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

                           FORM 10-QSB

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

           For the Quarter Ended:  September 30, 2006

                 Commission file number:  24003


          AEI INCOME & GROWTH FUND XXII LIMITED PARTNERSHIP
(Exact Name of Small Business Issuer as Specified 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)

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

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

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

Transitional Small Business Disclosure Format:   Yes       No [X]



        AEI INCOME & GROWTH FUND XXII LIMITED PARTNERSHIP


                              INDEX




PART I. Financial Information

 Item 1. Balance Sheet as of September 30, 2006 and December 31, 2005

         Statements for the Periods ended September 30, 2006 and 2005:

           Income

           Cash Flows

           Changes in Partners' Capital

         Notes to Financial Statements

 Item 2. Management's Discussion and Analysis

 Item 3. Controls and Procedures

PART II. Other Information

 Item 1. Legal Proceedings

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

 Item 3. Defaults Upon Senior Securities

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

 Item 5. Other Information

 Item 6. Exhibits

         Signatures


<PAGE>
        AEI INCOME & GROWTH FUND XXII LIMITED PARTNERSHIP
                          BALANCE SHEET
            SEPTEMBER 30, 2006 AND DECEMBER 31, 2005
                           (Unaudited)

                             ASSETS
                                                   2006           2005
CURRENT ASSETS:
  Cash and Cash Equivalents                   $   380,327     $   613,710
  Receivables                                         644               0
  Note Receivable                                 109,859               0
                                               -----------     -----------
      Total Current Assets                        490,830         613,710
                                               -----------     -----------
INVESTMENTS IN REAL ESTATE:
  Land                                          2,722,669       4,584,824
  Buildings and Equipment                       5,160,728       8,850,723
  Accumulated Depreciation                       (753,246)     (1,426,065)
                                               -----------     -----------
                                                7,130,151      12,009,482
  Real Estate Held for Sale                     4,098,562               0
                                               -----------     -----------
      Net Investments in Real Estate           11,228,713      12,009,482
                                               -----------     -----------
NOTE RECEIVABLE - Net of Current Portion           18,958               0
                                               -----------     -----------
           Total  Assets                      $11,738,501     $12,623,192
                                               ===========     ===========

                  LIABILITIES AND PARTNERS' CAPITAL

CURRENT LIABILITIES:
  Payable to AEI Fund Management, Inc.        $    51,569     $    63,317
  Distributions Payable                           278,034         363,008
  Unearned Rent                                    39,461          17,130
                                               -----------     -----------
      Total Current Liabilities                   369,064         443,455
                                               -----------     -----------
PARTNERS' CAPITAL (DEFICIT):
  General Partners                                    656          (9,421)
  Limited Partners, $1,000 per Unit;
   24,000 Units authorized; 16,917 Units issued;
   15,970 and 16,114 Units outstanding in
   2006 and 2005, respectively                 11,368,781      12,189,158
                                               -----------     -----------
    Total Partners' Capital                    11,369,437      12,179,737
                                               -----------     -----------
      Total Liabilities and Partners' Capital $11,738,501     $12,623,192
                                               ===========     ===========

 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 PERIODS ENDED SEPTEMBER 30

                           (Unaudited)

                               Three Months Ended        Nine Months Ended
                              9/30/06      9/30/05      9/30/06     9/30/05

RENTAL INCOME              $   165,379  $   160,035  $   488,494  $   480,102

EXPENSES:
   Partnership Administration -
     Affiliates                 41,477       47,500      121,704      135,907
   Partnership Administration
     and Property Management -
     Unrelated Parties           1,975        2,817       15,629       15,590
   Depreciation                 46,161       44,895      135,951      134,685
                            -----------  -----------  -----------  -----------
        Total Expenses          89,613       95,212      273,284      286,182
                            -----------  -----------  -----------  -----------

OPERATING INCOME                75,766       64,823      215,210      193,920

OTHER INCOME:
   Interest Income              16,760        5,182       32,942       13,466
                            -----------  -----------  -----------  -----------
INCOME FROM CONTINUING
   OPERATIONS                   92,526       70,005      248,152      207,386

Income(Loss) from
  Discontinued Operations       93,837       91,096      (89,726)     307,710
                            -----------  -----------  -----------  -----------
NET INCOME                 $   186,363  $   161,101  $   158,426  $   515,096
                            ===========  ===========  ===========  ===========
NET INCOME ALLOCATED:
   General Partners        $    35,983  $     4,833  $    35,704  $    15,453
   Limited Partners            150,380      156,268      122,722      499,643
                            -----------  -----------  -----------  -----------
                           $   186,363  $   161,101  $   158,426  $   515,096
                            ===========  ===========  ===========  ===========
INCOME (LOSS) PER LIMITED PARTNERSHIP UNIT:
   Continuing Operations   $      4.68  $      4.21  $     15.03  $     12.46
   Discontinued Operations        4.74         5.48        (7.37)       18.49
                            -----------  -----------  -----------  -----------
        Total              $      9.42  $      9.69  $      7.66  $     30.95
                            ===========  ===========  ===========  ===========
Weighted Average Units
  Outstanding                   15,970       16,133       16,018       16,146
                            ===========  ===========  ===========  ===========

 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 NINE-MONTH PERIODS ENDED SEPTEMBER 30

                           (Unaudited)

                                                     2006            2005
CASH FLOWS FROM OPERATING ACTIVITIES:
  Net Income                                     $   158,426    $   515,096

  Adjustments To Reconcile Net Income
 To Net Cash Provided By Operating Activities:
     Depreciation                                    239,267        269,292
     Real Estate Impairment                          495,638              0
     Gain on Sale of Real Estate                     (93,745)             0
     (Increase) Decrease in Receivables                 (644)        59,272
     Increase (Decrease) in Payable to
        AEI Fund Management, Inc.                    (11,748)        58,613
     Increase (Decrease) in Unearned Rent             22,331         (1,091)
                                                  -----------    -----------
       Total Adjustments                             651,099        386,086
                                                  -----------    -----------
       Net Cash Provided By Operating Activities     809,525        901,182
                                                  -----------    -----------
CASH FLOWS FROM INVESTING ACTIVITIES:
   Investments in Real Estate                     (1,021,663)             0
  Proceeds from Sale of Real Estate                  997,272              0
  Payments Received on Note Receivable                35,183              0
                                                  -----------    -----------
      Net Cash Provided By Investing  Activities      10,792              0
                                                  -----------    -----------
CASH FLOWS FROM FINANCING ACTIVITIES:
  Decrease in Distributions Payable                  (84,974)      (128,462)
  Distributions to Partners                         (844,740)      (888,678)
  Redemption Payments                               (123,986)       (36,846)
                                                  -----------    -----------
        Net Cash Used For Financing Activities    (1,053,700)    (1,053,986)
                                                  -----------    -----------
NET DECREASE IN CASH
   AND CASH EQUIVALENTS                             (233,383)      (152,804)

CASH AND CASH  EQUIVALENTS, beginning of period      613,710        847,559
                                                  -----------    -----------
CASH AND CASH EQUIVALENTS, end of period         $   380,327    $   694,755
                                                  ===========    ===========
SUPPLEMENTAL SCHEDULE OF NON-CASH INVESTING ACTIVITIES:
   Note  Receivable Acquired in Sale of Property $   164,000    $         0
                                                  ===========    ===========

 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
               FOR THE PERIODS ENDED SEPTEMBER 30

                           (Unaudited)


                                                                   Limited
                                                                 Partnership
                              General     Limited                   Units
                              Partners    Partners     Total     Outstanding


BALANCE, December 31, 2004  $  4,326   $12,775,040  $12,779,366   16,173.78

  Distributions              (24,438)     (864,240)    (888,678)

  Redemption Payments         (1,106)      (35,740)     (36,846)     (41.16)

  Net Income                  15,453       499,643      515,096
                             --------   -----------  -----------  ----------
BALANCE, September 30, 2005 $ (5,765)  $12,374,703  $12,368,938   16,132.62
                             ========   ===========  ===========  ==========


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

  Distributions              (21,908)     (822,832)    (844,740)

  Redemption Payments         (3,719)     (120,267)    (123,986)    (143.73)

  Net Income                  35,704       122,722      158,426
                             --------   -----------  -----------  ----------
BALANCE, September 30, 2006 $    656   $11,368,781  $11,369,437   15,969.89
                             ========   ===========  ===========  ==========


 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
                       SEPTEMBER 30, 2006

                           (Unaudited)

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

(2)  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.

        AEI INCOME & GROWTH FUND XXII LIMITED PARTNERSHIP
                  NOTES TO FINANCIAL STATEMENTS
                           (Continued)

(2)  Organization - (Continued)

     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.

      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.

(3)  Reclassification -

     Certain items in the prior year's financial statements  have
     been  reclassified  to conform to 2006 presentation.   These
     reclassifications  had no effect on Partners'  capital,  net
     income or cash flows.

        AEI INCOME & GROWTH FUND XXII LIMITED PARTNERSHIP
                  NOTES TO FINANCIAL STATEMENTS
                           (Continued)

(4)  Investments in Real Estate -

     On  September  21,  2006, the Partnership  purchased  a  38%
     interest   in   an  Applebee's  restaurant   in   Johnstown,
     Pennsylvania for $1,021,663.  The property is leased to B.T.
     Woodlipp,  Inc. under a Lease Agreement with a primary  term
     of  20  years  and annual rental payments of  $74,370.   The
     remaining  interest  in the property was  purchased  by  AEI
     Income  &  Growth Fund XXI Limited Partnership, an affiliate
     of the Partnership.

(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  requires  monthly
     payments  of  $9,550, bears interest at a  6%  rate  and  is
     unsecured.   The  Note is due on November 8,  2007.   As  of
     September  30, 2006, the outstanding principal  due  on  the
     Note was $128,817.

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

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

(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  has continued to pay rent and comply with its  lease
     obligations.

        AEI INCOME & GROWTH FUND XXII LIMITED PARTNERSHIP
                  NOTES TO FINANCIAL STATEMENTS
                           (Continued)

(7)  Discontinued Operations - (Continued)

     On  April  30,  2006,  the tenant exercised  its  option  to
     terminate  the lease effective October 31, 2006.  Subsequent
     to  September 30, 2006, the tenant paid the Partnership  the
     required   payment of $158,860 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.   At September 30, 2006,  the  property  was
     classified as Real Estate Held for Sale.

     In September 2006, the Partnership entered into an agreement
     to sell the Razzoo's restaurant to an unrelated third party.
     The  sale  is  subject  to  contingencies  and  may  not  be
     completed.   If  the  sale  is  completed,  the  Partnership
     expects  to receive net proceeds of approximately  $864,000.
     If  this sale is not completed, it is likely the Partnership
     will seek another buyer for the property and may not be able
     to negotiate a similar purchase agreement.

     In February 2004, Garden Ridge, L.P. (GR), the tenant of the
     Garden  Ridge  retail store in Woodlands, Texas,  filed  for
     Chapter 11 bankruptcy reorganization.  In press releases, GR
     reported rejecting the leases of 9 of 44 stores and that  it
     was  attempting  to renegotiate lease terms  for  its  other
     stores.   The Woodlands store was not identified as  one  of
     the  nine  to be closed.  GR entered into negotiations  with
     the  property owners of the Woodlands store to arrive at  an
     agreement  to  modify rental terms that would induce  GR  to
     assume  the  Lease for this property.  GR and  the  property
     owners  subsequently agreed to a lease amendment  to  reduce
     the  annual rent by 23%, with a 10% rent increase on January
     1,  2008.  The Partnership's share of the new rental  amount
     is  $234,624.  The amendment provides for additional  rental
     payments if the store's sales exceed certain stated amounts.
     The  amendment also calls for the owners to waive  rent  for
     one   month  during  the  first  six  months  following  the
     bankruptcy court's approval of GR's assumption of the Lease.
     With  the  exception of February 2004, GR  made  all  rental
     payments due under its original lease.

     On  April 28, 2005, the bankruptcy court approved GR's  Plan
     of  Reorganization.  As part of the Plan, the lease for  the
     Woodlands  store  was assumed by GR and the lease  amendment
     became  effective.  Pursuant to the amendment,  GR  selected
     July  2005  as  the one month to have rent waived.   In  May
     2005,  GR  paid the rent due for February 2004 and, pursuant
     to  the amendment, GR was entitled to credit an equal amount
     against  any  installment of rent due  in  the  future.   GR
     applied  the credit for the February rent against  rent  due
     for  August  and  September 2005.  As of the  date  of  this
     report, GR has complied with all Lease terms as amended.


        AEI INCOME & GROWTH FUND XXII LIMITED PARTNERSHIP
                  NOTES TO FINANCIAL STATEMENTS
                           (Continued)

(7)  Discontinued Operations - (Continued)

     Subsequent to September 30, 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  approximately  $2,795,000,   which
     resulted  in a net gain of approximately $369,000.   At  the
     time  of sale, the cost and related accumulated depreciation
     was $2,661,132 and $235,177, respectively.  At September 30,
     2006,  the property was classified as Real Estate  Held  for
     Sale with a book value of $2,425,955.

     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.

     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.  The sale is  subject
     to  contingencies and may not be completed.  If the sale  is
     completed,  the Partnership expects to receive net  proceeds
     of approximately $1,458,500, which will result in a net gain
     of  approximately $650,000.  If this sale is not  completed,
     it is likely the Partnership will seek another buyer for the
     property and may not be able to negotiate a similar purchase
     agreement.    At  September  30,  2006,  the  property   was
     classified as Real Estate Held for Sale with a book value of
     $808,607.

     During  the  first  nine  months  of  2006  and  2005,   the
     Partnership  distributed $131,313 and $151,515 of  net  sale
     proceeds  to  the Limited and General Partners  as  part  of
     their quarterly distributions, which represented a return of
     capital  of  $8.14  and $9.30 per Limited Partnership  Unit,
     respectively.  The Partnership anticipates the remaining net
     sale  proceeds  will  either  be  reinvested  in  additional
     property or distributed to the Partners in the future.

        AEI INCOME & GROWTH FUND XXII LIMITED PARTNERSHIP
                  NOTES TO FINANCIAL STATEMENTS
                           (Continued)

(7)  Discontinued Operations - (Continued)

     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 periods ended September 30:

                                Three Months Ended        Nine Months Ended
                               9/30/06      9/30/05      9/30/06     9/30/05

Rental Income                 $ 123,582    $ 140,020   $ 423,475  $ 457,905
Property Management Expenses     (2,498)      (4,055)     (7,992)   (15,588)
Depreciation                    (27,247)     (44,869)   (103,316)  (134,607)
Real Estate Impairment                0            0    (495,638)         0
Gain on Disposal of Real Estate       0            0      93,745          0
                               ----------   ---------   ---------  ---------
   Income (Loss) from
      Discontinued Operations $  93,837    $  91,096   $ (89,726) $ 307,710
                               ==========   =========   =========  =========

ITEM 2.   MANAGEMENT'S DISCUSSION AND ANALYSIS.

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

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

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

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

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

    the effect of tenant defaults; and

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


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

The Application of Critical Accounting Policies

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

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

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

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

Results of Operations

       For the nine months ended September 30, 2006 and 2005, the
Partnership  recognized rental income from continuing  operations
of  $488,494 and $480,102, respectively.  In 2006, rental  income
increased  due  to  additional rent received  from  one  property
acquisition in 2006 and rent increases on two properties.

       For the nine months ended September 30, 2006 and 2005, the
Partnership  incurred  Partnership administration  expenses  from
affiliated parties of $121,704 and $135,907, 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  $15,629 and $15,590, 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.

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

       For the nine months ended September 30, 2006 and 2005, the
Partnership  recognized interest income of $32,942  and  $13,466,
respectively.  In 2006, interest income increased mainly  due  to
the  Partnership  having more money invested in  a  money  market
account due to property sales.

        In  accordance  with  Statement of  Financial  Accounting
Standards  No. 144, Accounting for the Impairment or Disposal  of
Long-Lived  Assets,  upon  complete disposal  of  a  property  or
classification of a property as Real Estate Held  for  Sale,  the
Partnership  includes  the operating  results  and  sale  of  the
property   in   discontinued  operations.    In   addition,   the
Partnership reclassifies the prior periods operating results  and
any  partial  sales  of the property to discontinued  operations.
For  the  nine  months ended September 30, 2006, the  Partnership
recognized  a  loss  from  discontinued  operations  of  $89,726,
representing a real estate impairment loss of $495,638, which was
partially  offset  by  rental  income  less  property  management
expenses  and  depreciation of $312,167 and gain on  disposal  of
real estate of $93,745.  For the nine months ended September  30,
2005,   the   Partnership  recognized  income  from  discontinued
operations of $307,710, representing rental income less  property
management expenses and depreciation.

        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 has continued to pay rent and comply  with
its lease obligations.

        On  April  30, 2006, the tenant exercised its  option  to
terminate  the  lease effective October 31, 2006.  Subsequent  to
September 30, 2006, the tenant paid the Partnership the  required
payment   of   $158,860  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.  At September 30, 2006, the property  was
classified as Real Estate Held for Sale.

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

        In  September  2006,  the  Partnership  entered  into  an
agreement  to sell the Razzoo's restaurant to an unrelated  third
party.   The  sale is subject to contingencies  and  may  not  be
completed.  If the sale is completed, the Partnership expects  to
receive net proceeds of approximately $864,000.  If this sale  is
not  completed,  it is likely the Partnership will  seek  another
buyer for the property and may not be able to negotiate a similar
purchase agreement.

        In February 2004, Garden Ridge, L.P. (GR), the tenant  of
the  Garden  Ridge  retail store in Woodlands, Texas,  filed  for
Chapter  11  bankruptcy reorganization.  In  press  releases,  GR
reported rejecting the leases of 9 of 44 stores and that  it  was
attempting to renegotiate lease terms for its other stores.   The
Woodlands  store  was not identified as one of  the  nine  to  be
closed.  GR entered into negotiations with the property owners of
the  Woodlands  store to arrive at an agreement to modify  rental
terms that would induce GR to assume the Lease for this property.
GR  and  the  property  owners subsequently  agreed  to  a  lease
amendment  to  reduce the annual rent by 23%,  with  a  10%  rent
increase on January 1, 2008.  The Partnership's share of the  new
rental amount is $234,624.  The amendment provides for additional
rental  payments  if  the  store's sales  exceed  certain  stated
amounts.   The amendment also calls for the owners to waive  rent
for   one  month  during  the  first  six  months  following  the
bankruptcy  court's  approval of GR's assumption  of  the  Lease.
With  the exception of February 2004, GR made all rental payments
due under its original lease.

       On April 28, 2005, the bankruptcy court approved GR's Plan
of  Reorganization.   As  part of the Plan,  the  lease  for  the
Woodlands store was assumed by GR and the lease amendment  became
effective.  Pursuant to the amendment, GR selected July  2005  as
the one month to have rent waived.  In May 2005, GR paid the rent
due  for  February  2004 and, pursuant to the amendment,  GR  was
entitled  to  credit an equal amount against any  installment  of
rent  due  in the future.  GR applied the credit for the February
rent  against rent due for August and September 2005.  As of  the
date  of  this  report, GR has complied with all Lease  terms  as
amended.

       Subsequent to September 30, 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 approximately $2,795,000, which resulted  in  a  net
gain  of  approximately $369,000.  At the time of sale, the  cost
and related accumulated depreciation was $2,661,132 and $235,177,
respectively.  At September 30, 2006, the property was classified
as Real Estate Held for Sale with a book value of $2,425,955.

        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
requires monthly payments of $9,550, bears interest at a 6%  rate
and is unsecured.  The Note is due on November 8, 2007.

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

         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.   The  sale  is
subject  to contingencies and may not be completed.  If the  sale
is  completed, the Partnership expects to receive net proceeds of
approximately  $1,458,500, which will result in  a  net  gain  of
approximately  $650,000.  If this sale is not  completed,  it  is
likely  the Partnership will seek another buyer for the  property
and  may  not be able to negotiate a similar purchase  agreement.
At September 30, 2006, the property was classified as Real Estate
Held for Sale with a book value of $808,607.

        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  nine months ended September  30,  2006,  the
Partnership's  cash balances decreased $233,383 as  a  result  of
cash  used  to purchase property and distributions  paid  to  the
Partners  in  excess of cash generated from operating activities,
which  were partially offset by cash generated from the  sale  of
property,.  During the nine months ended September 30, 2005,  the
Partnership's  cash balances decreased $152,804 as  a  result  of
distributions  paid to the Partners in excess of  cash  generated
from operating activities.

        Net  cash provided by operating activities decreased from
$901,182 in 2005 to $809,525 in 2006 as a result of a decrease in
total   rental  and  interest  income  in  2006  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 2006.

        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 nine  months  ended
September 30, 2006, the Partnership generated cash flow from  the
sale  of  real estate of $997,272.  During the same  period,  the
Partnership  expended  $1,021,663 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  $1,021,663.  The property is leased to B.T.  Woodlipp,  Inc.
under  a  Lease  Agreement with a primary term of  20  years  and
annual rental payments of $74,370.  The remaining interest in the
property  was purchased by AEI Income & Growth Fund  XXI  Limited
Partnership, an affiliate of the Partnership.


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

        The  Partnership's primary use of cash flow,  other  than
investment   in  real  estate,  is  distribution  and  redemption
payments  to  Partners.   The Partnership  declares  its  regular
quarterly distributions before the end of each quarter  and  pays
the  distribution in the first 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 nine months ended September 30, 2006 and 2005, the
Partnership  declared  distributions of  $844,740  and  $888,678,
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 $822,832 and $864,240 and the General  Partners
received  distributions of $21,908 and $24,438 for  the  periods,
respectively.   In September and December 2005,  the  Partnership
declared   special   distributions  of   $42,626   and   $85,253,
respectively, of net sale proceeds, which resulted  in  a  higher
distribution   payable   at  December   31,   2005   and   higher
distributions for the first nine months of 2005, when compared to
the first nine months of 2006.

        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.

        On  April 1, 2006, four Limited Partners redeemed a total
of  143.73 Partnership Units for $120,267 in accordance with  the
Partnership Agreement.  On April 1, 2005, three Limited  Partners
redeemed  a  total of 41.16 Partnership Units for  $35,740.   The
Partnership  acquired  these  Units  using  Net  Cash  Flow  from
operations.   In  prior  years, a total of  40  Limited  Partners
redeemed  743.44 Partnership Units for $579,898.  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 $3,719 and $1,106 in  2006  and  2005,
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 3.   CONTROLS AND PROCEDURES.

       (a) Evaluation of disclosure controls and procedures

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

       (b)  Changes in internal controls

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


                   PART II - OTHER INFORMATION

ITEM 1.LEGAL PROCEEDINGS

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

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

        (a)  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.

       (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  of  the Units, 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.  During the period  covered  by
this report, the Partnership did not purchase any units.


                   PART II - OTHER INFORMATION
                           (Continued)

ITEM 3.DEFAULTS UPON SENIOR SECURITIES

      None.

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

      None

ITEM 5.OTHER INFORMATION

      None.

ITEM 6.EXHIBITS

    10.1  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 8-K filed  November  8,
    2006).

    10.2   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.

    10.3  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.

    10.4 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.

    10.5  Purchase Agreement dated November 5, 2006  between  the
    Partnership and the VanderMeer Family Trust relating  to  the
    Property at 3325 Trellis Lane, Abingdon, Maryland.

    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.



                           SIGNATURES

        In  accordance with the requirements of the Exchange Act,
the  registrant caused this report to be signed on its behalf  by
the undersigned, thereunto duly authorized.

Dated:  November 9, 2006      AEI Income & Growth Fund XXII
                              Limited Partnership
                              By:  AEI Fund Management XXI, Inc.
                              Its: Managing General Partner



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



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