Form 10-Q

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

0001193125-12-354695.txt : 20120814 0001193125-12-354695.hdr.sgml : 20120814 20120814123013 ACCESSION NUMBER: 0001193125-12-354695 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 10 CONFORMED PERIOD OF REPORT: 20120630 FILED AS OF DATE: 20120814 DATE AS OF CHANGE: 20120814 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DEL TACO RESTAURANT PROPERTIES I CENTRAL INDEX KEY: 0000711213 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE [6500] IRS NUMBER: 953852699 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-16191 FILM NUMBER: 121031078 BUSINESS ADDRESS: STREET 1: 23041 AVENIDA DE LA CARLOTA, SUITE 400 CITY: LAGUNA HILLS STATE: CA ZIP: 92653 BUSINESS PHONE: 714 462-9300 MAIL ADDRESS: STREET 1: 1800 W KATELLA AVENUE CITY: ORANGE STATE: CA ZIP: 92667 10-Q 1 d365758d10q.htm FORM 10-Q Form 10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark one)

x	QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2012

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

For the transition period from to

Commission file no. 0-16191

DEL TACO RESTAURANT PROPERTIES I

(A California limited partnership)

(Exact name of registrant as specified in its charter)

California

95-3852699

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification Number)

25521 Commercentre Drive

Lake Forest, California

92630

(Address of principal executive offices)

(Zip Code)

(949) 462-9300

(Registrant’s telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No ¨

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

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

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

DOCUMENTS INCORPORATED BY REFERENCE

Portions of the registrant’s Form S-11 Registration Statement filed December 17, 1982 are incorporated by reference into Part IV of this report.

INDEX

DEL TACO RESTAURANT PROPERTIES I


	PAGE NUMBER

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

Condensed Balance Sheets at June 30, 2012 (Unaudited) and December 31, 2011		3

Condensed Statements of Income for the three and six months ended June 30, 2012 and 2011 (Unaudited)		4

Condensed Statements of Cash Flows for the six months ended June 30, 2012 and 2011 (Unaudited)		5

Notes to Condensed Financial Statements (Unaudited)		6

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations		8

Item 3. Quantitative and Qualitative Disclosures About Market Risk		10

Item 4. Controls and Procedures		10

PART II. OTHER INFORMATION

Item 6. Exhibits		11

SIGNATURE		12

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PART I. FINANCIAL INFORMATION

ITEM I. FINANCIAL STATEMENTS

DEL TACO RESTAURANT PROPERTIES I

CONDENSED BALANCE SHEETS


	June 30, 2012		December 31, 2011
	(Unaudited)
ASSETS
CURRENT ASSETS:
Cash	$	214,573	$	219,919
Receivable from Del Taco LLC		62,619		61,946
Other current assets		1,210		986

Total current assets		278,402		282,851

PROPERTY AND EQUIPMENT:
Land		1,633,188		1,633,188
Land improvements		296,497		296,497
Buildings and improvements		1,013,134		1,013,134
Machinery and equipment		1,136,026		1,136,026

		4,078,845		4,078,845
Less-accumulated depreciation		2,207,301		2,192,827

		1,871,544		1,886,018

	$	2,149,946	$	2,168,869

LIABILITIES AND PARTNERS' EQUITY
CURRENT LIABILITIES:
Payable to limited partners	$	39,719	$	42,670
Accounts payable		14,334		23,124

Total current liabilities		54,053		65,794

PARTNERS' EQUITY:
Limited partners; 8,751 units outstanding at June 30, 2012 and December 31, 2011		1,834,837		1,841,947
General partner-Del Taco LLC		261,056		261,128

		2,095,893		2,103,075

	$	2,149,946	$	2,168,869

See accompanying notes to condensed financial statements.

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DEL TACO RESTAURANT PROPERTIES I

CONDENSED STATEMENTS OF INCOME

(Unaudited)


	Three Months Ended June 30,				Six Months Ended June 30,
	2012		2011		2012		2011
RENTAL REVENUES	$	184,786	$	184,013	$	364,229	$	366,137

EXPENSES:
General and administrative		14,192		12,724		52,017		50,801
Depreciation		7,237		7,237		14,474		14,474

		21,429		19,961		66,491		65,275

Operating income		163,357		164,052		297,738		300,862

OTHER INCOME:
Interest		63		62		123		123
Other		375		675		575		1,075

Net income	$	163,795	$	164,789	$	298,436	$	302,060

Net income per limited partnership unit (Note 2)	$	18.53	$	18.64	$	33.76	$	34.17

Number of units used in computing per unit amounts		8,751		8,751		8,751		8,751

See accompanying notes to condensed financial statements.

-4-

DEL TACO RESTAURANT PROPERTIES I

CONDENSED STATEMENTS OF CASH FLOWS

(Unaudited)


	Six Months Ended June 30,
	2012			2011
CASH FLOWS FROM OPERATING ACTIVITIES:

Net income	$	298,436		$	302,060
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation		14,474			14,474
Changes in operating assets and liabilities:
Receivable from Del Taco LLC		(673	)		4,921
Other current assets		(224	)		253
Payable to limited partners		(2,951	)		(4,249	)
Accounts payable		(8,790	)		(5,714	)

Net cash provided by operating activities		300,272			311,745

CASH FLOWS FROM FINANCING ACTIVITIES -

Cash distributions to partners		(305,618	)		(332,311	)


Net change in cash		(5,346	)		(20,566	)

Beginning cash balance		219,919			225,302


Ending cash balance	$	214,573		$	204,736

See accompanying notes to condensed financial statements.

-5-

DEL TACO RESTAURANT PROPERTIES I

NOTES TO CONDENSED FINANCIAL STATEMENTS

FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2012

UNAUDITED

NOTE 1 - BASIS OF PRESENTATION

The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements and should therefore be read in conjunction with the financial statements and notes thereto contained in the annual report on Form 10-K for the year ended December 31, 2011 for Del Taco Restaurant Properties I (the Partnership or the Company). In the opinion of management, all adjustments (consisting of normal recurring accruals) necessary to present fairly the Partnership's financial position at June 30, 2012, the results of operations for the three and six month periods ended June 30, 2012 and 2011 and cash flows for the six month periods ended June 30, 2012 and 2011 have been included. Operating results for the three and six months ended June 30, 2012 are not necessarily indicative of the results that may be expected for the year ending December 31, 2012. Amounts related to disclosure of December 31, 2011 balances within these condensed financial statements were derived from the 2011 audited financial statements.

Management has evaluated events subsequent to June 30, 2012 through the date that the accompanying condensed financial statements were filed with the Securities and Exchange Commission for transactions and other events which may require adjustment of and/or disclosure in such financial statements.

NOTE 2 - NET INCOME PER LIMITED PARTNERSHIP UNIT

Net income per limited partnership unit is based on net income attributable to the limited partners (after one percent allocation to the general partner) using the weighted average number of units outstanding during the periods presented, which amounted to 8,751 in 2012 and 2011.

Pursuant to the partnership agreement, annual partnership net income is allocated one percent to Del Taco LLC, formerly known as Del Taco, Inc., (Del Taco or the General Partner) and 99 percent to the limited partners. A partnership net loss in any year will be allocated 24 percent to the General Partner and 76 percent to the limited partners until the losses so allocated equal income previously allocated. Any additional losses will be allocated one percent to the General Partner and 99 percent to the limited partners. Partnership gains from any sale or refinancing will be allocated one percent to the General Partner and 99 percent to the limited partners until allocated gains and profits equal losses. Additional gains will be allocated 24 percent to the General Partner and 76 percent to the limited partners.

NOTE 3 - LEASING ACTIVITIES

The Partnership leases six properties for operation of restaurants to Del Taco on a triple net basis. One property has been subleased to a Del Taco franchisee. The leases are for terms of 35 years commencing with the completion of the restaurant facility located on each property and require monthly rentals equal to 12 percent of the gross sales of the restaurants. The leases expire in the years 2020 to 2021.

Pursuant to the lease agreements, minimum rentals of $3,500 per month are due to the Partnership during the first six months of any non-operating period caused by an insured casualty loss.

For the three months ended June 30, 2012, the five restaurants operated by Del Taco, for which the Partnership is the lessor, had combined, unaudited sales of $1,322,777 and unaudited net losses of $4,085 as compared to unaudited sales of $1,304,798 and unaudited net income of $2,335, respectively, for the corresponding period in 2011. Net income or loss of each restaurant includes charges for general and administrative expenses incurred in connection with supervision of restaurant operations and interest expense and the decrease in net income from the corresponding period of the prior year primarily relates to increases in operating costs. For the three months ended June 30, 2012, the one restaurant operated by a Del Taco franchisee, for which the Partnership is the lessor, had unaudited sales of $217,111 as compared with unaudited sales of $228,642 during the same period in 2011.

-6-

DEL TACO RESTAURANT PROPERTIES I

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2012

UNAUDITED

NOTE 3 - LEASING ACTIVITIES - continued

For the six months ended June 30, 2012, the five restaurants operated by Del Taco, for which the Partnership is the lessor, had combined, unaudited sales of $2,608,127 and unaudited net losses of $13,832 as compared to unaudited sales of $2,592,871 and unaudited net losses of $2,233 for the corresponding period in 2011. Net income or loss of each restaurant includes charges for general and administrative expenses incurred in connection with supervision of restaurant operations and interest expense and the increase in net loss from the corresponding period of the prior year primarily relates to increases in operating costs. For the six months ended June 30, 2012, the one restaurant operated by a Del Taco franchisee, for which the Partnership is the lessor, had unaudited sales of $427,117 as compared with unaudited sales of $458,268 during the same period in 2011.

NOTE 4 - TRANSACTIONS WITH DEL TACO

The receivable from Del Taco consists primarily of rent accrued for the month of June 2012. The June rent receivable was collected in July 2012.

Del Taco serves in the capacity of general partner in other partnerships which are engaged in the business of operating restaurants, and three other partnerships which were formed for the purpose of acquiring real property in California for construction of Mexican-American restaurants for lease under long-term agreements to Del Taco for operation under the Del Taco trade name.

In addition, see Note 5 with respect to certain distributions to the General Partner.

NOTE 5 - DISTRIBUTIONS

Total cash distributions declared and paid in February and May 2012 were $154,248 and $151,370, respectively. On July 24, 2012, a distribution to the limited partners of $168,156, or approximately $19.22 per limited partnership unit, was approved. Such distribution was paid on August 3, 2012. The General Partner also received a distribution of $1,699 with respect to its one percent partnership interest in August 2012.

NOTE 6 - PAYABLE TO LIMITED PARTNERS

Payable to limited partners represents a reclassification from cash for distribution checks made to limited partners that have remained outstanding for six months or longer.

NOTE 7 - CONCENTRATION OF RISK

The six restaurants leased to Del Taco make up all of the income producing assets of the Partnership and contributed all of the Partnership’s rental revenues during the three and six months ended June 30, 2012 and 2011. Therefore, the business of the Partnership is entirely dependent on the success of the Del Taco trade name restaurants that lease the properties.

The Partnership maintains substantially all of its cash and cash equivalents at one major commercial bank. Although the Partnership at times maintains balances that exceed the federally insured limit, it has not experienced any losses related to these balances and management believes the credit risk to be minimal.

-7-

Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Liquidity and Capital Resources

Del Taco Restaurant Properties I (the “Partnership” or the “Company”) offered limited partnership units for sale between March 1983 and March 1984. $4.375 million was raised through the sale of limited partnership units and used to acquire sites and build six restaurants and also to pay commissions to brokers and to reimburse Del Taco LLC (the General Partner or Del Taco) for offering costs incurred.

The six restaurants leased to Del Taco make up all of the income producing assets of the Partnership. Therefore, the business of the Partnership is entirely dependent on the success of the Del Taco trade name restaurants that lease the properties. The success of the restaurants is dependent on a large variety of factors, including, but not limited to, competition, consumer demand and preference for fast food, in general, and for Mexican-American food in particular.

Results of Operations

The Partnership owns six properties that are under long-term lease to Del Taco for restaurant operations (Del Taco, in turn, has subleased one of the restaurants to a Del Taco franchisee).

The following table sets forth rental revenue earned by restaurant (unaudited):


	Three Months Ended June 30,				Six Months Ended June 30,
	2012		2011		2012		2011
Riverside Avenue, Rialto, CA	$	30,432	$	28,771	$	59,884	$	58,973
Elden Avenue, Moreno Valley, CA		25,688		24,081		50,014		47,536
Foothill Boulevard, La Verne, CA		40,733		42,234		79,926		83,044
Baseline & Archibald, Rancho Cucamonga, CA		26,053		27,437		51,254		54,992
Elkhorn Boulevard, Sacramento, CA		27,946		27,013		55,636		53,281
Haven Avenue, Rancho Cucamonga, CA		33,934		34,477		67,515		68,311

Total	$	184,786	$	184,013	$	364,229	$	366,137

The Partnership receives rental revenues equal to 12 percent of gross sales from the restaurants. The Partnership earned rental revenue of $184,786 during the three month period ended June 30, 2012, which represents an increase of $773 from the corresponding period in 2011. The Partnership earned rental revenue of $364,229 during the six month period ended June 30, 2012, which represents a decrease of $1,908 from the corresponding period in 2011. The changes in rental revenues between 2011 and 2012 are directly attributable to changes in sales levels at the restaurants under lease due to local competitive and industry factors.

-8-

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations - continued

The following table breaks down general and administrative expenses by type of expense:


	Percent of Total General & Administrative Expense
	Three Months Ended June 30,						Six Months Ended June 30,
	2012			2011			2012			2011
Accounting fees		52.71	%		46.93	%		73.13	%		71.88	%
Distribution of information to limited partners		47.29	%		53.07	%		26.87	%		28.12	%

		100.00	%		100.00	%		100.00	%		100.00	%

General and administrative costs for the three and six month periods increased primarily due to increased costs for printing primarily related to a mandatory new filing process known as XBRL and software licensing fees that were incurred in a different quarter than the previous year.

For the three month period ended June 30, 2012, net income decreased by $994 from 2011 to 2012 due to the increase in general and administrative expenses of $1,468 and the decrease in interest and other income of $299, partially offset by the increase in revenues of $773. For the six month period ended June 30, 2012, net income decreased $3,624 from 2011 to 2012 due to the increase in general and administrative expenses of $1,216, the decrease in revenues of $1,908 and the decrease in interest and other income of $500.

Significant Recent Accounting Pronouncements

None.

Off-Balance Sheet Arrangements

None.

Critical Accounting Policies and Estimates

Management’s discussion and analysis of financial condition and results of operations, as well as disclosures included elsewhere in this report on Form 10-Q are based upon the Partnership’s financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States of America. The preparation of these financial statements requires management to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses. The Partnership believes the critical accounting policies that most impact the financial statements are described below. A summary of the significant accounting policies of the Partnership can be found in Note 1 to the Financial Statements which is included in the Partnership’s December 31, 2011 Form 10-K.

Revenue Recognition: Rental revenue is recognized based on 12 percent of gross sales of the restaurants for the corresponding period, and is earned at the point of sale.

-9-

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations - continued

Property and Equipment: Property and equipment is stated at cost. Depreciation is computed using the straight-line method over estimated useful lives which are 20 years for land improvements, 35 years for buildings and improvements, and 10 years for machinery and equipment.

The Partnership accounts for property and equipment in accordance with authoritative guidance issued by the Financial Accounting Standards Board that requires long-lived assets be reviewed for impairment whenever events or changes in circumstances indicate that the carrying value of the asset may not be recoverable. In evaluating long-lived assets held for use, an impairment loss is recognized if the sum of the expected future cash flows (undiscounted and without interest charges) is less than the carrying value of the asset. Once a determination has been made that an impairment loss should be recognized for long-lived assets, various assumptions and estimates are used to determine fair value including, among others, estimated costs of construction and development, recent sales of comparable properties and the opinions of fair value prepared by independent real estate appraisers. Long-lived assets to be disposed of are reported at the lower of carrying amount or fair value less cost to sell.

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

None.

Item 4.

Controls and Procedures

(a)	Evaluation of disclosure controls and procedures:

As of the end of the period covered by this quarterly report, we carried out an evaluation, under the supervision and with the participation of the Company's management, including the Company's Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of the Company's disclosure controls and procedures. Based upon that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that the Company's disclosure controls and procedures are effective in timely alerting them to material information relating to the Company required to be included in the Company's periodic Securities and Exchange Commission filings.

(b)	Changes in internal controls:

There were no significant changes in the Company's internal controls over financial reporting that occurred during our most recent fiscal quarter that materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

(c)	Asset-backed issuers:

Not applicable.

-10-

PART II. OTHER INFORMATION

There is no information required to be reported for any items under Part II, except as follows:

Item 6. Exhibits


(a)	Exhibits

	31.1	Paul J. B. Murphy, III’s Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

	31.2	Steven L. Brake’s Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

	32.1	Certification pursuant to subsections (a) and (b) of Section 1350, Chapter 63 of Title 18, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

	101.INS	XBRL Instance Document*

	101.SCH	XBRL Taxonomy Extension Schema Document*

	101.CAL	XBRL Taxonomy Extension Calculation Linkbase Document*

	101.DEF	XBRL Taxonomy Extension Definition Linkbase Document*

	101.LAB	XBRL Taxonomy Extension Label Linkbase Document*

	101.PRE	XBRL Taxonomy Extension Presentation Linkbase Document*

Pursuant to Rule 406T of Regulation S-T, the Interactive Data Files on Exhibit 101 hereto are deemed not filed or part of a registration statement or prospectus for purposes of Section 11 or 12 of the Securities Act of 1933, as amended, are deemed not filed for purposes of Section 18 of the Securities and Exchange Act of 1934, as amended, and otherwise are not subject to liability under these sections.

-11-

SIGNATURE

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


						DEL TACO RESTAURANT PROPERTIES I
						(a California limited partnership)
						Registrant

						Del Taco LLC
						General Partner




Date: August 14, 2012						/s/ Steven L. Brake
						Steven L. Brake
						Chief Financial Officer
						(Principal Financial Officer)

-12-

EX-31.1 2 d365758dex311.htm PAUL J. B. MURPHY, III'S CERTIFICATION PURSUANT TO SECTION 302 Paul J. B. Murphy, III's Certification pursuant to Section 302

Exhibit 31.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER PURSUANT TO SECURITIES

ACT RULES 13A-14 AND 15D-14 AS ADOPTED PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Paul J. B. Murphy, III, certify that:

1.	I have reviewed this quarterly (“report”) on Form 10-Q of Del Taco Restaurant Properties I;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, 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;

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures as of the end of the period covered by this report based on such evaluation; and

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.	The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent function):

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

EX-31.2 3 d365758dex312.htm STEVEN L. BRAKE'S CERTIFICATION PURSUANT TO SECTION 302 Steven L. Brake's Certification pursuant to Section 302

Exhibit 31.2

CERTIFICATION OF TREASURER PURSUANT TO SECURITIES

ACT RULES 13A-14 AND 15D-14 AS ADOPTED PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Steven L. Brake, certify that:

1.	I have reviewed this quarterly report (“report”) on Form 10-Q of Del Taco Restaurant Properties I;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

Designed such internal controls over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, 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;

5.	The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent function):

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

EX-32.1 4 d365758dex321.htm CERTIFICATION PURSUANT TO SUBSECTIONS (A) AND (B) OF SECTION 1350 Certification pursuant to subsections (a) and (b) of Section 1350

Exhibit 32.1

CERTIFICATION PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

(SUBSECTIONS (a) AND (b) OF SECTION 1350, CHAPTER 63 OF TITLE 18,

UNITED STATES CODE)

In connection with the Quarterly Report of Del Taco Restaurant Properties I (the "Company") on Form 10-Q for the period ended June 30, 2012 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), each of the undersigned officers of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Partnership.


Date: August 14, 2012		/s/ Paul J. B. Murphy, III
		Paul J. B. Murphy, III
		Chief Executive Officer

Date: August 14, 2012		/s/ Steven L. Brake
		Steven L. Brake
		Chief Financial Officer
		(Principal Financial Officer)

A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

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NOTE 1 - BASIS OF PRESENTATION The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements and should therefore be read in conjunction with the financial statements and notes thereto contained in the annual report on Form 10-K for the year ended December 31, 2011 for Del Taco Restaurant Properties I (the Partnership or the Company). In the opinion of management, all adjustments (consisting of normal recurring accruals) necessary to present fairly the Partnership's financial position at June 30, 2012, the results of operations for the three and six month periods ended June 30, 2012 and 2011 and cash flows for the six month periods ended June 30, 2012 and 2011 have been included. Operating results for the three and six months ended June 30, 2012 are not necessarily indicative of the results that may be expected for the year ending December 31, 2012. Amounts related to disclosure of December 31, 2011 balances within these condensed financial statements were derived from the 2011 audited financial statements. Management has evaluated events subsequent to June 30, 2012 through the date that the accompanying condensed financial statements were filed with the Securities and Exchange Commission for transactions and other events which may require adjustment of and/or disclosure in such financial statements.

NOTE 2 - NET INCOME PER LIMITED PARTNERSHIP UNIT Net income per limited partnership unit is based on net income attributable to the limited partners (after one percent allocation to the general partner) using the weighted average number of units outstanding during the periods presented, which amounted to 8,751 in 2012 and 2011. Pursuant to the partnership agreement, annual partnership net income is allocated one percent to Del Taco LLC, formerly known as Del Taco, Inc., (Del Taco or the General Partner) and 99 percent to the limited partners. A partnership net loss in any year will be allocated 24 percent to the General Partner and 76 percent to the limited partners until the losses so allocated equal income previously allocated. Any additional losses will be allocated one percent to the General Partner and 99 percent to the limited partners. Partnership gains from any sale or refinancing will be allocated one percent to the General Partner and 99 percent to the limited partners until allocated gains and profits equal losses. Additional gains will be allocated 24 percent to the General Partner and 76 percent to the limited partners.

NOTE 3 - LEASING ACTIVITIES The Partnership leases six properties for operation of restaurants to Del Taco on a triple net basis. One property has been subleased to a Del Taco franchisee. The leases are for terms of 35 years commencing with the completion of the restaurant facility located on each property and require monthly rentals equal to 12 percent of the gross sales of the restaurants. The leases expire in the years 2020 to 2021. Pursuant to the lease agreements, minimum rentals of $3,500 per month are due to the Partnership during the first six months of any non-operating period caused by an insured casualty loss. For the three months ended June 30, 2012, the five restaurants operated by Del Taco, for which the Partnership is the lessor, had combined, unaudited sales of $1,322,777 and unaudited net losses of $4,085 as compared to unaudited sales of $1,304,798 and unaudited net income of $2,335, respectively, for the corresponding period in 2011. Net income or loss of each restaurant includes charges for general and administrative expenses incurred in connection with supervision of restaurant operations and interest expense and the decrease in net income from the corresponding period of the prior year primarily relates to increases in operating costs. For the three months ended June 30, 2012, the one restaurant operated by a Del Taco franchisee, for which the Partnership is the lessor, had unaudited sales of $217,111 as compared with unaudited sales of $228,642 during the same period in 2011. For the six months ended June 30, 2012, the five restaurants operated by Del Taco, for which the Partnership is the lessor, had combined, unaudited sales of $2,608,127 and unaudited net losses of $13,832 as compared to unaudited sales of $2,592,871 and unaudited net losses of $2,233 for the corresponding period in 2011. Net income or loss of each restaurant includes charges for general and administrative expenses incurred in connection with supervision of restaurant operations and interest expense and the increase in net loss from the corresponding period of the prior year primarily relates to increases in operating costs. For the six months ended June 30, 2012, the one restaurant operated by a Del Taco franchisee, for which the Partnership is the lessor, had unaudited sales of $427,117 as compared with unaudited sales of $458,268 during the same period in 2011.

NOTE 4 - TRANSACTIONS WITH DEL TACO The receivable from Del Taco consists primarily of rent accrued for the month of June 2012. The June rent receivable was collected in July 2012. Del Taco serves in the capacity of general partner in other partnerships which are engaged in the business of operating restaurants, and three other partnerships which were formed for the purpose of acquiring real property in California for construction of Mexican-American restaurants for lease under long-term agreements to Del Taco for operation under the Del Taco trade name. In addition, see Note 5 with respect to certain distributions to the General Partner.

NOTE 5 - DISTRIBUTIONS Total cash distributions declared and paid in February and May 2012 were $154,248 and $151,370, respectively. On July 24, 2012, a distribution to the limited partners of $168,156, or approximately $19.22 per limited partnership unit, was approved. Such distribution was paid on August 3, 2012. The General Partner also received a distribution of $1,699 with respect to its one percent partnership interest in August 2012.

NOTE 6 - PAYABLE TO LIMITED PARTNERS Payable to limited partners represents a reclassification from cash for distribution checks made to limited partners that have remained outstanding for six months or longer.

NOTE 7 - CONCENTRATION OF RISK The six restaurants leased to Del Taco make up all of the income producing assets of the Partnership and contributed all of the Partnership’s rental revenues during the three and six months ended June 30, 2012 and 2011. Therefore, the business of the Partnership is entirely dependent on the success of the Del Taco trade name restaurants that lease the properties. The Partnership maintains substantially all of its cash and cash equivalents at one major commercial bank. Although the Partnership at times maintains balances that exceed the federally insured limit, it has not experienced any losses related to these balances and management believes the credit risk to be minimal.

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Transactions with Del Taco	6 Months Ended
Jun. 30, 2012
Transactions with Del Taco [Abstract]
TRANSACTIONS WITH DEL TACO	NOTE 4 - TRANSACTIONS WITH DEL TACO The receivable from Del Taco consists primarily of rent accrued for the month of June 2012. The June rent receivable was collected in July 2012. Del Taco serves in the capacity of general partner in other partnerships which are engaged in the business of operating restaurants, and three other partnerships which were formed for the purpose of acquiring real property in California for construction of Mexican-American restaurants for lease under long-term agreements to Del Taco for operation under the Del Taco trade name. In addition, see Note 5 with respect to certain distributions to the General Partner.

Transactions with Del Taco

6 Months Ended

Jun. 30, 2012

Transactions with Del Taco [Abstract]

TRANSACTIONS WITH DEL TACO

NOTE 4 - TRANSACTIONS WITH DEL TACO

The receivable from Del Taco consists primarily of rent accrued for the month of June 2012. The June rent receivable was collected in July 2012.

In addition, see Note 5 with respect to certain distributions to the General Partner.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

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Leasing Activities

6 Months Ended

Jun. 30, 2012

Leasing Activities [Abstract]

LEASING ACTIVITIES

NOTE 3 - LEASING ACTIVITIES

Pursuant to the lease agreements, minimum rentals of $3,500 per month are due to the Partnership during the first six months of any non-operating period caused by an insured casualty loss.

- Definition

The entire disclosure for lessor entity's leasing arrangements for operating, capital and leveraged leases.

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-Name Statement of Financial Accounting Standard (FAS)

-Number 13

-Paragraph 23

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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+ Details

XML 15 R2.htm IDEA: XBRL DOCUMENT

Condensed Balance Sheets (USD $)	Jun. 30, 2012	Dec. 31, 2011
CURRENT ASSETS:
Cash	$ 214,573	$ 219,919
Receivable from Del Taco LLC	62,619	61,946
Other current assets	1,210	986
Total current assets	278,402	282,851
PROPERTY AND EQUIPMENT:
Land	1,633,188	1,633,188
Land improvements	296,497	296,497
Buildings and improvements	1,013,134	1,013,134
Machinery and equipment	1,136,026	1,136,026
Property and equipment, gross	4,078,845	4,078,845
Less - accumulated depreciation	2,207,301	2,192,827
Property and equipment, net	1,871,544	1,886,018
Total assets	2,149,946	2,168,869
CURRENT LIABILITIES:
Payable to limited partners	39,719	42,670
Accounts payable	14,334	23,124
Total current liabilities	54,053	65,794
PARTNERS' EQUITY:
Limited partners; 8,751 units outstanding at June 30, 2012 and December 31, 2011	1,834,837	1,841,947
General partner-Del Taco LLC	261,056	261,128
Total partners' equity	2,095,893	2,103,075
Total liabilities and partners' equity	$ 2,149,946	$ 2,168,869

XML 16 R6.htm IDEA: XBRL DOCUMENT

Basis of Presentation

6 Months Ended

Jun. 30, 2012

Basis of Presentation [Abstract]

BASIS OF PRESENTATION

NOTE 1 - BASIS OF PRESENTATION

- Definition

The entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure.

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Net Income per Limited Partnership Unit

6 Months Ended

Jun. 30, 2012

Net Income per Limited Partnership Unit [Abstract]

NET INCOME PER LIMITED PARTNERSHIP UNIT

NOTE 2 - NET INCOME PER LIMITED PARTNERSHIP UNIT

- Definition

The entire disclosure for earnings per share.

+ References+ Details

XML 19 R3.htm IDEA: XBRL DOCUMENT

Condensed Balance Sheets (Parenthetical)	Jun. 30, 2012	Dec. 31, 2011
Condensed Balance Sheets [Abstract]
Limited partners, units outstanding	8,751	8,751

- Definition

The number of limited partner units outstanding.

+ References+ Details

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Payable to Limited Partners (Details)	6 Months Ended
Payable to Limited Partners (Details)	Jun. 30, 2012
Payable to Limited Partners (Textual) [Abstract]
Period of payable outstanding to limited partners	six months or longer

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Document and Entity Information	6 Months Ended
Document and Entity Information	Jun. 30, 2012
Document and Entity Information [Abstract]
Entity Registrant Name	DEL TACO RESTAURANT PROPERTIES I
Entity Central Index Key	0000711213
Document Type	10-Q
Document Period End Date	Jun. 30, 2012
Amendment Flag	false
Document Fiscal Year Focus	2012
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer

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Concentration of Risk (Details)	Jun. 30, 2012 Restaurants	Jun. 30, 2012 Property
Concentration of Risk (Textual) [Abstract]
Number of properties leased	6	6

XML 23 R4.htm IDEA: XBRL DOCUMENT

Condensed Statements of Income (Unaudited) (USD $)	3 Months Ended		6 Months Ended
Condensed Statements of Income (Unaudited) (USD $)	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011
Condensed Statements of Income [Abstract]
RENTAL REVENUES	$ 184,786	$ 184,013	$ 364,229	$ 366,137
EXPENSES:
General and administrative	14,192	12,724	52,017	50,801
Depreciation	7,237	7,237	14,474	14,474
Total expenses	21,429	19,961	66,491	65,275
Operating income	163,357	164,052	297,738	300,862
OTHER INCOME:
Interest	63	62	123	123
Other	375	675	575	1,075
Net income	$ 163,795	$ 164,789	$ 298,436	$ 302,060
Net income per limited partnership unit (Note 2)	18.53	18.64	33.76	34.17
Number of units used in computing per unit amounts	8,751	8,751	8,751	8,751

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Concentration of Risk

6 Months Ended

Jun. 30, 2012

Concentration of Risk [Abstract]

CONCENTRATION OF RISK

NOTE 7 - CONCENTRATION OF RISK

- Definition

The entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date.

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Payable to Limited Partners

6 Months Ended

Jun. 30, 2012

Payable to Limited Partners [Abstract]

PAYABLE TO LIMITED PARTNERS

NOTE 6 - PAYABLE TO LIMITED PARTNERS

Payable to limited partners represents a reclassification from cash for distribution checks made to limited partners that have remained outstanding for six months or longer.

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Transactions with Del Taco (Details)	6 Months Ended
Transactions with Del Taco (Details)	Jun. 30, 2012 PartnershipUnit
Transactions with Del Taco (Textual) [Abstract]
Number of other partnerships formed for acquisition	3

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Net Income per Limited Partnership Unit (Details)	3 Months Ended		6 Months Ended
Net Income per Limited Partnership Unit (Details)	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011
Net Income per Limited Partnership Unit (Textual) [Abstract]
Number of units used in computing per unit amounts	8,751	8,751	8,751	8,751
Percentage of net income attributable general partner			1.00%
Percentage of net income attributable limited partners			99.00%
Percentage of net loss attributable general partner			24.00%
Percentage of net loss attributable limited partners			76.00%
Additional losses allocated to general partner percentage			1.00%
Additional losses allocated to limited partners percentage			99.00%
Percentage of gain on sale and refinancing allocated to general partner			1.00%
Percentage of gain on sale and refinancing allocated to limited partners			99.00%
Percentage of additional gain on sale and refinancing allocated to general partner			24.00%
Percentage of additional gain on sale and refinancing allocated to limited partners			76.00%

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Leasing Activities (Details) (USD $)	3 Months Ended		6 Months Ended
Leasing Activities (Details) (USD $)	Jun. 30, 2012 Restaurants Property	Jun. 30, 2011	Jun. 30, 2012 Property Restaurants	Jun. 30, 2011
Operating Leased Assets [Line Items]
Combined Unaudited Sales	$ 1,322,777	$ 1,304,798	$ 2,608,127	$ 2,592,871
Number of restaurants operated	5		5
Leasing Activities (Textual) [Abstract]
Number of properties leased	6		6
Number of properties subleased to Del Taco franchisee			1
Number of Lease years			35 years
Percentage of gross sales of the restaurants			12.00%
Leases expiration date			2020 to 2021
Minimum rentals due to partnership			3,500
Combined unaudited net loss	(4,085)	2,335	(13,832)	(2,233)
Deltaco Franchisee [Member]
Operating Leased Assets [Line Items]
Combined Unaudited Sales	$ 217,111	$ 228,642	$ 427,117	$ 458,268
Number of restaurants operated	1		1

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Distributions (Details) (USD $)	1 Months Ended				3 Months Ended
Distributions (Details) (USD $)	Aug. 31, 2012	Jul. 31, 2012	May 31, 2012	Feb. 29, 2012	Jun. 30, 2012
Distributions (Textual) [Abstract]
Total cash distributions declared and paid			$ 151,370	$ 154,248
Distribution to limited partner, declaration date		Jul. 24, 2012
Distribution to limited partners amount approved		168,156
Declaration to limited partner, per unit amount declared		$ 19.22
Distribution to limited partner, distribution date	Aug. 03, 2012
Distributions to general partner					$ 1,699
General partner, partnership interest percentage	1.00%
Distribution to general partner, distribution date	Aug. 31, 2012

- Definition

Total distributions to each class of partners (i.e., general, limited and preferred partners).

+ References+ Details

Large accelerated filer

Accelerated filer

Non-accelerated filer

x (Do not check if a smaller reporting company)

Smaller reporting company

Condensed Statements of Cash Flows (Unaudited) (USD $)	6 Months Ended
Condensed Statements of Cash Flows (Unaudited) (USD $)	Jun. 30, 2012	Jun. 30, 2011
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 298,436	$ 302,060
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	14,474	14,474
Changes in operating assets and liabilities:
Receivable from Del Taco LLC	(673)	4,921
Other current assets	(224)	253
Payable to limited partners	(2,951)	(4,249)
Accounts payable	(8,790)	(5,714)
Net cash provided by operating activities	300,272	311,745
CASH FLOWS FROM FINANCING ACTIVITIES -
Cash distributions to partners	(305,618)	(332,311)
Net change in cash	(5,346)	(20,566)
Beginning cash balance	219,919	225,302
Ending cash balance	$ 214,573	$ 204,736