AEI Income & Growth Fund XXII Maintains Compliance, Reports 11,263 Units

TL;DR

AEI INCOME & GROWTH FUND XXII is a compliant, non-accelerated real estate partnership, but the lack of financial specifics in this excerpt means it's a NEUTRAL HOLD until more detailed performance data emerges.

AI Summary

AEI INCOME & GROWTH FUND XXII LTD PARTNERSHIP, a non-accelerated and smaller reporting company, filed its 10-Q for the quarter ended June 30, 2025. The filing indicates the partnership has 11,263.12 Limited Partnership Units outstanding as of July 31, 2025. The company operates in the real estate sector, specifically under SIC code 6500. While specific revenue and net income figures are not detailed in the provided excerpt, the filing confirms compliance with SEC reporting requirements, having filed all required reports during the preceding 12 months and being subject to such requirements for the past 90 days. The partnership also electronically submitted every Interactive Data File as required by Rule 405 of Regulation S-T. No changes in its name, address, or fiscal year were reported since the last filing. The partnership is not a shell company.

Why It Matters

For investors, this filing confirms AEI INCOME & GROWTH FUND XXII LTD PARTNERSHIP's ongoing compliance with SEC regulations, which is a foundational aspect of transparency and trust in the real estate investment sector. The disclosure of 11,263.12 Limited Partnership Units provides a clear metric for understanding the partnership's scale and investor base. In a competitive real estate market, consistent regulatory adherence can differentiate a fund, signaling stability to potential and existing limited partners. This also assures employees and customers that the partnership operates within established legal frameworks, fostering confidence in its long-term viability.

Risk Assessment

Risk Level: low — The risk level is low based on the provided excerpt because the partnership explicitly states it has filed all required reports under Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months and has been subject to these requirements for the past 90 days. Furthermore, it has submitted every Interactive Data File required by Rule 405 of Regulation S-T, indicating strong regulatory compliance.

Analyst Insight

Investors should maintain their current position, as this filing primarily confirms regulatory compliance and operational status rather than providing new financial performance data. Await the full financial statements to assess revenue, net income, and asset values before making any buy or sell decisions.

Key Numbers

• 11,263.12 — Limited Partnership Units (Units outstanding as of July 31, 2025, indicating the partnership's scale.)
• June 30, 2025 — Quarter End Date (The period covered by this 10-Q filing.)
• 000-24003 — Commission File Number (Unique identifier for SEC filings, confirming regulatory registration.)
• 6500 — SIC Code (Standard Industrial Classification for Real Estate, defining the company's primary business.)

Key Players & Entities

• AEI INCOME & GROWTH FUND XXII LTD PARTNERSHIP (company) — registrant of the 10-Q filing
• SEC (regulator) — governing body for 10-Q filings
• June 30, 2025 (date) — end of the quarterly period reported
• July 31, 2025 (date) — date for outstanding Limited Partnership Units count
• 11,263.12 (dollar_amount) — number of Limited Partnership Units outstanding
• 30 East 7th Street, Suite 1300 St. Paul, Minnesota 55101 (company) — principal executive offices address
• 651-227-7333 (company) — registrant's telephone number
• State of Minnesota (company) — jurisdiction of incorporation
• 000-24003 (regulator) — Commission File Number
• 41-1848181 (company) — I.R.S. Employer Identification No.

FAQ

Industry Context

AEI INCOME & GROWTH FUND XXII LTD PARTNERSHIP operates within the real estate sector (SIC 6500). This industry is characterized by its sensitivity to interest rates, economic cycles, and local market conditions. Trends such as increasing demand for specific property types (e.g., logistics, data centers) and evolving tenant preferences are shaping investment strategies. The competitive landscape includes various real estate investment trusts (REITs), private equity funds, and individual property developers.

Regulatory Implications

As a non-accelerated and smaller reporting company, AEI INCOME & GROWTH FUND XXII LTD PARTNERSHIP benefits from scaled disclosure requirements under SEC regulations. However, the confirmation of filing all required reports and submitting Interactive Data Files electronically demonstrates ongoing compliance with fundamental reporting obligations, mitigating risks associated with regulatory non-compliance.

What Investors Should Do

1. Monitor future 10-Q and 10-K filings for detailed financial performance metrics.
2. Review the partnership's investment strategy and property portfolio details in subsequent filings.
3. Assess the impact of interest rate changes and economic conditions on the real estate sector.

Key Dates

• 2025-06-30: Quarterly period ended — This date marks the end of the reporting period for the 10-Q filing, providing a snapshot of the company's financial status and performance.
• 2025-08-11: 10-Q Filing Date — Indicates when the company submitted its quarterly report to the SEC, making the information publicly available.
• 2025-07-31: Limited Partnership Units Outstanding — As of this date, there were 11,263.12 Limited Partnership Units outstanding, reflecting the current equity structure of the partnership.

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC) that provides a comprehensive update on a company's financial performance and condition. (This is the primary document being analyzed, detailing the partnership's financial activities for the quarter ended June 30, 2025.)

SIC Code 6500

Standard Industrial Classification code for Real Estate, indicating the primary business sector of the company. (Confirms that AEI INCOME & GROWTH FUND XXII LTD PARTNERSHIP operates within the real estate industry.)

Limited Partnership Units

Units representing ownership in a limited partnership, similar to shares in a corporation. (The filing specifies the number of these units outstanding as of July 31, 2025, indicating the partnership's equity structure.)

Non-accelerated filer

A filer that does not meet the requirements to be classified as a large accelerated filer or an accelerated filer, typically based on public float and filing history. (This classification for AEI INCOME & GROWTH FUND XXII LTD PARTNERSHIP suggests it is a smaller entity with less stringent reporting deadlines for certain disclosures.)

Smaller reporting company

A company that meets certain criteria related to public float and annual revenue, allowing for scaled disclosure requirements. (This designation for AEI INCOME & GROWTH FUND XXII LTD PARTNERSHIP indicates it is subject to reduced reporting obligations compared to larger public companies.)

Regulation S-T Rule 405

Requires registrants to submit electronically every Interactive Data File required to be submitted during the preceding 12 months. (The partnership's confirmation of compliance indicates adherence to modern electronic filing standards for financial data.)

Year-Over-Year Comparison

This 10-Q filing for the quarter ended June 30, 2025, does not provide comparative year-over-year financial data within the excerpt. Therefore, a direct comparison of revenue growth, margin changes, or the emergence of new risks against the previous year's filing cannot be made based on the provided information. Further analysis of the full 10-Q document or prior filings would be necessary to establish these comparisons.

Key Financial Figures

• $2,719 — neral Partner received distributions of $2,719 in the second quarter of 2025. During t
• $219,843 — Partnership recognized rental income of $219,843 and $219,039, respectively. In 2025, re
• $219,039 — ecognized rental income of $219,843 and $219,039, respectively. In 2025, rental income i
• $418,000 — ecognize rental income of approximately $418,000 in 2025. For the six months ended Jun
• $37,727 — ion expenses from affiliated parties of $37,727 and $64,804, respectively. These admini
• $64,804 — from affiliated parties of $37,727 and $64,804, respectively. These administration exp
• $55,097 — ment expenses from unrelated parties of $55,097 and $49,543, respectively. These expens
• $49,543 — s from unrelated parties of $55,097 and $49,543, respectively. These expenses represent
• $9,125 — rtnership recognized interest income of $9,125 and $2,712, respectively. Interest inco
• $2,712 — ecognized interest income of $9,125 and $2,712, respectively. Interest income increase
• $282,805 — he Partnership's cash balance decreased $282,805 as a result of distributions paid to Pa
• $73,511 — he Partnership's cash balance decreased $73,511 as a result of distributions paid to Pa
• $99,522 — by operating activities increased from $99,522 in 2024 to $127,493 in 2025 as a result
• $127,493 — ities increased from $99,522 in 2024 to $127,493 in 2025 as a result of timing differenc
• $137,054 — e Partnership declared distributions of $137,054 and $138,440, respectively. Pursuant to

Filing Documents

• aei22-20250630.htm (10-Q) — 299KB
• ex2231-1.htm (EX-31.1) — 8KB
• ex2231-2.htm (EX-31.2) — 8KB
• ex2232.htm (EX-32) — 9KB
• 0001023458-25-000021.txt ( ) — 1221KB
• aei22-20250630.xsd (EX-101.SCH) — 12KB
• aei22-20250630_def.xml (EX-101.DEF) — 48KB
• aei22-20250630_lab.xml (EX-101.LAB) — 111KB
• aei22-20250630_pre.xml (EX-101.PRE) — 68KB
• aei22-20250630_cal.xml (EX-101.CAL) — 16KB
• aei22-20250630_htm.xml (XML) — 56KB

– Financial Information

Part I – Financial Information Item 1. Condensed Financial Statements (unaudited): Balance Sheets as of June 30, 2025 and December 31, 2024 3 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

Management's Discussion and Analysis of Financial Condition and Results of Operations 9 - 13 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 13 Item 4.

Controls and Procedures

Controls and Procedures 14

– Other Information

Part II – Other Information Item 1.

Legal Proceedings

Legal Proceedings 15 Item 1A.

Risk Factors

Risk Factors 15 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 15 Item 3. Defaults Upon Senior Securities 16 Item 4. Mine Safety Disclosures 16 Item 5. Other Information 16 Item 6. Exhibits 16

Signatures

Signatures 16 2 AEI INCOME & GROWTH FUND XXII LIMITED PARTNERSHIP BALANCE SHEETS ASSETS June 30, December 31, 2025 2024 (unaudited) Current Assets: Cash $ 632,041 $ 914,846 Real Estate Investments: Land 1,753,065 1,753,065 Buildings 4,484,085 4,484,085 Acquired Intangible Lease Assets 804,382 804,382 Real Estate Held for Investment, at Cost 7,041,532 7,041,532 Accumulated Depreciation and Amortization ( 1,487,606 ) ( 1,347,233 ) Real Estate Held for Investment, Net 5,553,926 5,694,299 Total Assets $ 6,185,967 $ 6,609,145 LIABILITIES AND PARTNERS' CAPITAL Current Liabilities: Payable to AEI Fund Management, Inc. $ 19,236 $ 32,946 Distributions Payable 67,834 69,220 Unearned Rent 39,976 50,356 Total Current Liabilities 127,046 152,522 Partners' Capital: General Partner ( 20,141 ) ( 13,646 ) Limited Partners – 24,000 Units authorized; 11,263.12 and 11,749.37 Units issued and outstanding as of 6/30/2025 and 12/31/2024, respectively 6,079,062 6,470,269 Total Partners' Capital 6,058,921 6,456,623 Total Liabilities and Partners' Capital $ 6,185,967 $ 6,609,145 The accompanying Condensed Notes to Financial Statements are an integral part of these statements. 3 AEI INCOME & GROWTH FUND XXII LIMITED PARTNERSHIP (unaudited) Three Months Ended June 30 Six Months Ended June 30 2025 2024 2025 2024 Rental Income $ 108,787 $ 109,520 $ 219,843 $ 219,039 Expenses: Partnership Administration – Affiliates 16,859 31,277 37,727 64,804 Partnership Administration and Property Management – Unrelated Parties 20,275 30,797 55,097 49,543 Depreciation and Amortization 62,467 71,192 124,934 142,381 Total Expenses 99,601 133,266 217,758 256,728 Operating Income (Loss) 9,186 ( 23,746 ) 2,085 ( 37,689 ) Other Income: Interest Income 3,751

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL

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 repo

MANAGEMENT'S DISCUSSION AND ANALYSIS. (Continued)

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 absor

MANAGEMENT'S DISCUSSION AND ANALYSIS. (Continued)

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 U.S. and globally, our tenants and operating partners may be impacted. Results of Operations For the six months ended June 30, 2025 and 2024, the Partnership recognized rental income of $219,843 and $219,039, respectively. In 2025, rental income increased due to one property with a rent increase in 2025, which was partially offset by one property with a rent decrease in 2025. Based on the scheduled rent for the properties owned as of July 31, 2025, the Partnership expects to recognize rental income of approximately $418,000 in 2025. For the six months ended June 30, 2025 and 2024, the Partnership incurred Partnership administration expenses from affiliated parties of $37,727 and $64,804, 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 lower in 2025, when compared to 2024, mainly due to a decrease in prop

MANAGEMENT'S DISCUSSION AND ANALYSIS. (Continued)

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS. (Continued) 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 six months ended June 30, 2025, the Partnership's cash balance decreased $282,805 as a result of distributions paid to Partners and cash used to repurchase Units in excess of cash generated from operating activities. During the six months ended June 30, 2024, the Partnership's cash balance decreased $73,511 as a result of distributions paid to Partners in excess of cash generated from operating activities. Net cash provided by operating activities increased from $99,522 in 2024 to $127,493 in 2025 as a result of timing differences in the collection of payments from the tenants and payments of expenses and a decrease in Partnership administration expenses from related parties. This net cash inflow was partially offset by an increase in Partnership administration and property management expenses from unrelated parties in 2025. 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 six months ended June 30, 2025 and 2024, the Partnership did not complete any property acquisitions or property sales. 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 qua

MANAGEMENT'S DISCUSSION AND ANALYSIS. (Continued)

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS. (Continued) 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. On April 1, 2025, the Partnership repurchased a total of 486.25 Units for $269,139 from 21 Limited Partners in accordance with the Partnership Agreement. The repurchase increases the remaining Limited Partners' ownership interest in the Partnership. As a result of this repurchase and pursuant to the Partnership Agreement, the General Partner received distributions of $2,719 in 2025. During the six months ended June 30, 2024, 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 June 30, 2025 and December 31, 2024, 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.

QUANTITATIVE & QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 3. QUANTITATIVE & QUALITATIVE DISCLOSURES ABOUT MARKET RISK. Not required for a smaller reporting company. 13

CONTROLS AND PROCEDURES

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. 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

– OTHER INFORMATION

PART II – OTHER INFORMATION

LEGAL PROCEEDINGS

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.

RISK FACTORS

ITEM 1A. RISK FACTORS. Not required for a smaller reporting company.

UNREGISTERED SALES OF EQUITY SECURITIES & USE OF PROCEEDS

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, each Li

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