Top1031

AEI Net Lease Portfolio 22 DST

Net lease property · sponsored by AEI Capital

HistoricalLast Form D filed May 3, 2024 (opens in a new tab)

AEI Net Lease Portfolio 22 DST was a DST sponsored by AEI Capital that owned a net lease property. Its last Form D was filed May 3, 2024.

How it ended

No outcome recorded · under 7 years

Last Form D filed May 3, 2024.

AEI Capital has 2 active offerings on record →

Key facts

Minimum investment
$50,000
From the Form D
Offering size
$23,590,000
Equity offered, per the Form D
Sold
95.9%
Form D, May 3, 2024; the % is our arithmetic
Investors reported
60
Form D, May 3, 2024
Selling commissions
$1,179,500 · 5.0% of offering
Form D Item 15; the % is our arithmetic
Financing
All cash. This offering reports no 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 →

Using this record to judge the sponsor? A licensed 1031 specialist from our affiliated partner can talk it through with you.

Ask a 1031 specialist about this recordFree. About: AEI Net Lease Portfolio 22 DST. Top1031 is not a broker-dealer.

What did AEI Net Lease Portfolio 22 DST own?

AEI's Net Lease Portfolio series assembles single-tenant retail, healthcare and industrial buildings leased to operators on a net basis, and Portfolio 22 was organized in Delaware in 2022 to hold that kind of real estate. 1 AEI has not published the addresses, and no exact-entity public record reviewed on August 26, 2026 identified them, their size, or their acquisition price. 5

Tenant and lease terms are not in the SEC filings or cited sources.

How was it financed, and what did it cost to sell?

There is no mortgage on this Trust: no lender, no loan-to-value covenant, no refinancing deadline — and no borrowed money working alongside investor equity. AEI describes itself as a debt-free net-lease real estate firm and has operated that way for more than 40 years.

Debt

Financing
All cash. This offering reports no mortgage debt.

Costs and terms from the Form D

Selling commissions
$1,179,500 · 5.0% of offering
Finders’ fees
$0
Paid to officers, directors and promoters
$3,024,000 · 12.8% of offering
Form D Item 16
· The filing’s note: “AEI Net Lease Portfolio 22 Depositor, LLC will be responsible for paying certain fees and costs of approximately $2,080,400.”
Broker-dealers named in the Form D
13 named in the Form D
Show the firms

Individual representatives named in Item 12 are not listed.

Date of first sale
Aug 23, 2023
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.

What does the SEC record show?

The Trust was sold privately under the Rule 506(b) exemption, which bars general advertising and limits purchasers to accredited investors the sponsor already had a relationship with. 4 The initial notice reported a first sale on August 23, 2023, and later amendments stepped the reported sold-to-date up; the December 19, 2023 amendment cut the stated minimum investment from $100,000 to $50,000.

Legal Trust name
AEI NET LEASE PORTFOLIO 22 DST
SEC CIK
1945291
First Form D
Aug 31, 2023
Latest Form D
May 3, 2024
Filings on record
7
Offered under
Rule 506(b)
General advertising and solicitation are not permitted under this exemption.
Source filing
Read the filings on SEC EDGAR

SEC Form D filings, newest first

FiledFormOffering amountAmount soldInvestorsMinimum
Form D/A$23,590,000
$22,625,340+$2,588,167
60+12
$50,000EDGAR
Form D/A$23,590,000
$20,037,173+$2,353,085
48+9
$50,000EDGAR
Form D/A$23,590,000
$17,684,088+$689,630
39+3
$50,000was $100,000EDGAR
Form D/A$23,590,000
$16,994,458+$6,687,364
36+16
$100,000EDGAR
Form D/A$23,590,000
$10,307,094+$3,506,821
20+5
$100,000EDGAR
Form D/A$23,590,000
$6,800,273+$5,283,842
15+10
$100,000EDGAR
Form D$23,590,000
$1,516,431
5
$100,000EDGAR

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 22 DST?
AEI Net Lease Portfolio 22 DST is a Historical offering. Last Form D filed May 3, 2024.
What properties does AEI Net Lease Portfolio 22 DST actually own?
AEI has not made that public. AEI's Net Lease Portfolio series generally holds single-tenant net-leased retail, healthcare and industrial real estate. The offering documents issued to prospective investors are where the property schedule and leases would be spelled out.
What does an all-cash DST mean for me?
It means the Trust bought its real estate with investor equity and no mortgage. There is no lender, no debt covenant, and no loan maturity that could force a refinancing or sale. The trade-off is that an unleveraged trust also gives an exchanger no debt to replace, which matters if the property you sold carried a mortgage you need to match for full 1031 deferral. Discuss that with your tax adviser.
Who can buy into a Rule 506(b) offering like this one?
Accredited investors — broadly, individuals meeting SEC income or net-worth thresholds — who had a pre-existing relationship with the sponsor or its selling agents. Rule 506(b) prohibits general solicitation and advertising, which is why offerings like Portfolio 22 are not marketed publicly and why property-level detail stays inside the offering documents.
Has the Trust sold its properties or gone full-cycle?
Nothing in the reviewed record establishes a sale, foreclosure, 721/UPREIT roll-up into a REIT, or any other ending for Portfolio 22. The Trust's filing data indicates it does not contemplate converting to a REIT. No outcome has been reported yet.
Who runs AEI Capital?
The sponsor is AEI Trust Advisors, Inc., part of AEI Capital Corporation, headquartered in St. Paul, Minnesota. The Form D signed May 3, 2024 identifies Marni J. Nygard as an executive officer and director of the issuer, and Kevin Steele and Keith Petersen as executive officers of the Trust's manager, with AEI Trust Advisors, Inc. and AEI Trust Manager, LLC listed as promoters.

Sources

Show sources (8)Hide sources (8)

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.