AEI Income & Growth Fund XXI Limited Partnership (XXAAU) is a Minnesota-organized real estate limited partnership that acquires, leases, and sells commercial properties in the United States under net lease structures. Revenue comes from base annual rental payments, collected monthly from commercial tenants who bear responsibility for real estate taxes, insurance, maintenance, and operating expenses under net lease terms. The Partnership was organized on August 22, 1994, commenced operations on April 14, 1995, and raised the maximum $24,000,000 from 24,000 limited partnership units at $1,000 per unit, with the offering closing January 31, 1997. From those proceeds, the Partnership purchased ten properties, including partial interests in seven, at a total cost of $19,686,525. As of December 31, 2025, the Partnership held interests in four properties with a total cost of $12,711,449. The Managing General Partner, AEI Fund Management XXI, Inc., has initiated final liquidation proceedings by disposing of assets per the Partnership Agreement. During 2025, one property interest was sold for net proceeds of $1,345,607, generating a net gain of $825,611.

Revenue model

Base annual rental income from commercial tenants under net operating leases, payable in monthly installments, with contractual rent escalation clauses. Distributions to partners, totaling $872,469 declared for 2025 ($8,725 to General Partners, $863,744 to Limited Partners), are funded from Net Cash Flow as defined in the Partnership Agreement. Proceeds from property dispositions are also distributed; one property sale in 2025 generated net proceeds of $1,345,607.

Products and services

Net-leased commercial real estate properties located in the United States. As of December 31, 2025, the Partnership held interests in four properties, including a Best Buy store in Eau Claire, WI; a Dollar Tree in Cincinnati, OH; an Advance Auto Parts in Chelsea, AL; and a partial interest in Memorial Hospital in Diamondhead, MS (co-owned with AEI Net Lease Income Fund 36 LP). Original primary lease terms ranged from 10 to 18 years, with tenants holding two to four five-year renewal options.

Customers and end markets

Commercial tenants operating retail and healthcare facilities in the United States. Named tenants as of December 31, 2025 include Eau Claire Stores, L.P. (Best Buy), Dollar Tree Stores, Inc., Advance Auto Parts Inc., and Memorial Hospital at Gulfport, Inc. End markets include specialty retail, automotive parts retail, and community healthcare.

Value-chain role

Passive net lease property owner and landlord. The Partnership acquires commercial properties, structures net leases transferring operating costs to tenants, collects rent, and eventually disposes of properties. AEI Fund Management XXI, Inc. acts as Managing General Partner and handles management decisions, including the current liquidation process.

Geographic exposure

United States only. Properties as of December 31, 2025 are located in Wisconsin (Eau Claire), Ohio (Cincinnati), Alabama (Chelsea), and Mississippi (Diamondhead).

Source: SEC 10-K, filed 2026-03-27

Industry: Real Estate