Sponsor-reported, from SEC filings and cited sources.
Chapter 1
What the record shows
AEI Capital Corporation is a Midwest-based real estate investment firm that describes itself as founded in 1970, investing in healthcare and retail property for high-net-worth individuals, family offices, and institutions. It sponsors private net-lease funds and Delaware statutory trusts for 1031 exchange investors, organized mainly in the AEI Net Lease Portfolio and AEI Healthcare Portfolio series, whose trust entities first filed with the SEC between 2014 and 2026. AEI reports more than 110 1031 exchange offerings and, as of December 31, 2025, 521 properties acquired in 44 states with 234 under management. It bought single-tenant medical clinics in Chicago in December 2024 and O'Fallon, Missouri, in February 2025, both all-cash.
Sponsor-stated figures are as reported by the sponsor.Evidence 1234567891011
Published Grade summary
Public records track 28 Programs across 11 yrs, 14 of them lifecycle-eligible and seasoned: 11 debt-free with unknown status at age at least 7y, 1 debt-free and still operating at age at least 7y, and 2 seasoned with leverage unknown. The audit shows 0 distress and no documented material adverse events, which is not itself evidence of safety. The outcome-disclosure ledger holds no entries — 0 with figures published, 0 acknowledged without a figure, 0 silent — drawn from 20 citations at proof depth 3.
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14Programs with an ending or 7+ years of history
0 of 14Programs with a documented problem
0%Finished Programs with a published result
Not foundPublishes its own track record
Chapter 2
Raising money now
Classified active by Top1031 from the SEC filings. That does not confirm an offering is still available to buy.
HHarm recordDocumented problems, weighed against everything at stake35% weight
LLifecycle outcomesHow programs old enough to finish actually ended25% weight
RMarket acceptanceHow each raise went against comparable offerings25% weight
TDisclosure candorWhether completed programs come with published results15% weight
Weighted blend35% H + 25% L + 25% R + 15% TThe published result applies the anti-washout ceilings, evidence gates, and adverse floors below after this blend. Top1031 does not publish an intermediate score.
AProven71 and above
BEstablished61–70
CUnproven50–60
DWarning36–49
FAdverseBelow 36
NRNot ratedRecord too small or identity under review
Ceilings
The result cannot exceed H + 10 or L + 15, so stronger sales evidence cannot wash out a weaker harm or lifecycle record.
Evidence gates
A and B require minimum proof depth, lifecycle history, and channel evidence. A also requires qualifying disclosure coverage.
Adverse floors
An Integrity alert sets an F floor. A dominant documented capital loss or multiple independent severe events sets D or lower.
Proof depth53.8Published-outcome coverage0%
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Published Grade historyOne published letter, unchanged since
C2026-Q3 · Moved from C. Binding constraints: proof depth below 4; H below 85; L below 55.
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Chapter 4
Programs on the record
A Program is the filing-level offering record associated with this sponsor. Published-result figures are shown only with sponsor attribution and adjacent sources.
AEI Capital Corporation describes itself as a real estate investment firm founded in 1970 and based in the Midwest, investing in healthcare and retail assets for high-net-worth individuals, family offices, and institutions 1. The firm says it targets well-located property occupied by creditworthy tenants under long-term net leases, with expenses such as taxes, maintenance, and insurance generally assigned to the tenant 2.
Portfolio scale
As of December 31, 2025, AEI reported having acquired 521 properties in 44 states and managing 234 of them, and it reports more than $1.65 billion in properties acquired, managed, and/or developed since inception 3.
DST program series
AEI states that its DST offerings provide fractional ownership of institutional-quality real estate and that it has offered more than 110 1031 exchange offerings over its history 4. The Top1031 record covers 28 AEI trust entities, from AEI Net Lease Portfolio DST, first filed in 2014, through AEI Net Lease Portfolio 23 DST in 2024, together with a healthcare line running from AEI Healthcare Portfolio DST in 2017 to AEI Healthcare Portfolio VII DST in 2026 5.
Acquisitions and a closed healthcare offering
AEI reported completing an all-cash acquisition on December 18, 2024 of the Advocate Medical Group clinic at 2210 West 95th Street, Chicago — 25,000 square feet leased to an Advocate Health affiliate — for $7,510,000 6. On February 18, 2025 the firm reported a second all-cash purchase, the Mercy East Health medical clinic at 300 Winding Woods Drive, O'Fallon, Missouri, a 44,645-square-foot property 100% leased to Mercy Health under a long-term net lease, for $11,345,000 7. On January 15, 2026 AEI reported that AEI Healthcare Portfolio V DST had been fully subscribed and closed to new investors after raising $27.82 million for three debt-free specialized healthcare properties in Indiana and Florida, which the firm described as its 114th 1031 exchange offering 8.
Ownership and leadership
A fund document filed with the SEC states that AEI Capital Corporation shares were transferred in equal parts on March 10, 2026 to Marni Nygard and Paula Tillett 9. AEI's leadership page identifies both as Managing Director and Co-President, with Nygard helping drive firm strategy and Tillett overseeing capital raising and distribution for AEI's fund and 1031 offerings 10.
Earlier net-lease funds
Before the trust series, AEI sponsored net-lease partnership programs. Prior-performance disclosure filed with the SEC records completed funds including AEI Institutional Net Lease Fund '93, reported sold in 1999; AEI's Net Lease Income & Growth Fund 84-A in 2001; AEI Real Estate Fund XV in 2006; and AEI Real Estate Fund XVIII in 2010 11.
AEI Capital Corp. buys medical office in Bristol, ConnecticutAEI Capital Corp. purchased a new medical facility in Bristol, Connecticut, from Endurance Properties for $19.9 million; the property is leased to UnitedHealthcare for 12 years and is the underlying asset of AEI's Healthcare Portfolio VII DST.
AEI Acquires an Advocate Medical Group ClinicAEI Capital Corporation announced the all-cash acquisition of an Advocate Medical Group clinic at 2210 West 95th Street, Chicago, Illinois for $7.51 million, leased to an affiliate of Advocate Health.
Medical office building in Bristol sold for nearly $20MHartford-area business journal reported the medical office building at 1251 Farmington Ave, Bristol, CT, a 26,255-sf Class A MOB leased to UnitedHealthcare under a 12-year NNN lease, sold for nearly $20 million to a private retail-oriented fund.
