AEI Net Lease Portfolio 20
Net lease property in St. Paul, MN · sponsored by AEI Capital
AEI Net Lease Portfolio 20 was a DST sponsored by AEI Capital that owned a net lease property in St. Paul, MN. Its last Form D was filed Jan 26, 2023.
How it ended
Last Form D filed Jan 26, 2023.
Key facts
- Minimum investment
- $50,000From the Form D
- Offering size
- $32,470,000Equity offered, per the Form D
- Sold
- 97.0%Form D, Jan 26, 2023; the % is our arithmetic
- Investors reported
- Form D, Jan 26, 202353
- Selling commissions
- Form D Item 15; the % is our arithmetic$1,623,500 · 5.0% of offering
- Financing
- Not in the Form D. The Form D for this offering does not say whether it carries mortgage debt.How it is financed ↓
- Offered under
- Rule 506(b)General advertising and solicitation are not permitted under this exemption.
Figures come from SEC Form D filings unless a source is cited. Sponsor-stated figures are as reported by the sponsor; Top1031 does not independently audit them. On a 45-day clock? Find day 45 and day 180 →
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Ask a 1031 specialist about this recordFree. About: AEI Net Lease Portfolio 20. Top1031 is not a broker-dealer.What did AEI Net Lease Portfolio 20 own?
The Trust holds a portfolio of single-tenant retail buildings leased on a net basis, assembled by AEI Capital rather than one named asset. The Form D identifies the issuer as a Delaware statutory trust organized in 2022 and administered from 30 East 7th Street, Suite 1300, in St. Paul, Minnesota. 1 No property-by-property address list appears in the public record reviewed as of August 20, 2026.
- Reported location
- St. Paul, MN
Tenant and lease terms are not in the SEC filings or cited sources.
How was it financed, and what did it cost to sell?
The filings on record disclose no mortgage debt, no lender, and no loan terms, so the leverage on this Trust is not established in any public source reviewed. A net-lease DST can be all-cash or financed; the offering documents are the only documents that settle which applies here.
Debt
- Financing
- Not in the Form D. The Form D for this offering does not say whether it carries mortgage debt.
Costs and terms from the Form D
- Selling commissions
- $1,623,500 · 5.0% of offering
- Finders’ fees
- $0
- Paid to officers, directors and promoters
- $4,210,000 · 12.9% of offeringForm D Item 16· The filing’s note: “AEI Net Lease Portfolio 20 Depositor, LLC will be responsible for paying certain fees and costs of approximately $2,911,200.”
- Broker-dealers named in the Form D
- 18 named in the Form D
Show the firms
- AEI Securities, Inc. · CRD 6158
- Arkadios Capital · CRD 282710
- Aurora Securities · CRD 46147
- Avantax Investment Services, Inc. · CRD 13686
- Berthel, Fisher & Company Financial Services, Inc. · CRD 13609
- Concorde Investment Services, LLC · CRD 151604
- DFPG Investments, LLC · CRD 155576
- FNEX Capital, LLC · CRD 166316
- Harbour Investments, Inc · CRD 19258
- McDermott Investment Services, LLC · CRD 154926
- Metropolitan Capital Investment Banc, Inc. · CRD 148820
- Northland Securities, Inc. · CRD 40258
- Osaic FA, Inc. · CRD 3978
- Osaic Wealth, Inc. · CRD 23131
- Patrick Capital Markets, LLC · CRD 16518
- Sagepoint Financial, Inc. · CRD 133763
- Triad Advisors LLC · CRD 25803
- Whitehall-Parker Securities, Inc. · CRD 10608
Individual representatives named in Item 12 are not listed.
- Date of first sale
- Sep 21, 2022
- Minimum investment
- $50,000
Form D Item 15 and Item 16 amounts may be the issuer’s estimates; each percentage is Top1031’s arithmetic on two Form D figures. Item 16 can overlap Item 15, so Top1031 does not add them together. The issuer marked these amounts as an estimate.
Who's behind AEI Net Lease Portfolio 20?
AEI Capital sponsors this Trust through affiliates the filings name as promoters: AEI Trust Advisors, Inc., AEI Trust Manager, LLC, and AEI Net Lease Portfolio 20 Depositor, LLC. 2 The same filing lists Marni J. Nygard as president of the trust manager, Keith Petersen as its chief financial officer, and Kevin Steele as its chief operating officer. 2 No property sale, foreclosure, or full-cycle outcome for this Trust was located in the public record through August 20, 2026.
- Sponsor
- Offerings on record
What does the SEC record show?
The public file is an initial Form D notice followed by amendments, each updating the running sales tally without changing the stated offering amount. The issuer reported its first sale on September 21, 2022. 3 None of the amendments explains its substance beyond the numbers.
- Legal Trust name
- AEI Net Lease Portfolio 20 DST
- SEC CIK
- 1927621
- First Form D
- Sep 28, 2022
- Latest Form D
- Jan 26, 2023
- Filings on record
- 5
- Offered under
- Rule 506(b)General advertising and solicitation are not permitted under this exemption.
- Source filing
SEC Form D filings, newest first
| Filed | Form | Offering amount | Amount sold | Investors | Filing on SEC EDGAR |
|---|---|---|---|---|---|
| Form D/A | $32,470,000 | $31,523,692+$7,157,853 | 53+12 | EDGAR | |
| Form D/A | $32,470,000 | $24,365,839+$4,431,762 | 41+9 | EDGAR | |
| Form D/A | $32,470,000 | $19,934,077+$5,856,784 | 32+12 | EDGAR | |
| Form D/A | $32,470,000 | $14,077,293+$12,064,560 | 20+16 | EDGAR | |
| Form D | $32,470,000 | $2,012,733 | 4 | EDGAR |
Amounts, investor counts and minimums are as filed with the SEC on Form D. The change lines are Top1031’s arithmetic between consecutive filings; a new Form D notice starts a new count.
A Form D is the notice a sponsor files when it starts raising money. A Form D filing does not mean the SEC approved, endorsed, or verified the offering.
Common questions
- What happened to AEI Net Lease Portfolio 20?
- AEI Net Lease Portfolio 20 is a Historical offering. Last Form D filed Jan 26, 2023.
- What does AEI Net Lease Portfolio 20 DST actually own?
- A portfolio of single-tenant, net-leased retail properties assembled by AEI Capital. The SEC Form D filings do not list the individual buildings, and as of August 20, 2026 no public source located a property-by-property address or tenant list. The offering documents are where those details are disclosed.
- Who are the tenants and what are the lease terms?
- Not established in the public record. The Form D notices name no tenants, rents, lease structures, or expiration dates, and no third-party source reviewed as of August 20, 2026 supplied them. Anyone evaluating the Trust would need the sponsor's offering documents for tenant identities and lease terms.
- What do 'DST' and 'Rule 506(b)' mean here?
- A Delaware statutory trust (DST) holds real estate and issues beneficial interests that the IRS can treat as like-kind replacement property in a 1031 exchange. Rule 506(b) is the private-placement exemption that permits sales to accredited investors without general advertising or public solicitation.
- What is the minimum investment?
- The Form D filings report a minimum outside investment of $50,000. Sponsors and selling broker-dealers can apply higher minimums or exchange-specific requirements, so the operative figure for a given investor is the one stated in the offering documents.
- Could this Trust convert into a REIT through a 721 exchange?
- The record does not indicate a 721/UPREIT exit — the structure in which DST interests are later contributed to an operating partnership for REIT units. This Trust is recorded as not converting to a REIT, so investors would look to a property sale rather than a REIT roll-up as the exit path.
Sources
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These links support the record as a whole; individual details may come from different sources.
DST interests are illiquid private securities. You may lose some or all of your investment. Distributions, tax treatment, and exit timing are not guaranteed. Review the current offering documents before investing.