partnership be obligated to purchase Units if, in the sole discretion of the Managing General Partner, such purchase would impair the capital or operation of the Partnership.  During the period covered by this report, the Partnership 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 General Partner 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 General Partner pursuant to Rule 15d-14(a)(17 CFR 240.15d-14(a)) and Section 302 of the Sarbanes-Oxley Act of 2002.

32
Certification of Chief Executive Officer and Chief Financial Officer of General Partner pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
 

 
 
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:  November 12, 2012
AEI Net Lease Income & Growth Fund XX
 
Limited Partnership
 
By:
AEI Fund Management XX, Inc.
 
Its:
Managing General Partner
     
     
     
 
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 3 ex31-120.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 Net Lease Income & Growth Fund XX Limited Partnership;

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 XX, Inc.
 
Managing General Partner

 
 

 

EX-31.2 4 ex31-220.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 Net Lease Income & Growth Fund XX Limited Partnership;

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 XX, Inc.
 
Managing General Partner

 
 

 

EX-32 5 ex32-20.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 Net Lease Income & Growth Fund XX Limited Partnership (the “Partnership”) 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 XX, Inc., the Managing General Partner of the Partnership, and Patrick W. Keene, Chief Financial Officer of AEI Fund Management XX, 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 Partnership.



 
/s/ ROBERT P JOHNSON
 
 
Robert P. Johnson, President
 
 
AEI Fund Management XX, Inc.
 
 
Managing General Partner
 
 
November 12, 2012
 
     
     
     
 
/s/ PATRICK W KEENE
 
 
Patrick W. Keene, Chief Financial Officer
 
 
AEI Fund Management XX, 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&rsquo;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 Net Lease Income &amp; Growth Fund XX Limited Partnership (&ldquo;Partnership&rdquo;) was formed to acquire and lease commercial properties to operating tenants. The Partnership's operations are managed by AEI Fund Management XX, Inc. (&ldquo;AFM&rdquo;), the Managing General Partner. Robert P. Johnson, the President and sole director of AFM, serves as the Individual General Partner. AFM is a wholly owned subsidiary of AEI Capital Corporation of which Mr. Johnson is the majority shareholder. AEI Fund Management, Inc. (&ldquo;AEI&rdquo;), an affiliate of AFM, performs the administrative and operating functions for the Partnership.</font> </div><br/><div style="text-align: justify; font-family: Times New Roman; font-size: 12.0pt;"> <font>The terms of the Partnership offering called for a subscription price of $1,000 per Limited Partnership Unit, payable on acceptance of the offer. The Partnership commenced operations on June&nbsp;30, 1993 when minimum subscriptions of 1,500 Limited Partnership Units ($1,500,000) were accepted. On January&nbsp;19, 1995, the offering terminated when the maximum subscription limit of 24,000 Limited Partnership Units was reached. Under the terms of the Limited Partnership Agreement, the Limited Partners and General Partners contributed funds of $24,000,000 and $1,000, respectively.</font> </div><br/><div style="text-align: justify; font-family: Times New Roman; font-size: 12.0pt;"> <font>During operations, any Net Cash Flow, as defined, which the General Partners determine to distribute will be distributed 90% to the Limited Partners and 10% to the General Partners; provided, however, that such distributions to the General Partners will be subordinated to the Limited Partners first receiving an annual, noncumulative distribution of Net Cash Flow equal to 10% of their Adjusted Capital Contribution, as defined, and, provided further, that in no event will the General Partners receive less than 1% of such Net Cash Flow per annum. Distributions to Limited Partners will be made pro rata by Units.</font> </div><br/><div style="text-align: justify; font-family: Times New Roman; font-size: 12.0pt;"> <font>Any Net Proceeds of Sale, as defined, from the sale or financing of properties which the General Partners determine to distribute will, after provisions for debts and reserves, be paid in the following manner: (i) first, 99% to the Limited Partners and 1% to the General Partners until the Limited Partners receive an amount equal to: (a) their Adjusted Capital Contribution plus (b) an amount equal to 12% of their Adjusted Capital Contribution per annum, cumulative but not compounded, to the extent not previously distributed from Net Cash Flow; (ii) any remaining balance will be distributed 90% to the Limited Partners and 10% to the General Partners. Distributions to the Limited Partners will be made pro rata by Units.</font> </div><br/><div style="text-align: justify; font-family: Times New Roman; font-size: 12.0pt;"> <font>For tax purposes, profits from operations, other than profits attributable to the sale, exchange, financing, refinancing or other disposition of property, will be allocated first in the same ratio in which, and to the extent, Net Cash Flow is distributed to the Partners for such year. Any additional profits will be allocated in the same ratio as the last dollar of Net Cash Flow is distributed. Net losses from operations will be allocated 99% to the Limited Partners and 1% to the General Partners.</font> </div><br/><div style="text-align: justify; font-family: Times New Roman; font-size: 12.0pt;"> <font>For tax purposes, profits arising from the sale, financing, or other disposition of property will be allocated in accordance with the Partnership Agreement as follows: (i) first, to those partners with deficit balances in their capital accounts in an amount equal to the sum of such deficit balances; (ii) second, 99% to the Limited Partners and 1% to the General Partners until the aggregate balance in the Limited Partners' capital accounts equals the sum of the Limited Partners' Adjusted Capital Contributions plus an amount equal to 12% of their Adjusted Capital Contributions per annum, cumulative but not compounded, to the extent not previously allocated; (iii) third, the balance of any remaining gain will then be allocated 90% to the Limited Partners and 10% to the General Partners. Losses will be allocated 98% to the Limited Partners and 2% to the General Partners.</font> </div><br/><div style="text-align: justify; font-family: Times New Roman; font-size: 12.0pt;"> <font>The General Partners are not required to currently fund a deficit capital balance. Upon liquidation of the Partnership or withdrawal by a General Partner, the General Partners will contribute to the Partnership an amount equal to the lesser of the deficit balances in their capital accounts or 1% of total Limited Partners' and General Partners' capital contributions.</font> </div><br/><div style="text-align: justify; font-family: Times New Roman; font-size: 12.0pt;"> <font>In December 2008, the Managing General Partner solicited by mail a proxy statement seeking the consent of the Limited Partners to continue the Partnership for an additional 60 months or to initiate the final disposition, liquidation and distribution of all of the Partnership&rsquo;s properties and assets within 24 months. On January&nbsp;9, 2009, the proposal to continue the Partnership was approved with a majority of Units voted in favor of the continuation proposal. As a result, the Managing General Partner will continue the operations of the Partnership for an additional 60 months at which time it will again ask the Limited Partners to vote on the same two proposals.</font> </div><br/> 1000 1500 1500000 24000 24000000 1000 During operations, any Net Cash Flow, as defined, which the General Partners determine to distribute will be distributed 90% to the Limited Partners and 10% to the General Partners; provided, however, that such distributions to the General Partners will be subordinated to the Limited Partners first receiving an annual, noncumulative distribution of Net Cash Flow equal to 10% of their Adjusted Capital Contribution, as defined, and, provided further, that in no event will the General Partners receive less than 1% of such Net Cash Flow per annum. Distributions to Limited Partners will be made pro rata by Units. Any Net Proceeds of Sale, as defined, from the sale or financing of properties which the General Partners determine to distribute will, after provisions for debts and reserves, be paid in the following manner: (i) first, 99% to the Limited Partners and 1% to the General Partners until the Limited Partners receive an amount equal to: (a) their Adjusted Capital Contribution plus (b) an amount equal to 12% of their Adjusted Capital Contribution per annum, cumulative but not compounded, to the extent not previously distributed from Net Cash Flow; (ii) any remaining balance will be distributed 90% to the Limited Partners and 10% to the General Partners. Distributions to the Limited Partners will be made pro rata by Units. For tax purposes, profits from operations, other than profits attributable to the sale, exchange, financing, refinancing or other disposition of property, will be allocated first in the same ratio in which, and to the extent, Net Cash Flow is distributed to the Partners for such year. Any additional profits will be allocated in the same ratio as the last dollar of Net Cash Flow is distributed. Net losses from operations will be allocated 99% to the Limited Partners and 1% to the General Partners. For tax purposes, profits arising from the sale, financing, or other disposition of property will be allocated in accordance with the Partnership Agreement as follows: (i) first, to those partners with deficit balances in their capital accounts in an amount equal to the sum of such deficit balances; (ii) second, 99% to the Limited Partners and 1% to the General Partners until the aggregate balance in the Limited Partners' capital accounts equals the sum of the Limited Partners' Adjusted Capital Contributions plus an amount equal to 12% of their Adjusted Capital Contributions per annum, cumulative but not compounded, to the extent not previously allocated; (iii) third, the balance of any remaining gain will then be allocated 90% to the Limited Partners and 10% to the General Partners. Losses will be allocated 98% to the Limited Partners and 2% to the General Partners. The General Partners are not required to currently fund a deficit capital balance. Upon liquidation of the Partnership or withdrawal by a General Partner, the General Partners will contribute to the Partnership an amount equal to the lesser of the deficit balances in their capital accounts or 1% of total Limited Partners' and General Partners' capital contributions. In December 2008, the Managing General Partner solicited by mail a proxy statement seeking the consent of the Limited Partners to continue the Partnership for an additional 60 months or to initiate the final disposition, liquidation and distribution of all of the Partnership's properties and assets within 24 months. On January9, 2009, the proposal to continue the Partnership was approved with a majority of Units voted in favor of the continuation proposal. As a result, the Managing General Partner will continue the operations of the Partnership for an additional 60 months at which time it will again ask the Limited Partners to vote on the same two proposals. <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 Partners&rsquo; capital, net income or cash flows.</font> </div><br/> <div style="text-align: justify; font-weight: bold; font-family: Times New Roman; font-size: 12.0pt;"> <font>(4) 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 February&nbsp;23, 2012, the Partnership purchased a 47% interest in a Tractor Supply Company store in Starkville, Mississippi for $1,339,500. The Partnership allocated $228,586 of the purchase price to Acquired Intangible Lease Assets, representing in-place lease intangibles, and allocated $82,065 to Acquired Below-Market Lease Intangibles.&nbsp; The Partnership incurred $23,079 of acquisition expenses related to the purchase that were expensed. The property is leased to Tractor Supply Company under a Lease Agreement with a remaining primary term of 15 years (as of the date of purchase) and annual rent of $102,462 for the interest purchased. The remaining interest in the property was purchased by AEI Income &amp; Growth Fund 26 LLC, an affiliate of the Partnership.</font> </div><br/><div style="text-align: justify; font-family: Times New Roman; font-size: 12.0pt;"> <font>On July&nbsp;23, 2012, the Partnership purchased a Family Dollar store in Mobile, Alabama for $1,410,900. The Partnership allocated $475,411 of the purchase price to Acquired Intangible Lease Assets, representing in-place lease intangibles of $190,845 and above-market lease intangibles of $284,566.&nbsp;The Partnership incurred $28,263 of acquisition expenses related to the purchase that were expensed. The property is leased to Family Dollar Stores of Alabama, Inc., a subsidiary of Family Dollar Stores, Inc., under a Lease Agreement with a remaining primary term of 9.9 years and annual rent of $119,926.</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 $12,147 and $0, respectively, the decrease to rental income for abovemarket leases was $4,783 and $0, respectively, and the increase to rental income for below-market leases was $3,209&nbsp;and $0, respectively. For lease intangibles owned as of September&nbsp;30, 2012, the weighted average remaining life is 130&nbsp;months, the estimated amortization expense for in-place lease intangibles is $34,569, the estimated increase to rental income for above-market leases is $28,696&nbsp;and the estimated increase to rental income for below-market leases is $5,502&nbsp;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>On January&nbsp;31, 2011, the Lease term expired for the HomeTown Buffet restaurant in Albuquerque, New Mexico. The tenant returned possession of the property to the Partnership. The Partnership has listed the property for lease or sale with a real estate broker in the Albuquerque area. While the property is vacant, the Partnership is responsible for its 40.1354% share of real estate taxes and other costs associated with maintaining the property.</font> </div><br/><div style="text-align: justify; font-family: Times New Roman; font-size: 12.0pt;"> <font>Effective June 20, 2011, the Partnership entered into an agreement to lease the former Red Robin property to a local restaurant operator. The Lease Agreement had a term of two years with annual rental payments of $100,000. The tenant remodeled the building and converted it into a Chinese buffet restaurant called Royal Buffet. In July 2012, the tenant closed the restaurant due to lower than expected sales. The Partnership took possession of the property and has listed the property for lease or sale with a real estate broker in the Colorado Springs area. While the property is vacant, the Partnership is responsible for real estate taxes and other costs associated with maintaining the property.</font> </div><br/><div style="text-align: justify; font-family: Times New Roman; font-size: 12.0pt;"> <font>The HomeTown Buffet and Royal Buffet restaurants represent less than 6% of the value of the Partnership's property portfolio. The Partnership has evaluated the carrying value of the properties and concluded that there is no impairment at this time.</font> </div><br/> 2012-02-23 0.47 Tractor Supply Company store in Starkville, Mississippi 1339500 228586 82065 23079 15 102462 2012-07-23 Family Dollar store in Mobile, Alabama 1410900 475411 190845 284566 28263 9.9 119926 12147 0 4783 0 3209 0 P130M 34569 28696 5502 <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 Partnership. The payable to AEI Fund Management represents the balance due for those services. This balance is non-interest bearing and unsecured and is to be paid in the normal course of business.</font> </div><br/> <div style="text-align: justify; font-weight: bold; font-family: Times New Roman; font-size: 12.0pt;"> <font>(6) Discontinued Operations &ndash;</font> </div><br/><div style="text-align: justify; font-family: Times New Roman; font-size: 12.0pt;"> <font>In January 2011, the Partnership entered into an agreement to sell the Applebee&rsquo;s restaurant in McAllen, Texas to an unrelated third party. On March 10, 2011, the sale closed with the Partnership receiving net proceeds of $1,618,981, which resulted in a net gain of $776,219. At the time of sale, the cost and related accumulated depreciation was $1,320,104 and $477,342, respectively.</font> </div><br/><div style="text-align: justify; font-family: Times New Roman; font-size: 12.0pt;"> <font>On March&nbsp;16, 2011, the Partnership sold its remaining 0.2706% interest in the Champps Americana restaurant in Columbus, Ohio to an unrelated third party. The Partnership received net sale proceeds of $8,299, which resulted in a net gain of $1,589. The cost and related accumulated depreciation of the interest sold was $9,330 and $2,620, respectively.</font> </div><br/><div style="text-align: justify; font-family: Times New Roman; font-size: 12.0pt;"> <font>On February&nbsp;3, 2012, the Partnership sold its remaining 1.1177% interest in the Arby&rsquo;s restaurant in Smyrna, Georgia to an unrelated third party. The Partnership received net sale proceeds of $4,300, which resulted in a net loss of $4,764. The cost and related accumulated depreciation of the interest sold was $13,866 and $4,802, respectively.</font> </div><br/><div style="text-align: justify; font-family: Times New Roman; font-size: 12.0pt;"> <font>In February 2012, the Partnership entered into an agreement to sell the Biaggi&rsquo;s restaurant in Fort Wayne, Indiana to an unrelated third party. On March&nbsp;29, 2012, the sale closed with the Partnership receiving net proceeds of $1,566,807, which resulted in a net gain of $435,703. At the time of sale, the cost and related accumulated depreciation was $1,379,346 and $248,242, respectively. At December&nbsp;31, 2011, the property was classified as Real Estate Held for Sale with a carrying value of $1,131,104.</font> </div><br/><div style="text-align: justify; font-family: Times New Roman; font-size: 12.0pt;"> <font>During the first nine months of 2012 and 2011, the Partnership distributed net sale proceeds of $155,385 and $154,010&nbsp;to the Limited and General Partners as part of their quarterly distributions, which represented a return of capital of $7.08 and $6.99&nbsp;per Limited Partnership Unit, respectively. The Partnership anticipates the remaining net sale proceeds will either be reinvested in additional property or distributed to the Partners in the future.</font> </div><br/><div style="text-align: justify; font-family: Times New Roman; font-size: 12.0pt;"> <font>The financial results for these properties are reflected as Discontinued Operations in the accompanying financial statements. The following are the results of discontinued operations:</font> </div><br/><table style="border-spacing: 0px; border-collapse: collapse; margin: auto; width: 479.5pt; font-family: Times New Roman; font-size: 12.0pt;"> <tr> <td style="width: 226.8pt;"> &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&nbsp;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&nbsp;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;">$</font> </div> </td> <td> <div style="text-align: right;"> <font style="font-size: 11.0pt;">33,151</font> </div> </td> <td> <div style="text-align: right;"> <font style="font-size: 11.0pt;">$</font> </div> </td> <td> <div style="text-align: right;"> <font style="font-size: 11.0pt;">21,595</font> </div> </td> <td> <div style="text-align: right;"> <font style="font-size: 11.0pt;">$</font> </div> </td> <td> <div style="text-align: right;"> <font style="font-size: 11.0pt;">145,035</font> </div> </td> </tr> <tr> <td> <div> <font>Property Management Expenses</font> </div> </td> <td> &nbsp; </td> <td> <div style="text-align: right;"> <font style="font-size: 11.0pt;">0</font> </div> </td> <td> &nbsp; </td> <td> <div style="text-align: right;"> <font style="font-size: 11.0pt;">(874)</font> </div> </td> <td> &nbsp; </td> <td> <div style="text-align: right;"> <font style="font-size: 11.0pt;">(4,708)</font> </div> </td> <td> &nbsp; </td> <td> <div style="text-align: right;"> <font style="font-size: 11.0pt;">(2,751)</font> </div> </td> </tr> <tr> <td> <div> <font>Depreciation</font> </div> </td> <td> &nbsp; </td> <td> <div style="text-align: right;"> <font style="font-size: 11.0pt;">0</font> </div> </td> <td> &nbsp; </td> <td> <div style="text-align: right;"> <font style="font-size: 11.0pt;">(7,367)</font> </div> </td> <td> &nbsp; </td> <td> <div style="text-align: right;"> <font style="font-size: 11.0pt;">0</font> </div> </td> <td> &nbsp; </td> <td> <div style="text-align: right;"> <font style="font-size: 11.0pt;">(22,145)</font> </div> </td> </tr> <tr> <td> <div> <font>Gain on Disposal of Real Estate</font> </div> </td> <td> &nbsp; </td> <td> <div style="border-bottom: 1pt solid black; text-align: right;"> <font style="font-size: 11.0pt;">0</font> </div> </td> <td> &nbsp; </td> <td> <div style="border-bottom: 1pt solid black; text-align: right;"> <font style="font-size: 11.0pt;">0</font> </div> </td> <td> &nbsp; </td> <td> <div style="border-bottom: 1pt solid black; text-align: right;"> <font style="font-size: 11.0pt;">430,939</font> </div> </td> <td> &nbsp; </td> <td> <div style="border-bottom: 1pt solid black; text-align: right;"> <font style="font-size: 11.0pt;">777,808</font> </div> </td> </tr> <tr> <td> <div> <font>Income from Discontinued Operations</font> </div> </td> <td> <div style="text-align: right;"> <font style="font-size: 11.0pt;">$</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;">$</font> </div> </td> <td> <div style="border-bottom: 2pt double black; text-align: right;"> <font style="font-size: 11.0pt;">24,910</font> </div> </td> <td> <div style="text-align: right;"> <font style="font-size: 11.0pt;">$</font> </div> </td> <td> <div style="border-bottom: 2pt double black; text-align: right;"> <font style="font-size: 11.0pt;">447,826</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;">897,947</font> </div> </td> </tr> </table><br/> 1618981 776219 1320104 477342 8299 1589 9330 2620 4300 4764 13866 4802 1566807 435703 1379346 248242 1131104 155385 154010 7.08 6.99 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&nbsp;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&nbsp;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;">$</font> </div> </td> <td> <div style="text-align: right;"> <font style="font-size: 11.0pt;">33,151</font> </div> </td> <td> <div style="text-align: right;"> <font style="font-size: 11.0pt;">$</font> </div> </td> <td> <div style="text-align: right;"> <font style="font-size: 11.0pt;">21,595</font> </div> </td> <td> <div style="text-align: right;"> <font style="font-size: 11.0pt;">$</font> </div> </td> <td> <div style="text-align: right;"> <font style="font-size: 11.0pt;">145,035</font> </div> </td> </tr> <tr> <td> <div> <font>Property Management Expenses</font> </div> </td> <td> &nbsp; </td> <td> <div style="text-align: right;"> <font style="font-size: 11.0pt;">0</font> </div> </td> <td> &nbsp; </td> <td> <div style="text-align: right;"> <font style="font-size: 11.0pt;">(874)</font> </div> </td> <td> &nbsp; </td> <td> <div style="text-align: right;"> <font style="font-size: 11.0pt;">(4,708)</font> </div> </td> <td> &nbsp; </td> <td> <div style="text-align: right;"> <font style="font-size: 11.0pt;">(2,751)</font> </div> </td> </tr> <tr> <td> <div> <font>Depreciation</font> </div> </td> <td> &nbsp; </td> <td> <div style="text-align: right;"> <font style="font-size: 11.0pt;">0</font> </div> </td> <td> &nbsp; </td> <td> <div style="text-align: right;"> <font style="font-size: 11.0pt;">(7,367)</font> </div> </td> <td> &nbsp; </td> <td> <div style="text-align: right;"> <font style="font-size: 11.0pt;">0</font> </div> </td> <td> &nbsp; </td> <td> <div style="text-align: right;"> <font style="font-size: 11.0pt;">(22,145)</font> </div> </td> </tr> <tr> <td> <div> <font>Gain on Disposal of Real Estate</font> </div> </td> <td> &nbsp; </td> <td> <div style="border-bottom: 1pt solid black; text-align: right;"> <font style="font-size: 11.0pt;">0</font> </div> </td> <td> &nbsp; </td> <td> <div style="border-bottom: 1pt solid black; text-align: right;"> <font style="font-size: 11.0pt;">0</font> </div> </td> <td> &nbsp; </td> <td> <div style="border-bottom: 1pt solid black; text-align: right;"> <font style="font-size: 11.0pt;">430,939</font> </div> </td> <td> &nbsp; </td> <td> <div style="border-bottom: 1pt solid black; text-align: right;"> <font style="font-size: 11.0pt;">777,808</font> </div> </td> </tr> <tr> <td> <div> <font>Income from Discontinued Operations</font> </div> </td> <td> <div style="text-align: right;"> <font style="font-size: 11.0pt;">$</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;">$</font> </div> </td> <td> <div style="border-bottom: 2pt double black; text-align: right;"> <font style="font-size: 11.0pt;">24,910</font> </div> </td> <td> <div style="text-align: right;"> <font style="font-size: 11.0pt;">$</font> </div> </td> <td> <div style="border-bottom: 2pt double black; text-align: right;"> <font style="font-size: 11.0pt;">447,826</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;">897,947</font> </div> </td> </tr> </table> 0 33151 21595 145035 0 874 4708 2751 0 7367 0 22145 0 0 430939 777808 <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 Partnership had no assets or liabilities measured at fair value on a recurring basis or nonrecurring basis.</font> </div><br/> EX-101.SCH 7 aei20-20120930.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 Partners' Captial (Deficit) 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 Partners’ capital, net income or cash flows.

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