SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES AND EXCHANGE ACT OF 1934
Date of Report (Date of Earliest Event Reported) August 23, 2000
AEI INCOME & GROWTH FUND 23 LLC
(Exact Name of Registrant as Specified in its Charter)
State of Delaware
(State or other Jurisdiction of Incorporation or Organization)
333-67287 41-1922579
(Commission File Number) (I.R.S. Employer
Identification No.)
1300 Minnesota World Trade Center, St. Paul, Minnesota 55101
(Address of Principal Executive Offices)
(651) 227-7333
(Registrant's telephone number, including area code)
(Former name or former address, if changed since last report)
Item 2. Acquisition or Disposition of Assets.
On August 23, 2000, the LLC purchased a newly
constructed Tumbleweed restaurant in Kettering, Ohio from
Tumbleweed, Inc. The total cash purchase price of the land
and building was approximately $1,235,5000. Tumbleweed, Inc.
is not affiliated with the Partnership.
The cash, used in purchasing the property, was from
the proceeds of sale of Limited Membership Units.
Item 7. Financial Statements and Exhibits.
(a) Financial statements of businesses acquired. -
Not Applicable. Property was newly
constructed.
(b) A limited number of proforma adjustments are
required to illustrate the effects of the
transaction on the balance sheet and income
statement. The following narrative
description is furnished in lieu of the
proforma statements:
Assuming the LLC had acquired the property on
September 30, 1999 (date LLC commenced
operations), the LLC's Investments in Real
Estate would have increased by $1,235,500 and
its Current Assets (cash) would have decreased
by approximately $1,235,500.
The Total Income for the LLC would have
increased from $25,872 to $56,077 for the
period ended December 31, 1999 and from
$128,187 to $188,598 for the six months ended
June 30, 2000 if the LLC had owned the
property during the periods.
Depreciation Expense would have increased by
$7,554 and $15,108 for the period ended
December 31, 1999 and the six months ended
June 30, 2000, respectively.
The net effect of these proforma adjustments
would have caused Net Income to increase from
$(33,786) to $(11,135) and from $50,155 to
$95,458, which would have resulted in Net
Income of $(4.81) and $20.84 per Limited
Membership Unit outstanding for the period
ended December 31, 1999 and the six months
ended June 30, 2000, respectively.
(c) Exhibits
Exhibit 10.1 - Net Lease Agreement dated
February 25, 2000, between
the LLC and Tumbleweed, Inc.
relating to the property at
2030 E. Dorothy Lane,
Kettering, Ohio (incorporated
by reference to Exhibit 10.3
of Form 10-KSB filed with the
Commission on March 10, 2000).
Exhibit 10.2 First Amendment to Net Lease
Agreement dated August 23,
2000, between th e LLC and
Tumbleweed, Inc. relating to
the property at 2030 E.Dorothy
Lane, Kettering, Ohio.
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this
report to be signed on its behalf by the undersigned
hereunto duly authorized.
AEI INCOME & GROWTH FUND 23 LLC
By: AEI Fund Management XXI,Inc.
Its: Managing Member
Date: August 28, 2000 /s/ Mark E Larson
By: Mark E. Larson
Its Chief Financial Officer
(Principal Accounting and
Financial Officer)
