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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549


FORM 10-K

(Mark One)

|    |                                                     
|--- | ----------------------------------------------------
|[X] | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934 [FEE REQUIRED]


For the fiscal year ended December 31,
2002

OR



|     |                                                         
|---- | --------------------------------------------------------
|[  ] | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED]


For the transition period from

to

Commission file no. 0-16191

DEL TACO RESTAURANT PROPERTIES I

(A California limited partnership)


(Exact name of registrant as specified in its
charter)


|                                                                                                  |  |                                                           
|------------------------------------------------------------------------------------------------- |  | ----------------------------------------------------------
|                                                                                                 
|California
    (State or other jurisdiction of
    incorporation or organization)                 |  | 95-3852699
    (I.R.S. Employer
    Identification Number)
|                                                                                                 
|25521 Commercentre Drive
    Lake Forest, California
    (Address of principal executive offices) |  | 92630
    (Zip Code)                                      

Registrants telephone number, including
area code: (949) 462-9300

Securities registered pursuant to section 12(b)
of the Act: None

Securities registered pursuant to section 12(g)
of the Act: None

Indicate by check mark whether the registrant (1)
has filed all reports required to be filed by Section 13 or
15(d) of the Securities Exchange Act of 1934 during the
preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been
subject to such filing requirements for the past 90
days.     Yes X     No

DOCUMENTS INCORPORATED BY REFERENCE

Portions of the registrants Form S-11
Registration Statement filed December 17, 1982 are incorporated
by reference into Part IV of this report.



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TABLE OF CONTENTS



|              |                                                                                               |  |  |  |  |  |  | 
|------------- | --------------------------------------------------------------------------------------------- |  |  |  |  |  |  | 
|PART I       
|              | Item 1. Business                                                                             
|              | Item 2. Properties                                                                           
|              | Item 3. Legal Proceedings                                                                    
|              | Item 4. Submissions of Matters to a Vote of Security Holders                                 
|PART II      
|              | Item 5. Market for the Partnerships Common Equity and Related Security Holder Matters       
|              | Item 6. Selected Financial Data                                                              
|              | Item 7. Managements Discussion and Analysis of Financial Condition and Results of Operations
|              | Item 7a. Quantitative and Qualitative Disclosures About Market Risk                          
|              | Item 8. Financial Statements                                                                 
|              | Item 9. Disagreements on Accounting and Financial Disclosure                                 
|PART III     
|              | Item 10. Directors and Executive Officers of the Partnerships General Partner               
|              | Item 11. Management Remuneration and Transactions                                            
|              | Item 12. Security Ownership of Certain Beneficial Owners and Management                      
|              | Item 13. Certain Relationships and Related Transactions                                      
|              | Item 14. Controls and Procedures                                                             
|PART IV      
|              | Item 15. Exhibits, Financial Statements Schedules, and Reports on Form 8-K                   
|SIGNATURES   
|EXHIBIT INDEX
|EXHIBIT 99.1 
|EXHIBIT 99.2 
|EXHIBIT 99.3 



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##### Table of Contents






PART I




Item 1. Business

The partnership is a publicly-held limited partnership organized under the
California Uniform Limited Partnership Act. The partnerships General Partner
is Del Taco, Inc., a California corporation (General Partner). The
partnership sold 8,751 units totaling $4.375 million through an offering of
limited partnership units from March 1983 through March 1984. The term of the
partnership agreement is until April 30, 2022 unless terminated earlier by
means provided in the partnership agreement.

The business of the partnership is ownership and leasing of restaurants in
California to Del Taco, Inc. The partnership acquired land and constructed six
Mexican-American restaurants for long-term lease to Del Taco, Inc. Each
property is leased for 35 years on a triple net basis. Rent is equal to twelve
percent of gross sales of the restaurants. As of December 31, 2002, the
partnership had a total of six properties leased to Del Taco (Del Taco, in
turn, has subleased two of the restaurants).

The partnership has no full time employees. The partnership agreement assigns
full authority for general management and supervision of the business affairs
of the partnership to the General Partner. The General Partner has a one
percent interest in the profits or losses and distributions of the partnership.
Limited partners have no right to participate in the management or conduct of
the partnerships business affairs.

2



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Item 2. Properties

The partnership has acquired six properties with proceeds obtained from the
sale of partnership units:

|                     |  |                      |  |                    |  |                                           |  |                     
|-------------------- |  | -------------------- |  | ------------------ |  | ----------------------------------------- |  | --------------------
|                     |  |                      |  | Date of            |  | Restaurant                                |  | Date of Commencement
|Address              |  | City, State          |  | Acquisition        |  | Constructed                               |  | of Operation (1)    
|                     |  |                      |  |                    |  |                                           |  |                     
|Riverside Avenue     |  | Rialto, CA           |  | September 28, 1984 |  | 60 seat with drive
through service
window |  | February 12, 1985   
|Elden Avenue         |  | Moreno Valley, CA    |  | March 8, 1985      |  | 60 seat with drive
through service
window |  | June 30, 1985       
|Foothill Boulevard   |  | La Verne, CA         |  | April 16, 1985     |  | 60 seat with drive
through service
window |  | November 6, 1985    
|Baseline & Archibald |  | Rancho Cucamonga, CA |  | July 10, 1985      |  | 60 seat with drive
through service
window |  | November 26, 1985   
|Elkhorn Boulevard    |  | Sacramento, CA       |  | August 22, 1985    |  | 60 seat with drive
through service
window |  | January 15, 1986    
|Haven Avenue         |  | Rancho Cucamonga, CA |  | September 20, 1985 |  | 60 seat with drive
through service
window |  | February 14, 1986   



---

|(1) |  | Commencement of operation is the first date Del Taco, Inc., as lessee,
operated the facility on the site as a Del Taco restaurant.
|--- |  | ----------------------------------------------------------------------------------------------------------------------------------




Item 3. Legal Proceedings

The partnership is not a party to any material pending legal proceedings.




Item 4. Submissions of Matters to a Vote of Security Holders

None.

3



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PART II




Item 5. Market for the Partnerships Common Equity and Related Security Holder Matters

The partnership sold 8,751 ($4,375,500) limited partnership units during the
public offering period ended March 20, 1984 and currently has 816 limited
partners of record. There is no public market for the trading of the units.
Distributions made by the partnership to the limited partners during the past
three fiscal years are described in Note 6 to the Notes to the Financial
Statements contained under Item 8.




Item 6. Selected Financial Data

The selected financial data presented as of and for the years ended December
31, 2002, 2001, 2000, 1999 and 1998, has been derived from the audited
financial statements and should be read in conjunction with the financial
statements and related notes as of December 31, 2002, 2001 and 2000 and Item 7.

|                                                |  |                                 |           |      |  |      |           |      |  |      |           |  |  |   |           |  |  |   |           | 
|----------------------------------------------- |  | ------------------------------- | --------- | ---- |  | ---- | --------- | ---- |  | ---- | --------- |  |  | - | --------- |  |  | - | --------- | 
|                                                |  | For the Year Ended December 31,
|                                                |  |                                
|                                                |  | 2002                            |           | 2001 |  | 2000 |           | 1999 |  | 1998
|                                                |  |                                 |           |      |  |      |           |      |  |     
|Rental revenue                                  |  | $                               | 671,021   |      |  | $    | 637,217   |      |  | $    | 587,657   |  |  | $ | 537,905   |  |  | $ | 531,608   | 
|Interest and other income                       |  |                                 | 3,885     |      |  |      | 6,837     |      |  |      | 7,054     |  |  |   | 4,832     |  |  |   | 4,924     | 
|General and administrative
expense              |  |                                 | 52,662    |      |  |      | 49,469    |      |  |      | 47,128    |  |  |   | 47,317    |  |  |   | 46,900    | 
|Depreciation expense                            |  |                                 | 43,772    |      |  |      | 43,772    |      |  |      | 43,772    |  |  |   | 43,772    |  |  |   | 43,772    | 
|Net income                                      |  |                                 | 578,472   |      |  |      | 550,813   |      |  |      | 503,811   |  |  |   | 451,648   |  |  |   | 445,860   | 
|Net Income per limited
partnership unit (1)     |  |                                 | 65.44     |      |  |      | 62.31     |      |  |      | 57.00     |  |  |   | 51.09     |  |  |   | 50.44     | 
|Cash distributions per
limited partnership unit |  |                                 | 69.02     |      |  |      | 65.14     |      |  |      | 60.36     |  |  |   | 56.29     |  |  |   | 53.84     | 
|Total assets                                    |  |                                 | 2,396,792 |      |  |      | 2,421,831 |      |  |      | 2,443,133 |  |  |   | 2,459,643 |  |  |   | 2,497,164 | 
|Long-term obligations                           |  | None                            |           | None |  | None |           | None |  | None



---

|(1) |  | The net income per limited partnership unit was calculated based upon
8,751 weighted average units outstanding for all years presented.
|--- |  | ---------------------------------------------------------------------------------------------------------------------------------------

4



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Item 7. Managements Discussion and Analysis of Financial Condition and Results of Operations

Managements discussion and analysis of financial condition, results of
operations, liquidity and capital resources, and off balance sheet arrangements
and contractual obligations contained within this report on Form 10-K is more
clearly understood when read in conjunction with the notes to the financial
statements. The notes to the financial statements elaborate on certain terms
that are used throughout this discussion and provide information about the
partnership and the basis of presentation used in this report on Form 10-K.

The six restaurants leased to Del Taco make up almost all of the income
producing assets of the partnership. Therefore, the business of the
partnership is almost entirely dependent on the success of the Del Taco trade
name restaurants that lease the properties. The success of the restaurants is
dependent on a large variety of factors, including, but not limited to,
consumer demand and preference for fast food, in general, and for
Mexican-American food in particular.

Liquidity and Capital Resources

The partnership offered limited partnership units for sale between March 1983
and March 1984. 15% of the $4.375 million raised through sale of limited
partnership units was used to pay commissions to brokers and to reimburse the
General Partner for offering costs incurred. Approximately $4 million of the
remaining funds were used to acquire sites and build six restaurants.

The Partnerships only source of cash flow is rental income from the properties
from the triple net leases. Such operating income has historically been and is
expected to continue to be sufficient to fund the Partnerships operating
expenses. Net cash provided by operating activities in excess of the
Partnerships ongoing needs is distributed to the partners.

Off Balance Sheet Arrangements and Contractual Obligations

None.

Results of Operations

The partnership owns six properties that are under long-term lease to Del Taco
for restaurant operations (Del Taco, in turn, has subleased two of the
restaurants to Del Taco franchisees, one of which is affiliated with Del Taco).

5



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Item 7. Managements Discussion and Analysis of Financial Condition and Results of Operations (Continued)

Results of Operations  (Continued)

The following table sets forth rental revenue earned by restaurant for the year:

|                                           |       |   |                         |         |      |   |         |         |  |   |         |         | 
|------------------------------------------ | ----- | - | ----------------------- | ------- | ---- | - | ------- | ------- |  | - | ------- | ------- | 
|                                           |       |   | Year Ended December 31,
|                                           |       |   |                        
|                                           |       |   | 2002                    |         | 2001 |   | 2000   
|                                           |       |   |                         |         |      |   |        
|Riverside Avenue, Rialto, CA               |       | $ | 104,700                 |         |      | $ | 93,813  |         |  | $ | 88,097  |        
|Elden Avenue, Moreno Valley, CA            |       |   | 120,993                 |         |      |   | 109,006 |         |  |   | 96,295  |        
|Foothill Boulevard, La Verne, CA           |       |   | 143,164                 |         |      |   | 132,549 |         |  |   | 123,773 |        
|Baseline & Archibald, Rancho Cucamonga, CA |       |   | 112,040                 |         |      |   | 110,375 |         |  |   | 99,757  |        
|Elkhorn Boulevard, Sacramento, CA          |       |   | 71,613                  |         |      |   | 77,249  |         |  |   | 67,124  |        
|Haven Avenue, Rancho Cucamonga, CA         |       |   | 118,511                 |         |      |   | 114,225 |         |  |   | 112,611 |        
|                                           |       |   |                         |         |      |   |         |         |  |   |         |        
|                                           | Total |   | $                       | 671,021 |      |   | $       | 637,217 |  |   | $       | 587,657 | 
|                                           |       |   |                         |         |      |   |         |         |  |   |         |        

The partnership receives rental revenues equal to 12 percent of gross sales
from the restaurants. The partnership earned rental revenue of $671,021 during
the year ended December 31, 2002, which represents an increase of $33,804 from
2001. The increase in rental revenue was caused by an increase in sales at the
restaurants under lease.

The partnership earned rental revenue of $637,217 during the year ended
December 31, 2001, which represents an increase of $49,560 from 2000. The
increase in rental revenue was caused by an increase in sales at the
restaurants under lease.

The following table breaks down general and administrative expenses by type of
expense:

Percentage of Total General & Admin. Expense

|                                                |  |                         |        |      |  |      |        |   |  |  |        |  
|----------------------------------------------- |  | ----------------------- | ------ | ---- |  | ---- | ------ | - |  |  | ------ | -
|                                                |  | Year Ended December 31,
|                                                |  |                        
|                                                |  | 2002                    |        | 2001 |  | 2000
|                                                |  |                         |        |      |  |     
|Accounting fees                                 |  |                         | 59.21  | %    |  |      | 56.95  | % |  |  | 64.18  | %
|Distribution of information
to limited partners |  |                         | 38.22  |      |  |      | 41.07  |   |  |  | 33.74  |  
|Other                                           |  |                         | 2.57   |      |  |      | 1.98   |   |  |  | 2.08   |  
|                                                |  |                         |        |      |  |      |        |   |  |  |        |  
|                                                |  |                         | 100.00 | %    |  |      | 100.00 | % |  |  | 100.00 | %
|                                                |  |                         |        |      |  |      |        |   |  |  |        |  

General and administrative costs increased by $3,193 from 2001 to 2002. The
increase was caused primarily by increased costs for income tax preparation,
annual audit fees and costs associated with leasing software.

6



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Item 7. Managements Discussion and Analysis of Financial Condition and Results of Operations (Continued)

General and administrative costs increased by $2,341 from 2000 to 2001. The
increase was caused primarily by additional costs incurred during the fourth
quarter of 2001 to lease new software. The new software was needed as a result
of U.S. Government regulations which require the partnership to electronically
file annual K-1 income tax forms with the Internal Revenue Service. The new
software prepares and electronically files the income tax forms and maintains
the underlying partnership database.

Depreciation expense was the same in both 2002 and 2001.

Net income increased by $27,659 from 2001 to 2002 due to the increase in
revenues of $30,852 offset by the $3,193 increase in general and administrative
expenses.

Recent Accounting Pronouncements

In August 2001, the FASB issued SFAS No. 144, Accounting for the Impairment or
Disposal of Long-Lived Assets. SFAS No. 144 supersedes SFAS No. 121 and the
accounting and reporting provisions of Accounting Principles Board Opinion No.
30. It addresses financial accounting and reporting for the impairment of
long-lived assets to be disposed of. SFAS No. 144 is effective for fiscal
years beginning after December 15, 2001. Management adopted SFAS No. 144 on
January 1, 2002. The adoption of SFAS No. 144 did not have an impact on the
Companys results of operations or financial condition.

In June 2002, the FASB issued SFAS No. 146, Accounting for Costs Associated
with Exit or Disposal Activities (SFAS 146), which addresses financial
accounting and reporting for costs associated with exit or disposal activities
and nullifies Emerging Issues Task Force (EITF) Issue No. 94-3 Liability
Recognition for Certain Employee Terminations Benefits and Other Costs to Exit
an Activity (including Certain Costs Incurred in a Restructuring). SFAS 146
requires that a liability for a cost associated with an exit or disposal
activity be recognized when the liability is incurred as opposed to the date of
an entitys commitment to an exit plan as required under EITF Issue No. 94-3.
SFAS 146 also requires that measurement of the liability associated with exit
or disposal activities be at fair value. SFAS 146 is effective for the Company
for exit or disposal activities that are initiated after December 31, 2002.
The implementation of SFAS 146 is not expected to have an impact on the
Companys results of operations or financial condition.

Critical Accounting Policies and Estimates

Managements discussion and analysis of financial condition and results of
operations, as well as disclosures included elsewhere in this report on Form
10-K are based upon the Partnerships financial statements, which have been
prepared in accordance with accounting principles generally accepted in the
United States of America. The preparation of these financial statements
requires management to make estimates and judgments that affect the reported
amounts of assets, liabilities, revenues and expenses. The Partnership
believes the critical accounting policies that most impact the financial
statements are described below. A summary of the significant accounting
policies of the Partnership can be found in Note 1 to the Financial Statements
which is included in Item 8 of this Form 10-K.

Revenue Recognition: Revenue is recognized based on 12 percent of gross sales
of the restaurants which is recorded at the point of sale.

7



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Item 7. Managements Discussion and Analysis of Financial Condition and
Results of Operations (Continued)

Property and Equipment: Property and equipment is stated at cost.
Depreciation is computed using the straight-line method over estimated useful
lives which are 20 years for land improvements, 35 years for buildings and
improvements, and 10 years for machinery and equipment.

The partnership accounts for property and equipment in accordance with
Statements of Financial Accounting Standards (SFAS) No. 144, Accounting for
the Impairment or Disposal of Long Lived Assets. SFAS 144 requires that
long-lived assets be reviewed for impairment whenever events or changes in
circumstances indicate that the carrying value of the asset may not be
recoverable. In evaluating long-lived assets held for use, an impairment loss
is recognized if the sum of the expected future cash flows (undiscounted and
without interest charges) is less than the carrying value of the asset. Once a
determination has been made that an impairment loss should be recognized for
long-lived assets, various assumptions and estimates are used to determine fair
value including, among others, estimated costs of construction and development,
recent sales of comparable properties and the opinions of fair value prepared
by independent real estate appraisers. Long-lived assets to be disposed of are
reported at the lower of carrying amount or fair value less cost to sell.




Item 7a. Quantitative and Qualitative Disclosures About Market Risk.

None.

8



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Item 8. Financial Statements

PART I. INFORMATION

|                                                                                     |  |             |       | 
|------------------------------------------------------------------------------------ |  | ----------- | ----- | 
|INDEX                                                                                |  | PAGE NUMBER
|                                                                                     |  |            
|Report of Independent Accountants                                                    |  |             | 10    | 
|Report of Independent Public Accountants                                             |  |             | 11    | 
|Balance Sheets at December 31, 2002 and 2001                                         |  |             | 12    | 
|Statements of Income for the years ended
December 31, 2002, 2001 and 2000            |  |             | 13    | 
|Statement of Changes in Partners Equity for
the three years ended December 31, 2002 |  |             | 14    | 
|Statements of Cash Flows for the years ended
December 31, 2002, 2001 and 2000        |  |             | 15    | 
|Notes to Financial Statements                                                        |  |             | 16-21 | 

9



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REPORT OF INDEPENDENT ACCOUNTANTS

To the Partners of
Del Taco Restaurant Properties I:

In our opinion, the accompanying balance sheet and the related statements of
income, partners equity, and cash flows present fairly, in all material
respects, the financial position of Del Taco Restaurant Properties I (A
California Limited Partnership) at December 31, 2002, and the results of its
operations and its cash flows for the year then ended in conformity with
accounting principles generally accepted in the United States of America.
These financial statements are the responsibility of the Companys management;
our responsibility is to express an opinion on these financial statements based
on our audit. We conducted our audit of these statements in accordance with
auditing standards generally accepted in the United States of America, which
require that we plan and perform the audit to obtain reasonable assurance about
whether the financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements, assessing the accounting principles
used and significant estimates made by management, and evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion. The financial statements of Del Taco
Restaurant Properties I as of December 31, 2001, and for each of the two years
ended December 31, 2001 were audited by other independent accountants who have
ceased operations. Those independent accountants expressed an unqualified
opinion on those financial statements in their report dated February 15, 2002.

(-s- PRICEWATERHOUSECOOPERS LLP)

PricewaterhouseCoopers LLP
Orange County, California
January 22, 2003


10



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REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS

The following report is a copy of a report previously issued by Arthur Andersen
LLP and has not been reissued by Arthur Andersen LLP.



REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS

To the Partners of
Del Taco Restaurant Properties, I:

We have audited the accompanying balance sheets of Del Taco Restaurant
Properties I (a California Limited Partnership) as of December 31, 2001 and
2000, and the related statements of income, partners equity and cash flows for
each of the three years in the period ended December 31, 2001. These financial
statements and the schedule referred to below are the responsibility of the
Partnerships management. Our responsibility is to express an opinion on these
financial statements and schedule based on our audits.

We conducted our audits in accordance with auditing standards generally accepted
in the United States. Those standards require that we plan and perform the audit
to obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for our
opinion.

In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Del Taco Restaurant Properties
I as of December 31, 2001 and 2000, and the results of its operations and its
cash flows for each of the three years in the period ended December 31, 2001 in
conformity with accounting principles generally accepted in the United States.

Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The Real Estate and Accumulated
Depreciation Schedule III is presented for purposes of complying with the
Securities and Exchange Commissions rules and is not part of the basic
financial statements. This schedule has been subjected to the auditing
procedures applied in our audits of the basic financial statements and, in our
opinion, fairly states in all material respects the financial data required to
be set forth therein in relation to the basic financial statements taken as a
whole.



-s- Arthur Andersen

Orange County, California
February 15, 2002


11



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DEL TACO RESTAURANT PROPERTIES I

BALANCE SHEETS

|                        |                                |                           |                                  |           |         |              |           |           |         |  |  | 
|----------------------- | ------------------------------ | ------------------------- | -------------------------------- | --------- | ------- | ------------ | --------- | --------- | ------- |  |  | 
|                        |                                |                           |                                  |           |         | December 31,
|                        |                                |                           |                                  |           |         |             
|                        |                                |                           |                                  |           |         | 2002         |           | 2001     
|                        |                                |                           |                                  |           |         |              |           |          
|                        |                                |                           |                                  | ASSETS    |         |              |           |           |         |  |  | 
|CURRENT ASSETS:         |                                |                           |                                  |           |         |              |           |          
|                        | Cash                           |                           | $                                | 227,271   |         |              | $         | 210,853   |        
|                        | Receivable from Del Taco, Inc. |                           |                                  | 58,246    |         |              |           | 56,139    |        
|                        | Deposits                       |                           |                                  | 808       |         |              |           | 600       |        
|                        |                                |                           |                                  |           |         |              |           |           |        
|                        |                                | Total current assets      |                                  |           | 286,325 |              |           |           | 267,592 | 
|                        |                                |                           |                                  |           |         |              |           |           |        
|PROPERTY AND EQUIPMENT: |                                |                           |                                  |           |         |              |           |          
|                        | Land and improvements          |                           |                                  | 1,852,482 |         |              |           | 1,852,482 |        
|                        | Buildings and improvements     |                           |                                  | 1,013,134 |         |              |           | 1,013,134 |        
|                        | Machinery and equipment        |                           |                                  | 1,136,026 |         |              |           | 1,136,026 |        
|                        |                                |                           |                                  |           |         |              |           |           |        
|                        |                                |                           | 4,001,642                        |           |         |              | 4,001,642 |          
|                        | Lessaccumulated depreciation  |                           |                                  | 1,891,175 |         |              |           | 1,847,403 |        
|                        |                                |                           |                                  |           |         |              |           |           |        
|                        |                                |                           | 2,110,467                        |           |         |              | 2,154,239 |          
|                        |                                |                           |                                  |           |         |              |           |           |        
|                        |                                | $                         | 2,396,792                        |           |         | $            | 2,421,831 |          
|                        |                                |                           |                                  |           |         |              |           |           |        
|                        |                                |                           | LIABILITIES AND PARTNERS EQUITY |           |         |              |           |           |         |  | 
|CURRENT LIABILITIES:    |                                |                           |                                  |           |         |              |           |          
|                        | Payable to limited partners    |                           | $                                | 60,029    |         |              | $         | 46,293    |        
|                        | Accounts payable               |                           |                                  | 2,330     |         |              |           | 9,456     |        
|                        |                                |                           |                                  |           |         |              |           |           |        
|                        |                                | Total current liabilities |                                  |           | 62,359  |              |           |           | 55,749  | 
|                        |                                |                           |                                  |           |         |              |           |           |        
|PARTNERS EQUITY:       |                                |                           |                                  |           |         |              |           |          
|                        | Limited partners               |                           |                                  | 2,070,991 |         |              |           | 2,102,324 |        
|                        | General Partner-Del Taco, Inc. |                           |                                  | 263,442   |         |              |           | 263,758   |        
|                        |                                |                           |                                  |           |         |              |           |           |        
|                        |                                |                           | 2,334,433                        |           |         |              | 2,366,082 |          
|                        |                                |                           |                                  |           |         |              |           |           |        
|                        |                                | $                         | 2,396,792                        |           |         | $            | 2,421,831 |          
|                        |                                |                           |                                  |           |         |              |           |           |        

The accompanying notes are an
integral part of these financial statements.

12



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DEL TACO RESTAURANT PROPERTIES I

STATEMENTS OF INCOME

|          |                                         |            |         |                         |         |      |         |         |         |  |         |         |         | 
|--------- | --------------------------------------- | ---------- | ------- | ----------------------- | ------- | ---- | ------- | ------- | ------- |  | ------- | ------- | ------- | 
|          |                                         |            |         | Year Ended December 31,
|          |                                         |            |         |                        
|          |                                         |            |         | 2002                    |         | 2001 |         | 2000   
|          |                                         |            |         |                         |         |      |         |        
|REVENUES: |                                         |            |         |                         |         |      |         |         |         |  |         |        
|          | Rent                                    |            | $       | 671,021                 |         |      | $       | 637,217 |         |  | $       | 587,657 |        
|          | Interest                                |            |         | 2,660                   |         |      |         | 5,387   |         |  |         | 5,904   |        
|          | Other                                   |            |         | 1,225                   |         |      |         | 1,450   |         |  |         | 1,150   |        
|          |                                         |            |         |                         |         |      |         |         |         |  |         |         |        
|          |                                         |            | 674,906 |                         |         |      | 644,054 |         |         |  | 594,711 |        
|          |                                         |            |         |                         |         |      |         |         |         |  |         |         |        
|EXPENSES: |                                         |            |         |                         |         |      |         |         |         |  |         |        
|          | General and administrative              |            |         | 52,662                  |         |      |         | 49,469  |         |  |         | 47,128  |        
|          | Depreciation                            |            |         | 43,772                  |         |      |         | 43,772  |         |  |         | 43,772  |        
|          |                                         |            |         |                         |         |      |         |         |         |  |         |         |        
|          |                                         |            | 96,434  |                         |         |      | 93,241  |         |         |  | 90,900  |        
|          |                                         |            |         |                         |         |      |         |         |         |  |         |         |        
|          |                                         | Net income |         | $                       | 578,472 |      |         | $       | 550,813 |  |         | $       | 503,811 | 
|          |                                         |            |         |                         |         |      |         |         |         |  |         |         |        
|          | Net income per limited
partnership unit |            | $       | 65.44                   |         |      | $       | 62.31   |         |  | $       | 57.00   |        
|          |                                         |            |         |                         |         |      |         |         |         |  |         |         |        

The accompanying notes are an
integral part of these financial statements.

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DEL TACO RESTAURANT PROPERTIES I

STATEMENT OF CHANGES IN PARTNERS EQUITY

Three years ended December 31, 2002

|                           |                    |  |                  |   |         |   |           |          |       |   |         |        |   |   |           |          |  
|-------------------------- | ------------------ |  | ---------------- | - | ------- | - | --------- | -------- | ----- | - | ------- | ------ | - | - | --------- | -------- | -
|                           |                    |  | Limited
Partners |   | General |   |           |          |      
|                           |                    |  | Units            |   | Amount  |   | Partner   |          | Total
|                           |                    |  |                  |   |         |   |           |          |      
|Balance, December 31, 1999 |                    |  | 8,751            |   |         | $ | 2,156,509 |          |       | $ | 264,305 |        |   | $ | 2,420,814 |         
|                           | Net income         |  |                  |  |         |   |           | 498,773  |       |   |         | 5,038  |   |   |           | 503,811  |  
|                           | Cash distributions |  |                  |  |         |   |           | (528,246 | )     |   |         | (5,336 | ) |   |           | (533,582 | )
|                           |                    |  |                  |   |         |   |           |          |       |   |         |        |   |   |           |         
|Balance, December 31, 2000 |                    |  | 8,751            |   |         |   | 2,127,036 |          |       |   | 264,007 |        |   |   | 2,391,043 |         
|                           | Net income         |  |                  |  |         |   |           | 545,305  |       |   |         | 5,508  |   |   |           | 550,813  |  
|                           | Cash distributions |  |                  |  |         |   |           | (570,017 | )     |   |         | (5,757 | ) |   |           | (575,774 | )
|                           |                    |  |                  |   |         |   |           |          |       |   |         |        |   |   |           |         
|Balance, December 31, 2001 |                    |  | 8,751            |   |         |   | 2,102,324 |          |       |   | 263,758 |        |   |   | 2,366,082 |         
|                           | Net income         |  |                  |  |         |   |           | 572,687  |       |   |         | 5,785  |   |   |           | 578,472  |  
|                           | Cash distributions |  |                  |  |         |   |           | (604,020 | )     |   |         | (6,101 | ) |   |           | (610,121 | )
|                           |                    |  |                  |   |         |   |           |          |       |   |         |        |   |   |           |         
|Balance, December 31, 2002 |                    |  | 8,751            |   |         | $ | 2,070,991 |          |       | $ | 263,442 |        |   | $ | 2,334,433 |         
|                           |                    |  |                  |   |         |   |           |          |       |   |         |        |   |   |           |         

The accompanying notes are an
integral part of these financial statements.

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##### Table of Contents



DEL TACO RESTAURANT PROPERTIES I

STATEMENTS OF CASH FLOWS

|                                                                                  |                                             |                                           |          |                         |         |      |          |        |         |   |          |        |         | 
|--------------------------------------------------------------------------------- | ------------------------------------------- | ----------------------------------------- | -------- | ----------------------- | ------- | ---- | -------- | ------ | ------- | - | -------- | ------ | ------- | 
|                                                                                  |                                             |                                           |          | Year Ended December 31,
|                                                                                  |                                             |                                           |          |                        
|                                                                                  |                                             |                                           |          | 2002                    |         | 2001 |          | 2000  
|                                                                                  |                                             |                                           |          |                         |         |      |          |       
|CASH FLOWS FROM OPERATING ACTIVITIES:                                             |                                             |                                           |          |                         |         |      |          |        |         |   |          |       
|Net income                                                                        |                                             | $                                         | 578,472  |                         |         | $    | 550,813  |        |         | $ | 503,811  |       
|Adjustments to reconcile net income to net
cash provided by operating activities: |                                             |                                           |          |                         |         |      |          |        |         |   |          |       
|                                                                                  | Depreciation                                |                                           |          | 43,772                  |         |      |          | 43,772 |         |   |          | 43,772 |        
|                                                                                  | Increase in receivable from General Partner |                                           |          | (2,107                  | )       |      |          | (2,808 | )       |   |          | (6,361 | )      
|                                                                                  | (Increase) decrease in deposits             |                                           |          | (208                    | )       |      |          | 276    |         |   |          | (276   | )      
|                                                                                  | Increase in payable to limited partners     |                                           |          | 13,736                  |         |      |          | 4,356  |         |   |          | 10,936 |        
|                                                                                  | Increase (decrease) in accounts payable     |                                           |          | (7,126                  | )       |      |          | (697   | )       |   |          | 2,325  |        
|                                                                                  |                                             |                                           |          |                         |         |      |          |        |         |   |          |       
|                                                                                  |                                             | Net cash provided by operating activities |          |                         | 626,539 |      |          |        | 595,712 |   |          |        | 554,207 | 
|CASH FLOWS FROM FINANCING ACTIVITIES:                                             |                                             |                                           |          |                         |         |      |          |        |         |   |          |       
|Cash distributions to partners                                                    |                                             |                                           | (610,121 | )                       |         |      | (575,774 | )      |         |   | (533,582 | )     
|                                                                                  |                                             |                                           |          |                         |         |      |          |        |         |   |          |       
|Net increase in cash                                                              |                                             |                                           | 16,418   |                         |         |      | 19,938   |        |         |   | 20,625   |       
|Beginning cash balance                                                            |                                             |                                           | 210,853  |                         |         |      | 190,915  |        |         |   | 170,290  |       
|                                                                                  |                                             |                                           |          |                         |         |      |          |        |         |   |          |       
|Ending cash balance                                                               |                                             | $                                         | 227,271  |                         |         | $    | 210,853  |        |         | $ | 190,915  |       
|                                                                                  |                                             |                                           |          |                         |         |      |          |        |         |   |          |       

The accompanying notes are an
integral part of these financial statements.

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##### Table of Contents



DEL TACO RESTAURANT PROPERTIES I

NOTES TO FINANCIAL STATEMENTS

December 31, 2002 and 2001

NOTE 1  ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The Partnership:Del Taco Restaurant Properties I (a California limited
partnership) was formed on November 30, 1982, for the purpose of acquiring real
property in California for construction of six Mexican-American restaurants to
be leased under long-term agreements to Del Taco, Inc. (General Partner for
operation under the Del Taco trade name).

Basis of Accounting:The partnership utilizes the accrual method of accounting
for transactions relating to the business of the partnership. Distributions are
made to the general and limited partners in accordance with the provisions of
the partnership agreement (see Note 2).

Property and Equipment:Property and equipment is stated at cost. Depreciation
is computed using the straight-line method over estimated useful lives which
are 20 years for land improvements, 35 years for buildings and improvements,
and 10 years for machinery and equipment.

The partnership accounts for property and equipment in accordance with
Statement of Financial Accounting Standards (SFAS) No. 144, Accounting for the
Impairment or Disposal of Long Lived Assets. SFAS 144 requires that
long-lived assets be reviewed for impairment whenever events or changes in
circumstances indicate that the carrying value of the asset may not be
recoverable. In evaluating long-lived assets held for use, an impairment loss
is recognized if the sum of the expected future cash flows (undiscounted and
without interest charges) is less than the carrying value of the asset. Once a
determination has been made that an impairment loss should be recognized for
long-lived assets, various assumptions and estimates are used to determine fair
value including, among others, estimated costs of construction and development,
recent sales of comparable properties and the opinions of fair value prepared
by independent real estate appraisers. Long-lived assets to be disposed of are
reported at the lower of carrying amount or fair value less cost to sell.

Recent Accounting Pronouncements:In August 2001, the FASB issued SFAS No.
144, Accounting for the Impairment or Disposal of Long-Lived Assets. SFAS
No. 144 supersedes SFAS No. 121 and the accounting and reporting provisions of
Accounting Principles Board Opinion No. 30. It addresses financial accounting
and reporting for the impairment of long-lived assets to be disposed of. SFAS
No. 144 is effective for fiscal years beginning after December 15, 2001.
Management adopted SFAS No. 144 on January 1, 2002. The adoption of SFAS No.
144 did not have an impact on the Companys results of operations or financial
condition.

In June 2002, the FASB issued SFAS No. 146, Accounting for Costs Associated
with Exit or Disposal Activities (SFAS 146), which addresses financial
accounting and reporting for costs associated with exit or disposal activities
and nullifies Emerging Issues Task Force (EITF) Issue No. 94-3 Liability
Recognition for Certain Employee Terminations Benefits and Other Costs to Exit
an Activity (including Certain Costs Incurred in a Restructuring). SFAS 146
requires that a liability for a cost associated with an exit or disposal
activity be recognized when the liability is incurred as opposed to the date of
an entitys commitment to an exit plan as required under EITF Issue No. 94-3.
SFAS 146 also requires that measurement of the liability associated with exit
or disposal activities be at fair value. SFAS 146 is effective for the Company
for exit or disposal activities that are initiated after December 31, 2002.
The implementation of SFAS 146 is not expected to have an impact on the
Companys financial position or results of operations.

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DEL TACO RESTAURANT PROPERTIES I
NOTES TO FINANCIAL STATEMENTS  CONTINUED
December 31, 2002 and 2001

NOTE 1   ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES -
(Continued)

Income Taxes:No provision has been made for federal or state income taxes on
partnership net income, since the partnership is not subject to income tax.
Partnership income is includable in the taxable income of the individual
partners as required under applicable income tax laws. Certain items, primarily
related to depreciation methods, are accounted for differently for income tax
reporting purposes (see Note 5).

Net Income Per Limited Partnership Unit:Net income per limited partnership
unit is based upon the weighted average number of units outstanding during the
period which amounted to 8,751 for all years presented.

Use of Estimates:The preparation of the financial statements in conformity
with generally accepted accounting principles requires management to make
certain estimates and assumptions that affect the reported amounts of assets
and liabilities at the date of the financial statements and the reported
amounts of revenues and expenses during the reporting period. Actual results
could differ from those estimates.

Revenue Recognition:Revenue is recognized based on 12 percent of gross sales
of the restaurants which is recorded at the point of sale.

Concentration of Risk:The six restaurants leased to Del Taco make up almost
all of the income producing assets of the partnership and contributed all of
the partnerships rent revenue for the three years ended December 31, 2002.
Therefore, the business of the partnership is almost entirely dependent on the
success of the Del Taco trade name restaurants that lease the properties.

NOTE 2  PARTNERS EQUITY

Pursuant to the partnership agreement, annual partnership net income is
allocated one percent to the General Partner and 99 percent to the limited
partners. A partnership net loss in any year will be allocated 24 percent to
the General Partner and 76 percent to the limited partners until the losses so
allocated equal income previously allocated. Any additional losses will be
allocated one percent to 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. Additional gains will be allocated 24 percent
to the General Partner and 76 percent to the limited partners.

In 1986, the General Partner contributed additional capital of $280,000 to the
partnership in order to provide funds necessary to complete the sixth and final
restaurant.

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DEL TACO RESTAURANT PROPERTIES I
NOTES TO FINANCIAL STATEMENTS  CONTINUED
December 31, 2002 and 2001

NOTE 3  LEASING ACTIVITIES

The partnership leases certain properties for operation of restaurants to Del
Taco, Inc. on a triple net basis. The leases are for terms of 35 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. There is no minimum rental under any of the leases. The
partnership had a total of six properties leased as of December 31, 2002, 2001
and 2000, two of which have been subleased to Del Taco franchisees (one of
which is affiliated with Del Taco, Inc.)

The five restaurants operated by or affiliated with Del Taco, for which the
partnership is the lessor, had combined, unaudited sales of $4,658,176,
$4,390,347 and $4,065,829 and unaudited net income of $327,169, $279,518 and
$250,957 for the years ended December 31, 2002, 2001 and 2000, respectively.
Net income by restaurant includes charges for general and administrative
expenses incurred in connection with supervision of restaurant operations and
interest expense. The one restaurant operated by a Del Taco franchisee, for
which the partnership is the lessor, had unaudited sales of $933,667, $919,794
and $831,309 for the years ended December 31, 2002, 2001 and 2000,
respectively.

NOTE 4  RELATED PARTIES

The receivable from Del Taco consists of rent accrued for the month of December
2002. The rent receivable was collected on January 15, 2003.

The General Partner received $6,101 in distributions relating to its one
percent interest in the partnership for the year ended December 31, 2002.

Del Taco, Inc. 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, Inc. for operation under the Del Taco trade
name.

The General Partner provides certain minimal managerial and accounting services
to the Partnership at no cost.

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|                                                                                                     
|-----------------------------------------------------------------------------------------------------
|DEL TACO RESTAURANT PROPERTIES
I
NOTES TO FINANCIAL STATEMENTS  CONTINUED
December 31, 2002 and 2001

NOTE 5  INCOME TAXES

A reconciliation of financial statement net income to taxable income for each
of the periods is as follows:

|                                                |  |      |         |      |  |      |         |  |  |   |         |  
|----------------------------------------------- |  | ---- | ------- | ---- |  | ---- | ------- |  |  | - | ------- | -
|                                                |  | 2002 |         | 2001 |  | 2000
|                                                |  |      |         |      |  |     
|Net income per financial statements             |  | $    | 578,472 |      |  | $    | 550,813 |  |  | $ | 503,811 |  
|Tax depreciation (over) under
book depreciation |  |      | 5,644   |      |  |      | 1,314   |  |  |   | (669    | )
|                                                |  |      |         |      |  |      |         |  |  |   |         |  
|Taxable income                                  |  | $    | 584,116 |      |  | $    | 552,127 |  |  | $ | 503,142 |  
|                                                |  |      |         |      |  |      |         |  |  |   |         |  

A reconciliation of partnership equity per the financial statements to net
worth for tax purposes as of December 31, 2002, is as follows:

|                                                                      |  |   |           |  
|--------------------------------------------------------------------- |  | - | --------- | -
|Partners equity per financial statements                             |  | $ | 2,334,433 |  
|Issue costs of limited partnership units
capitalized for tax purposes |  |   | 637,325   |  
|Excess tax depreciation                                               |  |   | (132,382  | )
|Other                                                                 |  |   | 235       |  
|                                                                      |  |   |           |  
|Net worth for tax purposes                                            |  | $ | 2,839,611 |  
|                                                                      |  |   |           |  

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DEL TACO RESTAURANT PROPERTIES I
NOTES TO FINANCIAL STATEMENTS  CONTINUED
December 31, 2002 and 2001

NOTE 6  CASH DISTRIBUTIONS TO LIMITED PARTNERS

Cash distributions paid to limited partners for the three years ended December
31, 2002 were as follows:

|                   |                    |      |                     |             |                |         |                 |  |  |  |       |  | 
|------------------ | ------------------ | ---- | ------------------- | ----------- | -------------- | ------- | --------------- |  |  |  | ----- |  | 
|                   |                    |      | Cash                |             | Weighted       |         | Number of Units
|                   |                    |      | Distributions per   |             | Average Number |         | Outstanding at 
|                   |                    |      | Limited Partnership |             | of Units       |         | the End of     
|Quarter Ended      |                    | Unit |                     | Outstanding |                | Quarter
|                   |                    |      |                     |             |                |        
|December 31, 1999  |                    | $    | 15.19               |             |                |         | 8,751           |  |  |  | 8,751 | 
|March 31, 2000     |                    |      | 13.58               |             |                |         | 8,751           |  |  |  | 8,751 | 
|June 30, 2000      |                    |      | 13.98               |             |                |         | 8,751           |  |  |  | 8,751 | 
|September 30, 2000 |                    |      | 17.61               |             |                |         | 8,751           |  |  |  | 8,751 | 
|                   |                    |      |                     |             |                |         |                 |  |  |  |       | 
|                   | Total paid in 2000 |      | $                   | 60.36       |                |         |                 |  |  |  |       |  | 
|                   |                    |      |                     |             |                |         |                 |  |  |  |       | 
|December 31, 2000  |                    | $    | 16.29               |             |                |         | 8,751           |  |  |  | 8,751 | 
|March 31, 2001     |                    |      | 15.14               |             |                |         | 8,751           |  |  |  | 8,751 | 
|June 30, 2001      |                    |      | 15.79               |             |                |         | 8,751           |  |  |  | 8,751 | 
|September 30, 2001 |                    |      | 17.92               |             |                |         | 8,751           |  |  |  | 8,751 | 
|                   |                    |      |                     |             |                |         |                 |  |  |  |       | 
|                   | Total paid in 2001 |      | $                   | 65.14       |                |         |                 |  |  |  |       |  | 
|                   |                    |      |                     |             |                |         |                 |  |  |  |       | 
|December 31, 2001  |                    | $    | 18.05               |             |                |         | 8,751           |  |  |  | 8,751 | 
|March 31, 2002     |                    |      | 14.88               |             |                |         | 8,751           |  |  |  | 8,751 | 
|June 30, 2002      |                    |      | 17.41               |             |                |         | 8,751           |  |  |  | 8,751 | 
|September 30, 2002 |                    |      | 18.68               |             |                |         | 8,751           |  |  |  | 8,751 | 
|                   |                    |      |                     |             |                |         |                 |  |  |  |       | 
|                   | Total paid in 2002 |      | $                   | 69.02       |                |         |                 |  |  |  |       |  | 
|                   |                    |      |                     |             |                |         |                 |  |  |  |       | 

Cash distributions per limited partnership unit were calculated based upon the
weighted average number of units outstanding for each quarter and were paid
from operations. Cash distributions for the quarter ended December 31, 2002
amounted to $18.35 per limited partnership unit and were paid January 31, 2003.

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DEL TACO RESTAURANT PROPERTIES I
NOTES TO FINANCIAL STATEMENTS  CONTINUED
December 31, 2002 and 2001

NOTE 7  RESULTS BY QUARTER (UNAUDITED)

|                              |                                         |  |   |         |  |         |   |         |  |         |   |         |  |  |   |         |  | 
|----------------------------- | --------------------------------------- |  | - | ------- |  | ------- | - | ------- |  | ------- | - | ------- |  |  | - | ------- |  | 
|                              |                                         |  |   | First   |  | Second  |   | Third   |  | Fourth 
|                              |                                         |  |   | Quarter |  | Quarter |   | Quarter |  | Quarter
|                              |                                         |  |   |         |  |         |   |         |  |        
|Year ended December 31, 2002: |                                         |  |   |         |  |         |   |         |  |         |   |         |  |  |   |        
|                              | Revenues                                |  | $ | 161,251 |  |         | $ | 167,495 |  |         | $ | 172,935 |  |  | $ | 173,225 | 
|                              | Net income                              |  |   | 127,211 |  |         |   | 142,215 |  |         |   | 155,047 |  |  |   | 153,999 | 
|                              | Net income per limited partnership unit |  |   | 14.39   |  |         |   | 16.09   |  |         |   | 17.54   |  |  |   | 17.42   | 
|Year ended December 31, 2001: |                                         |  |   |         |  |         |   |         |  |         |   |         |  |  |   |        
|                              | Revenues                                |  | $ | 150,266 |  |         | $ | 159,019 |  |         | $ | 167,183 |  |  | $ | 167,586 | 
|                              | Net income                              |  |   | 117,587 |  |         |   | 136,349 |  |         |   | 150,296 |  |  |   | 146,581 | 
|                              | Net income per limited partnership unit |  |   | 13.30   |  |         |   | 15.43   |  |         |   | 17.00   |  |  |   | 16.58   | 

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Item 9. Disagreements on Accounting and Financial Disclosure

None




PART III




Item 10. Directors and Executive Officers of the Partnerships General Partner

(a)  & (b) The executive officers and directors of the General Partner and their
ages are set forth below:

|                     |  |                                                      |  |     |    | 
|-------------------- |  | ---------------------------------------------------- |  | --- | -- | 
|Name                 |  | Title                                                |  | Age
|                     |  |                                                      |  |    
|Kevin K. Moriarty    |  | Director, Chairman and Chief Executive Officer       |  |     | 56 | 
|C. Ronald Petty      |  | President                                            |  |     | 58 | 
|Robert J. Terrano    |  | Executive Vice President and Chief Financial Officer |  |     | 47 | 
|James D. Stoops      |  | Executive Vice President, Operations                 |  |     | 50 | 
|Janet D. Erickson    |  | Executive Vice President, Purchasing                 |  |     | 46 | 
|Shirlene Lopez       |  | Executive Vice President, Operations Services        |  |     | 38 | 
|Michael L. Annis     |  | Vice President, Secretary and General Counsel        |  |     | 56 | 
|Timothy A. Hackbardt |  | Vice President, Marketing                            |  |     | 39 | 

The above referenced executive officers and directors of the General Partner
will hold office until the annual meeting of its shareholders and directors,
which is scheduled for the later part of 2003.



|(c) |  | None                                                                                                                          
|--- |  | ------------------------------------------------------------------------------------------------------------------------------
|   
|(d) |  | No family relationship exists between any such director or executive
officer of the General Partner.                          
|   
|(e) |  | The following is an account of the business experience during the past
five years of each such director and executive officer:

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Kevin K. Moriarty, Director, Chairman and Chief Executive Officer of Del Taco,
Inc. Mr. Moriarty began his career with Burger King Corporation in 1974 in
Operations Unit Management. In 1983, he was promoted to Area Manager in New
York, and was subsequently promoted to the Regional Vice President, Chicago
Region in 1985. In 1988, he became Executive Vice President and General
Manager of the North Central Division. Mr. Moriarty served in that position
until 1990 when he joined Del Taco, Inc. as President and Chief Executive
Officer on July 31, 1990. Mr. Moriarty has served as a Director of the General
Partner since 1990.

C. Ronald Petty, President of Del Taco, Inc. Mr. Petty began his career in the
restaurant business in 1973 with McDonalds Corporation. He was employed by
McDonalds in a real estate capacity until 1978. For the next 12 years, Mr.
Petty was in various officer positions with Burger King. These positions
included Vice President of Real Estate, Sr. Vice President of Development,
Region Vice President, Sr. Vice President European Operations, President of
International and President of U.S. Mr. Petty served as President of Miami
Subs from 1990-1992; President and CEO of Dennys 1993-1996; President and CEO
of Peter Piper Pizza 1996-1999; President of Del Taco December 1999-present.

Robert J. Terrano, Executive Vice President and Chief Financial Officer of Del
Taco, Inc. From May 1994 to April 1995, Mr. Terrano served as Chief Financial
Officer for Dennys, Inc. in Spartanburg, S.C. From August 1983 to May 1994,
he served with Burger King Corporation, Miami Florida, in a variety of
positions, most recently as Division Controller. Mr. Terrano joined Del Taco,
Inc. in April 1995.

James D. Stoops, Executive Vice President, Operations of Del Taco, Inc. From
1968 to 1991, Mr. Stoops served in a wide variety of Operations positions with
Burger King Corporation with increasing levels of responsibility. In 1985, Mr.
Stoops was appointed Region Vice President/General Manager for the New York
region and served in that position until October of 1990. In January of 1991,
he joined Del Taco, Inc. in his current post.

Janet D. Erickson, Executive Vice President, Purchasing of Del Taco, Inc. From
1979 to 1986, Ms. Erickson was with Dennys Incorporated. She served in the
Research and Development department in a variety of positions until 1982 when
she was promoted to the position of Purchasing Agent. Ms. Erickson was hired
in 1986 as Manager of Contract Purchasing with Carl Karcher Enterprises, a post
she held until March 1990 when she became Vice President, Purchasing for Del
Taco, Inc. Ms. Erickson has a Bachelor of Science degree in Foods and
Nutrition from Cal State Polytechnic University in Pomona, California.

Shirlene Lopez, Executive Vice President, Operations Services of Del Taco, Inc.
Ms. Lopez began her career with Del Taco in 1978 as an hourly employee and
advanced through the ranks to General Manager in 1984. Ms. Lopez was promoted
to the corporate office in 1989 as Human Resource Manager. In 1994, she was
promoted to Executive Project Manager reporting to the CEO and in 1996, to
Director of Corporate Development in charge of all interior image and design
and in 1997, to Vice President, Corporate Development & Design. Ms. Lopez has
held her current position since February 2002.

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Michael L. Annis, Vice President, Secretary and General Counsel of Del Taco,
Inc. From 1981 to 1986 Mr. Annis served as Regional Real Estate Manager and
Director of Real Estate Services with Taco Bell, Inc. In 1986 he served as
Regional General Manager with Quaker State Minit Lube. In January of 1987 Mr.
Annis joined Red Robin International, Inc. as General Counsel and was
subsequently promoted to Vice President/Secretary and later Vice President Real
Estate Development/Secretary and General Counsel, the position he held until
joining Del Taco, Inc. in December of 1993. Mr. Annis received his J.D. Degree
from Whittier College.

Timothy A. Hackbardt, Vice President, Marketing of Del Taco, Inc. Mr.
Hackbardt joined Del Taco, Inc. in November 2000. From November 1995 to
November 2000, he served as Vice President of Marketing of Taco Time
International, Inc., Eugene, OR. From September 1994 to November 1995, Mr.
Hackbardt was Director of Marketing for Wok Spirit Chinese Delivery restaurants
in Newport Beach, CA. From December 1992 to September 1994, Mr. Hackbardt was
Director of Marketing for Fosters Freeze International, Inc., San Luis Obispo,
CA. Prior to then, Mr. Hackbardt held various positions in the television and
radio industry in sales and sales management. Mr. Hackbardt is a graduate of
Central Michigan University where he received a Bachelor of Applied Arts,
majoring in Broadcast and Cinematic Arts and minoring in Marketing.




Item 11. Management Remuneration and Transactions

The partnership has no executive officers or directors and pays no direct
remuneration to any executive officer or director of its General Partner. The
partnership has not issued any options or stock appreciation rights to any
executive officer or director of its General Partner, nor does the partnership
propose to pay any annuity, pension or retirement benefits to any executive
officer or director of its General Partner. The partnership has no plan, nor
does the partnership presently propose a plan, which will result in any
remuneration being paid to any executive officer or director of the General
Partner upon termination of employment.




Item 12. Security Ownership of Certain Beneficial Owners and Management



|(a) |  | No person of record currently owns more than five percent of limited
partnership units of the partnership, nor was any person known of by the
partnership to own of record and beneficially, or beneficially only, more
than five percent of such securities.                                                                                                                                                                  
|--- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   
|(b) |  | Neither Del Taco, Inc., nor any executive officer or director of Del
Taco, Inc. owns any limited partnership units of the partnership.                                                                                                                                                                                                                                                                                         
|   
|(c) |  | The partnership knows of no contractual arrangements, the operation or
the terms of which may at a subsequent date result in a change in control
of the partnership, except for provisions in the partnership agreement
providing for removal of the General Partner by holders of a majority of
the limited partnership units and if a material event of default occurs
under the financing agreements of the General Partner.

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Item 13. Certain Relationships and Related Transactions



|(a) |  | No transactions have occurred between the partnership and any executive
officer or director of its General Partner.                                 
|--- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------
|   
|    |  | During 2002, the following transactions occurred between the partnership
and the General Partner pursuant to the terms of the partnership
agreement.



| | (1) |  | The General Partner earned $5,785 as its one percent share of
the net income of the partnership.              
| | --- |  | --------------------------------------------------------------------------------------------------------------
|
| | (2) |  | The General Partner received $6,101, in distributions relating
to its one percent interest in the partnership.



|(b) |  | During 2002, the partnership had no business relationships with any
entity of a type required to be reported under this item.                                                                                
|--- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   
|(c) |  | Neither the General Partner, any director or officer of the General
Partner or any associate of any such person, was indebted to the
partnership at any time during 2002 for any amount in excess of $60,000.
|   
|(d) |  | Not applicable.                                                                                                                                                                                              




Item 14. Controls and Procedures

There were no significant changes in the partnerships internal control or
other factors that could significantly affect these controls subsequent to
February 28, 2003, the date the partnerships evaluation of them.

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PART IV




Item 15. Exhibits, Financial Statements Schedules, and Reports on Form 8-K



|(a)(1) |  | Financial Statements                                                                                                                                
|------ |  | ----------------------------------------------------------------------------------------------------------------------------------------------------
|      
|       |  | Included in Part II of this report:                                                                                                                 
|      
|       |  | Report of Independent Public
Accountants
Balance Sheets
Statements of Income
Statements of Changes in Partners Equity
Notes to Financial Statements
|      
|(a)(2) |  | Financial Statement Schedules                                                                                                                       
|      
|       |  | Report of Independent Public
Accountants on Financial Statement ScheduleSchedule III  Real Estate and Accumulated Depreciation                     
|      
|       |  | Financial statement schedules other than those referred to above have
been omitted because they are not applicable or not required.                 
|      
|(b)    |  | Reports on Form 8K                                                                                                                                  
|      
|       |  | No reports on Form 8-K were filed during the last quarter of 2002.                                                                                  
|      
|(c)    |  | Exhibits required by Item 601 of Regulation S-K:                                                                                                    



| | 1.   |  | Incorporated herein by reference, Restated Certificate and
Agreement of Limited Partnership of Del Taco Restaurant Properties I
filed as Exhibit 3.01 to Partnerships Registration Statement on
Form S-11 as filed with the Securities and Exchange Commission on
December 17, 1982.
| | ---- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|
| | 2.   |  | Incorporated herein by reference, Amendment to Restated
Certificate and Agreement of Limited Partnership of Del Taco
Restaurant Properties I.                                                                                                                                        
|
| | 3.   |  | Incorporated herein by reference, Form of Standard Lease to
be entered into by partnership and Del Taco, Inc., as lessee, filed
as Exhibit 10.02 to Partnerships Registration Statement on Form
S-11 as filed with the Securities and Exchange Commission on
December 17, 1982.     
|
| | 99.1 |  | Kevin K. Moriartys Certification Pursuant to
Section 302 of the Sarbanes-Oxley Act of 2002                                                                                                                                                                                          
|
| | 99.2 |  | Robert J. Terranos Certification Pursuant to
Section 302 of the Sarbanes-Oxley Act of 2002                                                                                                                                                                                          
|
| | 99.3 |  | Certification Pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002                                                                                                                                                                                                              

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REPORT OF INDEPENDENT ACCOUNTANTS ON
FINANCIAL STATEMENT SCHEDULE

To the Partners of
Del Taco Restaurant Properties I:

Our audit of the financial statements referred to in our report dated January
22, 2003 appearing in this Annual Report on Form 10-K also included an audit of
the financial statement schedule listed in Item 15(a)(2) of this Form 10-K. In
our opinion, this financial statement schedule presents fairly, in all material
respects, the information set forth therein when read in conjunction with the
related financial statements.

(-s- PRICEWATERHOUSECOOPERS LLP)

PricewaterhouseCoopers LLP
Orange County, California
January 22, 2003


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REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS

The following report is a copy of the report previously issued by Arthur
Andersen LLP and has not been reissued by Arthur Andersen LLP.



REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS

To the Partners of
Del Taco Restaurant Properties, I:

We have audited the accompanying balance sheets of Del Taco Restaurant
Properties I (a California Limited Partnership) as of December 31, 2001 and
2000, and the related statements of income, partners equity and cash flows for
each of the three years in the period ended December 31, 2001. These financial
statements and the schedule referred to below are the responsibility of the
Partnerships management. Our responsibility is to express an opinion on these
financial statements and schedule based on our audits.

We conducted our audits in accordance with auditing standards generally accepted
in the United States. Those standards require that we plan and perform the audit
to obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for our
opinion.

In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Del Taco Restaurant Properties
I as of December 31, 2001 and 2000, and the results of its operations and its
cash flows for each of the three years in the period ended December 31, 2001 in
conformity with accounting principles generally accepted in the United States.

Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The Real Estate and Accumulated
Depreciation Schedule III is presented for purposes of complying with the
Securities and Exchange Commissions rules and is not part of the basic
financial statements. This schedule has been subjected to the auditing
procedures applied in our audits of the basic financial statements and, in our
opinion, fairly states in all material respects the financial data required to
be set forth therein in relation to the basic financial statements taken as a
whole.



-s- Arthur Andersen

Orange County, California
February 15, 2002


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DEL TACO RESTAURANT PROPERTIES I  SCHEDULE III
REAL ESTATE AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2002

|                     |  |              |   |              |  |              |           |                 |  |                   |           |                                     |  |                  |   |                 |  |                  |           |  |  |   |         |  |  |  |      |  |  |  |      |  |  |                |  | 
|-------------------- |  | ------------ | - | ------------ |  | ------------ | --------- | --------------- |  | ----------------- | --------- | ----------------------------------- |  | ---------------- | - | --------------- |  | ---------------- | --------- |  |  | - | ------- |  |  |  | ---- |  |  |  | ---- |  |  | -------------- |  | 
|                     |  |              |   |              |  |              |           |                 |  |                   |           |                                     |  | Cost capitalized |   | Gross amount at |  |                  |           |  |  |   |         |  |  |  |      |  |  |  |      | 
|                     |  |              |   |              |  | Initial cost |           | subsequent to   |  | which carried at  |           |                                     |  |                  |   |                 |  |                  |           |  |  |   |         |  |  | 
|Description          |  | Encumbrances |   | to company   |  | acquisition  |           | close of period |  |                   |           |                                     |  |                  |   |                 |  |                  |           |  |  |  
|                     |  |              |   |              |  | Accumulated  |           | Date of         |  | Date              |           | Life on whichdepreciation in latest
|                     |  |              |   | Land         |  | Building &   |           |                 |  | Land, buildings & |           | depreciation                        |  | construction     |   | acquired        |  | income statement
|(All Restaurants)    |  |              |   | & land       |  | Improve-     |           | Carrying        |  | improvements      |           |                                     |  |                  |   |                 |  | is computed     
|                     |  |              |   | improvements |  | ments        |           | costs           |  | Total             |           |                                     |  |                  |   |                 |  |                 
|                    
|Rialto, CA           |  | $            |  |              |  | $            | 274,837   |                 |  | $                 | 150,310   |                                     |  | $                |  |                 |  | $                | 425,147   |  |  | $ | 112,035 |  |  |  | 1984 |  |  |  | 1984 |  |  | 20(LI), 35(BI)
|Moreno Valley, CA    |  |              |  |              |  |              | 353,557   |                 |  |                   | 193,362   |                                     |  |                  |  |                 |  |                  | 546,919   |  |  |   | 144,124 |  |  |  | 1985 |  |  |  | 1985 |  |  | 20(LI), 35(BI)
|La Verne, CA         |  |              |  |              |  |              | 452,423   |                 |  |                   | 247,433   |                                     |  |                  |  |                 |  |                  | 699,856   |  |  |   | 184,425 |  |  |  | 1985 |  |  |  | 1985 |  |  | 20(LI), 35(BI)
|Rancho Cucamonga, CA |  |              |  |              |  |              | 293,817   |                 |  |                   | 160,690   |                                     |  |                  |  |                 |  |                  | 454,507   |  |  |   | 119,769 |  |  |  | 1985 |  |  |  | 1985 |  |  | 20(LI), 35(BI)
|Sacramento, CA       |  |              |  |              |  |              | 260,516   |                 |  |                   | 142,478   |                                     |  |                  |  |                 |  |                  | 402,994   |  |  |   | 106,199 |  |  |  | 1985 |  |  |  | 1985 |  |  | 20(LI), 35(BI)
|Rancho Cucamonga, CA |  |              |  |              |  |              | 217,332   |                 |  |                   | 118,861   |                                     |  |                  |  |                 |  |                  | 336,193   |  |  |   | 88,597  |  |  |  | 1985 |  |  |  | 1985 |  |  | 20(LI), 35(BI)
|                     |  |              |   |              |  |              |           |                 |  |                   |           |                                     |  |                 
|                     |  | $            |  |              |  | $            | 1,852,482 |                 |  | $                 | 1,013,134 |                                     |  | $                |  |                 |  | $                | 2,865,616 |  |  | $ | 755,149 |  |  |  |      |  |  |  |      |  |  |                |  | 
|                     |  |              |   |              |  |              |           |                 |  |                   |           |                                     |  |                 

|                               |             |   |             |   |              |   |             |        |  |  |  |  | 
|------------------------------ | ----------- | - | ----------- | - | ------------ | - | ----------- | ------ |  |  |  |  | 
|                               |             |   |             |   |              |   | Accumulated |        |  |  | 
|                               |             |   | Restaurants |   | Depreciation |   |             |        | 
|                               |             |   |             |   |              |   |             |        | 
|Balances at December 31, 1999: |             | $ | 2,865,616   |   |              | $ | 623,833     |        |  |  |  | 
|                               | Additions   |   |             |  |              |   |             | 43,772 |  |  |  |  | 
|                               | Retirements |   |             |  |              |   |             |       |  |  |  |  | 
|                               |             |  
|Balances at December 31, 2000: |             |   | 2,865,616   |   |              |   | 667,605     |        |  |  |  | 
|                               | Additions   |   |             |  |              |   |             | 43,772 |  |  |  |  | 
|                               | Retirements |   |             |  |              |   |             |       |  |  |  |  | 
|                               |             |  
|Balances at December 31, 2001: |             |   | 2,865,616   |   |              |   | 711,377     |        |  |  |  | 
|                               | Additions   |   |             |  |              |   |             | 43,772 |  |  |  |  | 
|                               | Retirements |   |             |  |              |   |             |       |  |  |  |  | 
|                               |             |  
|Balances at December 31, 2002: |             | $ | 2,865,616   |   |              | $ | 755,149     |        |  |  |  | 
|                               |             |  

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SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange
Act of 1934, the partnership has duly caused this report to be signed on its
behalf by the undersigned, thereunto duly authorized.

|                    |  |                                                                                           |  | 
|------------------- |  | ----------------------------------------------------------------------------------------- |  | 
|                    |  | DEL TACO RESTAURANT PROPERTIES I
a California limited partnership                        
|                    |  |                                                                                           |  | 
|                    |  | Del Taco, Inc.
General Partner                                                            |  | 
|                    |  |                                                                                           |  | 
|Date March 07, 2003 |  | Kevin K. Moriarty

Kevin K. Moriarty
Director, Chairman and Chief
Executive Officer       |  | 
|                    |  |                                                                                           |  | 
|Date March 07, 2003 |  | Michael L. Annis

Michael L. Annis
Vice President, Secretary and
General Counsel          |  | 
|                    |  |                                                                                           |  | 
|Date March 07, 2003 |  | Robert J. Terrano

Robert J. Terrano
Executive Vice President and
Chief Financial Officer |  | 

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EXHIBIT INDEX

|         |  |                                                                                                                                                                                                                                                                                      
|-------- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Exhibits |  | Description                                                                                                                                                                                                                                                                          
|         |  |                                                                                                                                                                                                                                                                                      
|1.       |  | Incorporated herein by reference, Restated Certificate and
Agreement of Limited Partnership of Del Taco Restaurant Properties I
filed as Exhibit 3.01 to Partnerships Registration Statement on
Form S-11 as filed with the Securities and Exchange Commission on
December 17, 1982.
|        
|2.       |  | Incorporated herein by reference, Amendment to Restated
Certificate and Agreement of Limited Partnership of Del Taco
Restaurant Properties I.                                                                                                                                        
|        
|3.       |  | Incorporated herein by reference, Form of Standard Lease to
be entered into by partnership and Del Taco, Inc., as lessee, filed
as Exhibit 10.02 to Partnerships Registration Statement on Form
S-11 as filed with the Securities and Exchange Commission on
December 17, 1982.     
|        
|99.1     |  | Kevin K. Moriartys Certification Pursuant to
Section 302 of the Sarbanes-Oxley Act of 2002                                                                                                                                                                                          
|        
|99.2     |  | Robert J. Terranos Certification Pursuant to
Section 302 of the Sarbanes-Oxley Act of 2002                                                                                                                                                                                          
|        
|99.3     |  | Certification Pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002