AEI Income & Growth Fund XXI Ltd Partnership is a U.S. real estate partnership that acquires and operates income-producing properties and generates returns primarily from rental income and property cash flows. Upon acquiring properties, it allocates purchase price between land/buildings and lease-related intangibles such as above- and below-market in-place leases, reflecting a business model focused on stabilized, leased assets. The partnership’s reported results are therefore closely tied to tenant lease terms, market rent movements, and property-level operating performance. It also evaluates properties for impairment when conditions indicate carrying values may not be recoverable, linking performance to local real estate market fundamentals.
76,6 %
118,3 %
−10,4 %
2.25
2.25
| % | |
|---|---|
| Rental operations (leased properties) | 85% Rental income and related property-level operations from owned, leased real estate. |
| Lease-related intangibles and reimbursements | 10% Economic effects of above/below-market leases and tenant-related recoveries tied to lease structures. |
| Property sales and other | 5% Gains/losses and other income items associated with dispositions of properties held for sale. |
The partnership’s direct customers are tenants that lease space in the properties it owns, with demand driven by...
Occupiers already under contract at acquisition; they provide immediate rental cash flow and reduce initial leasing risk.
Existing tenants extending leases; they help preserve occupancy and limit commissions and tenant improvement spend.
New occupiers signed after expirations or vacancies; they drive re-leasing spreads and absorption but require upfront leasing costs.
The partnership operates in the United States, with performance primarily influenced by local property market...
The partnership’s strategy centers on acquiring real properties with existing leases and managing them to produce...
Acquire leased properties to generate immediate rental cash flow
Underwrite market vs contractual rents to identify lease value
Drive renewals to reduce downtime, commissions, and TI spend
Actively manage hold vs sale decisions based on market conditions
Protect asset values through disciplined impairment monitoring
A central company-specific risk is valuation and estimation risk in allocating purchase price to land/buildings and...
Fair values rely on assumptions (market rents, discount/cap rates); errors can misstate rental income and amortization.
If probability-weighted undiscounted cash flows or fair value less costs to sell fall below carrying value, impairment losses reduce asset values and earnings.
Termination triggers recognition of remaining unamortized above/below-market lease values and in-place lease assets through rental income/expense adjustments.
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: 11/08/2026