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 November 8, 1995
AEI REAL ESTATE FUND XVII LIMITED PARTNERSHIP
(Exact Name of Registrant as Specified in its Charter)
State of Minnesota
(State or other Jurisdiction of Incorporation or
Organization)
0-17467 41-1603719
(Commission File Number) (I.R.S. Employer
Identification No.)
1300 Minnesota World Trade Center, St. Paul, Minnesota
55101
(Address of Principal Executive Offices)
(612) 227-7333
(Registrant's telephone number, including area code)
(Former name or former address, if changed since last
report)
Item 1. Changes in Control of Registrant.
Not Applicable.
Item 2. Acquisition or Disposition of Assets.
AEI Real Estate Fund XVII Limited Partnership sold
four Applebee's restaurants for cash. The properties were
sold to Apple South, Inc., the lessee of the properties,
which is not affiliated with the Partnership or any of the
Partnership's affiliates. A summary of those sales is as
follows:
<TABLE>
<CAPTION>
Partnership Partnership Partnership
Sale Ownership Gross Net Partnership
Property Date Percentage Sales Price Sales Price Net Gain
<S> <C> <C> <C> <C> <C>
Applebee's restaurant
Columbia, SC 7/28/95 41.88% $ 733,571 $ 715,545 $ 307,168
Applebee's restaurant
Hampton, VA 8/31/95 100.00% 1,758,876 1,747,127 661,866
Applebee's restaurant
Richmond, VA 10/30/95 100.00% 1,916,471 1,905,564 746,420
Applebee's restaurant
Virginia Beach, VA 11/8/95 86.5107% 1,515,529 1,497,015 595,370
</TABLE>
In addition, the Partnership sold its interest in two
Jiffy Lube Auto Care Centers to Jiffy Lube International of
Maryland, Inc., the lessee of the properties, which is not
affiliated with the Partnership or any of the Partnership's
affiliates. Each property was sold for $600,000 in cash and
a $50,000 note receivable due in one year. A summary of
those sales is as follows:
<TABLE>
<CAPTION>
Partnership Partnership Partnership
Sale Ownership Gross Net Partnership
Property Date Percentage Sales Price Sales Price Net Gain
<S> <C> <C> <C> <C> <C>
Jiffy Lube Auto
Care Center
Dallas, TX 10/25/95 75.00% $ 487,500 $ 483,725 $ 113,056
Jiffy Lube Auto
Care Center
Garland, TX 10/25/95 50.00% 325,000 322,490 98,292
</TABLE>
Item 3. Bankruptcy or Receivership.
Not Applicable.
Item 4. Changes in Registrant's Certifying Accountant.
Not Applicable.
Item 5. Other Events.
None.
Item 6. Resignation of Registrant's Directors.
Not Applicable.
Item 7. Financial Statements and Exhibits.
(a) Financial Statements of Businesses Acquired - Not Applicable.
(b) Pro Forma Financial Information.
The following financial statements illustrate the
impact the transactions would have had on the
balance sheet if the properties were sold on June
30, 1995 and the impact to the income statements
for the periods ended December 31, 1994 and
September 30, 1995 had the properties been sold by
the Registrant on January 1, 1994:
<PAGE>
<TABLE>
BALANCE SHEET
June 30, 1995
ASSETS
<CAPTION>
Historical Pro-Forma Pro-Forma
Statements Adjustments Statements
<S> <C> <C> <C>
Current Assets:
Cash $ 144,923 $6,442,633 (F1) $ 6,587,556
Receivables 44,743 62,500 (F1) 107,243
---------- ---------- ----------
Total Current Assets 189,666 6,505,133 6,694,799
---------- ---------- ----------
Investments in Real Estate 20,241,342 (5,234,377)(F1) 15,006,965
Accumulated Depreciation (3,448,120) 870,358 (F1) (2,577,762)
---------- ---------- ----------
Net Investments in
Real Estate 16,793,222 (4,364,019) 12,429,203
---------- ---------- ----------
Total Assets $16,982,888 $ 2,141,114 $19,124,002
========== ========== ==========
<CAPTION>
LIABILITIES AND PARTNERS' CAPITAL
<S> <C> <C> <C>
Current Liabilities $ 545,981 $ (41,016)(F2) $ 504,965
Contract Payable 38,464 0 38,464
Long-Term Debt 125,317 (125,317)(F2) 0
Minority Interest 162,530 (162,530)(F3) 0
Partners' Capital 16,110,596 2,469,977 (F4) 18,580,573
---------- --------- ----------
Total Liabilities and
Partners' Capital $16,982,888 $2,141,114 $19,124,002
========== ========= ==========
</TABLE>
<PAGE>
<TABLE>
INCOME STATEMENTS
<CAPTION>
For the Period Ended September 30, 1995
Historical Pro-Forma Pro-Forma
Statements Adjustments Statements
<S> <C> <C> <C>
INCOME:
Rental Income $1,706,114 $ (588,177)(F5) $1,117,937
Investment Income 18,490 299,107 (F6) 317,597
Other Income 36,592 0 36,592
---------- ---------- ----------
Total Income 1,761,196 (289,070) 1,472,126
---------- ---------- ----------
EXPENSES:
Partnership Administration-
Affiliates 227,125 0 227,125
Partnership Administration -
Unrelated Parties 75,624 (1,600)(F7) 74,024
Interest Expense 22,942 (11,651)(F7) 11,291
Depreciation 418,570 (91,019)(F7) 327,551
---------- ---------- ---------
Total Expenses 744,261 (104,270) 639,991
---------- ---------- ---------
NET OPERATING
INCOME 1,016,935 (184,800) 832,135
MINORITY INTEREST
IN NET OPERATING
INCOME (17,443) 17,443 (F3) 0
---------- --------- ---------
NET OPERATING
INCOME $ 999,492 $(167,357) $ 832,135
========== ========= =========
NET OPERATING
INCOME ALLOCATED:
General Partners $ 9,995 $ (1,674)(F8) $ 8,321
Limited Partners 989,497 (165,683)(F8) 823,814
---------- --------- ---------
$ 999,492 $(167,357) $ 832,135
========== ========= =========
NET OPERATING INCOME PER
LIMITED PARTNERSHIP UNIT
(23,162 weighted average
Units outstanding) $ 42.72 $ (7.15) $ 35.57
========== ========= =========
</TABLE>
<PAGE>
<TABLE>
INCOME STATEMENTS
<CAPTION>
For the Period Ended December 31, 1994
Historical Pro-Forma Pro-Forma
Statements Adjustments Statements
<S> <C> <C> <C>
INCOME:
Rental Income $2,192,044 $ (794,254)(F5) $1,397,790
Investment Income 7,841 300,739 (F6) 308,580
---------- ---------- ----------
Total Income 2,199,885 (493,515) 1,706,370
---------- ---------- ----------
EXPENSES:
Partnership Administration-
Affiliates 305,302 0 305,302
Partnership Administration -
Unrelated Parties 511,571 (4,438)(F7) 507,133
Interest 15,812 (12,884)(F7) 2,928
Depreciation 565,120 (128,385)(F7) 436,735
---------- ---------- ----------
Total Expenses 1,397,805 (145,707) 1,252,098
---------- ---------- ----------
NET OPERATING INCOME 802,080 (347,808) 454,272
MINORITY INTEREST
IN NET OPERATING
INCOME (22,517) 22,517 (F3) 0
---------- ---------- ---------
NET OPERATING INCOME $ 779,563 $(325,291) $ 454,272
========== ========== =========
NET OPERATING
INCOME ALLOCATED:
General Partners $ 7,796 $ (3,253)(F8) $ 4,543
Limited Partners 771,767 (322,038)(F8) 449,729
--------- --------- ---------
$ 779,563 $(325,291) $ 454,272
========= ========= =========
NET OPERATING INCOME PER
LIMITED PARTNERSHIP UNIT
(23,162 weighted average Units
outstanding in 1994) $ 33.32 $ (13.90) $ 19.42
========= ========= =========
<FN>
<F1>
If the properties had been sold on June 30, 1995, cash
of $6,442,633 and notes receivable of $62,500 would have
been received. In addition, Investments in Real Estate
and Accumulated Depreciation would have been reduced by
$5,234,377 and $870,358, respectively.
<F2>
Reflects retirement of mortgage payable and related
interest payable.
<F3>
Eliminates minority interest related to Virginia Beach,
Applebee's.
<F4>
Reflects gain on disposition of the properties.
<F5>
<F6>
Rental income that would not have been received.
Investment income that would have been received on net
proceeds invested in money market account.
<F7>
Interest, depreciation, and other direct property
expenses that would not have been incurred.
<F8>
Allocates income adjustment to Partners.
</FN>
</TABLE>
(c) Exhibits - None.
Item 8. Change in Fiscal Year - Not Applicable.
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 REAL ESTATE FUND XVII
A Limited Partnership
By: AEI Fund Management XVII, Inc.
Its: General Partner
Date: November 21, 1995 /s/ Mark E. Larson
By: Mark E. Larson
Its Chief Financial Officer
