AEI Net Lease Portfolio 20
Net lease property in St. Paul, MN — sponsored by AEI Capital
Files with the SEC as AEI Net Lease Portfolio 20 DST
Sponsor-reported, from SEC filings and cited sources.
What is this, in one paragraph?
AEI Net Lease Portfolio 20 DST is a Delaware statutory trust — a structure that lets 1031 exchangers hold fractional beneficial interests in real estate — organized in 2022 and sponsored by AEI Capital to hold single-tenant, net-leased retail properties.1 The $32.47 million offering was made to accredited investors under Rule 506(b), the private route that bars general advertising. The public record names no individual properties or tenants.
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These links support the historical public record; individual details may come from different sources.
On a 45-day clock? Find day 45 and day 180 from the sale date, then come back to this record.
What exactly is the property?
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
- Property size
- $32.47M offering (multi-property)
Who is the tenant, and what's the lease?
Neither the Form D filings nor any public source located names the tenants, lease terms, or expiration dates behind this portfolio. Net lease generally means the tenant, not the landlord, carries taxes, insurance, and maintenance — but the specifics live only in the private placement memorandum (PPM), the offering document given to prospective investors.
How did it end?
No sale or other ending on record
No full-cycle, sale, foreclosure, or UPREIT-exchange announcement was located for AEI Net Lease Portfolio 20 DST (raised Sep 2022–Jan 2023); the trust remains listed as Active/Reviewed on the JRW Investments AEI sponsor page and is well within AEI's typical 7–10 year DST hold window [1][2].
AEI Net Lease Portfolio 20 DST is a portfolio of single-tenant net-leased retail properties offered at a $32.47M total raise; AEI Trust Advisors, Inc. is sponsor. No public property-by-property address list found.
$32.47M offering (multi-property)How is it financed, and what does it pay?
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 PPM is the only document that settles which applies here.
Who's behind it?
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
- AEI Capital
- Legal Trust name
- AEI Net Lease Portfolio 20 DST
- May convert to a REIT
- No
- Offerings from this sponsor
- 2 active / 8 total offerings from AEI Capital
Reported by the sponsor. Top1031 does not independently audit sponsor-reported figures.
What does the paperwork say?
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.
- First Form D filedThe public offering record begins.
- Offering amount recordedA Form D amendment recorded offering and sales totals.
- Filing record updatedA later amendment updated the sponsor’s filing record.
- Latest Form D filedThe most recent sponsor-filed checkpoint in this record.
- Filings on record
- 5
- How it may be offered
- Rule 506(b)Not advertised publicly. Offered through existing relationships.
- Source filing
- Read the filings on SEC EDGAR
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.
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 Private Placement Memorandum before investing.
Common questions
What happened to AEI Net Lease Portfolio 20?
Top1031 lists AEI Net Lease Portfolio 20 as historical. It is no longer raising money.
Where does Top1031 get the data for AEI Net Lease Portfolio 20?
Top1031 builds this record from the sponsor’s own SEC filings and cited sponsor disclosures. Filings can lag what is happening now. A Form D filing does not mean the SEC approved, endorsed, or verified the offering.
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 private placement memorandum is 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.
Is this Trust still open to new investors?
The most recent Form D amendment on record was filed January 26, 2023, and the sales figures shown on this page reflect that filing. Because Form D updates are periodic rather than continuous, current availability has to be confirmed directly with AEI Capital or a registered representative.
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.