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

                            FORM 10-Q

        QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
             OF THE SECURITIES EXCHANGE ACT OF 1934

         For the quarterly period ended:  March 31, 2009

               Commission File Number:  333-144961

                   AEI INCOME & GROWTH FUND 27 LLC
     (Exact name of registrant as specified in its charter)

      State of Delaware                    20-8657207
(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
                 (Registrant's telephone number)

                        Not  Applicable
 (Former name, former address and former fiscal year, if changed
                       since last report)

Indicate  by check mark whether the registrant (1) has filed  all
reports  required  to be filed by Section  13  or  15(d)  of  the
Securities  Exchange Act of 1934 during the preceding  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.      [X] Yes     No

Indicate  by  check  mark  whether the registrant  has  submitted
electronically  and posted on its corporate  Web  site,  if  any,
every  Interactive Data File required to be submitted and  posted
pursuant  to Rule 405 of Regulation S-T (232.405 of this chapter)
during  the preceding 12 months (or for such shorter period  that
the registrant was required to submit and post such files).
                                          Yes        No

Indicate  by  check  mark  whether  the  registrant  is  a  large
accelerated filer, an accelerated filer, a non-accelerated filer,
or  a  smaller reporting company.  See the definitions of  "large
accelerated  filer," "accelerated filer" and  "smaller  reporting
company" in Rule 12b-2 of the Exchange Act.

  Large accelerated filer           Accelerated filer

  Non-accelerated filer             Smaller reporting company  [X]

Indicate by check mark whether the registrant is a shell  company
(as defined in Rule 12b-2 of the Exchange  Act).    Yes [X] No


                 AEI INCOME & GROWTH FUND 27 LLC

                              INDEX


Part I - Financial Information

 Item 1. Financial Statements:

         Balance Sheet as of March 31, 2009 and December 31, 2008

         Statements for the Three Months ended March 31, 2009 and 2008:

           Operations

           Cash Flows

           Changes in Members' Equity (Deficit)

         Notes to Financial Statements

 Item 2. Management's Discussion and Analysis  of  Financial Condition
           and Results of Operations

 Item 3. Quantitative and Qualitative Disclosures About Market Risk

 Item 4. Controls and Procedures

Part II - Other Information

 Item 1. Legal Proceedings

 Item 1A. Risk Factors

 Item 2. Unregistered Sales of Equity Securities and  Use  of Proceeds

 Item 3. Defaults Upon Senior Securities

 Item 4. Submission of Matters to a Vote of Security  Holders

 Item 5. Other Information

 Item 6. Exhibits

Signatures
<PAGE>
                 AEI INCOME & GROWTH FUND 27 LLC
                          BALANCE SHEET
              MARCH 31, 2009 AND DECEMBER 31, 2008

                             ASSETS

                                                    2009            2008
CURRENT ASSETS:
  Cash                                           $ 1,977,422   $ 1,059,127
  Receivables                                          3,144         2,955
                                                  -----------   -----------
      Total Current Assets                         1,980,566     1,062,082
                                                  -----------   -----------
INVESTMENTS IN REAL ESTATE:
  Land                                               905,714       904,146
  Buildings and Equipment                          2,870,765     2,870,765
  Construction in Progress                           241,456        42,852
  Accumulated Depreciation                           (83,529)      (55,727)
                                                  -----------   -----------
      Net Investments in Real Estate               3,934,406     3,762,036
                                                  -----------   -----------
          Total Assets                           $ 5,914,972   $ 4,824,118
                                                  ===========   ===========

                 LIABILITIES AND MEMBERS' EQUITY

CURRENT LIABILITIES:
  Payable to AEI Fund Management, Inc.           $    13,152   $    23,905
  Distributions Payable                               79,470        70,507
  Unearned Rent                                        7,750             0
                                                  -----------   -----------
      Total Current Liabilities                      100,372        94,412
                                                  -----------   -----------
MEMBERS' EQUITY (DEFICIT):
  Managing Members                                   (16,253)      (14,413)
  Limited Members, $10 per Unit;
   10,000,000 Units authorized;
   701,998 and 567,726 Units issued and
   outstanding  in 2009 and 2008, respectively     5,830,853     4,744,119
                                                  -----------   -----------
      Total Members' Equity                        5,814,600     4,729,706
                                                  -----------   -----------
         Total Liabilities and Members' Equity   $ 5,914,972   $ 4,824,118
                                                  ===========   ===========

 The accompanying Notes to Financial Statements are an integral
                     part of this statement.
</PAGE>
<PAGE>
                 AEI INCOME & GROWTH FUND 27 LLC
                     STATEMENT OF OPERATIONS
               FOR THE THREE MONTHS ENDED MARCH 31


                                                       2009         2008

RENTAL INCOME                                    $    59,331   $    14,431

EXPENSES:
  LLC Administration - Affiliates                     18,987         2,131
  LLC Administration and Property
     Management - Unrelated Parties                    5,750         1,591
  Depreciation                                        27,802         5,693
                                                  -----------   -----------
      Total Expenses                                  52,539         9,415
                                                  -----------   -----------

OPERATING INCOME                                       6,792         5,016

OTHER INCOME (EXPENSE):
  Interest Income                                     11,355            39
  Interest Expense                                         0       (11,098)
                                                  -----------   -----------
NET INCOME (LOSS)                                $    18,147   $    (6,043)
                                                  ===========   ===========

NET INCOME (LOSS) ALLOCATED:
  Managing Members                               $       544   $    (6,043)
  Limited Members                                     17,603             0
                                                  -----------   -----------
                                                 $    18,147   $    (6,043)
                                                  ===========   ===========

NET INCOME PER LLC UNIT                          $       .03   $         0
                                                  ===========   ===========

Weighted Average Units Outstanding                   616,689             0
                                                  ===========   ===========

 The accompanying Notes to Financial Statements are an integral
                     part of this statement.
</PAGE>
<PAGE>
                 AEI INCOME & GROWTH FUND 27 LLC
                     STATEMENT OF CASH FLOWS
               FOR THE THREE MONTHS ENDED MARCH 31

                                                       2009         2008
CASH FLOWS FROM OPERATING ACTIVITIES:
  Net Income (Loss)                              $    18,147   $    (6,043)

  Adjustments To Reconcile Net Income (Loss)
  To Net Cash Provided By Operating Activities:
     Depreciation                                     27,802         5,693
     Increase in Receivables                            (189)            0
     Increase (Decrease) in Payable to
        AEI Fund Management, Inc.                    (10,753)        8,457
     Increase in Interest Payable                          0         5,600
     Increase in Unearned Rent                         7,750         7,750
                                                  -----------   -----------
       Total Adjustments                              24,610        27,500
                                                  -----------   -----------
       Net Cash Provided By
           Operating Activities                       42,757        21,457
                                                  -----------   -----------
CASH FLOWS FROM INVESTING ACTIVITIES:
  Investments in Real Estate                        (200,172)   (1,297,650)
                                                  -----------   -----------
CASH FLOWS FROM FINANCING ACTIVITIES:
  Proceeds from Note Payable                               0     1,301,000
  Capital Contributions from Limited Members       1,342,723             0
  Organization and Syndication Costs                (196,506)            0
  Distributions Paid to Members                      (70,507)            0
                                                  -----------   -----------
       Net Cash Provided By
           Financing Activities                    1,075,710     1,301,000
                                                  -----------   -----------

NET INCREASE IN CASH                                 918,295        24,807

CASH, beginning of period                          1,059,127         1,038
                                                  -----------   -----------
CASH, end of period                              $ 1,977,422   $    25,845
                                                  ===========   ===========
SUPPLEMENTAL CASH FLOW INFORMATION:
  Cash Paid for Interest                         $         0   $     5,498
                                                  ===========   ===========
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING ACTIVITIES:
 Acquisition Expenses Payable to
   AEI Fund Management                           $         0   $    47,742
                                                  ===========   ===========

 The accompanying Notes to Financial Statements are an integral
                     part of this statement.
</PAGE>
<PAGE>
                 AEI INCOME & GROWTH FUND 27 LLC
        STATEMENT OF CHANGES IN MEMBERS' EQUITY (DEFICIT)
               FOR THE THREE MONTHS ENDED MARCH 31


                                                                  Limited
                                                                   Member
                             Managing    Limited                   Units
                             Members     Members      Total     Outstanding


BALANCE, December 31, 2007  $  1,038   $         0   $     1,038           0

  Net Loss                    (6,043)            0        (6,043)
                             --------   -----------   -----------  ----------
BALANCE, March 31, 2008     $ (5,005)  $         0   $    (5,005)          0
                             ========   ===========   ===========  ==========


BALANCE,  December 31, 2008 $(14,413)  $ 4,744,119   $ 4,729,706   567,725.6

  Capital Contributions            0     1,342,723     1,342,723   134,272.3

   Organization and
    Syndication Costs              0      (196,506)     (196,506)

  Distributions Declared      (2,384)      (77,086)      (79,470)

  Net Income                     544        17,603        18,147
                             --------   -----------   -----------  ----------
BALANCE, March 31, 2009     $(16,253)  $ 5,830,853   $ 5,814,600   701,997.9
                             ========   ===========   ===========  ==========

 The accompanying Notes to Financial Statements are an integral
                     part of this statement.
</PAGE>

                 AEI INCOME & GROWTH FUND 27 LLC
                  NOTES TO FINANCIAL STATEMENTS
                         MARCH 31, 2009

(1)  The  condensed  statements included herein have been  prepared
     by  the  registrant, without audit, pursuant to the rules  and
     regulations  of  the Securities and Exchange  Commission,  and
     reflect   all  adjustments  which  are,  in  the  opinion   of
     management,  necessary to a fair statement of the  results  of
     operations for the interim period, on a basis consistent  with
     the  annual audited statements.  The adjustments made to these
     condensed   statements  consist  only  of   normal   recurring
     adjustments.   Certain information, accounting  policies,  and
     footnote    disclosures   normally   included   in   financial
     statements  prepared  in  accordance with  generally  accepted
     accounting principles have been condensed or omitted  pursuant
     to   such  rules  and  regulations,  although  the  registrant
     believes  that  the  disclosures  are  adequate  to  make  the
     information  presented not misleading.  It is  suggested  that
     these  condensed financial statements be read  in  conjunction
     with  the  financial statements and the summary of significant
     accounting  policies  and  notes  thereto  included   in   the
     registrant's latest annual report on Form 10-K.

(2)  Organization -

     AEI  Income  &  Growth  Fund 27 LLC ("Company"),  a  Limited
     Liability Company, was formed on January 26, 2007 to acquire
     and  lease commercial properties to operating tenants.   The
     Company's operations are managed by AEI Fund Management XXI,
     Inc.  ("AFM"), the Managing Member.  Robert P. Johnson,  the
     President  and sole director of AFM, serves as  the  Special
     Managing  Member.  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 Company.

     The  terms of the offering call for a subscription price  of
     $10 per LLC Unit, payable on acceptance of the offer.  Under
     the  terms of the Operating Agreement, 10,000,000 LLC  Units
     are  available for subscription which, if fully  subscribed,
     will  result  in  contributed Limited  Members'  capital  of
     $100,000,000.  The Company commenced operations on  June  5,
     2008   when  minimum  subscriptions  of  150,000  LLC  Units
     ($1,500,000)  were accepted.  At March 31,  2009,  701,997.9
     Units  ($7,019,979)  were subscribed  and  accepted  by  the
     Company.   The Managing Members have contributed capital  of
     $1,000.

     During operations, any Net Cash Flow, as defined, which  the
     Managing Members determine to distribute will be distributed
     97%  to  the Limited Members and 3% to the Managing Members.
     Distributions to Limited Members will be made  pro  rata  by
     Units.

     Any  Net  Proceeds  of Sale, as defined, from  the  sale  or
     financing of properties which the Managing Members determine
     to distribute will, after provisions for debts and reserves,
     be  paid  in  the following manner: (i) first,  99%  to  the
     Limited  Members  and 1% to the Managing Members  until  the
     Limited  Members  receive  an amount  equal  to:  (a)  their
     Adjusted  Capital Contribution plus (b) an amount  equal  to
     6.5%  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 Members and  10%  to
     the  Managing Members.  Distributions to the Limited Members
     will be made pro rata by Units.


                 AEI INCOME & GROWTH FUND 27 LLC
                  NOTES TO FINANCIAL STATEMENTS
                           (Continued)

(2)  Organization - (Continued)

     For  tax  purposes,  the  items of income,  gain,  loss  and
     deduction of the Company will be allocated among the Members
     in   a  manner  that  will  give  economic  effect  to   the
     distributions made by the Company.

(3)  Investments in Real Estate -

     On February 5, 2008, the Company purchased a Starbucks store
     in  Shreveport, Louisiana for $1,369,132 from  an  unrelated
     third party. The property is leased to Starbucks Corporation
     under a lease agreement with a remaining primary term of  10
     years and initial annual rent of $93,000.

     On  October 6, 2008, the Company purchased a 33% interest in
     a  Best  Buy store in Lake Geneva, Wisconsin for $2,052,214.
     The  property  is leased to Best Buy Stores,  L.P.  under  a
     Lease  Agreement with a remaining primary term of 10.3 years
     and  initial  annual  rent  of  $144,325  for  the  interest
     purchased.   The  remaining interests in the  property  were
     purchased   by  AEI  Income  &  Growth  Fund  XXII   Limited
     Partnership and AEI Income & Growth Fund 24 LLC,  affiliates
     of the Company.

     On  November 21, 2008, the Company purchased a 37%  interest
     in  a  parcel  of  land  in  Rapid City,  South  Dakota  for
     $355,133,  including  acquisition  expenses.   The   Company
     obtained  title to the land in the form of an undivided  fee
     simple interest in the 37% interest purchased.  Simultaneous
     with  the purchase of the land, the Company entered  into  a
     Development Financing Agreement under which the Company will
     advance funds to Brad and Dad, LLC for the construction of a
     Tractor Supply Company store on the site.  Through March 31,
     2009, the Company had advanced $241,456 for the construction
     of  the building.  The purchase price, including the cost of
     the  land  and  acquisition expenses, will be  approximately
     $1,140,000.  The  remaining interest  in  the  property  was
     purchased   by  AEI  Income  &  Growth  Fund   XXI   Limited
     Partnership, an affiliate of the Company.

     The  property  is leased to Tractor Supply Company  under  a
     Lease  Agreement with a primary term of 15 years and initial
     annual rent of $83,250 for the interest purchased.  Pursuant
     to  the  Lease, the tenant will commence paying rent on  the
     day the store opens for business, which is expected to be in
     June  2009.  Pursuant to the development agreement, for  the
     period  from  November 21, 2008 to the day that  the  tenant
     commences  paying  rent, Brad and  Dad,  LLC  will  pay  the
     Company interest at a rate of 6.9% on the purchase price  of
     the  land and the amounts advanced for construction  of  the
     building.   Pursuant to the Lease, any improvements  to  the
     land during the term of the Lease become the property of the
     Company.

                 AEI INCOME & GROWTH FUND 27 LLC
                  NOTES TO FINANCIAL STATEMENTS
                           (Continued)

(3)  Investments in Real Estate - (Continued)

     Subsequent  to March 31, 2009, the Company entered  into  an
     agreement to purchase a 30% interest in a Staples  store  in
     Vernon  Hills,  Illinois for approximately $1,592,000.   The
     property  is  leased to Staples the Office Superstore  East,
     Inc.  under a Lease Agreement with a remaining primary  term
     of  9.4  years and initial annual rent of $132,135  for  the
     interest  purchased.  The remaining interest in the property
     will  be purchased by AEI Net Lease Income & Growth Fund  XX
     Limited Partnership, an affiliate of the Company.

(4)  Payable to AEI Fund Management, Inc. -

     AEI  Fund  Management, Inc. performs the administrative  and
     operating  functions for the Company.  The  payable  to  AEI
     Fund   Management  represents  the  balance  due  for  those
     services.    This  balance  is  non-interest   bearing   and
     unsecured  and  is  to  be  paid in  the  normal  course  of
     business.

(5)  Note Payable -

     In  order  to facilitate the purchase of its first property,
     the  Company  entered into a Line of Credit  Agreement  with
     Fidelity  Bank, Edina, Minnesota, for $1,301,000.  The  Note
     was  due  on August 1, 2008 and called for interest  at  the
     prime  rate minus 0.25% with the interest due on  the  first
     day  of  each  month. The Note was secured  by  all  of  the
     Company's assets and was guaranteed by the Special  Managing
     Member  and  AEI Capital Corporation, the parent company  of
     the  Managing Member.  For the three months ended March  31,
     2008, interest expense related to the Note was $11,098.

     On  June  5, 2008, the Company used the majority of the  net
     proceeds   released  from  escrow  to  pay  the  outstanding
     principal  and  interest  due on  the  Note.   Although  the
     registration statement indicates that no properties will  be
     acquired using debt financing, debt was used to acquire this
     property  solely  to  finance  its  purchase  prior  to  the
     admission  of Limited Members. No property will be  acquired
     using  debt financing after the initial admission of Limited
     Members.

(6)  Fair Value Measurements -

     In September 2006, the FASB issued SFAS No. 157, "Fair Value
     Measurements,"  ("SFAS  157"). SFAS  157  provides  enhanced
     guidance  for  using  fair  value  to  measure  assets   and
     liabilities.   In  February  2008,  the  FASB  issued  Staff
     Position (FSP) No. 157-2, which deferred the effective  date
     of  SFAS  157  for one year relative to certain nonfinancial
     assets  and liabilities.  The Company adopted SFAS  157  for
     financial assets and liabilities on January 1, 2008 and  for
     certain  nonfinancial assets and liabilities on  January  1,
     2009.  The Company has no assets or liabilities measured  at
     fair  value on a recurring basis or nonrecurring basis  that
     would require disclosure under this pronouncement.


ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
        AND RESULTS OF OPERATIONS.

        This  section contains "forward looking statements" 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, the
sufficiency  of  cash  to  meet  operating  expenses,  rates   of
distribution,  and  other  matters.   These,  and  other  forward
looking  statements,  should be evaluated in  the  context  of  a
number  of  factors  that  may  affect  the  Company's  financial
condition and results of operations, including the following:

    Market  and  economic conditions which affect the  value
    of  the  properties the Company 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
    effects of these consequences for Members;

    resolution  by  the Managing Members of  conflicts  with
    which they may be confronted;

    the   success  of  the  Managing  Members  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 Company operate.


Application of Critical Accounting Policies

        The  preparation  of  the Company'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 Company as opposed to other funds they manage.

       Prior to January 1, 2009, the Company purchased properties
and  recorded them in the financial statements at cost (including
capitalized acquisition expenses).  For acquisitions completed on
or  after January 1, 2009, acquisition-related transaction  costs
will  be  expensed  as incurred as a result of  the  adoption  of
Statement of Financial Accounting Standards No. 141(R), "Business
Combinations".    The   Company  tests  long-lived   assets   for
recoverability  when events or changes in circumstances  indicate
that  the  carrying value may not be recoverable.  For properties
the  Company 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.  Changes in these assumptions
or  analysis may 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 Company reimburses these  expenses
subject  to  detailed  limitations  contained  in  the  Operating
Agreement.


ITEM 2.   MANAGEMENT'S DISCUSSION AND ANALYSIS.  (Continued)

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

Results of Operations

        For  the  three months ended March 31, 2009, the  Company
recognized  rental income of $59,331, representing  three  months
rent  from  two  properties.  At March 31,  2009,  the  scheduled
annual  rent  for the properties was $237,325.    For  the  three
months ended March 31, 2008, the Company recognized rental income
of  $14,431, representing rent from one property acquired  during
the period.

        For  the three months ended March 31, 2009 and 2008,  the
Company  incurred  LLC  administration expenses  from  affiliated
parties    of   $18,987   and   $2,131,   respectively.     These
administration  expenses  include  costs  associated   with   the
management of the properties, processing distributions, reporting
requirements and communicating with the Limited Members.   During
the  same  periods,  the Company incurred LLC administration  and
property management expenses from unrelated parties of $5,750 and
$1,591,  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.   As  the Company raised additional subscription  proceeds
and  purchased  additional  properties,  the  administration  and
property management expenses increased.

        For  the three months ended March 31, 2009 and 2008,  the
Company  recognized  interest income,  mainly  from  subscription
proceeds  temporarily  invested in a  money  market  account,  of
$11,355 and $39, respectively.

        For  the  three  months ended March  31,  2008,  interest
expense related to the Note on the Starbucks store in Shreveport,
Louisiana was $11,098.  The Note called for interest at the prime
rate  minus 0.25% with the interest due on the first day of  each
month.

         Management  believes  inflation  has  not  significantly
affected  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.  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

        The  Company's primary sources of cash are proceeds  from
the  sale  of Units, interest income, rental income and  proceeds
from  the  sale  of  property.  Its  primary  uses  of  cash  are
investment  in real properties, payment of expenses  involved  in
the sale of Units, the management of properties, the organization
and   administration  of  the  Company,  and   the   payment   of
distributions.

ITEM 2.   MANAGEMENT'S DISCUSSION AND ANALYSIS.  (Continued)

        The  Company  generated $42,757 of cash  from  operations
during  the  three months ended March 31, 2009, representing  net
income  of  $18,147  and  a  non-cash  expense  of  $27,802   for
depreciation, which were partially offset by $3,192 in net timing
differences  in the collection of payments from the  tenants  and
the  payment of expenses.  The Company generated $21,457 of  cash
from  operations  during the three months ended March  31,  2008,
representing $21,807 in net timing differences in the  collection
of  payments from the tenants and the payment of expenses, and  a
non-cash expense of $5,693 for depreciation, which were partially
offset by a net loss of $6,043.

        The  major  components of the Company's  cash  flow  from
investing activities are investments in real estate and  proceeds
from  the  sale  of real estate.  During the three  months  ended
March   31,   2009,  the  Company  expended  $200,172   for   the
construction  of  the Tractor Supply store in Rapid  City,  South
Dakota.

        During  the  year  ended December 31, 2008,  the  Company
expended  $3,817,763 to invest in real properties  (inclusive  of
acquisition   expenses).   On  February  5,  2008,  the   Company
purchased   a  Starbucks  store  in  Shreveport,  Louisiana   for
$1,369,132.   On  October 6, 2008, the Company  purchased  a  33%
interest  in  a  Best  Buy store in Lake  Geneva,  Wisconsin  for
$2,052,214.   On November 21, 2008, the Company purchased  a  37%
interest  in  a  parcel of land in Rapid City, South  Dakota  for
$353,565.   Simultaneous  with the  purchase  of  the  land,  the
Company  entered  into  a Development Financing  Agreement  under
which  the  Company will advance approximately $787,000  for  the
construction  of  a  Tractor Supply Company store  on  the  site.
Through  December 31, 2008, the Company had advanced $42,852  for
the construction of the building.

       In order to facilitate the purchase of its first property,
the Company entered into a Line of Credit Agreement with Fidelity
Bank,  Edina,  Minnesota, for $1,301,000. The  Note  was  due  on
August  1,  2008, and was secured by all of the Company's  assets
and was guaranteed by the Special Managing Member and AEI Capital
Corporation, the parent company of the Managing Member.  On  June
5,  2008, the Company paid the outstanding principal and  accrued
interest  due  on the Note.  Although the registration  statement
indicates  that  no  properties  will  be  acquired  using   debt
financing,  debt  was  used to acquire this  property  solely  to
finance  its purchase prior to the admission of Limited  Members.
No  property  will  be  acquired using debt financing  after  the
initial admission of Limited Members.

       During the offering of Units, the Company's primary source
of  cash  flow  is  from  the sale of  LLC  Units.   The  Company
commenced  its  offering of LLC Units to  the  public  through  a
registration  statement that became effective November  19,  2007
and  will continue until November 18, 2009, unless all 10,000,000
LLC  Units  are  sold  before then.  The  registration  statement
indicated  that  the  Company would not be capitalized,  and  all
subscription funds would be held in escrow, until the Company had
received  subscriptions  for  150,000  units  ($1,500,000).   The
Company obtained subscriptions for the 150,000 Units required for
release  of  escrow  proceeds and on June 5,  2008,  the  Company
accepted subscriptions for 168,513.6 Units for aggregate proceeds
of  $1,685,136.   Through March 31, 2009, the  Company  raised  a
total  of  $7,019,979  from the sale of  701,997.9  Units.   From
subscription  proceeds,  the Company  incurred  organization  and
syndication  costs (which constitute a reduction of  capital)  of
$1,037,772.

ITEM 2.   MANAGEMENT'S DISCUSSION AND ANALYSIS.  (Continued)

        After  completion of the acquisition phase, the Company's
primary  use  of  cash  flow  will be  distribution  payments  to
Members.     The   Company   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.
For  the  three months ended March 31, 2009, the Company declared
distributions of $79,470, which were allocated 97% to the Limited
Members and 3% to the Managing Members.

        Beginning in May 2010, the Company may acquire Units from
Limited  Members  who have tendered their Units to  the  Company.
Such  Units may be acquired at a discount.  The Company will  not
be  obligated to purchase in any year more than 2% of  the  total
number  of  Units outstanding on January 1 of such year.   In  no
event shall the Company be obligated to purchase Units if, in the
sole  discretion  of  the Managing Member,  such  purchase  would
impair the capital or operation of the Company.

        The  Operating Agreement requires that all proceeds  from
the  sale  of Units, subject to a reasonable reserve for  ongoing
operations, be invested or committed to investment in  properties
by  the  later  of  two years after the date of the  registration
statement  or  twelve months after the offering  terminates.   As
March 31, 2009, the Company had no formal contractual commitments
to  expend capital, except for the agreement to advance funds for
the construction of the Tractor Supply Company store.  Subsequent
to  March  31,  2009, the Company entered into  an  agreement  to
purchase  a  30%  interest in a Staples store  in  Vernon  Hills,
Illinois for approximately $1,592,000.

        Until capital is invested in properties, the Company will
remain   extremely   liquid.   After   completion   of   property
acquisitions, the Company will attempt to maintain a cash reserve
of  only  approximately  .5% of subscription  proceeds.   Because
properties  are purchased for cash and leased under  net  leases,
this is considered adequate to satisfy most contingencies.

The Economy and Market Conditions

       The impact of conditions in the current economy, including
the  turmoil  in the credit markets, has adversely affected  many
real   estate  companies.   However,  the  absence  of   mortgage
financing  on  the Company's properties eliminates the  risks  of
foreclosure and debt-refinancing that can negatively  impact  the
value  and  distributions  of leveraged  real  estate  companies.
Nevertheless, a prolonged economic downturn may adversely  affect
the operations of the Company's tenants and their cash flows.  If
a  tenant were to default on its lease obligations, the Company's
income  would decrease, its distributions would likely be reduced
and the value of its properties might decline.

        The Company's plan was to periodically sell properties to
generate  capital gains that would be included in  the  Company's
regular quarterly distributions and to make special distributions
on  occasion.   Beginning in the fourth quarter of 2008,  general
economic conditions caused the volume of property sales  to  slow
dramatically for all real estate sellers.  In 2008,  the  Company
did  not  complete  any property sales and  may  have  difficulty
completing a property sale in 2009.  Until property sales  occur,
quarterly   distributions   going  forward   will   reflect   the
distribution  of net core rental income and capital reserves,  if
any.  Distribution rates in 2009 are expected to be variable  and
less  than  historical  distribution rates  until  such  time  as
economic conditions allow the Company to begin selling properties
at acceptable prices and generating gains for distribution.


ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

       Not required for a smaller reporting company.

ITEM 4.   CONTROLS AND PROCEDURES.

       (a)  Disclosure Controls and Procedures.

        Under  the  supervision  and with  the  participation  of
management, including its President and Chief Financial  Officer,
the Managing Member of the Company evaluated the effectiveness of
the   design  and  operation  of  our  disclosure  controls   and
procedures  (as  defined in Rule 13a-15(e) under  the  Securities
Exchange  Act  of  1934 (the "Exchange Act")).  Based  upon  that
evaluation,  the  President and Chief Financial  Officer  of  the
Managing  Member  concluded that, as of the  end  of  the  period
covered  by  this report, our disclosure controls and  procedures
were  effective  in  ensuring  that information  required  to  be
disclosed  by us in the reports that we file or submit under  the
Exchange  Act  is  recorded, processed, summarized  and  reported
within  the time periods specified in applicable rules and  forms
and  that  such  information is accumulated and  communicated  to
management,  including the President and Chief Financial  Officer
of  the Managing Member, in a manner that allows timely decisions
regarding required disclosure.

       (b)  Changes in Internal Control Over Financial Reporting.

        During  the  most recent period covered by  this  report,
there  has  been no change in our internal control over financial
reporting  (as defined in Rule 13a-15(f) under the Exchange  Act)
that  has  materially  affected,  or  is  reasonably  likely   to
materially affect, our internal control over financial reporting.


                   PART II - OTHER INFORMATION

ITEM 1.   LEGAL PROCEEDINGS.

        There are no material pending legal proceedings to  which
the  Company  is  a party or of which the Company's  property  is
subject.

ITEM 1A.  RISK FACTORS.

       Not required for a smaller reporting company.


                   PART II - OTHER INFORMATION
                           (Continued)

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.

       (a) None.

        (b) The registration statement for the offering (No. 333-
144961)  was  declared  effective  on  November  19,  2007.   The
offering  commenced  on November 19, 2007 and  is  ongoing.   AEI
Securities,  Inc.  (ASI) is the dealer manager of  the  offering.
The  registration  statement covers 10,000,000 Units  of  limited
liability  company interest at an aggregate price of up  to  $100
million.   Through March 31, 2009, the Company had sold 701,997.9
Units for gross offering proceeds of $7,019,979.

       From gross offering proceeds, the Company paid $670,437 in
selling commissions to ASI, an affiliate of the Managing Members.
Of  this  amount, $434,610 was re-allowed by ASI to participating
broker-dealers  not  affiliated with the Managing  Members.   The
gross  offering  proceeds  were further reduced  by  underwriting
discounts of $16,336 and other organization and syndication costs
of  $350,999  of which $191,759 was paid to AEI Fund  Management,
Inc., an affiliate of the Managing Members, for costs incurred in
connection with managing the Company's offering and organization.
From   inception   to  March  31,  2009,  the  Company   incurred
commissions,   organization   and  syndication   costs   totaling
$1,037,772.

        From  the  net  offering proceeds, the  Company  expended
$4,017,935 to acquire real estate of which $3,872,122 represented
cash  paid  to  unaffiliated  sellers  of  real  estate,  $49,383
represented  an  acquisition  administration  fee  paid  to   the
Managing  Member and $96,430 represented cash paid  to  reimburse
AEI  Fund Management, Inc. for costs and direct expenses incurred
by it in acquiring properties on behalf of the Company.

        (c) Beginning in May 2010, pursuant to Section 7.7 of the
Operating Agreement, each Limited Member has the right to present
Units  to  the Company for purchase by submitting notice  to  the
Managing  Member during January or July of each year.   From  May
2010  through November 2011, the purchase price of the  Units  is
equal  to  90% of the net asset value per Unit, as of  the  first
business  day  of January or July of each year, as determined  by
the  Managing  Member in accordance with the  provisions  of  the
Operating Agreement.  After November 2011, the purchase price  is
equal to 95% of the net asset value per Unit.  The purchase price
is  equal to 100% of the net asset value per Unit in the case  of
Units  of  a  deceased investor, who purchased the Units  in  the
initial  offering  and who is a natural person,  including  Units
held  by  an investor that is an IRA or other qualified plan  for
which  the deceased person was the primary beneficiary, or  Units
held  by  an  investor  that is a grantor  trust  for  which  the
deceased person was the grantor.

        Units tendered to the Company during January and July are
redeemed on April 1st and October 1st, respectively, of each year
subject  to the following limitations.  The Company will  not  be
obligated  to  purchase in any year more than  2%  of  the  total
number  of  Units outstanding on January 1 of such year.   In  no
event shall the Company be obligated to purchase Units if, in the
sole  discretion  of  the Managing Member,  such  purchase  would
impair  the  capital  or operation of the  Company.   During  the
period  covered by this report, the Company did not purchase  any
Units.

                   PART II - OTHER INFORMATION
                           (Continued)

ITEM 3.   DEFAULTS UPON SENIOR SECURITIES.

       None.

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

       None.

ITEM 5.   OTHER INFORMATION.

       None.

ITEM 6.   EXHIBITS.

    31.1  Certification  of Chief Executive Officer  of  Managing
    Member  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  Managing
    Member  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 Managing Member pursuant to Section  906
    of the Sarbanes-Oxley Act of 2002.

                           SIGNATURES

        Pursuant  to the requirements of the Securities  Exchange
Act  of  1934, the registrant has duly caused this report  to  be
signed   on   its  behalf  by  the  undersigned  thereunto   duly
authorized.


Dated:  May 12, 2009          AEI Income & Growth Fund 27 LLC
                              By:  AEI Fund Management XXI, Inc.
                              Its: Managing Member



                              By: /s/ Robert P Johnson
                                      Robert P. Johnson
                                      President
                                      (Principal Executive Officer)



                              By: /s/ Patrick W Keene
                                      Patrick W. Keene
                                      Chief Financial Officer
                                      (Principal Accounting Officer)