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000-29274
AEI INCOME & GROWTH FUND XXI LIMITED PARTNERSHIP
MN
41-1789725
30 East 7th Street, Suite 1300
St. Paul
MN
55101
651
227-7333
Not Applicable
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<div style="text-align: justify;">
<span style="font-weight: bold;">(1) Basis of Presentation - </span>
</div>
<div style="text-align: justify;">
</div>
<div style="text-align: justify;">
<span>The condensed financial statements included herein have been prepared by the registrant, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission, and reflect all adjustments which are, in the opinion of management, necessary to a fair statement of the results of operations for the interim period, on a basis consistent with the annual audited financial statements. The adjustments made to these condensed financial statements consist only of normal recurring adjustments. Certain information, accounting policies, and footnote disclosures normally included in financial statements prepared in accordance with United States Generally Accepted Accounting Principles (US GAAP) have been condensed or omitted pursuant to such rules and regulations, although the registrant believes that the disclosures are adequate to make the information presented not misleading. It is suggested that these condensed financial statements be read in conjunction with the financial statements and the summary of significant accounting policies and notes thereto included in the registrant’s latest annual report on Form 10‑K.</span>
</div>
<div style="text-align: justify; font-weight: bold;">
<span>(2) Organization – </span>
</div>
<div style="text-align: justify;">
</div>
<div style="text-align: justify;">
<span>AEI Income & Growth Fund XXI Limited Partnership (the “Partnership”) was formed to acquire and lease commercial properties to operating tenants. The Partnership’s operations are managed by AEI Fund Management XXI, Inc. (“AFM”), the Managing General Partner. The Estate of Robert P. Johnson serves as the Individual General Partner. AFM is a wholly owned subsidiary of AEI Capital Corporation (“ACC”). The Credit Trust fbo of Patricia Johnson and Patricia Johnson owned a majority interest in ACC, prior to the shares being equally transferred on March 10, 2026 to Marni Nygard and Paula Tillett. AEI Fund Management, Inc. (“AEI”), an affiliate of AFM, performs the administrative and operating functions for the Partnership.</span>
</div>
<div style="text-align: justify;">
</div>
<div style="text-align: justify;">
<span>Pursuant to Section 12.1(f) of the Partnership Agreement, the Managing General Partner can liquidate the Partnership upon the sale or other disposition of all or substantially all of its assets. The Managing General Partner has decided to begin the final liquidation process by disposing of its assets in accordance with the terms of the Partnership Agreement.</span>
</div>
<div style="text-align: justify; font-weight: bold;">
<span>(3) Recently Adopted Accounting Pronouncements – </span>
</div>
<div style="text-align: justify;">
</div>
<div style="text-align: justify;">
<span>No new accounting standards issued or proposed by the Financial Accounting Standards Board are currently applicable to the Partnership or are expected to have a significant impact on the Partnership’s financial position, results of operations and cash flows.</span>
</div>
<div style="text-align: justify; font-weight: bold;">
<span>(4) Real Estate Investments – </span>
</div>
<div style="text-align: justify; font-weight: bold;">
</div>
<div style="text-align: justify;"> <span>In January 2025, the Partnership entered into an agreement to sell its 40% interest in the Jared Jewelry in Auburn Hills, Michigan to an unrelated third party. On March 31, 2025, the sale closed with the Partnership receiving net proceeds of $1,345,607, which resulted in a net gain of $825,611. At the time of sale, the cost and related accumulated depreciation was $1,466,048 and $946,052, respectively. </span> </div>
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<div style="text-align: justify; font-weight: bold;">
<span>(5) Payable to Related Party – </span>
</div>
<div style="text-align: justify;">
</div>
<div style="text-align: justify;">
<span>AEI Fund Management, Inc. performs the administrative and operating functions for the Partnership. The payable to AEI Fund Management represents the balance due for those services. This balance is non-interest bearing and unsecured and is to be paid in the normal course of business.</span>
</div>
<div style="text-align: justify; font-weight: bold;">
<span>(6) Partners’ Capital –</span>
</div>
<div style="text-align: justify;">
</div>
<div style="text-align: justify;"> <span>For the six months ended June 30, 2026 and 2025, the Partnership declared distributions of $329,505 and $541,013, respectively. The Limited Partners were allocated declared distributions of $326,210 and $535,603 and the General Partner was allocated declared distributions of $3,295 and $5,410 for the periods ended June 30, 2026 and 2025, respectively. The Limited Partners' declared distributions represented $20.42 and $32.40 per Limited Partnership Unit outstanding using 15,971 and 16,529 weighted average Units for the six months ended June 30, 2026 and 2025, respectively. The declared distributions represented $6.86 and $32.40 per Unit of Net Income and $13.56 and $0 per Unit of contributed capital for the six months ended June 30, 2026 and 2025, respectively.</span> </div>
<div style="text-align: justify;">
</div>
<div style="text-align: justify;">
<span>During the six months ended June 30, 2026, the Partnership did not repurchase any Units from the Limited Partners. </span>
</div>
<div style="text-align: justify;">
</div>
<div style="text-align: justify;"> <span>On April 1, 2025, the Partnership repurchased a total of 1,095.87 Units for $787,350 from 45 Limited Partners in accordance with the Partnership Agreement. The Partnership acquired these Units using net sales proceeds. 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 $7,953 in the second quarter of 2025. </span> </div>
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<div style="text-align: justify; font-weight: bold;">
<span>(7) Fair Value Measurements – </span>
</div>
<div style="text-align: justify;">
</div>
<div style="text-align: justify;">
<span>As of June 30, 2026 and December 31, 2025, the Partnership had no assets or liabilities measured at fair value on a recurring basis or nonrecurring basis.</span>
</div>
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Q2
--12-31