##### Table of Contents



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,
    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
  (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
  Large
    accelerated
    filer o
    Accelerated
    filer o
    Non-accelerated
    filer þ
    Smaller
    reporting
    company o   DOCUMENTS
    INCORPORATED BY REFERENCE
  Form S-11




---



##### 



DEL TACO RESTAURANT PROPERTIES II
 PAGE NUMBERPART I. FINANCIAL INFORMATIONItem 1. Financial StatementsCondensed Balance Sheets at March 31, 2010 (Unaudited) and
December 31, 2009
    
    
    3Condensed Statements of Income for the three months ended
March 31, 2010 and 2009 (Unaudited)
    
    
    4Condensed Statements of Cash Flows for the three months ended
March 31, 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
    
    
    11PART II. OTHER INFORMATIONItem 6. Exhibits
    
    
    12SIGNATURE
    
    
    13EX-31.1EX-31.2EX-32.1
  -2-




---



##### Table of Contents



PART I. FINANCIAL INFORMATION
 
 ITEM I.    FINANCIAL STATEMENTS
 DEL TACO RESTAURANT PROPERTIES II
 
 CONDENSED BALANCE SHEETS
 March 31,
    
    
    December 31,2010
    
    
    2009(Unaudited)ASSETSCURRENT ASSETS:Cash
    
    $
    137,824
    
    
    $
    156,281Receivable from Del Taco LLC
    
    
    47,523
    
    
    
    45,681Deposits
    
    
    1,834
    
    
    
    1,913Total current assets
    
    
    187,181
    
    
    
    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
    
    
    2,095,589
    
    
    
    2,086,7401,848,246
    
    
    
    1,857,095$
    2,035,427
    
    
    $
    2,060,970LIABILITIES AND PARTNERS EQUITYCURRENT LIABILITIES:Payable to limited partners
    
    $
    37,969
    
    
    $
    37,360Accounts payable
    
    
    19,130
    
    
    
    15,171Total current liabilities
    
    
    57,099
    
    
    
    52,531PARTNERS EQUITY:Limited partners; 27,006 units outstanding at March 31, 2010
and December 31, 2009
    
    
    2,007,597
    
    
    
    2,037,407General partner-Del Taco LLC
    
    
    (29,269
    )
    
    
    (28,968
    )1,978,328
    
    
    
    2,008,439$
    2,035,427
    
    
    $
    2,060,970
  -3-




---



##### Table of Contents



DEL TACO RESTAURANT PROPERTIES II
 
 CONDENSED STATEMENTS OF INCOME
 (Unaudited)
 Three Months EndedMarch 31,2010
    
    
    2009RENTAL REVENUES
    
    $
    129,334
    
    
    $
    127,892EXPENSES:General and administrative
    
    
    36,945
    
    
    
    37,989Depreciation
    
    
    8,849
    
    
    
    8,84945,794
    
    
    
    46,838Operating income
    
    
    83,540
    
    
    
    81,054OTHER INCOME:Interest
    
    
    45
    
    
    
    58Other
    
    
    225
    
    
    
    125Net income
    
    $
    83,810
    
    
    $
    81,237Net income per limited
partnership unit (Note 2)
    
    $
    3.07
    
    
    $
    2.98Number of units used in computing
per unit amounts
    
    
    27,006
    
    
    
    27,006
  -4-




---



##### Table of Contents



DEL TACO RESTAURANT PROPERTIES II
 
 CONDENSED STATEMENTS OF CASH FLOWS
 (Unaudited)
 Three Months EndedMarch 31,2010
    
    
    2009CASH FLOWS FROM OPERATING ACTIVITIES:Net income
    
    $
    83,810
    
    
    $
    81,237Adjustments 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
    
    
    (1,842
    )
    
    
    (3,316
    )Deposits
    
    
    79
    
    
    
    97Payable to limited partners
    
    
    609
    
    
    
    2,146Accounts payable
    
    
    3,959
    
    
    
    21,943Net cash provided by operating activities
    
    
    95,464
    
    
    
    110,956CASH FLOWS FROM FINANCING ACTIVITIES:Cash distributions to partners
    
    
    (113,921
    )
    
    
    (119,689
    )Net decrease in cash
    
    
    (18,457
    )
    
    
    (8,733
    )Beginning cash balance
    
    
    156,281
    
    
    
    160,340Ending cash balance
    
    $
    137,824
    
    
    $
    151,607
  -5-




---



##### Table of Contents



DEL TACO RESTAURANT PROPERTIES II
 
 NOTES TO CONDENSED FINANCIAL STATEMENTS
 FOR THE THREE MONTHS ENDED MARCH 31, 2010
 UNAUDITED
 NOTE 1  BASIS OF PRESENTATION
  NOTE 2  NET INCOME PER LIMITED PARTNERSHIP UNIT
   -6-




---



##### Table of Contents



DEL TACO RESTAURANT PROPERTIES II
 NOTES TO CONDENSED FINANCIAL STATEMENTS  CONTINUED
 FOR THE THREE MONTHS MARCH 31, 2010
 UNAUDITED
 NOTE 3  LEASING ACTIVITIES
   NOTE 4  TRANSACTIONS WITH DEL TACO
    NOTE 5  DISTRIBUTIONS
  -7-




---



##### Table of Contents



DEL TACO RESTAURANT PROPERTIES II
 NOTES TO CONDENSED FINANCIAL STATEMENTS  CONTINUED
 FOR THE THREE MONTHS MARCH 31, 2010
 UNAUDITED
 NOTE 6  PAYABLE TO LIMITED PARTNERS
  NOTE 7  CONCENTRATION OF RISK
   -8-




---



##### Table of Contents



Item 2.
    
    Managements Discussion and Analysis of Financial Condition and Results of Operations
 Liquidity and Capital Resources
   Results of Operations
   Three Months EndedMarch 31,2010
    
    
    2009Bear Valley Rd., Victorville, CA
    
    $
    23,078
    
    
    $
    22,994West Valley Blvd., Colton, CA
    
    
    31,070
    
    
    
    32,109Palmdale Blvd., Palmdale, CA
    
    
    15,715
    
    
    
    15,318DeAnza Country Shopping Center, Pedley, CA
    
    
    27,628
    
    
    
    28,038Varner Road, Thousand Palms, CA
    
    
    31,843
    
    
    
    29,433Total
    
    $
    129,334
    
    
    $
    127,892
   -9-




---



##### Table of Contents



Item 2.
    
    Managements Discussion and Analysis of Financial Condition and Results of Operations 
continued
  Percent of TotalGeneral & Administrative ExpenseThree Months EndedMarch 31,2010
    
    
    2009Accounting fees
    
    
    78.05
    %
    
    
    80.74
    %Distribution of information
to limited partners
    
    
    21.95
    
    
    
    19.26100.00
    %
    
    
    100.00
    %
   Significant Recent Accounting Pronouncements
  Off-Balance Sheet Arrangements
  Critical Accounting Policies and Estimates
  Revenue Recognition
 -10-




---



##### Table of Contents



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:
 As of the end of the period covered by this quarterly report, we carried out an
evaluation, under the supervision and with the participation of the Companys management,
including the Companys Chief Executive Officer and Chief Financial Officer, of the
effectiveness of the design and operation of the Companys disclosure controls and
procedures. Based upon that evaluation, the Chief Executive Officer and Chief Financial
Officer concluded that the Companys disclosure controls and procedures are effective in
timely alerting them to material information relating to the Company required to be
included in the Companys periodic Securities and Exchange Commission filings.
 (b)
    
    Changes in internal controls:
 There were no significant changes in the Companys internal controls over financial
reporting that occurred during our most recent fiscal quarter that materially affected,
or is reasonably likely to materially affect, our internal control over financial
reporting.
 (c)
    
    Asset-Backed issuers:
 Not applicable
 -11-




---



##### Table of Contents



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-




---



##### Table of Contents



SIGNATURE
  DEL TACO RESTAURANT PROPERTIES II
(a California limited partnership)
Registrant
Del Taco LLC
General PartnerDate:  May 17, 2010
    /s/ Steven L. BrakeSteven L. BrakeChief Financial Officer -13-




---



##### Table of Contents



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
 -14-