Sponsor-reported, from SEC filings and cited sources.
What is this, in one paragraph?
AEI Net Lease Portfolio 22 DST is a Delaware statutory trust — a pre-packaged, passive property ownership vehicle that 1031 exchange money can buy into — sponsored by AEI Capital of St. Paul, Minnesota, and organized in Delaware in 2022.1 It was funded with a $23,590,000 equity offering.2 The Trust owns its real estate without mortgage debt, and the specific properties have never been publicly identified.5
Show sources (8)Hide sources (8)
These links support the historical public record; individual details may come from different sources.
- U.S. Securities and Exchange Commission — Form D/A, AEI NET LEASE PORTFOLIO 22 DST ↗
- U.S. Securities and Exchange Commission — Form D/A, AEI NET LEASE PORTFOLIO 22 DST ↗
- U.S. Securities and Exchange Commission — Form D/A, AEI NET LEASE PORTFOLIO 22 DST ↗
- U.S. Securities and Exchange Commission — Form D/A, AEI NET LEASE PORTFOLIO 22 DST ↗
- Top1031 research run (exact-entity review) ↗
- Top1031 research run (exact-entity review) ↗
- jrw.com ↗
- aeifunds.com ↗
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?
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
Who is the tenant, and what's the lease?
A net lease shifts property-level costs — taxes, insurance, maintenance — from the trust to the tenant, which is the structure AEI's Net Lease Portfolio programs are built around. Neither the Form D record nor AEI's public materials names Portfolio 22's tenants or states its lease terms.5
How did it end?
No sale or other ending on record
Trust remains active and operating; JRW Investments' directory lists AEI Net Lease Portfolio 22, DST as Active with 4.71% distributions (as of July 25, 2023), and no sale, full-cycle, UPREIT, foreclosure, or loss announcement has been found on the sponsor site (aeifunds.com), AltsWire, BlueVault, or trade press.
Sponsor is AEI Trust Advisors, Inc. (AEI Capital Corporation), a 40+ year debt-free net-lease real estate investment firm headquartered at 30 East 7th Street Suite 1300, St. Paul, MN 55101. The offering is part of AEI's Net Lease Portfolio series of multi-tenant, single-tenant net-leased retail/healthcare/industrial properties. Specific properties for Portfolio 22 are not publicly listed.
How is it financed, and what does it pay?
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.
- Financing
- All cash. This offering reports no mortgage debt.
Who's behind it?
AEI Capital — AEI Trust Advisors, Inc., part of AEI Capital Corporation — has sponsored net-lease real estate programs from 30 East 7th Street in St. Paul, Minnesota for more than four decades, all of them unleveraged. The amendment signed May 3, 2024 names AEI Trust Advisors, Inc. and AEI Trust Manager, LLC as promoters, Marni J. Nygard as an executive officer and director, and Kevin Steele and Keith Petersen as executive officers of the Trust's manager.3
- Sponsor
- AEI Capital
- Legal Trust name
- AEI NET LEASE PORTFOLIO 22 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 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.
- 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
- 7
- 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 22 DST?
Top1031 lists AEI NET LEASE PORTFOLIO 22 DST as historical. It is no longer raising money.
Where does Top1031 get the data for AEI NET LEASE PORTFOLIO 22 DST?
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 properties does AEI Net Lease Portfolio 22 DST actually own?
AEI has not made that public. The Form D notices filed with the SEC do not list properties, and research through August 26, 2026 found no reliable public source identifying Portfolio 22's buildings, tenants, lease terms or occupancy.[5] AEI's Net Lease Portfolio series generally holds single-tenant net-leased retail, healthcare and industrial real estate. The private placement memorandum (PPM) issued to prospective investors is where the property schedule and leases would be spelled out.
Can I still invest in this Trust?
The most recent Form D amendment on record is dated May 3, 2024, and the sales figures shown on this page are what that filing reported. No newer primary filing was located in research through August 26, 2026, so current availability is not established by the public record — the sponsor or the selling broker-dealer would have to confirm it.
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 PPM.[4]
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.[6] 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.[3]