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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,
    2011ORo

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
    incorporation or organization)

(I.R.S. Employer
    Identification Number)   25521 Commercentre Drive
    Lake Forest, California

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




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DEL TACO RESTAURANT PROPERTIES II
 PAGE NUMBERPART I. FINANCIAL INFORMATIONItem 1. Financial Statements
    
    
    3Condensed Balance Sheets at March 31, 2011 (Unaudited) and
December 31, 2010
    
    
    3Condensed Statements of Income for the three months ended
March 31, 2011 and 2010 (Unaudited)
    
    
    4Condensed Statements of Cash Flows for the three months ended
March 31, 2011 and 2010 (Unaudited)
    
    
    5Notes to Condensed Financial Statements (Unaudited)
    
    
    6Item 2. Managements Discussion and Analysis of
Financial Condition and Results of Operations
    
    
    9Item 3. Quantitative and Qualitative Disclosures About Market Risk
    
    
    11Item 4. Controls and Procedures
    
    
    11PART II. OTHER INFORMATIONItem 6. Exhibits
    
    
    12SIGNATURE
    
    
    13EX-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 31,2011
    
    
    2010(Unaudited)ASSETSCURRENT ASSETS:Cash
    
    $
    150,211
    
    
    $
    162,482Receivable from Del Taco LLC
    
    
    47,753
    
    
    
    46,950Deposits
    
    
    1,838
    
    
    
    1,991Total current assets
    
    
    199,802
    
    
    
    211,423PROPERTY 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
    
    
    2,130,985
    
    
    
    2,122,1361,812,850
    
    
    
    1,821,699$
    2,012,652
    
    
    $
    2,033,122LIABILITIES AND PARTNERS EQUITYCURRENT LIABILITIES:Payable to limited partners
    
    $
    40,231
    
    
    $
    38,835Accounts payable
    
    
    27,691
    
    
    
    14,973Total current liabilities
    
    
    67,922
    
    
    
    53,808PARTNERS EQUITY:Limited partners; 27,006 units outstanding at March 31, 2011
and December 31, 2010
    
    
    1,974,334
    
    
    
    2,008,573General partner-Del Taco LLC
    
    
    (29,604
    )
    
    
    (29,259
    )1,944,730
    
    
    
    1,979,314$
    2,012,652
    
    
    $
    2,033,122
  -3-




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DEL TACO RESTAURANT PROPERTIES II
 
 CONDENSED STATEMENTS OF INCOME
 (Unaudited)
 Three Months EndedMarch 31,2011
    
    
    2010RENTAL REVENUES
    
    $
    130,570
    
    
    $
    129,334EXPENSES:General and administrative
    
    
    38,202
    
    
    
    36,945Depreciation
    
    
    8,849
    
    
    
    8,84947,051
    
    
    
    45,794Operating income
    
    
    83,519
    
    
    
    83,540OTHER INCOME:Interest
    
    
    44
    
    
    
    45Other
    
    
    500
    
    
    
    225Net income
    
    $
    84,063
    
    
    $
    83,810Net income per limited
partnership unit (Note 2)
    
    $
    3.08
    
    
    $
    3.07Number of units used in computing
per unit amounts
    
    
    27,006
    
    
    
    27,006
  -4-




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DEL TACO RESTAURANT PROPERTIES II
 
 CONDENSED STATEMENTS OF CASH FLOWS
 (Unaudited)
 Three Months EndedMarch 31,2011
    
    
    2010CASH FLOWS FROM OPERATING ACTIVITIES:Net income
    
    $
    84,063
    
    
    $
    83,810Adjustments 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
    
    
    (803
    )
    
    
    (1,842
    )Deposits
    
    
    153
    
    
    
    79Payable to limited partners
    
    
    1,396
    
    
    
    609Accounts payable
    
    
    12,718
    
    
    
    3,959Net cash provided by operating activities
    
    
    106,376
    
    
    
    95,464CASH FLOWS FROM FINANCING ACTIVITIES:Cash distributions to partners
    
    
    (118,647
    )
    
    
    (113,921
    )Net change in cash
    
    
    (12,271
    )
    
    
    (18,457
    )Beginning cash balance
    
    
    162,482
    
    
    
    156,281Ending cash balance
    
    $
    150,211
    
    
    $
    137,824
  -5-




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DEL TACO RESTAURANT PROPERTIES II
 
 NOTES TO CONDENSED FINANCIAL STATEMENTS
 FOR THE THREE MONTHS ENDED MARCH 31, 2011
 UNAUDITED
 NOTE 1  BASIS OF PRESENTATION
  NOTE 2  NET INCOME PER LIMITED PARTNERSHIP UNIT
   -6-




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DEL TACO RESTAURANT PROPERTIES II
 NOTES TO CONDENSED FINANCIAL STATEMENTS  CONTINUED
 FOR THE THREE MONTHS MARCH 31, 2011
 UNAUDITED
 NOTE 3  LEASING ACTIVITIES
   NOTE 4  TRANSACTIONS WITH DEL TACO
    NOTE 5  DISTRIBUTIONS
  -7-




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DEL TACO RESTAURANT PROPERTIES II
 NOTES TO CONDENSED FINANCIAL STATEMENTS  CONTINUED
 FOR THE THREE MONTHS MARCH 31, 2011
 UNAUDITED
 NOTE 6  PAYABLE TO LIMITED PARTNERS
  NOTE 7  CONCENTRATION OF RISK
   -8-




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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 31,2011
    
    
    2010Bear Valley Rd., Victorville, CA
    
    $
    23,061
    
    
    $
    23,078West Valley Blvd., Colton, CA
    
    
    32,100
    
    
    
    31,070Palmdale Blvd., Palmdale, CA
    
    
    16,930
    
    
    
    15,715DeAnza Country Shopping Center, Pedley, CA
    
    
    28,729
    
    
    
    27,628Varner Road, Thousand Palms, CA
    
    
    29,750
    
    
    
    31,843Total
    
    $
    130,570
    
    
    $
    129,334
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Item 2.
    
    Managements Discussion and Analysis of Financial Condition and Results of Operations 
continued
  Percent of TotalGeneral & Administrative ExpenseThree Months EndedMarch 31,2011
    
    2010Accounting fees
    
    
    78.41
    %
    
    
    78.05
    %Distribution of information
to limited partners
    
    
    21.59
    %
    
    
    21.95
    %100.00
    %
    
    
    100.00
    %
   Significant Recent Accounting Pronouncements
  Off-Balance Sheet Arrangements
  Critical Accounting Policies and Estimates
  Revenue Recognition
 -10-




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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 4.
    
    Controls and Procedures
       -11-




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PART II. OTHER INFORMATION
  
 Item 6.
    
    Exhibits
 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
 -12-




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SIGNATURE
  DEL TACO RESTAURANT PROPERTIES II
(a California limited partnership)
RegistrantDel Taco LLCGeneral PartnerDate:  May 16, 2011
    /s/ Steven L. BrakeSteven L. BrakeChief Financial Officer -13-




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EXHIBIT INDEX
 Exhibit No.
    
    Description31.1
    
    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