Del Taco Income Properties Iv (DTIPIV) 10-Q 14 Nov 14 2014 Q3 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	9 Months Ended
	Sep. 30, 2014
Document And Entity Information [Abstract]	'
Document Type	'10-Q
Amendment Flag	'false
Document Period End Date	30-Sep-14
Document Fiscal Year Focus	'2014
Document Fiscal Period Focus	'Q3
Trading Symbol	'DTIPIV
Entity Registrant Name	'DEL TACO INCOME PROPERTIES IV
Entity Central Index Key	'0000812630
Current Fiscal Year End Date	'--12-31
Entity Filer Category	'Non-accelerated Filer
Entity Common Stock, Shares Outstanding	165,375

Condensed_Balance_Sheets

Condensed Balance Sheets (USD $)	Sep. 30, 2014	Dec. 31, 2013
CURRENT ASSETS:	'	'
Cash	$120,031	$126,862
Receivable from Del Taco LLC	38,437	38,611
Other current assets	552	627
Total current assets	159,020	166,100
PROPERTY AND EQUIPMENT:	'	'
Land	868,344	868,344
Land improvements	368,356	368,356
Buildings and improvements	1,289,860	1,289,860
Machinery and equipment	484,789	484,789
Property and equipment, gross	3,011,349	3,011,349
Less-accumulated depreciation	1,757,232	1,729,593
Property and equipment, net	1,254,117	1,281,756
Total assets	1,413,137	1,447,856
CURRENT LIABILITIES:	'	'
Payable to limited partners	19,998	20,133
Accounts payable	20,304	12,530
Total current liabilities	40,302	32,663
OBLIGATION TO GENERAL PARTNER	137,953	137,953
PARTNERS' EQUITY:	'	'
Limited partners; 165,375 units outstanding at September 30, 2014 and December 31, 2013	1,253,667	1,295,601
General partner-Del Taco LLC	-18,785	-18,361
Total partners' equity	1,234,882	1,277,240
Total liabilities and partners' equity	$1,413,137	$1,447,856

Condensed_Balance_Sheets_Paren

Condensed Balance Sheets (Parenthetical)	Sep. 30, 2014	Dec. 31, 2013
Statement of Financial Position [Abstract]	'	'
Limited partners, units outstanding	165,375	165,375

Condensed_Statements_of_Income

Condensed Statements of Income (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Income Statement [Abstract]	'	'	'	'
RENTAL REVENUES	$118,504	$110,873	$343,866	$325,238
EXPENSES:	'	'	'	'
General and administrative	22,158	10,022	72,162	59,622
Depreciation	9,213	9,213	27,639	27,639
Total expenses	31,371	19,235	99,801	87,261
Operating income	87,133	91,638	244,065	237,977
OTHER INCOME:	'	'	'	'
Interest	36	30	99	85
Other	750	125	1,045	475
Net income	$87,919	$91,793	$245,209	$238,537
Net income per limited partnership unit (Note 2)	$0.53	$0.55	$1.47	$1.43
Number of units used in computing per unit amounts	165,375	165,375	165,375	165,375

Condensed_Statements_of_Cash_F

Condensed Statements of Cash Flows (USD $)	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013
CASH FLOWS FROM OPERATING ACTIVITIES:	'	'
Net income	$245,209	$238,537
Adjustments to reconcile net income to net cash provided by operating activities:	'	'
Depreciation	27,639	27,639
Changes in operating assets and liabilities:	'	'
Receivable from Del Taco LLC	174	-246
Other current assets	75	-150
Payable to limited partners	-135	1,318
Accounts payable	7,774	-5,285
Net cash provided by operating activities	280,736	261,813
CASH FLOWS FROM FINANCING ACTIVITIES:	'	'
Cash distributions to partners	-287,567	-268,215
Net cash used in financing activities	-287,567	-268,215
Net change in cash	-6,831	-6,402
Beginning cash balance	126,862	127,651
Ending cash balance	$120,031	$121,249

Basis_of_Presentation

Basis of Presentation	9 Months Ended
	Sep. 30, 2014
Accounting Policies [Abstract]	'
Basis of Presentation	'
	NOTE 1 - BASIS OF PRESENTATION
	The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements and should therefore be read in conjunction with the financial statements and notes thereto contained in the annual report on Form 10-K for the year ended December 31, 2013 for Del Taco Income Properties IV (the Partnership or the Company). In the opinion of management, all adjustments (consisting of normal recurring accruals) necessary to present fairly the Partnership’s financial position at September 30, 2014, the results of operations for the three and nine month periods ended September 30, 2014 and 2013 and cash flows for the nine month periods ended September 30, 2014 and 2013 have been included. Operating results for the three and nine months ended September 30, 2014 are not necessarily indicative of the results that may be expected for the year ending December 31, 2014. Amounts related to disclosure of December 31, 2013 balances within these condensed financial statements were derived from the 2013 audited financial statements.
	Management has evaluated events subsequent to September 30, 2014 through the date that the accompanying condensed financial statements were filed with the Securities and Exchange Commission for transactions and other events which may require adjustment of and/or disclosure in such financial statements.

Net_Income_Per_Limited_Partner

Net Income Per Limited Partnership Unit	9 Months Ended
	Sep. 30, 2014
Earnings Per Share [Abstract]	'
Net Income Per Limited Partnership Unit	'
	NOTE 2 - NET INCOME PER LIMITED PARTNERSHIP UNIT
	Net income per limited partnership unit is based on net income attributable to the limited partners (after 1% allocation to the general partner) using the weighted average number of units outstanding during the periods presented, which amounted to 165,375 in 2014 and 2013.
	Pursuant to the partnership agreement, annual partnership income or loss is allocated one percent to Del Taco LLC, formerly known as Del Taco Inc., (Del Taco or the General Partner) and 99 percent to the limited partners. Partnership gains from any sale or refinancing will be allocated 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 as defined in the partnership agreement. Additional gains will be allocated 12 percent to the General Partner and 88 percent to the limited partners.

Leasing_Activities

Leasing Activities	9 Months Ended
	Sep. 30, 2014
Leases [Abstract]	'
Leasing Activities	'
	NOTE 3 - LEASING ACTIVITIES
	The Partnership leases three properties for operation of restaurants to Del Taco on a triple net basis. One property has been subleased to a Del Taco franchisee. The leases are for terms of 32 years commencing with the completion of the restaurant facility located on each property and require monthly rentals equal to 12 percent of the gross sales of the restaurants. The leases expire in the years 2021 to 2022.
	Pursuant to the lease agreements, minimum rentals of $3,500 per month are due to the Partnership during the first six months of any non-operating period caused by an insured casualty loss.
	For the three months ended September 30, 2014, the two restaurants operated by Del Taco, for which the Partnership is the lessor, had combined, unaudited sales of $616,717 and unaudited net income of $6,037 as compared to unaudited sales of $586,926 and unaudited net losses of $5,195, respectively, for the corresponding period in 2013. Net income or loss of each restaurant includes charges for general and administrative expenses incurred in connection with supervision of restaurant operations and interest expense and the increase in net income from the corresponding period of the prior year primarily relates to increases in sales. For the three months ended September 30, 2014, the one restaurant operated by a Del Taco franchisee, for which the Partnership is the lessor, had unaudited sales of $370,819 as compared with $337,015 during the same period in 2013.
	For the nine months ended September 30, 2014, the two restaurants operated by Del Taco, for which the Partnership is the lessor, had combined, unaudited sales of $1,802,890 and unaudited net income of $8,807 as compared to $1,716,457 and unaudited net losses of $5,700 for the corresponding period in 2013. Net income or loss of each restaurant includes charges for general and administrative expenses incurred in connection with supervision of restaurant operations and interest expense and the increase in net income from the corresponding period of the prior year primarily relates to increases in sales. For the nine months ended September 30, 2014, the one restaurant operated by a Del Taco franchisee, for which the Partnership is the lessor, had unaudited sales of $1,062,658 as compared with $993,862 during the same period in 2013.

Transactions_with_Del_Taco

Transactions with Del Taco	9 Months Ended
	Sep. 30, 2014
Related Party Transactions [Abstract]	'
Transactions with Del Taco	'
	NOTE 4 - TRANSACTIONS WITH DEL TACO
	The receivable from Del Taco consists primarily of rent accrued for the month of September 2014. The September rent receivable was collected in October 2014.
	Del Taco serves in the capacity of general partner in other partnerships which are engaged in the business of operating restaurants, and three other partnerships which were formed for the purpose of acquiring real property in California for construction of Mexican-American restaurants for lease under long-term agreements to Del Taco for operation under the Del Taco trade name.
	In addition, see Note 5 with respect to certain distributions to the General Partner.

Distributions

Distributions	9 Months Ended
	Sep. 30, 2014
Equity [Abstract]	'
Distributions	'
	NOTE 5 - DISTRIBUTIONS
	Total cash distributions declared and paid in February, June and August 2014 were $96,729, $91,458, and $99,380, respectively. On October 31, 2014, a distribution to the limited partners of $94,083, or approximately $0.57 per limited partnership unit, was approved. Such distribution was paid on November 6, 2014. The General Partner also received a distribution of $950 with respect to its 1% partnership interest in November 2014.

Payable_to_Limited_Partners

Payable to Limited Partners	9 Months Ended
	Sep. 30, 2014
Other Liabilities Disclosure [Abstract]	'
Payable to Limited Partners	'
	NOTE 6 - PAYABLE TO LIMITED PARTNERS
	Payable to limited partners represents a reclassification from cash for distribution checks made to limited partners that have remained outstanding for six months or longer.

Concentration_of_Risk

Concentration of Risk	9 Months Ended
	Sep. 30, 2014
Risks and Uncertainties [Abstract]	'
Concentration of Risk	'
	NOTE 7 - CONCENTRATION OF RISK
	The three restaurants leased to Del Taco make up all of the income producing assets of the Partnership and contributed all of the Partnership’s rental revenues during the three and nine months ended September 30, 2014 and 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.

Communication_from_Certain_Lim

Communication from Certain Limited Partners	9 Months Ended
	Sep. 30, 2014
Text Block [Abstract]	'
Communication from Certain Limited Partners	'
	NOTE 8 - COMMUNICATION FROM CERTAIN LIMITED PARTNERS
	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 will be evaluated by the General Partner to determine whether or not there is sufficient interest to initiate a sale process.

Basis_of_Presentation_Policies

Basis of Presentation (Policies)	9 Months Ended
	Sep. 30, 2014
Accounting Policies [Abstract]	'
Basis of Presentation	'
	BASIS OF PRESENTATION
	The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements and should therefore be read in conjunction with the financial statements and notes thereto contained in the annual report on Form 10-K for the year ended December 31, 2013 for Del Taco Income Properties IV (the Partnership or the Company). In the opinion of management, all adjustments (consisting of normal recurring accruals) necessary to present fairly the Partnership’s financial position at September 30, 2014, the results of operations for the three and nine month periods ended September 30, 2014 and 2013 and cash flows for the nine month periods ended September 30, 2014 and 2013 have been included. Operating results for the three and nine months ended September 30, 2014 are not necessarily indicative of the results that may be expected for the year ending December 31, 2014. Amounts related to disclosure of December 31, 2013 balances within these condensed financial statements were derived from the 2013 audited financial statements.
	Management has evaluated events subsequent to September 30, 2014 through the date that the accompanying condensed financial statements were filed with the Securities and Exchange Commission for transactions and other events which may require adjustment of and/or disclosure in such financial statements.
Net Income Per Limited Partnership Unit	'
	NET INCOME PER LIMITED PARTNERSHIP UNIT
	Net income per limited partnership unit is based on net income attributable to the limited partners (after 1% allocation to the general partner) using the weighted average number of units outstanding during the periods presented, which amounted to 165,375 in 2014 and 2013.
	Pursuant to the partnership agreement, annual partnership income or loss is allocated one percent to Del Taco LLC, formerly known as Del Taco Inc., (Del Taco or the General Partner) and 99 percent to the limited partners. Partnership gains from any sale or refinancing will be allocated 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 as defined in the partnership agreement. Additional gains will be allocated 12 percent to the General Partner and 88 percent to the limited partners.
Concentration of Risk	'
	CONCENTRATION OF RISK
	The three restaurants leased to Del Taco make up all of the income producing assets of the Partnership and contributed all of the Partnership’s rental revenues during the three and nine months ended September 30, 2014 and 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.

Net_Income_Per_Limited_Partner1

Net Income Per Limited Partnership Unit - Additional Information (Detail)	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Earnings Per Share [Line Items]	'	'	'	'
Percentage of net income allocated to general partner	'	'	1.00%	'
Weighted average number of units outstanding to general partner	165,375	165,375	165,375	165,375
General Partner [Member]	'	'	'	'
Earnings Per Share [Line Items]	'	'	'	'
Percentage of net income allocated to general partner	'	'	1.00%	'
Percentage of gain on sale and refinancing allocated to General Partner	'	'	1.00%	'
Percentage of additional gain on sale and refinancing allocated to General Partner	'	'	12.00%	'
Limited Partners [Member]	'	'	'	'
Earnings Per Share [Line Items]	'	'	'	'
Percentage of net income attributable limited partners	'	'	99.00%	'
Percentage of gain on sale and refinancing allocated to limited partners	'	'	99.00%	'
Percentage of additional gain on sale and refinancing allocated to limited partners	'	'	88.00%	'

Leasing_Activities_Additional_

Leasing Activities - Additional Information (Detail) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
	Restaurants	Restaurants	Restaurants	Restaurants
Operating Leased Assets [Line Items]	'	'	'	'
Number of restaurants leased to Del Taco	3	3	3	3
Number of properties subleased to Del Taco franchisee	'	'	1	'
Number of lease years	'	'	'32 years	'
Percentage of gross sales of restaurants	'	'	12.00%	'
Leases expiration period	'	'	'2021 to 2022	'
Minimum rentals due to partnership	'	'	$3,500	'
Number of restaurants operated	2	'	2	'
Combined unaudited sales	616,717	586,926	1,802,890	1,716,457
Combined unaudited net income (losses)	6,037	-5,195	8,807	-5,700
Del Taco franchisee [Member]	'	'	'	'
Operating Leased Assets [Line Items]	'	'	'	'
Number of restaurants operated	1	'	1	'
Combined unaudited sales	$370,819	$337,015	$1,062,658	$993,862

Transactions_with_Del_Taco_Add

Transactions with Del Taco - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2014
	Acquisition
Related Party Transactions [Abstract]	'
Number of other partnerships formed for acquisition	3

Distributions_Additional_Infor

Distributions - Additional Information (Detail) (USD $)	1 Months Ended			3 Months Ended
	Aug. 31, 2014	Jun. 30, 2014	Feb. 28, 2014	Sep. 30, 2014
Cash Distributions [Abstract]	'	'	'	'
Total cash distributions declared and paid	$99,380	$91,458	$96,729	'
Distribution to limited partner, declaration date	'	'	'	31-Oct-14
Distribution to limited partners amount declared	'	'	'	94,083
Distribution to limited partner, per unit amount declared	'	'	'	$0.57
Distribution to limited partner, distribution date	'	'	'	6-Nov-14
Distributions to general partner	'	'	'	$950
General partner, partnership interest percentage	'	'	'	1.00%
Distribution to general partner, distribution date	'	'	'	30-Nov-14

Payable_to_Limited_Partners_Ad

Payable to Limited Partners - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2014
Payables and Accruals [Abstract]	'
Period of payable outstanding to limited partners	'Six months or longer

Concentration_of_Risk_Addition

Concentration of Risk - Additional Information (Detail)	Sep. 30, 2014	Sep. 30, 2013
	CommercialBank	Restaurants
	Restaurants
Risks and Uncertainties [Abstract]	'	'
Number of restaurants leased to Del Taco	3	3
Commercial bank	1	'