0001193125-15-375766.txt : 20151112 0001193125-15-375766.hdr.sgml : 20151112 20151112163750 ACCESSION NUMBER: 0001193125-15-375766 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 10 CONFORMED PERIOD OF REPORT: 20150930 FILED AS OF DATE: 20151112 DATE AS OF CHANGE: 20151112 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-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-16851 FILM NUMBER: 151225355 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-Q 1 d77818d10q.htm 10-Q 10-Q
Table of Contents

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 10-Q

 

 

(Mark one)

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

For the quarterly period ended September 30, 2015

OR

 

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

For the transition period from                      to                     

Commission file no. 0-16851

 

 

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)

(949) 462-9300

(Registrant’s telephone number, including area code)

 

 

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

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

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

 

Large accelerated filer   ¨        Accelerated filer   ¨
Non-accelerated filer   x    (Do not check if a smaller reporting company)     Smaller reporting company   ¨

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

 

 

 

Table of Contents

INDEX

DEL TACO RESTAURANT PROPERTIES III

 

     PAGE NUMBER  

PART I. FINANCIAL INFORMATION

   

Item 1. Financial Statements

   

Condensed Balance Sheets at September 30, 2015 (Unaudited) and December 31, 2014

      3   

Condensed Statements of Income for the three and nine months ended September  30, 2015 and 2014 (Unaudited)

      4   

Condensed Statements of Cash Flows for the nine months ended September  30, 2015 and 2014 (Unaudited)

      5   

Notes to Condensed Financial Statements (Unaudited)

      6   

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

      9   

Item 3. Quantitative and Qualitative Disclosures About Market Risk

      11   

Item 4. Controls and Procedures

      11   

PART II. OTHER INFORMATION

   

Item 6. Exhibits

      12   

SIGNATURE

      13   

 

-2-

Table of Contents
PART I. FINANCIAL INFORMATION

 

ITEM I. FINANCIAL STATEMENTS

DEL TACO RESTAURANT PROPERTIES III

CONDENSED BALANCE SHEETS

 

     September 30,
2015		     December 31,
2014		  
     (Unaudited)        
ASSETS     

CURRENT ASSETS:

     

Cash

    $ 388,495      $ 346,478   

Receivable from Del Taco LLC

      96,870        93,384   

Other current assets

      1,818        2,065   
  

 

 

    

 

 

  

Total current assets

      487,183        441,927   
  

 

 

    

 

 

  

RESTRICTED CASH

      86,017        86,017   
  

 

 

    

 

 

  

PROPERTY AND EQUIPMENT:

     

Land

      3,284,629        3,284,629   

Land improvements

      494,254        494,254   

Buildings and improvements

      2,534,393        2,534,393   

Machinery and equipment

      1,306,171        1,306,171   
  

 

 

    

 

 

  
     7,619,447        7,619,447   

Less-accumulated depreciation

      3,806,931        3,752,622   
  

 

 

    

 

 

  
     3,812,516        3,866,825   
  

 

 

    

 

 

  
   $ 4,385,716      $ 4,394,769   
  

 

 

    

 

 

  
LIABILITIES AND PARTNERS’ EQUITY     

CURRENT LIABILITIES:

     

Payable to limited partners

    $ 102,101      $ 93,425   

Accounts payable

      60,733        28,251   
  

 

 

    

 

 

  

Total current liabilities

      162,834        121,676   
  

 

 

    

 

 

  

OBLIGATION TO GENERAL PARTNER

      577,510        577,510   
  

 

 

    

 

 

  

PARTNERS’ EQUITY:

     

Limited partners; 47,261 units outstanding at September 30, 2015 and December 31, 2014

      3,692,014        3,741,723   

General partner-Del Taco LLC

      (46,642 )      (46,140 ) 
  

 

 

    

 

 

  
     3,645,372        3,695,583   
  

 

 

    

 

 

  
   $ 4,385,716      $ 4,394,769   
  

 

 

    

 

 

  

See accompanying notes to condensed financial statements.

 

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Table of Contents

DEL TACO RESTAURANT PROPERTIES III

CONDENSED STATEMENTS OF INCOME

(Unaudited)

 

     Three Months Ended
September 30,		      Nine Months Ended
September 30,		  
     2015      2014      2015      2014  

RENTAL REVENUES

    $ 293,556       $ 278,710       $ 859,722       $ 807,513   
  

 

 

     

 

 

     

 

 

     

 

 

  

EXPENSES:

            

General and administrative

      41,713         25,708         174,969         88,620   

Depreciation

      18,103         18,103         54,309         54,309   
  

 

 

     

 

 

     

 

 

     

 

 

  
     59,816         43,811         229,278         142,929   
  

 

 

     

 

 

     

 

 

     

 

 

  

Operating income

      233,740         234,899         630,444         664,584   

OTHER INCOME:

            

Interest

      152         154         432         435   

Other

      1,750         3,425         5,150         7,175   
  

 

 

     

 

 

     

 

 

     

 

 

  

Net income

    $ 235,642       $ 238,478       $ 636,026       $ 672,194   
  

 

 

     

 

 

     

 

 

     

 

 

  

Net income per limited partnership unit (Note 3)

    $ 4.94       $ 5.00       $ 13.32       $ 14.08   
  

 

 

     

 

 

     

 

 

     

 

 

  

Number of units used in computing per unit amounts

      47,261         47,261         47,261         47,261   
  

 

 

     

 

 

     

 

 

     

 

 

  

See accompanying notes to condensed financial statements.

 

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Table of Contents

DEL TACO RESTAURANT PROPERTIES III

CONDENSED STATEMENTS OF CASH FLOWS

(Unaudited)

 

     Nine Months Ended
September 30,		  
     2015     2014  

CASH FLOWS FROM OPERATING ACTIVITIES:

     

Net income

    $ 636,026      $ 672,194   

Adjustments to reconcile net income to net cash provided by operating activities:

     

Depreciation

      54,309        54,309   

Changes in operating assets and liabilities:

     

Receivable from Del Taco LLC

      (3,486 )      (3,942 ) 

Other current assets

      247        169   

Payable to limited partners

      8,676        5,740   

Accounts payable

      32,482        13,791   
  

 

 

    

 

 

  

Net cash provided by operating activities

      728,254        742,261   
  

 

 

    

 

 

  

CASH FLOWS FROM FINANCING ACTIVITIES:

     

Cash distributions to partners

      (686,237 )      (729,729 ) 
  

 

 

    

 

 

  

Net cash used in financing activities

      (686,237 )      (729,729 ) 
  

 

 

    

 

 

  

Net change in cash

      42,017        12,532   

Beginning cash balance

      346,478        335,901   
  

 

 

    

 

 

  

Ending cash balance

    $ 388,495      $
 348,433
   
  

 

 

    

 

 

  

See accompanying notes to condensed financial statements.

 

-5-

Table of Contents

DEL TACO RESTAURANT PROPERTIES III

NOTES TO CONDENSED FINANCIAL STATEMENTS

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2015

UNAUDITED

NOTE 1 - BASIS OF PRESENTATION

The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements and should therefore be read in conjunction with the financial statements and notes thereto contained in the annual report on Form 10-K for the year ended December 31, 2014 for Del Taco Restaurant Properties III (the Partnership or the Company). In the opinion of management, all adjustments (consisting of normal recurring accruals) necessary to present fairly the Partnership’s financial position at September 30, 2015, the results of operations for the three and nine month periods ended September 30, 2015 and 2014 and cash flows for the nine month periods ended September 30, 2015 and 2014 have been included. Operating results for the three and nine months ended September 30, 2015 are not necessarily indicative of the results that may be expected for the year ending December 31, 2015. Amounts related to disclosure of December 31, 2014 balances within these condensed financial statements were derived from the 2014 audited financial statements.

Management has evaluated events subsequent to September 30, 2015 through the date that the accompanying condensed financial statements were filed with the Securities and Exchange Commission (“SEC”) for transactions and other events which may require adjustment of and/or disclosure in such financial statements.

NOTE 2 - RESTRICTED CASH

At September 30, 2015 and December 31, 2014, the Partnership had a restricted cash balance of $86,017. The restricted cash results from a death and disability fund that the Company is required to maintain under the terms of the Partnership agreement. 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 3 - NET INCOME PER LIMITED PARTNERSHIP UNIT

Net income per limited partnership unit is based on net income attributable to the limited partners (after one percent allocation to the general partner) using the weighted average number of units outstanding during the periods presented which amounted to 47,261 in 2015 and 2014.

Pursuant to the partnership agreement, annual partnership income or loss is allocated one percent to Del Taco LLC, formerly known as Del Taco, Inc. (Del Taco or the General Partner) and 99 percent to the limited partners. Partnership gains from any sale or refinancing will be allocated to the limited partners until the limited partners receive their unrecovered portion of capital contributions as defined in the partnership agreement and then allocated one percent to the General Partner and 99 percent to the limited partners until the limited partners receive their priority return as defined in the partnership agreement.

NOTE 4 - LEASING ACTIVITIES

The Partnership leases eight 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 expire 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.

 

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Table of Contents

DEL TACO RESTAURANT PROPERTIES III

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2015

UNAUDITED

NOTE 4 - LEASING ACTIVITIES - continued

 

For the three months ended September 30, 2015, the restaurants operated by Del Taco, for which the Partnership is the lessor, had combined, unaudited sales of $2,446,301 and unaudited net income of $94,834 as compared to unaudited sales of $2,322,587 and unaudited net income of $9,346, respectively, for the corresponding period in 2014. Net income or loss of each restaurant includes charges for general and administrative expenses incurred in connection with supervision of restaurant operations and interest expense and the increase in net income from the corresponding period of the prior year primarily relates to increases in sales and reduced interest expense.

For the nine months ended September 30, 2015, the restaurants operated by Del Taco, for which the Partnership is the lessor, had combined, unaudited sales of $7,164,352 and unaudited net income of $212,987 as compared to unaudited sales of $6,729,276 and unaudited net income of $4,498 for the corresponding period in 2014. Net income or loss of each restaurant includes charges for general and administrative expenses incurred in connection with supervision of restaurant operations and interest expense and the increase in net income from the corresponding period of the prior year primarily relates to increases in sales and reduced interest expense.

NOTE 5 - TRANSACTIONS WITH DEL TACO

The receivable from Del Taco consists primarily of rent accrued for the month of September 2015. The September rent receivable was collected in October 2015.

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

In addition, see Note 6 with respect to certain distributions to the General Partner.

NOTE 6 - DISTRIBUTIONS

Total cash distributions declared and paid in February, June and August 2015 were $236,363, $183,996 and $265,878, respectively. On October 26, 2015, a distribution to the limited partners of $235,824, or approximately $4.98 per limited partnership unit, was approved. Such distribution was paid on November 5, 2015. The General Partner also received a distribution of $2,382 with respect to its one percent partnership interest in November 2015.

NOTE 7 - PAYABLE TO LIMITED PARTNERS

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

NOTE 8 - CONCENTRATION OF RISK

The restaurants leased to Del Taco make up all of the income producing assets of the Partnership and contributed all of the Partnership’s rental revenues during the three and nine months ended September 30, 2015 and 2014. Therefore, the business of the Partnership is entirely dependent on the success of the Del Taco trade name restaurants that lease the properties.

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

 

-7-

Table of Contents

DEL TACO RESTAURANT PROPERTIES III

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2015

UNAUDITED

 

NOTE 9 - PURCHASE AND SALE AGREEMENT

On July 24, 2015, the Partnership entered into a purchase and sale agreement (the “Agreement”) with Orion Buying Corp. (“Orion”), an unrelated party, which is subject to approval as described below. Pursuant to the Agreement, and upon the terms and subject to the conditions described therein, Orion agreed to purchase all eight properties owned by the Partnership (the “Properties”) on an “as is, where is” basis for a total purchase price of $15,809,000 in cash. Pursuant to the terms of the Agreement, Orion is obligated to deposit funds in escrow in an aggregate amount of $375,000.

If the Partnership is in default, and Orion is not in default, in the performance of any of its representations, warranties or covenants under the Agreement, and Orion has satisfied all of its obligations, then Orion may either (i) terminate the Agreement and receive a refund of its deposits and also recover from the Partnership its reasonable out-of-pocket costs in connection with the Agreement (but not to exceed $50,000) as liquidated damages, or (ii) bring a suit for specific performance.

If a contingency to the Partnership closing set forth in the Agreement is not satisfied by December 17, 2015, then the Partnership may terminate the Agreement and Orion will be refunded its deposits. However, if Orion is in default, and the Partnership is not in default, in the performance of any of its representations, warranties or covenants under the Agreement, and the Partnership has satisfied all of its obligations, then the Partnership may terminate the Agreement and receive Orion’s deposits as liquidated damages.

Following completion of the transaction, the current leases on the Properties will be terminated and the General Partner will lease the Properties from Orion. The sale of the Properties pursuant to the terms and conditions of the Agreement is subject to approval of a majority interest of the limited partners of the Partnership and other customary closing conditions related to the sale of real property. A Special Meeting of the limited partners is scheduled for November 23, 2015 for the purpose of considering a proposal to sell all of the properties owned by the partnership. If the transaction is consummated, CBRE, Inc., the real estate broker for the sale of the properties by the Partnership, will receive a commission of 1.5% of the purchase price. If the sale is approved by the majority interest of limited partners of the Partnership, the sale is expected to close during the fourth quarter of 2015.

On September 18, 2015, MacKenzie Realty Capital, Inc. (“MacKenzie”), a limited partner, filed a Schedule TO initiating a tender offer to purchase all units of the Partnership. This MacKenzie tender offer is unrelated to purchase and sale agreement with Orion. On September 25, 2015, the Partnership filed a Schedule 14D-9 solicitation/recommendation statements in response to the Schedule TO. On November 5, 2015 MacKenzie filed an amendment to its Schedule TO reporting that 472 units have been tendered and following purchase of all the tendered units, the purchasers will own an aggregate of approximately 3,218 units, or approximately 6.8% of the total outstanding units.

 

-8-

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

Liquidity and Capital Resources

Del Taco Restaurant Properties III (the “Partnership” or the “Company”) offered limited partnership units for sale between February 1986 and June 1987. $12,000,000 was raised through the sale of limited partnership units and used to acquire sites and build ten restaurants and also to 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 and one restaurant was sold in December 2014.

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

As described in Note 2 to the Notes to the Financial Statements, the Partnership has a death and disability redemption fund totaling $86,017 at September 30, 2015. 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.

Results of Operations

The Partnership owns eight properties that are under long-term lease to Del Taco for restaurant operations.

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

 

     Three Months Ended
September 30,		      Nine Months Ended
September 30,		  
     2015      2014      2015      2014  

Ynez Road, Temecula, CA

    $ 45,499       $ 43,713       $ 132,886       $ 126,875   

East Bobier Dr., Vista, CA

      30,133         28,913         84,946         82,935   

East 4th Street, Perris, CA

      36,622         34,750         106,742         103,294   

East Foothill Blvd., Upland, CA

      42,228         39,076         124,340         113,020   

Valley Blvd., Walnut, CA

      24,475         22,733         72,691         66,094   

Lassen Street, Chatsworth, CA

      43,209         41,176         125,596         119,957   

Hesperia Road, Victorville, CA

      44,900         43,542         135,216         124,936   

Sepulveda Blvd., Torrance, CA

      26,490         24,807         77,305         70,402   
  

 

 

     

 

 

     

 

 

     

 

 

  

Total

    $ 293,556       $ 278,710       $ 859,722       $ 807,513   
  

 

 

     

 

 

     

 

 

     

 

 

  

The Partnership receives rental revenues equal to 12 percent of gross sales from the restaurants. The Partnership earned rental revenue of $293,556 during the three month period ended September 30, 2015, which represents an increase of $14,846 from the corresponding period in 2014. The Partnership earned rental revenue of $859,722 during the nine month period ended September 30, 2015, which represents an increase of $52,209 from the corresponding period in 2014. The changes in rental revenues between 2014 and 2015 are directly attributable to changes in sales levels at the restaurants under lease due to local competitive and industry factors.

 

-9-

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

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

 

     Percent of Total  
     General & Administrative Expense  
     Three Months Ended
September 30,		     Nine Months Ended
September 30,		  
     2015     2014     2015     2014  

Accounting fees

      14.40 %      23.04 %      27.54 %      52.79 % 

Distribution of information to limited partners

      20.86 %      33.93 %      18.34 %      34.73 % 

Potential sale-related expenses

      64.74 %      43.03 %      54.12 %      12.48 % 
  

 

 

    

 

 

    

 

 

    

 

 

  
     100.00 %      100.00 %      100.00 %      100.00 % 
  

 

 

    

 

 

    

 

 

    

 

 

  

Prior year percentages above have been reclassified to conform to the current year presentation. General and administrative expenses increased due to increased legal and printing costs in connection with the matters described in Note 9.

For the three month period ended September 30, 2015, net income decreased by $2,836 from 2014 to 2015 due to the increase in general and administrative expenses of $16,005 and the decrease in interest and other income of $1,677, partially offset by the increase in revenues of $14,846. For the nine month period ended September 30, 2015, net income decreased by $36,168 from 2014 to 2015 due to the increase in general and administrative expenses of $86,349 and the decrease in interest and other income of $2,028, partially offset by the increase in revenues of $52,209.

Significant Recent Accounting Pronouncements

None.

Off-Balance Sheet Arrangements

None

Critical Accounting Policies and Estimates

The Partnership’s consolidated interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America. The preparation of the financial statements requires significant management judgments, assumptions and estimates about matters that are inherently uncertain. These judgments affect the reported amounts of assets and liabilities and the Partnership’s disclosure of contingent assets and liabilities as of the dates of the financial statements and the reported amounts of revenue and expenses during the reporting periods. With different estimates or assumptions, materially different amounts could be reported in the financial statements. Additionally, other companies may utilize different estimates that may impact the comparability of the Partnership’s results of operations to those of companies in similar businesses. A discussion of the accounting policies that management considers critical which involve significant management judgments, assumptions and estimates is included in the Partnership’s Annual Report on Form 10-K for the year ended December 31, 2014. There have been no significant changes to the Partnership’s policies during 2015.

 

-10-

Table of Contents
Item 3. Quantitative and Qualitative Disclosures About Market Risk

None.

 

Item 4. Controls and Procedures

 

  (a) Evaluation of disclosure controls and procedures:

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

 

  (b) Changes in internal controls:

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

 

  (c) Asset-backed issuers:

Not applicable.

 

-11-

Table of Contents

PART II. OTHER INFORMATION

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

 

Item 6. Exhibits

 

  (a) Exhibits

 

    31.1   Paul J. B. Murphy, III’s Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
    31.2   Steven L. Brake’s Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
    32.1   Certification pursuant to subsections (a) and (b) of Section 1350, Chapter 63 of Title 18, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
    101.INS               XBRL Instance Document
    101.SCH               XBRL Taxonomy Extension Schema Document
    101.CAL               XBRL Taxonomy Extension Calculation Linkbase Document
    101.DEF               XBRL Taxonomy Extension Definition Linkbase Document
    101.LAB               XBRL Taxonomy Extension Label Linkbase Document
    101.PRE               XBRL Taxonomy Extension Presentation Linkbase Document

 

-12-

Table of Contents

SIGNATURE

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

 

  DEL TACO RESTAURANT PROPERTIES III
  (a California limited partnership)
  Registrant
  Del Taco LLC
  General Partner
Date: November 12, 2015   /s/ Steven L. Brake                    
  Steven L. Brake
  Chief Financial Officer
  (Principal Financial Officer)

 

-13-

EX-31.1 2 d77818dex311.htm EX-31.1 EX-31.1

Exhibit 31.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER PURSUANT TO SECURITIES

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

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

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

 

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

 

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

 

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

 

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

 

  a) 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;

 

  b) 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;

 

  c) 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

 

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

 

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

 

  a) 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

 

  b) 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: November 12, 2015

    

/s/ Paul J. B. Murphy, III

  
    Paul J. B. Murphy, III  
    Chief Executive Officer  
EX-31.2 3 d77818dex312.htm EX-31.2 EX-31.2

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:

 

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

 

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

 

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

 

  4. 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:

 

  a) 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;

 

  b) Designed such internal controls over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

  c) 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

 

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

 

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

 

  a) 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

 

  b) 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: November 12, 2015

    

/s/ Steven L. Brake

  
    Steven L. Brake  
    Chief Financial Officer  
    (Principal Financial Officer)  
EX-32.1 4 d77818dex321.htm EX-32.1 EX-32.1

Exhibit 32.1

CERTIFICATION PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

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

UNITED STATES CODE)

In connection with the Quarterly Report of Del Taco Restaurant Properties III (the “Company”) on Form 10-Q for the period ended September 30, 2015 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), each of the undersigned officers of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

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

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

 

Date: November 12, 2015

   

/s/ Paul J. B. Murphy, III

   Paul J. B. Murphy, III
   Chief Executive Officer

Date: November 12, 2015

   

/s/ Steven L. Brake

   Steven L. Brake
   Chief Financial Officer
   (Principal Financial Officer)

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

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Therefore, the business of the Partnership is entirely dependent on the success of the Del Taco trade name restaurants that lease the properties.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt"> 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.</p> </div> 10-Q 0000786360 Non-accelerated Filer <div> <p><strong>BASIS OF PRESENTATION <!-- xbrl,body --></strong></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt"> The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements and should therefore be read in conjunction with the financial statements and notes thereto contained in the annual report on Form 10-K for the year ended December&#xA0;31, 2014 for Del Taco Restaurant Properties III (the Partnership or the Company). In the opinion of management, all adjustments (consisting of normal recurring accruals) necessary to present fairly the Partnership&#x2019;s financial position at September&#xA0;30, 2015, the results of operations for the three and nine month periods ended September&#xA0;30, 2015 and 2014 and cash flows for the nine month periods ended September&#xA0;30, 2015 and 2014 have been included. Operating results for the three and nine months ended September&#xA0;30, 2015 are not necessarily indicative of the results that may be expected for the year ending December&#xA0;31, 2015. Amounts related to disclosure of December&#xA0;31, 2014 balances within these condensed financial statements were derived from the 2014 audited financial statements.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt"> Management has evaluated events subsequent to September&#xA0;30, 2015 through the date that the accompanying condensed financial statements were filed with the Securities and Exchange Commission (&#x201C;SEC&#x201D;) for transactions and other events which may require adjustment of and/or disclosure in such financial statements.</p> </div> 2015-10-26 <div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <b>NOTE 4 - LEASING ACTIVITIES</b></p> <!-- xbrl,body --> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt"> The Partnership leases eight 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 expire 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.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 12pt; MARGIN-TOP: 0pt"> &#xA0;</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt"> For the three months ended September&#xA0;30, 2015, the restaurants operated by Del Taco, for which the Partnership is the lessor, had combined, unaudited sales of $2,446,301 and unaudited net income of $94,834 as compared to unaudited sales of $2,322,587 and unaudited net income of $9,346, respectively, for the corresponding period in 2014. Net income or loss of each restaurant includes charges for general and administrative expenses incurred in connection with supervision of restaurant operations and interest expense and the increase in net income from the corresponding period of the prior year primarily relates to increases in sales and reduced interest expense.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt"> For the nine months ended September&#xA0;30, 2015, the restaurants operated by Del Taco, for which the Partnership is the lessor, had combined, unaudited sales of $7,164,352 and unaudited net income of $212,987 as compared to unaudited sales of $6,729,276 and unaudited net income of $4,498 for the corresponding period in 2014. Net income or loss of each restaurant includes charges for general and administrative expenses incurred in connection with supervision of restaurant operations and interest expense and the increase in net income from the corresponding period of the prior year primarily relates to increases in sales and reduced interest expense.</p> <p>&#xA0;</p> </div> <div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <b>NOTE 6 - DISTRIBUTIONS</b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt"> Total cash distributions declared and paid in February, June and August 2015 were $236,363, $183,996 and $265,878, respectively. On October&#xA0;26, 2015, a distribution to the limited partners of $235,824, or approximately $4.98 per limited partnership unit, was approved. Such distribution was paid on November&#xA0;5, 2015. The General Partner also received a distribution of $2,382 with respect to its one percent partnership interest in November 2015.</p> </div> <div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <b>CONCENTRATION OF RISK</b></p> <!-- xbrl,body --> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt"> The restaurants leased to Del Taco make up all of the income producing assets of the Partnership and contributed all of the Partnership&#x2019;s rental revenues during the three and nine months ended September&#xA0;30, 2015 and 2014. Therefore, the business of the Partnership is entirely dependent on the success of the Del Taco trade name restaurants that lease the properties.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt"> 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.</p> </div> <div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt"> <b>NOTE 1 - BASIS OF PRESENTATION</b></p> <!-- xbrl,body --> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt"> The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements and should therefore be read in conjunction with the financial statements and notes thereto contained in the annual report on Form 10-K for the year ended December&#xA0;31, 2014 for Del Taco Restaurant Properties III (the Partnership or the Company). In the opinion of management, all adjustments (consisting of normal recurring accruals) necessary to present fairly the Partnership&#x2019;s financial position at September&#xA0;30, 2015, the results of operations for the three and nine month periods ended September&#xA0;30, 2015 and 2014 and cash flows for the nine month periods ended September&#xA0;30, 2015 and 2014 have been included. Operating results for the three and nine months ended September&#xA0;30, 2015 are not necessarily indicative of the results that may be expected for the year ending December&#xA0;31, 2015. Amounts related to disclosure of December&#xA0;31, 2014 balances within these condensed financial statements were derived from the 2014 audited financial statements.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt"> Management has evaluated events subsequent to September&#xA0;30, 2015 through the date that the accompanying condensed financial statements were filed with the Securities and Exchange Commission (&#x201C;SEC&#x201D;) for transactions and other events which may require adjustment of and/or disclosure in such financial statements.</p> </div> <div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <b>NOTE 7 - PAYABLE TO LIMITED PARTNERS</b></p> <!-- xbrl,body --> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt"> 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.</p> </div> --12-31 DEL TACO RESTAURANT PROPERTIES III <div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <b>NOTE 2 - RESTRICTED CASH</b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt"> At September&#xA0;30, 2015 and December&#xA0;31, 2014, the Partnership had a restricted cash balance of $86,017. The restricted cash results from a death and disability fund that the Company is required to maintain under the terms of the Partnership agreement. 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&#x2019;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&#x2019; 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.</p> </div> 2015-09-30 DTRPIII <div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <b>NOTE 3 - NET INCOME PER LIMITED PARTNERSHIP UNIT</b></p> <!-- xbrl,body --> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt"> Net income per limited partnership unit is based on net income attributable to the limited partners (after one percent allocation to the general partner) using the weighted average number of units outstanding during the periods presented which amounted to 47,261 in 2015 and 2014.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt"> Pursuant to the partnership agreement, annual partnership income or loss is allocated one percent to Del Taco LLC, formerly known as Del Taco, Inc. (Del Taco or the General Partner) and 99 percent to the limited partners. Partnership gains from any sale or refinancing will be allocated to the limited partners until the limited partners receive their unrecovered portion of capital contributions as defined in the partnership agreement and then allocated one percent to the General Partner and 99 percent to the limited partners until the limited partners receive their priority return as defined in the partnership agreement.</p> <p>&#xA0;</p> </div> <div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <b>NOTE 5 - TRANSACTIONS WITH DEL TACO</b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt"> The receivable from Del Taco consists primarily of rent accrued for the month of September 2015. The September rent receivable was collected in October 2015.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt"> Del Taco serves in the capacity of general partner in other partnerships which are engaged in the business of operating restaurants, and three other partnerships which were formed for the purpose of acquiring real property in California for construction of Mexican-American restaurants for lease under long-term agreements to Del Taco for operation under the Del Taco trade name.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt"> In addition, see Note&#xA0;6 with respect to certain distributions to the General Partner.</p> </div> 636026 5150 686237 859722 630444 7164352 -247 3486 432 42017 229278 3500 -686237 8676 174969 32482 54309 2015-11-30 13.32 <div> <strong>NET INCOME PER LIMITED PARTNERSHIP UNIT <!-- xbrl,body --></strong> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt"> Net income per limited partnership unit is based on net income attributable to the limited partners (after one percent allocation to the general partner) using the weighted average number of units outstanding during the periods presented which amounted to 47,261 in 2015 and 2014.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt"> Pursuant to the partnership agreement, annual partnership income or loss is allocated one percent to Del Taco LLC, formerly known as Del Taco, Inc. (Del Taco or the General Partner) and 99 percent to the limited partners. Partnership gains from any sale or refinancing will be allocated to the limited partners until the limited partners receive their unrecovered portion of capital contributions as defined in the partnership agreement and then allocated one percent to the General Partner and 99 percent to the limited partners until the limited partners receive their priority return as defined in the partnership agreement.</p> <p>&#xA0;</p> </div> 0.01 0.12 2022 to 2024 P35Y 3 212987 0.02 Six months or longer <div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt"> <b>NOTE 9 - PURCHASE AND SALE AGREEMENT</b></p> <!-- xbrl,body --> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt"> On July&#xA0;24, 2015, the Partnership entered into a purchase and sale agreement (the &#x201C;Agreement&#x201D;) with Orion Buying Corp. (&#x201C;Orion&#x201D;), an unrelated party, which is subject to approval as described below. Pursuant to the Agreement, and upon the terms and subject to the conditions described therein, Orion agreed to purchase all eight properties owned by the Partnership (the &#x201C;Properties&#x201D;) on an &#x201C;as is, where is&#x201D; basis for a total purchase price of $15,809,000 in cash. Pursuant to the terms of the Agreement, Orion is obligated to deposit funds in escrow in an aggregate amount of $375,000.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt"> If the Partnership is in default, and Orion is not in default, in the performance of any of its representations, warranties or covenants under the Agreement, and Orion has satisfied all of its obligations, then Orion may either (i)&#xA0;terminate the Agreement and receive a refund of its deposits and also recover from the Partnership its reasonable out-of-pocket costs in connection with the Agreement (but not to exceed $50,000) as liquidated damages, or (ii)&#xA0;bring a suit for specific performance.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt"> If a contingency to the Partnership closing set forth in the Agreement is not satisfied by December&#xA0;17, 2015, then the Partnership may terminate the Agreement and Orion will be refunded its deposits. However, if Orion is in default, and the Partnership is not in default, in the performance of any of its representations, warranties or covenants under the Agreement, and the Partnership has satisfied all of its obligations, then the Partnership may terminate the Agreement and receive Orion&#x2019;s deposits as liquidated damages.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt"> Following completion of the transaction, the current leases on the Properties will be terminated and the General Partner will lease the Properties from Orion. The sale of the Properties pursuant to the terms and conditions of the Agreement is subject to approval of a majority interest of the limited partners of the Partnership and other customary closing conditions related to the sale of real property. A Special Meeting of the limited partners is scheduled for November&#xA0;23, 2015 for the purpose of considering a proposal to sell all of the properties owned by the partnership. If the transaction is consummated, CBRE, Inc., the real estate broker for the sale of the properties by the Partnership, will receive a commission of 1.5% of the purchase price. If the sale is approved by the majority interest of limited partners of the Partnership, the sale is expected to close during the fourth quarter of 2015.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt"> On September&#xA0;18, 2015, MacKenzie Realty Capital, Inc. (&#x201C;MacKenzie&#x201D;), a limited partner, filed a Schedule TO initiating a tender offer to purchase all units of the Partnership. This MacKenzie tender offer is unrelated to purchase and sale agreement with Orion. On September&#xA0;25, 2015, the Partnership filed a Schedule 14D-9 solicitation/recommendation statements in response to the Schedule TO. On November&#xA0;5, 2015 MacKenzie filed an amendment to its Schedule TO reporting that 472 units have been tendered and following purchase of all the tendered units, the purchasers will own an aggregate of approximately 3,218 units, or approximately 6.8% of the total outstanding units.</p> </div> If the Partnership is in default, and Orion is not in default, in the performance of any of its representations, warranties or covenants under the Agreement, and Orion has satisfied all of its obligations, then Orion may either (i) terminate the Agreement and receive a refund of its deposits and also recover from the Partnership its reasonable out-of-pocket costs in connection with the Agreement (but not to exceed $50,000) as liquidated damages, or (ii) bring a suit for specific performance. If a contingency to the Partnership closing set forth in the Agreement is not satisfied by December 17, 2015, then the Partnership may terminate the Agreement and Orion will be refunded its deposits. However, if Orion is in default, and the Partnership is not in default, in the performance of any of its representations, warranties or covenants under the Agreement, and the Partnership has satisfied all of its obligations, then the Partnership may terminate the Agreement and receive Orion’s deposits as liquidated damages. Following completion of the transaction, the current leases on the Properties will be terminated and the General Partner will lease the Properties from Orion. The sale of the Properties pursuant to the terms and conditions of the Agreement is subject to approval of a majority interest of the limited partners of the Partnership and other customary closing conditions related to the sale of real property. A Special Meeting of the limited partners is scheduled for November 23, 2015 for the purpose of considering a proposal to sell all of the properties owned by the partnership. If the transaction is consummated, CBRE, Inc., the real estate broker for the sale of the properties by the Partnership, will receive a commission of 1.5% of the purchase price. 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Leasing Activities
 9 Months Ended
Sep. 30, 2015
Leases [Abstract]  
Leasing Activities

NOTE 4 - LEASING ACTIVITIES

The Partnership leases eight 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 expire 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.

 

For the three months ended September 30, 2015, the restaurants operated by Del Taco, for which the Partnership is the lessor, had combined, unaudited sales of $2,446,301 and unaudited net income of $94,834 as compared to unaudited sales of $2,322,587 and unaudited net income of $9,346, respectively, for the corresponding period in 2014. Net income or loss of each restaurant includes charges for general and administrative expenses incurred in connection with supervision of restaurant operations and interest expense and the increase in net income from the corresponding period of the prior year primarily relates to increases in sales and reduced interest expense.

For the nine months ended September 30, 2015, the restaurants operated by Del Taco, for which the Partnership is the lessor, had combined, unaudited sales of $7,164,352 and unaudited net income of $212,987 as compared to unaudited sales of $6,729,276 and unaudited net income of $4,498 for the corresponding period in 2014. Net income or loss of each restaurant includes charges for general and administrative expenses incurred in connection with supervision of restaurant operations and interest expense and the increase in net income from the corresponding period of the prior year primarily relates to increases in sales and reduced interest expense.

 
XML 14 R8.htm IDEA: XBRL DOCUMENT v3.3.0.814
Net Income Per Limited Partnership Unit
 9 Months Ended
Sep. 30, 2015
Earnings Per Share [Abstract]  
Net Income Per Limited Partnership Unit

NOTE 3 - NET INCOME PER LIMITED PARTNERSHIP UNIT

Net income per limited partnership unit is based on net income attributable to the limited partners (after one percent allocation to the general partner) using the weighted average number of units outstanding during the periods presented which amounted to 47,261 in 2015 and 2014.

Pursuant to the partnership agreement, annual partnership income or loss is allocated one percent to Del Taco LLC, formerly known as Del Taco, Inc. (Del Taco or the General Partner) and 99 percent to the limited partners. Partnership gains from any sale or refinancing will be allocated to the limited partners until the limited partners receive their unrecovered portion of capital contributions as defined in the partnership agreement and then allocated one percent to the General Partner and 99 percent to the limited partners until the limited partners receive their priority return as defined in the partnership agreement.

 
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Condensed Balance Sheets - USD ($)
Sep. 30, 2015
Dec. 31, 2014
CURRENT ASSETS    
Cash $ 388,495 $ 346,478
Receivable from Del Taco LLC 96,870 93,384
Other current assets 1,818 2,065
Total current assets 487,183 441,927
RESTRICTED CASH 86,017 86,017
PROPERTY AND EQUIPMENT    
Land 3,284,629 3,284,629
Land improvements 494,254 494,254
Buildings and improvements 2,534,393 2,534,393
Machinery and equipment 1,306,171 1,306,171
Property and equipment, gross 7,619,447 7,619,447
Less - accumulated depreciation 3,806,931 3,752,622
Property and equipment, net 3,812,516 3,866,825
Total assets 4,385,716 4,394,769
CURRENT LIABILITIES    
Payable to limited partners 102,101 93,425
Accounts payable 60,733 28,251
Total current liabilities 162,834 121,676
OBLIGATION TO GENERAL PARTNER 577,510 577,510
PARTNERS' EQUITY    
Limited partners; 47,261 units outstanding at September 30, 2015 and December 31, 2014 3,692,014 3,741,723
General partner-Del Taco LLC (46,642) (46,140)
Total partners' equity 3,645,372 3,695,583
Total liabilities and partners' equity $ 4,385,716 $ 4,394,769
XML 16 R6.htm IDEA: XBRL DOCUMENT v3.3.0.814
Basis of Presentation
 9 Months Ended
Sep. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation

NOTE 1 - BASIS OF PRESENTATION

The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements and should therefore be read in conjunction with the financial statements and notes thereto contained in the annual report on Form 10-K for the year ended December 31, 2014 for Del Taco Restaurant Properties III (the Partnership or the Company). In the opinion of management, all adjustments (consisting of normal recurring accruals) necessary to present fairly the Partnership’s financial position at September 30, 2015, the results of operations for the three and nine month periods ended September 30, 2015 and 2014 and cash flows for the nine month periods ended September 30, 2015 and 2014 have been included. Operating results for the three and nine months ended September 30, 2015 are not necessarily indicative of the results that may be expected for the year ending December 31, 2015. Amounts related to disclosure of December 31, 2014 balances within these condensed financial statements were derived from the 2014 audited financial statements.

Management has evaluated events subsequent to September 30, 2015 through the date that the accompanying condensed financial statements were filed with the Securities and Exchange Commission (“SEC”) for transactions and other events which may require adjustment of and/or disclosure in such financial statements.
XML 17 R22.htm IDEA: XBRL DOCUMENT v3.3.0.814
Concentration of Risk - Additional Information (Detail)
Sep. 30, 2015
CommercialBank
Risks and Uncertainties [Abstract]  
Commercial bank 1
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Restricted Cash
 9 Months Ended
Sep. 30, 2015
Cash and Cash Equivalents [Abstract]  
Restricted Cash

NOTE 2 - RESTRICTED CASH

At September 30, 2015 and December 31, 2014, the Partnership had a restricted cash balance of $86,017. The restricted cash results from a death and disability fund that the Company is required to maintain under the terms of the Partnership agreement. 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.
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Condensed Balance Sheets (Parenthetical) - shares
Sep. 30, 2015
Dec. 31, 2014
Statement of Financial Position [Abstract]    
Limited partners, units outstanding 47,261 47,261
XML 21 R17.htm IDEA: XBRL DOCUMENT v3.3.0.814
Net Income Per Limited Partnership Unit - Additional Information (Detail) - shares
 3 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
Earnings Per Share [Line Items]        
Percentage of net income allocated to general partner     1.00%  
Weighted average number of units outstanding to limited partners 47,261 47,261 47,261 47,261
General Partner [Member]        
Earnings Per Share [Line Items]        
Percentage of net income allocated to general partner     1.00%  
Percentage of gain on sale and refinancing allocated to General Partner     1.00%  
Limited Partners [Member]        
Earnings Per Share [Line Items]        
Percentage of net income attributable limited partners     99.00%  
Percentage of gain on sale and refinancing allocated to limited partners     99.00%  
XML 22 R1.htm IDEA: XBRL DOCUMENT v3.3.0.814
Document and Entity Information
 9 Months Ended
Sep. 30, 2015
shares
Document And Entity Information [Abstract]  
Document Type 10-Q
Amendment Flag false
Document Period End Date Sep. 30, 2015
Document Fiscal Year Focus 2015
Document Fiscal Period Focus Q3
Trading Symbol DTRPIII
Entity Registrant Name DEL TACO RESTAURANT PROPERTIES III
Entity Central Index Key 0000786360
Current Fiscal Year End Date --12-31
Entity Filer Category Non-accelerated Filer
Entity Common Stock, Shares Outstanding 47,261
XML 23 R18.htm IDEA: XBRL DOCUMENT v3.3.0.814
Leasing Activities - Additional Information (Detail)
 3 Months Ended 9 Months Ended
Sep. 30, 2015
USD ($)
Restaurants
Sep. 30, 2014
USD ($)
Sep. 30, 2015
USD ($)
Restaurants
Sep. 30, 2014
USD ($)
Leases [Abstract]        
Number of restaurants leased to Del Taco | Restaurants 8   8  
Number of lease years     35 years  
Percentage of gross sales of the restaurants     12.00%  
Leases expiration period     2022 to 2024  
Minimum rentals due to Partnership     $ 3,500  
Combined unaudited sales $ 2,446,301 $ 2,322,587 7,164,352 $ 6,729,276
Combined unaudited net income (losses) $ 94,834 $ 9,346 $ 212,987 $ 4,498
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Condensed Statements of Income - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
Income Statement [Abstract]        
RENTAL REVENUES $ 293,556 $ 278,710 $ 859,722 $ 807,513
EXPENSES        
General and administrative 41,713 25,708 174,969 88,620
Depreciation 18,103 18,103 54,309 54,309
Total expenses 59,816 43,811 229,278 142,929
Operating income 233,740 234,899 630,444 664,584
OTHER INCOME        
Interest 152 154 432 435
Other 1,750 3,425 5,150 7,175
Net income $ 235,642 $ 238,478 $ 636,026 $ 672,194
Net income per limited partnership unit (Note 3) $ 4.94 $ 5.00 $ 13.32 $ 14.08
Number of units used in computing per unit amounts 47,261 47,261 47,261 47,261

XML 26 R12.htm IDEA: XBRL DOCUMENT v3.3.0.814
Payable to Limited Partners
 9 Months Ended
Sep. 30, 2015
Other Liabilities Disclosure [Abstract]  
Payable to Limited Partners

NOTE 7 - 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.
XML 27 R11.htm IDEA: XBRL DOCUMENT v3.3.0.814
Distributions
 9 Months Ended
Sep. 30, 2015
Equity [Abstract]  
Distributions

NOTE 6 - DISTRIBUTIONS

Total cash distributions declared and paid in February, June and August 2015 were $236,363, $183,996 and $265,878, respectively. On October 26, 2015, a distribution to the limited partners of $235,824, or approximately $4.98 per limited partnership unit, was approved. Such distribution was paid on November 5, 2015. The General Partner also received a distribution of $2,382 with respect to its one percent partnership interest in November 2015.
XML 28 R23.htm IDEA: XBRL DOCUMENT v3.3.0.814
Purchase and Sale Agreement - Additional Information (Detail) - Purchase and Sale Agreement [Member]
 9 Months Ended
Nov. 05, 2015
shares
Jul. 24, 2015
USD ($)
Property
Sep. 30, 2015
Subsequent Events [Member]      
Purchase And Sale Agreement [Line Items]      
Number of units tendered | shares 472    
Purchase of aggregate number of units owned | shares 3,218    
Percentage of total units outstanding 6.80%    
Orion Buying Corp [Member]      
Purchase And Sale Agreement [Line Items]      
Number of properties to be sold | Property   8  
Total purchase price   $ 15,809,000  
Deposit funds in escrow   $ 375,000  
Agreement termination description     If the Partnership is in default, and Orion is not in default, in the performance of any of its representations, warranties or covenants under the Agreement, and Orion has satisfied all of its obligations, then Orion may either (i) terminate the Agreement and receive a refund of its deposits and also recover from the Partnership its reasonable out-of-pocket costs in connection with the Agreement (but not to exceed $50,000) as liquidated damages, or (ii) bring a suit for specific performance. If a contingency to the Partnership closing set forth in the Agreement is not satisfied by December 17, 2015, then the Partnership may terminate the Agreement and Orion will be refunded its deposits. However, if Orion is in default, and the Partnership is not in default, in the performance of any of its representations, warranties or covenants under the Agreement, and the Partnership has satisfied all of its obligations, then the Partnership may terminate the Agreement and receive Orion’s deposits as liquidated damages. Following completion of the transaction, the current leases on the Properties will be terminated and the General Partner will lease the Properties from Orion. The sale of the Properties pursuant to the terms and conditions of the Agreement is subject to approval of a majority interest of the limited partners of the Partnership and other customary closing conditions related to the sale of real property. A Special Meeting of the limited partners is scheduled for November 23, 2015 for the purpose of considering a proposal to sell all of the properties owned by the partnership. If the transaction is consummated, CBRE, Inc., the real estate broker for the sale of the properties by the Partnership, will receive a commission of 1.5% of the purchase price. If the sale is approved by the majority interest of limited partners of the Partnership, the sale is expected to close during the fourth quarter of 2015.
CBRE, Inc. [Member]      
Purchase And Sale Agreement [Line Items]      
Percentage of brokerage commission on total purchase price   1.50%  
Maximum [Member] | Orion Buying Corp [Member]      
Purchase And Sale Agreement [Line Items]      
Liquidated damages   $ 50,000  
XML 29 R19.htm IDEA: XBRL DOCUMENT v3.3.0.814
Transactions with Del Taco - Additional Information (Detail)
 9 Months Ended
Sep. 30, 2015
Acquisition
Related Party Transactions [Abstract]  
Number of other partnerships formed for acquisition 3
XML 30 R15.htm IDEA: XBRL DOCUMENT v3.3.0.814
Basis of Presentation (Policies)
 9 Months Ended
Sep. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation

BASIS OF PRESENTATION

The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements and should therefore be read in conjunction with the financial statements and notes thereto contained in the annual report on Form 10-K for the year ended December 31, 2014 for Del Taco Restaurant Properties III (the Partnership or the Company). In the opinion of management, all adjustments (consisting of normal recurring accruals) necessary to present fairly the Partnership’s financial position at September 30, 2015, the results of operations for the three and nine month periods ended September 30, 2015 and 2014 and cash flows for the nine month periods ended September 30, 2015 and 2014 have been included. Operating results for the three and nine months ended September 30, 2015 are not necessarily indicative of the results that may be expected for the year ending December 31, 2015. Amounts related to disclosure of December 31, 2014 balances within these condensed financial statements were derived from the 2014 audited financial statements.

Management has evaluated events subsequent to September 30, 2015 through the date that the accompanying condensed financial statements were filed with the Securities and Exchange Commission (“SEC”) for transactions and other events which may require adjustment of and/or disclosure in such financial statements.
Net Income Per Limited Partnership Unit
NET INCOME PER LIMITED PARTNERSHIP UNIT

Net income per limited partnership unit is based on net income attributable to the limited partners (after one percent allocation to the general partner) using the weighted average number of units outstanding during the periods presented which amounted to 47,261 in 2015 and 2014.

Pursuant to the partnership agreement, annual partnership income or loss is allocated one percent to Del Taco LLC, formerly known as Del Taco, Inc. (Del Taco or the General Partner) and 99 percent to the limited partners. Partnership gains from any sale or refinancing will be allocated to the limited partners until the limited partners receive their unrecovered portion of capital contributions as defined in the partnership agreement and then allocated one percent to the General Partner and 99 percent to the limited partners until the limited partners receive their priority return as defined in the partnership agreement.

 
Concentration of Risk

CONCENTRATION OF RISK

The restaurants leased to Del Taco make up all of the income producing assets of the Partnership and contributed all of the Partnership’s rental revenues during the three and nine months ended September 30, 2015 and 2014. 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.
XML 31 R13.htm IDEA: XBRL DOCUMENT v3.3.0.814
Concentration of Risk
 9 Months Ended
Sep. 30, 2015
Risks and Uncertainties [Abstract]  
Concentration of Risk

NOTE 8 - CONCENTRATION OF RISK

The restaurants leased to Del Taco make up all of the income producing assets of the Partnership and contributed all of the Partnership’s rental revenues during the three and nine months ended September 30, 2015 and 2014. 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.
XML 32 R14.htm IDEA: XBRL DOCUMENT v3.3.0.814
Purchase and Sale Agreement
 9 Months Ended
Sep. 30, 2015
Text Block [Abstract]  
Purchase and Sale Agreement

NOTE 9 - PURCHASE AND SALE AGREEMENT

On July 24, 2015, the Partnership entered into a purchase and sale agreement (the “Agreement”) with Orion Buying Corp. (“Orion”), an unrelated party, which is subject to approval as described below. Pursuant to the Agreement, and upon the terms and subject to the conditions described therein, Orion agreed to purchase all eight properties owned by the Partnership (the “Properties”) on an “as is, where is” basis for a total purchase price of $15,809,000 in cash. Pursuant to the terms of the Agreement, Orion is obligated to deposit funds in escrow in an aggregate amount of $375,000.

If the Partnership is in default, and Orion is not in default, in the performance of any of its representations, warranties or covenants under the Agreement, and Orion has satisfied all of its obligations, then Orion may either (i) terminate the Agreement and receive a refund of its deposits and also recover from the Partnership its reasonable out-of-pocket costs in connection with the Agreement (but not to exceed $50,000) as liquidated damages, or (ii) bring a suit for specific performance.

If a contingency to the Partnership closing set forth in the Agreement is not satisfied by December 17, 2015, then the Partnership may terminate the Agreement and Orion will be refunded its deposits. However, if Orion is in default, and the Partnership is not in default, in the performance of any of its representations, warranties or covenants under the Agreement, and the Partnership has satisfied all of its obligations, then the Partnership may terminate the Agreement and receive Orion’s deposits as liquidated damages.

Following completion of the transaction, the current leases on the Properties will be terminated and the General Partner will lease the Properties from Orion. The sale of the Properties pursuant to the terms and conditions of the Agreement is subject to approval of a majority interest of the limited partners of the Partnership and other customary closing conditions related to the sale of real property. A Special Meeting of the limited partners is scheduled for November 23, 2015 for the purpose of considering a proposal to sell all of the properties owned by the partnership. If the transaction is consummated, CBRE, Inc., the real estate broker for the sale of the properties by the Partnership, will receive a commission of 1.5% of the purchase price. If the sale is approved by the majority interest of limited partners of the Partnership, the sale is expected to close during the fourth quarter of 2015.

On September 18, 2015, MacKenzie Realty Capital, Inc. (“MacKenzie”), a limited partner, filed a Schedule TO initiating a tender offer to purchase all units of the Partnership. This MacKenzie tender offer is unrelated to purchase and sale agreement with Orion. On September 25, 2015, the Partnership filed a Schedule 14D-9 solicitation/recommendation statements in response to the Schedule TO. On November 5, 2015 MacKenzie filed an amendment to its Schedule TO reporting that 472 units have been tendered and following purchase of all the tendered units, the purchasers will own an aggregate of approximately 3,218 units, or approximately 6.8% of the total outstanding units.
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Restricted Cash - Additional Information (Detail) - USD ($)
 9 Months Ended 12 Months Ended
Sep. 30, 2015
Dec. 31, 2014
Restricted Cash and Investments [Abstract]    
Restricted cash balance $ 86,017 $ 86,017
Percentage of gross proceeds from sale 2.00% 2.00%
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Payable to Limited Partners - Additional Information (Detail)
 9 Months Ended
Sep. 30, 2015
Payables and Accruals [Abstract]  
Period of payable outstanding to limited partners Six months or longer
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Condensed Statements of Cash Flows - USD ($)
 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 636,026 $ 672,194
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 54,309 54,309
Changes in operating assets and liabilities:    
Receivable from Del Taco LLC (3,486) (3,942)
Other current assets 247 169
Payable to limited partners 8,676 5,740
Accounts payable 32,482 13,791
Net cash provided by operating activities 728,254 742,261
CASH FLOWS FROM FINANCING ACTIVITIES:    
Cash distributions to partners (686,237) (729,729)
Net cash used in financing activities (686,237) (729,729)
Net change in cash 42,017 12,532
Beginning cash balance 346,478 335,901
Ending cash balance $ 388,495 $ 348,433
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Transactions with Del Taco
 9 Months Ended
Sep. 30, 2015
Related Party Transactions [Abstract]  
Transactions with Del Taco

NOTE 5 - TRANSACTIONS WITH DEL TACO

The receivable from Del Taco consists primarily of rent accrued for the month of September 2015. The September rent receivable was collected in October 2015.

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

In addition, see Note 6 with respect to certain distributions to the General Partner.
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Distributions - Additional Information (Detail) - USD ($)
 1 Months Ended 9 Months Ended
Oct. 26, 2015
Nov. 30, 2015
Aug. 31, 2015
Jun. 30, 2015
Feb. 28, 2015
Sep. 30, 2015
Distribution Made to General and Limited Partner [Line Items]            
Total cash distributions declared and paid     $ 265,878 $ 183,996 $ 236,363  
Distribution to limited partner, approved date           Oct. 26, 2015
Distribution to limited partner, distribution date           Nov. 05, 2015
Distribution to general partner, distribution date           Nov. 30, 2015
Scenario, Forecast [Member]            
Distribution Made to General and Limited Partner [Line Items]            
Distributions to general partner   $ 2,382        
General partner, partnership interest percentage   1.00%        
Subsequent Events [Member]            
Distribution Made to General and Limited Partner [Line Items]            
Distribution to limited partners amount approved $ 235,824          
Distribution to limited partner, per unit amount approved $ 4.98