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UNITED STATES SECURITIES AND
    EXCHANGE COMMISSION
 Washington, D.C.
    20549
  Form 10-Q
  (Mark One)þ

QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE
    SECURITIES EXCHANGE ACT OF 1934For the quarterly period ended
    March 31, 2009ORo

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
    SECURITIES EXCHANGE ACT OF 1934For the transition period
    from          to   Commission file
    no. 0-16190
  DEL TACO RESTAURANT PROPERTIES
    II
  (Exact name of registrant as
    specified in its charter)
  California

33-0064245(State or other jurisdiction
    of

(I.R.S. Employerincorporation or
    organization)

Identification Number)25521 Commercentre Drive
    Lake Forest, California(Address of principal
    executive offices)

92630(Zip Code)   (949) 462-9300
 (Registrants telephone number, including area code)
   þ o
  o o
  Rule 12b-2 o þ
  DOCUMENTS
    INCORPORATED BY REFERENCE
  Form S-11
  Rule 12b-2
  Large
    accelerated
    filer o
    Accelerated
    filer o
    Non-accelerated
    filer þ
    Smaller
    reporting
    company o   Rule 12b-2 o þ




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DEL TACO RESTAURANT PROPERTIES II
 PAGE NUMBERPART I. FINANCIAL INFORMATIONItem 1. Financial StatementsCondensed Balance Sheets at March 31, 2009 (Unaudited) and
December 31, 2008
    
    
    3Condensed Statements of Income for the three months ended
March 31, 2009 and 2008 (Unaudited)
    
    
    4Condensed Statements of Cash Flows for the three months ended
March 31, 2009 and 2008 (Unaudited)
    
    
    5Notes to Condensed Financial Statements (Unaudited)
    
    
    6Item 2. Managements Discussion and Analysis of
Financial Condition and Results of Operations
    
    
    8Item 3. Quantitative and Qualitative Disclosures About Market Risk
    
    
    10Item 4T. Controls and Procedures
    
    
    10PART II. OTHER INFORMATIONItem 6. Exhibits
    
    
    11SIGNATURE
    
    
    12EX-31.1EX-31.2EX-32.1
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PART I. FINANCIAL INFORMATION
 
 ITEM I. FINANCIAL STATEMENTS
 DEL TACO RESTAURANT PROPERTIES II
 
 CONDENSED BALANCE SHEETS
 March 31,
    
    
    December 31,2009
    
    
    2008(Unaudited)ASSETSCURRENT ASSETS:Cash
    
    $
    151,607
    
    
    $
    160,340Receivable from Del Taco LLC
    
    
    46,836
    
    
    
    43,520Deposits
    
    
    1,630
    
    
    
    1,727Total current assets
    
    
    200,073
    
    
    
    205,587PROPERTY AND EQUIPMENT:Land and improvements
    
    
    1,806,006
    
    
    
    1,806,006Buildings and improvements
    
    
    1,238,879
    
    
    
    1,238,879Machinery and equipment
    
    
    898,950
    
    
    
    898,9503,943,835
    
    
    
    3,943,835Lessaccumulated depreciation
    
    
    2,060,193
    
    
    
    2,051,3441,883,642
    
    
    
    1,892,491$
    2,083,715
    
    
    $
    2,098,078LIABILITIES AND PARTNERS EQUITYCURRENT LIABILITIES:Payable to limited partners
    
    $
    37,797
    
    
    $
    35,651Accounts payable
    
    
    36,598
    
    
    
    14,655Total current liabilities
    
    
    74,395
    
    
    
    50,306PARTNERS EQUITY:Limited partners; 27,006 units outstanding at March 31, 2009
and December 31, 2008
    
    
    2,038,279
    
    
    
    2,076,346General partner-Del Taco LLC
    
    
    (28,959
    )
    
    
    (28,574
    )2,009,320
    
    
    
    2,047,772$
    2,083,715
    
    
    $
    2,098,078
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DEL TACO RESTAURANT PROPERTIES II
 
 CONDENSED STATEMENTS OF INCOME
 (Unaudited)
 Three Months EndedMarch 31,2009
    
    
    2008RENTAL REVENUES
    
    $
    127,892
    
    
    $
    135,036EXPENSES:General and administrative
    
    
    37,989
    
    
    
    41,502Depreciation
    
    
    8,849
    
    
    
    8,84946,838
    
    
    
    50,351Operating income
    
    
    81,054
    
    
    
    84,685OTHER INCOME:Interest
    
    
    58
    
    
    
    482Other
    
    
    125
    
    
    
    475Net income
    
    $
    81,237
    
    
    $
    85,642Net income per limited
partnership unit (Note 2)
    
    $
    2.98
    
    
    $
    3.14Number of units used in computing per unit amounts
    
    
    27,006
    
    
    
    27,006
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DEL TACO RESTAURANT PROPERTIES II
 
 CONDENSED STATEMENTS OF CASH FLOWS
 (Unaudited)
 Three Months EndedMarch 31,2009
    
    
    2008CASH FLOWS FROM OPERATING ACTIVITIES:Net income
    
    $
    81,237
    
    
    $
    85,642Adjustments to reconcile net income to net cash
provided by operating activities:Depreciation
    
    
    8,849
    
    
    
    8,849Changes in operating assets and liabilities:Receivable from Del Taco LLC
    
    
    (3,316
    )
    
    
    (2,886
    )Deposits
    
    
    97
    
    
    
    (484
    )Payable to limited partners
    
    
    2,146
    
    
    
    1,161Accounts payable
    
    
    21,943
    
    
    
    13,342Net cash provided by operating activities
    
    
    110,956
    
    
    
    105,624CASH FLOWS FROM FINANCING ACTIVITIES:Cash distributions to partners
    
    
    (119,689
    )
    
    
    (129,859
    )Net decrease in cash
    
    
    (8,733
    )
    
    
    (24,235
    )Beginning cash balance
    
    
    160,340
    
    
    
    170,340Ending cash balance
    
    $
    151,607
    
    
    $
    146,105
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DEL TACO RESTAURANT PROPERTIES II
 
 NOTES TO CONDENSED FINANCIAL STATEMENTS
 MARCH 31, 2009
 UNAUDITED
 NOTE 1  BASIS OF PRESENTATION
  NOTE 2  NET INCOME PER LIMITED PARTNERSHIP UNIT
   NOTE 3  LEASING ACTIVITIES
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DEL TACO RESTAURANT PROPERTIES II
 NOTES TO CONDENSED FINANCIAL STATEMENTS  CONTINUED
 MARCH 31, 2009
 UNAUDITED
 NOTE 4  TRANSACTIONS WITH DEL TACO
    NOTE 5  DISTRIBUTIONS
   NOTE 6  PAYABLE TO LIMITED PARTNERS
  NOTE 7  CONCENTRATION OF RISK
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Item 2. Managements Discussion and Analysis of Financial Condition and Results of Operations
 Liquidity and Capital Resources
   Results of Operations
   Three Months EndedMarch 31,2009
    
    
    2008Bear Valley Rd., Victorville, CA
    
    $
    22,994
    
    
    $
    23,489West Valley Blvd., Colton, CA
    
    
    32,109
    
    
    
    31,071Palmdale Blvd., Palmdale, CA
    
    
    15,318
    
    
    
    15,926DeAnza Country Shopping Center, Pedley, CA
    
    
    28,038
    
    
    
    30,689Varner Road, Thousand Palms, CA
    
    
    29,433
    
    
    
    33,861Total
    
    $
    127,892
    
    
    $
    135,036
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Item 2. Managements Discussion and Analysis of Financial Condition and Results of Operations 
continued
  Percentage of TotalGeneral & Administrative ExpenseThree Months EndedMarch 31,2009
    
    2008Accounting fees
    
    
    80.74
    %
    
    
    80.47
    %Distribution of information
to limited partners
    
    
    19.26
    
    
    
    19.53100.00
    %
    
    
    100.00
    %
   Significant Recent Accounting Pronouncements
  Off-Balance Sheet Arrangements
  Critical Accounting Policies and Estimates
  Revenue Recognition
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Item 2. Managements Discussion and Analysis of Financial Condition and Results of Operations 
continued
 Property and Equipment:
  
 Item 3. Quantitative and Qualitative Disclosures About Market Risk.
  
 Item 4T. Controls and Procedures
 (a)
    
    Evaluation of disclosure controls and procedures:
  (b)
    
    Changes in internal controls:
  (c)
    
    Asset-Backed issuers:
  -10-




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PART II. OTHER INFORMATION
  
  31.1
    
    
    Paul J. B. Murphy, IIIs Certification pursuant to Section 302 of
the Sarbanes-Oxley Act of 200231.2
    
    
    Steven L. Brakes Certification pursuant to Section 302 of the
Sarbanes-Oxley Act of 200232.1
    
    
    Certification pursuant to Subsections (a) and (b) of Section 1350,
Chapter 63 of Title 18, as adopted pursuant to Section 906 of the Sarbanes-Oxley
Act of 2002
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SIGNATURE
  DEL TACO RESTAURANT PROPERTIES II(a California limited partnership)RegistrantDel Taco LLCGeneral Partner
 Date:  May 15, 2009
    /s/ Steven L. BrakeSteven L. BrakeTreasurer -12-