Del Taco Restaurant Properties Iii (DTRPIII) 10-K 2 Mar 15 2014 FY Annual report Financial data

Document_and_Entity_Informatio

Document and Entity Information (USD $)	12 Months Ended
	Dec. 31, 2014
Document And Entity Information [Abstract]
Document Type	10-K
Amendment Flag	FALSE
Document Period End Date	31-Dec-14
Document Fiscal Year Focus	2014
Document Fiscal Period Focus	FY
Trading Symbol	DTRPIII
Entity Registrant Name	DEL TACO RESTAURANT PROPERTIES III
Entity Central Index Key	786360
Current Fiscal Year End Date	-19
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
Entity Public Float	$0

Balance_Sheets

Balance Sheets (USD $)	Dec. 31, 2014	Dec. 31, 2013
CURRENT ASSETS
Cash	$346,478	$335,901
Receivable from Del Taco LLC	93,384	87,772
Deposits	2,065	1,824
Total current assets	441,927	425,497
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	3,752,622	3,680,210
Property and equipment, net	3,866,825	3,939,237
Total assets	4,394,769	4,450,751
CURRENT LIABILITIES
Payable to limited partners	93,425	88,950
Accounts payable	28,251	15,294
Total current liabilities	121,676	104,244
OBLIGATION TO GENERAL PARTNER	577,510	577,510
PARTNERS' EQUITY
Limited partners; 47,261 units outstanding at December 31, 2014 and 2013	3,741,723	3,814,403
General partner-Del Taco LLC	-46,140	-45,406
Total partners' equity	3,695,583	3,768,997
Total liabilities and partners' equity	$4,394,769	$4,450,751

Balance_Sheets_Parenthetical

Balance Sheets (Parenthetical)	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	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
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

Statements_of_Income

Statements of Income (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Income Statement [Abstract]
RENTAL REVENUES	$1,086,294	$1,023,572	$985,670
EXPENSES
General and administrative	117,951	91,074	94,173
Depreciation	72,412	72,412	72,412
Total expenses	190,363	163,486	166,585
Operating income	895,931	860,086	819,085
OTHER INCOME
Interest	580	537	491
Other	8,875	2,200	3,615
Net income	$905,386	$862,823	$823,191
Net income per limited partnership unit (Note 2)	$18.97	$18.07	$17.24
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, 2011	$3,846,237	$3,890,871	($44,634)
Balance, shares at Dec. 31, 2011		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
Net Income	905,386	896,332	9,054
Cash Distributions	-978,800	-969,012	-9,788
Balance at Dec. 31, 2014	$3,695,583	$3,741,723	($46,140)
Balance, shares at Dec. 31, 2014		47,261

Statements_of_Cash_Flows

Statements of Cash Flows (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$905,386	$862,823	$823,191
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	72,412	72,412	72,412
Changes in operating assets and liabilities:
Receivable from Del Taco LLC	-5,612	-7,108	1,122
Deposits	-241	-170
Payable to limited partners	4,475	13,006	6,415
Accounts payable	12,957	-9,964	-12,620
Net cash provided by operating activities	989,377	930,999	890,520
CASH FLOWS FROM FINANCING ACTIVITIES
Cash distributions to partners	-978,800	-921,426	-841,828
Net cash used in financing activities	-978,800	-921,426	-841,828
Net change in cash	10,577	9,573	48,692
Beginning cash balance	335,901	326,328	277,636
Ending cash balance	$346,478	$335,901	$326,328

Organization_and_Summary_of_Si

Organization and Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2014
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, 2014, 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 5). 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 2014, 2013 and 2012, 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, 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.
	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, 2014 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 (see Note 12).

Partners_Equity

Partners' Equity	12 Months Ended
	Dec. 31, 2014
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, 2014
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 2014, 2013, and 2012.

Leasing_Activities

Leasing Activities	12 Months Ended
	Dec. 31, 2014
Leases [Abstract]
Leasing Activities	NOTE 4 – LEASING ACTIVITIES
	The Partnership leases its 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, 2014.
	The restaurants operated by Del Taco, for which the Partnership is the lessor, had combined, unaudited sales of $9,052,444, $8,529,770, and $8,213,914 and unaudited net income of $25,095 and unaudited net losses of $66,093 and $94,586 during the years ended December 31, 2014, 2013 and 2012, respectively. Net income and loss by restaurant includes charges for general and administrative expenses incurred in connection with supervision of restaurant operations and interest expense.

Related_Parties

Related Parties	12 Months Ended
	Dec. 31, 2014
Related Party Transactions [Abstract]
Related Parties	NOTE 5 – RELATED PARTIES
	The receivable from Del Taco consists of rent accrued for the months of December 2014 and 2013. The rent receivable was collected in January 2015 and 2014, respectively.
	The General Partner received $9,788, $9,214 and $8,418 in distributions relating to its one percent interest in the Partnership for the years ended December 31, 2014, 2013 and 2012, 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, 2014
Cash and Cash Equivalents [Abstract]
Restricted Cash	NOTE 6 – RESTRICTED CASH
	At December 31, 2014 and 2013 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, 2014
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:
		2014			2013			2012
	Net income per financial statements	$	905,386		$	862,823		$	823,191
	Excess tax depreciation		(95	)		(95	)		(95	)
	Taxable income	$	905,291		$	862,728		$	823,096
	A reconciliation of partnership equity per the financial statements to partners’ equity for tax purposes as of December 31, 2014, is as follows (unaudited):
	Partners’ equity per financial statements	$	3,695,583
	Issue costs of limited partnership units capitalized for tax purposes		1,741,677
	Difference in book vs. tax depreciation		505,928
	Other		84
	Partners’ equity for tax purposes	$	5,943,272

Cash_Distributions_to_Limited_

Cash Distributions to Limited Partners	12 Months Ended
	Dec. 31, 2014
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, 2014 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, 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
	December 31, 2013	$	4.9		47,261		47,261
	March 31, 2014		4.96		47,261		47,261
	June 30, 2014		5.4		47,261		47,261
	September 30, 2014		5.22		47,261		47,261
	Total paid in 2014	$	20.48
	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 2015 for the quarter ended December 31, 2014 amounted to $4.94 per limited partnership unit and were paid in February 2015.

Results_by_Quarter

Results by Quarter	12 Months Ended
	Dec. 31, 2014
Quarterly Financial Information Disclosure [Abstract]
Results by Quarter	NOTE 9 – RESULTS BY QUARTER (UNAUDITED)
		First		Second		Third		Fourth
		Quarter		Quarter		Quarter		Quarter
	Year ended December 31, 2014
	Rental revenues	$	257,082	$	271,721	$	278,710	$	278,781
	Net income		196,763		236,953		238,478		233,192
	Net income per limited partnership unit		4.12		4.96		5		4.89
	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

Payable_to_Limited_Partners

Payable to Limited Partners	12 Months Ended
	Dec. 31, 2014
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.

Communication_from_Certain_Lim

Communication from Certain Limited Partners and Straw Poll Results	12 Months Ended
	Dec. 31, 2014
Text Block [Abstract]
Communication from Certain Limited Partners and Straw Poll Results	NOTE 11 - COMMUNICATION FROM CERTAIN LIMITED PARTNERS AND STRAW POLL RESULTS
	During the third quarter of 2014, several limited partners communicated to the General Partner their desire to potentially sell all of the properties and then dissolve the Partnership. Pursuant to the Partnership agreement, any decision to sell all of the properties and to dissolve the Partnership would require approval from a majority in interest of limited partners. On October 1, 2014 the General Partner initiated a “straw poll” of all limited partners to determine if there is sufficient interest to support a potential sale of the properties and dissolution of the Partnership, as disclosed in Form 8-K filed on October 1, 2014. Limited partner responses to the straw poll were received during the fourth quarter of 2014 and on December 17, 2014, Del Taco filed a Form 8-K to disclose the results of the poll. The poll was intended to gauge interest level only and the results indicate a strong majority of the units responded either “open to” or “strongly in favor of” Del Taco testing the market and presenting a sale proposal to the limited partners for a vote. Accordingly, Del Taco filed a Form 8-K on January 12, 2015 indicating its intention to initiate a sale process to market the properties owned by the Partnership that may result in the presentation of a sale transaction to the limited partners for approval (see Note 12).

Subsequent_Events

Subsequent Events	12 Months Ended
	Dec. 31, 2014
Subsequent Events [Abstract]
Subsequent Events	NOTE 12 - SUBSEQUENT EVENTS
	The Partnership filed a Form 8-K on January 12, 2015 indicating its intention to initiate a sale process to market the properties owned by the Partnership that may result in the presentation of a sale transaction to the limited partners for approval. Del Taco intended to appoint a special committee comprised of a small group of qualified limited partners to facilitate the sale process and to manage any potential conflicts of interest with respect to Del Taco that may arise during the sale process, however, only two timely applications were received with only one including relevant experience. Del Taco does not believe that one committee member could adequately perform the role required by the committee, and therefore, the sale process has commenced without a special committee and Del Taco will resolve any potential conflicts of interest pursuant to the Partnership’s partnership agreement and applicable law. The sale process may result in the presentation of a sale transaction to the limited partners for approval; however, there are no assurances that Del Taco will receive any offers or will be successful in entering into a binding agreement to sell the properties. On February 17, 2015, affiliates of MacKenzie Realty Capital, Inc. (“MacKenzie”), a limited partner, filed a Schedule TO initiating a tender offer to purchase all units of the Partnership. The MacKenzie tender offer is unrelated to the sale process that Del Taco has initiated. On February 27, 2015, the Partnership filed a Schedule 14D-9 solicitation/recommendation statement in response to the Schedule TO.

Schedule_III_Real_Estate_and_A

Schedule III - Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2014
SEC Schedule III, 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-14
				Initial cost to company				Cost		Gross amount
								capitalized		at which carried
								subsequent to		at close of
								acquisition		period
	Description	Encumbrances		Land & land		Building &		Carrying costs		Land,		Accumulated		Date of	Date	Life on which
	(All Restaurants)			improvements		Improvements				buildings &		depreciation		construction	acquired	depreciation in
										improvements						latest income
										Total						statement is
																computed
	Rancho California, CA	$	—	$	384,400	$	257,807	$	—	$	642,207	$	248,866	1986	1986	20(LI), 35(BI)
	Vista, CA		—		512,130		343,471		—		855,601		331,549	1987	1987	20(LI), 35(BI)
	Perris, CA		—		437,522		293,434		—		730,956		283,252	1987	1987	20(LI), 35(BI)
	Upland, CA		—		281,827		189,014		—		470,841		182,448	1987	1987	20(LI), 35(BI)
	Walnut, CA		—		340,848		228,597		—		569,445		220,659	1988	1988	20(LI), 35(BI)
	Los Angeles, CA		—		674,283		452,223		—		1,126,506		436,530	1988	1988	20(LI), 35(BI)
	Chatsworth, CA		—		642,475		430,890		—		1,073,365		415,946	1989	1989	20(LI), 35(BI)
	Victorville, CA		—		505,398		338,957		—		844,355		327,201	1989	1989	20(LI), 35(BI)
		$	—	$	3,778,883	$	2,534,393	$	—	$	6,313,276	$	2,446,451
		Restaurants		Accumulated
				Depreciation
	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
	Additions		—		72,412
	Retirements		—		—
	Balances at December 31, 2014	$	6,313,276	$	2,446,451
	The aggregate cost basis of Del Taco Restaurant Properties III real estate assets for Federal income tax purposes was $6,313,276 (unaudited) at December 31, 2014.
	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, 2014
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, 2014, 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 5). 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 2014, 2013 and 2012, 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, 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.
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, 2014 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 (see Note 12).

Income_Taxes_Tables

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2014
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:
		2014			2013			2012
	Net income per financial statements	$	905,386		$	862,823		$	823,191
	Excess tax depreciation		(95	)		(95	)		(95	)
	Taxable income	$	905,291		$	862,728		$	823,096
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, 2014, is as follows (unaudited):
	Partners’ equity per financial statements	$	3,695,583
	Issue costs of limited partnership units capitalized for tax purposes		1,741,677
	Difference in book vs. tax depreciation		505,928
	Other		84
	Partners’ equity for tax purposes	$	5,943,272

Cash_Distributions_to_Limited_1

Cash Distributions to Limited Partners (Tables)	12 Months Ended
	Dec. 31, 2014
Text Block [Abstract]
Summary of Cash Distributions Paid to Limited Partners	Cash distributions paid to limited partners for the three years ended December 31, 2014 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, 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
	December 31, 2013	$	4.9		47,261		47,261
	March 31, 2014		4.96		47,261		47,261
	June 30, 2014		5.4		47,261		47,261
	September 30, 2014		5.22		47,261		47,261
	Total paid in 2014	$	20.48

Results_by_Quarter_Tables

Results by Quarter (Tables)	12 Months Ended
	Dec. 31, 2014
Quarterly Financial Information Disclosure [Abstract]
Summary of Results by Quarter
		First		Second		Third		Fourth
		Quarter		Quarter		Quarter		Quarter
	Year ended December 31, 2014
	Rental revenues	$	257,082	$	271,721	$	278,710	$	278,781
	Net income		196,763		236,953		238,478		233,192
	Net income per limited partnership unit		4.12		4.96		5		4.89
	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

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

Nov. 30, 1997

Sep. 30, 2014

Jun. 30, 2014

Mar. 31, 2014

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. 31, 2014

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

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%

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, 2014
Equity [Abstract]
Percentage of net income allocated to general partner	1.00%
Percentage of net income attributable limited partners	99.00%
Percentage of gain on sale and refinancing allocated to General Partner	1.00%
Percentage of gain on sale and refinancing allocated to limited partners	99.00%
Priority return	10.00%
Percentage of additional gain on sale and refinancing allocated to General Partner	15.00%
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, 2014	Dec. 31, 2013	Dec. 31, 2012
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 $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Leases [Abstract]
Number of lease years	35 years
Percentage of gross sales of the restaurants	12.00%
Leases termination period	2022 to 2024
Minimum rentals due to Partnership	$3,500
Combined unaudited sales	9,052,444	8,529,770	8,213,914
Combined unaudited net income (losses)	$25,095	($66,093)	($94,586)

Related_Parties_Additional_Inf

Related Parties - Additional Information (Detail) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
	Acquisition
Schedule of Other Related Party Transactions [Line Items]
Cash Distributions	$978,800	$921,426	$841,828
Number of other partnerships formed for acquisition	3
General Partner [Member]
Schedule of Other Related Party Transactions [Line Items]
Cash Distributions	$9,788	$9,214	$8,418
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, 2014	Dec. 31, 2013
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, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Income Tax Disclosure [Abstract]
Net income per financial statements	$233,192	$238,478	$236,953	$196,763	$229,828	$229,774	$223,064	$180,157	$905,386	$862,823	$823,191
Excess tax depreciation									-95	-95	-95
Taxable income									$905,291	$862,728	$823,096

Income_Taxes_Reconciliation_of1

Income Taxes - Reconciliation of Partnership Equity per Financial Statements to Partners' Equity for Tax Purposes (Detail) (USD $)	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Income Tax Disclosure [Abstract]
Partners' equity per financial statements	$3,695,583	$3,768,997	$3,827,600	$3,846,237
Issue costs of limited partnership units capitalized for tax purposes	1,741,677
Difference in book vs. tax depreciation	505,928
Other	84
Partners' equity for tax purposes	$5,943,272

Cash_Distributions_to_Limited_2

Cash Distributions to Limited Partners - Summary of Cash Distributions Paid to Limited Partners (Detail) (USD $)	3 Months Ended												12 Months Ended
	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	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. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Quarterly Financial Information Disclosure [Abstract]
Cash Distribution per Limited Partnership Unit	$5.22	$5.40	$4.96	$4.90	$5.09	$4.87	$4.34	$4.97	$4.86	$4.68	$4.44	$3.63	$20.48	$19.27	$17.61
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
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

Cash_Distributions_to_Limited_3

Cash Distributions to Limited Partners - Additional Information (Detail) (USD $)	3 Months Ended	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2014
Quarterly Financial Information Disclosure [Abstract]
Distributions to the limited partner, declaration date		31-Jan-15
Distributions to the limited partner, per unit amount declared	$4.94
Distributions to the limited partner, distribution date		28-Feb-15

Results_by_Quarter_Summary_of_

Results by Quarter - Summary of Results by Quarter (Detail) (USD $)	3 Months Ended								12 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Quarterly Financial Information Disclosure [Abstract]
RENTAL REVENUES	$278,781	$278,710	$271,721	$257,082	$262,921	$261,201	$258,486	$240,964	$1,086,294	$1,023,572	$985,670
Net income	$233,192	$238,478	$236,953	$196,763	$229,828	$229,774	$223,064	$180,157	$905,386	$862,823	$823,191
Net income per limited partnership unit	$4.89	$5	$4.96	$4.12	$4.82	$4.81	$4.67	$3.77	$18.97	$18.07	$17.24

Payable_to_Limited_Partners_Ad

Payable to Limited Partners - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2014
Payables and Accruals [Abstract]
Period of payable outstanding to limited partners	Six months or longer

Schedule_III_Real_Estate_and_A1

Schedule III - Real Estate and Accumulated Depreciation (Detail) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$0
Initial cost to company, Land & land improvements	3,778,883
Initial cost to company, Building & Improvements	2,534,393
Cost capitalized subsequent to acquisition, Carrying costs	0
Gross amount at which carried at close of period, Land, buildings & improvements Total	6,313,276	6,313,276	6,313,276	6,313,276
Accumulated depreciation	2,446,451	2,374,039	2,301,627	2,229,215
Rancho California, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost to company, Land & land improvements	384,400
Initial cost to company, Building & Improvements	257,807
Cost capitalized subsequent to acquisition, Carrying costs	0
Gross amount at which carried at close of period, Land, buildings & improvements Total	642,207
Accumulated depreciation	248,866
Date of construction	1986
Date acquired	1986
Vista, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost to company, Land & land improvements	512,130
Initial cost to company, Building & Improvements	343,471
Cost capitalized subsequent to acquisition, Carrying costs	0
Gross amount at which carried at close of period, Land, buildings & improvements Total	855,601
Accumulated depreciation	331,549
Date of construction	1987
Date acquired	1987
Perris, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost to company, Land & land improvements	437,522
Initial cost to company, Building & Improvements	293,434
Cost capitalized subsequent to acquisition, Carrying costs	0
Gross amount at which carried at close of period, Land, buildings & improvements Total	730,956
Accumulated depreciation	283,252
Date of construction	1987
Date acquired	1987
Upland, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost to company, Land & land improvements	281,827
Initial cost to company, Building & Improvements	189,014
Cost capitalized subsequent to acquisition, Carrying costs	0
Gross amount at which carried at close of period, Land, buildings & improvements Total	470,841
Accumulated depreciation	182,448
Date of construction	1987
Date acquired	1987
Walnut, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost to company, Land & land improvements	340,848
Initial cost to company, Building & Improvements	228,597
Cost capitalized subsequent to acquisition, Carrying costs	0
Gross amount at which carried at close of period, Land, buildings & improvements Total	569,445
Accumulated depreciation	220,659
Date of construction	1988
Date acquired	1988
Los Angeles, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost to company, Land & land improvements	674,283
Initial cost to company, Building & Improvements	452,223
Cost capitalized subsequent to acquisition, Carrying costs	0
Gross amount at which carried at close of period, Land, buildings & improvements Total	1,126,506
Accumulated depreciation	436,530
Date of construction	1988
Date acquired	1988
Chatsworth, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost to company, Land & land improvements	642,475
Initial cost to company, Building & Improvements	430,890
Cost capitalized subsequent to acquisition, Carrying costs	0
Gross amount at which carried at close of period, Land, buildings & improvements Total	1,073,365
Accumulated depreciation	415,946
Date of construction	1989
Date acquired	1989
Victorville, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost to company, Land & land improvements	505,398
Initial cost to company, Building & Improvements	338,957
Cost capitalized subsequent to acquisition, Carrying costs	0
Gross amount at which carried at close of period, Land, buildings & improvements Total	844,355
Accumulated depreciation	$327,201
Date of construction	1989
Date acquired	1989
Land improvements [Member] | Rancho California, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is computed	20 years
Land improvements [Member] | Vista, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is computed	20 years
Land improvements [Member] | Perris, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is computed	20 years
Land improvements [Member] | Upland, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is computed	20 years
Land improvements [Member] | Walnut, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is computed	20 years
Land improvements [Member] | Los Angeles, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is computed	20 years
Land improvements [Member] | Chatsworth, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is computed	20 years
Land improvements [Member] | Victorville, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is computed	20 years
Buildings and improvements [Member] | Rancho California, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is computed	35 years
Buildings and improvements [Member] | Vista, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is computed	35 years
Buildings and improvements [Member] | Perris, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is computed	35 years
Buildings and improvements [Member] | Upland, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is computed	35 years
Buildings and improvements [Member] | Walnut, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is computed	35 years
Buildings and improvements [Member] | Los Angeles, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is computed	35 years
Buildings and improvements [Member] | Chatsworth, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is computed	35 years
Buildings and improvements [Member] | Victorville, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is computed	35 years

Schedule_III_Real_Estate_and_A2

Schedule III - Real Estate and Accumulated Depreciation II (Detail) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Real Estate [Abstract]
Restaurants Beginning Balance	$6,313,276	$6,313,276	$6,313,276
Restaurants Additions	0	0	0
Restaurants Retirements	0	0	0
Restaurants Ending Balance	6,313,276	6,313,276	6,313,276
Accumulated Depreciation Beginning Balance	2,374,039	2,301,627	2,229,215
Accumulated Depreciation Additions	72,412	72,412	72,412
Accumulated Depreciation Retirements	0	0	0
Accumulated Depreciation Ending Balance	$2,446,451	$2,374,039	$2,301,627

Schedule_III_Real_Estate_and_A3

Schedule III - Real Estate and Accumulated Depreciation - Additional Information (Detail) (USD $)	Dec. 31, 2014
Real Estate [Abstract]
Aggregate cost of real estate assets for Federal tax purposes	$6,313,276