FORM 10-K

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

0001193125-12-130249.txt : 20120326 0001193125-12-130249.hdr.sgml : 20120326 20120323203047 ACCESSION NUMBER: 0001193125-12-130249 CONFORMED SUBMISSION TYPE: 10-K PUBLIC DOCUMENT COUNT: 10 CONFORMED PERIOD OF REPORT: 20111231 FILED AS OF DATE: 20120326 DATE AS OF CHANGE: 20120323 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DEL TACO RESTAURANT PROPERTIES III CENTRAL INDEX KEY: 0000786360 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE [6500] IRS NUMBER: 330139247 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-16851 FILM NUMBER: 12713036 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 AVE CITY: ORANGE STATE: CA ZIP: 92667 10-K 1 d286468d10k.htm FORM 10-K FORM 10-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

(Mark

One)

x	ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (FEE REQUIRED)

For the fiscal year ended December 31, 2011

¨	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (NO FEE REQUIRED)

For the transition period from to

Commission file no. 0-16851

DEL TACO RESTAURANT PROPERTIES III

(A California limited partnership)

(Exact name of registrant as specified in its charter)


California		33-0139247
(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)

Registrant’s telephone number, including area code: (949) 462-9300

Securities registered pursuant to section 12(b) of the Act: None

Securities registered pursuant to section 12(g) of the Act: None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ¨ No x

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Exchange Act. Yes ¨ No x

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 Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes x No ¨

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§ 229.405 of this chapter) is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. ¨

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.

PART I

Item 1.

Business

Del Taco Restaurant Properties III (the Partnership, us, we or our) is a publicly-held limited Partnership organized under the California Uniform Limited Partnership Act. The Partnership’s General Partner is Del Taco LLC, a California limited liability company (Del Taco or the General Partner). The Partnership sold 48,000 units totaling $12 million through an offering of limited partnership units from February 1986 through June 1987. The term of the partnership agreement is until December 31, 2025, unless terminated earlier by means provided in the partnership agreement.

The business of the Partnership is ownership and leasing of restaurants in California to Del Taco. The Partnership acquired land and constructed ten Mexican-American restaurants for long-term lease to Del Taco. Each property is leased for 35 years on a triple net basis. Rent is equal to twelve percent of gross sales of the restaurants. The restaurant originally built in Twentynine Palms was sold in November 1997 and net proceeds from the sale were distributed to the partners. The restaurant originally built in the city of Industry was sold in December 2011 and net proceeds from the sale were distributed to the partners. As of December 31, 2011, the Partnership had a total of eight properties leased to Del Taco.

The Partnership has no full time employees. The Partnership agreement assigns full authority for general management and supervision of the business affairs of the Partnership to the General Partner. The General Partner has a one percent interest in the profits or losses and distributions of the Partnership. Limited partners have no right to participate in the day to day management or conduct of the Partnership’s business affairs.

Item 1A.

Risk Factors

None.

Item 2.

Properties

The Partnership acquired ten properties with proceeds obtained from the sale of limited partnership units:


Address	City, State	Date of Acquisition	Restaurant Constructed	Date of Commencement of Operation (1)

Rancho California Plaza	Rancho California, CA	December 23, 1986	60 seat with drive through service window	July 14, 1987

East Vista Way	Vista, CA	February 24, 1987	60 seat with drive through service window	September 10, 1987

4th Street	Perris, CA	June 24, 1987	60 seat with drive through service window	December 16, 1987

Foothill Boulevard	Upland, CA	August 3, 1987	60 seat with drive through service window	January 12, 1988

Plaza at Puente Hills	Industry, CA	May 12, 1987	60 seat with drive through service window	February 24, 1988 (2)

Twentynine Palms Highway	Twentynine Palms, CA	December 14, 1987	60 seat with drive through service window	May 17, 1988 (3)

East Valley Boulevard	Walnut, CA	April 29, 1988	60 seat with drive through service window	August 31, 1988

West Sepulveda Boulevard	Los Angeles, CA	July 8, 1988	60 seat with drive through service window	January 12, 1989 (4)

Lassen Street	Chatsworth, CA	January 27, 1989	60 seat with drive through service window	August 21, 1989

Hesperia Road	Victorville, CA	December 29, 1989	100 seat with drive through service window	July 5, 1990

See also Schedule III – Real Estate and Accumulated Depreciation included in Item 8.

Item 2.

Properties – (Continued)

(1)

Commencement of operation is the first date Del Taco, as lessee, operated the facility on the site as a Del Taco restaurant.

(2)

In May 2011, the City of Industry property was destroyed by fire, an insurance claim was received, and the property was sold in December 2011 yielding net proceeds to the Partnership of $1,231,720.

(3)

In November 1997, the Twentynine Palms property was sold yielding net proceeds to the Partnership of $278,612.

(4)

The restaurant was subleased to a franchisee of Del Taco and the restaurant operated as a Del Taco restaurant. On December 29, 1999 the franchise agreement for this restaurant expired. Del Taco began operation of this restaurant as a company-managed facility on December 29, 1999.

Item 3.

Legal Proceedings

The Partnership is not a party to any material pending legal proceedings.

Item 4.

Mine Safety Disclosures

Not applicable.

PART II

Item 5.

Market for the Partnership’s Common Equity, Related Security Holder Matters and Issuer Purchases of Equity Securities

The Partnership sold 48,000 ($12,000,000) limited partnership units during the public offering period ended June 1, 1987 and currently has 1,086 limited partners of record. There is no public market for the trading of the units. Distributions made by the Partnership to the limited partners during the past three fiscal years are described in Notes 6 and 8 to the Notes to the Financial Statements contained under Item 8.

Communication from Certain Limited Partners

During the third quarter of 2011, several limited partners communicated to the General Partner their desire to sell all of the properties and then dissolve the Partnership. Pursuant to the Partnership agreement, any decision to sell all of the properties and to dissolve the Partnership would require approval from a majority in interest of limited partners. During the fourth quarter, the aforementioned limited partners withdrew their desire to sell all of the properties and dissolve the Partnership. The General Partner is not aware of any plans or activity with respect to any potential sale of properties or dissolution of the Partnership.

Item 6.

Selected Financial Data

The selected financial data presented as of and for the years ended December 31, 2011, 2010, 2009, 2008, and 2007, has been derived from the audited financial statements and should be read in conjunction with the financial statements and related notes and Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Item 6.

Selected Financial Data – (Continued)


	Years Ended December 31,
	2011		2010		2009		2008		2007

Rental revenues	$	1,005,655	$	1,036,594	$	1,053,770	$	1,050,381	$	1,044,591

General and administrative expense		145,625		76,117		79,945		79,794		79,273

Depreciation expense		76,406		112,737		113,240		113,240		113,240

Interest and other income		4,411		4,289		3,082		9,770		10,367

Gain on disposal of property		545,973		—		—		—		—

Net income		1,334,008		852,029		863,667		867,117		862,445

Net income per limited partnership unit		27.94		17.85		18.09		18.16		18.07

Cash distributions per limited partnership unit		45.55		20.25		20.48		20.58		20.48

Total assets		4,531,154		5,331,937		5,456,531		5,565,286		5,679,975

Long-term obligations		577,510		577,510		577,510		577,510		577,510

Item 7.

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

Management’s discussion and analysis of financial condition, results of operations, liquidity and capital resources, and off balance sheet arrangements and contractual obligations contained within this report on Form 10-K is more clearly understood when read in conjunction with the notes to the financial statements. The notes to the financial statements elaborate on certain terms that are used throughout this discussion and provide information about the Partnership and the basis of presentation used in this report on Form 10-K.

The eight restaurants currently 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 as the operator of the restaurants located at our properties. The success of the restaurants is dependent on a large variety of factors, including, but not limited to, consumer demand and preference for fast food, in general, and for Mexican-American food in particular.

Liquidity and Capital Resources

The Partnership offered limited partnership units for sale between February 1986 and June 1987. In total, $12 million was raised through the sale of limited partnership units and used to acquire sites, build ten restaurants, pay commissions to brokers and to reimburse Del Taco LLC (the General Partner or Del Taco) for offering costs incurred. In February of 1992, approximately $281,000 raised during the offering but not required to acquire sites and build restaurants was distributed to the limited partners. One restaurant was sold in November 1997.

Item 7.

Management’s Discussion and Analysis of Financial Condition and Results of Operations – (Continued)

Liquidity and Capital Resources – (Continued)

As described in note 6 to the Notes to the Financial Statements contained under Item 8, the Partnership has a death and disability redemption fund totaling $86,017 at December 31, 2011. Investors should contact the General Partner with all questions regarding the eligibility of a limited partner or the estate of a deceased limited partner to participate in the redemption fund. A limited partner has the right, under certain circumstances involving such limited partner’s death or disability, to tender to the Partnership for redemption all of the units owned of record by such limited partner. The redemption price will be equal to the partners’ capital account balance as of the redemption date. The death and disability fund was established in 1987. The fund was limited to two percent of the gross proceeds from sale of the limited partnership units. Requests for redemption made after the funds in the death and disability fund are depleted will not be accepted.

On May 3, 2011, an automobile accident and ensuing fire resulted in a total casualty loss of the restaurant in Industry, California (Unit 218); the restaurant has not conducted any operations since that date (see Note 11). Unit 218 was operated by Del Taco on real property and improvements owned by the Partnership and leased to Del Taco. The property was sold on December 2, 2011 for net sale proceeds of $926,393. In addition to the net sale proceeds, net insurance recovery proceeds for the property and equipment destroyed by the fire totaling $305,327 were received. The Partnership recorded a net gain of $545,973. Pursuant to the Partnership Agreement, the limited partners received a special distribution on December 12, 2011 totaling 100% of the total net proceeds of $1,231,720 and the General Partner did not receive any distribution.

The Partnership’s only source of cash flow is rental income from the properties from the triple net leases. Such operating income has historically been and is expected to continue to be sufficient to fund the Partnership’s operating expenses. Net cash provided by operating activities in excess of the Partnership’s ongoing needs is distributed to the partners.

Off Balance Sheet Arrangements and Contractual Obligations

None.

Results of Operations

The Partnership owns eight properties, as of December 31, 2011, that are under long-term lease to Del Taco for restaurant operations. The restaurant in Industry, California was sold in December 2011.

Item 7.

Management’s Discussion and Analysis of Financial Condition and Results of Operations – (Continued)

Results of Operations – (Continued)

The following table sets forth rental revenues earned by restaurant by year:


	Years Ended December 31,
	2011		2010		2009

Rancho California Plaza, Rancho California, CA	$	172,253	$	174,756	$	176,565

East Vista Way, Vista, CA		106,084		102,004		101,276

Plaza at Puente Hills, Industry, CA (i)		45,627		74,052		78,647

4th Street, Perris, CA		113,384		119,456		123,968

Foothill Blvd., Upland, CA		118,857		121,698		128,435

East Valley Blvd., Walnut, CA		74,034		74,553		73,549

Lassen Street, Chatsworth, CA		146,493		146,181		151,600

Hesperia Road, Victorville, CA		142,447		139,331		137,635

W. Sepulveda Blvd., Los Angeles, CA		86,476		84,563		82,095

Total	$	1,005,655	$	1,036,594	$	1,053,770

(i)

This restaurant was destroyed by fire in May 2011 and then sold in December 2011, as more fully described in Note 11.

The Partnership earns rental revenues equal to 12 percent of gross sales from the restaurants. The Partnership earned rental revenues of $1,005,655 during the year ended December 31, 2011, which represents a decrease of $30,939 from 2010. The changes in rental revenues between 2010 and 2011 are directly attributable to changes in sales levels at the restaurants under lease due to local competitive and industry factors and due to the closure of the restaurant in the City of Industry during May 2011.

The Partnership earned rental revenues of $1,036,594 during the year ended December 31, 2010, which represents a decrease of $17,176 from 2009. The changes in rental revenues between 2009 and 2010 are directly attributable to changes in sales levels at the restaurants under lease due to local competitive and industry factors.

Item 7.

Management’s Discussion and Analysis of Financial Condition and Results of Operations – (Continued)

Results of Operations – (Continued)

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

Percentage of Total General and Administrative Expense


	Years Ended December 31,
	2011			2010			2009
Accounting fees		31.62	%		57.26	%		54.93	%
Distribution of information to limited partners		27.47			39.64			41.16
Other		40.91			3.10			3.91

		100.00	%		100.00	%		100.00	%

General and administrative costs increased by $69,508 from 2010 to 2011. The increase was caused primarily by the direct costs related to the fire at the restaurant in the City of Industry and the resulting appraisal and definitive proxy statement (see Note 11), as well as legal fees related to the communication from certain limited partners in regards to their desire to see all of the properties and then dissolve the partnership (see Note 12), printing and distribution costs and additional costs related to a new mandatory filing process known as XBRL.

General and administrative costs decreased by $3,828 from 2009 to 2010. The decrease was caused primarily by decreased printing costs.

Depreciation expense decreased by $36,331 in 2011 because certain assets were disposed in relation to the loss at the restaurant in the City of Industry.

Depreciation expense decreased by $503 in 2010 because certain assets became fully depreciated. Depreciation expense was $113,240 in 2009.

Gain on disposal of property was $545,973 in 2011 and was related to the sale and insurance proceeds from the restaurant in the City of Industry that was destroyed and sold during 2011 (see Note 11). There was no similar gain in 2010 or 2009.

Net income increased by $481,979 from 2010 to 2011 primarily due to the gain related to the sale of the restaurant in The City of Industry of $545,973, the decrease in depreciation expense of $36,331 and the increase in interest and other income of $122, partially offset by the decrease in revenues of $30,939 and the increase in general and administrative expenses of $69,508.

Net income decreased by $11,638 from 2009 to 2010 primarily due to the decrease in revenues of $17,176, partially offset by the decrease in general and administrative expenses of $3,828, the increase in interest and other income of $1,207 and the decrease in depreciation expense of $503.

Recent Accounting Pronouncements

None that applies to the Partnership.

Item 7.

Management’s Discussion and Analysis of Financial Condition and Results of Operations – (Continued)

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-K 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 Item 8 of this 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.

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 7A.

Quantitative and Qualitative Disclosures About Market Risk

None.

Item 8.

Financial Statements and Supplementary Data

PART I. INFORMATION


INDEX		PAGE NUMBER

Report of Independent Registered Public Accounting Firm – Squar, Milner, Peterson, Miranda & Williamson, LLP		11

Balance Sheets at December 31, 2011 and 2010		12

Statements of Income for the years ended December 31, 2011, 2010 and 2009		13

Statements of Partners’ Equity for the years ended December 31, 2011, 2010 and 2009		14

Statements of Cash Flows for the years ended December 31, 2011, 2010 and 2009		15

Notes to Financial Statements		16-22

Schedule III – Real Estate and Accumulated Depreciation		29

Report of Independent Registered Public Accounting Firm

To the Partners

Del Taco Restaurant Properties III:

We have audited the accompanying balance sheets of Del Taco Restaurant Properties III (a California Limited Partnership) as of December 31, 2011 and 2010 and the related statements of income, partners’ equity, and cash flows for each of the three years in the period ended December 31, 2011. Our audits also included the financial statement schedule of the Partnership listed in Item 15. These financial statements and financial statement schedule are the responsibility of the Partnership’s management. Our responsibility is to express an opinion on these financial statements and financial statement schedule based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. The Company is not required to have, nor were we engaged to perform an audit of its internal control over financial reporting. Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Del Taco Restaurant Properties III as of December 31, 2011 and 2010 and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2011, in conformity with U.S. generally accepted accounting principles. Also, in our opinion, the related financial statement schedule, when considered in relation to the basic financial statements taken as a whole, presents fairly, in all material respects, the information set forth therein.

/s/ Squar, Milner, Peterson, Miranda & Williamson, LLP

Newport Beach, California

March 23, 2012

DEL TACO RESTAURANT PROPERTIES III

BALANCE SHEETS


	December 31,
	2011			2010
ASSETS
CURRENT ASSETS:
Cash	$	277,636		$	309,131
Receivable from Del Taco LLC		81,786			88,135
Deposits		1,654			2,440

Total current assets		361,076			399,706

RESTRICTED CASH		86,017			86,017


PROPERTY AND EQUIPMENT:
Land		3,284,629			3,829,693
Land improvements		494,254			576,273
Buildings and improvements		2,534,393			2,954,959
Machinery and equipment		1,306,171			1,522,922

		7,619,447			8,883,847
Less-accumulated depreciation		3,535,386			4,037,633

		4,084,061			4,846,214

	$	4,531,154		$	5,331,937

LIABILITIES AND PARTNERS’ EQUITY

CURRENT LIABILITIES:
Payable to limited partners	$	69,529		$	62,605
Accounts payable		37,878			14,543

Total current liabilities		107,407			77,148

OBLIGATION TO GENERAL PARTNER		577,510			577,510


PARTNERS’ EQUITY:
Limited partners; 47,261 units outstanding at December 31, 2011 and 2010		3,890,871			4,725,920
General partner-Del Taco LLC		(44,634	)		(48,641	)

		3,846,237			4,677,279

	$	4,531,154		$	5,331,937

See accompanying notes to financial statements.

DEL TACO RESTAURANT PROPERTIES III

STATEMENTS OF INCOME


	Years Ended December 31,
	2011		2010		2009

RENTAL REVENUES	$	1,005,655	$	1,036,594	$	1,053,770


EXPENSES:
General and administrative		145,625		76,117		79,945
Depreciation		76,406		112,737		113,240

		222,031		188,854		193,185


Operating income		783,624		847,740		860,585

OTHER INCOME:
Interest		486		1,114		607
Other		3,925		3,175		2,475
Gain on disposal of property		545,973		—		—

Net income	$	1,334,008	$	852,029	$	863,667

Net income per limited partnership unit (Note 2)	$	27.94	$	17.85	$	18.09

Number of limited partnership units used in computing per unit amounts		47,261		47,261		47,261

See accompanying notes to financial statements.

DEL TACO RESTAURANT PROPERTIES III

STATEMENTS OF PARTNERS’ EQUITY

Years Ended December 31, 2011, 2010, and 2009


	Limited Partners					General
	Units		Amount			Partner			Total

Balance, December 31, 2008		47,261	$	4,954,303		$	(46,333	)	$	4,907,970

Net Income		—		855,031			8,636			863,667

Cash Distributions		—		(968,749	)		(9,785	)		(978,534	)


Balance, December 31, 2009		47,261		4,840,585			(47,482	)		4,793,103

Net Income		—		843,509			8,520			852,029

Cash Distributions		—		(958,174	)		(9,679	)		(967,853	)


Balance, December 31, 2010		47,261		4,725,920			(48,641	)		4,677,279

Net Income		—		1,320,667			13,341			1,334,008

Cash Distributions		—		(2,155,716	)		(9,334	)		(2,165,050	)


Balance, December 31, 2011		47,261	$	3,890,871		$	(44,634	)	$	3,846,237

See accompanying notes to financial statements.

DEL TACO RESTAURANT PROPERTIES III

STATEMENTS OF CASH FLOWS


	Years Ended December 31,
	2011			2010			2009
CASH FLOWS FROM OPERATING ACTIVITIES:

Net income	$	1,334,008		$	852,029		$	863,667
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation		76,406			112,737			113,240
Gain on disposal of property		(545,973	)		—			—
Changes in operating assets and liabilities:
Receivable from Del Taco LLC		6,349			(474	)		(793	)
Deposits		786			(343	)		(209	)
Payable to limited partners		6,924			(7,599	)		5,689
Accounts payable		23,335			(1,171	)		423

Net cash provided by operating activities		901,835			955,179			982,017


CASH FLOWS FROM INVESTING ACTIVITIES -

Proceeds from disposal of property		1,231,720			—			—


CASH FLOWS FROM FINANCING ACTIVITIES -

Cash distributions to partners		(2,165,050	)		(967,853	)		(978,534	)


Net change in cash		(31,495	)		(12,674	)		3,483

Beginning cash balance		309,131			321,805			318,322

Ending cash balance	$	277,636		$	309,131		$	321,805

See accompanying notes to financial statements.

DEL TACO RESTAURANT PROPERTIES III

NOTES TO FINANCIAL STATEMENTS

NOTE 1 – ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The Partnership: Del Taco Restaurant Properties III, a California limited partnership, (the Partnership) was formed on December 19, 1985, for the purpose of acquiring real property in California for construction of ten Mexican-American restaurants to be leased under long-term agreements to Del Taco LLC (General Partner or Del Taco) for operation under the Del Taco trade name. As of July 5, 1990, all ten restaurants had commenced operation on acquired properties. In November 1997, the Twentynine Palms property was sold yielding net proceeds of $278,612. In May 2011, the City of Industry property was destroyed by fire and then sold in December 2011 yielding net proceeds of $1,231,720. As of December 31, 2011, Del Taco Restaurant Properties III had eight properties in operation. The term of the partnership agreement is until December 31, 2025 unless terminated earlier by means provided in the partnership agreement.

The Partnership has no full time employees (see Note 4). The Partnership agreement assigns full authority for general management and supervision of the business affairs of the Partnership to the General Partner. The General Partner has a one percent interest in the profits or losses and distributions of the Partnership. Limited partners have no right to participate in the day to day management or conduct of the Partnership’s business affairs.

Distributions are made to the general and limited partners in accordance with the provisions of the partnership agreement (see Note 2).

Basis of Accounting: The Partnership utilizes the accrual method of accounting for transactions relating to the business of the Partnership. The summary of significant accounting policies presented below is designed to assist in understanding the Partnership’s financial statements. Such financial statements and accompanying notes are the representations of the Partnership’s management, who is responsible for their integrity and objectivity. These accounting policies conform to accounting principles generally accepted in the United States of America (“GAAP”) in all material respects, and have been consistently applied in preparing the accompanying financial statements.

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.

DEL TACO RESTAURANT PROPERTIES III

NOTES TO FINANCIAL STATEMENTS – CONTINUED

NOTE 1 – ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Income Taxes: No provision has been made for federal or state income taxes on partnership net income, since the Partnership is not subject to income tax. Partnership income is includable in the taxable income of the individual partners as required under applicable income tax laws. Certain items, primarily related to depreciation methods, are accounted for differently for income tax reporting purposes (see Note 7).

Net Income Per Limited Partnership Unit: The net income per limited partnership unit is based on net income attributable to the limited partners (after 1% allocation to the general partner) using the weighted average units outstanding during the periods presented which amounted to 47,261 in 2011, 2010 and 2009, respectively.

Use of Estimates: The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates.

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.

Concentration of Risk: The eight 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 for the three years ended December 31, 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.

Fair Value of Financial Instruments: The fair values of cash, accounts receivables, deposits, accounts payable and payables to limited partners approximate the carrying amounts due to their short maturities.

Subsequent Events: Management has evaluated events subsequent to December 31, 2011 through the date of the accompanying financial statements were filed with the Securities and Exchange Commission for transactions and other events that may require adjustment of and/or disclosure in such financial statements.

NOTE 2 – PARTNERS’ EQUITY

Pursuant to the partnership agreement, annual partnership net income or loss is allocated one percent to the General Partner and 99 percent to the limited partners. Partnership gains from any sale or refinancing are to be allocated one percent to the General Partner and 99 percent to the limited partners until allocated gains and profits equal losses, distributions and syndication costs, and until each class of limited partners receive their priority return (10 percent) as defined in the partnership agreement. Additional gains are to be allocated 15 percent to the General Partner and 85 percent to the limited partners.

DEL TACO RESTAURANT PROPERTIES III

NOTES TO FINANCIAL STATEMENTS – CONTINUED

NOTE 3 – OBLIGATION TO GENERAL PARTNER

Under terms of the partnership agreement, the General Partner is entitled to receive a fee in an amount equal to five percent of aggregate capital contributions. The fee shall be for services rendered in connection with site selection and the design and supervision of construction and improvements to acquired properties. This fee shall be earned at the time the services are rendered, but shall not be paid and shall be subordinated to the limited partners’ interests until all restaurants have opened and the limited partners have received certain minimum returns on their investment, as required by the partnership agreement. It is the policy of the Partnership to accrue the site acquisition and development fee as an obligation to the General Partner. No fees were earned for such services during 2011, 2010, and 2009.

NOTE 4 – LEASING ACTIVITIES

The Partnership leases certain properties for operation of restaurants to Del Taco on a triple net basis. 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 terminate in the years 2022 to 2024. 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. The Partnership had a total of eight properties leased to Del Taco as of December 31, 2011.

The restaurants operated by Del Taco, for which the Partnership is the lessor, had combined, unaudited sales of $8,207,338, $8,638,283, and $8,781,419 and unaudited net losses of $55,685, $65,785 and $89,807 during the years ended December 31, 2011, 2010 and 2009, respectively. In addition, the restaurant in Industry, CA generated minimum rental income totaling $20,774 subsequent to being destroyed by fire in May 2011 and prior to its sale in December 2011. Net income by restaurant includes charges for general and administrative expenses incurred in connection with supervision of restaurant operations and interest expense. The decrease in net loss from the corresponding period of the prior year primarily relates to decreased interest expense.

NOTE 5 – RELATED PARTIES

The receivable from Del Taco consists of rent accrued for the months of December 2011 and 2010. The rent receivable was collected in January 2012 and 2011, respectively.

The General Partner received $9,334, $9,679 and $9,785 in distributions relating to its one percent interest in the Partnership for the years ended December 31, 2011, 2010 and 2009, respectively.

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.

The General Partner provides certain minimal managerial and accounting services to the Partnership at no cost.

DEL TACO RESTAURANT PROPERTIES III

NOTES TO FINANCIAL STATEMENTS – CONTINUED

NOTE 6 – RESTRICTED CASH

At December 31, 2011 and 2010 the Partnership had a restricted cash balance of $86,017. The restricted cash is a death and disability redemption fund. Such fund is maintained in an interest bearing account at a major commercial bank. A limited partner has the right, under certain circumstances involving such limited partner’s death or disability, to tender to the Partnership for redemption all of the units owned of record by such limited partner. The redemption price will be equal to the partners’ capital account balance as of the redemption date. The death and disability fund was established in 1987. The fund was limited to two percent of the gross proceeds from sale of the limited partnership units. Requests for redemption made after the funds in the death and disability fund are depleted will not be accepted.

NOTE 7 – INCOME TAXES (UNAUDITED)

The Partnership is not subject to income taxes because its income is taxed directly to the General Partner and limited partners. The reconciling items presented in the table below are the only items that create a difference between the tax basis and reported amounts of the Partnerships assets and liabilities.

A reconciliation of financial statement net income to taxable income for each of the periods is as follows:


	2011			2010		2009
Net income per financial statements	$	1,334,008		$	852,029	$	863,667
Excess (tax) book depreciation		(289	)		28,170		28,170
Excess book gain		(76,061	)		—		—

Taxable income	$	1,257,658		$	880,199	$	891,837

A reconciliation of partnership equity per the financial statements to partners’ equity for tax purposes as of December 31, 2011, is as follows (unaudited):


Partners’ equity per financial statements	$	3,846,237

Issue costs of limited partnership units capitalized for tax purposes		1,741,677

Difference in book vs. tax depreciation		506,213

Other		84

Partners’ equity for tax purposes	$	6,094,211

DEL TACO RESTAURANT PROPERTIES III

NOTES TO FINANCIAL STATEMENTS – CONTINUED

NOTE 8 – CASH DISTRIBUTIONS TO LIMITED PARTNERS

Cash distributions paid to limited partners for the three years ended December 31, 2011 were as follows:


Quarter Ended	Cash Distribution per Limited Partnership Unit		Weighted Average Number of Units Outstanding		Number of Units Outstanding at the End of Quarter

December 31, 2008	$	5.22		47,261		47,261
March 31, 2009		4.78		47,261		47,261
June 30, 2009		4.90		47,261		47,261
September 30, 2009		5.58		47,261		47,261

Total paid in 2009	$	20.48


December 31, 2009	$	5.17		47,261		47,261
March 31, 2010		4.46		47,261		47,261
June 30, 2010		5.12		47,261		47,261
September 30, 2010		5.50		47,261		47,261

Total paid in 2010	$	20.25


December 31, 2010	$	5.06		47,261		47,261
March 31, 2011		4.66		47,261		47,261
June 30, 2011		4.77		47,261		47,261
September 30, 2011		5.03		47,261		47,261
Special distribution: December 12, 2011		26.03		47,261		47,261

Total paid in 2011	$	45.55

Cash distributions per limited partnership unit were calculated based upon the weighted average and cash flow statement units outstanding for each quarter and were paid from operations. Distributions declared in January 2012 for the quarter ended December 31, 2011 amounted to $3.63 per limited partnership unit and were paid in February 2012.

NOTE 9 – RESULTS BY QUARTER (UNAUDITED)


	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
Year ended December 31, 2011
Rental revenues	$	250,437	$	254,923	$	254,668	$	245,627
Net income		190,699		222,043		185,561		735,705
Net income per limited partnership unit		3.99		4.65		3.89		15.41

Year ended December 31, 2010
Rental revenues	$	249,723	$	260,039	$	267,525	$	259,307
Net income		183,761		220,643		226,097		221,528
Net income per limited partnership unit		3.85		4.62		4.74		4.64

DEL TACO RESTAURANT PROPERTIES III

NOTES TO FINANCIAL STATEMENTS – CONTINUED

NOTE 10 – 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. The increase in payable to limited partners from December 31, 2010 to December 31, 2011 is primarily due to the increase in distribution checks that were not deposited by limited partners.

NOTE 11 – GAIN ON DISPOSAL OF PROPERTY

On May 3, 2011, an automobile accident and ensuing fire resulted in a total casualty loss of the Plaza at Puente Hills restaurant in Industry, California (Unit 218). The restaurant has not conducted any operations since that date. Unit 218 was operated by Del Taco on real property and improvements owned by the Partnership and leased to Del Taco under a standard lease dated February 24, 1988 between Del Taco and the Partnership, as amended (the Lease). The Lease provided for rental payments equal to 12% of the gross sales (as defined in the Lease) at Unit 218. During the years ended December 31, 2011, 2010 and 2009, the annual 12% rental paid to the Partnership was $45,627, $74,052, and $78,647, or $0.965, $1.551, and $1.647 per Partnership unit (unaudited), respectively. The Lease did not provide for any minimum rent, except for rental value insurance of $3,500 per month for six months in the event of casualty loss and loss of rental income. The Lease was to expire on February 28, 2023.

As required by the Lease, Del Taco maintained fire and casualty insurance covering Unit 218 with Commonwealth Insurance. The carrier confirmed coverage. In the case of total destruction of the improvements from any cause covered by the insurance (as occurred here), the Lease provided that Del Taco would be obligated to repair the improvements upon receipt of the net insurance proceeds. Del Taco’s obligation to repair was not limited to the net insurance proceeds.

Del Taco, as the General Partner, with certain exceptions, had the sole and exclusive right to manage the business of the Partnership. This right included, specifically, the right to operate, construct or sell any personal and real property owned by the Partnership. Due to Unit 218’s historical financial underperformance relative to an average Del Taco unit and Del Taco’s obligation to repair the improvements above and beyond the net insurance proceeds, Del Taco, as the lessee under the Lease and as the operator of Unit 218, had a material financial interest in the disposition of that restaurant. Due to the presence of such material financial interest, it appeared that Del Taco had a conflict of interest in the determination of the ultimate course of action.

Section 5.8.3 of the Partnership Agreement provides that, if the General Partner believes it is unable to resolve a conflict of interest, it is authorized to describe the relevant facts and submit alternatives to the Limited Partners for their vote, who may then vote on the alternatives or choose another alternative.

As such, the General Partner requested a vote on a proposal to sell the land, retain the net insurance proceeds and distribute all such proceeds in a special distribution to the limited partners. If the proposal was not adopted, the General Partner would be required to rebuild and continue operating the unit. Based on an analysis performed by management, the General Partner recommended that the financial interests of the Partnership and the Limited Partners would be best served to sell the land, retain the net insurance proceeds and distribute all such proceeds in a special distribution to the limited partners.

DEL TACO RESTAURANT PROPERTIES III

NOTES TO FINANCIAL STATEMENTS – CONTINUED

NOTE 11 – GAIN ON DISPOSAL OF PROPERTY (Continued)

As such, Del Taco filed a definitive proxy statement with the Securities and Exchange Commission on August 29, 2011. The result of such vote was determined in September 2011 and authorized the General Partner to sell the land, retain the net insurance proceeds and distribute all such proceeds in a special distribution to the limited Partners. The property was sold on December 2, 2011 for net sale proceeds of $926,393. In addition to the net sale proceeds, net insurance recovery proceeds for the property and equipment destroyed by the fire totaling $305,327 were received. The Partnership recorded net gain of $545,973. As of December 2, 2011, there were 47,323 limited partner units outstanding in the Partnership. Pursuant to the Partnership Agreement, these limited partners received a special distribution of $26.03 per unit on December 12, 2011 totaling 100% of the total net proceeds of $1,231,720 and the General Partner did not receive any distribution.

The operating results of Unit 218 were not deemed significant to the overall financials to qualify for discontinued operations reporting.

NOTE 12 – COMMUNICATION FROM CERTAIN LIMITED PARTNERS

Item 9.

Changes in and Disagreements with Accountants on Accounting and Financial Disclosures

None

Item 9A.

Controls and Procedures

Disclosure controls and procedures

We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in our reports under the Securities Exchange Act of 1934 (Exchange Act) is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to management, including our Chief Executive Officer and Chief Financial Officer, to allow timely decisions regarding required disclosure. In designing and evaluating our disclosure controls and procedures, our management recognized that any system of controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives, as ours are designed to do, and management necessarily was required to apply its judgment in evaluating the cost–benefit relationship of possible controls and procedures.

In connection with the preparation of this Annual Report on Form 10-K, an evaluation was performed under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Exchange Act). Based on that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective as of the end of the period covered by this Annual Report on Form 10-K to ensure that the information required to be disclosed by us in reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms, and to ensure that the information required to be disclosed by us in reports that we file or submit under the Exchange Act is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosures.

Internal control over financial reporting

(a)

Management’s Report on Internal Control over Financial Reporting

Our management is responsible for establishing and maintaining adequate internal control over financial reporting as defined in Rule 13a-15(f) under the Exchange Act. Our internal control system is designed to provide reasonable assurance to our management regarding the preparation and fair presentation of published financial statements. All internal control systems, no matter how well designed, have inherent limitations. Therefore, even those systems determined to be effective can provide only reasonable assurance with respect to the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles.

Management has assessed the effectiveness of our internal control over financial reporting as of December 31, 2011. In making its assessment of internal control over financial reporting, management used the criteria set forth in Internal Control – Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

Item 9A.

Controls and Procedures – (Continued)

Management has concluded that, as of December 31, 2011, our internal control over financial reporting was effective based on these criteria.

This annual report does not include an attestation report of the Partnership’s registered public accounting firm regarding the effectiveness of internal control over financial reporting. Pursuant to temporary rules of the Securities and Exchange Commission, such attestation report is not required to be included in this filing; the Partnership is only required to provide management’s report in this annual report.

(b)

Changes in internal controls:

There were no significant changes in the Partnership’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.

Item 9B.

Other Information

None.

PART III

Item 10.

Directors, Executive Officers, and Corporate Governance

(a) & (b) Del Taco serves as the Partnership’s sole General Partner. Individuals who perform the functions of directors and officers of the Partnership consist of the following officers of Del Taco:


Name	Title	Age

Paul J.B. Murphy, III	Chief Executive Officer	57
Janet D. Erickson	Executive Vice President, Purchasing	55
Steven L. Brake	Chief Financial Officer	39
John Cappasola	Chief Brand Officer	38
David Pear	Senior Vice President, Operations	48

Del Taco’s term as General Partner will continue indefinitely, subject to the right of a majority in interest of the limited partners to remove and replace it. The above referenced officers of the General Partner will hold office until their resignation or the election or appointment of their successor.

(c)

None

(d)	No family relationship exists between any such officer of the General Partner.

(e)	The following is an account of the business experience during the past five years of each such officer:

Item 10.

Directors, Executive Officers, and Corporate Governance – (Continued)

Paul J.B. Murphy, III, Chief Executive Officer of Del Taco LLC. Mr. Murphy has served as Chief Executive Officer since February of 2009. He previously served as President and Chief Executive Officer of Einstein Noah Restaurant Group, Inc. (formerly, New World Restaurant Group, Inc.) from October of 2003 to December of 2007.

Janet D. Erickson, Executive Vice President, Purchasing of Del Taco LLC. From 1979 to 1986, Ms. Erickson was with Denny’s Incorporated. She served in the Research and Development department in a variety of positions until 1982 when she was promoted to the position of Purchasing Agent. Ms. Erickson was hired in 1986 as Manager of Contract Purchasing with Carl Karcher Enterprises, a post she held until March 1990 when she became Vice President, Purchasing for Del Taco LLC. Ms. Erickson has a Bachelor of Science degree in Foods and Nutrition from Cal State Polytechnic University in Pomona, California.

Steven L. Brake, Senior Vice President, Chief Financial Officer of Del Taco LLC. Mr. Brake has served as Chief Financial Officer since April of 2010 and previously served as Treasurer from March 2006 to April 2010 and as the Corporate Controller of Del Taco LLC from September 2003 to March of 2006. From December 1995 until September 2003 Mr. Brake spent seven years with Arthur Andersen and one year with KPMG LLP in their respective audit departments. Mr. Brake was a licensed certified public accountant and holds a Bachelor of Arts degree in Economics from the University of California, Irvine and an MBA from the Paul Merage School of Business at the University of California, Irvine.

John Cappasola, Chief Brand Officer of Del Taco LLC. Mr. Cappasola has served as our Chief Brand Officer since February 2011. He previously served as our Vice President of Marketing from March 2009 to February 2011. From September 2008 to March 2009, he served as our Vice President of Marketing Development. From August 2002 to September 2008, he held various positions in marketing, strategic development and operations at Blockbuster, Inc. of Dallas, Texas.

David Pear, Senior Vice President, Operations of Del Taco LLC. Mr. Pear has served as Senior Vice President of Operations since January 2012. From January 2009 to January of 2012 Mr. Pear served as a Director of DMA Operations for Taco Bell (Yum Brands). From 1985 to 2009, Mr. Pear served in a wide variety of operation positions with increasing level of responsibility for Domino’s Pizza, Inc.

Code of Ethics

The Partnership has no executive officers or any fulltime employees and, accordingly, has not adopted a code of ethics.

Item 11.

Executive Compensation

The Partnership has no executive officers or directors and pays no direct remuneration to any executive officer or director of its General Partner. The Partnership has not issued any options or stock appreciation rights to any executive officer or director of its General Partner, nor does the Partnership propose to pay any annuity, pension or retirement benefits to any executive officer or director of its General Partner. The Partnership has no plan, nor does the Partnership presently propose a plan, which will result in any remuneration being paid to any executive officer or director of the General Partner upon termination of employment.

Item 12.

Security Ownership of Certain Beneficial Owners and Management

(a)	No person of record currently owns more than five percent of limited partnership units of the Partnership, nor was any person known of by the Partnership to own of record and beneficially, or beneficially only, more than five percent of such securities.

(b)	Neither Del Taco LLC, nor any executive officer or director of Del Taco LLC, owns any limited partnership units of the Partnership.

(c)

The Partnership knows of no contractual arrangements, the operation or the terms of which may at a subsequent date result in a change in control of the Partnership, except for provisions in the partnership agreement providing for removal of the General Partner by holders of a majority of the limited partnership units and if a material event of default occurs under the financing agreements of the General Partner.

Item 13.

Certain Relationships, Related Transactions, and Director Independence

(a)	Other than listed below, no transactions have occurred between the Partnership and any executive officer or director of its General Partner.

During 2011, the following transactions occurred between the Partnership and the General Partner pursuant to the terms of the partnership agreement.

(1)

The General Partner earned $13,341 as its one percent share of the net income of the Partnership.

(2)

The General Partner received $9,334 in distributions relating to its one percent interest in the Partnership.

(b)	During 2011, the Partnership had no business relationships with any entity of a type required to be reported under this item.

(c)	Neither the General Partner, any director or officer of the General Partner, or any associate of any such person, was indebted to the Partnership at any time during 2011 for any amount.

(d)	Not applicable.

Item 14.

Principal Accountant Fees and Services

The following table presents fees for professional services rendered by Squar, Milner, Peterson, Miranda & Williamson, LLP (Squar Milner).


	2011		2010
Audit Fees	$	17,055	$	16,563
Audit-Related Fees		—		—
Tax Fees		—		—
All Other Fees		—		—

Total	$	17,055	$	16,563

The General Partner approves all the audit and non-audit services, and related fees, provided to the Partnership by the independent auditors prior to the services being rendered.

PART IV

Item 15.

Exhibits and Financial Statement Schedules

(a)(1) Financial Statements

Included

in Part II of this report:

Report

of Independent Registered Public Accounting Firm –

Squar, Milner, Peterson, Miranda & Williamson, LLP

Balance

Sheets

Statements

of Income

Statements

of Partners’ Equity

Statements

of Cash Flows

Notes

to Financial Statements

(a)(2) Financial Statement Schedule

Schedule

III – Real Estate and Accumulated Depreciation

Financial statement schedules other than those referred to above have been omitted because they are not applicable or not required.

(b)	Reports on Form 8-K

None

(c)	Exhibits required by Item 601 of Regulation S-K:

Incorporated herein by reference, Restated Agreement of Limited Partnership of Del Taco Restaurant Properties III filed as Exhibit 3.01 to Partnership’s Registration Statement on Form S-11 as filed with the Securities and Exchange Commission on December 30, 1985.

Incorporated herein by reference, Amendment to Restated Agreement of Limited Partnership of Del Taco Restaurant Properties III.

Incorporated herein by reference, Form of Standard Lease to be entered into by partnership and Del Taco LLC, as lessee, filed as Exhibit 10.02 to Partnership’s Registration Statement on Form S-11 as filed with the Securities and Exchange Commission on December 30, 1985.

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 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.

DEL TACO RESTAURANT PROPERTIES III

SCHEDULE III—REAL ESTATE AND ACCUMULATED DEPRECIATION

DECEMBER 31, 2011


Description (All Restaurants)	Encumbrances		Initial cost to company				Cost capitalized subsequent to acquisition		Gross amount at which carried at close of period		Accumulated depreciation		Date of construction		Date acquired		Life on which depreciation in latest income statement is computed
Description (All Restaurants)	Encumbrances		Land & land improvements		Buildings & Improve- ments		Carrying costs		Land, buildings & improvements Total		Accumulated depreciation		Date of construction		Date acquired
Rancho California, CA	$	—	$	384,400	$	257,807	$	—	$	642,207		226,768		1986		1986	20 (LI), 35 (BI)
Vista, CA		—		512,130		343,471		—		855,601		302,110		1987		1987	20 (LI), 35 (BI)
Perris, CA		—		437,522		293,434		—		730,956		258,100		1987		1987	20 (LI), 35 (BI)
Upland, CA		—		281,827		189,014		—		470,841		166,248		1987		1987	20 (LI), 35 (BI)
Walnut, CA		—		340,848		228,597		—		569,445		201,066		1988		1988	20 (LI), 35 (BI)
Los Angeles, CA		—		674,283		452,223		—		1,126,506		397,767		1988		1988	20 (LI), 35 (BI)
Chatsworth, CA		—		642,475		430,890		—		1,073,365		379,010		1989		1989	20 (LI), 35 (BI)
Victorville, CA		—		505,398		338,957		—		844,355		298,146		1989		1989	20 (LI), 35 (BI)

	$	—	$	3,778,883	$	2,534,393	$	—	$	6,313,276	$	2,229,215


	Restaurants			Accumulated Depreciation
Balances at December 31, 2008:	$	7,360,925		$	2,288,737
Additions		—			113,240
Retirements		—			—

Balances at December 31, 2009:		7,360,925			2,401,977
Additions		—			112,737
Retirements		—			—

Balances at December 31, 2010:		7,360,925			2,514,714
Additions		—			76,406
Retirements		(1,047,649	)		(361,905	)

Balances at December 31, 2011:	$	6,313,276		$	2,229,215

The aggregate cost basis of Del Taco Restaurant Properties III real estate assets for Federal income tax purposes was $6,313,276 at December 31, 2011.

See accompanying report of independent registered public accounting firm.

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the partnership has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


		DEL TACO RESTAURANT PROPERTIES III
		a California limited partnership

		Del Taco LLC
		General Partner

Date March 23, 2012		Paul J. B. Murphy, III
		Paul J.B. Murphy, III
		Chief Executive Officer

Date March 23, 2012		Steven L. Brake
		Steven L. Brake
		Chief Financial Officer

Date March 23, 2012		John Cappasola
		John Cappasola
		Chief Brand Officer

EX-31.1 2 d286468dex311.htm CERTIFICATION OF CHIEF EXECUTIVE OFFICER PURSUANT TO SECURITIES CERTIFICATION OF CHIEF EXECUTIVE OFFICER PURSUANT TO SECURITIES

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:

I have reviewed this annual (“report”) on Form 10-K of Del Taco Restaurant Properties III;

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;

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 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 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

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.


Date: March 23, 2012		/s/ Paul J. B. Murphy, III
		Paul J. B. Murphy, III
		Chief Executive Officer

EX-31.2 3 d286468dex312.htm CERTIFICATION OF CHIEF FINANCIAL OFFICER PURSUANT TO SECURITIES CERTIFICATION OF CHIEF FINANCIAL OFFICER PURSUANT TO SECURITIES

Exhibit 31.2

CERTIFICATION OF CHIEF FINANCIAL 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, Steven L. Brake, certify that:

I have reviewed this annual (“report”) on Form 10-K of Del Taco Restaurant Properties III;

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;

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.


Date: March 23, 2012		/s/ Steven L. Brake
		Steven L. Brake
		Chief Financial Officer

EX-32.1 4 d286468dex321.htm CERTIFICATION OF CHIEF EXECUTIVE OFFICER PURSUANT TO SECTION 906 CERTIFICATION OF CHIEF EXECUTIVE OFFICER PURSUANT TO SECTION 906

Exhibit 32.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER 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 Annual Report of Del Taco Restaurant Properties III (the “Partnership”) on Form 10-K for the year ended December 31, 2011 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), each of the undersigned officers of the Partnership, 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: March 23, 2012		/s/ Paul J. B. Murphy, III
		Paul J. B. Murphy, III
		Chief Executive Officer

Date: March 23, 2012		/s/ Steven L. Brake
		Steven L. Brake
		Chief Financial Officer

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

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NOTE 1 – ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The Partnership: Del Taco Restaurant Properties III, a California limited partnership, (the Partnership) was formed on December 19, 1985, for the purpose of acquiring real property in California for construction of ten Mexican-American restaurants to be leased under long-term agreements to Del Taco LLC (General Partner or Del Taco) for operation under the Del Taco trade name. As of July 5, 1990, all ten restaurants had commenced operation on acquired properties. In November 1997, the Twentynine Palms property was sold yielding net proceeds of $278,612. In May 2011, the City of Industry property was destroyed by fire and then sold in December 2011 yielding net proceeds of $1,231,720. As of December 31, 2011, Del Taco Restaurant Properties III had eight properties in operation. The term of the partnership agreement is until December 31, 2025 unless terminated earlier by means provided in the partnership agreement. The Partnership has no full time employees (see Note 4). The Partnership agreement assigns full authority for general management and supervision of the business affairs of the Partnership to the General Partner. The General Partner has a one percent interest in the profits or losses and distributions of the Partnership. Limited partners have no right to participate in the day to day management or conduct of the Partnership’s business affairs. Distributions are made to the general and limited partners in accordance with the provisions of the partnership agreement (see Note 2). Basis of Accounting: The Partnership utilizes the accrual method of accounting for transactions relating to the business of the Partnership. The summary of significant accounting policies presented below is designed to assist in understanding the Partnership’s financial statements. Such financial statements and accompanying notes are the representations of the Partnership’s management, who is responsible for their integrity and objectivity. These accounting policies conform to accounting principles generally accepted in the United States of America (“GAAP”) in all material respects, and have been consistently applied in preparing the accompanying financial statements. 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.   Income Taxes: No provision has been made for federal or state income taxes on partnership net income, since the Partnership is not subject to income tax. Partnership income is includable in the taxable income of the individual partners as required under applicable income tax laws. Certain items, primarily related to depreciation methods, are accounted for differently for income tax reporting purposes (see Note 7). Net Income Per Limited Partnership Unit: The net income per limited partnership unit is based on net income attributable to the limited partners (after 1% allocation to the general partner) using the weighted average units outstanding during the periods presented which amounted to 47,261 in 2011, 2010 and 2009, respectively. Use of Estimates: The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. 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. Concentration of Risk: The eight 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 for the three years ended December 31, 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. Fair Value of Financial Instruments: The fair values of cash, accounts receivables, deposits, accounts payable and payables to limited partners approximate the carrying amounts due to their short maturities. Subsequent Events: Management has evaluated events subsequent to December 31, 2011 through the date of the accompanying financial statements were filed with the Securities and Exchange Commission for transactions and other events that may require adjustment of and/or disclosure in such financial statements.

NOTE 2 – PARTNERS’ EQUITY Pursuant to the partnership agreement, annual partnership net income or loss is allocated one percent to the General Partner and 99 percent to the limited partners. Partnership gains from any sale or refinancing are to be allocated one percent to the General Partner and 99 percent to the limited partners until allocated gains and profits equal losses, distributions and syndication costs, and until each class of limited partners receive their priority return (10 percent) as defined in the partnership agreement. Additional gains are to be allocated 15 percent to the General Partner and 85 percent to the limited partners.

NOTE 3 – OBLIGATION TO GENERAL PARTNER Under terms of the partnership agreement, the General Partner is entitled to receive a fee in an amount equal to five percent of aggregate capital contributions. The fee shall be for services rendered in connection with site selection and the design and supervision of construction and improvements to acquired properties. This fee shall be earned at the time the services are rendered, but shall not be paid and shall be subordinated to the limited partners’ interests until all restaurants have opened and the limited partners have received certain minimum returns on their investment, as required by the partnership agreement. It is the policy of the Partnership to accrue the site acquisition and development fee as an obligation to the General Partner. No fees were earned for such services during 2011, 2010, and 2009.

NOTE 4 – LEASING ACTIVITIES The Partnership leases certain properties for operation of restaurants to Del Taco on a triple net basis. 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 terminate in the years 2022 to 2024. 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. The Partnership had a total of eight properties leased to Del Taco as of December 31, 2011. The restaurants operated by Del Taco, for which the Partnership is the lessor, had combined, unaudited sales of $8,207,338, $8,638,283, and $8,781,419 and unaudited net losses of $55,685, $65,785 and $89,807 during the years ended December 31, 2011, 2010 and 2009, respectively. In addition, the restaurant in Industry, CA generated minimum rental income totaling $20,774 subsequent to being destroyed by fire in May 2011 and prior to its sale in December 2011. Net income by restaurant includes charges for general and administrative expenses incurred in connection with supervision of restaurant operations and interest expense. The decrease in net loss from the corresponding period of the prior year primarily relates to decreased interest expense.

NOTE 5 – RELATED PARTIES The receivable from Del Taco consists of rent accrued for the months of December 2011 and 2010. The rent receivable was collected in January 2012 and 2011, respectively. The General Partner received $9,334, $9,679 and $9,785 in distributions relating to its one percent interest in the Partnership for the years ended December 31, 2011, 2010 and 2009, respectively. 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. The General Partner provides certain minimal managerial and accounting services to the Partnership at no cost.

NOTE 6 – RESTRICTED CASH At December 31, 2011 and 2010 the Partnership had a restricted cash balance of $86,017. The restricted cash is a death and disability redemption fund. Such fund is maintained in an interest bearing account at a major commercial bank. A limited partner has the right, under certain circumstances involving such limited partner’s death or disability, to tender to the Partnership for redemption all of the units owned of record by such limited partner. The redemption price will be equal to the partners’ capital account balance as of the redemption date. The death and disability fund was established in 1987. The fund was limited to two percent of the gross proceeds from sale of the limited partnership units. Requests for redemption made after the funds in the death and disability fund are depleted will not be accepted.

NOTE 7 – INCOME TAXES (UNAUDITED) The Partnership is not subject to income taxes because its income is taxed directly to the General Partner and limited partners. The reconciling items presented in the table below are the only items that create a difference between the tax basis and reported amounts of the Partnerships assets and liabilities. A reconciliation of financial statement net income to taxable income for each of the periods is as follows:   <table cellspacing="0" cellpadding="0" width="84%" border="0" style="border-collapse:collapse; text-align: left" align="center">  <tr> <td width="68%"> </td> <td valign="bottom" width="4%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="4%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="4%"> </td> <td> </td> <td> </td> <td> </td> </tr> <tr> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000">2011</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000">2010</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000">2009</td> <td valign="bottom"> </td> </tr>   <tr bgcolor="#cceeff"> <td valign="top"> Net income per financial statements </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,334,008</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">852,029</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">863,667</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr> <td valign="top"> Excess (tax) book depreciation </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(289</td> <td nowrap="nowrap" valign="bottom">) </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">28,170</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">28,170</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="top"> Excess book gain </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(76,061</td> <td nowrap="nowrap" valign="bottom">) </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr style="font-size:1px"> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr> <td valign="top"> Taxable income </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,257,658</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">880,199</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">891,837</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr style="font-size:1px"> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr>  </table> A reconciliation of partnership equity per the financial statements to partners’ equity for tax purposes as of December 31, 2011, is as follows (unaudited):   <table cellspacing="0" cellpadding="0" width="68%" border="0" style="border-collapse:collapse; text-align: left" align="center">  <tr> <td width="84%"> </td> <td valign="bottom" width="6%"> </td> <td> </td> <td> </td> <td> </td> </tr>   <tr bgcolor="#cceeff"> <td valign="top"> Partners’ equity per financial statements </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right"> 3,846,237</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr> <td height="8"> </td> <td height="8" colspan="4"> </td> </tr> <tr> <td valign="top"> Issue costs of limited partnership units capitalized for tax purposes </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,741,677</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr> <td height="8"> </td> <td height="8" colspan="4"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="top"> Difference in book vs. tax depreciation </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">506,213</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr> <td height="8"> </td> <td height="8" colspan="4"> </td> </tr> <tr> <td valign="top"> Other </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">84</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr style="font-size:1px"> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr bgcolor="#cceeff"> <td valign="top"> Partners’ equity for tax purposes </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">6,094,211</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr style="font-size:1px"> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr>  </table>

NOTE 8 – CASH DISTRIBUTIONS TO LIMITED PARTNERS Cash distributions paid to limited partners for the three years ended December 31, 2011 were as follows:   <table cellspacing="0" cellpadding="0" width="84%" border="0" style="border-collapse:collapse; text-align: left" align="center">  <tr> <td width="56%"> </td> <td valign="bottom" width="10%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="10%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="10%"> </td> <td> </td> <td> </td> <td> </td> </tr> <tr> <td valign="bottom" nowrap="nowrap"> Quarter Ended </td> <td valign="bottom"> </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000">Cash Distribution per Limited Partnership Unit</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000">Weighted Average Number of Units Outstanding</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000">Number of Units Outstanding at the End of Quarter</td> <td valign="bottom"> </td> </tr>   <tr> <td height="8"> </td> <td height="8" colspan="4"> </td> <td height="8" colspan="4"> </td> <td height="8" colspan="4"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="top"> December 31, 2008 </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">5.22</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">47,261</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">47,261</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr> <td valign="top"> March 31, 2009 </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4.78</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">47,261</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">47,261</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="top"> June 30, 2009 </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4.90</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">47,261</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">47,261</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr> <td valign="top"> September 30, 2009 </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5.58</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">47,261</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">47,261</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr style="font-size:1px"> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="top"> Total paid in 2009 </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">20.48</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> </tr> <tr style="font-size:1px"> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> </tr> <tr> <td height="8"> </td> <td height="8" colspan="4"> </td> <td height="8" colspan="4"> </td> <td height="8" colspan="4"> </td> </tr> <tr> <td valign="top"> December 31, 2009 </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">5.17</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">47,261</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">47,261</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="top"> March 31, 2010 </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4.46</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">47,261</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">47,261</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr> <td valign="top"> June 30, 2010 </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5.12</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">47,261</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">47,261</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="top"> September 30, 2010 </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5.50</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">47,261</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">47,261</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr style="font-size:1px"> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> </tr> <tr> <td valign="top"> Total paid in 2010 </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">20.25</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> </tr> <tr style="font-size:1px"> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> </tr> <tr> <td height="8"> </td> <td height="8" colspan="4"> </td> <td height="8" colspan="4"> </td> <td height="8" colspan="4"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="top"> December 31, 2010 </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">5.06</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">47,261</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">47,261</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr> <td valign="top"> March 31, 2011 </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4.66</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">47,261</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">47,261</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="top"> June 30, 2011 </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4.77</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">47,261</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">47,261</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr> <td valign="top"> September 30, 2011 </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5.03</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">47,261</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">47,261</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="top"> Special distribution: December 12, 2011 </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">26.03</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">47,261</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">47,261</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr style="font-size:1px"> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> </tr> <tr> <td valign="top"> Total paid in 2011 </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">45.55</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> </tr> <tr style="font-size:1px"> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> </tr>  </table> Cash distributions per limited partnership unit were calculated based upon the weighted average and cash flow statement units outstanding for each quarter and were paid from operations. Distributions declared in January 2012 for the quarter ended December 31, 2011 amounted to $3.63 per limited partnership unit and were paid in February 2012.

NOTE 9 – RESULTS BY QUARTER (UNAUDITED)   <table cellspacing="0" cellpadding="0" width="92%" border="0" style="border-collapse:collapse; text-align: left" align="center">  <tr> <td width="64%"> </td> <td valign="bottom" width="3%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="3%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="3%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="3%"> </td> <td> </td> <td> </td> <td> </td> </tr> <tr> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000">First Quarter</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000">Second Quarter</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000">Third Quarter</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000">Fourth Quarter</td> <td valign="bottom"> </td> </tr>   <tr bgcolor="#cceeff"> <td valign="top"> Year ended December 31, 2011 </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> </tr> <tr> <td valign="top"> Rental revenues </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">250,437</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">254,923</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">254,668</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">245,627</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="top"> Net income </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">190,699</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">222,043</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">185,561</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">735,705</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr> <td valign="top"> Net income per limited partnership unit </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3.99</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4.65</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3.89</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">15.41</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr> <td height="8"> </td> <td height="8" colspan="4"> </td> <td height="8" colspan="4"> </td> <td height="8" colspan="4"> </td> <td height="8" colspan="4"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="top"> Year ended December 31, 2010 </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> </tr> <tr> <td valign="top"> Rental revenues </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">249,723</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">260,039</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">267,525</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">259,307</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="top"> Net income </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">183,761</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">220,643</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">226,097</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">221,528</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr> <td valign="top"> Net income per limited partnership unit </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3.85</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4.62</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4.74</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4.64</td> <td nowrap="nowrap" valign="bottom"> </td> </tr>  </table>

NOTE 10 – 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. The increase in payable to limited partners from December 31, 2010 to December 31, 2011 is primarily due to the increase in distribution checks that were not deposited by limited partners.

NOTE 11 – GAIN ON DISPOSAL OF PROPERTY On May 3, 2011, an automobile accident and ensuing fire resulted in a total casualty loss of the Plaza at Puente Hills restaurant in Industry, California (Unit 218). The restaurant has not conducted any operations since that date. Unit 218 was operated by Del Taco on real property and improvements owned by the Partnership and leased to Del Taco under a standard lease dated February 24, 1988 between Del Taco and the Partnership, as amended (the Lease). The Lease provided for rental payments equal to 12% of the gross sales (as defined in the Lease) at Unit 218. During the years ended December 31, 2011, 2010 and 2009, the annual 12% rental paid to the Partnership was $45,627, $74,052, and $78,647, or $0.965, $1.551, and $1.647 per Partnership unit (unaudited), respectively. The Lease did not provide for any minimum rent, except for rental value insurance of $3,500 per month for six months in the event of casualty loss and loss of rental income. The Lease was to expire on February 28, 2023. As required by the Lease, Del Taco maintained fire and casualty insurance covering Unit 218 with Commonwealth Insurance. The carrier confirmed coverage. In the case of total destruction of the improvements from any cause covered by the insurance (as occurred here), the Lease provided that Del Taco would be obligated to repair the improvements upon receipt of the net insurance proceeds. Del Taco’s obligation to repair was not limited to the net insurance proceeds. Del Taco, as the General Partner, with certain exceptions, had the sole and exclusive right to manage the business of the Partnership. This right included, specifically, the right to operate, construct or sell any personal and real property owned by the Partnership. Due to Unit 218’s historical financial underperformance relative to an average Del Taco unit and Del Taco’s obligation to repair the improvements above and beyond the net insurance proceeds, Del Taco, as the lessee under the Lease and as the operator of Unit 218, had a material financial interest in the disposition of that restaurant. Due to the presence of such material financial interest, it appeared that Del Taco had a conflict of interest in the determination of the ultimate course of action. Section 5.8.3 of the Partnership Agreement provides that, if the General Partner believes it is unable to resolve a conflict of interest, it is authorized to describe the relevant facts and submit alternatives to the Limited Partners for their vote, who may then vote on the alternatives or choose another alternative. As such, the General Partner requested a vote on a proposal to sell the land, retain the net insurance proceeds and distribute all such proceeds in a special distribution to the limited partners. If the proposal was not adopted, the General Partner would be required to rebuild and continue operating the unit. Based on an analysis performed by management, the General Partner recommended that the financial interests of the Partnership and the Limited Partners would be best served to sell the land, retain the net insurance proceeds and distribute all such proceeds in a special distribution to the limited partners.   As such, Del Taco filed a definitive proxy statement with the Securities and Exchange Commission on August 29, 2011. The result of such vote was determined in September 2011 and authorized the General Partner to sell the land, retain the net insurance proceeds and distribute all such proceeds in a special distribution to the limited Partners. The property was sold on December 2, 2011 for net sale proceeds of $926,393. In addition to the net sale proceeds, net insurance recovery proceeds for the property and equipment destroyed by the fire totaling $305,327 were received. The Partnership recorded net gain of $545,973. As of December 2, 2011, there were 47,323 limited partner units outstanding in the Partnership. Pursuant to the Partnership Agreement, these limited partners received a special distribution of $26.03 per unit on December 12, 2011 totaling 100% of the total net proceeds of $1,231,720 and the General Partner did not receive any distribution. The operating results of Unit 218 were not deemed significant to the overall financials to qualify for discontinued operations reporting.   NOTE 12 – COMMUNICATION FROM CERTAIN LIMITED PARTNERS During the third quarter of 2011, several limited partners communicated to the General Partner their desire to sell all of the properties and then dissolve the Partnership. Pursuant to the Partnership agreement, any decision to sell all of the properties and to dissolve the Partnership would require approval from a majority in interest of limited partners. During the fourth quarter, the aforementioned limited partners withdrew their desire to sell all of the properties and dissolve the Partnership. The General Partner is not aware of any plans or activity with respect to any potential sale of properties or dissolution of the Partnership.

REAL ESTATE AND ACCUMULATED DEPRECIATION DEL TACO RESTAURANT PROPERTIES III SCHEDULE III—REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2011     <table cellspacing="0" cellpadding="0" width="100%" border="0" style="border-collapse:collapse; text-align: left" align="center">  <tr> <td width="29%"> </td> <td valign="bottom" width="3%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="3%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="3%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="3%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="3%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="3%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="3%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="3%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="3%"> </td> <td> </td> </tr> <tr> <td valign="bottom" rowspan="2" nowrap="nowrap" align="center"> Description (All Restaurants) </td> <td valign="bottom"> </td> <td valign="bottom" colspan="2" rowspan="2" nowrap="nowrap" align="center" style="border-bottom:1px solid #000000">Encumbrances</td> <td valign="bottom" rowspan="2"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="6" nowrap="nowrap" align="center" style="border-bottom:1px solid #000000">Initial cost to company</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="2" nowrap="nowrap" align="center" style="border-bottom:1px solid #000000">Cost capitalized subsequent to acquisition</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="2" nowrap="nowrap" align="center" style="border-bottom:1px solid #000000">Gross amount at which carried at close of period</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="2" rowspan="2" nowrap="nowrap" align="center" style="border-bottom:1px solid #000000">Accumulated depreciation</td> <td valign="bottom" rowspan="2"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="2" rowspan="2" nowrap="nowrap" align="center" style="border-bottom:1px solid #000000">Date of construction</td> <td valign="bottom" rowspan="2"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="2" rowspan="2" nowrap="nowrap" align="center" style="border-bottom:1px solid #000000">Date acquired</td> <td valign="bottom" rowspan="2"> </td> <td valign="bottom"> </td> <td valign="bottom" rowspan="2" nowrap="nowrap" align="center" style="border-bottom:1px solid #000000">Life on which depreciation in latest income statement is computed</td> </tr> <tr> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="2" nowrap="nowrap" align="center" style="border-bottom:1px solid #000000">Land & land improvements</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="2" nowrap="nowrap" align="center" style="border-bottom:1px solid #000000">Buildings & Improve- ments</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="2" nowrap="nowrap" align="center" style="border-bottom:1px solid #000000">Carrying costs</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="2" nowrap="nowrap" align="center" style="border-bottom:1px solid #000000">Land, buildings & improvements Total</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> </tr>   <tr bgcolor="#cceeff"> <td valign="top"> Rancho California, CA </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">    —  </td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">384,400</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">257,807</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">    —  </td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">642,207</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">226,768</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1986</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1986</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="center">20 (LI), 35 (BI)</td> </tr> <tr> <td valign="top"> Vista, CA </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">512,130</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">343,471</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">855,601</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">302,110</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1987</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1987</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="center">20 (LI), 35 (BI)</td> </tr> <tr bgcolor="#cceeff"> <td valign="top"> Perris, CA </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">437,522</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">293,434</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">730,956</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">258,100</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1987</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1987</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="center">20 (LI), 35 (BI)</td> </tr> <tr> <td valign="top"> Upland, CA </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">281,827</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">189,014</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">470,841</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">166,248</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1987</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1987</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="center">20 (LI), 35 (BI)</td> </tr> <tr bgcolor="#cceeff"> <td valign="top"> Walnut, CA </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">340,848</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">228,597</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">569,445</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">201,066</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1988</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1988</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="center">20 (LI), 35 (BI)</td> </tr> <tr> <td valign="top"> Los Angeles, CA </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">674,283</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">452,223</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,126,506</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">397,767</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1988</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1988</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="center">20 (LI), 35 (BI)</td> </tr> <tr bgcolor="#cceeff"> <td valign="top"> Chatsworth, CA </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">642,475</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">430,890</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,073,365</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">379,010</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1989</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1989</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="center">20 (LI), 35 (BI)</td> </tr> <tr> <td valign="top"> Victorville, CA </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">505,398</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">338,957</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">844,355</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">298,146</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1989</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1989</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="center">20 (LI), 35 (BI)</td> </tr> <tr style="font-size:1px"> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="top"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">—  </td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">3,778,883</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">2,534,393</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">—  </td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">6,313,276</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">2,229,215</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> </tr> <tr style="font-size:1px"> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> </tr>  </table>   <table cellspacing="0" cellpadding="0" width="92%" border="0" style="border-collapse:collapse; text-align: left" align="center">  <tr> <td width="78%"> </td> <td valign="bottom" width="4%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="4%"> </td> <td> </td> <td> </td> <td> </td> </tr> <tr> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000">Restaurants</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000">Accumulated Depreciation</td> <td valign="bottom"> </td> </tr>   <tr bgcolor="#cceeff"> <td valign="top"> Balances at December 31, 2008: </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">7,360,925</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">2,288,737</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr> <td valign="top"> Additions </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">113,240</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="top"> Retirements </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr style="font-size:1px"> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr> <td valign="top"> Balances at December 31, 2009: </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">7,360,925</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2,401,977</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="top"> Additions </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">112,737</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr> <td valign="top"> Retirements </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr style="font-size:1px"> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr bgcolor="#cceeff"> <td valign="top"> Balances at December 31, 2010: </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">7,360,925</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2,514,714</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr> <td valign="top"> Additions </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">76,406</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="top"> Retirements </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(1,047,649</td> <td nowrap="nowrap" valign="bottom">) </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(361,905</td> <td nowrap="nowrap" valign="bottom">) </td> </tr> <tr style="font-size:1px"> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr> <td valign="top"> Balances at December 31, 2011: </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">6,313,276</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">2,229,215</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr style="font-size:1px"> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr>  </table> The aggregate cost basis of Del Taco Restaurant Properties III real estate assets for Federal income tax purposes was $6,313,276 at December 31, 2011. See accompanying report of independent registered public accounting firm.

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improvements Buildings and Improvements, Gross Machinery and equipment Machinery and Equipment, Gross Total property and equipment Property, Plant and Equipment, Gross Gross property and equipment Less-accumulated depreciation Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment Total property and equipment Property, Plant and Equipment, Net Net property and equipment Total property and equipment Assets Total assets LIABILITIES AND PARTNERS' EQUITY Liabilities and Equity [Abstract] CURRENT LIABILITIES: Liabilities, Current [Abstract] Payable to limited partners Due to Related Parties, Current Accounts payable Accounts Payable, Current Total current liabilities Liabilities, Current, Total Total current liabilities OBLIGATION TO GENERAL PARTNER Due to Related Parties, Noncurrent PARTNERS' EQUITY: Partners' Capital [Abstract] Limited partners; 47,261 units outstanding at December 31, 2011 and 2010 Limited Partners' Capital Account Limited partners, units outstanding Limited Partners' Capital Account, Units Outstanding General partner-Del Taco LLC General Partners' Capital Account General partner-Del Taco LLC Total partners' equity Partners' Capital Total partners' equity Total partners' equity Liabilities and Equity Total liabilities and partners' equity RENTAL REVENUES Operating Leases, Income Statement, Lease Revenue EXPENSES: Costs and Expenses [Abstract] General and administrative General and Administrative Expense Depreciation Depreciation Total expenses Operating Expenses Total expenses Operating income Operating Income (Loss) Operating income OTHER INCOME: Nonoperating Income (Expense) [Abstract] Interest Investment Income, Interest Other Other Nonoperating Income Gain on disposal of property Gain (Loss) on Disposition of Assets Net income Net Income (Loss) Attributable to Parent Net income Net income per limited partnership unit (Note 2) Net Income (Loss), Per Outstanding Limited Partnership Unit, Basic Number of limited partnership units used in computing per unit amounts Weighted Average Limited Partnership Units Outstanding, Basic Statement [Table] Statement [Line Items] Limited Partners Balance, shares Balance Balance General Partner Net Income Cash Distributions Partners' Capital Account, Distributions Cash Distributions Balance, shares Balance CASH FLOWS FROM OPERATING ACTIVITIES: Net Cash Provided by (Used in) Operating Activities [Abstract] Adjustments to reconcile net income to net cash provided by operating activities: Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract] Gain on disposal of property Gain (Loss) on Disposition of Property Gain on disposal of property Changes in operating assets and liabilities: Increase (Decrease) in Operating Capital [Abstract] Receivable from Del Taco LLC Increase (Decrease) in Due from Related Parties, Current Receivable from Del Taco LLC Deposits Increase (Decrease) in Deposits Outstanding Deposits Payable to limited partners Increase (Decrease) in Accounts Payable, Related Parties Accounts payable Increase (Decrease) in Accounts Payable Net cash provided by operating activities Net Cash Provided by (Used in) Operating Activities Net cash provided by operating activities CASH FLOWS FROM INVESTING ACTIVITIES - Net Cash Provided by (Used in) Investing Activities [Abstract] Proceeds from disposal of property Proceeds from Sale of Property Held-for-sale CASH FLOWS FROM FINANCING ACTIVITIES - Net Cash Provided by (Used in) Financing Activities [Abstract] Cash distributions to partners Payments of Dividends Cash distributions to partners Net change in cash Cash and Cash Equivalents, Period Increase (Decrease) Net change in cash Beginning cash balance Ending cash balance ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block] Organization And Summary of Significant Accounting Policies [Abstract] Organization And Summary of Significant Accounting Policies [Abstract] PARTNERS' EQUITY Partners' Capital Notes Disclosure [Text Block] Partners' Equity/Cash Distributions to Limited Partners [Abstract] Partners' Equity/Cash Distributions to Limited Partners [Abstract] Obligation to General Partner Disclosure [Text Block] OBLIGATION TO GENERAL PARTNER OBLIGATION TO GENERAL PARTNER Obligation to General Partner [Abstract] Obligation to General Partner [Abstract] OBLIGATION TO GENERAL PARTNER LEASING ACTIVITIES Leases of Lessor Disclosure [Text Block] Leasing Activities [Abstract] Leasing Activities [Abstract] RELATED PARTIES Related Party Transactions Disclosure [Text Block] Related Parties [Abstract] Related Parties [Abstract] RESTRICTED CASH Cash and Cash Equivalents Disclosure [Text Block] Restricted Cash [Abstract] Restricted Cash [Abstract] INCOME TAXES (UNAUDITED) Income Tax Disclosure [Text Block] Income Taxes Income Taxes [Abstract] Partners Capital Account Distribution Per Unit of Limited Partner Interest [Text Block] CASH DISTRIBUTIONS TO LIMITED PARTNERS CASH DISTRIBUTIONS TO LIMITED PARTNERS RESULTS BY QUARTER (UNAUDITED) Quarterly Financial Information [Text Block] Results By Quarter Results By Quarter [Abstract] PAYABLE TO LIMITED PARTNERS Other Liabilities Disclosure [Text Block] Payable to Limited Partners [Abstract] Payable to Limited Partners [Abstract] PAYABLE TO LIMITED PARTNERS Gain Loss on Property Disposition [Text Block] GAIN ON DISPOSAL OF PROPERTY GAIN ON DISPOSAL OF PROPERTY Gain on Disposal of Property [Abstract] Gain on Disposal of Property [Abstract] Communication from Certain Limited Partners [Text Block] COMMUNICATION FROM CERTAIN LIMITED PARTNERS COMMUNICATION FROM CERTAIN LIMITED PARTNERS Communication From Certain Limited Partners [Abstract] Communication From Certain Limited Partners [Abstract] COMMUNICATION FROM CERTAIN LIMITED PARTNERS REAL ESTATE AND ACCUMULATED DEPRECIATION Real 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Obligation to General Partner

12 Months Ended

Dec. 31, 2011

Obligation to General Partner [Abstract]

OBLIGATION TO GENERAL PARTNER

NOTE 3 – OBLIGATION TO GENERAL PARTNER

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Partners' Equity

12 Months Ended

Dec. 31, 2011

Partners' Equity/Cash Distributions to Limited Partners [Abstract]

PARTNERS' EQUITY

NOTE 2 – PARTNERS’ EQUITY

- Definition

The entire disclosure for the formation, structure, control and ownership of the partnership. Disclosures related to accounts comprising partners' capital. Includes balances of general partners' capital account, limited partners' capital account, preferred partners' capital account and total partners' capital account and units outstanding; accumulated other comprehensive income; amount and nature of changes to amount of partner's capital and units outstanding by class, rights and privileges for each class of units; distribution policies and distributions paid by unit class; impact of and correction of an error in previously issued financial statements; limitations of partners' liability; redemption, conversion and distribution policies; and deferred compensation related to the issuance of units.

+ References+ Details

XML 15 R2.htm IDEA: XBRL DOCUMENT

Balance Sheets (USD $)	Dec. 31, 2011	Dec. 31, 2010
CURRENT ASSETS:
Cash	$ 277,636	$ 309,131
Receivable from Del Taco LLC	81,786	88,135
Deposits	1,654	2,440
Total current assets	361,076	399,706
RESTRICTED CASH	86,017	86,017
PROPERTY AND EQUIPMENT:
Land	3,284,629	3,829,693
Land improvements	494,254	576,273
Buildings and improvements	2,534,393	2,954,959
Machinery and equipment	1,306,171	1,522,922
Gross property and equipment	7,619,447	8,883,847
Less-accumulated depreciation	3,535,386	4,037,633
Net property and equipment	4,084,061	4,846,214
Total assets	4,531,154	5,331,937
CURRENT LIABILITIES:
Payable to limited partners	69,529	62,605
Accounts payable	37,878	14,543
Total current liabilities	107,407	77,148
OBLIGATION TO GENERAL PARTNER	577,510	577,510
PARTNERS' EQUITY:
Limited partners; 47,261 units outstanding at December 31, 2011 and 2010	3,890,871	4,725,920
General partner-Del Taco LLC	(44,634)	(48,641)
Total partners' equity	3,846,237	4,677,279
Total liabilities and partners' equity	$ 4,531,154	$ 5,331,937

XML 16 R6.htm IDEA: XBRL DOCUMENT

Statements of Cash Flows (USD $)	12 Months Ended
Statements of Cash Flows (USD $)	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 1,334,008	$ 852,029	$ 863,667
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	76,406	112,737	113,240
Gain on disposal of property	(545,973)
Changes in operating assets and liabilities:
Receivable from Del Taco LLC	6,349	(474)	(793)
Deposits	786	(343)	(209)
Payable to limited partners	6,924	(7,599)	5,689
Accounts payable	23,335	(1,171)	423
Net cash provided by operating activities	901,835	955,179	982,017
CASH FLOWS FROM INVESTING ACTIVITIES -
Proceeds from disposal of property	1,231,720
CASH FLOWS FROM FINANCING ACTIVITIES -
Cash distributions to partners	(2,165,050)	(967,853)	(978,534)
Net change in cash	(31,495)	(12,674)	3,483
Beginning cash balance	309,131	321,805	318,322
Ending cash balance	$ 277,636	$ 309,131	$ 321,805

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Organization and Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2011

Organization And Summary of Significant Accounting Policies [Abstract]

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 1 – ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Distributions are made to the general and limited partners in accordance with the provisions of the partnership agreement (see Note 2).

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.

- Definition

The entire disclosure for the organization, consolidation and basis of presentation of financial statements disclosure, and significant accounting policies of the reporting entity. May be provided in more than one note to the financial statements, as long as users are provided with an understanding of (1) the significant judgments and assumptions made by an enterprise in determining whether it must consolidate a VIE and/or disclose information about its involvement with a VIE, (2) the nature of restrictions on a consolidated VIE's assets reported by an enterprise in its statement of financial position, including the carrying amounts of such assets, (3) the nature of, and changes in, the risks associated with an enterprise's involvement with the VIE, and (4) how an enterprise's involvement with the VIE affects the enterprise's financial position, financial performance, and cash flows. Describes procedure if disclosures are provided in more than one note to the financial statements.

+ References+ Details

XML 19 R3.htm IDEA: XBRL DOCUMENT

Balance Sheets (Parenthetical)	Dec. 31, 2011	Dec. 31, 2010
Balance Sheets [Abstract]
Limited partners, units outstanding	47,261	47,261

- Definition

The number of limited partner units outstanding.

+ References+ Details

XML 20 R17.htm IDEA: XBRL DOCUMENT

Gain on Disposal of Property

12 Months Ended

Dec. 31, 2011

Gain on Disposal of Property [Abstract]

GAIN ON DISPOSAL OF PROPERTY

NOTE 11 – GAIN ON DISPOSAL OF PROPERTY

The operating results of Unit 218 were not deemed significant to the overall financials to qualify for discontinued operations reporting.

XML 21 R1.htm IDEA: XBRL DOCUMENT

Document and Entity Information	12 Months Ended
Document and Entity Information	Dec. 31, 2011
Document and Entity Information [Abstract]
Entity Registrant Name	DEL TACO RESTAURANT PROPERTIES III
Entity Central Index Key	0000786360
Document Type	10-K
Document Period End Date	Dec. 31, 2011
Amendment Flag	false
Document Fiscal Year Focus	2011
Document Fiscal Period Focus	FY
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer

XML 22 R18.htm IDEA: XBRL DOCUMENT

Communication From Certain Limited Partners

12 Months Ended

Dec. 31, 2011

Communication From Certain Limited Partners [Abstract]

COMMUNICATION FROM CERTAIN LIMITED PARTNERS

NOTE 12 – COMMUNICATION FROM CERTAIN LIMITED PARTNERS

XML 23 R4.htm IDEA: XBRL DOCUMENT

Statements of Income (USD $)	12 Months Ended
Statements of Income (USD $)	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Statements of Income [Abstract]
RENTAL REVENUES	$ 1,005,655	$ 1,036,594	$ 1,053,770
EXPENSES:
General and administrative	145,625	76,117	79,945
Depreciation	76,406	112,737	113,240
Total expenses	222,031	188,854	193,185
Operating income	783,624	847,740	860,585
OTHER INCOME:
Interest	486	1,114	607
Other	3,925	3,175	2,475
Gain on disposal of property	545,973
Net income	$ 1,334,008	$ 852,029	$ 863,667
Net income per limited partnership unit (Note 2)	$ 27.94	$ 17.85	$ 18.09
Number of limited partnership units used in computing per unit amounts	47,261	47,261	47,261

XML 24 R12.htm IDEA: XBRL DOCUMENT

Restricted Cash

12 Months Ended

Dec. 31, 2011

Restricted Cash [Abstract]

RESTRICTED CASH

NOTE 6 – RESTRICTED CASH

- Definition

The entire disclosure for cash and cash equivalent footnotes, which may include the types of deposits and money market instruments, applicable carrying amounts, restricted amounts and compensating balance arrangements. Cash and equivalents include: (1) currency on hand (2) demand deposits with banks or financial institutions (3) other kinds of accounts that have the general characteristics of demand deposits (4) short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Generally, only investments maturing within three months from the date of acquisition qualify.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6367179&loc=d3e4273-108586

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 95

-Paragraph 7

-Footnote 1

-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.

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 95

-Paragraph 8, 9, 10

-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.

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 2

-Subparagraph (SAB TOPIC 6.H.3)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13728-122682

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 1

-Article 5

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.1)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Cash

-URI http://asc.fasb.org/extlink&oid=6506951

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Staff Accounting Bulletin (SAB)

-Number Topic 6

-Section H

-Subsection 3

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Cash Equivalents

-URI http://asc.fasb.org/extlink&oid=6507016

+ Details

XML 25 R11.htm IDEA: XBRL DOCUMENT

Related Parties

12 Months Ended

Dec. 31, 2011

Related Parties [Abstract]

RELATED PARTIES

NOTE 5 – RELATED PARTIES

The receivable from Del Taco consists of rent accrued for the months of December 2011 and 2010. The rent receivable was collected in January 2012 and 2011, respectively.

The General Partner received $9,334, $9,679 and $9,785 in distributions relating to its one percent interest in the Partnership for the years ended December 31, 2011, 2010 and 2009, respectively.

The General Partner provides certain minimal managerial and accounting services to the Partnership at no cost.

- Definition

The entire disclosure for related party transactions, including the nature of the relationship(s), a description of the transactions, the amount of the transactions, the effects of any change in the method of establishing the terms of the transaction from the previous period, stated interest rate, expiration date, terms and manner of settlement per the agreement with the related party, and amounts due to or from related parties. If the entity and one or more other entities are under common ownership or management control and this control affects the operating results or financial position, disclosure includes the nature of the control relationship even if there are no transactions between the entities. Disclosure may also include the aggregate amount of current and deferred tax expense for each statement of earnings presented where the entity is a member of a group that files a consolidated tax return, the amount of any tax related balances due to or from affiliates as of the date of each statement of financial position presented, the principal provisions of the method by which the consolidated amount of current and deferred tax expense is allocated to the members of the group and the nature and effect of any changes in that method. 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 235

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.4-08.(k))

-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Article 3A

-Section 04

-Paragraph b

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 57

-Paragraph 1-4

-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.

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 850

-SubTopic 10

-Section 50

-Paragraph 5

-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39678-107864

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-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Article 4

-Section 08

-Paragraph k

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 850

-SubTopic 10

-Section 50

-Paragraph 6

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-Publisher FASB

-Name Accounting Standards Codification

-Topic 850

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39549-107864

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 850

-SubTopic 10

-Section 50

-Paragraph 4

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Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 850

-SubTopic 10

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39603-107864

+ Details

XML 26 R19.htm IDEA: XBRL DOCUMENT

Real Estate And Accumulated Depreciation

12 Months Ended

Dec. 31, 2011

Real Estate And Accumulated Depreciation [Abstract]

REAL ESTATE AND ACCUMULATED DEPRECIATION

DEL TACO RESTAURANT PROPERTIES III

SCHEDULE III—REAL ESTATE AND ACCUMULATED DEPRECIATION

DECEMBER 31, 2011


Description (All Restaurants)	Encumbrances		Initial cost to company				Cost capitalized subsequent to acquisition		Gross amount at which carried at close of period		Accumulated depreciation		Date of construction		Date acquired		Life on which depreciation in latest income statement is computed
Description (All Restaurants)	Encumbrances		Land & land improvements		Buildings & Improve- ments		Carrying costs		Land, buildings & improvements Total		Accumulated depreciation		Date of construction		Date acquired
Rancho California, CA	$	—	$	384,400	$	257,807	$	—	$	642,207		226,768		1986		1986	20 (LI), 35 (BI)
Vista, CA		—		512,130		343,471		—		855,601		302,110		1987		1987	20 (LI), 35 (BI)
Perris, CA		—		437,522		293,434		—		730,956		258,100		1987		1987	20 (LI), 35 (BI)
Upland, CA		—		281,827		189,014		—		470,841		166,248		1987		1987	20 (LI), 35 (BI)
Walnut, CA		—		340,848		228,597		—		569,445		201,066		1988		1988	20 (LI), 35 (BI)
Los Angeles, CA		—		674,283		452,223		—		1,126,506		397,767		1988		1988	20 (LI), 35 (BI)
Chatsworth, CA		—		642,475		430,890		—		1,073,365		379,010		1989		1989	20 (LI), 35 (BI)
Victorville, CA		—		505,398		338,957		—		844,355		298,146		1989		1989	20 (LI), 35 (BI)

	$	—	$	3,778,883	$	2,534,393	$	—	$	6,313,276	$	2,229,215


	Restaurants			Accumulated Depreciation
Balances at December 31, 2008:	$	7,360,925		$	2,288,737
Additions		—			113,240
Retirements		—			—

Balances at December 31, 2009:		7,360,925			2,401,977
Additions		—			112,737
Retirements		—			—

Balances at December 31, 2010:		7,360,925			2,514,714
Additions		—			76,406
Retirements		(1,047,649	)		(361,905	)

Balances at December 31, 2011:	$	6,313,276		$	2,229,215

The aggregate cost basis of Del Taco Restaurant Properties III real estate assets for Federal income tax purposes was $6,313,276 at December 31, 2011.

See accompanying report of independent registered public accounting firm.

- Definition

The entire disclosure for real estate and accumulated depreciation. This may include a schedule that describes the property and lists the initial cost of land, buildings and improvements, improvements and carrying costs capitalized after acquisition, and the total carrying cost for land, buildings and improvements for each property and in aggregate. The schedule also lists the accumulated depreciation for each property and in aggregate, the date each property was constructed and acquired, the useful life used to calculate depreciation and any encumbrances on the properties. The entity provides a reconciliation of the carrying amount of real estate from the beginning of the period to the end of the period. Any real estate investments that have been written down or reserved against are described, including the basis of the write-down. A material amount of intercompany profit in the total carrying amount of real estate is disclosed. The aggregate cost of all real estate investments for federal income tax purposes is also disclosed.

+ References+ Details

XML 27 R15.htm IDEA: XBRL DOCUMENT

Results By Quarter (Unaudited)

12 Months Ended

Dec. 31, 2011

Results By Quarter

RESULTS BY QUARTER (UNAUDITED)

NOTE 9 – RESULTS BY QUARTER (UNAUDITED)


	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
Year ended December 31, 2011
Rental revenues	$	250,437	$	254,923	$	254,668	$	245,627
Net income		190,699		222,043		185,561		735,705
Net income per limited partnership unit		3.99		4.65		3.89		15.41

Year ended December 31, 2010
Rental revenues	$	249,723	$	260,039	$	267,525	$	259,307
Net income		183,761		220,643		226,097		221,528
Net income per limited partnership unit		3.85		4.62		4.74		4.64

- Definition

The entire disclosure for the quarterly financial data in the annual financial statements. The disclosure may include a tabular presentation of financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income or loss before extraordinary items and earnings per share data. It also includes an indication if the information in the note is unaudited, comments on the aggregate effect of year-end adjustments, and an explanation of matters or transactions that affect comparability or are pertinent to an understanding of the information furnished.

+ References+ Details

XML 28 R13.htm IDEA: XBRL DOCUMENT

Income Taxes (Unaudited)

12 Months Ended

Dec. 31, 2011

Income Taxes

INCOME TAXES (UNAUDITED)

NOTE 7 – INCOME TAXES (UNAUDITED)

A reconciliation of financial statement net income to taxable income for each of the periods is as follows:


	2011			2010		2009
Net income per financial statements	$	1,334,008		$	852,029	$	863,667
Excess (tax) book depreciation		(289	)		28,170		28,170
Excess book gain		(76,061	)		—		—

Taxable income	$	1,257,658		$	880,199	$	891,837

A reconciliation of partnership equity per the financial statements to partners’ equity for tax purposes as of December 31, 2011, is as follows (unaudited):


Partners’ equity per financial statements	$	3,846,237

Issue costs of limited partnership units capitalized for tax purposes		1,741,677

Difference in book vs. tax depreciation		506,213

Other		84

Partners’ equity for tax purposes	$	6,094,211

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 109

-Paragraph 136, 172

-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.

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 109

-Paragraph 43, 44, 45, 46, 47, 48, 49

-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.

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 08

-Paragraph h

-Article 4

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 3

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-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

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-Paragraph 9

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-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 15

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319

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-Publisher FASB

-Name Accounting Standards Codification

-Topic 235

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.4-08.(h))

-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

+ Details

XML 29 R14.htm IDEA: XBRL DOCUMENT

Cash Distributions to Limited Partners

12 Months Ended

Dec. 31, 2011

Partners' Equity/Cash Distributions to Limited Partners [Abstract]

CASH DISTRIBUTIONS TO LIMITED PARTNERS

NOTE 8 – CASH DISTRIBUTIONS TO LIMITED PARTNERS

Cash distributions paid to limited partners for the three years ended December 31, 2011 were as follows:


Quarter Ended	Cash Distribution per Limited Partnership Unit		Weighted Average Number of Units Outstanding		Number of Units Outstanding at the End of Quarter

December 31, 2008	$	5.22		47,261		47,261
March 31, 2009		4.78		47,261		47,261
June 30, 2009		4.90		47,261		47,261
September 30, 2009		5.58		47,261		47,261

Total paid in 2009	$	20.48


December 31, 2009	$	5.17		47,261		47,261
March 31, 2010		4.46		47,261		47,261
June 30, 2010		5.12		47,261		47,261
September 30, 2010		5.50		47,261		47,261

Total paid in 2010	$	20.25


December 31, 2010	$	5.06		47,261		47,261
March 31, 2011		4.66		47,261		47,261
June 30, 2011		4.77		47,261		47,261
September 30, 2011		5.03		47,261		47,261
Special distribution: December 12, 2011		26.03		47,261		47,261

Total paid in 2011	$	45.55

XML 30 R16.htm IDEA: XBRL DOCUMENT

Payable to Limited Partners

12 Months Ended

Dec. 31, 2011

Payable to Limited Partners [Abstract]

PAYABLE TO LIMITED PARTNERS

NOTE 10 – PAYABLE TO LIMITED PARTNERS

XML 31 R5.htm IDEA: XBRL DOCUMENT

Statements of Partners' Equity (USD $)	Total	Limited Partners	General Partner
Balance at Dec. 31, 2008	$ 4,907,970	$ 4,954,303	$ (46,333)
Balance, shares at Dec. 31, 2008		47,261
Net Income	863,667	855,031	8,636
Cash Distributions	(978,534)	(968,749)	(9,785)
Balance at Dec. 31, 2009	4,793,103	4,840,585	(47,482)
Balance, shares at Dec. 31, 2009		47,261
Net Income	852,029	843,509	8,520
Cash Distributions	(967,853)	(958,174)	(9,679)
Balance at Dec. 31, 2010	4,677,279	4,725,920	(48,641)
Balance, shares at Dec. 31, 2010		47,261
Net Income	1,334,008	1,320,667	13,341
Cash Distributions	(2,165,050)	(2,155,716)	(9,334)
Balance at Dec. 31, 2011	$ 3,846,237	$ 3,890,871	$ (44,634)
Balance, shares at Dec. 31, 2011		47,261

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 944

-SubTopic 225

-Section S99

-Paragraph 1

-Subparagraph (SX 210.7-04.22)

-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 28

-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3602-108585

Reference 3: http://www.xbrl.org/2003/role/presentationRef

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-Name Accounting Standards Codification

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-Section S99

-Paragraph 2

-Subparagraph (SX 210.5-03.18)

-URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Research Bulletin (ARB)

-Number 51

-Paragraph 38

-Subparagraph a

-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.

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

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-SubTopic 10

-Section 50

-Paragraph 1

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Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 220

-SubTopic 10

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-Paragraph 6

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Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Research Bulletin (ARB)

-Number 51

-Paragraph A7

-Appendix A

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 130

-Paragraph 10, 15

-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.

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Other Comprehensive Income

-URI http://asc.fasb.org/extlink&oid=6519514

Reference 10: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Research Bulletin (ARB)

-Number 51

-Paragraph 38

-Subparagraph d

-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.

Reference 11: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Emerging Issues Task Force (EITF)

-Number 87-21

-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.

Reference 12: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Net Income

-URI http://asc.fasb.org/extlink&oid=6518256

Reference 13: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 944

-SubTopic 225

-Section S99

-Paragraph 1

-Subparagraph (SX 210.7-04.19)

-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913

Reference 14: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Article 5

-Section 03

-Paragraph 19

Reference 15: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 95

-Paragraph 28, 29, 30

-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.

Reference 16: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 04

-Paragraph 20

-Article 9

+ Details

- Definition

The amount of ownership interest of different classes of partners in limited partnership.

+ References+ Details

- Definition

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

+ References+ Details

- Definition

The number of each class of partnership units outstanding at the balance sheet date. Units represent shares of ownership of the general, limited, and preferred partners.

+ References+ Details

XML 32 R10.htm IDEA: XBRL DOCUMENT

Leasing Activities

12 Months Ended

Dec. 31, 2011

Leasing Activities [Abstract]

LEASING ACTIVITIES

NOTE 4 – LEASING ACTIVITIES

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 840

-SubTopic 20

-Section 50

-Paragraph 4

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-Publisher FASB

-Name Accounting Standards Codification

-Topic 840

-SubTopic 10

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-SubTopic 30

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Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 840

-SubTopic 20

-Section 45

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6453916&loc=d3e41457-112716

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 13

-Paragraph 23

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Reference 6: http://www.xbrl.org/2003/role/presentationRef

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-Topic 840

-SubTopic 10

-Section 55

-Paragraph 47

-URI http://asc.fasb.org/extlink&oid=6584217&loc=d3e38847-112698

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-Publisher FASB

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-Topic 840

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-Paragraph 3

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