SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSB
Quarterly Report Under Section 13 or 15(d)
of The Securities Exchange Act of 1934
For the Quarter Ended: September 30, 2000
Commission file number: 0-14089
AEI REAL ESTATE FUND XV LIMITED PARTNERSHIP
(Exact Name of Small Business Issuer as Specified in its Charter)
State of Delaware 93-0926134
(State or other Jurisdiction of (I.R.S. Employer
Incorporation or Organization) Identification No.)
1300 Minnesota World Trade Center, St. Paul, Minnesota 55101
(Address of Principal Executive Offices)
(651) 227-7333
(Issuer's telephone number)
Not Applicable
(Former name, former address and former fiscal year, if changed
since last report)
Check whether the issuer (1) filed all reports required to be
filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period
that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90
days.
Yes [X] No
Transitional Small Business Disclosure Format:
Yes No [X]
AEI REAL ESTATE FUND XV LIMITED PARTNERSHIP
INDEX
PART I. Financial Information
Item 1. Balance Sheet as of September 30, 2000 and December 31, 1999
Statements for the Periods ended September 30, 2000 and 1999:
Income
Cash Flows
Changes in Partners' Capital
Notes to Financial Statements
Item 2. Management's Discussion and Analysis
PART II. Other Information
Item 1. Legal Proceedings
Item 2. Changes in Securities
Item 3. Defaults Upon Senior Securities
Item 4. Submission of Matters to a Vote of Security Holders
Item 5. Other Information
Item 6. Exhibits and Reports on Form 8-K
<PAGE>
AEI REAL ESTATE FUND XV LIMITED PARTNERSHIP
BALANCE SHEET
SEPTEMBER 30, 2000 AND DECEMBER 31, 1999
(Unaudited)
ASSETS
2000 1999
CURRENT ASSETS:
Cash and Cash Equivalents $ 626,995 $ 956,627
Receivables 10,611 22,460
----------- -----------
Total Current Assets 637,606 979,087
----------- -----------
INVESTMENTS IN REAL ESTATE:
Land 1,796,726 1,501,655
Buildings and Equipment 4,041,317 4,041,317
Construction in Progress 52,093 0
Property Acquisition Costs 0 5,875
Accumulated Depreciation (1,030,640) (931,974)
----------- -----------
Net Investments in Real Estate 4,859,496 4,616,873
----------- -----------
Total Assets $ 5,497,102 $ 5,595,960
=========== ===========
LIABILITIES AND PARTNERS' CAPITAL
CURRENT LIABILITIES:
Payable to AEI Fund Management, Inc. $ 15,169 $ 24,819
Distributions Payable 117,276 117,276
Deferred Income 22,331 0
----------- -----------
Total Current Liabilities 154,776 142,095
----------- -----------
PARTNERS' CAPITAL (DEFICIT):
General Partners (10,038) (8,923)
Limited Partners, $1,000 Unit value;
7,500 Units authorized and issued;
7,316 outstanding 5,352,364 5,462,788
----------- -----------
Total Partners' Capital 5,342,326 5,453,865
----------- -----------
Total Liabilities and Partners' Capital $ 5,497,102 $ 5,595,960
=========== ===========
The accompanying Notes to Financial Statements are an integral
part of this statement.
</PAGE>
<PAGE>
AEI REAL ESTATE FUND XV LIMITED PARTNERSHIP
STATEMENT OF INCOME
FOR THE PERIODS ENDED SEPTEMBER 30
(Unaudited)
Three Months Ended Nine Months Ended
9/30/00 9/30/99 9/30/00 9/30/99
INCOME:
Rent $150,950 $150,886 $443,012 $619,438
Investment Income 10,042 6,956 33,614 11,746
-------- -------- -------- --------
Total Income 160,992 157,842 476,626 631,184
-------- -------- -------- --------
EXPENSES:
Partnership Administration -
Affiliates 31,540 27,159 86,456 86,835
Partnership Administration
and Property Management -
Unrelated Parties 2,394 3,123 11,749 16,623
Depreciation 32,889 35,025 98,666 103,933
-------- -------- -------- --------
Total Expenses 66,823 65,307 196,871 207,391
-------- -------- -------- --------
OPERATING INCOME 94,169 92,535 279,755 423,793
GAIN ON SALE OF REAL ESTATE 0 16,850 0 291,122
-------- -------- -------- --------
NET INCOME $ 94,169 $109,385 $279,755 $714,915
======== ======== ======== ========
NET INCOME ALLOCATED:
General Partners $ 942 $ 1,094 $ 2,798 $ 7,149
Limited Partners 93,227 108,291 276,957 707,766
-------- -------- -------- --------
$ 94,169 $109,385 $279,755 $714,915
======== ======== ======== ========
NET INCOME PER
LIMITED PARTNERSHIP UNIT
(7,316 and 7,337 weighted average Units
outstanding in 2000 and 1999,
respectively) $ 12.75 $ 14.76 $ 37.86 $ 96.47
======== ======== ======== ========
The accompanying Notes to Financial Statements are an integral
part of this statement.
</PAGE>
<PAGE>
AEI REAL ESTATE FUND XV LIMITED PARTNERSHIP
STATEMENT OF CASH FLOWS
FOR THE PERIODS ENDED SEPTEMBER 30
(Unaudited)
2000 1999
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income $ 279,755 $ 714,915
Adjustments to Reconcile Net Income to Net Cash
Provided by Operating Activities:
Depreciation 98,666 103,933
Gain on Sale of Real Estate 0 (291,122)
Decrease in Receivables 11,849 24,679
Decrease in Payable to
AEI Fund Management, Inc. (9,650) (3,838)
Increase (Decrease) in Deferred Income 22,331 (120,584)
----------- -----------
Total Adjustments 123,196 (286,932)
----------- -----------
Net Cash Provided By
Operating Activities 402,951 427,983
----------- -----------
CASH FLOWS FROM INVESTING ACTIVITIES:
Investments in Real Estate (341,289) (999,162)
Proceeds from Sale of Real Estate 0 1,383,574
----------- -----------
Net Cash Provided By (Used For)
Investing Activities (341,289) 384,412
----------- -----------
CASH FLOWS FROM FINANCING ACTIVITIES:
Increase in Distributions Payable 0 345
Distributions to Partners (391,294) (391,281)
----------- -----------
Net Cash Used For
Financing Activities (391,294) (390,936)
----------- -----------
NET INCREASE (DECREASE) IN CASH
AND CASH EQUIVALENTS (329,632) 421,459
CASH AND CASH EQUIVALENTS, beginning of period 956,627 108,619
----------- -----------
CASH AND CASH EQUIVALENTS, end of period $ 626,995 $ 530,078
=========== ===========
The accompanying Notes to Financial Statements are an integral
part of this statement.
</PAGE>
<PAGE>
AEI REAL ESTATE FUND XV LIMITED PARTNERSHIP
STATEMENT OF CHANGES IN PARTNERS' CAPITAL
FOR THE PERIODS ENDED SEPTEMBER 30
(Unaudited)
Limited
Partnership
General Limited Units
Partners Partners Total Outstanding
BALANCE, December 31, 1998 $(12,606) $5,098,128 $5,085,522 7,336.55
Distributions (3,913) (387,368) (391,281)
Net Income 7,149 707,766 714,915
--------- ---------- ---------- ----------
BALANCE, September 30, 1999 $ (9,370) $5,418,526 $5,409,156 7,336.55
========= ========== ========== ==========
BALANCE, December 31, 1999 $ (8,923) $5,462,788 $5,453,865 7,315.55
Distributions (3,913) (387,381) (391,294)
Net Income 2,798 276,957 279,755
--------- ---------- ---------- ----------
BALANCE, September 30, 2000 $(10,038) $5,352,364 $5,342,326 7,315.55
========= ========== ========== ==========
The accompanying Notes to Financial Statements are an integral
part of this statement.
</PAGE>
<PAGE>
AEI REAL ESTATE FUND XV LIMITED PARTNERSHIP
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2000
(Unaudited)
(1) The condensed statements included herein have been prepared
by the Partnership, 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 statements. The adjustments made to these
condensed statements consist only of normal recurring
adjustments. Certain information, accounting policies, and
footnote disclosures normally included in financial
statements prepared in accordance with generally accepted
accounting principles have been condensed or omitted pursuant
to such rules and regulations, although the Partnership
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
Partnership's latest annual report on Form 10-KSB.
(2) Organization -
AEI Real Estate Fund XV Limited Partnership (Partnership)
was formed to acquire and lease commercial properties to
operating tenants. The Partnership's operations are managed
by AEI Fund Management 86-A, Inc. (AFM), the Managing
General Partner. Robert P. Johnson, the President and sole
shareholder of AFM, serves as the Individual General Partner
and an affiliate of AFM, AEI Fund Management, Inc. (AEI),
performs the administrative and operating functions for the
Partnership.
The terms of the Partnership offering call for a
subscription price of $1,000 per Limited Partnership Unit,
payable on acceptance of the offer. The Partnership
commenced operations on October 3, 1986 when minimum
subscriptions of 1,300 Limited Partnership Units
($1,300,000) were accepted. On December 30, 1986, the
offering terminated when the maximum subscription limit of
7,500 Limited Partnership Units ($7,500,000) was reached.
Under the terms of the Limited Partnership Agreement, the
Limited Partners and General Partners contributed funds of
$7,500,000 and $1,000, respectively. During operations, any
Net Cash Flow, as defined, which the General Partners
determine to distribute will be distributed 90% to the
Limited Partners and 10% to the General Partners; provided,
however, that such distributions to the General Partners
will be subordinated to the Limited Partners first receiving
an annual, noncumulative distribution of Net Cash Flow equal
to 10% of their Adjusted Capital Contribution, as defined,
and, provided further, that in no event will the General
Partners receive less than 1% of such Net Cash Flow per
annum. Distributions to Limited Partners will be made pro
rata by Units.
AEI REAL ESTATE FUND XV LIMITED PARTNERSHIP
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2000
(Continued)
(2) Organization - (Continued)
Any Net Proceeds of Sale, as defined, from the sale or
financing of properties which the General Partners determine
to distribute will, after provisions for debts and reserves,
be paid in the following manner: (i) first, 99% to the
Limited Partners and 1% to the General Partners until the
Limited Partners receive an amount equal to: (a) their
Adjusted Capital Contribution plus (b) an amount equal to 6%
of their Adjusted Capital Contribution per annum, cumulative
but not compounded, to the extent not previously distributed
from Net Cash Flow; (ii) next, 99% to the Limited Partners
and 1% to the General Partners until the Limited Partners
receive an amount equal to 14% of their Adjusted Capital
Contribution per annum, cumulative but not compounded, to
the extent not previously distributed; (iii) next, to the
General Partners until cumulative distributions to the
General Partners under Items (ii) and (iii) equal 15% of
cumulative distributions to all Partners under Items (ii)
and (iii). Any remaining balance will be distributed 85% to
the Limited Partners and 15% to the General Partners.
Distributions to the Limited Partners will be made pro rata
by Units.
For tax purposes, profits from operations, other than
profits attributable to the sale, exchange, financing,
refinancing or other disposition of property, will be
allocated first in the same ratio in which, and to the
extent, Net Cash Flow is distributed to the Partners for
such year. Any additional profits will be allocated 90% to
the Limited Partners and 10% to the General Partners. In
the event no Net Cash Flow is distributed to the Limited
Partners, 90% of each item of income, gain or credit for
each respective year shall be allocated to the Limited
Partners, and 10% of each such item shall be allocated to
the General Partners. Net losses from operations will be
allocated 98% to the Limited Partners and 2% to the General
Partners.
For tax purposes, profits arising from the sale, financing,
or other disposition of property will be allocated in
accordance with the Partnership Agreement as follows: (i)
first, to those Partners with deficit balances in their
capital accounts in an amount equal to the sum of such
deficit balances; (ii) second, 99% to the Limited Partners
and 1% to the General Partners until the aggregate balance
in the Limited Partners' capital accounts equals the sum of
the Limited Partners' Adjusted Capital Contributions plus an
amount equal to 14% of their Adjusted Capital Contributions
per annum, cumulative but not compounded, to the extent not
previously allocated; (iii) third, to the General Partners
until cumulative allocations to the General Partners equal
15% of cumulative allocations. Any remaining balance will
be allocated 85% to the Limited Partners and 15% to the
General Partners. Losses will be allocated 98% to the
Limited Partners and 2% to the General Partners.
The General Partners are not required to currently fund a
deficit capital balance. Upon liquidation of the Partnership
or withdrawal by a General Partner, the General Partners
will contribute to the Partnership an amount equal to the
lesser of the deficit balances in their capital accounts or
1% of total Limited Partners' and General Partners' capital
contributions.
AEI REAL ESTATE FUND XV LIMITED PARTNERSHIP
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2000
(Continued)
(3) Investments in Real Estate -
In February, 1999, the Partnership entered into an agreement
to sell the Fuddruckers property to an unrelated third
party. On June 16, 1999, the sale closed with the
Partnership receiving net sale proceeds of $1,145,424 which
resulted in a net gain of $270,045. At the time of sale,
the cost and related accumulated depreciation was $1,138,296
and $262,917, respectively.
In March, 1999, the Partnership entered into an agreement to
sell the Waco property to an unrelated third party. On May
10, 1999, the sale closed with the Partnership receiving net
sale proceeds of $128,879 which resulted in a net gain of
$4,228. At the time of sale, the cost and related
accumulated depreciation was $287,710 and $163,059,
respectively.
On July 14, 1999, the Partnership purchased a Children's
World daycare center in West Chester, Ohio for $999,163.
The property is leased to ARAMARK Educational Resources,
Inc. under a Lease Agreement with a primary term of 15 years
and annual rental payments of $93,162.
During the third and fourth quarter of 1999, the Partnership
sold its interest in the Timber Lodge Steakhouse in three
separate transactions to unrelated third parties. The
Partnership received total net sale proceeds of $566,111
which resulted in a total net gain of $81,898. The total
cost and related accumulated depreciation of the property
was $510,635 and $26,421, respectively. The majority of the
net sale proceeds will be reinvested in additional property
in the future.
On May 8, 2000, the Partnership purchased a 22% interest in
a parcel of land in Austin, Texas for $299,200. The land is
leased to Razzoo's, Inc. (RI) under a Lease Agreement with a
primary term of 15 years and annual rental payments of
$25,432. Simultaneously with the purchase of the land, the
Partnership entered into a Development Financing Agreement
under which the Partnership will advance funds to RI for the
construction of a Razzoo's restaurant on the site. Through
September 30, 2000, the Partnership had advanced $52,093 for
the construction of the property and was charging interest
on the advances at a rate of 8.5%. The Partnership's share
of the total purchase price, including the cost of the land,
will be approximately $754,600. After the construction is
complete, the Lease Agreement will be amended to require
annual rental payments of approximately $73,000. The
remaining interests in the property are owned by AEI Real
Estate Fund XVII Limited Partnership, AEI Net Lease Income &
Growth Fund XIX Limited Partnership, and AEI Income & Growth
Fund XXII Limited Partnership, affiliates of the
Partnership.
(4) Payable to AEI Fund Management -
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.
AEI REAL ESTATE FUND XV LIMITED PARTNERSHIP
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2000
(Continued)
(5) Deferred Income -
In June, 1994, Fuddruckers, Inc., the restaurant concept's
franchisor, acquired the operations of the Fuddruckers
restaurant in St. Louis, Missouri, and assumed the lease
obligations from the original lessee. As part of the
agreement, the Partnership amended the Lease to reduce the
annual base rent from $163,550 to $138,246. In
consideration for the lease assumption and amendment, the
Partnership received a lump sum payment from the original
lessee of $210,277. The lump sum payment was recognized as
income over the Lease term, which was scheduled to expire
January 31, 2008, using the straight line method. As of
March 31, 1999, the Partnership had recognized $73,530 of
this payment as income. On June 16, 1999, the Partnership
sold the Fuddruckers restaurant and the Lease Agreement was
terminated. As a result, the Partnership recognized the
balance of the deferred income of $136,747 in the second
quarter of 1999. At September 30, 2000, deferred income of
$22,331 was prepaid rent related to certain other
Partnership properties.
ITEM 2.MANAGEMENT'S DISCUSSION AND ANALYSIS
Results of Operations
For the nine months ended September 30, 2000 and 1999, the
Partnership recognized rental income of $443,012 and $619,438,
respectively. During the same periods, the Partnership earned
investment income of $33,614 and $11,746, respectively. In 1999,
rental income was higher due to deferred income recognized as a
result of the sale of the Fuddruckers restaurant discussed below.
In addition, in 2000, regular rental income decreased as a result
of the property sales discussed below. The decrease in rental
income was partially offset by additional rent received from two
property acquisitions in 1999 and 2000 and by an increase in
investment income earned on the net proceeds from the property
sales.
During the nine months ended September 30, 2000 and 1999,
the Partnership paid Partnership administration expenses to
affiliated parties of $86,456 and $86,835, respectively. These
administration expenses include costs associated with the
management of the properties, processing distributions, reporting
requirements and correspondence to the Limited Partners. During
the same periods, the Partnership incurred Partnership
administration and property management expenses from unrelated
parties of $11,749 and $16,623, respectively. These expenses
represent direct payments to third parties for legal and filing
fees, direct administrative costs, outside audit and accounting
costs, taxes, insurance and other property costs.
As of September 30, 2000, the Partnership's annualized
cash distribution rate was 7.5%, based on the Adjusted Capital
Contribution. Distributions of Net Cash Flow to the General
Partners were subordinated to the Limited Partners as required in
the Partnership Agreement. As a result, 99% of distributions and
income were allocated to Limited Partners and 1% to the General
Partners.
ITEM 2.MANAGEMENT'S DISCUSSION AND ANALYSIS (Continued)
Inflation has had a minimal effect on income from
operations. It is expected that increases in sales volumes of
the tenants, due to inflation and real sales growth, will result
in an increase in rental income over the terms of the leases.
Inflation also may cause the Partnership's real estate to
appreciate in value. However, inflation and changing prices may
also have an adverse impact on the operating margins of the
properties' tenants which could impair their ability to pay rent
and subsequently reduce the Partnership's Net Cash Flow available
for distributions.
Liquidity and Capital Resources
During the nine months ended September 30, 2000, the
Partnership's cash balances decreased $329,632 as a result of
cash used to purchase additional property. Net cash provided by
operating activities decreased from $427,983 in 1999 to $402,951
in 2000 as a result of a decrease in total income in 2000 which
was partially offset by a decrease in expenses in 2000 and net
timing differences in the collection of payments from the lessees
and the payment of expenses.
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 nine months ended
September 30, 1999, the Partnership generated cash flow from the
sale of real estate of $1,383,574. During the nine months ended
September 30, 2000 and 1999, the Partnership expended $341,289
and $999,162, respectively, to invest in real properties
(inclusive of acquisition expenses) as the Partnership reinvested
the cash generated from property sales.
In February, 1999, the Partnership entered into an
agreement to sell the Fuddruckers property to an unrelated third
party. On June 16, 1999, the sale closed with the Partnership
receiving net sale proceeds of $1,145,424 which resulted in a net
gain of $270,045. At the time of sale, the cost and related
accumulated depreciation was $1,138,296 and $262,917,
respectively.
In June, 1994, the Partnership received a lump sum payment
of $210,277 as compensation for certain modifications made to the
Fuddruckers' Lease. The lump sum payment was recognized as
income over the Lease term using the straight line method. As a
result of the sale, the Lease Agreement was terminated and the
Partnership recognized the balance of the deferred income of
$136,747 in the second quarter of 1999.
In March, 1999, the Partnership entered into an agreement
to sell the Waco property to an unrelated third party. On May
10, 1999, the sale closed with the Partnership receiving net sale
proceeds of $128,879 which resulted in a net gain of $4,228. At
the time of sale, the cost and related accumulated depreciation
was $287,710 and $163,059, respectively.
On July 14, 1999, the Partnership purchased a Children's
World daycare center in West Chester, Ohio for $999,163. The
property is leased to ARAMARK Educational Resources, Inc. under a
Lease Agreement with a primary term of 15 years and annual rental
payments of $93,162.
During the third and fourth quarter of 1999, the
Partnership sold its interest in the Timber Lodge Steakhouse in
three separate transactions to unrelated third parties. The
Partnership received total net sale proceeds of $566,111 which
resulted in a total net gain of $81,898. The total cost and
related accumulated depreciation of the property was $510,635 and
$26,421, respectively. The majority of the net sale proceeds
will be reinvested in additional property in the future.
ITEM 2.MANAGEMENT'S DISCUSSION AND ANALYSIS (Continued)
On May 8, 2000, the Partnership purchased a 22% interest
in a parcel of land in Austin, Texas for $299,200. The land is
leased to Razzoo's, Inc. (RI) under a Lease Agreement with a
primary term of 15 years and annual rental payments of $25,432.
Simultaneously with the purchase of the land, the Partnership
entered into a Development Financing Agreement under which the
Partnership will advance funds to RI for the construction of a
Razzoo's restaurant on the site. Through September 30, 2000, the
Partnership had advanced $52,093 for the construction of the
property and was charging interest on the advances at a rate of
8.5%. The Partnership's share of the total purchase price,
including the cost of the land, will be approximately $754,600.
After the construction is complete, the Lease Agreement will be
amended to require annual rental payments of approximately
$73,000. The remaining interests in the property are owned by
AEI Real Estate Fund XVII Limited Partnership, AEI Net Lease
Income & Growth Fund XIX Limited Partnership, and AEI Income &
Growth Fund XXII Limited Partnership, affiliates of the
Partnership.
The Partnership's primary use of cash flow is distribution
and redemption payments to Partners. The Partnership declares
its regular quarterly distributions before the end of each
quarter and pays the distribution in the first week after the end
of each quarter. The Partnership attempts to maintain a stable
distribution rate from quarter to quarter. Redemption payments
are paid to redeeming Partners in the fourth quarter of each
year.
The Partnership may acquire Units from Limited Partners
who have tendered their Units to the Partnership. Such Units may
be acquired at a discount. The Partnership is not obligated to
purchase in any year more than 5% of the total number of Units
outstanding at the beginning of the 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 October 1, 2000, two Limited Partners redeemed a total
of 30 Partnership Units for $12,073 in accordance with the
Partnership Agreement. The Partnership acquired these Units
using Net Cash Flow from operations. In prior years, a total of
twenty-six Limited Partners redeemed 184.5 Units for $124,639.
The redemptions increase the remaining Limited Partners'
ownership in the Partnership.
The continuing rent payments from the properties, together
with cash generated from the property sales, should be adequate
to fund continuing distributions and meet other Partnership
obligations on both a short-term and long-term basis.
ITEM 2.MANAGEMENT'S DISCUSSION AND ANALYSIS (Continued)
Cautionary Statement for Purposes of the "Safe Harbor" Provisions
of the Private Securities Litigation Reform Act of 1995
The foregoing Management's Discussion and Analysis
contains various "forward looking statements" within the meaning
of federal securities laws 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, taxation levels,
the sufficiency of cash to meet operating expenses, rates of
distribution, and other matters. These, and other forward
looking statements made by the Partnership, must 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
affects of these consequences for investors;
resolution by the General Partners of conflicts with
which they may be confronted;
the success of the General Partners 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.
PART II - OTHER INFORMATION
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.
ITEM 2.CHANGES IN SECURITIES
None.
ITEM 3.DEFAULTS UPON SENIOR SECURITIES
None.
ITEM 4.SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
None.
ITEM 5.OTHER INFORMATION
None.
PART II - OTHER INFORMATION
(Continued)
ITEM 6.EXHIBITS AND REPORTS ON FORM 8-K
a. Exhibits -
Description
27 Financial Data Schedule for period
ended September 30, 2000.
b. Reports filed on Form 8-K - None.
SIGNATURES
In accordance with the requirements of the Exchange Act,
the Registrant has caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.
Dated: November 7, 2000
AEI Real Estate Fund XV
Limited Partnership
By: AEI Fund Management 86-A, Inc.
Its: Managing General Partner
By: /s/ Robert P. Johnson
Robert P. Johnson
President
(Principal Executive Officer)
By: /s/ Mark E. Larson
Mark E. Larson
Chief Financial Officer
(Principal Accounting Officer)
