AEI Income & Growth Fund XXI LP

05/13/2026 | Press release | Distributed by Public on 05/13/2026 14:51

Quarterly Report for Quarter Ending March 31, 2026 (Form 10-Q)

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended: March 31, 2026
Commission File Number: 000-29274
AEI INCOME & GROWTH FUND XXI LIMITED PARTNERSHIP
(Exact name of registrant as specified in its charter)
State of Minnesota
41-1789725
(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)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
NONE
NONE
NONE
Securities registered pursuant to Section 12(g) of the Act:
Limited Partnership Units
(Title of class)
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. ☒ Yes ☐ No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted 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 such files). ☒ Yes ☐ No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
☐ Large accelerated filer
☐ Accelerated filer
☒ Non-accelerated filer
☒ Smaller reporting company
☐ Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes ☒ No
As of May 13, 2026, there were 15,970.84 Units of limited partnership interest outstanding and owned by nonaffiliates of the registrant.
AEI INCOME & GROWTH FUND XXI LIMITED PARTNERSHIP
INDEX
Page
Part I - Financial Information
Item 1.
Condensed Financial Statements (unaudited):
Balance Sheets as of March 31, 2026 and December 31, 2025
3
Statements for the Periods ended March 31, 2026 and 2025:
Income
4
Cash Flows
5
Changes in Partners' Capital
6
Condensed Notes to Financial Statements
7 - 8
Item 2.
Management's Discussion and Analysis of Financial
Condition and Results of Operations
9 - 13
Item 3.
Quantitative and Qualitative Disclosures About Market Risk
13
Item 4.
Controls and Procedures
14
Part II - Other Information
Item 1.
Legal Proceedings
15
Item 1A.
Risk Factors
15
Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
15
Item 3.
Defaults Upon Senior Securities
15
Item 4.
Mine Safety Disclosures
15
Item 5.
Other Information
15
Item 6.
Exhibits
16
Signatures
16
2
AEI INCOME & GROWTH FUND XXI LIMITED PARTNERSHIP
BALANCE SHEETS
ASSETS
March 31,
December 31,
2026
2025
(unaudited)
Current Assets:
Cash
$
571,495
$
611,817
Total Current Assets
571,495
611,817
Real Estate Investments:
Land
3,166,803
3,166,803
Buildings
8,640,560
8,640,560
Acquired Intangible Lease Assets
864,490
864,490
Real Estate Held for Investment, at Cost
12,671,853
12,671,853
Accumulated Depreciation and Amortization
(3,951,545)
(3,840,108)
Real Estate Held for Investment, Net
8,720,308
8,831,745
Total Assets
$
9,291,803
$
9,443,562
LIABILITIES AND PARTNERS' CAPITAL
Current Liabilities:
Payable to AEI Fund Management, Inc.
$
74,187
$
106,782
Distributions Payable
165,698
165,698
Total Current Liabilities
239,885
272,480
Long-term Liabilities:
Acquired Below-Market Lease Intangibles, Net
0
675
Partners' Capital:
General Partner
6,965
8,150
Limited Partners - 24,000 Units authorized;
15,971 Units issued and outstanding
as of 3/31/2026 and 12/31/2025
9,044,953
9,162,257
Total Partners' Capital
9,051,918
9,170,407
Total Liabilities and Partners' Capital
$
9,291,803
$
9,443,562
The accompanying Condensed Notes to Financial Statements are an integral part of these statements.
3
AEI INCOME & GROWTH FUND XXI LIMITED PARTNERSHIP
STATEMENTS OF INCOME
(unaudited)
Three Months Ended March 31
2026
2025
Rental Income
$
223,896
$
249,991
Expenses:
Partnership Administration - Affiliates
32,014
29,275
Partnership Administration and Property
Management - Unrelated Parties
35,850
52,027
Depreciation and Amortization
111,436
116,225
Total Expenses
179,300
197,527
Operating Income
44,596
52,464
Other Income:
Gain on Sale of Real Estate
0
825,611
Interest Income
2,613
1,268
Total Other Income
2,613
826,879
Net Income
$
47,209
$
879,343
Net Income Allocated:
General Partner
$
472
$
8,793
Limited Partners
46,737
870,550
Total
$
47,209
$
879,343
Net Income per Limited Partnership Unit
$
2.93
$
50.98
Weighted Average Units Outstanding -
Basic and Diluted
15,971
17,077
The accompanying Condensed Notes to Financial Statements are an integral part of these statements.
4
AEI INCOME & GROWTH FUND XXI LIMITED PARTNERSHIP
STATEMENTS OF CASH FLOWS
(unaudited)
Three Months Ended March 31
2026
2025
Cash Flows from Operating Activities:
Net Income
$
47,209
$
879,343
Adjustments to Reconcile Net Income
To Net Cash Provided by Operating Activities:
Depreciation and Amortization
110,762
114,197
Gain on Sale of Real Estate
0
(825,611)
Increase (Decrease) in Payable to
AEI Fund Management, Inc.
(32,595)
20,760
Increase (Decrease) in Unearned Rent
0
9,168
Total Adjustments
78,167
(681,486)
Net Cash Provided By
Operating Activities
125,376
197,857
Cash Flows from Investing Activities:
Proceeds from Sale of Real Estate
0
1,345,607
Cash Flows from Financing Activities:
Distributions Paid to Partners
(165,698)
(173,233)
Net Increase (Decrease) in Cash
(40,322)
1,370,231
Cash, beginning of period
611,817
240,059
Cash, end of period
$
571,495
$
1,610,290
The accompanying Condensed Notes to Financial Statements are an integral part of these statements.
5
AEI INCOME & GROWTH FUND XXI LIMITED PARTNERSHIP
STATEMENTS OF CHANGES IN PARTNERS' CAPITAL
(unaudited)
General Partner
Limited Partners
Total
Limited Partnership Units Outstanding
Balance, December 31, 2024
$
3,776
$
9,781,797
$
9,785,573
17,076.71
Distributions Declared
(1,732)
(171,501)
(173,233)
Net Income
8,793
870,550
879,343
Balance, March 31, 2025
$
10,837
$
10,480,846
$
10,491,683
17,076.71
Balance, December 31, 2025
$
8,150
$
9,162,257
$
9,170,407
15,970.84
Distributions Declared
(1,657)
(164,041)
(165,698)
Net Income
472
46,737
47,209
Balance, March 31, 2026
$
6,965
$
9,044,953
$
9,051,918
15,970.84
The accompanying Condensed Notes to Financial Statements are an integral part of these statements.
6
AEI INCOME & GROWTH FUND XXI LIMITED PARTNERSHIP
CONDENSED NOTES TO FINANCIAL STATEMENTS
MARCH 31, 2026
(unaudited)
(1) Basis of Presentation -
The condensed financial 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 financial statements. The adjustments made to these condensed financial statements consist only of normal recurring adjustments. Certain information, accounting policies, and footnote disclosures normally included in financial statements prepared in accordance with United States Generally Accepted Accounting Principles (US GAAP) have been condensed or omitted pursuant to such rules and regulations, although the registrant believes that the disclosures are adequate to make the information presented not misleading. It is suggested that these condensed financial statements be read in conjunction with the financial statements and the summary of significant accounting policies and notes thereto included in the registrant's latest annual report on Form 10-K.
(2) Organization -
AEI Income & Growth Fund XXI Limited Partnership (the "Partnership") was formed to acquire and lease commercial properties to operating tenants. The Partnership's operations are managed by AEI Fund Management XXI, Inc. ("AFM"), the Managing General Partner. The Estate of Robert P. Johnson serves as the Individual General Partner. AFM is a wholly owned subsidiary of AEI Capital Corporation ("ACC"). The Credit Trust fbo of Patricia Johnson and Patricia Johnson owned a majority interest in ACC, prior to the shares being equally transferred on March 10, 2026 to Marni Nygard and Paula Tillett. AEI Fund Management, Inc. ("AEI"), an affiliate of AFM, performs the administrative and operating functions for the Partnership.
Pursuant to Section 12.1(f) of the Partnership Agreement, the Managing General Partner can liquidate the Partnership upon the sale or other disposition of all or substantially all of its assets. The Managing General Partner has decided to begin the final liquidation process by disposing of its assets in accordance with the terms of the Partnership Agreement.
7
AEI INCOME & GROWTH FUND XXI LIMITED PARTNERSHIP
CONDENSED NOTES TO FINANCIAL STATEMENTS
(3) Recently Adopted Accounting Pronouncements -
No new accounting standards issued or proposed by the Financial Accounting Standards Board are currently applicable to the Partnership or are expected to have a significant impact on the Partnership's financial position, results of operations and cash flows.
(4) Real Estate Investments -
In January 2025, the Partnership entered into an agreement to sell its 40% interest in the Jared Jewelry store in Auburn Hills, Michigan to an unrelated third party. On March 31, 2025, the sale closed with the Partnership receiving net proceeds of $1,345,607, which resulted in a net gain of $825,611. At the time of sale, the cost and related accumulated depreciation was $1,466,048 and $946,052, respectively.
(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) Partners' Capital -
For the three months ended March 31, 2026 and 2025, the Partnership declared distributions of $165,698 and $173,233, respectively. The Limited Partners were allocated declared distributions of $164,041 and $171,501 and the General Partner was allocated declared distributions of $1,657 and $1,732 for the periods ended March 31, 2026 and 2025, respectively. The Limited Partners' declared distributions represented $10.27 and $10.04 per Limited Partnership Unit outstanding using 15,971 and 17,077 weighted average Units for the three months ended March 31, 2026 and 2025, respectively. The declared distributions represented $2.93 and $10.04 per Unit of Net Income and $7.34 and $0 per Unit of contributed capital for the three months ended March 31, 2026 and 2025, respectively.
(7) Fair Value Measurements -
As of March 31, 2026 and December 31, 2025, the Partnership had no assets or liabilities measured at fair value on a recurring basis or nonrecurring basis.
8
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 Partner of conflicts with which they may be confronted;
-
the success of the General Partner 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 US GAAP. Preparing the financial statements requires management to use judgment in the application of these accounting policies, including making estimates and assumptions. These judgments will affect the reported amounts of the 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, would 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 the Managing General 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. 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 in-place leases. The allocation of the purchase price is based upon the relative 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.
9
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 on a straight-line basis as an adjustment of rental income over the remaining term of the respective leases. Below market lease values will be amortized on a straight-line basis 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 on a straight-line basis 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 on a straight-line basis 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 relative fair values of the assets and liabilities acquired will require the use of significant assumptions with regard to the current market rental rates, rental growth rates, discount and capitalization rates, interest rates and other variables. If management's estimates or assumptions prove inaccurate, the result would be an inaccurate allocation of purchase price, which could impact the amount of reported net income.
Carrying Value of Properties
Properties are carried at original cost, less accumulated depreciation and amortization. The 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.
10
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.
Factors Which May Influence Results of Operations
The Partnership is not aware of any material trends or uncertainties, other than national economic conditions affecting real estate generally, that may reasonably be expected to have a material impact, favorable or unfavorable, on revenues and investment property value. However, due to current economic factors, higher interest rates, and inflation in the US and globally, our tenants and operating partners may be impacted.
Results of Operations
For the three months ended March 31, 2026 and 2025, the Partnership recognized rental income of $223,896 and $249,991, respectively. In 2026, rental income decreased due to one property sale in March 2025, which was partially offset by two existing properties with a rent increase in 2026. Based on the scheduled rent for the properties owned as of April 30, 2026, the Partnership expects to recognize rental income of approximately $896,000 in 2026.
For the three months ended March 31, 2026 and 2025, the Partnership incurred Partnership administration expenses from affiliated parties of $32,014 and $29,275, respectively. These administration expenses include costs associated with the management of the properties, processing distributions, reporting requirements and communicating with the Limited Partners. These expenses were higher in 2026, when compared to 2025, mainly due to higher costs associated with management of the properties. During the same periods, the Partnership incurred Partnership administration and property management expenses from unrelated parties of $35,850 and $52,027, 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. These expenses were lower in 2026, when compared to 2025, mainly due to fewer properties being managed as the Fund is in the final liquidation process.
In January 2025, the Partnership entered into an agreement to sell its 40% interest in the Jared Jewelry in Auburn Hills, Michigan to an unrelated third party. On March 31, 2025, the sale closed with the Partnership receiving net proceeds of $1,345,607, which resulted in a net gain of $825,611. At the time of sale, the cost basis of the property and related accumulated depreciation was $1,466,048 and $946,052, respectively.
11
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS. (Continued)
In July 2025, the Partnership entered into an agreement with the tenant of the Dollar Tree store in Cincinnati, Ohio to extend the lease term 5 years commencing on February 1, 2026 and expiring on January 31, 2031. As part of the agreement, the annual rent is scheduled to increase to $127,156.
For the three months ended March 31, 2026 and 2025, the Partnership recognized interest income of $2,613 and $1,268, respectively.
Management believes inflation has not significantly affected income from operations. Leases may contain rent increases, based on the increase in the Consumer Price Index over a specified period, which will result in an increase in rental income over the term of the leases. Inflation also may cause the real estate to appreciate in value. However, inflation and changing prices may have an adverse impact on the operating margins of the properties' tenants, which could impair their ability to pay rent and subsequently reduce the Net Cash Flow available for distributions.
Liquidity and Capital Resources
During the three months ended March 31, 2026, the Partnership's cash balance decreased $40,322 primarily as a result of distributions paid to the Partners in excess of cash generated from operating activities. During the three months ended March 31, 2025, the Partnership's cash balance increased $1,370,231 primarily as a result of cash generated from the sale of one property in March 2025.
Net cash provided by operating activities decreased from $197,857 in the three months ended March 31, 2025 to $125,376 in the three months ended March 31, 2026 as a result of a decrease in total rental income which was partially offset by a decrease in Partnership administration and property management expenses.
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 three months ended March 31, 2026, the Partnership did not complete any property acquisitions or property sales. During the three months ended March 31, 2025, the Partnership generated cash flow from the sale of real estate of $1,345,607.
The Partnership's primary use of cash flow, other than investment in real estate, is distribution payments to Partners and cash used to repurchase Units. 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. The Partnership may repurchase tendered Units on April 1st and October 1st of each year subject to limitations.
12
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS. (Continued)
For the three months ended March 31, 2026 and 2025, the Partnership declared distributions of $165,698 and $173,233, which were distributed 99% to the Limited Partners and 1% to the General Partner, respectively. The Limited Partners were allocated declared distributions of $164,041 and $171,501 and the General Partner was allocated declared distributions of $1,657 and $1,732 for the periods ended March 31, 2026 and 2025, respectively.
The Partnership may repurchase 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. During the three months ended March 31, 2026 and 2025, the Partnership did not repurchase any Units from the Limited Partners.
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.
Off-Balance Sheet Arrangements
As of March 31, 2026 and December 31, 2025, the Partnership had no material off-balance sheet arrangements that had or are reasonably likely to have current or future effects on its financial condition, results of operations, liquidity or capital resources.
ITEM 3. QUANTITATIVE & QUALITATIVE DISCLOSURES ABOUT MARKET RISK.
Not required for a smaller reporting company.
13
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.
Effective April 30, 2026, there was a change in the Company's internal control over financial reporting related to the transition of the principal financial officer role following the separation of the former Chief Financial Officer, Keith Petersen. Kristin Waddell was hired as the Chief Financial Officer effective May 4, 2026.
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.
14
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.
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 95% 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 may be repurchased 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 more than 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.
15
ITEM 6. EXHIBITS.
31.1
Certification of President 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 President and Chief Financial Officer of General Partner pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
Dated: May 13, 2026
AEI Income & Growth Fund XXI
Limited Partnership
By:
AEI Fund Management XXI, Inc.
Its:
Managing General Partner
By:
/s/ Marni J. Nygard
Marni J. Nygard
President
(Principal Executive Officer)
By:
/s/ Kristin R. Waddell
Kristin R. Waddell
Chief Financial Officer
(Principal Accounting Officer)
16
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