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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
    September 30, 2010ORo

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
 a California limited
    partnership
 (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
 (Address of principal executive
    offices)

(Zip Code)   (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 StatementsCondensed Balance Sheets at September 30, 2010 (Unaudited) and
December 31, 2009
    
    3Condensed Statements of Income for the three and nine months ended
September 30, 2010 and 2009 (Unaudited)
    
    4Condensed Statements of Cash Flows for the nine months ended
September 30, 2010 and 2009 (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 4T. Controls and Procedures
    
    12PART II. OTHER INFORMATIONItem 6. Exhibits
    
    13SIGNATURE
    
    14EX-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
 September 30,
    
    
    December 31,2010
    
    
    2009(Unaudited)ASSETSCURRENT ASSETS:Cash
    
    $
    183,115
    
    
    $
    156,281Receivable from Del Taco LLC
    
    
    44,704
    
    
    
    45,681Deposits
    
    
    2,143
    
    
    
    1,913Total current assets
    
    
    229,962
    
    
    
    203,875PROPERTY 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
    
    
    2,113,287
    
    
    
    2,086,7401,830,548
    
    
    
    1,857,095$
    2,060,510
    
    
    $
    2,060,970LIABILITIES AND PARTNERS EQUITYCURRENT LIABILITIES:Payable to limited partners
    
    $
    39,030
    
    
    $
    37,360Accounts payable
    
    
    19,918
    
    
    
    15,171Total current liabilities
    
    
    58,948
    
    
    
    52,531PARTNERS EQUITY:Limited partners; 27,006 units outstanding at September 30, 2010
and December 31, 2009
    
    
    2,030,598
    
    
    
    2,037,407General partner-Del Taco LLC
    
    
    (29,036
    )
    
    
    (28,968
    )2,001,562
    
    
    
    2,008,439$
    2,060,510
    
    
    $
    2,060,970
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DEL TACO RESTAURANT PROPERTIES II
 CONDENSED STATEMENTS OF INCOME
 (Unaudited)
 Three Months Ended
    
    
    Nine Months EndedSeptember 30,
    
    
    September 30,2010
    
    
    2009
    
    
    2010
    
    
    2009RENTAL REVENUES
    
    $
    141,801
    
    
    $
    137,739
    
    
    $
    410,775
    
    
    $
    402,814EXPENSES:General and administrative
    
    
    12,571
    
    
    
    17,380
    
    
    
    60,518
    
    
    
    68,174Depreciation
    
    
    8,849
    
    
    
    8,849
    
    
    
    26,547
    
    
    
    26,54721,420
    
    
    
    26,229
    
    
    
    87,065
    
    
    
    94,721Operating income
    
    
    120,381
    
    
    
    111,510
    
    
    
    323,710
    
    
    
    308,093OTHER INCOME:Interest
    
    
    53
    
    
    
    48
    
    
    
    142
    
    
    
    150Other
    
    
    300
    
    
    
    325
    
    
    
    1,275
    
    
    
    1,200Net income
    
    $
    120,734
    
    
    $
    111,883
    
    
    $
    325,127
    
    
    $
    309,443Net income per limited
partnership unit (note 2)
    
    $
    4.43
    
    
    $
    4.10
    
    
    $
    11.92
    
    
    $
    11.34Number of units used in computing
per unit amounts
    
    
    27,006
    
    
    
    27,006
    
    
    
    27,006
    
    
    
    27,006
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DEL TACO RESTAURANT PROPERTIES II
 CONDENSED STATEMENTS OF CASH FLOWS
 (Unaudited)
 Nine Months EndedSeptember 30,2010
    
    
    2009CASH FLOWS FROM OPERATING ACTIVITIES:Net income
    
    $
    325,127
    
    
    $
    309,443Adjustments to reconcile net income to net
cash provided by operating activities:Depreciation
    
    
    26,547
    
    
    
    26,547Changes in operating assets and liabilities:Receivable from Del Taco LLC
    
    
    977
    
    
    
    (959
    )Deposits
    
    
    (230
    )
    
    
    (264
    )Payable to limited partners
    
    
    1,670
    
    
    
    728Accounts payable
    
    
    4,747
    
    
    
    12,439Net cash provided by operating activities
    
    
    358,838
    
    
    
    347,934CASH FLOWS FROM FINANCING ACTIVITIES:Cash distributions to partners
    
    
    (332,004
    )
    
    
    (333,429
    )Net change in cash
    
    
    26,834
    
    
    
    14,505Beginning cash balance
    
    
    156,281
    
    
    
    160,340Ending cash balance
    
    $
    183,115
    
    
    $
    174,845
  -5-




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DEL TACO RESTAURANT PROPERTIES II
 NOTES TO CONDENSED FINANCIAL STATEMENTS
 FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2010
 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 AND NINE MONTHS ENDED SEPTEMBER 30, 2010
 UNAUDITED
 NOTE 3  LEASING ACTIVITIES
    NOTE 4  TRANSACTIONS WITH DEL TACO
    -7-




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DEL TACO RESTAURANT PROPERTIES II
 NOTES TO CONDENSED FINANCIAL STATEMENTS  CONTINUED
 FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2010
 UNAUDITED
 NOTE 5  DISTRIBUTIONS
  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 Ended
    
    
    Nine Months EndedSeptember 30,
    
    
    September 30,2010
    
    
    2009
    
    
    2010
    
    
    2009Bear Valley Rd., Victorville, CA
    
    $
    25,188
    
    
    $
    25,315
    
    
    $
    72,452
    
    
    $
    72,528West Valley Blvd., Colton, CA
    
    
    35,616
    
    
    
    34,706
    
    
    
    100,170
    
    
    
    100,520Palmdale Blvd., Palmdale, CA
    
    
    17,405
    
    
    
    16,278
    
    
    
    49,501
    
    
    
    48,044DeAnza Country Shopping Center, Pedley, CA
    
    
    31,638
    
    
    
    30,159
    
    
    
    88,587
    
    
    
    88,448Varner Road, Thousand Palms, CA
    
    
    31,954
    
    
    
    31,281
    
    
    
    100,065
    
    
    
    93,274Total
    
    $
    141,801
    
    
    $
    137,739
    
    
    $
    410,775
    
    
    $
    402,814
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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 Ended
    
    Nine Months EndedSeptember 30,
    
    September 30,2010
    
    2009
    
    2010
    
    2009Accounting fees
    
    
    58.62
    %
    
    
    32.80
    %
    
    
    71.36
    %
    
    
    65.22
    %Distribution of information
to limited partners
    
    
    41.38
    %
    
    
    67.20
    %
    
    
    28.64
    %
    
    
    34.78
    %100.00
    %
    
    
    100.00
    %
    
    
    100.00
    %
    
    
    100.00
    %
   Significant Recent Accounting Pronouncements
  Off Balance Sheet Arrangements
  -10-




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Item 2. Managements Discussion and Analysis of Financial Condition and Results of Operations 
continued
 Critical Accounting Policies and Estimates
  Revenue Recognition:
 Property and Equipment:
  
 Item 3. Quantitative and Qualitative Disclosures About Market Risk.
  -11-




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Item 4T. Controls and Procedures
       -12-




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PART II. OTHER INFORMATION
  
  (a)
    
    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
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SIGNATURE
  DEL TACO RESTAURANT PROPERTIES II
(a California limited partnership)
Registrant
Del Taco LLC
General PartnerDate:  November 15, 2010
    /s/ Steven L. BrakeSteven L. BrakeChief Financial Officer -14-




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EXHIBIT INDEX
 Exhibit
    
    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
 -15-