Document_and_Entity_Informatio
Document and Entity Information | 12 Months Ended |
Dec. 31, 2013 | |
Document And Entity Information [Abstract] | ' |
Document Type | '10-K |
Amendment Flag | 'false |
Document Period End Date | 31-Dec-13 |
Document Fiscal Year Focus | '2013 |
Document Fiscal Period Focus | 'FY |
Trading Symbol | 'DTRPIII |
Entity Registrant Name | 'DEL TACO RESTAURANT PROPERTIES III |
Entity Central Index Key | '0000786360 |
Current Fiscal Year End Date | '--12-31 |
Entity Well-known Seasoned Issuer | 'No |
Entity Current Reporting Status | 'Yes |
Entity Voluntary Filers | 'No |
Entity Filer Category | 'Non-accelerated Filer |
Entity Common Stock, Shares Outstanding | 0 |
Balance_Sheets
Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
CURRENT ASSETS: | ' | ' |
Cash | $335,901 | $326,328 |
Receivable from Del Taco LLC | 87,772 | 80,664 |
Deposits | 1,824 | 1,654 |
Total current assets | 425,497 | 408,646 |
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 | 3,680,210 | 3,607,798 |
Property and equipment, net | 3,939,237 | 4,011,649 |
Total assets | 4,450,751 | 4,506,312 |
CURRENT LIABILITIES: | ' | ' |
Payable to limited partners | 88,950 | 75,944 |
Accounts payable | 15,294 | 25,258 |
Total current liabilities | 104,244 | 101,202 |
OBLIGATION TO GENERAL PARTNER | 577,510 | 577,510 |
PARTNERS' EQUITY: | ' | ' |
Limited partners; 47,261 units outstanding at December 31, 2013 and 2012 | 3,814,403 | 3,872,420 |
General partner-Del Taco LLC | -45,406 | -44,820 |
Total partners' equity | 3,768,997 | 3,827,600 |
Total liabilities and partners' equity | $4,450,751 | $4,506,312 |
Balance_Sheets_Parenthetical
Balance Sheets (Parenthetical) | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Dec. 12, 2011 | Sep. 30, 2011 | Jun. 30, 2011 | Mar. 31, 2011 | Dec. 31, 2010 |
Statement Of Financial Position [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Limited partners, units outstanding | 47,261 | 47,261 | 47,261 | 47,261 | 47,261 | 47,261 | 47,261 | 47,261 | 47,261 | 47,261 | 47,261 | 47,261 | 47,261 | 47,261 |
Statements_of_Income
Statements of Income (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Statement [Abstract] | ' | ' | ' |
RENTAL REVENUES | $1,023,572 | $985,670 | $1,005,655 |
EXPENSES: | ' | ' | ' |
General and administrative | 91,074 | 94,173 | 145,625 |
Depreciation | 72,412 | 72,412 | 76,406 |
Total expenses | 163,486 | 166,585 | 222,031 |
Operating income | 860,086 | 819,085 | 783,624 |
OTHER INCOME: | ' | ' | ' |
Interest | 537 | 491 | 486 |
Other | 2,200 | 3,615 | 3,925 |
Gain on disposal of property | ' | ' | 545,973 |
Net income | $862,823 | $823,191 | $1,334,008 |
Net income per limited partnership unit (Note 2) | $18.07 | $17.24 | $27.94 |
Number of limited partnership units used in computing per unit amounts | 47,261 | 47,261 | 47,261 |
Statements_of_Partners_Equity
Statements of Partners' Equity (USD $) | Total | Limited Partners [Member] | General Partner [Member] |
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 | 47,323 | 47,261 | ' |
Net Income | 823,191 | 814,959 | 8,232 |
Cash Distributions | -841,828 | -833,410 | -8,418 |
Balance at Dec. 31, 2012 | 3,827,600 | 3,872,420 | -44,820 |
Balance, shares at Dec. 31, 2012 | ' | 47,261 | ' |
Net Income | 862,823 | 854,195 | 8,628 |
Cash Distributions | -921,426 | -912,212 | -9,214 |
Balance at Dec. 31, 2013 | $3,768,997 | $3,814,403 | ($45,406) |
Balance, shares at Dec. 31, 2013 | ' | 47,261 | ' |
Statements_of_Cash_Flows
Statements of Cash Flows (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' | ' |
Net income | $862,823 | $823,191 | $1,334,008 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Depreciation | 72,412 | 72,412 | 76,406 |
Gain on disposal of property | ' | ' | -545,973 |
Changes in operating assets and liabilities: | ' | ' | ' |
Receivable from Del Taco LLC | -7,108 | 1,122 | 6,349 |
Deposits | -170 | ' | 786 |
Payable to limited partners | 13,006 | 6,415 | 6,924 |
Accounts payable | -9,964 | -12,620 | 23,335 |
Net cash provided by operating activities | 930,999 | 890,520 | 901,835 |
CASH FLOWS FROM INVESTING ACTIVITIES - | ' | ' | ' |
Proceeds from disposal of property | ' | ' | 1,231,720 |
CASH FLOWS FROM FINANCING ACTIVITIES - | ' | ' | ' |
Cash distributions to partners | -921,426 | -841,828 | -2,165,050 |
Net change in cash | 9,573 | 48,692 | -31,495 |
Beginning cash balance | 326,328 | 277,636 | 309,131 |
Ending cash balance | $335,901 | $326,328 | $277,636 |
Organization_and_Summary_of_Si
Organization and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2013 | |
Accounting Policies [Abstract] | ' |
Organization and Summary of Significant Accounting Policies | ' |
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 Industry, California property was destroyed by fire and then sold in December 2011 yielding net proceeds of $1,231,720. As of December 31, 2013, 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 2013, 2012 and 2011, 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, 2013. 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, 2013 through the date 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. |
Partners_Equity
Partners' Equity | 12 Months Ended |
Dec. 31, 2013 | |
Equity [Abstract] | ' |
Partners' Equity | ' |
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. |
Obligation_to_General_Partner
Obligation to General Partner | 12 Months Ended |
Dec. 31, 2013 | |
Text Block [Abstract] | ' |
Obligation to General Partner | ' |
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 2013, 2012, and 2011. |
Leasing_Activities
Leasing Activities | 12 Months Ended |
Dec. 31, 2013 | |
Leases [Abstract] | ' |
Leasing Activities | ' |
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, 2013. | |
The restaurants operated by Del Taco, for which the Partnership is the lessor, had combined, unaudited sales of $8,529,770, $8,213,914, and $8,207,338 and unaudited net losses of $66,093, $94,586 and $55,685 during the years ended December 31, 2013, 2012 and 2011, respectively. In addition, the restaurant in Industry, California 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 operating expenses. |
Related_Parties
Related Parties | 12 Months Ended |
Dec. 31, 2013 | |
Related Party Transactions [Abstract] | ' |
Related Parties | ' |
NOTE 5 – RELATED PARTIES | |
The receivable from Del Taco consists of rent accrued for the months of December 2013 and 2012. The rent receivable was collected in January 2014 and 2013, respectively. | |
The General Partner received $9,214, $8,418 and $9,334 in distributions relating to its one percent interest in the Partnership for the years ended December 31, 2013, 2012 and 2011, 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. |
Restricted_Cash
Restricted Cash | 12 Months Ended |
Dec. 31, 2013 | |
Text Block [Abstract] | ' |
Restricted Cash | ' |
NOTE 6 – RESTRICTED CASH | |
At December 31, 2013 and 2012 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. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Income Taxes | ' | ||||||||||||
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: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Net income per financial statements | $ | 862,823 | $ | 823,191 | $ | 1,334,008 | |||||||
Excess tax depreciation | (95 | ) | (95 | ) | (289 | ) | |||||||
Excess book gain | — | — | (76,061 | ) | |||||||||
Taxable income | $ | 862,728 | $ | 823,096 | $ | 1,257,658 | |||||||
A reconciliation of partnership equity per the financial statements to partners’ equity for tax purposes as of December 31, 2013, is as follows (unaudited): | |||||||||||||
Partners’ equity per financial statements | $ | 3,768,997 | |||||||||||
Issue costs of limited partnership units capitalized for tax purposes | 1,741,677 | ||||||||||||
Difference in book vs. tax depreciation | 506,023 | ||||||||||||
Other | 84 | ||||||||||||
Partners’ equity for tax purposes | $ | 6,016,781 | |||||||||||
Cash_Distributions_to_Limited_
Cash Distributions to Limited Partners | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Text Block [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, 2013 were as follows: | |||||||||||||
Quarter Ended | Cash | Weighted | Number of Units | ||||||||||
Distribution per | Average Number | Outstanding at | |||||||||||
Limited Partnership | of Units | the End of | |||||||||||
Unit | Outstanding | Quarter | |||||||||||
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 | |||||||||||
December 31, 2011 | $ | 3.63 | 47,261 | 47,261 | |||||||||
March 31, 2012 | 4.44 | 47,261 | 47,261 | ||||||||||
June 30, 2012 | 4.68 | 47,261 | 47,261 | ||||||||||
September 30, 2012 | 4.86 | 47,261 | 47,261 | ||||||||||
Total paid in 2012 | $ | 17.61 | |||||||||||
December 31, 2012 | $ | 4.97 | 47,261 | 47,261 | |||||||||
March 31, 2013 | 4.34 | 47,261 | 47,261 | ||||||||||
June 30, 2013 | 4.87 | 47,261 | 47,261 | ||||||||||
September 30, 2013 | 5.09 | 47,261 | 47,261 | ||||||||||
Total paid in 2013 | $ | 19.27 | |||||||||||
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 2014 for the quarter ended December 31, 2013 amounted to $4.90 per limited partnership unit and were paid in February 2014. |
Results_by_Quarter_Unaudited
Results by Quarter (Unaudited) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Results by Quarter (Unaudited) | ' | ||||||||||||||||
NOTE 9 – RESULTS BY QUARTER (UNAUDITED) | |||||||||||||||||
First | Second | Third | Fourth | ||||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||
Year ended December 31, 2013 | |||||||||||||||||
Rental revenues | $ | 240,964 | $ | 258,486 | $ | 261,201 | $ | 262,921 | |||||||||
Net income | 180,157 | 223,064 | 229,774 | 229,828 | |||||||||||||
Net income per limited partnership unit | 3.77 | 4.67 | 4.81 | 4.82 | |||||||||||||
Year ended December 31, 2012 | |||||||||||||||||
Rental revenues | $ | 236,295 | $ | 245,626 | $ | 255,739 | $ | 248,010 | |||||||||
Net income | 177,266 | 207,261 | 222,787 | 215,877 | |||||||||||||
Net income per limited partnership unit | 3.71 | 4.34 | 4.67 | 4.52 |
Payable_to_Limited_Partners
Payable to Limited Partners | 12 Months Ended |
Dec. 31, 2013 | |
Other Liabilities Disclosure [Abstract] | ' |
Payable to Limited Partners | ' |
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, 2012 to December 31, 2013 is primarily due to the increase in distribution checks that were not deposited by limited partners. |
Gain_on_Disposal_of_Property
Gain on Disposal of Property | 12 Months Ended |
Dec. 31, 2013 | |
Text Block [Abstract] | ' |
Gain on Disposal of Property | ' |
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 and 2010, the annual 12% rental paid to the Partnership was $45,627 and $74,052, or $0.965 and $1.551 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. |
Schedule_III_Real_Estate_and_A
Schedule III - Real Estate and Accumulated Depreciation | 12 Months Ended | ||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||
Real Estate And Accumulated Depreciation Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||||
Schedule III - Real Estate and Accumulated Depreciation | ' | ||||||||||||||||||||||||||||||
DEL TACO RESTAURANT PROPERTIES III | |||||||||||||||||||||||||||||||
SCHEDULE III—REAL ESTATE AND ACCUMULATED DEPRECIATION | |||||||||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||
Initial cost to company | Cost | Gross amount | Life on which | ||||||||||||||||||||||||||||
capitalized | at which carried | depreciation in | |||||||||||||||||||||||||||||
subsequent to | at close of | latest income | |||||||||||||||||||||||||||||
acquisition | period | statement is | |||||||||||||||||||||||||||||
Description | Encumbrances | Land & land | Building & | Carrying costs | Land, buildings | Accumulated | Date of | Date | computed | ||||||||||||||||||||||
(All Restaurants) | improvements | Improvements | & | depreciation | construction | acquired | |||||||||||||||||||||||||
improvements | |||||||||||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||||
Rancho California, CA | $ | — | $ | 384,400 | $ | 257,807 | $ | — | $ | 642,207 | $ | 241,500 | 1986 | 1986 | 20 (LI), 35 (BI) | ||||||||||||||||
Vista, CA | — | 512,130 | 343,471 | — | 855,601 | 321,736 | 1987 | 1987 | 20 (LI), 35 (BI) | ||||||||||||||||||||||
Perris, CA | — | 437,522 | 293,434 | — | 730,956 | 274,868 | 1987 | 1987 | 20 (LI), 35 (BI) | ||||||||||||||||||||||
Upland, CA | — | 281,827 | 189,014 | — | 470,841 | 177,048 | 1987 | 1987 | 20 (LI), 35 (BI) | ||||||||||||||||||||||
Walnut, CA | — | 340,848 | 228,597 | — | 569,445 | 214,128 | 1988 | 1988 | 20 (LI), 35 (BI) | ||||||||||||||||||||||
Los Angeles, CA | — | 674,283 | 452,223 | — | 1,126,506 | 423,609 | 1988 | 1988 | 20 (LI), 35 (BI) | ||||||||||||||||||||||
Chatsworth, CA | — | 642,475 | 430,890 | — | 1,073,365 | 403,634 | 1989 | 1989 | 20 (LI), 35 (BI) | ||||||||||||||||||||||
Victorville, CA | — | 505,398 | 338,957 | — | 844,355 | 317,516 | 1989 | 1989 | 20 (LI), 35 (BI) | ||||||||||||||||||||||
$ | — | $ | 3,778,883 | $ | 2,534,393 | $ | — | $ | 6,313,276 | $ | 2,374,039 | ||||||||||||||||||||
Restaurants | Accumulated | ||||||||||||||||||||||||||||||
Depreciation | |||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||
Additions | — | 72,412 | |||||||||||||||||||||||||||||
Retirements | — | — | |||||||||||||||||||||||||||||
Balances at December 31, 2012 | 6,313,276 | 2,301,627 | |||||||||||||||||||||||||||||
Additions | — | 72,412 | |||||||||||||||||||||||||||||
Retirements | — | — | |||||||||||||||||||||||||||||
Balances at December 31, 2013 | $ | 6,313,276 | $ | 2,374,039 | |||||||||||||||||||||||||||
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, 2013. | |||||||||||||||||||||||||||||||
See accompanying report of independent registered public accounting firm. |
Organization_and_Summary_of_Si1
Organization and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2013 | |
Accounting Policies [Abstract] | ' |
The Partnership | ' |
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 Industry, California property was destroyed by fire and then sold in December 2011 yielding net proceeds of $1,231,720. As of December 31, 2013, 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 | ' |
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: 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 | ' |
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 | ' |
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 2013, 2012 and 2011, respectively. | |
Use of Estimates | ' |
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 | ' |
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 | ' |
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, 2013. 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 | ' |
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 | ' |
Subsequent Events: Management has evaluated events subsequent to December 31, 2013 through the date 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. |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Reconciliation of Financial Statement Net Income to Taxable Income | ' | ||||||||||||
A reconciliation of financial statement net income to taxable income for each of the periods is as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Net income per financial statements | $ | 862,823 | $ | 823,191 | $ | 1,334,008 | |||||||
Excess tax depreciation | (95 | ) | (95 | ) | (289 | ) | |||||||
Excess book gain | — | — | (76,061 | ) | |||||||||
Taxable income | $ | 862,728 | $ | 823,096 | $ | 1,257,658 | |||||||
Reconciliation of Partnership Equity per Financial Statements to Partners' Equity for Tax Purposes | ' | ||||||||||||
A reconciliation of partnership equity per the financial statements to partners’ equity for tax purposes as of December 31, 2013, is as follows (unaudited): | |||||||||||||
Partners’ equity per financial statements | $ | 3,768,997 | |||||||||||
Issue costs of limited partnership units capitalized for tax purposes | 1,741,677 | ||||||||||||
Difference in book vs. tax depreciation | 506,023 | ||||||||||||
Other | 84 | ||||||||||||
Partners’ equity for tax purposes | $ | 6,016,781 | |||||||||||
Cash_Distributions_to_Limited_1
Cash Distributions to Limited Partners (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Text Block [Abstract] | ' | ||||||||||||
Summary of Cash Distributions Paid to Limited Partners | ' | ||||||||||||
Cash distributions paid to limited partners for the three years ended December 31, 2013 were as follows: | |||||||||||||
Quarter Ended | Cash | Weighted | Number of Units | ||||||||||
Distribution per | Average Number | Outstanding at | |||||||||||
Limited Partnership | of Units | the End of | |||||||||||
Unit | Outstanding | Quarter | |||||||||||
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 | |||||||||||
December 31, 2011 | $ | 3.63 | 47,261 | 47,261 | |||||||||
March 31, 2012 | 4.44 | 47,261 | 47,261 | ||||||||||
June 30, 2012 | 4.68 | 47,261 | 47,261 | ||||||||||
September 30, 2012 | 4.86 | 47,261 | 47,261 | ||||||||||
Total paid in 2012 | $ | 17.61 | |||||||||||
December 31, 2012 | $ | 4.97 | 47,261 | 47,261 | |||||||||
March 31, 2013 | 4.34 | 47,261 | 47,261 | ||||||||||
June 30, 2013 | 4.87 | 47,261 | 47,261 | ||||||||||
September 30, 2013 | 5.09 | 47,261 | 47,261 | ||||||||||
Total paid in 2013 | $ | 19.27 | |||||||||||
Results_by_Quarter_Unaudited_T
Results by Quarter (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Summary of Results by Quarter | ' | ||||||||||||||||
First | Second | Third | Fourth | ||||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||
Year ended December 31, 2013 | |||||||||||||||||
Rental revenues | $ | 240,964 | $ | 258,486 | $ | 261,201 | $ | 262,921 | |||||||||
Net income | 180,157 | 223,064 | 229,774 | 229,828 | |||||||||||||
Net income per limited partnership unit | 3.77 | 4.67 | 4.81 | 4.82 | |||||||||||||
Year ended December 31, 2012 | |||||||||||||||||
Rental revenues | $ | 236,295 | $ | 245,626 | $ | 255,739 | $ | 248,010 | |||||||||
Net income | 177,266 | 207,261 | 222,787 | 215,877 | |||||||||||||
Net income per limited partnership unit | 3.71 | 4.34 | 4.67 | 4.52 |
Organization_and_Summary_of_Si2
Organization and Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||||
Dec. 12, 2011 | Nov. 30, 1997 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Jun. 30, 2011 | Mar. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Restaurants | |||||||||||||||||
Property | |||||||||||||||||
CommercialBank | |||||||||||||||||
Organization And Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Date of formation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 19-Dec-85 | ' | ' |
Mexican-American restaurants | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10 | ' | ' |
Sale of Twentynine Palms property | ' | $278,612 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of restaurants commencing operation on acquired properties | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10 | ' | ' |
Net proceeds from sale of property destroyed by fire | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,231,720 |
Number of properties in operation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8 | ' | ' |
Percentage of net income allocated to general partner | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' | ' |
Weighted average number of units outstanding to general partner | 47,261 | ' | 47,261 | 47,261 | 47,261 | 47,261 | 47,261 | 47,261 | 47,261 | 47,261 | 47,261 | 47,261 | 47,261 | 47,261 | 47,261 | 47,261 | 47,261 |
Rental revenue percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12.00% | ' | ' |
Restaurants leased | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8 | ' | ' |
Commercial bank | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' |
General Partner [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Organization And Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of General Partner interest in the profits or losses and distributions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' | ' |
Percentage of net income allocated to general partner | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' | ' |
Land improvements [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Organization And Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Useful life of property plant and equipment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '20 years | ' | ' |
Buildings and improvements [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Organization And Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Useful life of property plant and equipment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '35 years | ' | ' |
Machinery and equipment [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Organization And Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Useful life of property plant and equipment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' |
Partners_Equity_Additional_Inf
Partners' Equity - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
Partnership Equity And Distribution [Line Items] | ' |
Percentage of net income allocated to general partner | 1.00% |
General Partner [Member] | ' |
Partnership Equity And Distribution [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% |
Percentage of additional gain on sale and refinancing allocated to General Partner | 15.00% |
Limited Partners [Member] | ' |
Partnership Equity And Distribution [Line Items] | ' |
Percentage of net income attributable limited partners | 99.00% |
Percentage of gain on sale and refinancing allocated to limited partners | 99.00% |
Priority return | 10.00% |
Percentage of additional gain on sale and refinancing allocated to limited partners | 85.00% |
Obligation_to_General_Partner_
Obligation to General Partner - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Schedule Of Performance Fees And Allocations To General Partner [Line Items] | ' | ' | ' |
Percentage of gross proceeds of offering | 5.00% | ' | ' |
Limited Partners [Member] | ' | ' | ' |
Schedule Of Performance Fees And Allocations To General Partner [Line Items] | ' | ' | ' |
Development fees received | $0 | $0 | $0 |
Leasing_Activities_Additional_
Leasing Activities - Additional Information (Detail) (USD $) | 1 Months Ended | 12 Months Ended | ||
31-May-11 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Property | ||||
Leases [Abstract] | ' | ' | ' | ' |
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 | $20,774 | $3,500 | ' | $3,500 |
Number of restaurants leased to Del Taco | ' | 8 | ' | ' |
Combined unaudited sales | ' | 8,529,770 | 8,213,914 | 8,207,338 |
Combined unaudited net losses | ' | $66,093 | $94,586 | $55,685 |
Related_Parties_Additional_Inf
Related Parties - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Acquisition | |||
Schedule of Other Related Party Transactions [Line Items] | ' | ' | ' |
Cash Distributions | $921,426 | $841,828 | $2,165,050 |
Number of other partnerships formed for acquisition | 3 | ' | ' |
General Partner [Member] | ' | ' | ' |
Schedule of Other Related Party Transactions [Line Items] | ' | ' | ' |
Cash Distributions | $9,214 | $8,418 | $9,334 |
General partner, partnership interest percentage | 1.00% | 1.00% | 1.00% |
Restricted_Cash_Additional_Inf
Restricted Cash - Additional Information (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Restricted Cash Textual [Abstract] | ' | ' |
Restricted cash balance | $86,017 | $86,017 |
Percentage of gross proceeds from sale | 2.00% | 2.00% |
Income_Taxes_Reconciliation_of
Income Taxes - Reconciliation of Financial Statement Net Income to Taxable Income (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income per financial statements | $229,828 | $229,774 | $223,064 | $180,157 | $215,877 | $222,787 | $207,261 | $177,266 | $862,823 | $823,191 | $1,334,008 |
Excess tax depreciation | ' | ' | ' | ' | ' | ' | ' | ' | -95 | -95 | -289 |
Excess book gain | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -76,061 |
Taxable income | ' | ' | ' | ' | ' | ' | ' | ' | $862,728 | $823,096 | $1,257,658 |
Income_Taxes_Reconciliation_of1
Income Taxes - Reconciliation of Partnership Equity per Financial Statements to Partners' Equity for Tax Purposes (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' |
Partners' equity per financial statements | $3,768,997 | $3,827,600 | $3,846,237 | $4,677,279 |
Issue costs of limited partnership units capitalized for tax purposes | 1,741,677 | ' | ' | ' |
Difference in book vs. tax depreciation | 506,023 | ' | ' | ' |
Other | 84 | ' | ' | ' |
Partners' equity for tax purposes | $6,016,781 | ' | ' | ' |
Cash_Distributions_to_Limited_2
Cash Distributions to Limited Partners - Summary of Cash Distributions Paid to Limited Partners (Detail) (USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 12, 2011 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Jun. 30, 2011 | Mar. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Quarterly Financial Information Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash Distribution per Limited Partnership Unit | $26.03 | $5.09 | $4.87 | $4.34 | $4.97 | $4.86 | $4.68 | $4.44 | $3.63 | $5.03 | $4.77 | $4.66 | $5.06 | $19.27 | $17.61 | $45.55 |
Weighted Average Number of Units Outstanding | 47,261 | 47,261 | 47,261 | 47,261 | 47,261 | 47,261 | 47,261 | 47,261 | 47,261 | 47,261 | 47,261 | 47,261 | 47,261 | 47,261 | 47,261 | 47,261 |
Number of Units Outstanding at the End of the Quarter | 47,261 | 47,261 | 47,261 | 47,261 | 47,261 | 47,261 | 47,261 | 47,261 | 47,261 | 47,261 | 47,261 | 47,261 | 47,261 | 47,261 | 47,261 | 47,261 |
Cash_Distributions_to_Limited_3
Cash Distributions to Limited Partners - Additional Information (Detail) (USD $) | 0 Months Ended | 3 Months Ended |
Dec. 12, 2011 | Dec. 31, 2013 | |
Quarterly Financial Information Disclosure [Abstract] | ' | ' |
Distributions to the limited partner, declaration date | ' | 31-Jan-14 |
Distributions to the limited partner, per unit amount declared | $26.03 | $4.90 |
Distributions to the limited partner, distribution date | ' | 28-Feb-14 |
Results_by_Quarter_Unaudited_S
Results by Quarter (Unaudited) - Summary of Results by Quarter (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Quarterly Financial Information Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
RENTAL REVENUES | $262,921 | $261,201 | $258,486 | $240,964 | $248,010 | $255,739 | $245,626 | $236,295 | $1,023,572 | $985,670 | $1,005,655 |
Net income | $229,828 | $229,774 | $223,064 | $180,157 | $215,877 | $222,787 | $207,261 | $177,266 | $862,823 | $823,191 | $1,334,008 |
Net income per limited partnership unit | $4.82 | $4.81 | $4.67 | $3.77 | $4.52 | $4.67 | $4.34 | $3.71 | $18.07 | $17.24 | $27.94 |
Payable_to_Limited_Partners_Ad
Payable to Limited Partners - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
Payables And Accruals [Abstract] | ' |
Period of payable outstanding to limited partners | 'Six months or longer |
Gain_on_Disposal_of_Property_A
Gain on Disposal of Property - Additional Information (Detail) (USD $) | 0 Months Ended | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||
Dec. 12, 2011 | Dec. 02, 2011 | 31-May-11 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
Fire Related Gain And Insurance Recovery [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of gross sales | ' | ' | ' | ' | 12.00% | ' | ' | ' |
Minimum rentals due to Partnership | ' | ' | $20,774 | ' | $3,500 | ' | $3,500 | ' |
Rent paid per Partnership unit | ' | ' | ' | ' | ' | ' | 0.965 | 1.551 |
Lease expiration date | ' | ' | ' | ' | ' | 28-Feb-23 | ' | ' |
Sale proceeds on property | ' | 926,393 | ' | ' | ' | ' | ' | ' |
Net insurance recovery | ' | ' | ' | ' | ' | ' | 305,327 | ' |
Gain to partners | ' | ' | ' | ' | ' | ' | 545,973 | ' |
Limited partner units outstanding | ' | 47,323 | ' | ' | ' | ' | 47,323 | ' |
Proceeds from sale of property | ' | ' | ' | ' | ' | ' | 1,231,720 | ' |
Special distribution per unit | $26.03 | ' | ' | $4.90 | ' | ' | ' | ' |
Percentage of distribution | ' | ' | ' | ' | ' | ' | 100.00% | ' |
Partnership [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Fire Related Gain And Insurance Recovery [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Rent paid to Partnership | ' | ' | ' | ' | ' | ' | $45,627 | $74,052 |
Percentage of gross sales | ' | ' | ' | ' | ' | ' | 12.00% | 12.00% |
Schedule_III_Real_Estate_and_A1
Schedule III - Real Estate and Accumulated Depreciation (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
Rancho California, CA [Member] | Vista, CA [Member] | Perris, CA [Member] | Upland, CA [Member] | Walnut, CA [Member] | Los Angeles, CA [Member] | Chatsworth, CA [Member] | Victorville, CA [Member] | Land improvements [Member] | Land improvements [Member] | Land improvements [Member] | Land improvements [Member] | Land improvements [Member] | Land improvements [Member] | Land improvements [Member] | Land improvements [Member] | Buildings and improvements [Member] | Buildings and improvements [Member] | Buildings and improvements [Member] | Buildings and improvements [Member] | Buildings and improvements [Member] | Buildings and improvements [Member] | Buildings and improvements [Member] | Buildings and improvements [Member] | |||||
Rancho California, CA [Member] | Vista, CA [Member] | Perris, CA [Member] | Upland, CA [Member] | Walnut, CA [Member] | Los Angeles, CA [Member] | Chatsworth, CA [Member] | Victorville, CA [Member] | Rancho California, CA [Member] | Vista, CA [Member] | Perris, CA [Member] | Upland, CA [Member] | Walnut, CA [Member] | Los Angeles, CA [Member] | Chatsworth, CA [Member] | Victorville, CA [Member] | |||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Encumbrances | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Initial cost to company, Land & land improvements | 3,778,883 | ' | ' | ' | 384,400 | 512,130 | 437,522 | 281,827 | 340,848 | 674,283 | 642,475 | 505,398 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Initial cost to company, Building & Improvements | 2,534,393 | ' | ' | ' | 257,807 | 343,471 | 293,434 | 189,014 | 228,597 | 452,223 | 430,890 | 338,957 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cost capitalized subsequent to acquisition, Carrying costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross amount at which carried at close of period, Land, buildings & improvements Total | 6,313,276 | 6,313,276 | 6,313,276 | 7,360,925 | 642,207 | 855,601 | 730,956 | 470,841 | 569,445 | 1,126,506 | 1,073,365 | 844,355 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated depreciation | $2,374,039 | $2,301,627 | $2,229,215 | $2,514,714 | $241,500 | $321,736 | $274,868 | $177,048 | $214,128 | $423,609 | $403,634 | $317,516 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Date of construction | ' | ' | ' | ' | '1986 | '1987 | '1987 | '1987 | '1988 | '1988 | '1989 | '1989 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Date acquired | ' | ' | ' | ' | '1986 | '1987 | '1987 | '1987 | '1988 | '1988 | '1989 | '1989 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Life on which depreciation in latest income statement is computed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '20 years | '20 years | '20 years | '20 years | '20 years | '20 years | '20 years | '20 years | '35 years | '35 years | '35 years | '35 years | '35 years | '35 years | '35 years | '35 years |
Schedule_III_Real_Estate_and_A2
Schedule III - Real Estate and Accumulated Depreciation II (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Real Estate And Accumulated Depreciation Disclosure [Abstract] | ' | ' | ' |
Restaurants Beginning Balance | $6,313,276 | $6,313,276 | $7,360,925 |
Restaurants Additions | ' | ' | ' |
Restaurants Retirements | ' | ' | -1,047,649 |
Restaurants Ending Balance | 6,313,276 | 6,313,276 | 6,313,276 |
Accumulated Depreciation Beginning Balance | 2,301,627 | 2,229,215 | 2,514,714 |
Accumulated Depreciation Additions | 72,412 | 72,412 | 76,406 |
Accumulated Depreciation Retirements | ' | ' | -361,905 |
Accumulated Depreciation Ending Balance | $2,374,039 | $2,301,627 | $2,229,215 |
Schedule_III_Real_Estate_and_A3
Schedule III - Real Estate and Accumulated Depreciation - Additional Information (Detail) (USD $) | Dec. 31, 2013 |
Real Estate [Abstract] | ' |
Aggregate cost of real estate assets for Federal tax purposes | $6,313,276 |