UNITED STATES
               SECURITIES AND EXCHANGE COMMISSION
                     Washington, D.C. 20549

                           FORM 10-KSB

             Annual Report Under Section 13 or 15(d)
             of The Securities Exchange Act of 1934

          For the Fiscal Year Ended:  December 31, 2004

                Commission file number:  0-19838

   AEI NET LEASE INCOME & GROWTH FUND XIX LIMITED PARTNERSHIP
         (Name of small business issuer in its charter)

        State of Minnesota                41-1677062
(State or other jurisdiction of     (I.R.S. Employer)
incorporation or organization)     Identification No.)

      30 East 7th Street, Suite 1300, St. Paul, Minnesota 55101
            (Address of principal executive offices)

                          (651) 227-7333
                   (Issuer's telephone number)

Securities registered pursuant to Section 12(b) of the Act:
                                 Name of each exchange on
     Title of each class             which registered
             None                          None

Securities registered pursuant to Section 12(g) of the Act:

                      Limited Partnership Units
                           (Title of class)

Check  whether  the issuer (1) filed all reports required  to  be
filed by Section 13 or 15(d) of the Exchange Act during the  past
12  months  (or  for such shorter period that the registrant  was
required to file such reports), and (2) has been subject to  such
filing requirements for the past 90 days.

                         Yes [X]    No

Check if disclosure of delinquent filers in response to Rule  405
of  Regulation  S-B  is  not  contained  in  this  Form,  and  no
disclosure  will  be  contained,  to  the  best  of  registrant's
knowledge,   in   definitive  proxy  or  information   statements
incorporated by reference in Part III of this Form 10-KSB or  any
amendment to this Form 10-KSB.  [X]

The  Issuer's revenues for the year ended December 31, 2004  were
$1,485,194.

As  of  February 28, 2005, there were 20,280.67 Units of  limited
partnership interest in the registrant outstanding and  owned  by
nonaffiliates  of  the registrant, which Units had  an  aggregate
market  value (based solely on the price at which they were  sold
since there is no ready market for such Units) of $20,280,670.

               DOCUMENTS INCORPORATED BY REFERENCE

 The registrant has not incorporated any documents by reference
                        into this report.

         Transitional Small Business Disclosure Format:
                         Yes        No [X]

                             PART I

ITEM 1.   DESCRIPTION OF BUSINESS.

       AEI Net Lease Income & Growth Fund XIX Limited Partnership
(the  "Partnership" or the "Registrant") is a limited partnership
which  was  organized  pursuant to  the  laws  of  the  State  of
Minnesota on September 14, 1990.  The registrant is comprised  of
AEI  Fund Management XIX, Inc. (AFM) as Managing General Partner,
Robert P. Johnson, the President and sole director of AFM, as the
Individual  General Partner, and purchasers of partnership  units
as  Limited  Partners.  The Partnership offered for  sale  up  to
$30,000,000  of  limited  partnership  interests  (the   "Units")
(30,000  Units  at  $1,000 per Unit) pursuant to  a  registration
statement  effective February 5, 1991. The Partnership  commenced
operations  on May 31, 1991 when minimum subscriptions  of  1,500
Limited  Partnership  Units  ($1,500,000)  were  accepted.    The
Partnership's  offering  terminated February  5,  1993  when  the
extended  offering  period  expired.   The  Partnership  received
subscriptions   for   21,151.928   Limited   Partnership    Units
($21,151,928).

        The  Partnership  was organized to acquire  existing  and
newly  constructed commercial properties located  in  the  United
States,  to  lease  such properties to tenants under  triple  net
leases,  to  hold  such  properties and to eventually  sell  such
properties.    From   subscription  proceeds,   the   Partnership
purchased  nineteen  properties, including partial  interests  in
four properties, at a total cost of $16,994,880.  The balance  of
the   subscription  proceeds  was  applied  to  organization  and
syndication  costs,  working capital reserves and  distributions,
which  represented a return of capital.  The properties  are  all
commercial,  single  tenant buildings  leased  under  triple  net
leases.

         The   Partnership's  properties  were   purchased   with
subscription proceeds without any indebtedness.  The  Partnership
will not finance properties in the future to obtain proceeds  for
new  property  acquisitions.  If it is required  to  do  so,  the
Partnership  may  incur  short-term indebtedness,  which  may  be
secured  by a portion of the Partnership's properties, to finance
day-to-day cash flow requirements (including cash flow  necessary
to  repurchase  Units).   The amount of borrowings  that  may  be
secured by the properties is limited in the aggregate to  20%  of
the  purchase price of all properties.  The Partnership will  not
incur  borrowings prior to application of the proceeds from  sale
of the Units, will not incur borrowings to pay distributions, and
will  not  incur  borrowings while there is  cash  available  for
distributions.

       The Partnership will hold its properties until the General
Partners  determine  that the sale or other  disposition  of  the
properties   is   advantageous  in  view  of  the   Partnership's
investment  objectives.  In deciding whether to sell  properties,
the  General  Partners will consider factors  such  as  potential
appreciation,  net  cash flow and income tax considerations.   In
addition,  certain  lessees may be granted  options  to  purchase
properties  after  a  specified portion of  the  lease  term  has
elapsed.   The  Partnership expects to sell some or  all  of  its
properties  prior to its final liquidation and  to  reinvest  the
proceeds   from   such  sales  in  additional  properties.    The
Partnership reserves the right, at the discretion of the  General
Partners,  to  either  distribute  proceeds  from  the  sale   of
properties  to  the  Partners or to  reinvest  such  proceeds  in
additional  properties,  provided that  sufficient  proceeds  are
distributed  to  the Limited Partners to pay  federal  and  state
income  taxes related to any taxable gain recognized as a  result
of  the  sale.   It  is  anticipated that  the  Partnership  will
commence liquidation through the sale of its remaining properties
within twelve years after acquisition, although final liquidation
may  be  delayed  by a number of circumstances, including  market
conditions and seller financing of properties.

ITEM 1.   DESCRIPTION OF BUSINESS.  (Continued)

Leases

       Although there are variations in the specific terms of the
leases,  the following is a summary of the general terms  of  the
Partnership's  leases.   The properties  are  leased  to  various
tenants  under  triple  net  leases,  which  are  classified   as
operating  leases.   Under  a triple net  lease,  the  lessee  is
responsible  for  all real estate taxes, insurance,  maintenance,
repairs  and  operating expenses for the property.   The  initial
lease terms are for 15 to 20 years.  The leases provide for  base
annual  rental  payments,  payable in monthly  installments,  and
contain  rent  clauses which entitle the Partnership  to  receive
additional rent in future years based on stated rent increases or
if  gross  receipts  for  the property exceed  certain  specified
amounts, among other conditions.

        The leases provide the lessees with two to five five-year
renewal options subject to the same terms and conditions  as  the
initial  lease.   Certain lessees have been  granted  options  to
purchase the property at a formula price.  In many of the leases,
the  option  price  is  stated to be the  greater  of  the  price
determined by the stated formula or the fair market value of  the
property  as  agreed upon by the parties or determined  based  on
appraisals.  In general, the formula price is determined  in  one
of  two  ways.  Under the first, the option price is the original
purchase   price  of  the  property  increased  by  a   specified
percentage per year, compounded annually.  Under the second,  the
option  price is determined by dividing the annual  rent  at  the
time the purchase option is exercised by a percentage.  Based  on
the  scheduled annual rent under the lease, the resulting  option
price  would always be greater than the original purchase  price.
The  actual sale price of a property to a lessee may or  may  not
exceed original cost depending on market and other conditions.

Property Activity

        On  April  27,  2001,  the Partnership  purchased  a  28%
interest  in  a  parcel of land in Utica, Michigan for  $338,380.
The  Partnership obtained title to the land in  the  form  of  an
undivided fee simple interest in the 50% interest purchased.  The
land  is leased to Champps Entertainment, Inc. (Champps) under  a
Lease Agreement with a primary term of 20 years and annual rental
payments of $30,454.  Effective October 23, 2001, the annual rent
was  increased to $36,376.  Simultaneously with the  purchase  of
the  land,  the Partnership entered into a Development  Financing
Agreement  under which the Partnership advanced funds to  Champps
for  the  construction of a Champps Americana restaurant  on  the
site.  Pursuant to the Lease, any improvements to the land during
the  term  of  the  Lease  become the  property  of  the  lessor.
Initially, the Partnership charged interest on the advances at  a
rate  of  9%.  Effective October 23, 2001, the interest rate  was
increased to 10.75%.  On February 12, 2002, after the development
was  completed, the Lease Agreement was amended to require annual
rental  payments  of $105,350.  The Partnership's  share  of  the
total  acquisition costs, including the cost  of  the  land,  was
$963,874.     The  remaining  interests  in  the  property   were
purchased  by  AEI Real Estate Fund XVII Limited Partnership  and
AEI  Net  Lease  Income  &  Growth Fund XX  Limited  Partnership,
affiliates of the Partnership.

ITEM 1.   DESCRIPTION OF BUSINESS.  (Continued)

       In June 2002, the Partnership entered into an agreement to
sell  the  Applebee's  restaurant  in  Beaverton,  Oregon  to  an
unrelated  third party.  On August 1, 2002, the sale closed  with
the  Partnership receiving net sale proceeds of $3,156,082, which
resulted  in a net gain of $1,740,592.  At the time of sale,  the
cost  and  related  accumulated depreciation was  $1,760,079  and
$344,589, respectively.

         In  February  2003,  the  Partnership  entered  into  an
agreement  to  sell the Party City retail store  in  Gainesville,
Georgia to an unrelated third party.  On March 21, 2003, the sale
closed  with  the  Partnership receiving  net  sale  proceeds  of
$1,711,879,  which resulted in a net gain of  $427,332.   At  the
time  of sale, the cost and related accumulated depreciation  was
$1,435,309 and $150,762, respectively.

        During  the second quarter of 2003, the Partnership  sold
23.934% of the Champps Americana restaurant in Troy, Michigan, in
six  separate  transactions,  to unrelated  third  parties.   The
Partnership received total net sale proceeds of $1,612,362  which
resulted  in a net gain of $560,397.  The total cost and  related
accumulated depreciation of the interests sold was $1,180,397 and
$128,432, respectively.

       During the first nine months of 2003, the Partnership sold
its  60% interest in the Tumbleweed restaurant in Columbus, Ohio,
in  four separate transactions, to unrelated third parties.   The
Partnership received total net sale proceeds of $1,038,773, which
resulted  in a net gain of $293,015.  The total cost and  related
accumulated  depreciation of the interests sold was $823,496  and
$77,738, respectively.

        In May 2003, the Partnership entered into an agreement to
sell  its  38.2362%  interest in the Taco  Cabana  restaurant  in
Houston, Texas, to the lessee.  On July 30, 2003, the sale closed
with  the  Partnership receiving net sale proceeds  of  $674,797,
which  resulted in a net gain of $212,639.  At the time of  sale,
the  cost  and related accumulated depreciation was $547,322  and
$85,164, respectively.

        On  July  11,  2003,  the Partnership  sold  the  Denny's
restaurant  in  Apple Valley, California for  $1,100,000  to  the
lessee.   The sale agreement required a cash payment of  $971,250
and  a  Promissory Note for $128,750.  The Partnership recognized
net sale proceeds of $1,076,459, which resulted in a net gain  of
$130,443.   At the time of sale, the cost and related accumulated
depreciation was $1,177,655 and $231,639, respectively.

        On  October  15, 2003, the Partnership sold  its  1.1054%
interest  in  the  Applebee's  restaurant  in  Crestview   Hills,
Kentucky  to  the  lessee.   The Partnership  received  net  sale
proceeds  of  $23,207, which resulted in a net gain  of  $12,614.
The  cost  and  related accumulated depreciation of the  interest
sold was $14,039 and $3,446, respectively.

        During 2003, the Partnership sold its 52% interest in the
Johnny  Carino's  restaurant  in  San  Antonio,  Texas,  in  five
separate   transactions,  to  unrelated   third   parties.    The
Partnership received total net sale proceeds of $1,651,078, which
resulted  in a net gain of $500,761.  The total cost and  related
accumulated depreciation of the interests sold was $1,194,932 and
$44,615, respectively.

ITEM 1.   DESCRIPTION OF BUSINESS.  (Continued)

        During 2003, the Partnership sold its 40.75% interest  in
the  Garden  Ridge retail store in Pineville, North Carolina,  in
fifteen  separate transactions, to unrelated third parties.   The
Partnership received total net sale proceeds of $4,381,044, which
resulted in a net gain of $1,379,368.  The total cost and related
accumulated depreciation of the interests sold was $3,615,378 and
$613,702, respectively.

        On July 3, 2003, the Partnership purchased a 50% interest
in  a  Biaggi's restaurant in Fort Wayne, Indiana for $1,379,347.
The property is leased to Biaggi's Ristorante Italiano, LLC under
a  Lease  Agreement with a primary term of 15  years  and  annual
rental  payments  of  $122,004.  The remaining  interest  in  the
property was purchased by AEI Net Lease Income & Growth  Fund  XX
Limited Partnership, an affiliate of the Partnership.

        On  September 19, 2003, the Partnership purchased  a  37%
interest  in  a  Winn-Dixie  store in Panama  City,  Florida  for
$1,712,829.   The  property is leased to  Winn-Dixie  Montgomery,
Inc. under a Lease Agreement with a primary term of 20 years  and
annual  rental payments of $138,380.  The remaining interests  in
the  property were purchased by AEI Income & Growth Fund  24  LLC
and  AEI Income & Growth Fund XXI Limited Partnership, affiliates
of the Partnership.

        On  November  5,  2003, the Partnership purchased  a  50%
interest  in a Johnny Carino's restaurant in Longview, Texas  for
$1,179,878.   The  property is leased to Kona  Restaurant  Group,
Inc. under a Lease Agreement with a primary term of 17 years  and
annual  rental payments of $105,750.  The remaining  interest  in
the  property was purchased by AEI Real Estate Fund XVII  Limited
Partnership, an affiliate of the Partnership.

        On  December 30, 2003, the Partnership purchased a Johnny
Carino's  restaurant in Brownsville, Texas for  $2,322,610.   The
property is leased to Kona Restaurant Group, Inc. under  a  Lease
Agreement  with  a  primary term of 13 years  and  annual  rental
payments of $192,014.

        On  February  5,  2004, the Partnership purchased  a  50%
interest  in  a  Jared  Jewelry store in Lakewood,  Colorado  for
$2,017,603.   The  property is leased to Sterling  Jewelers  Inc.
under  a  Lease  Agreement with a primary term of  20  years  and
annual  rental payments of $155,219.  The remaining  interest  in
the  property was purchased by AEI Real Estate Fund XVIII Limited
Partnership, an affiliate of the Partnership.

        On  April  30,  2004,  the Partnership  purchased  a  50%
interest   in  an  Applebee's  restaurant  in  Stow,   Ohio   for
$1,575,755.   The property is leased to Apple Ohio  LLC  under  a
Lease Agreement with a primary term of 20 years and annual rental
payments of $120,043.  The remaining interest in the property was
purchased by AEI Real Estate Fund XVIII Limited Partnership.

        On May 10, 2004, the Partnership purchased a 50% interest
in  an Eckerd drug store in Auburn, New York for $2,287,291.  The
property  is leased to Eckerd Corporation under a Lease Agreement
with  a  primary term of 20 years and annual rental  payments  of
$184,753.   The remaining interest in the property was  purchased
by AEI Real Estate Fund XVIII Limited Partnership.

ITEM 1.   DESCRIPTION OF BUSINESS.  (Continued)

        In  July 2003, the lessee of the Razzoo's restaurants  in
Austin,  Texas  and Alpharetta, Georgia notified the  Partnership
that it was experiencing financial difficulty stemming from lower
than  expected sales and that it might not be able to pay  future
rents.  However, rents are current on the property in Austin.  In
November  2004,  the Partnership and the lessee entered  into  an
agreement  to  amend  the Lease for the  property  in  Austin  to
provide  the  lessee with options to purchase  the  property  and
terminate  the  Lease.  Under the purchase option, which  expires
October   31,  2006,  the  lessee  can  elect  to  purchase   the
Partnership's interest in the property for $338,000.   Under  the
termination option, the lessee can elect to terminate  the  Lease
by  providing  no less than six months prior written  notice  and
paying a termination payment equal to one year's rent.  The lease
cannot be terminated prior to October 31, 2006.  As part of  this
agreement, the Partnership received a personal guarantee from the
majority  shareholder  of  the lessee for  payment  of  the  rent
through  October  31,  2006.  In addition,  the  Partnership  was
reimbursed  for  certain expenses it incurred  related  to  legal
action it pursued in connection with this situation.

        In  late  2003,  the  lessee  closed  the  restaurant  in
Alpharetta  and  said  that it no longer intended  to  operate  a
restaurant  at the site.  The Partnership and the lessee  entered
into  an agreement, effective November 1, 2004, to terminate  the
lease  and  return possession of the property to the Partnership.
Rents  were current through the date of termination.  As part  of
the   agreement,  the  Partnership  was  reimbursed  for  certain
expenses  it  incurred  related to legal  action  it  pursued  in
connection  with this situation.  The Partnership has listed  the
property  for  sale with a real estate broker in  the  Alpharetta
area.    While  the  property  is  vacant,  the  Partnership   is
responsible  for  real estate taxes and other costs  required  to
maintain the property.

       Based on an analysis of market conditions in the area, the
Partnership  determined the property was impaired  in  accordance
with  the  requirements  of  Statement  of  Financial  Accounting
Standards  No. 144, Accounting for the Impairment or Disposal  of
Long-Lived Assets.  As a result, in the fourth quarter of 2003, a
charge  to discontinued operations for real estate impairment  of
$169,320  was  recognized, which was the difference  between  the
book  value  at  December 31, 2003 of $569,320 and the  estimated
fair value of $400,000.  The charge was recorded against the cost
of  the  land, building and equipment.  At December 31, 2004  and
2003, the property was classified as Real Estate Held for Sale.

         In  December  2004,  the  Partnership  entered  into  an
agreement  to  sell the property in Alpharetta  to  an  unrelated
third party.  The sale is subject to contingencies and may not be
completed.  If the sale is completed, the Partnership expects  to
receive net proceeds of approximately $429,000, which will result
in  a  net  gain of approximately $29,000.  If the  sale  is  not
completed,  it is likely the Partnership will seek another  buyer
for  the  property  and may not be able to  negotiate  a  similar
purchase agreement.

Major Tenants

        During  2004, two tenants each contributed more than  ten
percent  of  the Partnership's total rental revenue.   The  major
tenants  in aggregate contributed 33% of total rental revenue  in
2004.   It  is anticipated that, based on minimum rental payments
required  under  the leases, each major tenant will  continue  to
contribute  more than ten percent of rental revenue in  2005  and
future years.  In addition, it is anticipated that the tenant  of
the  Eckerd drug store acquired in 2004 will contribute more than
ten  percent  of  rental revenue in 2005 and future  years.   Any
failure  of  these  major  tenants could  materially  affect  the
Partnership's net income and cash distributions.
ITEM 1.   DESCRIPTION OF BUSINESS.  (Continued)

Competition

        The  Partnership is a minor factor in the commercial real
estate  business.   There are numerous entities  engaged  in  the
commercial  real  estate  business which have  greater  financial
resources  than  the  Partnership.  At the time  the  Partnership
elects to dispose of its properties, the Partnership will  be  in
competition  with other persons and entities to find  buyers  for
its properties.

Employees

        The  Partnership  has  no direct  employees.   Management
services   are  performed  for  the  Partnership  by   AEI   Fund
Management, Inc., an affiliate of AFM.

ITEM 2.   DESCRIPTION OF PROPERTIES.

Investment Objectives

        The  Partnership's investment objectives were to  acquire
existing or newly-developed commercial properties throughout  the
United  States that offer the potential for (i) preservation  and
protection  of  the  Partnership's capital; (ii)  partially  tax-
deferred  cash distributions from operations which  may  increase
through  rent  participation clauses or mandated rent  increases;
and  (iii) long-term capital gains through appreciation in  value
of   the  Partnership's  properties  realized  upon  sale.    The
Partnership  does not have a policy, and there is no  limitation,
as  to the amount or percentage of assets that may be invested in
any  one  property.  However, to the extent possible, the General
Partners  attempt  to  diversify the type  and  location  of  the
Partnership's properties.

Description of Properties

       The Partnership's properties are commercial, single tenant
buildings.  The properties were acquired on a debt-free basis and
are  leased to various tenants under triple net leases, which are
classified  as  operating  leases.   The  Partnership  holds   an
undivided fee simple interest in the properties.

        The  Partnership's properties are subject to the  general
competitive conditions incident to the ownership of single tenant
investment  real estate.  Since each property is leased  under  a
long-term   lease,   there  is  little  competition   until   the
Partnership  decides to sell the property.   At  this  time,  the
Partnership will be competing with other real estate  owners,  on
both a national and local level, in attempting to find buyers for
the   properties.   In  the  event  of  a  tenant  default,   the
Partnership would be competing with other real estate owners, who
have  property vacancies, to attract a new tenant  to  lease  the
property.   The Partnership's tenants operate in industries  that
are  very  competitive and can be affected  by  factors  such  as
changes  in regional or local economies, seasonality and  changes
in consumer preference.

ITEM 2.   DESCRIPTION OF PROPERTIES. (Continued)

        The  following table is a summary of the properties  that
the Partnership acquired and owned as of December 31, 2004.

                              Total Property               Annual    Annual
                    Purchase   Acquisition                 Lease     Rent Per
Property              Date        Costs        Lessee      Payment   Sq. Ft.

Taco Cabana Restaurant                       Texas Taco
 San Antonio, TX     3/16/92   $1,147,274    Cabana L.P.    $218,494  $80.33

Taco Cabana Restaurant
 Waco, TX                                    Texas Food
 (2.4058%)            5/1/92   $   19,721     Concepts      $  3,383  $50.91

Applebee's Restaurant                         Gourmet
 Crestwood, MO       4/14/93   $  803,418   Systems, Inc.   $138,884  $27.69

HomeTown Buffet Restaurant
 Tucson, AZ                                Summit Family
 (2.2074%)           6/16/93   $   28,418 Restaurants, Inc. $  4,476  $21.10

Applebee's Restaurant
 Temple Terrace, FL                       Casual Restaurant
 (9.0963%)           10/1/93   $   96,262 Concepts II, Inc. $ 17,643  $41.80

Champps Americana Restaurant                 Champps
 Troy, MI                                   Operating
 (.016%)              9/3/98   $      788  Corporation      $     93  $52.54

Tumbleweed Restaurant
 Chillicothe, OH
 (40%)              11/20/98   $  505,224 Tumbleweed, Inc.  $ 57,373  $26.16

Marie Callender's Restaurant                  Marie
 Henderson, NV                              Callender
 (2.5775%)           9/28/99   $   44,142  Pie Shops, Inc.  $  4,371  $28.19

Razzoo's Restaurant
 Austin, TX                                  Razzoo's,
 (13%)               6/27/01   $  417,939      Inc.         $ 42,177  $33.11

Razzoo's Restaurant
 Alpharetta, GA
 (16%)               7/11/01   $  598,109      (1)

Champps Americana Restaurant                 Champps
 Utica, MI                                  Operating
 (28%)               2/12/02   $  963,874  Corporation      $105,350  $43.83

Biaggi's Restaurant
 Ft. Wayne, IN                            Biaggi's Ristorante
 (50%)                7/3/03   $1,379,347   Italiano, LLC   $122,004  $25.81

ITEM 2.DESCRIPTION OF PROPERTIES. (Continued)

                              Total Property               Annual    Annual
                    Purchase   Acquisition                 Lease     Rent Per
Property              Date        Costs        Lessee      Payment   Sq. Ft.

Winn-Dixie Retail Store
 Panama City, FL                             Winn-Dixie
 (37%)               9/19/03   $1,712,829  Montgomery, Inc. $138,380  $ 7.71

Johnny Carino's Restaurant
 Longview, TX                              Kona Restaurant
 (50%)               11/5/03   $1,179,878    Group, Inc.    $106,808  $35.00

Johnny Carino's Restaurant                 Kona Restaurant
 Brownsville, TX    12/30/03   $2,322,610    Group, Inc.    $192,014  $31.15

Jared Jewelry Store
 Lakewood, CO                              Sterling Jewelers
 (50%)                2/5/04   $2,017,603       Inc.        $155,219  $50.86

Applebee's Restaurant
 Stow, OH
 (50%)               4/30/04   $1,575,755  Apple Ohio LLC   $120,043  $47.39

Eckerd Drug Store
 Auburn, NY                                    Eckerd
 (50%)               5/10/04   $2,287,291   Corporation     $184,753  $26.75

 (1) The property is vacant and listed for sale.

        The  properties  listed above with  a  partial  ownership
percentage  are  owned with affiliates of the Partnership  and/or
unrelated  third  parties.   The  remaining  interests   in   the
Tumbleweed restaurant in Chillicothe, Ohio are owned by AEI  Real
Estate  Fund  XVIII  Limited Partnership and an  unrelated  third
party.   The  remaining interests in the Razzoo's  restaurant  in
Austin,  Texas  are  owned by AEI Real  Estate  Fund  XV  Limited
Partnership,  AEI Real Estate Fund XVII Limited  Partnership  and
AEI Income & Growth Fund XXII Limited Partnership.  The remaining
interests  in the Razzoo's restaurant in Alpharetta, Georgia  are
owned  by  AEI  Real Estate Fund XVIII Limited  Partnership,  AEI
Income  & Growth Fund 23 LLC and AEI Private Net Lease Millennium
Fund Limited Partnership.  The remaining interests in the Champps
Americana  restaurant in Utica, Michigan are owned  by  AEI  Real
Estate  Fund  XVII Limited Partnership, AEI Net  Lease  Income  &
Growth  Fund XX Limited Partnership and unrelated third  parties.
The remaining interest in the Biaggi's restaurant is owned by AEI
Net  Lease  Income  &  Growth Fund XX Limited  Partnership.   The
remaining  interests in the Winn-Dixie store  are  owned  by  AEI
Income & Growth Fund XXI Limited Partnership and unrelated  third
parties.    The   remaining  interest  in  the  Johnny   Carino's
restaurant  in Longview, Texas is owned by AEI Real  Estate  Fund
XVII  Limited Partnership.  The remaining interests in the  Jared
Jewelry  store, the Applebee's restaurant in Stow, Ohio  and  the
Eckerd drug store are owned by AEI Real Estate Fund XVIII Limited
Partnership.   The  remaining interests in the Marie  Callender's
restaurant, the HomeTown Buffet restaurant, the Champps Americana
restaurant,  the Taco Cabana restaurant in Waco,  Texas  and  the
Applebee's  restaurant in Temple Terrace, Florida  are  owned  by
unrelated third parties.


ITEM 2.   DESCRIPTION OF PROPERTIES. (Continued)

        The Partnership accounts for properties owned as tenants-
in-common  with  affiliated Partnerships and/or  unrelated  third
parties  using  the  proportionate  consolidation  method.   Each
tenant-in-common  owns  a  separate, undivided  interest  in  the
properties.   Any  tenant-in-common that holds more  than  a  50%
interest  does  not control decisions over the  other  tenant-in-
common  interests.   The financial statements reflect  only  this
Partnership's percentage share of the properties' land,  building
and equipment, liabilities, revenues and expenses.

        The  initial  Lease terms are 20 years,  except  for  the
Biaggi's, Marie Callender's, Tumbleweed, Razzoo's and Taco Cabana
restaurants,  which  have lease terms of  15  years,  the  Johnny
Carino's restaurant in Longview, Texas, which has a Lease term of
17  years  and  the  Johnny Carino's restaurant  in  Brownsville,
Texas,  which  has a Lease term of 13 years.  The Leases  contain
renewal options which may extend the Lease term an additional  15
years,  except  for  the  Tumbleweed, Razzoo's  and  Taco  Cabana
restaurants,   the  Applebee's  restaurant  in  Temple   Terrace,
Florida,  the  HomeTown Buffet restaurant and the  Jared  Jewelry
store, which have renewal options that may extend the Lease terms
an  additional 10 years, the Biaggi's restaurant, the  Applebee's
restaurant  in Stow, Ohio and the Eckerd drug store,  which  have
renewal options that may extend the Lease terms an additional  20
years and the Winn-Dixie store which has renewal options that may
extend the Lease term an additional 25 years.

       Pursuant to the Lease Agreements, the tenants are required
to provide proof of adequate insurance coverage on the properties
they  occupy.   The General Partners believe the  properties  are
adequately covered by insurance and consider the properties to be
well-maintained and sufficient for the Partnership's operations.

         For  tax  purposes,  the  Partnership's  properties  are
depreciated  under the Modified Accelerated Cost Recovery  System
(MACRS).  The largest depreciable component of a property is  the
building  which  is depreciated, using the straight-line  method,
over  31.5 or 39 years, depending on the date when it was  placed
in  service.  The remaining depreciable components of a  property
are   personal   property   and  land  improvements   which   are
depreciated,  using an accelerated method, over 5 and  15  years,
respectively.  Since the Partnership has tax-exempt Partners, the
Partnership is subject to the rules of Section 168(h)(6)  of  the
Internal  Revenue  Code  which  requires  a  percentage  of   the
properties' depreciable components to be depreciated over  longer
lives  using  the straight-line method.  In general, the  federal
tax  basis of the properties for tax depreciation purposes is the
same  as  the  basis  for book depreciation purposes  except  for
properties  whose  book  value  was  reduced  by  a  real  estate
impairment loss pursuant to Financial Accounting Standards  Board
Statement No. 144, "Accounting for the Impairment or Disposal  of
Long-Lived Assets."  The real estate impairment loss,  which  was
recorded  against  the  book cost of  the  land  and  depreciable
property, was not recognized for tax purposes.

        Through  December 31, 2004, all properties  listed  above
were  100%  occupied, except the Razzoo's property in Alpharetta,
Georgia, which has been 100% vacant since November 2004.

ITEM 3.LEGAL PROCEEDINGS.

       None.

ITEM 4.SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

       None.


                             PART II

ITEM 5.MARKET FOR COMMON EQUITY, RELATED STOCKHOLDER MATTERS
       AND SMALL BUSINESS ISSUER PURCHASES OF EQUITY SECURITIES.

        (a) As of December 31, 2004, there were 1,443 holders  of
record  of the registrant's Limited Partnership Units.  There  is
no  other  class  of  security outstanding  or  authorized.   The
registrant's  Units  are  not a traded security  in  any  market.
During the period covered by this report, the Partnership did not
sell  any  equity  securities that are not registered  under  the
Securities Act of 1933.

       Cash distributions of $17,697 and $25,565 were made to the
General Partners and $1,751,949 and $2,530,962 were made  to  the
Limited   Partners   in   2004  and  2003,   respectively.    The
distributions  were made on a quarterly basis and  represent  Net
Cash   Flow,  as  defined,  except  as  discussed  below.   These
distributions  should  not be compared  with  dividends  paid  on
capital stock by corporations.

        As  part  of the Limited Partner distributions  discussed
above,  the  Partnership distributed $450,906 and  $1,206,778  of
proceeds from property sales in 2004 and 2003, respectively.  The
distributions  reduced  the  Limited Partners'  Adjusted  Capital
Contributions.

       (b) Not applicable.

        (c) Pursuant to Section 7.7 of the Partnership Agreement,
each  Limited  Partner  has the right to  present  Units  to  the
Partnership  for  purchase by submitting notice to  the  Managing
General  Partner  during September of each  year.   The  purchase
price  of  the  Units  is  based on a formula  specified  in  the
Partnership  Agreement.  Units tendered to  the  Partnership  are
redeemed  on  October 1st of each year subject to  the  following
limitations.  The Partnership is not obligated to purchase in any
year  more  than  5%  of the number of Units outstanding  at  the
beginning  of  the  year.  In no event shall the  Partnership  be
obligated  to  purchase Units if, in the sole discretion  of  the
Managing General Partner, such purchase would impair the  capital
or operation of the Partnership.

ITEM 5.MARKET FOR COMMON EQUITY, RELATED STOCKHOLDER MATTERS
       AND SMALL BUSINESS ISSUER PURCHASES OF EQUITY SECURITIES.

      Small Business Issuer Purchases of Equity Securities
<TABLE>
<CAPTION>
                                           Total Number of Units  Maximum Number
                   Total Number  Average   Purchased as Part of   of Units that May Yet
                    of Units    Price Paid Publicly Announced     Be Purchased Under
Period              Purchased   per Unit   Plans or Programs      the Plans or Programs
<C>                 <S>         <S>         <S>                      <S>

10/1/04 to 10/31/04   69.5       $390.69      866.14(1)                (2)

11/1/04 to 11/30/04    --          --            --                     --

12/1/04 to 12/31/04    --          --            --                     --
</TABLE>
  (1) The  Partnership's  repurchase plan is  mandated  by  the
      Partnership Agreement as included in the prospectus related to
      the original offering of the Units.

  (2) The Partnership Agreement contains annual limitations on
      repurchases described in the paragraph above and has no
      expiration date.

ITEM 6.MANAGEMENT'S DISCUSSION AND ANALYSIS.

        The Management's Discussion and Analysis contains various
"forward  looking  statements"  within  the  meaning  of  federal
securities  laws  which  represent management's  expectations  or
beliefs  concerning future events, including statements regarding
anticipated  application of cash, expected  returns  from  rental
income,  growth  in revenue, taxation levels, the sufficiency  of
cash to meet operating expenses, rates of distribution, and other
matters.  These, and other forward looking statements made by the
Partnership,  must be evaluated in the context  of  a  number  of
factors that may affect the Partnership's financial condition and
results of operations, including the following:

    Market  and  economic conditions which affect the  value
    of  the  properties the Partnership owns and  the  cash
    from rental income such properties generate;

    the  federal  income tax consequences of rental  income,
    deductions,  gain  on  sales and other  items  and  the
    affects of these consequences for the Partners;

    resolution  by  the General Partners of  conflicts  with
    which they may be confronted;

    the   success  of  the  General  Partners  of   locating
    properties with favorable risk return characteristics;

    the effect of tenant defaults; and

    the  condition of the industries in which the  tenants  of
    properties owned by the Partnership operate.


ITEM 6.   MANAGEMENT'S DISCUSSION AND ANALYSIS.  (Continued)

The Application of Critical Accounting Policies

        The preparation of the Partnership's financial statements
requires  management to make estimates and assumptions  that  may
affect the reported amounts of assets, liabilities, revenues  and
expenses,  and  related  disclosure  of  contingent  assets   and
liabilities. Management evaluates these estimates on  an  ongoing
basis,  including  those related to the carrying  value  of  real
estate  and  the  allocation  by AEI  Fund  Management,  Inc.  of
expenses  to  the  Partnership as opposed  to  other  funds  they
manage.

        The Partnership purchases properties and records them  in
the  financial  statements  at the lower  of  cost  or  estimated
realizable   value.   The  Partnership  initially   records   the
properties  at cost (including capitalized acquisition expenses).
The Partnership is required to periodically evaluate the carrying
value  of properties to determine whether their realizable  value
has  declined.   For  properties the Partnership  will  hold  and
operate, management determines whether impairment has occurred by
comparing the property's probability-weighted cash flows  to  its
current carrying value.  For properties held for sale, management
determines  whether  impairment has  occurred  by  comparing  the
property's estimated fair value less cost to sell to its  current
carrying  value.   If  the carrying value  is  greater  than  the
realizable  value, an impairment loss is recorded to  reduce  the
carrying value of the property to its realizable value.  A change
in  these assumptions or analysis could cause material changes in
the carrying value of the properties.

       AEI Fund Management Inc. allocates expenses to each of the
funds  they manage primarily on the basis of the number of  hours
devoted  by  their employees to each fund's affairs.   They  also
allocate  expenses at the end of each month that are not directly
related to a fund's operations based upon the number of investors
in the fund and the fund's capitalization relative to other funds
they  manage.  The Partnership reimburses these expenses  subject
to detailed limitations contained in the Partnership Agreement.

         Management   of  the  Partnership  has   discussed   the
development  and selection of the above accounting estimates  and
the management discussion and analysis disclosures regarding them
with the managing partner of the Partnership.

Results of Operations

        For  the  years  ended December 31, 2004  and  2003,  the
Partnership  recognized rental income from continuing  operations
of $1,485,194 and $732,165, respectively.  In 2004, rental income
increased  due  to additional rent received from  seven  property
acquisitions  in  2003  and  2004  and  rent  increases  on  four
properties.  These increases were partially offset by a  decrease
in  rental  income  due  to  the sale of  the  Champps  Americana
restaurant in Troy, Michigan.

ITEM 6.   MANAGEMENT'S DISCUSSION AND ANALYSIS.  (Continued)

        For  the  years  ended December 31, 2004  and  2003,  the
Partnership  incurred  Partnership administration  expenses  from
affiliated parties of $212,984 and $210,102, respectively.  These
administration  expenses  include  costs  associated   with   the
management of the properties, processing distributions, reporting
requirements and correspondence to the Limited Partners.   During
the   same   periods,   the  Partnership   incurred   Partnership
administration  and property management expenses  from  unrelated
parties  of  $22,545 and $15,985, respectively.   These  expenses
represent  direct payments to third parties for legal and  filing
fees,  direct  administrative costs, outside audit costs,  taxes,
insurance and other property costs.

        In  July  2003, the lessee of the Razzoo's restaurant  in
Austin,  Texas notified the Partnership that it was  experiencing
financial difficulty stemming from lower than expected sales  and
that  it  might not be able to pay future rents.  However,  rents
are  current.  In November 2004, the Partnership and  the  lessee
entered  into  an  agreement to amend the Lease  to  provide  the
lessee  with  options to purchase the property and terminate  the
Lease.   Under  the  purchase option, which expires  October  31,
2006, the lessee can elect to purchase the Partnership's interest
in  the property for $338,000.  Under the termination option, the
lessee can elect to terminate the Lease by providing no less than
six  months prior written notice and paying a termination payment
equal  to one year's rent.  The lease cannot be terminated  prior
to  October 31, 2006.  As part of this agreement, the Partnership
received  a  personal guarantee from the majority shareholder  of
the lessee for payment of the rent through October 31, 2006.   In
addition, the Partnership was reimbursed for certain expenses  it
incurred  related to legal action it pursued in  connection  with
this situation.

        For  the  years  ended December 31, 2004  and  2003,  the
Partnership  recognized interest income of $38,083  and  $75,110,
respectively.   In  2004, interest income decreased  due  to  the
Partnership having less money invested in a money market  account
due to property acquisitions.

        For  the  year  ended December 31, 2003, the  Partnership
recognized gain on sale of real estate from continuing operations
of  $560,397 from the sale of the Champps Americana restaurant in
Troy,  Michigan.   Since  the Partnership  retains  an  ownership
interest in the property, the operating results and gain on  sale
of the property were not classified as discontinued operations.

        During  the second quarter of 2003, the Partnership  sold
23.934% of the Champps Americana restaurant in Troy, Michigan, in
six  separate  transactions,  to unrelated  third  parties.   The
Partnership received total net sale proceeds of $1,612,362, which
resulted  in a net gain of $560,397.  The total cost and  related
accumulated depreciation of the interests sold was $1,180,397 and
$128,432, respectively.

ITEM 6.   MANAGEMENT'S DISCUSSION AND ANALYSIS.  (Continued)

        In  accordance  with  Statement of  Financial  Accounting
Standards  No. 144, Accounting for the Impairment or Disposal  of
Long-Lived  Assets,  upon  complete disposal  of  a  property  or
classification of a property as Real Estate Held  for  Sale,  the
Partnership  includes  the operating  results  and  sale  of  the
property   in   discontinued  operations.    In   addition,   the
Partnership reclassifies the prior periods operating results  and
any  partial  sales  of the property to discontinued  operations.
For  the year ended December 31, 2004, the Partnership recognized
income  from  discontinued  operations of  $98,218,  representing
rental  income less property management expenses and depreciation
of  $53,174 and gain on disposal of real estate of $45,044.   For
the  year  ended  December 31, 2003, the  Partnership  recognized
income  from  discontinued operations of $3,356,808, representing
rental  income less property management expenses and depreciation
of  $569,956  and gain on disposal of real estate of  $2,956,172,
which  were partially offset by a real estate impairment loss  of
$169,320.

         In  February  2003,  the  Partnership  entered  into  an
agreement  to  sell the Party City retail store  in  Gainesville,
Georgia to an unrelated third party.  On March 21, 2003, the sale
closed  with  the  Partnership receiving  net  sale  proceeds  of
$1,711,879,  which resulted in a net gain of  $427,332.   At  the
time  of sale, the cost and related accumulated depreciation  was
$1,435,309 and $150,762, respectively.

       During the first nine months of 2003, the Partnership sold
its  60% interest in the Tumbleweed restaurant in Columbus, Ohio,
in  four separate transactions, to unrelated third parties.   The
Partnership received total net sale proceeds of $1,038,773, which
resulted  in a net gain of $293,015.  The total cost and  related
accumulated  depreciation of the interests sold was $823,496  and
$77,738, respectively.

        In May 2003, the Partnership entered into an agreement to
sell  its  38.2362%  interest in the Taco  Cabana  restaurant  in
Houston, Texas to the lessee.  On July 30, 2003, the sale  closed
with  the  Partnership receiving net sale proceeds  of  $674,797,
which  resulted in a net gain of $212,639.  At the time of  sale,
the  cost  and related accumulated depreciation was $547,322  and
$85,164, respectively.

        On  July  11,  2003,  the Partnership  sold  the  Denny's
restaurant  in  Apple Valley, California for  $1,100,000  to  the
lessee.   The sale agreement required a cash payment of  $971,250
and  a  Promissory Note for $128,750.  The Partnership recognized
net sale proceeds of $1,076,459, which resulted in a net gain  of
$130,443.   At the time of sale, the cost and related accumulated
depreciation was $1,177,655 and $231,639, respectively.  The Note
requires monthly payments of $1,077, bears interest at an 8% rate
and is secured by the land, building and equipment.  The Note  is
due on July 31, 2005.

        On  October  15, 2003, the Partnership sold  its  1.1054%
interest  in  the  Applebee's  restaurant  in  Crestview   Hills,
Kentucky  to  the  lessee.   The Partnership  received  net  sale
proceeds  of  $23,207, which resulted in a net gain  of  $12,614.
The  cost  and  related accumulated depreciation of the  interest
sold was $14,039 and $3,446, respectively.

ITEM 6.   MANAGEMENT'S DISCUSSION AND ANALYSIS.  (Continued)

        During 2003, the Partnership sold its 52% interest in the
Johnny  Carino's  restaurant  in  San  Antonio,  Texas,  in  five
separate   transactions,  to  unrelated   third   parties.    The
Partnership received total net sale proceeds of $1,651,078, which
resulted  in a net gain of $500,761.  The total cost and  related
accumulated depreciation of the interests sold was $1,194,932 and
$44,615, respectively.

        During 2003, the Partnership sold its 40.75% interest  in
the  Garden  Ridge retail store in Pineville, North Carolina,  in
fifteen  separate transactions, to unrelated third parties.   The
Partnership received total net sale proceeds of $4,381,044, which
resulted in a net gain of $1,379,368.  The total cost and related
accumulated depreciation of the interests sold was $3,615,378 and
$613,702, respectively.

        On  November 19, 2004, the Partnership sold  its  3.3979%
interest in the Applebee's restaurant in Aurora, Colorado to  the
lessee.   The Partnership received net sale proceeds of  $77,724,
which  resulted in a net gain of $45,044.  The cost  and  related
accumulated  depreciation of the interest sold  was  $44,782  and
$12,102, respectively.

        In  July  2003, the lessee of the Razzoo's restaurant  in
Alpharetta,  Georgia  notified  the  Partnership  that   it   was
experiencing  financial  difficulty  stemming  from  lower   than
expected sales and that it might not be able to pay future rents.
In  late 2003, the lessee closed the restaurant and said that  it
no  longer  intended to operate a restaurant at  the  site.   The
Partnership  and the lessee entered into an agreement,  effective
November 1, 2004, to terminate the lease and return possession of
the  property to the Partnership.  Rents were current through the
date  of  termination.  As part of the agreement, the Partnership
was  reimbursed for certain expenses it incurred related to legal
action  it  pursued in connection with this situation.  Following
an  analysis  of the lessee's business at this location  and  its
financial condition, and its intent to no longer operate at  this
site,  the Partnership determined that the best course of  action
was to negotiate a settlement with the lessee and take possession
of   the   property.   With  possession  of  the  property,   the
Partnership  can now move forward with selling the  property  and
reinvesting  the  proceeds from the sale in  replacement  income-
producing property.  The Partnership has listed the property  for
sale with a real estate broker in the Alpharetta area.  While the
property  is  vacant,  the Partnership is  responsible  for  real
estate taxes and other costs required to maintain the property.

       Based on an analysis of market conditions in the area, the
Partnership  determined the property was impaired  in  accordance
with  the  requirements  of  Statement  of  Financial  Accounting
Standards  No. 144, Accounting for the Impairment or Disposal  of
Long-Lived Assets.  As a result, in the fourth quarter of 2003, a
charge  to discontinued operations for real estate impairment  of
$169,320  was  recognized, which was the difference  between  the
book  value  at  December 31, 2003 of $569,320 and the  estimated
fair value of $400,000.  The charge was recorded against the cost
of  the  land, building and equipment.  At December 31, 2004  and
2003, the property was classified as Real Estate Held for Sale.

ITEM 6.   MANAGEMENT'S DISCUSSION AND ANALYSIS.  (Continued)

         In  December  2004,  the  Partnership  entered  into  an
agreement  to  sell the property in Alpharetta  to  an  unrelated
third party.  The sale is subject to contingencies and may not be
completed.  If the sale is completed, the Partnership expects  to
receive net proceeds of approximately $429,000, which will result
in  a  net  gain of approximately $29,000.  If the  sale  is  not
completed,  it is likely the Partnership will seek another  buyer
for  the  property  and may not be able to  negotiate  a  similar
purchase agreement.

        Inflation  has  had  a  minimal  effect  on  income  from
operations.   Leases  may contain rent increases,  based  on  the
increase  in  the  Consumer Price Index over a specified  period,
which  will result in an increase in rental income over the  term
of  the  leases.   In addition, leases may contain  rent  clauses
which  entitle  the  Partnership to receive  additional  rent  in
future  years  if gross receipts for the property exceed  certain
specified  amounts.  Increases in sales volumes of  the  tenants,
due to inflation and real sales growth, may result in an increase
in rental income over the term of the leases.  Inflation also may
cause the real estate to appreciate in value.  However, inflation
and  changing prices may have an adverse impact on the  operating
margins  of  the  properties' tenants, which could  impair  their
ability  to  pay rent and subsequently reduce the Net  Cash  Flow
available for distributions.

Liquidity and Capital Resources

       During the year ended December 31, 2004, the Partnership's
cash  balances decreased $6,985,386 as a result of cash  used  to
purchase  property  and distributions paid  to  the  Partners  in
excess  of cash generated from operating activities.  During  the
year  ended  December 31, 2003, the Partnership's  cash  balances
increased $5,125,106 as a result of cash generated from the  sale
of  the  property, which was partially offset  by  cash  used  to
purchase  property  and distributions paid  to  the  Partners  in
excess of cash generated from operating activities.

        Net  cash provided by operating activities decreased from
$1,342,262  in  2003 to $1,259,651 in 2004 as the result  of  net
timing differences in the collection of payments from the lessees
and  the  payment of expenses, which was partially offset  by  an
increase  in  total  rental and interest income  in  2004  and  a
decrease  in  Partnership administration and property  management
expenses in 2004.

        The  major components of the Partnership's cash flow from
investing activities are investments in real estate and  proceeds
from  the  sale of real estate.  During the years ended  December
31,  2004 and 2003, the Partnership generated cash flow from  the
sale  of  real  estate of $77,724 and $12,040,849,  respectively.
During the same periods, the Partnership expended $5,890,760  and
$6,584,553, respectively, to invest in real properties (inclusive
of  acquisition  expenses),  as the Partnership  reinvested  cash
generated from property sales.

        On July 3, 2003, the Partnership purchased a 50% interest
in  a  Biaggi's restaurant in Fort Wayne, Indiana for $1,379,347.
The property is leased to Biaggi's Ristorante Italiano, LLC under
a  Lease  Agreement with a primary term of 15  years  and  annual
rental  payments  of  $122,004.  The remaining  interest  in  the
property was purchased by AEI Net Lease Income & Growth  Fund  XX
Limited Partnership, an affiliate of the Partnership.

ITEM 6.   MANAGEMENT'S DISCUSSION AND ANALYSIS.  (Continued)

        On  September 19, 2003, the Partnership purchased  a  37%
interest  in  a  Winn-Dixie  store in Panama  City,  Florida  for
$1,712,829.   The  property is leased to  Winn-Dixie  Montgomery,
Inc. under a Lease Agreement with a primary term of 20 years  and
annual  rental payments of $138,380.  The remaining interests  in
the  property were purchased by AEI Income & Growth Fund  24  LLC
and  AEI Income & Growth Fund XXI Limited Partnership, affiliates
of the Partnership.

        Subsequent to December 31, 2004, the lessee of the  Winn-
Dixie  store and its parent company, Winn-Dixie, Inc., filed  for
Chapter  11 bankruptcy reorganization.  Rent was current  through
the  date  of the bankruptcy filing.  The Partnership expects  to
continue  to receive all scheduled rents in future months  unless
the  Lease  is rejected by Winn-Dixie.  If the Lease is affirmed,
Winn-Dixie  must comply with all Lease terms.  If  the  Lease  is
rejected,  Winn-Dixie would be required to return  possession  of
the  property  to  the Partnership and the Partnership  would  be
responsible for real estate taxes and other costs associated with
maintaining  the  property.  The Partnership  has  evaluated  the
lease  and property value and decided that there is no impairment
loss  at this time.  At December 31, 2004, the book value of this
property was $1,653,672.

        On  November  5,  2003, the Partnership purchased  a  50%
interest  in a Johnny Carino's restaurant in Longview, Texas  for
$1,179,878.   The  property is leased to Kona  Restaurant  Group,
Inc. under a Lease Agreement with a primary term of 17 years  and
annual  rental payments of $105,750.  The remaining  interest  in
the  property was purchased by AEI Real Estate Fund XVII  Limited
Partnership, an affiliate of the Partnership.

        On  December 30, 2003, the Partnership purchased a Johnny
Carino's  restaurant in Brownsville, Texas for  $2,322,610.   The
property is leased to Kona Restaurant Group, Inc. under  a  Lease
Agreement  with  a  primary term of 13 years  and  annual  rental
payments of $192,014.

        On  February  5,  2004, the Partnership purchased  a  50%
interest  in  a  Jared  Jewelry store in Lakewood,  Colorado  for
$2,017,603.   The  property is leased to Sterling  Jewelers  Inc.
under  a  Lease  Agreement with a primary term of  20  years  and
annual  rental payments of $155,219.  The remaining  interest  in
the  property was purchased by AEI Real Estate Fund XVIII Limited
Partnership, an affiliate of the Partnership.

        On  April  30,  2004,  the Partnership  purchased  a  50%
interest   in  an  Applebee's  restaurant  in  Stow,   Ohio   for
$1,575,755.   The property is leased to Apple Ohio  LLC  under  a
Lease Agreement with a primary term of 20 years and annual rental
payments of $120,043.  The remaining interest in the property was
purchased by AEI Real Estate Fund XVIII Limited Partnership.

        On May 10, 2004, the Partnership purchased a 50% interest
in  an Eckerd drug store in Auburn, New York for $2,287,291.  The
property  is leased to Eckerd Corporation under a Lease Agreement
with  a  primary term of 20 years and annual rental  payments  of
$184,753.   The remaining interest in the property was  purchased
by AEI Real Estate Fund XVIII Limited Partnership.

ITEM 6.   MANAGEMENT'S DISCUSSION AND ANALYSIS.  (Continued)

        The  Partnership's primary use of cash flow,  other  than
investment   in  real  estate,  is  distribution  and  redemption
payments  to  Partners.   The Partnership  declares  its  regular
quarterly distributions before the end of each quarter  and  pays
the distribution in the first week after the end of each quarter.
The  Partnership attempts to maintain a stable distribution  rate
from  quarter  to  quarter.   Redemption  payments  are  paid  to
redeeming Partners in the fourth quarter of each year.

        For  the  years  ended December 31, 2004  and  2003,  the
Partnership  declared distributions of $1,769,646 and $2,556,527,
respectively, which were distributed 99% to the Limited  Partners
and  1%  to the General Partners.  The Limited Partners  received
distributions  of  $1,751,949  and  $2,530,962  and  the  General
Partners  received distributions of $17,697 and $25,565  for  the
periods,   respectively.   Effective   January   1,   2004,   the
Partnership's distribution rate was decreased from 8.5%  to  8.0%
of  the  Limited  Partners' Adjusted Capital  Contributions.   In
December  2003, the Partnership declared a bonus distribution  of
$909,091 of net sale proceeds.  In December 2004, the Partnership
declared  a bonus distribution of $313,131 of net sale  proceeds.
As  a result, distributions were lower in 2004, when compared  to
2003.

       During 2004 and 2003, the Partnership distributed $455,461
and  $1,218,968 of net sale proceeds to the Limited  and  General
Partners   as  part  of  their  quarterly  distributions,   which
represented a return of capital of $22.20 and $59.26 per  Limited
Partnership Unit, respectively.  The Partnership anticipates  the
remaining  net  sale  proceeds  will  either  be  reinvested   in
additional property or distributed to the Partners in the future.

        The  Partnership may acquire Units from Limited  Partners
who  have tendered their Units to the Partnership. Such Units may
be  acquired at a discount.  The Partnership is not obligated  to
purchase  in  any  year  more than 5%  of  the  number  of  Units
outstanding at the beginning of the year.  In no event shall  the
Partnership  be  obligated to purchase  Units  if,  in  the  sole
discretion  of the Managing General Partner, such purchase  would
impair the capital or operation of the Partnership.

        During  2004, seven Limited Partners redeemed a total  of
69.5  Partnership  Units  for  $27,153  in  accordance  with  the
Partnership  Agreement.   During  2003,  eight  Limited  Partners
redeemed  a  total  of 58.0 Partnership Units for  $26,588.   The
Partnership  acquired  these  Units  using  Net  Cash  Flow  from
operations.   In  prior  years, a total of  62  Limited  Partners
redeemed  738.64 Partnership Units for $503,885.  The redemptions
increase  the remaining Limited Partners' ownership  interest  in
the  Partnership.  As a result of these redemption  payments  and
pursuant  to  the  Partnership Agreement,  the  General  Partners
received  distributions  of  $274 and  $269  in  2004  and  2003,
respectively.

       The continuing rent payments from the properties, together
with  cash  generated from property sales, should be adequate  to
fund   continuing   distributions  and  meet  other   Partnership
obligations on both a short-term and long-term basis.

ITEM 7.   FINANCIAL STATEMENTS.

       See accompanying index to financial statements.


   AEI NET LEASE INCOME & GROWTH FUND XIX LIMITED PARTNERSHIP

                  INDEX TO FINANCIAL STATEMENTS



Report of Independent Registered Public Accounting Firm

Balance Sheet as of December 31, 2004 and 2003

Statements for the Years Ended December 31, 2004 and 2003:

     Income

     Cash Flows

     Changes in Partners' Capital

Notes to Financial Statements





     REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM



To the Partners:
AEI Net Lease Income & Growth Fund XIX Limited Partnership
St. Paul, Minnesota



      We  have audited the accompanying balance sheet of AEI  Net
Lease  Income & Growth Fund XIX Limited Partnership (a  Minnesota
limited  partnership) as of December 31, 2004 and 2003,  and  the
related statements of income, cash flows and changes in partners'
capital for the years then ended.  These financial statements are
the   responsibility  of  the  Partnership's   management.    Our
responsibility  is  to  express an  opinion  on  these  financial
statements based on our audits.

      We conducted our audits in accordance with the standards of
the  Public  Company Accounting Oversight Board (United  States).
Those  standards require that we plan and perform  the  audit  to
obtain   reasonable   assurance  about  whether   the   financial
statements are free of material misstatement.  An audit  includes
examining,  on a test basis, evidence supporting the amounts  and
disclosures in the financial statements.  An audit also  includes
assessing   the   accounting  principles  used  and   significant
estimates  made by management, as well as evaluating the  overall
financial  statement presentation.  We believe  that  our  audits
provide a reasonable basis for our opinion.

      In  our opinion, the financial statements referred to above
present  fairly, in all material respects, the financial position
of  AEI Net Lease Income & Growth Fund XIX Limited Partnership as
of  December 31, 2004 and 2003, and the results of its operations
and  its cash flows for the years then ended, in conformity  with
U.S. generally accepted accounting principles.



                           /s/BOULAY, HEUTMAKER, ZIBELL & CO. P.L.L.P.
                              Boulay, Heutmaker, Zibell & Co. P.L.L.P.
                                   Certified Public Accountants

Minneapolis, Minnesota
January 26, 2005


<PAGE>
   AEI NET LEASE INCOME & GROWTH FUND XIX LIMITED PARTNERSHIP
                          BALANCE SHEET
                           DECEMBER 31

                             ASSETS

                                                  2004          2003
CURRENT ASSETS:
  Cash and Cash Equivalents                   $ 1,079,268   $ 8,064,654
  Receivables                                      14,351         2,220
  Note Receivable                                 124,829         3,038
                                               -----------   -----------
      Total Current Assets                      1,218,448     8,069,912
                                               -----------   -----------
INVESTMENTS IN REAL ESTATE:
  Land                                          6,065,131     3,715,340
  Buildings and Equipment                      10,437,242     6,941,055
  Accumulated Depreciation                     (1,023,042)     (715,515)
                                               -----------   -----------
                                               15,479,331     9,940,880
  Real Estate Held for Sale                       400,000       400,000
                                               -----------   -----------
      Net Investments in Real Estate           15,879,331    10,340,880
                                               -----------   -----------
NOTE RECEIVABLE - Net of Current Portion                0       124,829
                                               -----------   -----------
           Total  Assets                      $17,097,779   $18,535,621
                                               ===========   ===========

                     LIABILITIES AND PARTNERS' CAPITAL

CURRENT LIABILITIES:
  Payable to AEI Fund Management, Inc.        $    40,491   $   110,321
  Distributions Payable                           666,627     1,304,593
                                               -----------   -----------
      Total Current Liabilities                   707,118     1,414,914
                                               -----------   -----------
PARTNERS' CAPITAL:
  General Partners                                 27,848        35,149
  Limited Partners, $1,000 per Unit;
   30,000 Units authorized; 21,152 Units issued;
   20,286 and 20,355 Units outstanding in
   2004 and 2003, respectively                 16,362,813    17,085,558
                                               -----------   -----------
    Total Partners' Capital                    16,390,661    17,120,707
                                               -----------   -----------
      Total  Liabilities and Partners'Capital $17,097,779   $18,535,621
                                               ===========   ===========

 The accompanying Notes to Financial Statements are an integral
                     part of this statement.
</PAGE>
<PAGE>
   AEI NET LEASE INCOME & GROWTH FUND XIX LIMITED PARTNERSHIP
                       STATEMENT OF INCOME
                 FOR THE YEARS ENDED DECEMBER 31

                                                   2004          2003

RENTAL INCOME                                  $ 1,485,194   $   732,165

EXPENSES:
  Partnership Administration - Affiliates          212,984       210,102
  Partnership Administration and Property
     Management - Unrelated Parties                 22,545        15,985
  Depreciation                                     318,939       128,592
                                                -----------   -----------
      Total Expenses                               554,468       354,679
                                                -----------   -----------

OPERATING INCOME                                   930,726       377,486

OTHER INCOME:
  Interest Income                                   38,083        75,110
  Gain on Sale of Real Estate                            0       560,397
                                                -----------   -----------
      Total Other Income                            38,083       635,507
                                                -----------   -----------

INCOME FROM CONTINUING OPERATIONS                  968,809     1,012,993

Income from Discontinued Operations                 98,218     3,356,808
                                                -----------   -----------
NET INCOME                                     $ 1,067,027   $ 4,369,801
                                                ===========   ===========
NET INCOME ALLOCATED:
  General Partners                             $    10,670   $    43,688
  Limited Partners                               1,056,357     4,326,113
                                                -----------   -----------
                                               $ 1,067,027   $ 4,369,801
                                                ===========   ===========
INCOME PER LIMITED PARTNERSHIP UNIT:
  Continuing Operations                        $     47.16   $     49.16
  Discontinued Operations                             4.78        162.91
                                                -----------   -----------
      Total                                    $     51.94   $    212.07
                                                ===========   ===========
Weighted Average Units Outstanding                  20,338        20,399
                                                ===========   ===========

 The accompanying Notes to Financial Statements are an integral
                     part of this statement.
</PAGE>
<PAGE>
   AEI NET LEASE INCOME & GROWTH FUND XIX LIMITED PARTNERSHIP
                     STATEMENT OF CASH FLOWS
                 FOR THE YEARS ENDED DECEMBER 31

                                                     2004          2003
CASH FLOWS FROM OPERATING ACTIVITIES:
  Net Income                                     $ 1,067,027   $ 4,369,801

  Adjustments To Reconcile Net Income
 To Net Cash Provided By Operating Activities:
     Depreciation                                    319,629       250,452
     Real Estate Impairment                                0       169,320
     Gain on Sale of Real Estate                     (45,044)   (3,516,569)
     Increase in Receivables                         (12,131)       (2,220)
     Increase (Decrease) in Payable to
        AEI Fund Management, Inc.                    (69,830)       71,478
                                                  -----------   -----------
       Total Adjustments                             192,624    (3,027,539)
                                                  -----------   -----------
       Net Cash Provided By Operating Activities   1,259,651     1,342,262
                                                  -----------   -----------
CASH FLOWS FROM INVESTING ACTIVITIES:
  Investments in Real Estate                      (5,890,760)   (6,584,553)
  Proceeds from Sale of Real Estate                   77,724    12,040,849
  Payments Received on Notes Receivable                3,038           883
                                                  -----------   -----------
       Net Cash Provided By (Used For)
         Investing Activities                     (5,809,998)    5,457,179
                                                  -----------   -----------
CASH FLOWS FROM FINANCING ACTIVITIES:
   Increase (Decrease) in Distributions Payable     (637,966)      909,049
   Distributions to Partners                      (1,769,646)   (2,556,527)
   Redemption Payments                               (27,427)      (26,857)
                                                  -----------   -----------
        Net Cash Used For Financing Activities    (2,435,039)   (1,674,335)
                                                  -----------   -----------
NET INCREASE (DECREASE) IN CASH
      AND CASH EQUIVALENTS                        (6,985,386)    5,125,106

CASH AND CASH EQUIVALENTS, beginning of period     8,064,654     2,939,548
                                                  -----------   -----------
CASH AND CASH EQUIVALENTS, end of period         $ 1,079,268   $ 8,064,654
                                                  ===========   ===========

SUPPLEMENTAL SCHEDULE OF NON-CASH INVESTING ACTIVITIES:
   Note Receivable Acquired in Sale of Property  $         0   $   128,750
                                                  ===========   ===========

 The accompanying Notes to Financial Statements are an integral
                     part of this statement.
</PAGE>
<PAGE>
   AEI NET LEASE INCOME & GROWTH FUND XIX LIMITED PARTNERSHIP
            STATEMENT OF CHANGES IN PARTNERS' CAPITAL
                 FOR THE YEARS ENDED DECEMBER 31


                                                                   Limited
                                                                 Partnership
                             General      Limited                   Units
                             Partners     Partners     Total     Outstanding


BALANCE, December 31, 2002  $ 17,295    $15,316,995  $15,334,290   20,413.29

  Distributions              (25,565)    (2,530,962)  (2,556,527)

  Redemption Payments           (269)       (26,588)     (26,857)     (58.00)

  Net Income                  43,688      4,326,113    4,369,801
                             --------    -----------  ----------- -----------
BALANCE, December 31, 2003    35,149     17,085,558   17,120,707   20,355.29

  Distributions              (17,697)    (1,751,949)  (1,769,646)

  Redemption Payments           (274)       (27,153)     (27,427)     (69.50)

  Net Income                  10,670      1,056,357    1,067,027
                             --------    -----------  ----------- -----------
BALANCE, December 31, 2004  $ 27,848    $16,362,813  $16,390,661   20,285.79
                             ========    ===========  =========== ===========


 The accompanying Notes to Financial Statements are an integral
                     part of this statement.
</PAGE>
   AEI NET LEASE INCOME & GROWTH FUND XIX LIMITED PARTNERSHIP
                  NOTES TO FINANCIAL STATEMENTS
                   DECEMBER 31, 2004 AND 2003

(1)  Organization -

     AEI  Net  Lease Income & Growth Fund XIX Limited Partnership
     (Partnership)  was  formed to acquire and  lease  commercial
     properties   to   operating  tenants.    The   Partnership's
     operations  are  managed by AEI Fund  Management  XIX,  Inc.
     (AFM), the Managing General Partner.  Robert P. Johnson, the
     President and sole director of AFM, serves as the Individual
     General  Partner.  AFM is a wholly owned subsidiary  of  AEI
     Capital  Corporation of which Mr. Johnson  is  the  majority
     shareholder.  AEI Fund Management, Inc. (AEI), an  affiliate
     of  AFM, performs the administrative and operating functions
     for the Partnership.

     The   terms   of  the  Partnership  offering  call   for   a
     subscription  price of $1,000 per Limited Partnership  Unit,
     payable   on  acceptance  of  the  offer.   The  Partnership
     commenced   operations  on  May  31,   1991   when   minimum
     subscriptions    of   1,500   Limited   Partnership    Units
     ($1,500,000)   were   accepted.   The  offering   terminated
     February  5, 1993 when the extended offering period expired.
     The   Partnership  received  subscriptions  for   21,151.928
     Limited  Partnership Units.  Under the terms of the  Limited
     Partnership  Agreement,  the Limited  Partners  and  General
     Partners  contributed  funds  of  $21,151,928,  and  $1,000,
     respectively.

     During operations, any Net Cash Flow, as defined, which  the
     General Partners determine to distribute will be distributed
     90% to the Limited Partners and 10% to the General Partners;
     provided,  however, that such distributions to  the  General
     Partners will be subordinated to the Limited Partners  first
     receiving an annual, noncumulative distribution of Net  Cash
     Flow equal to 10% of their Adjusted Capital Contribution, as
     defined,  and, provided further, that in no event  will  the
     General Partners receive less than 1% of such Net Cash  Flow
     per  annum.  Distributions to Limited Partners will be  made
     pro rata by Units.

     Any  Net  Proceeds  of Sale, as defined, from  the  sale  or
     financing of properties which the General Partners determine
     to distribute will, after provisions for debts and reserves,
     be  paid  in  the following manner: (i) first,  99%  to  the
     Limited  Partners and 1% to the General Partners  until  the
     Limited  Partners  receive an amount  equal  to:  (a)  their
     Adjusted  Capital Contribution plus (b) an amount  equal  to
     12%  of  their  Adjusted  Capital  Contribution  per  annum,
     cumulative  but not compounded, to the extent not previously
     distributed  from Net Cash Flow; (ii) any remaining  balance
     will  be distributed 90% to the Limited Partners and 10%  to
     the General Partners.  Distributions to the Limited Partners
     will be made pro rata by Units.

     For  tax  purposes,  profits  from  operations,  other  than
     profits  attributable  to  the  sale,  exchange,  financing,
     refinancing  or  other  disposition  of  property,  will  be
     allocated  first  in the same ratio in  which,  and  to  the
     extent,  Net  Cash Flow is distributed to the  Partners  for
     such year.  Any additional profits will be allocated in  the
     same  ratio  as  the  last  dollar  of  Net  Cash  Flow   is
     distributed.   Net losses from operations will be  allocated
     98% to the Limited Partners and 2% to the General Partners.


   AEI NET LEASE INCOME & GROWTH FUND XIX LIMITED PARTNERSHIP
                  NOTES TO FINANCIAL STATEMENTS
                   DECEMBER 31, 2004 AND 2003

(1)  Organization - (Continued)

     For  tax purposes, profits arising from the sale, financing,
     or  other  disposition  of property  will  be  allocated  in
     accordance  with the Partnership Agreement as  follows:  (i)
     first,  to  those  partners with deficit balances  in  their
     capital  accounts  in an amount equal to  the  sum  of  such
     deficit  balances; (ii) second, 99% to the Limited  Partners
     and  1%  to the General Partners until the aggregate balance
     in  the Limited Partners' capital accounts equals the sum of
     the Limited Partners' Adjusted Capital Contributions plus an
     amount  equal to 12% of their Adjusted Capital Contributions
     per  annum, cumulative but not compounded, to the extent not
     previously  allocated;  (iii)  third,  the  balance  of  any
     remaining  gain  will then be allocated 90% to  the  Limited
     Partners  and 10% to the General Partners.  Losses  will  be
     allocated 98% to the Limited Partners and 2% to the  General
     Partners.

     The  General Partners are not required to currently  fund  a
     deficit   capital   balance.   Upon   liquidation   of   the
     Partnership or withdrawal by a General Partner, the  General
     Partners will contribute to the Partnership an amount  equal
     to  the  lesser  of  the deficit balances in  their  capital
     accounts  or  1%  of  total Limited  Partners'  and  General
     Partners' capital contributions.

(2)  Summary of Significant Accounting Policies -

     Financial Statement Presentation

       The  accounts  of  the Partnership are maintained  on  the
       accrual  basis of accounting for both federal  income  tax
       purposes and financial reporting purposes.

     Accounting Estimates

       Management  uses  estimates and assumptions  in  preparing
       these  financial statements in accordance  with  generally
       accepted  accounting  principles.   Those  estimates   and
       assumptions may affect the reported amounts of assets  and
       liabilities,  the  disclosure  of  contingent  assets  and
       liabilities,  and  the  reported  revenues  and  expenses.
       Actual results could differ from those estimates.

       The  Partnership regularly assesses whether market  events
       and conditions indicate that it is reasonably possible  to
       recover  the carrying amounts of its investments  in  real
       estate  from  future operations and sales.   A  change  in
       those  market events and conditions could have a  material
       effect on the carrying amount of its real estate.

     Cash Concentrations of Credit Risk

       The  Partnership's  cash  is deposited  primarily  in  one
       financial institution and at times during the year it  may
       exceed FDIC insurance limits.

   AEI NET LEASE INCOME & GROWTH FUND XIX LIMITED PARTNERSHIP
                  NOTES TO FINANCIAL STATEMENTS
                   DECEMBER 31, 2004 AND 2003

(2)  Summary of Significant Accounting Policies - (Continued)

     Statement of Cash Flows

       For  purposes  of  reporting cash  flows,  cash  and  cash
       equivalents  may include cash in checking,  cash  invested
       in   money   market  accounts,  certificates  of  deposit,
       federal  agency notes and commercial paper with a term  of
       three months or less.

     Receivables

       Credit  terms are extended to tenants in the normal course
       of  business.   The  Partnership performs  ongoing  credit
       evaluations  of  its customers' financial  condition  and,
       generally, requires no collateral.

       Receivables   are   recorded  at   their   estimated   net
       realizable  value.  The Partnership follows  a  policy  of
       providing  an  allowance for doubtful  accounts;  however,
       based on historical experience, and its evaluation of  the
       current status of receivables, the Partnership is  of  the
       belief  that  such  accounts will be  collectible  in  all
       material  respects and thus an allowance is not necessary.
       Accounts  are considered past due if payment is  not  made
       on  a  timely  basis in accordance with the  Partnership's
       credit  terms.   Receivables considered uncollectible  are
       written off.

     Income Taxes

       The  income or loss of the Partnership for federal  income
       tax  reporting  purposes is includable in the  income  tax
       returns  of the partners.  In general, no recognition  has
       been  given to income taxes in the accompanying  financial
       statements.

       The   tax   return   and  the  amount   of   distributable
       Partnership  income or loss are subject to examination  by
       federal   and  state  taxing  authorities.   If  such   an
       examination    results   in   changes   to   distributable
       Partnership  income  or loss, the taxable  income  of  the
       partners would be adjusted accordingly.

     Real Estate

       The  Partnership's real estate is leased under triple  net
       leases   classified  as  operating  leases.   The   leases
       provide  for  base  annual  rental  payments  payable   in
       monthly  installments.  The Partnership recognizes  rental
       revenue  according to the terms of the individual  leases.
       For  leases  which  contain stated rental  increases,  the
       increases  are  recognized in the year in which  they  are
       effective.   Contingent  rental  payments  are  recognized
       when  the  contingencies on which the payments  are  based
       are  satisfied  and the rental payments become  due  under
       the terms of the leases.

   AEI NET LEASE INCOME & GROWTH FUND XIX LIMITED PARTNERSHIP
                  NOTES TO FINANCIAL STATEMENTS
                   DECEMBER 31, 2004 AND 2003

(2)  Summary of Significant Accounting Policies - (Continued)

       Real  estate is recorded at the lower of cost or estimated
       net   realizable  value.   The  Partnership  compares  the
       carrying   amount  of  its  properties  to  the  estimated
       probability-weighted future cash flows expected to  result
       from  the property and its eventual disposition.   If  the
       sum  of  the expected future cash flows is less  than  the
       carrying   amount   of  the  property,   the   Partnership
       recognizes an impairment loss by the amount by  which  the
       carrying amount of the property exceeds the fair value  of
       the property.

       The  Partnership  has capitalized as Investments  in  Real
       Estate   certain   costs  incurred  in  the   review   and
       acquisition  of the properties.  The costs were  allocated
       to the land, buildings and equipment.

       The   buildings  and  equipment  of  the  Partnership  are
       depreciated  using the straight-line method for  financial
       reporting purposes based on estimated useful lives  of  30
       years and 10 years, respectively.

       In  accordance  with  Statement  of  Financial  Accounting
       Standards  No.  144,  Accounting  for  the  Impairment  or
       Disposal  of Long-Lived Assets, upon complete disposal  of
       a  property or classification of a property as Real Estate
       Held  for  Sale,  the Partnership includes  the  operating
       results   and   sale  of  the  property  in   discontinued
       operations.   In  addition,  the Partnership  reclassifies
       the  prior periods operating results and any partial sales
       of the property to discontinued operations.

       The  Partnership accounts for properties owned as tenants-
       in-common  with  affiliated Partnerships and/or  unrelated
       third   parties   using  the  proportionate  consolidation
       method.   Each tenant-in-common owns a separate, undivided
       interest  in  the  properties.  Any tenant-in-common  that
       holds  more than a 50% interest does not control decisions
       over  the other tenant-in-common interests.  The financial
       statements  reflect  only  this  Partnership's  percentage
       share  of  the  properties' land, building and  equipment,
       liabilities, revenues and expenses.

     Reclassification

       Certain  items  in  the prior year's financial  statements
       have  been  reclassified to conform to 2004  presentation.
       These   reclassifications  had  no  effect  on   Partners'
       capital, net income or cash flows.

     Newly Issued Pronouncements

       The    Partnership   has   considered    the    accounting
       pronouncements  issued  after  December   2003   and   has
       determined that none of these pronouncements will  have  a
       material impact on its financial statements.


   AEI NET LEASE INCOME & GROWTH FUND XIX LIMITED PARTNERSHIP
                  NOTES TO FINANCIAL STATEMENTS
                   DECEMBER 31, 2004 AND 2003

(3)  Related Party Transactions -

     The Partnership owns a .016% interest in a Champps Americana
     restaurant  in  Troy,  Michigan.  AEI Real  Estate  Fund  XV
     Limited  Partnership,  AEI  Real Estate  Fund  XVII  Limited
     Partnership   and  AEI  Real  Estate  Fund   XVIII   Limited
     Partnership, affiliates of the Partnership, owned  interests
     in  this property until the interests were sold, in a series
     of  transactions, to unrelated third parties in  2003.   The
     Partnership  owns a 40% interest in a Tumbleweed  restaurant
     in  Chillicothe,  Ohio.   The remaining  interests  in  this
     property  are  owned by AEI Real Estate Fund  XVIII  Limited
     Partnership  and an unrelated third party.  The  Partnership
     owns  a  13%  interest in a Razzoo's restaurant  in  Austin,
     Texas.   The remaining interests in this property are  owned
     by  AEI  Real Estate Fund XV Limited Partnership,  AEI  Real
     Estate  Fund  XVII  Limited Partnership, and  AEI  Income  &
     Growth  Fund  XXII  Limited Partnership, affiliates  of  the
     Partnership.   The  Partnership owns a  16%  interest  in  a
     Razzoo's  restaurant in Alpharetta, Georgia.  The  remaining
     interests in this property are owned by AEI Real Estate Fund
     XVIII Limited Partnership, AEI Income & Growth Fund 23  LLC,
     and   AEI   Private  Net  Lease  Millennium   Fund   Limited
     Partnership, affiliates of the Partnership.  The Partnership
     owns  a  28%  interest in a Champps Americana restaurant  in
     Utica,  Michigan.  The remaining interests in this  property
     are  owned  by AEI Real Estate Fund XVII Limited Partnership
     and   AEI   Net  Lease  Income  &  Growth  Fund  XX  Limited
     Partnership,  affiliates of the Partnership,  and  unrelated
     third  parties.  The Partnership owns a 50%  interest  in  a
     Biaggi's  restaurant.   The  remaining  interest   in   this
     property is owned by AEI Net Lease Income & Growth  Fund  XX
     Limited Partnership.  The Partnership owns a 37% interest in
     a   Winn-Dixie  store.   The  remaining  interests  in  this
     property  are owned by AEI Income & Growth Fund XXI  Limited
     Partnership, an affiliate of the Partnership, and  unrelated
     third  parties.   AEI  Income  &  Growth  Fund  24  LLC,  an
     affiliate of the Partnership, owned a 26% interest  in  this
     property  until the interest was sold, in two  transactions,
     to unrelated third parties in 2003.  The Partnership owns  a
     50%  interest  in a Johnny Carino's restaurant in  Longview,
     Texas.  The remaining interest in this property is owned  by
     AEI   Real  Estate  Fund  XVII  Limited  Partnership.    The
     Partnership owns a 50% interest in a Jared Jewelry store,  a
     50% interest in an Applebee's restaurant in Stow, Ohio and a
     50%  interest  in  an  Eckerd  drug  store.   The  remaining
     interests  in these properties are owned by AEI Real  Estate
     Fund  XVIII  Limited Partnership.  The Partnership  owned  a
     38.2362%  interest in a Taco Cabana restaurant  in  Houston,
     Texas.  The remaining interest in this property was owned by
     AEI  Real Estate Fund 86-A Limited Partnership, an affiliate
     of the Partnership.  The Partnership owned a 40.75% interest
     in  a  Garden  Ridge retail store.  AEI Net Lease  Income  &
     Growth  Fund XX Limited Partnership and AEI Income &  Growth
     Fund   XXI  Limited  Partnership  owned  interests  in  this
     property  until  the interests were sold,  in  a  series  of
     transactions, to unrelated third parties in 2003 and January
     2004.   The Partnership owned a 60% interest in a Tumbleweed
     restaurant  in Columbus, Ohio.  AEI Real Estate  Fund  XVIII
     Limited  Partnership owned a 40% interest in  this  property
     until the interest was sold, in a series of transactions, to
     unrelated  third parties in 2003.  The Partnership  owned  a
     52% interest in a Johnny Carino's restaurant in San Antonio,
     Texas.  AEI Income & Growth Fund 23 LLC owned a 48% interest
     in this property until the interest was sold, in a series of
     transactions, to unrelated third parties in 2003.


   AEI NET LEASE INCOME & GROWTH FUND XIX LIMITED PARTNERSHIP
                  NOTES TO FINANCIAL STATEMENTS
                   DECEMBER 31, 2004 AND 2003

(3)  Related Party Transactions - (Continued)

     AEI   and  AFM  received  the  following  compensation   and
     reimbursements for costs and expenses from the Partnership:

                                    Total Incurred by the Partnership
                                     for the Years Ended December 31

                                                  2004           2003
a.AEI and AFM are reimbursed for all costs
  incurred in connection with managing the
  Partnership's operations, maintaining the
  Partnership's books and communicating
  the results of operations to the Limited
  Partners.                                     $ 212,984      $ 210,102
                                                 ========       ========
b.AEI and AFM are reimbursed for all direct
  expenses they have paid on the Partnership's
  behalf to third parties relating to Partnership
  administration and property management.
  These expenses included printing costs, legal
  and filing fees, direct administrative costs,
  outside audit costs, taxes, insurance and
  other property costs.                         $  25,422      $  34,927
                                                 ========       ========
c.AEI is reimbursed for all costs and direct
  expenses incurred by it in acquiring properties
  on behalf of the Partnership.  The amounts are net
  of financing and commitment fees and expense
  reimbursements received by the Partnership from
  the sellers and/or lessees in the amount of $2,948
  and $6,497 for 2004 and 2003, respectively.   $ 107,887      $ 111,397
                                                 ========       ========
d.AEI is reimbursed for all costs incurred in
  connection with the sale of property.         $      64      $ 261,693
                                                 ========       ========

     The  payable  to  AEI Fund Management, Inc.  represents  the
     balance  due for the services described in 3a, b, c  and  d.
     This balance is non-interest bearing and unsecured and is to
     be paid in the normal course of business.


   AEI NET LEASE INCOME & GROWTH FUND XIX LIMITED PARTNERSHIP
                  NOTES TO FINANCIAL STATEMENTS
                   DECEMBER 31, 2004 AND 2003

(4)  Investments in Real Estate -

     The  Partnership  leases its properties to  various  tenants
     through triple net leases, which are classified as operating
     leases.  Under a triple net lease, the lessee is responsible
     for  all  real estate taxes, insurance, maintenance, repairs
     and  operating expenses of the property.  The initial  Lease
     terms   are  20  years,  except  for  the  Biaggi's,   Marie
     Callender's,   Tumbleweed,   Razzoo's   and   Taco    Cabana
     restaurants, which have lease terms of 15 years, the  Johnny
     Carino's  restaurant in Longview, Texas, which has  a  Lease
     term  of  17  years  and the Johnny Carino's  restaurant  in
     Brownsville, Texas, which has a Lease term of 13 years.  The
     Leases  contain renewal options which may extend  the  Lease
     term  an  additional  15 years, except for  the  Tumbleweed,
     Razzoo's   and  Taco  Cabana  restaurants,  the   Applebee's
     restaurant  in Temple Terrace, Florida, the HomeTown  Buffet
     restaurant  and the Jared Jewelry store, which have  renewal
     options  that  may extend the Lease terms an  additional  10
     years, the Biaggi's restaurant, the Applebee's restaurant in
     Stow,  Ohio  and the Eckerd drug store, which  have  renewal
     options  that  may extend the Lease terms an  additional  20
     years  and  the  Winn-Dixie store which has renewal  options
     that may extend the Lease term an additional 25 years.   The
     Leases contain rent clauses which entitle the Partnership to
     receive additional rent in future years based on stated rent
     increases  or  if  gross receipts for  the  property  exceed
     certain specified amounts, among other conditions.

     Certain  lessees have been granted options to  purchase  the
     property  at  a formula price.  In many of the  leases,  the
     option  price  is  stated to be the  greater  of  the  price
     determined by the stated formula or the fair market value of
     the  property  as agreed upon by the parties  or  determined
     based  on  appraisals.   In general, the  formula  price  is
     determined in one of two ways.  Under the first, the  option
     price  is  the  original  purchase  price  of  the  property
     increased  by  a  specified percentage per year,  compounded
     annually.   Under the second, the option price is determined
     by  dividing the annual rent at the time the purchase option
     is exercised by a percentage.  Based on the scheduled annual
     rent  under  the  lease, the resulting  option  price  would
     always  be  greater than the original purchase  price.   The
     actual  sale price of a property to a lessee may or may  not
     exceed   original  cost  depending  on  market   and   other
     conditions.

   AEI NET LEASE INCOME & GROWTH FUND XIX LIMITED PARTNERSHIP
                  NOTES TO FINANCIAL STATEMENTS
                   DECEMBER 31, 2004 AND 2003

(4)  Investments in Real Estate - (Continued)

     The  Partnership's properties are commercial,  single-tenant
     buildings.   The  Champps  Americana  restaurant  in   Troy,
     Michigan and the Tumbleweed restaurant were constructed  and
     acquired  in  1998.   The Marie Callender's  restaurant  was
     constructed in 1998 and acquired in 1999.  The land for  the
     two   Razzoo's  restaurants  was  acquired   in   2000   and
     construction of the restaurants was completed in 2001.   The
     land for the Champps Americana restaurant in Utica, Michigan
     was  acquired in 2001 and construction of the restaurant was
     completed  in 2002.  The Biaggi's restaurant was constructed
     in  2001  and  acquired in 2003.  The Winn-Dixie  store  was
     constructed  in  1997  and acquired  in  2003.   The  Johnny
     Carino's  restaurant in Longview, Texas was  constructed  in
     1999  and  acquired in 2003.  The Johnny Carino's restaurant
     in  Brownsville, Texas was constructed and acquired in 2003.
     The Jared Jewelry store was constructed in 2003 and acquired
     in  2004.   The  Applebee's restaurant  in  Stow,  Ohio  was
     constructed  in 1996 and acquired in 2004.  The Eckerd  drug
     store  was  constructed and acquired in 2004.  The remaining
     properties were constructed and acquired in either  1992  or
     1993.   There have been no costs capitalized as improvements
     subsequent   to  the  acquisitions.   The  lessee   of   the
     Applebee's  restaurant in Crestwood,  Missouri  has  entered
     into  a separate agreement with an unrelated third party  to
     lease the land on which the building is situated.

     The  cost  of  the properties not held for sale and  related
     accumulated  depreciation  at  December  31,  2004  are   as
     follows:
                                           Buildings and          Accumulated
Property                            Land     Equipment    Total   Depreciation

Taco Cabana, San Antonio, TX    $  598,533 $   548,741 $ 1,147,274 $  240,359
Taco Cabana, Waco, TX                7,788      11,933      19,721      5,140
Applebee's, Crestwood, MO                0     803,418     803,418    327,407
HomeTown Buffet, Tucson, AZ         15,314      13,104      28,418      5,042
Applebee's, Temple Terrace, FL      44,568      51,694      96,262     21,220
Champps Americana, Troy, MI            256         532         788        115
Tumbleweed, Chillicothe, OH        206,725     298,499     505,224     65,190
Marie Callender's, Henderson, NV    18,209      25,933      44,142      4,537
Razzoo's, Austin, TX               175,141     242,798     417,939     29,501
Champps Americana, Utica, MI       346,554     617,320     963,874     61,812
Biaggi's, Ft. Wayne, IN            503,205     876,142   1,379,347     43,807
Winn-Dixie, Panama City, FL        338,850   1,373,979   1,712,829     59,157
Johnny Carino's, Longview, TX      412,843     767,035   1,179,878     33,035
Johnny Carino's, Brownsville, TX 1,035,895   1,286,715   2,322,610     42,891
Jared Jewelry, Lakewood, CO        933,756   1,083,847   2,017,603     31,612
Applebee's, Stow, OH               512,577   1,063,178   1,575,755     23,626
Eckerd, Auburn, NY                 914,917   1,372,374   2,287,291     28,591
                                 ---------- ----------- ----------- ----------
                                $6,065,131 $10,437,242 $16,502,373 $1,023,042
                                 ========== =========== =========== ==========

   AEI NET LEASE INCOME & GROWTH FUND XIX LIMITED PARTNERSHIP
                  NOTES TO FINANCIAL STATEMENTS
                   DECEMBER 31, 2004 AND 2003

(4)  Investments in Real Estate - (Continued)

     During  the  second  quarter of 2003, the  Partnership  sold
     23.934%  of  the  Champps  Americana  restaurant  in   Troy,
     Michigan,  in six separate transactions, to unrelated  third
     parties.   The Partnership received total net sale  proceeds
     of $1,612,362 which resulted in a net gain of $560,397.  The
     total  cost  and  related accumulated  depreciation  of  the
     interests sold was $1,180,397 and $128,432, respectively.

     On July 3, 2003, the Partnership purchased a 50% interest in
     a Biaggi's restaurant in Fort Wayne, Indiana for $1,379,347.
     The  property is leased to Biaggi's Ristorante Italiano, LLC
     under a Lease Agreement with a primary term of 15 years  and
     annual rental payments of $122,004.

     On  September  19,  2003, the Partnership  purchased  a  37%
     interest  in a Winn-Dixie store in Panama City, Florida  for
     $1,712,829.    The   property  is   leased   to   Winn-Dixie
     Montgomery, Inc. under a Lease Agreement with a primary term
     of 20 years and annual rental payments of $138,380.

     Subsequent  to December 31, 2004, the lessee  of  the  Winn-
     Dixie  store and its parent company, Winn-Dixie, Inc., filed
     for  Chapter 11 bankruptcy reorganization.  Rent was current
     through  the date of the bankruptcy filing.  The Partnership
     expects to continue to receive all scheduled rents in future
     months  unless the Lease is rejected by Winn-Dixie.  If  the
     Lease  is  affirmed, Winn-Dixie must comply with  all  Lease
     terms.   If  the  Lease  is rejected,  Winn-Dixie  would  be
     required  to  return  possession  of  the  property  to  the
     Partnership  and  the Partnership would be  responsible  for
     real   estate   taxes  and  other  costs   associated   with
     maintaining the property.  The Partnership has evaluated the
     lease  and  property  value and decided  that  there  is  no
     impairment  loss at this time.  At December  31,  2004,  the
     book value of this property was $1,653,672.

     On  November  5,  2003,  the  Partnership  purchased  a  50%
     interest in a Johnny Carino's restaurant in Longview,  Texas
     for  $1,179,878.  The property is leased to Kona  Restaurant
     Group,  Inc. under a Lease Agreement with a primary term  of
     17 years and annual rental payments of $105,750.

     On  December  30, 2003, the Partnership purchased  a  Johnny
     Carino's  restaurant in Brownsville, Texas  for  $2,322,610.
     The  property is leased to Kona Restaurant Group, Inc. under
     a Lease Agreement with a primary term of 13 years and annual
     rental payments of $192,014.

     On  February  5,  2004,  the  Partnership  purchased  a  50%
     interest in a Jared Jewelry store in Lakewood, Colorado  for
     $2,017,603.   The  property is leased to  Sterling  Jewelers
     Inc. under a Lease Agreement with a primary term of 20 years
     and annual rental payments of $155,219.

   AEI NET LEASE INCOME & GROWTH FUND XIX LIMITED PARTNERSHIP
                  NOTES TO FINANCIAL STATEMENTS
                   DECEMBER 31, 2004 AND 2003

(4)  Investments in Real Estate - (Continued)

     On  April 30, 2004, the Partnership purchased a 50% interest
     in  an  Applebee's restaurant in Stow, Ohio for  $1,575,755.
     The  property  is  leased to Apple Ohio LLC  under  a  Lease
     Agreement with a primary term of 20 years and annual  rental
     payments of $120,043.

     On May 10, 2004, the Partnership purchased a 50% interest in
     an  Eckerd  drug  store in Auburn, New York for  $2,287,291.
     The  property is leased to Eckerd Corporation under a  Lease
     Agreement with a primary term of 20 years and annual  rental
     payments of $184,753.

     In  July  2003,  the  lessee of the Razzoo's  restaurant  in
     Austin,   Texas  notified  the  Partnership  that   it   was
     experiencing financial difficulty stemming from  lower  than
     expected  sales and that it might not be able to pay  future
     rents.   However, rents are current.  In November 2004,  the
     Partnership  and  the lessee entered into  an  agreement  to
     amend  the  Lease  to  provide the lessee  with  options  to
     purchase  the property and terminate the Lease.   Under  the
     purchase option, which expires October 31, 2006, the  lessee
     can  elect  to  purchase the Partnership's interest  in  the
     property  for $338,000.  Under the termination  option,  the
     lessee can elect to terminate the Lease by providing no less
     than   six   months  prior  written  notice  and  paying   a
     termination  payment equal to one year's  rent.   The  lease
     cannot be terminated prior to October 31, 2006.  As part  of
     this   agreement,  the  Partnership  received   a   personal
     guarantee  from the majority shareholder of the  lessee  for
     payment  of the rent through October 31, 2006.  In addition,
     the  Partnership  was  reimbursed for  certain  expenses  it
     incurred  related to legal action it pursued  in  connection
     with this situation.

     The  Partnership owns a 2.4058% interest in  a  Taco  Cabana
     restaurant in Waco, Texas, a 2.2074% interest in a  HomeTown
     Buffet restaurant in Tucson, Arizona, a 9.0963% interest  in
     an  Applebee's restaurant in Temple Terrace, Florida  and  a
     2.5775%  interest  in  a  Marie  Callender's  restaurant  in
     Henderson,  Nevada.   The  remaining  interests   in   these
     properties are owned by unrelated third parties, who own the
     properties with the Partnership as tenants-in-common.

     For  properties owned as of December 31, 2004,  the  minimum
     future rent payments required by the leases are as follows:

                       2005            $ 1,615,839
                       2006              1,625,055
                       2007              1,476,931
                       2008              1,447,931
                       2009              1,466,431
                       Thereafter       14,246,806
                                        -----------
                                       $21,878,993
                                        ===========

     There were no contingent rents recognized in 2004 and 2003.


   AEI NET LEASE INCOME & GROWTH FUND XIX LIMITED PARTNERSHIP
                  NOTES TO FINANCIAL STATEMENTS
                   DECEMBER 31, 2004 AND 2003

(5)  Note Receivable -

     On  July  11,  2003,  as part of the  sale  of  the  Denny's
     restaurant  in  Apple  Valley, California,  the  Partnership
     received  a  Promissory Note in the amount of $128,750  from
     the  lessee, who purchased the property.  The Note  requires
     monthly payments of $1,077, bears interest at an 8% rate and
     is secured by the land, building and equipment.  The Note is
     due on July 31, 2005.  As of December 31, 2004 and 2003, the
     outstanding  principal  due on the  Note  was  $124,829  and
     $127,867, respectively.

 (6) Major Tenants -

     The following schedule presents rent revenue from individual
     tenants,   or  affiliated  groups  of  tenants,   who   each
     contributed more than ten percent of the Partnership's total
     rent revenue for the years ended December 31:

                                                    2004         2003
      Tenants                      Industry

     Kona Restaurant Group, Inc.  Restaurant    $  297,852    $      N/A
     Texas Taco Cabana L.P.       Restaurant       216,981       263,538
     Garden Ridge L.P.    Retail                       N/A       332,990
     Champps Americana Group      Restaurant           N/A       146,516
                                                 ----------    ----------
     Aggregate rent revenue of major tenants    $  514,833    $  743,044
                                                 ==========    ==========
     Aggregate rent revenue of major tenants as
     a percentage of total rent revenue                 33%           51%
                                                 ==========    ==========

(7)  Discontinued Operations -

     In  February 2003, the Partnership entered into an agreement
     to  sell the Party City retail store in Gainesville, Georgia
     to  an  unrelated third party.  On March 21, 2003, the  sale
     closed  with the Partnership receiving net sale proceeds  of
     $1,711,879,  which resulted in a net gain of  $427,332.   At
     the   time   of  sale,  the  cost  and  related  accumulated
     depreciation was $1,435,309 and $150,762, respectively.

     During  the first nine months of 2003, the Partnership  sold
     its  60%  interest in the Tumbleweed restaurant in Columbus,
     Ohio,  in  four  separate transactions, to  unrelated  third
     parties.   The Partnership received total net sale  proceeds
     of  $1,038,773,  which resulted in a net gain  of  $293,015.
     The  total cost and related accumulated depreciation of  the
     interests sold was $823,496 and $77,738, respectively.

   AEI NET LEASE INCOME & GROWTH FUND XIX LIMITED PARTNERSHIP
                  NOTES TO FINANCIAL STATEMENTS
                   DECEMBER 31, 2004 AND 2003

(7)  Discontinued Operations - (Continued)

     In  May  2003, the Partnership entered into an agreement  to
     sell its 38.2362% interest in the Taco Cabana restaurant  in
     Houston,  Texas, to the lessee.  On July 30, 2003, the  sale
     closed  with the Partnership receiving net sale proceeds  of
     $674,797, which resulted in a net gain of $212,639.  At  the
     time  of sale, the cost and related accumulated depreciation
     was $547,322 and $85,164, respectively.

     On   July   11,  2003,  the  Partnership  sold  the  Denny's
     restaurant in Apple Valley, California for $1,100,000 to the
     lessee.   The  sale  agreement required a  cash  payment  of
     $971,250   and   a  Promissory  Note  for   $128,750.    The
     Partnership  recognized  net sale  proceeds  of  $1,076,459,
     which  resulted in a net gain of $130,443.  At the  time  of
     sale,  the  cost  and related accumulated  depreciation  was
     $1,177,655 and $231,639, respectively.

     On  October  15,  2003,  the Partnership  sold  its  1.1054%
     interest  in  the Applebee's restaurant in Crestview  Hills,
     Kentucky  to the lessee.  The Partnership received net  sale
     proceeds  of  $23,207,  which resulted  in  a  net  gain  of
     $12,614.   The cost and related accumulated depreciation  of
     the interest sold was $14,039 and $3,446, respectively.

     During  2003, the Partnership sold its 52% interest  in  the
     Johnny  Carino's restaurant in San Antonio, Texas,  in  five
     separate  transactions,  to unrelated  third  parties.   The
     Partnership  received total net sale proceeds of $1,651,078,
     which  resulted in a net gain of $500,761.  The  total  cost
     and  related accumulated depreciation of the interests  sold
     was $1,194,932 and $44,615, respectively.

     During 2003, the Partnership sold its 40.75% interest in the
     Garden  Ridge retail store in Pineville, North Carolina,  in
     fifteen  separate transactions, to unrelated third  parties.
     The   Partnership  received  total  net  sale  proceeds   of
     $4,381,044, which resulted in a net gain of $1,379,368.  The
     total  cost  and  related accumulated  depreciation  of  the
     interests sold was $3,615,378 and $613,702, respectively.

     On  November  19,  2004, the Partnership  sold  its  3.3979%
     interest in the Applebee's restaurant in Aurora, Colorado to
     the  lessee.  The Partnership received net sale proceeds  of
     $77,724, which resulted in a net gain of $45,044.  The  cost
     and  related  accumulated depreciation of the interest  sold
     was $44,782 and $12,102, respectively.

     During  2004 and 2003, the Partnership distributed  $455,461
     and  $1,218,968  of  net sale proceeds to  the  Limited  and
     General  Partners as part of their quarterly  distributions,
     which  represented a return of capital of $22.20 and  $59.26
     per Limited Partnership Unit, respectively.  The Partnership
     anticipates the remaining net sale proceeds will  either  be
     reinvested  in  additional property or  distributed  to  the
     Partners in the future.

   AEI NET LEASE INCOME & GROWTH FUND XIX LIMITED PARTNERSHIP
                  NOTES TO FINANCIAL STATEMENTS
                   DECEMBER 31, 2004 AND 2003

(7)  Discontinued Operations - (Continued)

     In  July  2003,  the  lessee of the Razzoo's  restaurant  in
     Alpharetta,  Georgia notified the Partnership  that  it  was
     experiencing financial difficulty stemming from  lower  than
     expected  sales and that it might not be able to pay  future
     rents.   In late 2003, the lessee closed the restaurant  and
     said  that it no longer intended to operate a restaurant  at
     the  site.  The Partnership and the lessee entered  into  an
     agreement,  effective  November 1, 2004,  to  terminate  the
     lease   and  return  possession  of  the  property  to   the
     Partnership.   Rents  were  current  through  the  date   of
     termination.  As part of the agreement, the Partnership  was
     reimbursed for certain expenses it incurred related to legal
     action  it  pursued in connection with this situation.   The
     Partnership  has listed the property for sale  with  a  real
     estate broker in the Alpharetta area.  While the property is
     vacant, the Partnership is responsible for real estate taxes
     and other costs required to maintain the property.

     Based  on an analysis of market conditions in the area,  the
     Partnership   determined  the  property  was   impaired   in
     accordance  with the requirements of Statement of  Financial
     Accounting  Standards No. 144, Accounting for the Impairment
     or  Disposal  of  Long-Lived Assets.  As a  result,  in  the
     fourth  quarter of 2003, a charge to discontinued operations
     for real estate impairment of $169,320 was recognized, which
     was  the  difference between the book value at December  31,
     2003  of  $569,320 and the estimated fair value of $400,000.
     The  charge  was  recorded against the  cost  of  the  land,
     building and equipment.  At December 31, 2004 and 2003,  the
     property was classified as Real Estate Held for Sale.

     In  December 2004, the Partnership entered into an agreement
     to  sell  the  property in Alpharetta to an unrelated  third
     party.  The sale is subject to contingencies and may not  be
     completed.   If  the  sale  is  completed,  the  Partnership
     expects  to receive net proceeds of approximately  $429,000,
     which  will  result in a net gain of approximately  $29,000.
     If  the  sale is not completed, it is likely the Partnership
     will seek another buyer for the property and may not be able
     to negotiate a similar purchase agreement.

     The financial results for these properties are reflected  as
     Discontinued   Operations  in  the  accompanying   financial
     statements.   The following are the results of  discontinued
     operations for the years ended December 31:

                                                  2004          2003

     Rental Income                            $  56,741    $  710,758
     Property Management Expenses                (2,877)      (18,942)
     Depreciation                                  (690)     (121,860)
     Real Estate Impairment                           0      (169,320)
     Gain on Disposal of Real Estate             45,044     2,956,172
                                               ---------    ----------
          Income from Discontinued Operations $  98,218    $3,356,808
                                               =========    ==========

   AEI NET LEASE INCOME & GROWTH FUND XIX LIMITED PARTNERSHIP
                  NOTES TO FINANCIAL STATEMENTS
                   DECEMBER 31, 2004 AND 2003

 (8) Partners' Capital -

     Cash  distributions of $17,697 and $25,565 were made to  the
     General Partners and $1,751,949 and $2,530,962 were made  to
     the  Limited Partners for the years ended December 31,  2004
     and 2003, respectively.  The Limited Partners' distributions
     represent  $86.14  and $124.07 per Limited Partnership  Unit
     outstanding  using 20,338 and 20,399 weighted average  Units
     in 2004 and 2003, respectively.  The distributions represent
     $50.60 and $124.07 per Unit of Net Income and $35.54 and $-0-
     per   Unit   of  return  of  capital  in  2004   and   2003,
     respectively.

     As  part  of  the  Limited  Partner distributions  discussed
     above,  the  Partnership distributed $450,906 and $1,206,778
     of   proceeds  from  property  sales  in  2004   and   2003,
     respectively.   The   distributions  reduced   the   Limited
     Partners' Adjusted Capital Contributions.

     The  Partnership may acquire Units from Limited Partners who
     have tendered their Units to the Partnership. Such Units may
     be acquired at a discount.  The Partnership is not obligated
     to  purchase in any year more than 5% of the number of Units
     outstanding at the beginning of the year.  In no event shall
     the  Partnership be obligated to purchase Units if,  in  the
     sole  discretion  of  the  Managing  General  Partner,  such
     purchase  would  impair  the capital  or  operation  of  the
     Partnership.

     During 2004, seven Limited Partners redeemed a total of 69.5
     Partnership  Units  for  $27,153  in  accordance  with   the
     Partnership Agreement.  During 2003, eight Limited  Partners
     redeemed a total of 58.0 Partnership Units for $26,588.  The
     Partnership  acquired these Units using Net Cash  Flow  from
     operations.  The redemptions increase the remaining  Limited
     Partners'  ownership  interest in  the  Partnership.   As  a
     result  of  these  redemption payments and pursuant  to  the
     Partnership   Agreement,  the  General   Partners   received
     distributions   of  $274  and  $269  in   2004   and   2003,
     respectively.

     After  the  effect of redemptions and the return of  capital
     from   the   sale   of   property,  the   Adjusted   Capital
     Contribution,  as defined in the Partnership  Agreement,  is
     $864.16 per original $1,000 invested.

   AEI NET LEASE INCOME & GROWTH FUND XIX LIMITED PARTNERSHIP
                  NOTES TO FINANCIAL STATEMENTS
                   DECEMBER 31, 2004 AND 2003

(9)  Income Taxes -

     The   following  is  a  reconciliation  of  net  income  for
     financial reporting purposes to income reported for  federal
     income tax purposes for the years ended December 31:

                                               2004          2003

     Net Income for Financial
      Reporting Purposes                    $1,067,027    $4,369,801

     Depreciation for Tax Purposes
      Under Depreciation for Financial
      Reporting Purposes                        32,031        26,388

     Income Accrued for Tax Purposes
      Under Income for Financial
      Reporting Purposes                             0        (9,082)

     Real Estate Impairment Loss
      Not Recognized for Tax Purposes                0       169,320

     Gain on Sale of Real Estate for
      Tax Purposes Under Gain
      for Financial Reporting Purposes            (544)     (156,428)
                                             ----------    ----------
           Taxable Income to Partners       $1,098,514    $4,399,999
                                             ==========    ==========

   AEI NET LEASE INCOME & GROWTH FUND XIX LIMITED PARTNERSHIP
                  NOTES TO FINANCIAL STATEMENTS
                   DECEMBER 31, 2004 AND 2003

(9)  Income Taxes - (Continued)

     The  following is a reconciliation of Partners' capital  for
     financial  reporting purposes to Partners' capital  reported
     for federal income tax purposes for the years ended December
     31:
                                                  2004          2003

     Partners' Capital for
       Financial  Reporting Purposes           $16,390,661   $17,120,707

     Adjusted Tax Basis of Investments
      in Real Estate Over Net Investments
      in Real Estate for Financial
      Reporting Purposes                           209,608       178,121

     Syndication Costs Treated as
      Reduction of Capital
      For Financial Reporting Purposes           3,012,279     3,012,278
                                                -----------   -----------
           Partners' Capital for
               Tax  Reporting Purposes         $19,612,548   $20,311,106
                                                ===========   ===========

(10) Fair Value of Financial Instruments -

     The estimated fair values of the financial instruments, none
     of  which  are held for trading purposes, are as follows  at
     December 31:

                                       2004                   2003
                              Carrying      Fair     Carrying       Fair
                               Amount       Value     Amount        Value

     Money Market Funds     $1,079,268   $1,079,268  $8,064,654   $8,064,654
                             ---------    ---------   ---------    ---------
          Total Cash and
           Cash Equivalents $1,079,268   $1,079,268  $8,064,654   $8,064,654
                             =========    =========   =========    =========

ITEM 8.CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON
       ACCOUNTING AND FINANCIAL DISCLOSURE.

       None.

ITEM 8A.CONTROLS AND PROCEDURES.

       (a) Evaluation of disclosure controls and procedures

        Under  the  supervision  and with  the  participation  of
management, including its President and Chief Financial  Officer,
the  Managing  General Partner of the Partnership  evaluated  the
effectiveness  of  the  design and operation  of  its  disclosure
controls  and procedures (as defined in Rule 13a-14(c) under  the
Exchange  Act).   Based upon that evaluation, the  President  and
Chief Financial Officer of the Managing General Partner concluded
that,  as  of  the end of the period covered by this report,  the
disclosure  controls  and  procedures  of  the  Partnership   are
adequately  designed to ensure that information  required  to  be
disclosed  by  us  in  the reports we file or  submit  under  the
Exchange  Act  is recorded, processed, summarized  and  reported,
within the time periods specified in applicable rules and forms.

       (b)  Changes in internal controls

         There   were   no  significant  changes  made   in   the
Partnership's  internal controls during the  most  recent  period
covered  by  this  report that have materially affected,  or  are
reasonably   likely  to  materially  affect,  the   Partnership's
internal control over financial reporting.

ITEM 8B.OTHER INFORMATION.

       None.


                            PART III

ITEM 9. DIRECTORS, EXECUTIVE OFFICERS, PROMOTERS AND CONTROL
        PERSONS;  COMPLIANCE WITH SECTION 16(a) OF  THE  EXCHANGE
        ACT.

        The  registrant  is  a  limited partnership  and  has  no
officers,  directors, or direct employees.  The General  Partners
manage  and  control the Partnership's affairs and  have  general
responsibility  and  the  ultimate  authority  in   all   matters
affecting  the Partnership's business.  The General Partners  are
AEI  Fund  Management  XIX,  Inc.  (AFM),  the  Managing  General
Partner,   and  Robert  P.  Johnson,  Chief  Executive   Officer,
President  and  sole  director  of AFM,  the  Individual  General
Partner.   AFM  is  a  wholly  owned subsidiary  of  AEI  Capital
Corporation  of  which  Mr. Johnson is the majority  shareholder.
AFM  has only one senior financial executive, its Chief Financial
Officer.   The  Chief Financial Officer reports directly  to  Mr.
Johnson  and  is  accountable for his  actions  to  Mr.  Johnson.
Although Mr. Johnson and AFM require that all of their personnel,
including  the  Chief  Financial Officer, engage  in  honest  and
ethical  conduct,  ensure  full,  fair,  accurate,  timely,   and
understandable    disclosure,   comply   with   all    applicable
governmental  laws,  rules and regulations,  and  report  to  Mr.
Johnson   any  deviation  from  these  principles,  because   the
organization  is  composed of only approximately 35  individuals,
because  the  management of a partnership by an entity  that  has
different  interests in distributions and income  than  investors
involves numerous conflicts of interest that must be resolved  on
a  daily  basis, and because the ultimate decision maker  in  all
instances  is Mr. Johnson, AFM has not adopted a formal  code  of
conduct.   Instead,  the materials pursuant  to  which  investors
purchase Units disclose these conflicts of interest in detail and
Mr.  Johnson,  as  the  CEO and sole director  of  AFM,  resolves
conflicts  to  the  best  of  his ability,  consistent  with  his
fiduciary obligations to AFM and the fiduciary obligations of AFM
to  the  Partnership.  The director and officers of  AFM  are  as
follows:

        Robert  P.  Johnson, age 60, is Chief Executive  Officer,
President  and  sole director and has held these positions  since
the formation of AFM in September, 1990, and has been elected  to
continue  in these positions until December 2005.  From  1970  to
the  present, he has been employed exclusively in the  investment
industry,  specializing in limited partnership  investments.   In
that capacity, he has been involved in the development, analysis,
marketing   and  management  of  public  and  private  investment
programs investing in net lease properties as well as public  and
private  investment  programs investing  in  energy  development.
Since 1971, Mr. Johnson has been the president, a director and  a
registered principal of AEI Securities, Inc., which is registered
with  the SEC as a securities broker-dealer, is a member  of  the
National Association of Securities Dealers, Inc. (NASD) and is  a
member  of the Security Investors Protection Corporation  (SIPC).
Mr.  Johnson  has  been president, a director and  the  principal
shareholder   of  AEI  Fund  Management,  Inc.,  a  real   estate
management  company founded by him, since 1978.  Mr.  Johnson  is
currently  a general partner or principal of the general  partner
in  twelve  limited partnerships and a managing member  in  three
LLCs.

        Patrick  W.  Keene,  age 45, is Chief Financial  Officer,
Treasurer  and  Secretary  and has  held  these  positions  since
January  22,  2003  and  has been elected to  continue  in  these
positions  until December 2005.  Mr. Keene has been  employed  by
AEI  Fund  Management, Inc. and affiliated entities  since  1986.
Prior  to being elected to the positions above, he was Controller
of  the various entities.  From 1982 to 1986, Mr. Keene was  with
KPMG  Peat  Marwick  Certified Public Accountants,  first  as  an
auditor and later as a tax manager.  Mr. Keene is responsible for
all accounting functions of AFM and the registrant.


ITEM 9. DIRECTORS, EXECUTIVE OFFICERS, PROMOTERS AND CONTROL
        PERSONS;  COMPLIANCE WITH SECTION 16(a) OF  THE  EXCHANGE
        ACT.

       Since Mr. Johnson serves as the Individual General Partner
of  the Partnership, as well as the sole director of AFM, all  of
the  duties  that  might be assigned to an  audit  committee  are
assigned  to Mr. Johnson.  Mr. Johnson is not an audit  committee
financial expert, as defined.  As an officer and majority  owner,
through  a parent company, of AFM, and as the Individual  General
Partner, Mr. Johnson is not a "disinterested director" and may be
subject to a number of conflicts of interests in his capacity  as
sole director of AFM.

        Before the independent auditors are engaged, Mr. Johnson,
as the sole director of AFM, approves all audit-related fees, and
all permissible nonaudit fees, for services of our auditors.

Section 16(a) Beneficial Ownership Reporting Compliance

        Under federal securities laws, the directors and officers
of  the  General  Partner of the Partnership, and any  beneficial
owner  of  more than 10% of a class of equity securities  of  the
Partnership,  are  required  to report  their  ownership  of  the
Partnership's equity securities and any changes in such ownership
to  the  Securities  and Exchange Commission (the  "Commission").
Specific due dates for these reports have been established by the
Commission, and the Partnership is required to disclose  in  this
Annual Report on 10-KSB any delinquent filing of such reports and
any  failure  to file such reports during the fiscal  year  ended
December  31, 2004.  Based upon information provided by  officers
and directors of the General Partner, all officers, directors and
10% owners filed all reports on a timely basis in the 2004 fiscal
year.

ITEM 10.  EXECUTIVE COMPENSATION.

        The General Partner and affiliates are reimbursed at cost
for  all  services performed on behalf of the registrant and  for
all  third party expenses paid on behalf of the registrant.   The
cost for services performed on behalf of the registrant is actual
time  spent  performing such services plus  an  overhead  burden.
These  services include organizing the registrant  and  arranging
for  the  offer  and  sale  of Units,  reviewing  properties  for
acquisition and rendering administrative, property management and
property  sales services.  The amount and nature of such payments
are detailed in Item 12 of this annual report on Form 10-KSB.

ITEM 11. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND
         MANAGEMENT AND RELATED STOCKHOLDER MATTERS.

        The following table sets forth information pertaining  to
the   ownership  of  the  Units  by  each  person  known  by  the
Partnership to beneficially own 5% or more of the Units, by  each
General  Partner, and by each officer or director of the Managing
General Partner as of February 28, 2005:

     Name and Address                   Number of     Percent
   of Beneficial Owner                  Units Held    of Class

   AEI Fund Management XIX, Inc.            0            0%
   1300 Wells Fargo Place
   30 East 7th Street, St. Paul, Minnesota 55101

   Robert P. Johnson                       5.12          *
   1300 Wells Fargo Place
   30 East 7th Street, St. Paul, Minnesota 55101

   Patrick W. Keene                        0            0%
   1300 Wells Fargo Place
   30 East 7th Street, St. Paul, Minnesota 55101

*    Less than 1%

The  persons  set forth in the preceding table hold  sole  voting
power  and power of disposition with respect to all of the  Units
set forth opposite their names.  The General Partners know of  no
holders of more than 5% of the outstanding Units.

ITEM 12.  CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS.

        The  registrant,  AFM  and  its  affiliates  have  common
management and utilize the same facilities.  As a result, certain
administrative  expenses  are  allocated  among   these   related
entities.   All  of  such activities and any  other  transactions
involving the affiliates of the General Partner of the registrant
are  governed  by,  and  are conducted in  conformity  with,  the
limitations set forth in the Limited Partnership Agreement of the
registrant.   Reference  is  made to  Note  3  of  the  Financial
Statements,   as  presented,  and  is  incorporated   herein   by
reference,  for  details of related party  transactions  for  the
years ended December 31, 2004 and 2003.

        The  limitations  included in the  Partnership  Agreement
require   that  the  cumulative  reimbursements  to  the  General
Partners  and  their affiliates for administrative  expenses  not
allowed under the NASAA Guidelines ("Guidelines") will not exceed
the  sum of (i) the front-end fees allowed by the Guidelines less
the  front-end fees paid by the Partnership, (ii) the  cumulative
property management fees allowed by the Guidelines but not  paid,
(iii)  any real estate commission allowed by the Guidelines,  and
(iv)  10%  of  Net  Cash  Flow less the Net  Cash  Flow  actually
distributed to the General Partners.  The administrative expenses
not  allowed under the Guidelines include a controlling  person's
salary  and  fringe  benefits,  rent  and  depreciation.   As  of
December  31, 2004, the cumulative reimbursements to the  General
Partners and their affiliates did not exceed those amounts.

ITEM 12. CERTAIN  RELATIONSHIPS  AND  RELATED  TRANSACTIONS.
         (Continued)

        The following table sets forth the forms of compensation,
distributions  and cost reimbursements paid by the registrant  to
the  General Partners or their Affiliates in connection with  the
operation  of  the Fund and its properties for  the  period  from
inception through December 31, 2004.

Person or Entity                                    Amount Incurred From
 Receiving                  Form and Method     Inception (September 14, 1990)
Compensation                of Compensation          To December 31, 2004

AEI Securities, Inc.   Selling Commissions equal to       $2,115,193
                       7% of proceeds plus a 3%
                       nonaccountable expense allowance,
                       most of which was reallowed to
                       Participating Dealers.

General Partners and   Reimbursement at Cost for other    $  903,786
Affiliates             Organization and Offering Costs.

General Partners and   Reimbursement at Cost for all      $  738,960
Affiliates             Acquisition Expenses

General Partners and   Reimbursement at Cost for all      $3,278,586
Affiliates             Administrative Expenses
                       attributable to the Fund, including
                       all expenses related to management
                       of the Fund's properties and all
                       other transfer agency,reporting,
                       partner relations and other
                       administrative functions.

General Partners and   Reimbursement at Cost for all      $  913,071
Affiliates             expenses related to the disposition
                       of the Fund's properties.

General Partners       1% of Net Cash Flow in any fiscal  $  206,343
                       year until the Limited Partners
                       have received annual, non-cumulative
                       distributions of Net Cash Flow  equal
                       to 10% of their Adjusted Capital
                       Contributions and 10% of any remaining
                       Net Cash Flow in such fiscal year.

General Partners       1% of distributions of Net         $   36,583
                       Proceeds of Sale until Limited
                       Partners have received an amount
                       equal to (a) their Adjusted Capital
                       Contributions,  plus (b) an amount
                       equal to 12% of their Adjusted Capital
                       Contributions per annum, cumulative but
                       not compounded,  to  the  extent  not
                       previously distributed. 10% of
                       distributions of Net Proceeds of Sale
                       there-after.


                             PART IV

ITEM 13.  EXHIBITS.

                           Description

  3.1 Certificate  of  Limited Partnership  (incorporated  by
      reference  to  Exhibit  3.1 of the registrant's  Registration
      Statement  on Form S-11 filed on October 10, 1990  [File  No.
      33-37239]).

  3.2 Limited   Partnership   Agreement   (incorporated   by
      reference  to  Exhibit  3.2 of the registrant's  Registration
      Statement  on Form S-11 filed on October 10, 1990  [File  No.
      33-37239]).

 10.1 Net  Lease Agreement dated March 16, 1992  between  the
      Partnership  and Taco Cabana, Inc. relating to  the  Property
      at  6040  Bandera  Road, San Antonio, Texas (incorporated  by
      reference to Exhibit 10.1 of Post-Effective Amendment  No.  1
      to  the  registrant's  Registration Statement  on  Form  S-11
      filed June 15, 1992 [File No. 33-37239]).

 10.2 Net  Lease  Agreement dated May  1,  1992  between  the
      Partnership  and Taco Cabana, Inc. relating to  the  Property
      at  825  South  6th  Street,  Waco,  Texas  (incorporated  by
      reference to Exhibit 10.3 of Post-Effective Amendment  No.  1
      to  the  registrant's  Registration Statement  on  Form  S-11
      filed June 15, 1992 [File No. 33-37239]).

 10.3 Net  Lease Agreement dated April 14, 1993  between  the
      Partnership  and Apple Partners Limited Partnership  relating
      to  the  Property at 9041-E Watson Road, Crestwood,  Missouri
      (incorporated  by  reference to Exhibit 10.18  of  Form  10-K
      filed March 29, 1994).

 10.4 Net  Lease  Agreement dated June 16, 1993  between  the
      Partnership  and  JB's  Restaurants,  Inc.  relating  to  the
      Property   at   330   South  Wilmot  Road,  Tucson,   Arizona
      (incorporated  by  reference to Exhibit 10.21  of  Form  10-K
      filed March 29, 1994).

 10.5 Net  Lease Agreement dated September 30,  1993  between
      the  Partnership  and  Casual Restaurant  Concepts  II,  Inc.
      relating  to  the  Property at Terrace Walk  Shopping  Plaza,
      56th  Street  and  Fowler  Avenue,  Temple  Terrace,  Florida
      (incorporated  by  reference to Exhibit 10.28  of  Form  10-K
      filed March 29, 1994).

 10.6 Net Lease Agreement dated December 23, 1997 between  the
      Partnership,  AEI  Real Estate Fund XV  Limited  Partnership,
      AEI  Real  Estate  Fund XVIII Limited Partnership,  AEI  Real
      Estate    Fund   XVII   Limited   Partnership   and   Champps
      Entertainment, Inc. relating to the Property at 301 West  Big
      Beaver  Road,  Troy, Michigan (incorporated by  reference  to
      Exhibit 10.62 of Form 10-KSB filed March 23, 1998).

 10.7 Net  Lease Agreement dated April 13, 1998  between  the
      Partnership,  AEI Real Estate Fund XVIII Limited Partnership,
      Robert  P.  Johnson,  and Tumbleweed,  LLC  relating  to  the
      Property  at  1150  North  Bridge Street,  Chillicothe,  Ohio
      (incorporated  by reference to Exhibit 10.2  of  Form  10-QSB
      filed May 12, 1998).

 10.8 First Amendment to Net Lease Agreement dated  September
      3,  1998  between the Partnership, AEI Real Estate Fund  XVII
      Limited  Partnership,  AEI  Real Estate  Fund  XVIII  Limited
      Partnership, AEI Real Estate Fund XV Limited Partnership  and
      Champps Entertainment, Inc. relating to the Property  at  301
      West  Big  Beaver  Road,  Troy,  Michigan  (incorporated   by
      reference  to Exhibit 10.1 of Form 10-QSB filed  November  9,
      1998).

 10.9 First  Amendment to Net Lease Agreement dated  November
      20,  1998 between the Partnership, AEI Real Estate Fund XVIII
      Limited  Partnership, Robert P. Johnson and  Tumbleweed,  LLC
      relating  to  the  Property  at  1150  North  Bridge  Street,
      Chillicothe,  Ohio  (incorporated  by  reference  to  Exhibit
      10.53 of Form 10-KSB filed March 12, 1999).

ITEM 13.  EXHIBITS.  (Continued)

                           Description

10.10 Lease  Agreement dated September 28, 1999  between
      the  Partnership,  AEI  Income &  Growth  Fund  XXII  Limited
      Partnership  and Marie Callender Pie Shops, Inc. relating  to
      the  Property  at  530  North  Stephanie  Street,  Henderson,
      Nevada (incorporated by reference to Exhibit 10.1 of Form 10-
      QSB filed November 8, 1999).

10.11 Net Lease Agreement dated May 8, 2000 between  the
      Partnership,  AEI  Real Estate Fund XV  Limited  Partnership,
      AEI  Real Estate Fund XVII Limited Partnership, AEI Income  &
      Growth  Fund  XXII  Limited Partnership  and  Razzoo's,  Inc.
      relating   to  the  Property  at  11617  Research  Boulevard,
      Austin,  Texas (incorporated by reference to Exhibit 10.2  of
      Form 10-QSB filed August 2, 2000).

10.12 Net  Lease Agreement dated April 27, 2001  between
      the   Partnership,   AEI  Real  Estate  Fund   XVII   Limited
      Partnership,  AEI Net Lease Income & Growth Fund  XX  Limited
      Partnership and Champps Entertainment, Inc. relating  to  the
      Property  at  12515 Hall Road, Utica, Michigan  (incorporated
      by  reference  to Exhibit 10.2 of Form 10-QSB filed  May  10,
      2001).

10.13 First Amendment to Net Lease Agreement dated  June
      27,  2001  between the Partnership, AEI Real Estate  Fund  XV
      Limited  Partnership,  AEI  Real  Estate  Fund  XVII  Limited
      Partnership,   AEI   Income  &  Growth  Fund   XXII   Limited
      Partnership  and Razzoo's, Inc. relating to the  Property  at
      11617  Research  Boulevard, Austin,  Texas  (incorporated  by
      reference  to  Exhibit 10.1 of Form 10-QSB  filed  August  7,
      2001).

10.14 First  Amendment  to  Net  Lease  Agreement  dated
      February  12, 2002 between the Partnership, AEI  Real  Estate
      Fund  XVII Limited Partnership, AEI Net Lease Income & Growth
      Fund  XX Limited Partnership and Champps Entertainment,  Inc.
      relating  to the Property at 12515 Hall Road, Utica, Michigan
      (incorporated  by reference to Exhibit 10.77 of  Form  10-KSB
      filed March 8, 2002).

10.15 Purchase Agreement dated May 21, 2003, between  the
      Partnership,  AEI  Real Estate Fund 86-A Limited  Partnership
      and  Texas  Taco Cabana, LP relating to the Property  at  700
      North   Loop  610  West,  Houston,  Texas  (incorporated   by
      reference  to  Exhibit 10.1 of Form 10-QSB  filed  August  8,
      2003).

10.16 Assignment of Purchase Agreement  dated  June  16,
      2003,  between the Partnership and AEI Fund Management,  Inc.
      relating  to  the Property at 4010 Jefferson Boulevard,  Fort
      Wayne, Indiana (incorporated by reference to Exhibit 10.2  of
      Form 10-QSB filed August 8, 2003).

10.17 Assignment and Assumption of Lease dated  July  3,
      2003,  between the Partnership, AEI Net Lease Income & Growth
      Fund  XX Limited Partnership and NMA Fort Wayne, LLC relating
      to  the  Property  at 4010 Jefferson Boulevard,  Fort  Wayne,
      Indiana  (incorporated by reference to Exhibit 10.3  of  Form
      10-QSB filed August 8, 2003).

10.18 Purchase  Agreement dated July 14,  2003,  between
      the Partnership and Apple Investment Group, Inc. relating  to
      the  Property  at  Bear Valley Road and  Apple  Valley  Road,
      Apple  Valley,  California  (incorporated  by  reference   to
      Exhibit 10.4 of Form 10-QSB filed August 8, 2003).

10.19 Assignment of Sale-Purchase Agreement dated August
      19,  2003  between  the Partnership and AEI Fund  Management,
      Inc.  relating  to  the Property at 3621 Highway  231  North,
      Panama  City, Florida (incorporated by reference  to  Exhibit
      10.1 of Form 10-QSB filed November 11, 2003).

10.20 Assignment and Assumption of Lease Agreement dated
      September  19,  2003 between the Partnership,  AEI  Income  &
      Growth  Fund  XXI  Limited Partnership, AEI Income  &  Growth
      Fund  24, LLC and Transmitter Crossing, LLC relating  to  the
      Property  at  3621  Highway 231 North, Panama  City,  Florida
      (incorporated  by reference to Exhibit 10.2  of  Form  10-QSB
      filed November 11, 2003).

10.21 Purchase Agreement dated November 5, 2003  between
      the   Partnership,   AEI  Real  Estate  Fund   XVII   Limited
      Partnership and Kona Restaurant Group, Inc. relating  to  the
      Property   at   411   B  East  Loop  281,   Longview,   Texas
      (incorporated  by  reference to 10.3  of  Form  10-QSB  filed
      November 11, 2003).


ITEM 13.  EXHIBITS.  (Continued)

                           Description

10.22 Net Lease Agreement dated November 5, 2003 between
      the   Partnership,   AEI  Real  Estate  Fund   XVII   Limited
      Partnership and Kona Restaurant Group, Inc. relating  to  the
      Property   at   411   B  East  Loop  281,   Longview,   Texas
      (incorporated  by reference to Exhibit 10.4  of  Form  10-QSB
      filed November 11, 2003).

10.23 Assignment  of  Agreement  of  Sale   and   First
      Amendment  to  Agreement  of Sale  dated  December  23,  2003
      between  the  Partnership  and  AEI  Fund  Management,   Inc.
      relating  to  the  Property  at  2600  Highway  77/83,  North
      Brownsville,  Texas  (incorporated by  reference  to  Exhibit
      10.1 of Form 8-K filed January 2, 2004).

10.24 Net  Lease  Agreement  dated  December  30,   2003
      between  the  Partnership  and Kona  Restaurant  Group,  Inc.
      relating  to  the  Property  at  2600  Highway  77/83,  North
      Brownsville,  Texas  (incorporated by  reference  to  Exhibit
      10.2 of Form 8-K filed January 2, 2004).

10.25 Assignment of Purchase Agreement dated January  2,
      2004  between  the  Partnership, AEI Real Estate  Fund  XVIII
      Limited  Partnership and AEI Fund Management,  Inc.  relating
      to  the  Property  at  14145  West Colfax  Avenue,  Lakewood,
      Colorado (incorporated by reference to Exhibit 10.1  of  Form
      8-K filed February 17, 2004).

10.26 Assignment of Purchase Agreement dated January  9,
      2004  between  the  Partnership, AEI Real Estate  Fund  XVIII
      Limited  Partnership and AEI Fund Management,  Inc.  relating
      to  the  Property  at  157  Grant Avenue,  Auburn,  New  York
      (incorporated  by reference to Exhibit 10.31 of  Form  10-KSB
      filed March 19, 2004).

10.27 Assignment and Assumption of Lease dated  February
      5,  2004 between the Partnership, AEI Real Estate Fund  XVIII
      Limited  Partnership and Translakewood, LLC relating  to  the
      Property  at  14145  West Colfax Avenue,  Lakewood,  Colorado
      (incorporated by reference to Exhibit 10.2 of Form 8-K  filed
      February 17, 2004).

10.28 Assignment of Purchase Agreement dated  April  22,  2004
      between  the  Partnership  and  AEI  Fund  Management,   Inc.
      relating  to  the  Property at 4296  Kent  Road,  Stow,  Ohio
      (incorporated  by reference to Exhibit 10.1  of  Form  10-QSB
      filed May 11, 2004).

10.29 Assignment and Assumption of Lease dated April 30,  2004
      between  the Partnership, AEI Real Estate Fund XVIII  Limited
      Partnership  and PRECO II CRIC LLC relating to  the  Property
      at  4296 Kent Road, Stow, Ohio (incorporated by reference  to
      Exhibit 10.2 of Form 10-QSB filed May 11, 2004).

10.30 Assignment and Assumption of Lease dated  May  10,  2004
      between  the Partnership, AEI Real Estate Fund XVIII  Limited
      Partnership  and Grant Ave. & Standard Ave. Development,  LLC
      relating  to  the Property at 157 Grant Avenue,  Auburn,  New
      York  (incorporated by reference to Exhibit 10.2 of Form  8-K
      filed May 14, 2004).

10.31 Commercial  Purchase and Sale Agreement  dated  December
      16,  2004 between the Partnership, AEI Real Estate Fund XVIII
      Limited  Partnership, AEI Income & Growth Fund  23  LLC,  AEI
      Private  Net  Lease Millennium Fund Limited  Partnership  and
      Action  Outdoor Advertising Inc. relating to the Property  at
      5970 North Point Parkway, Alpharetta, Georgia.

 31.1 Certification of Chief Executive Officer  of  General
      Partner pursuant to Rule 15d-14(a)(17 CFR 240.15d-14(a))  and
      Section 302 of the Sarbanes-Oxley Act of 2002.

 31.2 Certification of Chief Financial Officer  of  General
      Partner pursuant to Rule 15d-14(a)(17 CFR 240.15d-14(a))  and
      Section 302 of the Sarbanes-Oxley Act of 2002.

   32 Certification  of Chief Executive Officer  and  Chief
      Financial Officer of General Partner pursuant to Section  906
      of the Sarbanes-Oxley Act of 2002.



ITEM 14.  PRINCIPAL ACCOUNTANT FEES AND SERVICES.

        The  following  is a summary of the fees  billed  to  the
Partnership  by  Boulay, Heutmaker, Zibell  &  Co.  P.L.L.P.  for
professional  services rendered for the years ended December  31,
2004 and 2003:

     Fee Category                            2004       2003

     Audit Fees                            $ 11,995   $ 11,359
     Audit-Related Fees                         625        538
     Tax Fees                                     0          0
     All Other Fees                               0          0
                                            --------   --------
          Total Fees                       $ 12,620   $ 11,897
                                            ========   ========

Audit  Fees  - Consists of fees billed for professional  services
rendered  for  the  audit of the Partnership's  annual  financial
statements   and  review  of  the  interim  financial  statements
included  in  quarterly reports, and services that  are  normally
provided   by  Boulay,  Heutmaker,  Zibell  &  Co.  P.L.L.P.   in
connection with statutory and regulatory filings or engagements.

Audit-Related  Fees - Consists of fees billed for  assurance  and
related  services that are reasonably related to the  performance
of  the  audit  or  review of financial statements  and  are  not
reported under "Audit Fees." These services include consultations
concerning financial accounting and reporting standards.

Tax  Fees - Consists of fees billed for professional services for
federal and state tax compliance, tax advice and tax planning.

All Other Fees - Consists of fees for products and services other
than the services reported above.


Policy   for  Preapproval  of  Audit  and  Permissible  Non-Audit
Services of Independent Auditors

        Before  the  Independent  Auditors  are  engaged  by  the
Partnership to render audit or non-audit services, the engagement
is  approved  by  Mr.  Johnson acting as the Partnership's  audit
committee.


                           SIGNATURES

        In  accordance with Section 13 or 15(d) of  the  Exchange
Act, the registrant caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.


                          AEI  NET LEASE INCOME & GROWTH FUND XIX
                          Limited Partnership
                          By: AEI Fund Management XIX, Inc.
                              Its Managing General Partner


March 18, 2005            By:/s/ Robert P Johnson
                                 Robert P. Johnson, President and Director
                                 (Principal Executive Officer)


        In accordance with the Exchange Act, this report has been
signed below by the following persons on behalf of the registrant
and in the capacities and on the dates indicated.

 Name                               Title                           Date


/s/ Robert P Johnson  President (Principal Executive Officer)  March 18, 2005
    Robert P.Johnson  and Sole Director of Managing General
                      Partner

/s/ Patrick W Keene   Chief Financial Officer and Treasurer    March 18, 2005
    Patrick W.Keene   (Principal Accounting Officer)