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, 2007

               Commission file number:  000-24003

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

        State of Minnesota                41-1848181
(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 under Section 12(b) of the Exchange Act:
                                 Name of each exchange on
     Title of each class             which registered
             None                          None

Securities registered under Section 12(g) of the Exchange Act:

                      Limited Partnership Units
                        (Title of class)

Check whether the issuer is not required to file reports pursuant
to Section 13 or 15(d) of the Exchange Act.

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]

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

The  Issuer's revenues for the year ended December 31, 2007  were
$881,316.

As  of  February 29, 2008, there were 15,782.561 Units of limited
partnership  interest 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 $15,782,561.

               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  Income  & Growth Fund XXII Limited Partnership  (the
"Partnership" or the "Registrant") is a limited partnership which
was  organized pursuant to the laws of the State of Minnesota  on
July   31,  1996.   The  registrant  is  comprised  of  AEI  Fund
Management XXI, 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
$24,000,000  of  limited  partnership  interests  (the   "Units")
(24,000  Units  at  $1,000 per Unit) pursuant to  a  registration
statement  effective January 10, 1997.  The Partnership commenced
operations  on  May 1, 1997 when minimum subscriptions  of  1,500
Limited  Partnership  Units  ($1,500,000)  were  accepted.    The
Partnership's  offering  terminated  January  9,  1999  when  the
extended  offering  period  expired.   The  Partnership  received
subscriptions   for   16,917.222   Limited   Partnership    Units
($16,917,222).

        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 twelve properties, including partial interests in three
properties, at a total cost of $13,363,547.  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 commercial,
single tenant buildings leased under triple net leases.

        The  Partnership's properties were purchased 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 10% 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.   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 twelve to fifteen years after its formation,
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, classified as operating leases.
Under a triple net lease, the tenant is responsible for all  real
estate  taxes,  insurance,  maintenance,  repairs  and  operating
expenses  for  the  property.  At the time  the  properties  were
acquired, the remaining primary lease terms varied from 13 to  20
years.  The leases provide the tenants with two to four five-year
renewal options subject to the same terms and conditions  as  the
primary  term.   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.

Property Activity

        In  July  2003, the tenant 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.  In November 2004,
the Partnership and the tenant entered into an agreement to amend
the  Lease  to  provide the tenant with options to  purchase  the
property  and  terminate the Lease.  Under the  purchase  option,
which expired October 31, 2006, the tenant could have elected  to
purchase   the   Partnership's  interest  in  the  property   for
$1,248,000.  Under the termination option, the tenant could 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.  As part of this agreement, the Partnership received
a  personal guarantee from the majority shareholder of the tenant
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 tenant continued to pay rent and  complied  with
its Lease obligations.

        On  April  30, 2006, the tenant exercised its  option  to
terminate the Lease effective October 31, 2006.  The tenant  paid
the  Partnership the required payment of $158,860 on October  31,
2006,  and  the  Lease was terminated.  The Partnership  actively
marketed  the property for sale and listed it with a real  estate
broker  in  the  Austin  area.  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
first  quarter  of 2006, a charge to discontinued operations  for
real estate impairment of $495,638 was recognized, which was  the
difference between the book value at March 31, 2006 of $1,359,638
and  the  estimated  fair  value of  $864,000.   The  charge  was
recorded against the cost of the land, building and equipment.

        In  September  2006,  the  Partnership  entered  into  an
agreement to sell its 48% interest in the Razzoo's restaurant  to
an  unrelated third party.  On November 21, 2006, the sale closed
with  the  Partnership receiving net sale proceeds  of  $840,892,
which  resulted in a net loss of $23,108.  At the time  of  sale,
the net book value of the property was $864,000.

ITEM 1.   DESCRIPTION OF BUSINESS.  (Continued)

        On  May  11,  2006, the Partnership sold  the  Tumbleweed
restaurant  in Fort Wayne, Indiana for $1,200,000 to the  tenant.
The  sale agreement required a cash payment of $1,036,000  and  a
Promissory  Note  for $164,000.  The Partnership  recognized  net
sale  proceeds  of $1,161,272, which resulted in a  net  gain  of
$93,745.   At  the time of sale, the cost and related accumulated
depreciation was $1,316,695 and $249,168, respectively.  The Note
required monthly payments of $9,550, bore interest at a  6%  rate
and was unsecured.  On November 2, 2007, the Partnership received
the balance of the outstanding principal and accrued interest due
on the Note.

        On  September 21, 2006, the Partnership purchased  a  38%
interest  in  an Applebee's restaurant in Johnstown, Pennsylvania
for  $1,031,187.  The property is leased to B.T.  Woodlipp,  Inc.
under a Lease Agreement with a remaining primary term of 20 years
and  initial  annual rent of $74,370.  The remaining interest  in
the  property  was  purchased by AEI Income  &  Growth  Fund  XXI
Limited Partnership, an affiliate of the Partnership.

       On November 3, 2006, the Partnership sold its 32% interest
in  the  Garden  Ridge  retail store in Woodlands,  Texas  to  an
unrelated  third  party.   The  Partnership  received  net   sale
proceeds of $2,792,170, which resulted in a net gain of $366,215.
At   the   time   of  sale,  the  cost  and  related  accumulated
depreciation was $2,661,132 and $235,177, respectively.

         In  November  2006,  the  Partnership  entered  into  an
agreement  to  sell  the  Children's  World  daycare  center   in
Abingdon,  Maryland to an unrelated third party.  On December  6,
2006,  the  sale closed with the Partnership receiving  net  sale
proceeds of $1,460,899, which resulted in a net gain of $652,292.
At   the   time   of  sale,  the  cost  and  related  accumulated
depreciation was $1,051,772 and $243,165, respectively.

        On  December  21, 2006, the Partnership purchased  a  65%
interest in an Advance Auto Parts store in Indianapolis,  Indiana
for  $1,244,173.   The  property  is  leased  to  Advance  Stores
Company,  Inc.  under a Lease Agreement with a remaining  primary
term  of  13.5  years and initial annual rent  of  $87,168.   The
remaining interest in the property was purchased by AEI Income  &
Growth Fund 25 LLC, an affiliate of the Partnership.

        On  December  29, 2006, the Partnership purchased  a  60%
interest  in an Applebee's restaurant in Crawfordsville,  Indiana
for  $1,856,656  from AEI Fund Management XVII,  Inc.  (AFM),  an
affiliate  of  the General Partners.  AFM purchased the  property
from Apple Indiana II LLC, an unrelated third party, on September
21,  2006.  The price paid by the Partnership was  equal  to  the
price  paid  by  AFM  plus  the  expenses  incurred  to  transfer
ownership of the property to the Partnership, which were minimal.
During  the  period the property was owned by AFM,  the  property
generated  a  net  loss  of  $4,217, which  was  charged  to  the
Partnership. There was no benefit arising out of the  transaction
to   the   General  Partners  or  their  affiliates  apart   from
compensation otherwise permitted by the Partnership Agreement.

        The  property is leased to Apple Indiana II LLC  under  a
Lease  Agreement with a remaining primary term of  20  years  and
initial annual rent of $133,933.  The remaining interest  in  the
property  is  owned  by  AEI Income &  Growth  Fund  26  LLC,  an
affiliate of the Partnership.

ITEM 1.   DESCRIPTION OF BUSINESS.  (Continued)

        On  January  19,  2007, the Partnership purchased  a  50%
interest in a Tractor Supply Company store in Grand Forks,  North
Dakota  for $1,403,874.  The property is leased to Tractor Supply
Company under a Lease Agreement with a remaining primary term  of
13.9  years  and initial annual rent of $102,351.  The  remaining
interest  in  the property was purchased by AEI Income  &  Growth
Fund 24 LLC, an affiliate of the Partnership.

        On  October 16, 2007, Hollywood Entertainment Corporation
(HEC),  the tenant of the Hollywood Video stores in Minot,  North
Dakota  (100%  ownership interest) and Saraland,  Alabama  (3.08%
ownership    interest)   filed   for   Chapter   11    bankruptcy
reorganization.  With the exception of rent for the first half of
October  2007, rents are current and the Partnership  expects  to
continue  to receive all scheduled rents in future months  unless
the  Leases are rejected by HEC.  If the Leases are assumed,  HEC
must  comply  with all Lease terms.  If the Leases are  rejected,
HEC  would be required to return possession of the properties  to
the Partnership and the Partnership would be responsible for real
estate  taxes  and  other costs associated with  maintaining  the
properties.   The  Partnership  has  evaluated  the  leases   and
property values and decided that there is no impairment  loss  at
this time.

        In  November 2007, Kona Restaurant Group, Inc. (KRG), the
tenant   of  the  Johnny  Carino's  restaurant,  approached   the
Partnership with a request to adjust the rent on the property  to
a  market  rental rate based on the restaurant's performance  and
the current conditions in the market.  Subsequent to December 31,
2007, after reviewing the financial statements for the restaurant
and  KRG, the Partnership agreed to amend the Lease to reduce the
current  annual  rent for the property by 36% to  $71,667.   This
amount  is  scheduled to increase annually by 1.5%. In  addition,
the  amendment  provides for additional rental  payments  if  the
restaurant's sales exceed certain stated amounts.  The  amendment
will  expire  on February 28, 2010, unless Fired  Up,  Inc.,  the
parent  company  of  KRG  and guarantor of  the  Lease,  achieves
certain other expense and debt reduction measures.

        Subsequent to December 31, 2007, the Partnership sold its
50% interest in the Champps Americana restaurant in West Chester,
Ohio  to an unrelated third party.  The Partnership received  net
sale  proceeds of approximately $2,045,000, which resulted  in  a
net  gain  of approximately $656,100.  At the time of  sale,  the
cost  and  related  accumulated depreciation was  $1,569,884  and
$180,995,  respectively.  At December 31, 2007, the property  was
classified  as  Real Estate Held for Sale with a  book  value  of
$1,388,889.

Major Tenants

        During 2007, five tenants each contributed more than  ten
percent  of  the Partnership's total rental revenue.   The  major
tenants  in aggregate contributed 72% of total rental revenue  in
2007.   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  2008  and
future  years.   However,  the tenant of  the  Champps  Americana
restaurant will not continue to be a major tenant as the property
was  sold.   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 are  to  acquire
existing or newly-developed commercial properties throughout  the
United  States  that  offer the potential for  (i)  regular  cash
distributions  of  lease  income; (ii)  growth  in  lease  income
through rent escalation provisions; (iii) preservation of capital
through   all-cash  transactions;  (iv)  capital  growth  through
appreciation in the value of properties; and (v) stable  property
performance  through long-term lease contracts.  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, classified
as  operating leases.  The only exception is under the Lease  for
the  Advance Auto Parts store, the Partnership is responsible for
repairs to the structural components of the building, except  for
the  roof, which is the tenant's responsibility.  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, 2007.

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

TGI Friday's Restaurant
 Greensburg, PA                          Ohio Valley
 (.8729%)        12/10/97  $   14,580    Bistros, Inc.  $   1,633  $41.49

Hollywood Video Store                     Hollywood
 Saraland, AL                           Entertainment
 (3.08%)          1/26/99  $   42,439    Corporation    $  4,469   $19.38

Arby's Restaurant
 Homewood, AL                                RTM
 (.5877%)          7/9/99  $    8,184   Alabama, Inc    $    767   $40.07

KinderCare                              KinderCare
 Daycare Center                          Learning
 Pearland, TX     7/14/99  $  943,416  Centers, Inc.    $ 91,999   $12.11

KinderCare
 Daycare Center                         KinderCare
 DePere, WI                              Learning
 (7.3845%)        7/14/99  $   87,687  Centers, Inc.    $  8,623   $11.47

                                        Hollywood
Hollywood Video Store                  Entertainment
 Minot, ND        7/16/99  $1,330,000  Corporation      $144,668   $19.27

KinderCare
 Daycare Center                         KinderCare
 Golden, CO                             Learning
 (1.9962%)        9/28/00  $   33,528  Centers, Inc.    $  3,642   $21.29

KinderCare
 Daycare Center                         KinderCare
 Plainfield, IL                          Learning
 (.3154%)         5/14/01  $    4,645  Centers, Inc.    $    489   $17.32

Johnny Carino's
 Restaurant
 Longmont, CO                          Kona Restaurant
 (50.0%)         12/30/03  $1,293,405    Group, Inc.    $111,265   $34.35

Champps Americana
 Restaurant                                Champps
 West Chester, OH                         Operating
 (50.0%)          1/13/04  $1,569,884    Corporation    $171,760   $34.58


ITEM 2.DESCRIPTION OF PROPERTIES.  (Continued)

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

Jared Jewelry Store
 Sugar Land, TX                        Sterling Jewelers
 (40.0%)          7/15/04  $1,533,966        Inc.       $127,919   $52.29

Applebee's Restaurant
 Johnstown, PA
 (38%)            9/21/06  $1,031,187  B.T. Woodlip,Inc.$ 74,370   $37.68

Advance Auto Parts Store
 Indianapolis, IN                        Advance Stores
 (65%)           12/21/06  $1,244,173    Company, Inc.  $ 87,168   $19.16

Applebee's Restaurant
 Crawfordsville, IN                     Apple Indiana
 (60%)           12/29/06  $1,856,656       II LLC      $133,933   $42.44

Tractor Supply Company Store
 Grand Forks, ND                        Tractor Supply
 (50%)            1/19/07  $1,403,874      Company      $102,351   $ 9.28



        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  Johnny
Carino's restaurant and the Jared Jewelry store are owned by  AEI
Accredited Investor Fund 2002 Limited Partnership.  The remaining
interest in the Champps Americana restaurant is owned by AEI  Net
Lease  Income  and  Growth  Fund  XX  Limited  Partnership.   The
remaining  interest  in the Applebee's restaurant  in  Johnstown,
Pennsylvania is owned by AEI Income and Growth Fund  XXI  Limited
Partnership.   The remaining interest in the Advance  Auto  Parts
store  is  owned  by  AEI Income and Growth  Fund  25  LLC.   The
remaining    interest   in   the   Applebee's    restaurant    in
Crawfordsville, Indiana is owned by AEI Income and Growth Fund 26
LLC.   The remaining interest in the Tractor Supply Company store
is  owned  by  AEI Income and Growth Fund 24 LLC.  The  remaining
interests in the Hollywood Video store in Saraland, Alabama,  the
TGI Friday's restaurant, the Arby's restaurant and the KinderCare
daycare  centers  in  DePere,  Wisconsin,  Golden,  Colorado  and
Plainfield, Illinois are owned by unrelated third parties.

        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.

        At  the  time the properties were acquired, the remaining
primary  lease  terms  varied from 13 to 20  years.   The  leases
provide  the  tenants with two to four five-year renewal  options
subject to the same terms and conditions as the primary term.

ITEM 2.DESCRIPTION OF PROPERTIES.  (Continued)

       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  39  years.   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.

        At  December 31, 2007, all properties listed  above  were
100% occupied.

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, 2007, there were 735 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 $27,349 and $30,390 were made to the
General Partners and $1,008,881 and $1,097,111 were made  to  the
Limited   Partners   in   2007  and  2006,   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 Partnership distributions discussed
above,  the Partnership distributed net sale proceeds of $185,000
and  $130,000  in 2007 and 2006, respectively.  The distributions
reduced the Limited Partners' Adjusted Capital Contributions.


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

       (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  January or  July  of  each  year.   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 General Partner  in
accordance  with  the  provisions of the  Partnership  Agreement.
Units  tendered to the Partnership during January  and  July  are
redeemed on April 1st and October 1st, respectively, of each year
subject  to the following limitations.  The Partnership will  not
be  obligated to purchase in any year any number of  Units  that,
when  aggregated  with all other transfers  of  Units  that  have
occurred since the beginning of the same calendar year (excluding
Permitted  Transfers  as  defined in the Partnership  Agreement),
would  exceed  5%  of  the total number of Units  outstanding  on
January  1  of  such 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.

      Small Business Issuer Purchases of Equity Securities

                                                             Maximum Number
                                     Total Number of Units   of Units that May
                Total Number Average Purchased as Part of    Yet Be Purchased
                  of Units   Price   Paid Publicly Announced Under the Plans
Period           Purchased  per Unit Plans or Programs       or Programs

10/1/07 to 10/31/07  33.00   $831.60    1,112.66(1)               (2)

11/1/07 to 11/30/07     --        --          --                  --

12/1/07 to 12/31/07     --        --          --                  --


  (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, 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
    effects 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.

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  cost   (including   capitalized
acquisition  expenses).  The Partnership tests long-lived  assets
for  recoverability  when  events  or  changes  in  circumstances
indicate  that  the carrying value may not be  recoverable.   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.   Changes
in  these  assumptions or analysis may cause material changes  in
the carrying value of the properties.

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

        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, 2007  and  2006,  the
Partnership  recognized rental income from continuing  operations
of  $881,316 and $514,150, respectively.  In 2007, rental  income
increased  due  to  additional rent received from  four  property
acquisitions  in  2006  and  2007  and  rent  increases  on   two
properties.

        For  the  years  ended December 31, 2007  and  2006,  the
Partnership  incurred  Partnership administration  expenses  from
affiliated parties of $160,221 and $161,875, 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  $26,670 and $19,741, 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.

        On  October 16, 2007, Hollywood Entertainment Corporation
(HEC),  the tenant of the Hollywood Video stores in Minot,  North
Dakota  (100%  ownership interest) and Saraland,  Alabama  (3.08%
ownership    interest)   filed   for   Chapter   11    bankruptcy
reorganization.  With the exception of rent for the first half of
October  2007, rents are current and the Partnership  expects  to
continue  to receive all scheduled rents in future months  unless
the  Leases are rejected by HEC.  If the Leases are assumed,  HEC
must  comply  with all Lease terms.  If the Leases are  rejected,
HEC  would be required to return possession of the properties  to
the Partnership and the Partnership would be responsible for real
estate  taxes  and  other costs associated with  maintaining  the
properties.   The  Partnership  has  evaluated  the  leases   and
property values and decided that there is no impairment  loss  at
this time.

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

        In  November 2007, Kona Restaurant Group, Inc. (KRG), the
tenant   of  the  Johnny  Carino's  restaurant,  approached   the
Partnership with a request to adjust the rent on the property  to
a  market  rental rate based on the restaurant's performance  and
the current conditions in the market.  Subsequent to December 31,
2007, after reviewing the financial statements for the restaurant
and  KRG, the Partnership agreed to amend the Lease to reduce the
current  annual  rent for the property by 36% to  $71,667.   This
amount  is  scheduled to increase annually by 1.5%. In  addition,
the  amendment  provides for additional rental  payments  if  the
restaurant's sales exceed certain stated amounts.  The  amendment
will  expire  on February 28, 2010, unless Fired  Up,  Inc.,  the
parent  company  of  KRG  and guarantor of  the  Lease,  achieves
certain other expense and debt reduction measures.

        For  the  years  ended December 31, 2007  and  2006,  the
Partnership  recognized interest income of $44,505  and  $67,907,
respectively.  In 2007, interest income decreased mainly  due  to
the  Partnership  having less money invested in  a  money  market
account due to property acquisitions.

        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  of
the  property  to discontinued operations.  For  the  year  ended
December  31,  2007,  the  Partnership  recognized  income   from
discontinued  operations of $127,112, representing rental  income
less property management expenses and depreciation.  For the year
ended  December 31, 2006, the Partnership recognized income  from
discontinued operations of $1,222,363, representing rental income
less  property management expenses and depreciation  of  $628,857
and  gain  on disposal of real estate of $1,089,144,  which  were
partially offset by a real estate impairment loss of $495,638.

        In  July  2003, the tenant 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.  In November 2004,
the Partnership and the tenant entered into an agreement to amend
the  Lease  to  provide the tenant with options to  purchase  the
property  and  terminate the Lease.  Under the  purchase  option,
which expired October 31, 2006, the tenant could have elected  to
purchase   the   Partnership's  interest  in  the  property   for
$1,248,000.  Under the termination option, the tenant could 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.  As part of this agreement, the Partnership received
a  personal guarantee from the majority shareholder of the tenant
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 tenant continued to pay rent and  complied  with
its Lease obligations.

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

        On  April  30, 2006, the tenant exercised its  option  to
terminate the Lease effective October 31, 2006.  The tenant  paid
the  Partnership the required payment of $158,860 on October  31,
2006,  and  the  Lease was terminated.  The Partnership  actively
marketed  the property for sale and listed it with a real  estate
broker  in  the  Austin  area.  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
first  quarter  of 2006, a charge to discontinued operations  for
real estate impairment of $495,638 was recognized, which was  the
difference between the book value at March 31, 2006 of $1,359,638
and  the  estimated  fair  value of  $864,000.   The  charge  was
recorded against the cost of the land, building and equipment.

        In  September  2006,  the  Partnership  entered  into  an
agreement to sell its 48% interest in the Razzoo's restaurant  to
an  unrelated third party.  On November 21, 2006, the sale closed
with  the  Partnership receiving net sale proceeds  of  $840,892,
which  resulted in a net loss of $23,108.  At the time  of  sale,
the net book value of the property was $864,000.

        On  May  11,  2006, the Partnership sold  the  Tumbleweed
restaurant  in Fort Wayne, Indiana for $1,200,000 to the  tenant.
The  sale agreement required a cash payment of $1,036,000  and  a
Promissory  Note  for $164,000.  The Partnership  recognized  net
sale  proceeds  of $1,161,272, which resulted in a  net  gain  of
$93,745.   At  the time of sale, the cost and related accumulated
depreciation was $1,316,695 and $249,168, respectively.  The Note
required monthly payments of $9,550, bore interest at a  6%  rate
and was unsecured.  On November 2, 2007, the Partnership received
the balance of the outstanding principal and accrued interest due
on the Note.

       On November 3, 2006, the Partnership sold its 32% interest
in  the  Garden  Ridge  retail store in Woodlands,  Texas  to  an
unrelated  third  party.   The  Partnership  received  net   sale
proceeds of $2,792,170, which resulted in a net gain of $366,215.
At   the   time   of  sale,  the  cost  and  related  accumulated
depreciation was $2,661,132 and $235,177, respectively.

         In  November  2006,  the  Partnership  entered  into  an
agreement  to  sell  the  Children's  World  daycare  center   in
Abingdon,  Maryland to an unrelated third party.  On December  6,
2006,  the  sale closed with the Partnership receiving  net  sale
proceeds of $1,460,899, which resulted in a net gain of $652,292.
At   the   time   of  sale,  the  cost  and  related  accumulated
depreciation was $1,051,772 and $243,165, respectively.

        Subsequent to December 31, 2007, the Partnership sold its
50% interest in the Champps Americana restaurant in West Chester,
Ohio  to an unrelated third party.  The Partnership received  net
sale  proceeds of approximately $2,045,000, which resulted  in  a
net  gain  of approximately $656,100.  At the time of  sale,  the
cost  and  related  accumulated depreciation was  $1,569,884  and
$180,995,  respectively.  At December 31, 2007, the property  was
classified  as  Real Estate Held for Sale with a  book  value  of
$1,388,889.

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

        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, 2007, the Partnership's
cash  balances decreased $1,565,659 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, 2006, the Partnership's  cash  balances
increased $1,772,400 as a result of cash generated from the  sale
of property, which were 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
$1,161,109 in 2006 to $865,344 in 2007 as a result of a  decrease
in  total  rental  and  interest income in 2007  and  net  timing
differences  in the collection of payments from the  tenants  and
the  payment  of  expenses,  which were  partially  offset  by  a
decrease  in  Partnership administration and property  management
expenses in 2007.

        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 year ended December 31,
2006,  the Partnership generated cash flow from the sale of  real
estate  of $6,091,233.  During the years ended December 31,  2007
and  2006,  the  Partnership expended $1,403,874 and  $4,132,016,
respectively,   to  invest  in  real  properties  (inclusive   of
acquisition   expenses)  as  the  Partnership   reinvested   cash
generated from property sales.

        On  September 21, 2006, the Partnership purchased  a  38%
interest  in  an Applebee's restaurant in Johnstown, Pennsylvania
for  $1,031,187.  The property is leased to B.T.  Woodlipp,  Inc.
under a Lease Agreement with a remaining primary term of 20 years
and  initial  annual rent of $74,370.  The remaining interest  in
the  property  was  purchased by AEI Income  &  Growth  Fund  XXI
Limited Partnership, an affiliate of the Partnership.

        On  December  21, 2006, the Partnership purchased  a  65%
interest in an Advance Auto Parts store in Indianapolis,  Indiana
for  $1,244,173.   The  property  is  leased  to  Advance  Stores
Company,  Inc.  under a Lease Agreement with a remaining  primary
term  of  13.5  years and initial annual rent  of  $87,168.   The
remaining interest in the property was purchased by AEI Income  &
Growth Fund 25 LLC, an affiliate of the Partnership.

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

        On  December  29, 2006, the Partnership purchased  a  60%
interest  in an Applebee's restaurant in Crawfordsville,  Indiana
for  $1,856,656  from AEI Fund Management XVII,  Inc.  (AFM),  an
affiliate  of  the General Partners.  AFM purchased the  property
from Apple Indiana II LLC, an unrelated third party, on September
21,  2006.  The price paid by the Partnership was  equal  to  the
price  paid  by  AFM  plus  the  expenses  incurred  to  transfer
ownership of the property to the Partnership, which were minimal.
During  the  period the property was owned by AFM,  the  property
generated  a  net  loss  of  $4,217, which  was  charged  to  the
Partnership. There was no benefit arising out of the  transaction
to   the   General  Partners  or  their  affiliates  apart   from
compensation otherwise permitted by the Partnership Agreement.

        The  property is leased to Apple Indiana II LLC  under  a
Lease  Agreement with a remaining primary term of  20  years  and
initial annual rent of $133,933.  The remaining interest  in  the
property  is  owned  by  AEI Income &  Growth  Fund  26  LLC,  an
affiliate of the Partnership.

        On  January  19,  2007, the Partnership purchased  a  50%
interest in a Tractor Supply Company store in Grand Forks,  North
Dakota  for $1,403,874.  The property is leased to Tractor Supply
Company under a Lease Agreement with a remaining primary term  of
13.9  years  and initial annual rent of $102,351.  The  remaining
interest  in  the property was purchased by AEI Income  &  Growth
Fund 24 LLC, an affiliate of the Partnership.

        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 ten days 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 on a semi-annual basis.

        For  the  years  ended December 31, 2007  and  2006,  the
Partnership  declared distributions of $1,036,230 and $1,127,501,
respectively.     Pursuant   to   the   Partnership    Agreement,
distributions of Net Cash Flow were allocated 97% to the  Limited
Partners  and 3% to the General Partners.  Distributions  of  Net
Proceeds  of Sale were allocated 99% to the Limited Partners  and
1%  to  the  General  Partners.  The  Limited  Partners  received
distributions  of  $1,008,881  and  $1,097,111  and  the  General
Partners  received distributions of $27,349 and $30,390  for  the
periods, respectively.  In 2007, distributions were lower due  to
a  decrease in the distribution rate per Unit, effective  January
1, 2007.

       During 2007 and 2006, the Partnership distributed net sale
proceeds  of  $186,869 and $131,313 to the  Limited  and  General
Partners   as  part  of  their  quarterly  distributions,   which
represented  a return of capital of $11.68 and $8.14 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.

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

        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 will not be obligated
to purchase in any year any number of Units that, when aggregated
with  all  other transfers of Units that have occurred since  the
beginning   of  the  same  calendar  year  (excluding   Permitted
Transfers as defined in the Partnership Agreement), would  exceed
5%  of the total number of Units outstanding on January 1 of such
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  2007, eight Limited Partners redeemed a total  of
79.58  Partnership  Units  for $66,349  in  accordance  with  the
Partnership   Agreement.   During  2006,  ten  Limited   Partners
redeemed  a total of 229.48 Partnership Units for $191,541.   The
Partnership  acquired  these  Units  using  Net  Cash  Flow  from
operations.   In  prior  years, a total of  45  Limited  Partners
redeemed  803.60 Partnership Units for $631,925.  The redemptions
increase  the remaining Limited Partner's ownership  interest  in
the  Partnership.  As a result of these redemption  payments  and
pursuant  to  the  Partnership Agreement,  the  General  Partners
received  distributions of $2,052 and $5,924 in  2007  and  2006,
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 INCOME & GROWTH FUND XXII LIMITED PARTNERSHIP

                  INDEX TO FINANCIAL STATEMENTS






Report of Independent Registered Public Accounting Firm

Balance Sheet as of December 31, 2007 and 2006

Statements for the Years Ended December 31, 2007 and 2006:

     Income

     Cash Flows

     Changes in Partners' Capital (Deficit)

Notes to Financial Statements




     REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM



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



     We have audited the accompanying balance sheet of AEI Income
&  Growth  Fund  XXII  Limited Partnership (a  Minnesota  limited
partnership)  as of December 31, 2007 and 2006, 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.  The company is not
required to have, nor were we engaged to perform, an audit of its
internal  control over financial reporting.  Our  audit  included
consideration of internal control over financial reporting  as  a
basis for designing audit procedures that are appropriate in  the
circumstances, but not for the purpose of expressing  an  opinion
on  the  effectiveness  of the company's  internal  control  over
financial  reporting.  Accordingly, we express no  such  opinion.
An  audit  also  includes examining, on a  test  basis,  evidence
supporting   the  amounts  and  disclosures  in   the   financial
statements,   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  Income  &  Growth Fund XXII Limited  Partnership  as  of
December 31, 2007 and 2006, 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.
                                Certified Public Accountants


Minneapolis, Minnesota
March 24, 2008

<PAGE>
        AEI INCOME & GROWTH FUND XXII LIMITED PARTNERSHIP
                          BALANCE SHEET
                           DECEMBER 31

                             ASSETS

                                                    2007          2006
CURRENT ASSETS:
  Cash and Cash Equivalents                    $   820,451     $ 2,386,110
  Receivables                                            0           2,305
  Note Receivable                                        0         101,966
                                                -----------     -----------
      Total Current Assets                         820,451       2,490,381
                                                -----------     -----------
INVESTMENTS IN REAL ESTATE:
  Land                                           3,491,965       3,769,056
  Buildings and Equipment                        7,335,775       7,224,694
  Accumulated Depreciation                        (963,195)       (806,997)
                                                -----------     -----------
                                                 9,864,545      10,186,753
  Real Estate Held for Sale                      1,388,889               0
                                                -----------     -----------
      Net Investments in Real Estate            11,253,434      10,186,753
                                                -----------     -----------
           Total  Assets                       $12,073,885     $12,677,134
                                                ===========     ===========


                LIABILITIES AND PARTNERS' CAPITAL

CURRENT LIABILITIES:
  Payable to AEI Fund Management, Inc.         $     8,064     $    56,792
  Distributions Payable                            253,550         278,014
  Unearned Rent                                      8,730           8,730
                                                -----------     -----------
      Total Current Liabilities                    270,344         343,536
                                                -----------     -----------
PARTNERS' CAPITAL (DEFICIT):
  General Partners                                  (1,336)         10,828
  Limited Partners, $1,000 per Unit;
    24,000 Units authorized; 16,917 Units issued;
    15,805 and 15,884 Units outstanding in
    2007 and 2006, respectively                 11,804,877      12,322,770
                                                -----------     -----------
     Total Partners' Capital                    11,803,541      12,333,598
                                                -----------     -----------
      Total Liabilities and Partners' Capital  $12,073,885     $12,677,134
                                                ===========     ===========

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


                                                    2007          2006

RENTAL INCOME                                   $   881,316    $   514,150

EXPENSES:
  Partnership Administration - Affiliates           160,221        161,875
  Partnership Administration and Property
     Management - Unrelated Parties                  26,670         19,741
  Depreciation                                      291,468        143,977
                                                 -----------    -----------
      Total Expenses                                478,359        325,593
                                                 -----------    -----------

OPERATING INCOME                                    402,957        188,557

OTHER INCOME:
  Interest Income                                    44,505         67,907
                                                 -----------    -----------

INCOME FROM CONTINUING OPERATIONS                   447,462        256,464

Income from Discontinued Operations                 127,112      1,222,363
                                                 -----------    -----------
NET INCOME                                      $   574,574    $ 1,478,827
                                                 ===========    ===========
NET INCOME ALLOCATED:
  General Partners                              $    17,237    $    56,563
  Limited Partners                                  557,337      1,422,264
                                                 -----------    -----------
                                                $   574,574    $ 1,478,827
                                                 ===========    ===========
INCOME PER LIMITED PARTNERSHIP UNIT:
  Continuing Operations                         $     27.40    $     15.56
  Discontinued Operations                              7.78          73.42
                                                 -----------    -----------
       Total                                    $     35.18    $     88.98
                                                 ===========    ===========
Weighted Average Units Outstanding                   15,841         15,984
                                                 ===========    ===========


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

                                                      2007         2006

CASH FLOWS FROM OPERATING ACTIVITIES:
  Net Income                                     $   574,574   $ 1,478,827

  Adjustments To Reconcile Net Income
  To Net Cash Provided By Operating Activities:
     Depreciation                                    337,193       293,018
     Real Estate Impairment                                0       495,638
     Gain on Sale of Real Estate, Net                      0    (1,089,144)
     (Increase) Decrease in Receivables                2,305        (2,305)
     Decrease in Payable to
        AEI Fund Management, Inc.                    (48,728)       (6,525)
     Decrease in Unearned Rent                             0        (8,400)
                                                  -----------   -----------
       Total Adjustments                             290,770      (317,718)
                                                  -----------   -----------
       Net Cash Provided By Operating Activities     865,344     1,161,109
                                                  -----------   -----------
CASH FLOWS FROM INVESTING ACTIVITIES:
  Investments in Real Estate                      (1,403,874)   (4,132,016)
  Proceeds from Sale of Real Estate                        0     6,091,233
  Payments Received on Note Receivable               101,966        62,034
                                                  -----------   -----------
    Net Cash Provided By (Used For)
       Investing Activities                       (1,301,908)    2,021,251
                                                  -----------   -----------
CASH FLOWS FROM FINANCING ACTIVITIES:
  Decrease in Distributions Payable                  (24,464)      (84,994)
  Distributions to Partners                       (1,036,230)   (1,127,501)
  Redemption Payments                                (68,401)     (197,465)
                                                  -----------   -----------
        Net Cash Used For Financing Activities    (1,129,095)   (1,409,960)
                                                  -----------   -----------
NET INCREASE (DECREASE) IN CASH
     AND CASH EQUIVALENTS                         (1,565,659)    1,772,400

CASH AND CASH EQUIVALENTS, beginning of period     2,386,110       613,710
                                                  -----------   -----------
CASH AND CASH EQUIVALENTS, end of period         $   820,451   $ 2,386,110
                                                  ===========   ===========
SUPPLEMENTAL SCHEDULE OF NON-CASH INVESTING ACTIVITIES:
   Note Receivable Acquired in Sale of Property  $         0   $   164,000
                                                  ===========   ===========

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


                                                                  Limited
                                                                Partnership
                              General   Limited                    Units
                              Partners  Partners     Total      Outstanding


BALANCE, December 31, 2005  $ (9,421) $12,189,158  $12,179,737   16,113.62

  Distributions              (30,390)  (1,097,111)  (1,127,501)

  Redemption Payments         (5,924)    (191,541)    (197,465)    (229.48)

  Net Income                  56,563    1,422,264    1,478,827
                             --------  ----------   ----------   ---------
BALANCE, December 31, 2006    10,828   12,322,770   12,333,598   15,884.14

  Distributions              (27,349)  (1,008,881)  (1,036,230)

  Redemption Payments         (2,052)     (66,349)     (68,401)     (79.58)

  Net Income                  17,237      557,337      574,574
                             --------  ----------   ----------   ---------
BALANCE, December 31, 2007  $ (1,336) $11,804,877  $11,803,541   15,804.56
                             ========  ==========   ==========   =========

 The accompanying Notes to Financial Statements are an integral
                     part of this statement.
</PAGE>
<PAGE>
        AEI INCOME & GROWTH FUND XXII LIMITED PARTNERSHIP
                  NOTES TO FINANCIAL STATEMENTS
                   DECEMBER 31, 2007 AND 2006

(1)  Organization -

     AEI   Income   &   Growth  Fund  XXII  Limited   Partnership
     (Partnership)  was  formed to acquire and  lease  commercial
     properties   to   operating  tenants.    The   Partnership's
     operations  are  managed by AEI Fund  Management  XXI,  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  called  for   a
     subscription  price of $1,000 per Limited Partnership  Unit,
     payable   on  acceptance  of  the  offer.   The  Partnership
     commenced   operations   on  May  1,   1997   when   minimum
     subscriptions    of   1,500   Limited   Partnership    Units
     ($1,500,000) were accepted.  The offering terminated January
     9,  1999  when  the extended offering period  expired.   The
     Partnership  received subscriptions for  16,917.222  Limited
     Partnership   Units.   Under  the  terms  of   the   Limited
     Partnership  Agreement,  the Limited  Partners  and  General
     Partners  contributed  funds  of  $16,917,222  and   $1,000,
     respectively.

     During operations, any Net Cash Flow, as defined, which  the
     General Partners determine to distribute will be distributed
     97%  to the Limited Partners and 3% to the General Partners.
     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 9%
     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
     99% to the Limited Partners and 1% to the General Partners.

        AEI INCOME & GROWTH FUND XXII LIMITED PARTNERSHIP
                  NOTES TO FINANCIAL STATEMENTS
                   DECEMBER 31, 2007 AND 2006

(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 9% 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 INCOME & GROWTH FUND XXII LIMITED PARTNERSHIP
                  NOTES TO FINANCIAL STATEMENTS
                   DECEMBER 31, 2007 AND 2006

(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 INCOME & GROWTH FUND XXII LIMITED PARTNERSHIP
                  NOTES TO FINANCIAL STATEMENTS
                   DECEMBER 31, 2007 AND 2006

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

       The  Partnership purchases properties and records them  at
       cost.   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  25
       years and 5 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 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.

       The  Partnership's properties are subject to environmental
       laws  and  regulations  adopted  by  various  governmental
       entities  in the jurisdiction in which the properties  are
       located.   These  laws could require  the  Partnership  to
       investigate  and remediate the effects of the  release  or
       disposal  of  hazardous materials at  these  locations  if
       found.  For each property, an environmental assessment  is
       completed  prior to acquisition.  In addition,  the  lease
       agreements  typically  strictly prohibit  the  production,
       handling, or storage of hazardous materials (except  where
       incidental  to  the  tenant's  business  such  as  use  of
       cleaning  supplies)  in violation  of  applicable  law  to
       restrict  environmental and other  damage.   Environmental
       liabilities  are  recorded  when  it  is  determined   the
       liability  is  probable and the costs  can  reasonably  be
       estimated.   There were no environmental issues  noted  or
       liabilities recorded at December 31, 2007 and 2006.

        AEI INCOME & GROWTH FUND XXII LIMITED PARTNERSHIP
                  NOTES TO FINANCIAL STATEMENTS
                   DECEMBER 31, 2007 AND 2006

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

     Reclassification

       Certain  items related to discontinued operations  in  the
       prior  year's  financial statements have been reclassified
       to  conform to 2007 presentation.  These reclassifications
       had  no  effect  on Members' capital, net income  or  cash
       flows.

     Recently Issued Accounting Pronouncements

       Management  has  reviewed recently  issued,  but  not  yet
       effective,  accounting pronouncements and does not  expect
       the  implementation  of  these pronouncements  to  have  a
       significant   effect   on   the  Partnership's   financial
       statements.

(3)  Related Party Transactions -

     At  December 31, 2007, the Partnership owned a 50%  interest
     in  a  Champps Americana restaurant.  The remaining interest
     in  this property was owned by AEI Net Lease Income & Growth
     Fund   XX   Limited   Partnership,  an  affiliate   of   the
     Partnership.   The  Partnership owns a  50%  interest  in  a
     Johnny  Carino's restaurant and a 40% interest  in  a  Jared
     Jewelry  store.  The remaining interests in these properties
     are  owned  by  AEI  Accredited Investor Fund  2002  Limited
     Partnership,   an   affiliate  of  the   Partnership.    The
     Partnership owns a 38% interest in an Applebee's  restaurant
     in  Johnstown, Pennsylvania.  The remaining interest in this
     property  is  owned by AEI Income & Growth Fund XXI  Limited
     Partnership,   an   affiliate  of  the   Partnership.    The
     Partnership  owns  a 65% interest in an Advance  Auto  Parts
     store.  The remaining interest in this property is owned  by
     AEI  Income  &  Growth  Fund 25 LLC,  an  affiliate  of  the
     Partnership.   The  Partnership owns a  50%  interest  in  a
     Tractor  Supply  Company store.  The remaining  interest  in
     this  property is owned by AEI Income & Growth Fund 24  LLC,
     an affiliate of the Partnership.

     On  December  29,  2006,  the Partnership  purchased  a  60%
     interest  in  an  Applebee's restaurant  in  Crawfordsville,
     Indiana for $1,856,656.  The property was purchased from AEI
     Fund  Management  XVII, Inc. (AFMX),  an  affiliate  of  the
     General  Partner.   AFMX purchased the property  from  Apple
     Indiana  II LLC, an unrelated third party, on September  21,
     2006.   The price paid by the Partnership was equal  to  the
     price  paid  by AFMX plus the expenses incurred to  transfer
     ownership  of  the property to the Partnership,  which  were
     minimal.  During the period the property was owned by  AFMX,
     the  property  generated a net loss  of  $4,217,  which  was
     charged  to  the Partnership.  There was no benefit  arising
     out  of  the  transaction  to the  General  Partner  or  its
     affiliates  apart from compensation otherwise  permitted  by
     the  Limited Partnership Agreement.  The remaining  interest
     in  this  property is owned by AEI Income & Growth  Fund  26
     LLC, an affiliate of the Partnership.

        AEI INCOME & GROWTH FUND XXII LIMITED PARTNERSHIP
                  NOTES TO FINANCIAL STATEMENTS
                   DECEMBER 31, 2007 AND 2006

(3)  Related Party Transactions - (Continued)

     The   Partnership  owned  a  48%  interest  in  a   Razzoo's
     restaurant.   The remaining interests in this property  were
     owned  by  AEI Real Estate Fund XV Limited Partnership,  AEI
     Real  Estate Fund XVII Limited Partnership and AEI Net Lease
     Income & Growth Fund XIX Limited Partnership, affiliates  of
     the Partnership.  The Partnership owned a 32% interest in  a
     Garden Ridge retail store.  The remaining interests in  this
     property  were  owned by AEI Real Estate Fund XVIII  Limited
     Partnership and AEI Income & Growth Fund 24 LLC,  affiliates
     of the Partnership, and unrelated third parties.

     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

                                                          2007       2006
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.    $ 160,221  $ 161,875
                                                         ========   ========
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.                                       $  24,613  $  36,434
                                                         ========   ========
c.AEI is reimbursed for all costs and direct expenses
  incurred by it in acquiring properties on behalf of
  the Partnership.                                      $  20,874  $  72,453
                                                         ========   ========
d.AEI is reimbursed for all costs incurred in connection
  with the sale of property.                            $       0  $  94,711
                                                         ========   ========

     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 INCOME & GROWTH FUND XXII LIMITED PARTNERSHIP
                  NOTES TO FINANCIAL STATEMENTS
                   DECEMBER 31, 2007 AND 2006

(4)  Investments in Real Estate -

     The  Partnership  leases its properties to  various  tenants
     under  triple  net  leases, classified as operating  leases.
     Under a triple net lease, the tenant is responsible for  all
     real  estate  taxes,  insurance,  maintenance,  repairs  and
     operating expenses for the property.  The only exception  is
     under  the  Lease  for  the Advance Auto  Parts  store,  the
     Partnership  is  responsible for repairs to  the  structural
     components  of the building, except for the roof,  which  is
     the  tenant's  responsibility.  At the time  the  properties
     were acquired, the remaining primary lease terms varied from
     13  to 20 years.  The leases provide the tenants with two to
     four five-year renewal options subject to the same terms and
     conditions  as  the primary term.  The leases  contain  rent
     clauses  which entitle the Partnership to receive additional
     rent in future years based on stated rent increases.

     The  Partnership's properties are commercial,  single-tenant
     buildings.  The TGI Friday's restaurant was constructed  and
     acquired  in  1997.  The Hollywood Video store in  Saraland,
     Alabama   and  the  KinderCare  daycare  center  in  DePere,
     Wisconsin  were  constructed in 1998 and acquired  in  1999.
     The   KinderCare  daycare  center  in  Pearland,  Texas  was
     constructed  in  1997 and acquired in 1999.  The  KinderCare
     daycare  center  in  Golden, Colorado  was  constructed  and
     acquired   in  2000.   The  KinderCare  daycare  center   in
     Plainfield, Illinois was constructed and acquired  in  2001.
     The  Johnny Carino's restaurant was constructed in 1999  and
     acquired  in  2003.   The  land for  the  Champps  Americana
     restaurant  in West Chester, Ohio was acquired in  2002  and
     construction of the restaurant was completed in  2004.   The
     Jared Jewelry store was constructed in 2001 and acquired  in
     2004.   The Applebee's restaurants were constructed in  1996
     and  acquired  in  2006.  The Advance Auto Parts  store  was
     constructed  in  2005  and acquired in  2006.   The  Tractor
     Supply Company store was constructed in 2005 and acquired in
     2007.    The  remaining  properties  were  constructed   and
     acquired  in 1999.  There have been no costs capitalized  as
     improvements subsequent to the acquisitions.

        AEI INCOME & GROWTH FUND XXII LIMITED PARTNERSHIP
                  NOTES TO FINANCIAL STATEMENTS
                   DECEMBER 31, 2007 AND 2006

(4)  Investments in Real Estate - (Continued)

     The  cost  of  the properties not held for sale and  related
     accumulated  depreciation  at  December  31,  2007  are   as
     follows:

                                         Buildings and            Accumulated
Property                       Land       Equipment     Total    Depreciation

TGI Friday's, Greensburg, PA  $    6,439  $    8,141  $    14,580 $   3,362
Hollywood Video, Saraland, AL     17,654      24,785       42,439     8,879
Arby's, Homewood, AL               4,396       3,788        8,184     1,510
KinderCare, Pearland, TX         204,105     739,311      943,416   250,131
KinderCare, DePere, WI            19,509      68,178       87,687    23,066
Hollywood Video, Minot, ND       619,597     710,403    1,330,000   240,353
KinderCare, Golden, CO             7,684      25,844       33,528     7,496
KinderCare, Plainfield, IL         1,313       3,332        4,645       882
Johnny Carino's, Longmont, CO    560,383     733,022    1,293,405   117,284
Jared Jewelry, Sugar Land, TX    503,837   1,030,129    1,533,966   142,501
Applebee's, Johnstown, PA        264,557     766,630    1,031,187    39,609
Advance Auto Parts,
  Indianapolis, IN               537,914     706,259    1,244,173    29,426
Applebee's, Crawfordsville, IN   506,030   1,350,626    1,856,656    54,025
Tractor Supply, Grand Forks, ND  238,547   1,165,327    1,403,874    44,671
                               ---------   ---------   ----------  --------
                              $3,491,965  $7,335,775  $10,827,740 $ 963,195
                               =========   =========   ==========  ========


     On  September  21,  2006, the Partnership  purchased  a  38%
     interest   in   an  Applebee's  restaurant   in   Johnstown,
     Pennsylvania for $1,031,187.  The property is leased to B.T.
     Woodlipp,  Inc.  under a Lease Agreement  with  a  remaining
     primary term of 20 years and initial annual rent of $74,370.

     On  December  21,  2006,  the Partnership  purchased  a  65%
     interest  in  an  Advance Auto Parts store in  Indianapolis,
     Indiana  for $1,244,173.  The property is leased to  Advance
     Stores  Company,  Inc.  under  a  Lease  Agreement  with   a
     remaining primary term of 13.5 years and initial annual rent
     of $87,168.

     On  December  29,  2006,  the Partnership  purchased  a  60%
     interest  in  an  Applebee's restaurant  in  Crawfordsville,
     Indiana  for  $1,856,656.  The property is leased  to  Apple
     Indiana  II  LLC  under a Lease Agreement with  a  remaining
     primary  term  of  20  years  and  initial  annual  rent  of
     $133,933.

        AEI INCOME & GROWTH FUND XXII LIMITED PARTNERSHIP
                  NOTES TO FINANCIAL STATEMENTS
                   DECEMBER 31, 2007 AND 2006

(4)  Investments in Real Estate - (Continued)

     On  January  19,  2007,  the  Partnership  purchased  a  50%
     interest  in a Tractor Supply Company store in Grand  Forks,
     North  Dakota  for $1,403,874.  The property  is  leased  to
     Tractor  Supply  Company  under a  Lease  Agreement  with  a
     remaining primary term of 13.9 years and initial annual rent
     of $102,351.

     On  October  16,  2007, Hollywood Entertainment  Corporation
     (HEC),  the tenant of the Hollywood Video stores  in  Minot,
     North Dakota (100% ownership interest) and Saraland, Alabama
     (3.08%  ownership interest) filed for Chapter 11  bankruptcy
     reorganization.  With the exception of rent  for  the  first
     half  of October 2007, rents are current and the Partnership
     expects to continue to receive all scheduled rents in future
     months unless the Leases are rejected by HEC.  If the Leases
     are  assumed, HEC must comply with all Lease terms.  If  the
     Leases  are  rejected,  HEC  would  be  required  to  return
     possession  of  the  properties to the Partnership  and  the
     Partnership would be responsible for real estate  taxes  and
     other costs associated with maintaining the properties.  The
     Partnership has evaluated the leases and property values and
     decided that there is no impairment loss at this time.

     In  November  2007, Kona Restaurant Group, Inc.  (KRG),  the
     tenant  of  the  Johnny Carino's restaurant, approached  the
     Partnership  with  a  request to  adjust  the  rent  on  the
     property  to  a market rental rate based on the restaurant's
     performance  and  the  current  conditions  in  the  market.
     Subsequent  to  December  31,  2007,  after  reviewing   the
     financial  statements  for  the  restaurant  and  KRG,   the
     Partnership agreed to amend the Lease to reduce the  current
     annual rent for the property by 36% to $71,667.  This amount
     is  scheduled to increase annually by 1.5%. In addition, the
     amendment  provides for additional rental  payments  if  the
     restaurant's  sales  exceed  certain  stated  amounts.   The
     amendment will expire on February 28, 2010, unless Fired Up,
     Inc.,  the parent company of KRG and guarantor of the Lease,
     achieves certain other expense and debt reduction measures.

     The  Partnership owns a .8729% interest in  a  TGI  Friday's
     restaurant, a 3.08% interest in a Hollywood Video  store  in
     Saraland,   Alabama,  a  .5877%  interest   in   an   Arby's
     restaurant,  a  7.3845%  interest in  a  KinderCare  daycare
     center  in  DePere,  Wisconsin,  a  1.9962%  interest  in  a
     KinderCare daycare center in Golden, Colorado and  a  .3154%
     interest  in  a  KinderCare daycare  center  in  Plainfield,
     Illinois.   The remaining interests in these properties  are
     owned  by  unrelated third parties, who own  the  properties
     with the Partnership as tenants-in-common.

        AEI INCOME & GROWTH FUND XXII LIMITED PARTNERSHIP
                  NOTES TO FINANCIAL STATEMENTS
                   DECEMBER 31, 2007 AND 2006

(4)  Investments in Real Estate - (Continued)

     For  properties owned as of December 31, 2007,  the  minimum
     future rent payments required by the leases are as follows:

                       2008           $ 1,065,217
                       2009             1,066,916
                       2010             1,069,169
                       2011             1,089,596
                       2012             1,106,926
                       Thereafter       9,022,861
                                       -----------
                                      $14,420,685
                                       ===========

     There were no contingent rents recognized in 2007 or 2006.

(5)  Note Receivable -

     On  May  11,  2006,  as part of the sale of  the  Tumbleweed
     restaurant in Fort Wayne, Indiana, the Partnership  received
     a Promissory Note in the amount of $164,000 from the tenant,
     who  purchased  the  property.  The  Note  required  monthly
     payments  of  $9,550, bore interest at a  6%  rate  and  was
     unsecured.   On  November 2, 2007, the Partnership  received
     the   balance  of  the  outstanding  principal  and  accrued
     interest  due  on  the  Note.  At  December  31,  2006,  the
     outstanding principal due on the Note was $101,966.

        AEI INCOME & GROWTH FUND XXII LIMITED PARTNERSHIP
                  NOTES TO FINANCIAL STATEMENTS
                   DECEMBER 31, 2007 AND 2006

(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:

      Tenants                     Industry           2007       2006

     Apple American Group        Restaurant      $ 208,303   $     N/A
     Champps Operating
      Corporation                Restaurant        170,780     160,000
     Hollywood
      Entertainment Corporation  Retail            143,124     149,137
     Sterling Jewelers Inc.      Retail            127,919         N/A
     Kona Restaurant Group, Inc. Restaurant        110,255         N/A
     Razzoo's, LP                Restaurant            N/A     290,457
     KinderCare Learning
      Centers, Inc.              Child Care            N/A     198,532
     Garden Ridge, L.P.          Retail                N/A     196,823
                                                  --------    --------
     Aggregate rent revenue of major tenants     $ 760,381   $ 994,949
                                                  ========    ========
     Aggregate rent revenue of major tenants as
     a percentage of total rent revenue                 72%        76%
                                                  ========    ========

(7) Discontinued Operations -

     In  July  2003,  the  tenant 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.   In  November 2004, the Partnership and  the  tenant
     entered into an agreement to amend the Lease to provide  the
     tenant  with options to purchase the property and  terminate
     the Lease.  Under the purchase option, which expired October
     31,  2006,  the  tenant could have elected to  purchase  the
     Partnership's  interest  in  the  property  for  $1,248,000.
     Under  the  termination option, the tenant  could  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.   As  part  of  this  agreement,  the
     Partnership received a personal guarantee from the  majority
     shareholder  of the tenant 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
     tenant  continued to pay rent and complied  with  its  Lease
     obligations.

        AEI INCOME & GROWTH FUND XXII LIMITED PARTNERSHIP
                  NOTES TO FINANCIAL STATEMENTS
                   DECEMBER 31, 2007 AND 2006

(7) Discontinued Operations - (Continued)

     On  April  30,  2006,  the tenant exercised  its  option  to
     terminate the Lease effective October 31, 2006.  The  tenant
     paid  the  Partnership the required payment of  $158,860  on
     October  31,  2006,  and  the  Lease  was  terminated.   The
     Partnership  actively  marketed the property  for  sale  and
     listed  it  with  a real estate broker in the  Austin  area.
     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 first
     quarter  of  2006, a charge to discontinued  operations  for
     real estate impairment of $495,638 was recognized, which was
     the  difference between the book value at March 31, 2006  of
     $1,359,638  and the estimated fair value of  $864,000.   The
     charge  was recorded against the cost of the land,  building
     and equipment.

     In September 2006, the Partnership entered into an agreement
     to  sell its 48% interest in the Razzoo's restaurant  to  an
     unrelated  third  party.  On November  21,  2006,  the  sale
     closed  with the Partnership receiving net sale proceeds  of
     $840,892, which resulted in a net loss of $23,108.   At  the
     time  of  sale,  the  net book value  of  the  property  was
     $864,000.

     On  May  11,  2006,  the  Partnership  sold  the  Tumbleweed
     restaurant  in  Fort Wayne, Indiana for  $1,200,000  to  the
     tenant.   The  sale  agreement required a  cash  payment  of
     $1,036,000   and  a  Promissory  Note  for  $164,000.    The
     Partnership  recognized  net sale  proceeds  of  $1,161,272,
     which  resulted in a net gain of $93,745.  At  the  time  of
     sale,  the  cost  and related accumulated  depreciation  was
     $1,316,695 and $249,168, respectively.

     On  November 3, 2006, the Partnership sold its 32%  interest
     in  the Garden Ridge retail store in Woodlands, Texas to  an
     unrelated  third party.  The Partnership received  net  sale
     proceeds  of  $2,792,170, which resulted in a  net  gain  of
     $366,215.   At  the  time  of sale,  the  cost  and  related
     accumulated   depreciation  was  $2,661,132  and   $235,177,
     respectively.

     In  November 2006, the Partnership entered into an agreement
     to  sell  the  Children's World daycare center in  Abingdon,
     Maryland to an unrelated third party.  On December 6,  2006,
     the  sale  closed  with the Partnership receiving  net  sale
     proceeds  of  $1,460,899, which resulted in a  net  gain  of
     $652,292.   At  the  time  of sale,  the  cost  and  related
     accumulated   depreciation  was  $1,051,772  and   $243,165,
     respectively.

     Subsequent  to December 31, 2007, the Partnership  sold  its
     50%  interest  in the Champps Americana restaurant  in  West
     Chester,  Ohio to an unrelated third party.  The Partnership
     received  net  sale  proceeds of  approximately  $2,045,000,
     which resulted in a net gain of approximately $656,100.   At
     the   time   of  sale,  the  cost  and  related  accumulated
     depreciation was $1,569,884 and $180,995, respectively.   At
     December  31,  2007,  the property was  classified  as  Real
     Estate Held for Sale with a book value of $1,388,889.

        AEI INCOME & GROWTH FUND XXII LIMITED PARTNERSHIP
                  NOTES TO FINANCIAL STATEMENTS
                   DECEMBER 31, 2007 AND 2006

(7) Discontinued Operations - (Continued)

     During  2007 and 2006, the Partnership distributed net  sale
     proceeds of $186,869 and $131,313 to the Limited and General
     Partners  as  part  of their quarterly distributions,  which
     represented  a  return of capital of $11.68  and  $8.14  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 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:

                                                2007         2006

     Rental Income                          $ 170,780   $  794,591
     Property Management Expenses               2,057      (16,693)
     Depreciation                             (45,725)    (149,041)
     Real Estate Impairment                         0     (495,638)
     Gain on Disposal of Real Estate                0     1,089,144
                                             --------    ----------
       Income from Discontinued Operations  $ 127,112   $1,222,363
                                             ========    ==========

(8)  Partners' Capital -

     Cash  distributions of $27,349 and $30,390 were made to  the
     General Partners and $1,008,881 and $1,097,111 were made  to
     the  Limited Partners for the years ended December 31,  2007
     and 2006, respectively.  The Limited Partners' distributions
     represent  $63.69  and $68.64 per Limited  Partnership  Unit
     outstanding  using 15,841 and 15,984 weighted average  Units
     in 2007 and 2006, respectively.  The distributions represent
     $30.98 and $68.64 per Unit of Net Income and $32.71 and $-0-
     per  Unit of return of contributed capital in 2007 and 2006,
     respectively.

     As  part  of  the Limited Partners' distributions  discussed
     above,  the  Partnership distributed net  sale  proceeds  of
     $185,000  and $130,000 in 2007 and 2006, 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  will  not  be
     obligated to purchase in any year any number of Units  that,
     when  aggregated with all other transfers of Units that have
     occurred  since  the  beginning of the  same  calendar  year
     (excluding Permitted Transfers as defined in the Partnership
     Agreement),  would exceed 5% of the total  number  of  Units
     outstanding  on January 1 of such 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.


        AEI INCOME & GROWTH FUND XXII LIMITED PARTNERSHIP
                  NOTES TO FINANCIAL STATEMENTS
                   DECEMBER 31, 2007 AND 2006

(8)  Partners' Capital - (Continued)

     During  2007,  eight Limited Partners redeemed  a  total  of
     79.58  Partnership Units for $66,349 in accordance with  the
     Partnership  Agreement.  During 2006, ten  Limited  Partners
     redeemed  a total of 229.48 Partnership Units for  $191,541.
     The  Partnership acquired these Units using  Net  Cash  Flow
     from  operations.   The redemptions increase  the  remaining
     Limited Partner's ownership interest in the Partnership.  As
     a  result of these redemption payments and pursuant  to  the
     Partnership   Agreement,  the  General   Partners   received
     distributions  of  $2,052  and  $5,924  in  2007  and  2006,
     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
     $939.14 per original $1,000 invested.

(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:

                                                       2007        2006

     Net Income for Financial Reporting Purposes   $  574,574   $1,478,827

     Depreciation for Tax Purposes Under
      Depreciation for Financial Reporting Purposes   116,847       72,868

     Income Accrued for Tax Purposes Over (Under)
      Income for Financial Reporting Purposes           6,014       (8,400)

     Gain on Sale of Real Estate for Tax Purposes
      Under Gain for Financial Reporting Purposes           0     (240,203)
                                                    ---------    ----------
           Taxable Income to Partners              $  697,435   $1,303,092
                                                    =========    ==========


        AEI INCOME & GROWTH FUND XXII LIMITED PARTNERSHIP
                  NOTES TO FINANCIAL STATEMENTS
                   DECEMBER 31, 2007 AND 2006

(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:
                                                         2007        2006

     Partners' Capital for Financial Reporting
      Purposes                                       $11,803,541  $12,333,598

     Adjusted Tax Basis of Investments in Real Estate
      Over Net Investments in Real Estate
      for Financial Reporting Purposes                   393,811      276,964

     Income Accrued for Tax Purposes Over
      Income for Financial Reporting Purposes             14,743        8,729

     Syndication Costs Treated as Reduction
      of Capital for Financial Reporting Purposes      2,418,726    2,418,726
                                                      ----------   ----------
     Partners' Capital for Tax Reporting Purposes    $14,630,821  $15,038,017
                                                      ==========   ==========

(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:

                                       2007                   2006
                             Carrying        Fair    Carrying      Fair
                              Amount         Value     Amount      Value

     Money Market Funds     $820,451      $820,451   $2,386,110  $2,386,110
                             -------       -------    ---------   ---------
       Total Cash and
          Cash Equivalents  $820,451      $820,451   $2,386,110  $2,386,110
                             =======       =======    =========   =========

     Note Receivable        $      0      $      0   $  101,966  $  101,966
                             =======       =======    =========   =========


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

       None.

ITEM 8AT.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  General Partner of the Partnership  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 General Partner 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 General Partner, in a manner that allows timely
decisions regarding required disclosure.

       (b)  Internal Control Over Financial Reporting.

       (i) Management's Report on Internal Control Over Financial
Reporting.  The Managing General Partner, through its management,
is responsible for establishing and maintaining adequate internal
control  over  our financial reporting, as defined in  Rule  13a-
15(f) under the Exchange Act, and for performing an assessment of
the   effectiveness  of  our  internal  control  over   financial
reporting  as  of  December  31,  2007.   Internal  control  over
financial  reporting is a process designed to provide  reasonable
assurance  regarding the reliability of financial  reporting  and
the preparation of financial statements for external purposes  in
accordance  with  generally accepted accounting principles.   Our
system  of  internal  control over financial  reporting  includes
those policies and procedures that (i) pertain to the maintenance
of  records  that,  in reasonable detail, accurately  and  fairly
reflect  the transactions and dispositions of the assets  of  the
Partnership;  (ii) provide reasonable assurance that transactions
are  recorded  as  necessary to permit preparation  of  financial
statements  in  accordance  with  generally  accepted  accounting
principles, and that receipts and expenditures of the Partnership
are  being  made  only  in  accordance  with  authorizations   of
management  of  the Managing General Partner; and  (iii)  provide
reasonable assurance regarding prevention or timely detection  of
unauthorized   acquisition,   use,   or   disposition   of    the
Partnership's  assets that could have a material  effect  on  the
financial statements.

        Management  of the Managing General Partner performed  an
assessment  of  the  effectiveness of our internal  control  over
financial  reporting as of December 31, 2007 based upon  criteria
in  Internal Control-Integrated Framework issued by the Committee
of  Sponsoring Organizations of the Treadway Commission ("COSO").
Based  on  our  assessment, management of  the  Managing  General
Partner  determined  that  our internal  control  over  financial
reporting  was  effective as of December 31, 2007  based  on  the
criteria in Internal Control-Integrated Framework issued  by  the
COSO.


ITEM 8AT.CONTROLS AND PROCEDURES. (Continued)

        This annual report does not include an attestation report
of  our  registered  public accounting  firm  regarding  internal
control  over financial reporting.  Management's report  was  not
subject  to attestation by our registered public accounting  firm
pursuant  to  temporary  rules  of the  Securities  and  Exchange
Commission that permit us to provide only management's report  in
this annual report.

         (ii)    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.

ITEM 8B.  OTHER INFORMATION.

       None.


                            PART III

ITEM 9. DIRECTORS, EXECUTIVE OFFICERS, PROMOTERS AND
        CONTROL PERSONS AND CORPORATE GOVERNANCE;
        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  XXI,  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:

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

        Robert  P.  Johnson, age 63, is Chief Executive  Officer,
President  and  sole director and has held these positions  since
the  formation  of AFM in August 1994, and has  been  elected  to
continue  in these positions until December 2008.  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
Financial Industry Regulatory Authority (FINRA) 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 ten limited partnerships and a managing member in five LLCs.

        Patrick  W.  Keene,  age 48, 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 2008.  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.

       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, 2007.  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 2007 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 29, 2008:

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

   AEI Fund Management XXI, Inc.            22         0.14%
   Robert P. Johnson                        0          0.00%
   Patrick W. Keene                         0          0.00%


   Address for all:
   1300 Wells Fargo Place,
   30 East 7th Street,
   St. Paul, Minnesota 55101

   Andrea B. Currier                    824.74227      5.22%
   P.O. Box E,
   The Plains,
   Virginia 20198

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.

ITEM 12. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND
         DIRECTOR INDEPENDENCE.

        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, 2007 and 2006.

ITEM 12. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND
         DIRECTOR INDEPENDENCE.  (Continued)

        Neither the registrant, nor the Managing General  Partner
of  the  registrant, has a board of directors consisting  of  any
members who are "independent."  The sole director of the Managing
General  Partner,  Robert  P. Johnson,  is  also  the  Individual
General  Partner  of the registrant, and is the  Chief  Executive
Officer,  and  indirectly the principal owner,  of  the  Managing
General  Partner.  Accordingly, there is no disinterested  board,
or   other   functioning   body,  that  reviews   related   party
transactions, or the transactions between the registrant and  the
General  Partners,  except as performed in  connection  with  the
audit of its financial statements.

        The  limitations  included in the  Partnership  Agreement
require   that  the  cumulative  reimbursements  to  the  General
Partners  and  their  affiliates for certain  expenses  will  not
exceed  an  amount equal to the sum of (i) 20% of gross  offering
proceeds, (ii) 5% of Net Cash Flow for property management, (iii)
3%  of  Net Proceeds of Sale, and (iv) 10% of Net Cash Flow  less
the  Net  Cash Flow actually distributed to the General Partners.
The  cumulative  reimbursements subject to  this  limitation  are
reimbursements  for  (i)  organization  and  offering   expenses,
including commissions, (ii) acquisition expenses, (iii)  services
provided in the sales effort of properties, and (iv) expenses  of
controlling  persons and overhead expenses directly  attributable
to  the  forgoing  services  or  attributable  to  administrative
services.   As   of   December   31,   2007,   these   cumulative
reimbursements  to the General Partners and their affiliates  did
not exceed the limitation amount.

        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, 2007.

Person or Entity                                      Amount Incurred From
 Receiving                  Form and Method        Inception (July 31, 1996)
Compensation                of Compensation           To December 31, 2007

AEI Securities, Inc.  Selling Commissions equal to 8%        $1,691,722
                      of proceeds plus a 2% nonaccountable
                      expense allowance, most of which was
                      reallowed to Participating Dealers.

General Partners and  Reimbursement at Cost for other        $  762,880
Affiliates            Organiation and Offering Costs.

General Partners and  Reimbursement at Cost for all          $  472,971
Affiliates            Acquisition Expenses.

General Partners and  Reimbursement at Cost for all          $1,844,630
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.



ITEM 12. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND
         DIRECTOR INDEPENDENCE.  (Continued)

Person or Entity                                      Amount Incurred From
 Receiving                  Form and Method        Inception (July 31, 1996)
Compensation                of Compensation           To December 31, 2007

General Partners and  Reimbursement at Cost for all          $  496,342
Affiliates            expenses related to the disposition
                      of the Fund's properties.

General Partners      3% of Net Cash Flow in any fiscal year.$  311,014

General Partners      1% of distributions of Net Proceeds    $   20,954
                      of Sale until Limited Partners have
                      received an amount equal to (a) their
                      Adjusted Capital Contributions,  plus
                      (b) an amount equal to 9% 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 thereafter.


                             PART IV

ITEM 13.  EXHIBITS.

     3.1   Certificate  of Limited Partnership  (incorporated  by
     reference  to  Exhibit 3.1 of the registrant's  Registration
     Statement  on Form SB-2 filed September 13, 1996  [File  No.
     333-5604]).

     3.2    Restated   Limited  Partnership  Agreement   to   the
     Prospectus  (incorporated  by  reference  to  Exhibit  A  of
     Amendment  No. 2 of the registrant's Registration  Statement
     on Form SB-2 filed August 21, 1997 [File No. 333-5604]).

     10.1  Assignment and Assumption of Lease dated June 29, 1999
     between  the  Partnership and Magnum Video I, Inc.  relating
     to  the Property at 1700 South Broadway, Minot, North Dakota
     (incorporated  by  reference to Exhibit  10.9  of  Form  8-K
     filed July 29, 1999).

     10.2  Net  Lease Agreement dated July 14, 1999  between  the
     Partnership   and   ARAMARK  Educational   Resources,   Inc.
     relating  to  the Property at 2325 County Road 90  Pearland,
     Texas (incorporated by reference to Exhibit 10.6 of Form  8-
     K filed July 26, 1999).

     10.3 Net Lease Agreement dated December 6, 2002 between  the
     Partnership, AEI Net Lease Income & Growth Fund  XX  Limited
     Partnership  and Champps Operating Corporation  relating  to
     the  Property at 9424 Civic Centre Boulevard, West  Chester,
     Ohio (incorporated by reference to Exhibit 10.25 of Form 10-
     KSB filed March 24, 2003).

     10.4  Net  Lease Agreement dated December 30,  2003  between
     the  Partnership, AEI Accredited Investor Fund 2002  Limited
     Partnership and Kona Restaurant Group, Inc. relating to  the
     Property  at  2033 Ken Pratt Boulevard., Longmont,  Colorado
     (incorporated by reference to Exhibit 10.23 of  Form  10-KSB
     filed March 30, 2004).

ITEM 13.  EXHIBITS.  (Continued)

     10.5  First  Amendment to Net Lease Agreement dated  January
     13,  2004  between the Partnership, AEI Net Lease  Income  &
     Growth  Fund  XX  Limited Partnership and Champps  Operating
     Corporation  relating to the Property at 9424  Civic  Centre
     Boulevard, West Chester, Ohio (incorporated by reference  to
     Exhibit 10.2 of Form 8-K filed January 28, 2004).

     10.6  Assignment and Assumption of Lease dated July 15, 2004
     between  the Partnership, AEI Accredited Investor Fund  2002
     Limited   Partnership  and  Transugar  Limited   Partnership
     relating  to  the Property at 16010 Kensington Drive,  Sugar
     Land,  Texas (incorporated by reference to Exhibit  10.2  of
     Form 8-K filed July 30, 2004).

     10.7  Purchase  Agreement dated May  11,  2006  between  the
     Partnership  and Tumbleweed, Inc. relating to  the  Property
     at  6040  Lima  Road, Fort Wayne, Indiana  (incorporated  by
     reference  to Exhibit 10.1 of Form 10-QSB filed  August  14,
     2006).

     10.8  Contract  of  Sale dated August 17, 2006  between  the
     Partnership,  various  other  property  owners  and  Compson
     Holding  Corporation  relating  to  the  Property  at  16778
     Interstate    45    South,   Conroe    (Woodlands),    Texas
     (incorporated  by reference to Exhibit 10.1 of  Form  10-QSB
     filed November 14, 2006).

     10.9   Assignment  and  Assumption  of  Purchase  and   Sale
     Agreement  dated September 11, 2006 between the Partnership,
     AEI  Income  & Growth Fund XXI Limited Partnership  and  AEI
     Fund  Management,  Inc.  relating to  the  Property  at  425
     Galleria  Drive,  Johnstown, Pennsylvania  (incorporated  by
     reference to Exhibit 10.2 of Form 10-QSB filed November  14,
     2006).

     10.10      Net  Lease  Agreement dated  September  21,  2006
     between  the  Partnership,  AEI Income  &  Growth  Fund  XXI
     Limited Partnership and B.T. Woodlipp, Inc. relating to  the
     Property  at  425  Galleria Drive,  Johnstown,  Pennsylvania
     (incorporated  by reference to Exhibit 10.3 of  Form  10-QSB
     filed November 14, 2006).

     10.11      Purchase  Agreement  dated  September  25,   2006
     between  the  Partnership, AEI Real Estate Fund  XV  Limited
     Partnership,  AEI Real Estate Fund XVII Limited Partnership,
     AEI  Net  Lease Income & Growth Fund XIX Limited Partnership
     and  Dan  Quinlan relating to the Property at 11617 Research
     Boulevard,  Austin,  Texas  (incorporated  by  reference  to
     Exhibit 10.4 of Form 10-QSB filed November 14, 2006).

     10.12      Purchase Agreement dated November 5, 2006 between
     the Partnership and the VanderMeer Family Trust relating  to
     the  Property  at  3325  Trellis  Lane,  Abingdon,  Maryland
     (incorporated  by reference to Exhibit 10.5 of  Form  10-QSB
     filed November 14, 2006).

     10.13      Assignment and Assumption of Lease dated December
     29,  2006 between the Partnership, AEI Income & Growth  Fund
     26  LLC  and AEI Fund Management XVII, Inc. relating to  the
     Property  at  1516 South Washington Street,  Crawfordsville,
     Indiana  (incorporated by reference to Exhibit 10.1 of  Form
     8-K filed January 8, 2007).

     10.14      Assignment  and Assumption of Purchase  and  Sale
     Agreement  dated  January 12, 2007 between the  Partnership,
     AEI  Income  &  Growth Fund 24 LLC and AEI Fund  Management,
     Inc.  relating  to the Property at 4460 32nd  Avenue  South,
     Grand  Forks,  North Dakota (incorporated  by  reference  to
     Exhibit 10.1 of Form 8-K filed January 25, 2007).

     10.15      Assignment and Assumption of Lease dated  January
     19,  2007 between the Partnership, AEI Income & Growth  Fund
     24  LLC  and  AEI  Fund  Management, Inc.  relating  to  the
     Property  at  4460  32nd Avenue South,  Grand  Forks,  North
     Dakota (incorporated by reference to Exhibit 10.2 of Form 8-
     K filed January 25, 2007).

     10.16     Real Estate Sales Contract dated January 25,  2008
     between the Partnership, AEI Net Lease Income & Growth  Fund
     XX  Limited  Partnership  and Jeff Greene,  and/or  Assignee
     relating  to  the  Property at 9424 Civic Centre  Boulevard,
     West  Chester,  Ohio (incorporated by reference  to  Exhibit
     10.1 of Form 8-K filed March 4, 2008).

ITEM 13.  EXHIBITS.  (Continued)

     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,
2007 and 2006:

     Fee Category                            2007       2006

     Audit Fees                           $  11,900   $ 11,250
     Audit-Related Fees                           0         79
     Tax Fees                                     0          0
     All Other Fees                               0          0
                                           --------    -------
          Total Fees                      $  11,900   $ 11,329
                                           ========    =======

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 INCOME & GROWTH FUND XXII
                            Limited Partnership
                            By: AEI Fund Management XXI, Inc.
                                Its Managing General Partner


March 24, 2008              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 24, 2008
   Robert P. Johnson  and Sole Director of Managing General
                      Partner

/s/Patrick W Keene    Chief Financial Officer  and  Treasurer  March 24, 2008
   Patrick W. Keene   (Principal Accounting Officer)