Attached files
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| EX-10.1 - AEI INCOME & GROWTH FUND 24 LLC | ex10-1.htm |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) December 11, 2019
AEI INCOME & GROWTH FUND 24 LLC
(Exact name of registrant as specified in its charter)
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State of Delaware
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000-49653
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41-1990952
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(State or other jurisdiction of incorporation)
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(Commission File Number)
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(IRS Employer Identification No.)
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30 East 7th Street, Suite 1300, 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)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:
□ Written communication pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)
□ Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12)
□ Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act
(17 CFR 240.14d-2(b))
□ Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act
(17 CFR 240.13e-4(c))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter)
or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging Growth Company □
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or
revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. □
Section 2 – Financial Information
Item 2.01 Completion of Acquisition or Disposition of Assets.
On December 11, 2019, the Company sold a Fresenius Medical Center in Grove City, Ohio to DV Wyoming, LLC, an unrelated third party. The Company received
net cash proceeds of approximately $2,597,000 for the property, which resulted in a net gain of approximately $793,600.
Section 9 – Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits.
(a) Financial statements of businesses acquired – Not Applicable.
(b) Pro forma financial information – A limited number of pro forma 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 pro forma statements. Assuming the Company had sold the property on January 1, 2018:
The Company’s Investments in Real Estate would have been reduced by $2,002,344 and its Current Assets (cash) would have increased by $2,597,000 and
Members’ Equity would have increased by $594,656.
For the year ended December 31, 2018, Income from Operations would have decreased $69,461, representing a decrease in rental income of $167,324, a decrease
in depreciation and amortization expense of $100,068 and an increase in property management expenses of $2,205. For the nine months ended September 30, 2019, Income from Operations would have decreased $60,250, representing a decrease in rental
income of $133,800, a decrease in depreciation and amortization expense of $75,051 and an increase in property management expenses of $1,501.
The net effect of these pro forma adjustments would have caused Net Loss to increase from $383,122 to $452,583, which would have resulted in Net Loss of
$18.65 per LLC Unit outstanding for the year ended December 31, 2018.
The net effect of these pro forma adjustments would have caused Net Income to decrease from $510,900 to $450,650, which would have resulted in Net Income
of $13.12 per LLC Unit outstanding for the nine months ended September 30, 2019.
(c) Shell company transactions – Not Applicable.
(d) Exhibit 10.1 – Purchase and Sale Agreement dated October 24, 2019 between the Company and DV Wyoming, LLC relating to the property at 3149 Farm Bank
Way, Grove City, 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.
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AEI Income & Growth Fund 24 LLC
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By:
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AEI Fund Management XXI, Inc.
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Its:
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Managing Member
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Date: December 16, 2019
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By:
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/s/ PATRICK W KEENE
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Patrick W. Keene
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Chief Financial Officer
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