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: 0-23778
AEI NET LEASE INCOME & GROWTH FUND XX LIMITED PARTNERSHIP
(Exact Name of Small Business Issuer as Specified in its Charter)
State of Minnesota 41-1729121
(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 NET LEASE INCOME & GROWTH FUND XX 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 NET LEASE INCOME & GROWTH FUND XX LIMITED PARTNERSHIP
BALANCE SHEET
SEPTEMBER 30, 2000 AND DECEMBER 31, 1999
(Unaudited)
ASSETS
2000 1999
CURRENT ASSETS:
Cash and Cash Equivalents $ 718,345 $ 553,179
Receivables 53,814 26,781
Short-Term Note Receivable 660,000 0
----------- -----------
Total Current Assets 1,432,159 579,960
----------- -----------
INVESTMENTS IN REAL ESTATE:
Land 6,971,376 7,201,680
Buildings and Equipment 11,504,593 12,070,189
Accumulated Depreciation (1,922,032) (1,725,502)
----------- -----------
Net Investments in Real Estate 16,553,937 17,546,367
----------- -----------
Total Assets $17,986,096 $18,126,327
=========== ===========
LIABILITIES AND PARTNERS' CAPITAL
CURRENT LIABILITIES:
Payable to AEI Fund Management, Inc. $ 81,754 $ 49,534
Distributions Payable 424,035 424,348
----------- -----------
Total Current Liabilities 505,789 473,882
----------- -----------
PARTNERS' CAPITAL (DEFICIT):
General Partners (32,138) (30,416)
Limited Partners, $1,000 Unit Value;
24,000 Units authorized and issued;
23,162 Units outstanding 17,512,445 17,682,861
----------- -----------
Total Partners' Capital 17,480,307 17,652,445
----------- -----------
Total Liabilities and Partners' Capital $17,986,096 $18,126,327
=========== ===========
The accompanying Notes to Financial Statements are an integral
part of this statement.
</PAGE>
<PAGE>
AEI NET LEASE INCOME & GROWTH FUND XX 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 $522,701 $535,750 $1,589,195 $1,566,472
Investment Income 18,432 6,769 31,044 49,119
-------- -------- ---------- ----------
Total Income 541,133 542,519 1,620,239 1,615,591
-------- -------- ---------- ----------
EXPENSES:
Partnership Administration -
Affiliates 82,747 60,277 215,472 194,658
Partnership Administration
and Property Management -
Unrelated Parties 20,677 24,449 62,820 69,288
Depreciation 102,022 104,881 312,245 300,429
-------- -------- ---------- ----------
Total Expenses 205,446 189,607 590,537 564,375
-------- -------- ---------- ----------
OPERATING INCOME 335,687 352,912 1,029,702 1,051,216
GAIN ON SALE OF REAL ESTATE 116,329 0 116,329 0
-------- -------- ---------- ----------
NET INCOME $452,016 $352,912 $1,146,031 $1,051,216
======== ======== ========== ==========
NET INCOME ALLOCATED:
General Partners $ 4,520 $ 3,529 $ 11,460 $ 10,512
Limited Partners 447,496 349,383 1,134,571 1,040,704
-------- -------- ---------- ----------
$452,016 $352,912 $1,146,031 $1,051,216
======== ======== ========== ==========
NET INCOME PER
LIMITED PARTNERSHIP UNIT
(23,162 and 23,385 weighted
average Units outstanding in
2000 and 1999, respectively) $ 19.32 $ 14.94 $ 48.98 $ 44.50
======== ======== ========== ==========
The accompanying Notes to Financial Statements are an integral
part of this statement.
</PAGE>
<PAGE>
AEI NET LEASE INCOME & GROWTH FUND XX LIMITED PARTNERSHIP
STATEMENT OF CASH FLOWS
FOR THE PERIODS ENDED SEPTEMBER 30
(Unaudited)
2000 1999
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income $ 1,146,031 $ 1,051,216
Adjustments to Reconcile Net Income to Net Cash
Provided by Operating Activities:
Depreciation 312,245 300,429
Gain on Sale of Real Estate (116,329) 0
(Increase) Decrease in Receivables (27,033) 21,011
Increase (Decrease) in Payable to
AEI Fund Management, Inc. 32,220 (14,249)
----------- -----------
Total Adjustments 201,103 307,191
----------- -----------
Net Cash Provided By
Operating Activities 1,347,134 1,358,407
----------- -----------
CASH FLOWS FROM INVESTING ACTIVITIES:
Investments in Real Estate 0 (734,555)
Proceeds from Sale of Real Estate 136,514 0
----------- -----------
Net Cash Provided By (Used For)
Investing Activities 136,514 (734,555)
----------- -----------
CASH FLOWS FROM FINANCING ACTIVITIES:
Decrease in Distributions Payable (313) (99)
Distributions to Partners (1,318,169) (1,318,068)
----------- -----------
Net Cash Used For
Financing Activities (1,318,482) (1,318,167)
----------- -----------
NET INCREASE (DECREASE) IN CASH
AND CASH EQUIVALENTS 165,166 (694,315)
CASH AND CASH EQUIVALENTS, beginning of period 553,179 1,407,691
----------- -----------
CASH AND CASH EQUIVALENTS, end of period $ 718,345 $ 713,376
=========== ===========
SUPPLEMENTAL SCHEDULE OF NON-CASH INVESTING ACTIVITIES:
Note Receivable Acquired in Sale of Property $ 660,000
===========
The accompanying Notes to Financial Statements are an integral
part of this statement.
</PAGE>
<PAGE>
AEI NET LEASE INCOME & GROWTH FUND XX 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 $(25,306) $18,188,734 $18,163,428 23,385.09
Distributions (13,181) (1,304,887) (1,318,068)
Net Income 10,512 1,040,704 1,051,216
-------- ----------- ----------- ----------
BALANCE, September 30, 1999 $(27,975) $17,924,551 $17,896,576 23,385.09
======== =========== =========== ==========
BALANCE, December 31, 1999 $(30,416) $17,682,861 $17,652,445 23,161.59
Distributions (13,182) (1,304,987) (1,318,169)
Net Income 11,460 1,134,571 1,146,031
-------- ----------- ----------- ----------
BALANCE, September 30, 2000 $(32,138) $17,512,445 $17,480,307 23,161.59
======== =========== =========== ==========
The accompanying Notes to Financial Statements are an integral
part of this statement.
</PAGE>
<PAGE>
AEI NET LEASE INCOME & GROWTH FUND XX 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 Net Lease Income & Growth Fund XX Limited Partnership
(Partnership) was formed to acquire and lease commercial
properties to operating tenants. The Partnership's
operations are managed by AEI Fund Management XX, 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 June 30, 1993 when minimum
subscriptions of 1,500 Limited Partnership Units
($1,500,000) were accepted. On January 19, 1995, the
offering terminated when the maximum subscription limit of
24,000 Limited Partnership Units ($24,000,000) was reached.
Under the terms of the Limited Partnership Agreement, the
Limited Partners and General Partners contributed funds of
$24,000,000 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 NET LEASE INCOME & GROWTH FUND XX 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
12% of their Adjusted Capital Contribution per annum,
cumulative but not compounded, to the extent not previously
distributed from Net Cash Flow; (ii) any remaining balance
will be distributed 90% to the Limited Partners and 10% 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 in the
same ratio as the last dollar of Net Cash Flow is
distributed. Net losses from operations will be allocated
99% to the Limited Partners and 1% 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 12% of their Adjusted Capital Contributions
per annum, cumulative but not compounded, to the extent not
previously allocated; (iii) third, the balance of any
remaining gain will then be allocated 90% to the Limited
Partners and 10% 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.
(3) Short-Term Note Receivable -
On August 2, 2000, the Partnership received a Contract for
Deed from an affiliate of the buyer of the Media Play store
in Apple Valley, Minnesota. The Note bears interest at 9%
and is due December 2, 2000. The Note is secured by the
land, building and equipment. As of September 30, 2000, the
Partnership's share of outstanding principal due on the Note
is $660,000.
AEI NET LEASE INCOME & GROWTH FUND XX LIMITED PARTNERSHIP
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2000
(Continued)
(4) Investments in Real Estate -
On August 2, 2000, the Media Play store was sold to an
unrelated third party for $2,500,000. The sale agreement
required $500,000 in cash and a $2,000,000 contract for
deed, which bears interest at 9%. The contract for deed
assisted the buyer in closing on the property, prior to
obtaining long-term financing, and is due on December 2,
2000. The Partnership's share of the net sale proceeds was
$796,514, which resulted in a net gain of $116,329. At the
time of sale, the cost and related accumulated depreciation
was $795,900 and $115,715.
In December, 1998, Gulf Coast Restaurants, Inc. (GCR), the
lessee of the Applebee's restaurant in Lafayette, Louisiana,
filed for reorganization. GCR continued to make the lease
payments to the Partnership under the supervision of the
bankruptcy court. A reorganization plan was accepted by the
bankruptcy court which provides for the Lease to be assumed
by GCR and assigned to another operator who will purchase
the property. The reorganization plan also provides for the
Partnership to collect all rents outstanding under the terms
of the Lease. On October 25, 2000, the sale closed with the
Partnership receiving net sale proceeds of approximately
$1,000,000, which resulted in a net loss of approximately
$20,000.
On August 11, 1998, the Partnership purchased a 60.0%
interest in a parcel of land in Columbus, Ohio for $621,600.
The land is leased to Americana Dining Corporation (ADC)
under a Lease Agreement with a primary term of 20 years and
annual rental payments of $43,512. Effective February 6,
1999, the annual rent was increased to $65,268.
Simultaneously with the purchase of the land, the
Partnership entered into a Development Financing Agreement
under which the Partnership advanced funds to ADC for the
construction of a Champps Americana restaurant on the site.
Initially, the Partnership charged interest on the advances
at a rate of 7.0%. Effective February 6, 1999, the interest
rate was increased to 10.5%. On April 16, 1999, after the
development was completed, the Lease Agreement was amended
to require annual rental payments of $209,661. The
Partnership's share of the total purchase price, including
the cost of the land, was $2,052,888. The remaining
interest in the property is owned by Net Lease Income &
Growth Fund 84-A Limited Partnership, an affiliate of the
Partnership.
In August, 2000, Renaissant Development Corp. (RDC), the
lessee of the Applebee's restaurants in McAllen and
Brownsville, Texas, filed for reorganization. RDC is
continuing to make the lease payments to the Partnership
while they develop a reorganization plan. If the Leases are
assumed, RDC must comply with all Lease terms. If the
Leases are rejected, RDC will be required to return
possession of the property to the Partnership and the
Partnership will be responsible for expenses on the property
and re-leasing the property. At September 30, 2000, RDC
owed $26,858 for rent, which was collected subsequent to
September 30, 2000.
AEI NET LEASE INCOME & GROWTH FUND XX LIMITED PARTNERSHIP
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2000
(Continued)
(5) Payable to AEI Fund Management, Inc. -
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.
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 $1,589,195 and
$1,566,472, respectively. During the same periods, the
Partnership earned investment income of $31,044 and $49,119,
respectively. In 2000, rental income increased mainly as a
result of additional rent received from the Champps Americana
restaurant in Columbus, Ohio and rent increases on seven
properties. The increase in rental income was partially offset
by a decrease in investment income earned on net sale proceeds
prior to the purchase of additional property.
In December, 1998, Gulf Coast Restaurants, Inc. (GCR), the
lessee of the Applebee's restaurant in Lafayette, Louisiana,
filed for reorganization. GCR continued to make the lease
payments to the Partnership under the supervision of the
bankruptcy court. A reorganization plan was accepted by the
bankruptcy court which provides for the Lease to be assumed by
GCR and assigned to another operator who will purchase the
property. The reorganization plan also provides for the
Partnership to collect all rents outstanding under the terms of
the Lease. On October 25, 2000, the sale closed with the
Partnership receiving net sale proceeds of approximately
$1,000,000, which resulted in a net loss of approximately
$20,000.
In August, 2000, Renaissant Development Corp. (RDC), the
lessee of the Applebee's restaurants in McAllen and Brownsville,
Texas, filed for reorganization. RDC is continuing to make the
lease payments to the Partnership while they develop a
reorganization plan. If the Leases are assumed, RDC must comply
with all Lease terms. If the Leases are rejected, RDC will be
required to return possession of the property to the Partnership
and the Partnership will be responsible for expenses on the
property and re-leasing the property. At September 30, 2000, RDC
owed $26,858 for rent, which was collected subsequent to
September 30, 2000.
During the nine months ended September 30, 2000 and 1999,
the Partnership paid Partnership administration expenses to
affiliated parties of $215,472 and $194,658, 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 $62,820 and $69,288, 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.
ITEM 2.MANAGEMENT'S DISCUSSION AND ANALYSIS (Continued)
As of September 30, 2000, the Partnership's cash
distribution rate was 7.25% on an annualized basis.
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.
Inflation has had a minimal effect on income from
operations. The Leases contain cost of living increases which
will result in an increase in rental income over the term 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 increased $165,166 mainly as a result
of cash generated from the sale of property. Net cash provided
by operating activities decreased from $1,358,407 in 1999 to
$1,347,134 in 2000 mainly as the result of an increase in
expenses in 2000, which was partially offset by an increase in
income in 2000.
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, 2000, the Partnership generated cash flow from the
sale of real estate of $136,514. During the nine months ended
September 30, 1999, the Partnership expended $734,555 to invest
in real properties (inclusive of acquisition expenses), as the
Partnership reinvested cash generated from property sales.
On August 11, 1998, the Partnership purchased a 60.0%
interest in a parcel of land in Columbus, Ohio for $621,600. The
land is leased to Americana Dining Corporation (ADC) under a
Lease Agreement with a primary term of 20 years and annual rental
payments of $43,512. Effective February 6, 1999, the annual rent
was increased to $65,268. Simultaneously with the purchase of
the land, the Partnership entered into a Development Financing
Agreement under which the Partnership advanced funds to ADC for
the construction of a Champps Americana restaurant on the site.
Initially, the Partnership charged interest on the advances at a
rate of 7.0%. Effective February 6, 1999, the interest rate was
increased to 10.5%. On April 16, 1999, after the development was
completed, the Lease Agreement was amended to require annual
rental payments of $209,661. The Partnership's share of the
total purchase price, including the cost of the land, was
$2,052,888. The remaining interest in the property is owned by
Net Lease Income & Growth Fund 84-A Limited Partnership, an
affiliate of the Partnership.
On August 2, 2000, the Media Play store was sold to an
unrelated third party for $2,500,000. The sale agreement
required $500,000 in cash and a $2,000,000 contract for deed,
which bears interest at 9%. The contract for deed assisted the
buyer in closing on the property, prior to obtaining long-term
financing, and is due on December 2, 2000. The Partnership's
share of the net sale proceeds was $796,514, which resulted in a
net gain of $116,329. At the time of sale, the cost and related
accumulated depreciation was $795,900 and $115,715.
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.
ITEM 2.MANAGEMENT'S DISCUSSION AND ANALYSIS (Continued)
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 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, twenty Limited Partners redeemed a
total of 318.6 Partnership Units for $249,726. The Partnership
acquired these Units using Net Cash Flow from operations. In
prior years, a total of forty-nine Limited Partners redeemed
838.4 Partnership Units for $723,264 in accordance with the
Partnership Agreement. The redemptions increase the remaining
Limited Partners' ownership interest in the Partnership.
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.
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.
ITEM 6.EXHIBITS AND REPORTS ON FORM 8-K
a. Exhibits -
Description
10.1 Asset Purchase Agreement dated
September 18, 2000, between the
Partnership and Southern River
Restaurants, LLC relating to the property
at 5630 Johnson Street, Lafayette,
Louisiana.
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 Net Lease Income & Growth Fund XX
Limited Partnership
By: AEI Fund Management XX, 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)
