AEI Income & Growth Fund XXI Limited Partnership reported a decrease in rental income for the fiscal year ending December 31, 2025, totaling $922,355, down from $999,825 in 2024. This decline was attributed to the sale of one property in March 2025, which was partially offset by a rent increase on another property. The Partnership's net income for 2025 was $1,059,863, a significant increase from $260,390 in the previous year, largely due to a gain of $825,611 from the sale of the Jared Jewelry store in Auburn Hills, Michigan. The Partnership expects to recognize approximately $896,000 in rental income for 2026 based on scheduled rents as of February 28, 2026.
In terms of expenses, the Partnership allocated $111,540 for administration expenses from affiliated parties in 2025, a decrease from $156,179 in 2024, primarily due to a reduction in headcount and property-related management expenses. However, expenses from unrelated parties increased to $124,284 in 2025 from $74,777 in 2024, mainly due to the timing of tax and audit services. Overall, total expenses decreased from $743,258 in 2024 to $700,723 in 2025, reflecting improved operational efficiency.
Strategically, the Partnership completed the sale of its 40% interest in the Jared Jewelry store, generating net proceeds of $1,345,607. Additionally, it extended the lease term for the Dollar Tree store in Cincinnati, Ohio, which is set to increase annual rent to $127,156 starting February 1, 2026. The Partnership's cash balance increased to $611,817 by the end of 2025, up from $240,059 in 2024, primarily due to cash generated from the property sale and operating activities.
The Partnership's total assets decreased to $9,443,562 in 2025 from $10,056,699 in 2024, driven by the sale of real estate investments. The carrying value of real estate held for investment was reported at $8,831,745, down from $9,816,640 in the previous year. The Partnership's cash flow from operating activities also saw a decline, decreasing from $752,432 in 2024 to $708,715 in 2025, attributed to lower rental income and increased administrative expenses.
Looking ahead, the Partnership anticipates that ongoing rent payments and cash generated from property sales will be sufficient to fund distributions and meet obligations in both the short and long term. Management remains cautious about potential impacts from market conditions, including inflation and interest rates, which could affect tenants' ability to pay rent and overall cash flow. The Partnership declared distributions of $872,469 in 2025, an increase from $692,933 in 2024, reflecting its commitment to maintaining stable returns for its investors.
About AEI INCOME & GROWTH FUND XXI LTD PARTNERSHIP
Aei Income & Growth Fund XXI Limited Partnership acquires, leases, and manages single-tenant commercial properties across the U.S., primarily through long-term net leases. Its portfolio includes retail and healthcare assets, generating rental income and capital appreciation. The fund focuses on stable cash flow, property appreciation, and diversification, reinvesting proceeds and maintaining a conservative, debt-free business model to serve institutional and accredited investors.
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