AEI Income & Growth Fund XXII Ltd Partnership: Annual Report Summary

Since this fund is winding down, the story here isn't about growth. It is about selling the remaining assets to return money to you.

1. What does this company do?

Formed in 1999, this fund bought and leased single-tenant commercial properties, focusing on retail, medical, and industrial buildings with reliable tenants. The fund is now in "liquidation mode." The managers are selling off the remaining assets to maximize your final payout. As of late 2025, the fund has sold most of its portfolio, leaving only two properties. The goal is to sell these final assets and close the fund.

2. Financial performance

As the portfolio shrinks, the fund earns less from rent and more from one-time property sales.

• Property Sales: In 2025, the fund sold an Advance Auto Parts location in Indianapolis. This sale brought in $920,594 and resulted in a $200,237 profit.
• Rental Income: The fund earned about $315,000 in rent this year. With only two tenants left, the fund is operating with a smaller footprint, as the Indianapolis sale reduced annual rent by about $85,000.

3. Major wins and challenges

• The Win: Selling the Indianapolis property for a $200,237 profit demonstrates the fund's ability to create value even in a high-interest-rate environment, providing cash to pay out to partners.
• The Challenge: The fund is now highly concentrated. With only two properties, the fund’s profit depends entirely on those two tenants. If one tenant leaves or stops paying, the fund loses half of its rental income, which impacts the cash available for distribution.

4. Financial health

The fund is in a strong position because it carries no long-term mortgage debt. By avoiding debt, the fund eliminates the risk of rising interest rates or foreclosure. Furthermore, the partnership agreement forbids borrowing money to pay distributions, ensuring that any money you receive comes from actual property sales or rent.

5. Key risks

The primary risk is tenant dependency. Because the fund only has two properties, it relies heavily on those specific tenants. If a tenant goes bankrupt or leaves, the fund must either find a new tenant—which is difficult and expensive—or sell the empty building at a deep discount.

6. Strategy and outlook

The strategy remains strictly focused on the "Plan of Liquidation." The management team is committed to selling the final assets and closing the partnership. The fund will continue selling assets through 2026 and 2027. Once the final properties are sold and all debts and taxes are paid, the fund will distribute the remaining cash to partners and officially close.

7. Security

The fund is prioritizing cybersecurity to protect your data and the proceeds from property sales. While there have been no breaches, the fund maintains these protocols to ensure that property sales and payments to investors proceed without delay.

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Investor Takeaway: This fund is no longer an active investment vehicle; it is a collection of two remaining assets being prepared for sale. Your focus should be on the timeline of these final liquidations. Since there is no debt, the primary factor determining your final return will be the successful sale of the remaining two properties at favorable prices. Monitor future updates for news on the sale of these final assets, as these events will trigger your final distributions.