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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


For the fiscal year ended December 31,
2003

OR



[  ]

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE


SECURITIES EXCHANGE ACT OF 1934


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.

Indicate by check mark whether the registrant is
an accelerated filer (as defined in Rule 12b-2 of the
Exchange
Act).     Yes      No
X



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TABLE OF CONTENTS  PART IItem 1. BusinessItem 2. PropertiesItem 3. Legal ProceedingsItem 4. Submissions of Matters to a Vote of Security HoldersPART IIItem 5. Market for the Partnerships Common Equity and Related Security Holder MattersItem 6. Selected Financial DataItem 7. Managements Discussion and Analysis of Financial Condition and Results of OperationsItem 7A. Quantitative and Qualitative Disclosures About Market Risk.Item 8. Financial StatementsBALANCE SHEETSSTATEMENTS OF INCOMESTATEMENTS OF PARTNERS EQUITYSTATEMENTS OF CASH FLOWSNOTES TO FINANCIAL STATEMENTSItem 9. Changes in and Disagreements with Accountants on Accounting and Financial DisclosureItem 9A. Controls and ProceduresItem 10. Directors and Executive Officers of the Partnerships General PartnerItem 11. Executive CompensationItem 12. Security Ownership of Certain Beneficial Owners and Management and Related Security Holder MattersItem 13. Certain Relationships and Related TransactionsItem 14. Principal Accountant Fees and ServicesPART IVItem 15. Exhibits, Financial Statements Schedules, and Reports on Form 8-KSIGNATURESEXHIBIT INDEXEXHIBIT 31.1EXHIBIT 31.2EXHIBIT 32.1    Table of Contents  
 PART I 
 Item 1. Business Del Taco Restaurant Properties I, (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
(Del Taco or the 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. The Partnership acquired land and constructed six
Mexican-American restaurants for long-term lease to Del Taco. 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, 2003, the Partnership had a
total of six properties leased to Del Taco (Del Taco, in turn, has subleased
one 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 ofDate of
    
    Restaurant
    
    CommencementAddress
    
    City, State
    
    Acquisition
    
    Constructed
    
    of Operation (1)Riverside Avenue
    
    Rialto, CA
    
    September 28, 1984
    
    60 seat with drive
through service
window
    
    February 12, 1985Elden Avenue
    
    Moreno Valley, CA
    
    March 8, 1985
    
    60 seat with drive
through service
window
    
    June 30, 1985Foothill Boulevard
    
    La Verne, CA
    
    April 16, 1985
    
    60 seat with drive
through service
window
    
    November 6, 1985Baseline & Archibald
    
    Rancho Cucamonga, CA
    
    July 10, 1985
    
    60 seat with drive
through service
window
    
    November 26, 1985Elkhorn Boulevard
    
    Sacramento, CA
    
    August 22, 1985
    
    60 seat with drive
through service
window
    
    January 15, 1986Haven
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, 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 776 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, 2003, 2002, 2001, 2000 and 1999, has been derived from the audited
financial statements and should be read in conjunction with the financial
statements and related notes and Item 7. For the Year Ended December 31,2003
    
    2002
    
    2001
    
    2000
    
    1999Rental revenues
    
    $
    738,302
    
    
    $
    671,021
    
    
    $
    637,217
    
    
    $
    587,657
    
    
    $
    537,905General and administrative
expense
    
    
    68,221
    
    
    
    52,662
    
    
    
    49,469
    
    
    
    47,128
    
    
    
    47,317Depreciation expense
    
    
    43,772
    
    
    
    43,772
    
    
    
    43,772
    
    
    
    43,772
    
    
    
    43,772Interest and other income
    
    
    3,387
    
    
    
    3,885
    
    
    
    6,837
    
    
    
    7,054
    
    
    
    4,832Net income
    
    
    629,696
    
    
    
    578,472
    
    
    
    550,813
    
    
    
    503,811
    
    
    
    451,648Net income per limited
partnership unit
    
    
    71.24
    
    
    
    65.44
    
    
    
    62.31
    
    
    
    57.00
    
    
    
    51.09Cash distributions per
limited partnership unit
    
    
    73.33
    
    
    
    69.02
    
    
    
    65.14
    
    
    
    60.36
    
    
    
    56.29Total assets
    
    
    2,393,624
    
    
    
    2,396,792
    
    
    
    2,421,831
    
    
    
    2,443,133
    
    
    
    2,459,643Long-term obligations
    
    None
    
    None
    
    None
    
    None
    
    None
 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 all of the income producing
assets of the Partnership. Therefore, the business of the Partnership is
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 one of the
restaurants to a Del Taco franchisee. 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 revenues earned by restaurant for the
year: Year Ended December 31,2003
    
    2002
    
    2001Riverside Avenue, Rialto, CA
    
    $
    113,123
    
    
    $
    104,700
    
    
    $
    93,813Elden Avenue, Moreno Valley, CA
    
    
    126,539
    
    
    
    120,993
    
    
    
    109,006Foothill Boulevard, La Verne, CA
    
    
    150,592
    
    
    
    143,164
    
    
    
    132,549Baseline & Archibald, Rancho Cucamonga, CA
    
    
    128,031
    
    
    
    112,040
    
    
    
    110,375Elkhorn Boulevard, Sacramento, CA
    
    
    79,409
    
    
    
    71,613
    
    
    
    77,249Haven Avenue, Rancho Cucamonga, CA
    
    
    140,608
    
    
    
    118,511
    
    
    
    114,225Total
    
    $
    738,302
    
    
    $
    671,021
    
    
    $
    637,217
 The Partnership receives rental revenues equal to 12 percent of gross sales
from the restaurants. The Partnership earned rental revenues of $738,302
during the year ended December 31, 2003, which represents an increase of
$67,281 from 2002. The increase in rental revenues was caused by an increase
in sales at the restaurants under lease. The Partnership earned rental revenues of $671,021 during the year ended
December 31, 2002, which represents an increase of $33,804 from 2001. The
increase in rental revenues 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 & Administrative Expense Year Ended December 31,2003
    
    2002
    
    2001Accounting fees
    
    
    53.58
    %
    
    
    59.21
    %
    
    
    56.95
    %Distribution of information
to limited partners
    
    
    44.70
    
    
    
    38.22
    
    
    
    41.07Other
    
    
    1.72
    
    
    
    2.57
    
    
    
    1.98100.00
    %
    
    
    100.00
    %
    
    
    100.00
    %
 General and administrative costs increased by $15,559 from 2002 to 2003. The
increase was caused primarily by increased costs for income tax preparation,
annual audit fees, accounting services and printing and mailing costs, as well
as additional incremental costs incurred to change auditors and maintain
regulatory compliance standards required of public registrants. 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) Depreciation expense was the same in both 2003 and 2002. Net income increased by $51,224 from 2002 to 2003 due to the increase in
revenues of $67,281 offset by the $15,559 increase in general and
administrative expenses and the $498 decrease in other income. Net income increased by $27,659 from 2001 to 2002 due to the increase in
revenues of $33,804 offset by the $3,193 increase in general and administrative
expenses and the $2,952 decrease in other income. Recent Accounting Pronouncements In November 2002, the Financial Accounting Standards Board (FASB) issued
Interpretation No. 45, Guarantors Accounting and Disclosure Requirements for
Guarantees, Including Indirect Guarantees of Indebtedness of Others
(Interpretation 45), an interpretation of FASB Statements No. 5, 57 and 107
and rescission of FASB Interpretation No. 34. Interpretation 45 elaborates on
the disclosures to be made by a guarantor in its interim and annual financial
statements about its obligations under certain guarantees that it has issued.
It also clarifies that a guarantor is required to recognize, at the inception
of a guarantee, a liability for the fair value of the obligation undertaken in
issuing the guarantee. Interpretation 45s initial recognition and initial
measurement provisions are effective on a prospective basis to guarantees
issued or modified after December 31, 2002. The disclosure requirements are
effective for financial statements of interim or annual periods ending after
December 15, 2002. The Company adopted the disclosure requirements of
Interpretation 45 effective December 31, 2002 and has not entered into any
guarantees since December 31, 2002. In January 2003, the FASB issued Interpretation No. 46, Consolidation of
Variable Interest Entities (Interpretation 46), an interpretation of
Accounting Research Bulletin (ARB) No. 51. Interpretation 46, as amended,
addresses consolidation by business enterprises of variable interest entities.
Interpretation 46, as amended, applies immediately to variable interest
entities created after January 31, 2003, and to variable interest entities in
which an enterprise obtains an interest after that date. It applies in the
first year or interim period beginning after December 15, 2003, to variable
interest entities in which an enterprise holds a variable interest that it
acquired before February 1, 2003. In December 2003, the FASB issued
Interpretation No. 46R which modified certain provisions of Interpretation 46.
Interpretation No. 46R also modified the effective date of Interpretation 46.
Companies must apply Interpretation No. 46R by the end of the first reporting
period after December 15, 2003. The Company believes it has no variable
interest entities to which Interpretation 46 nor Interpretation No. 46R would
apply. 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 Partnerships 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. 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
Statement of Financial Accounting Standards No. (SFAS) 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 NUMBERIndependent
Auditors Report
    
    
    10Report of Independent Accountants
    
    
    11Report of Independent Public Accountants
    
    
    12Balance Sheets at December 31, 2003 and 2002
    
    
    13Statements of Income for the years ended
December 31, 2003, 2002 and 2001
    
    
    14Statements of Partners Equity for
the years ended December 31, 2003, 2002 and 2001
    
    
    15Statements of Cash Flows for the years ended
December 31, 2003, 2002 and 2001
    
    
    16Notes to Financial Statements
    
    
    17-21
 9




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(KPMG LETTERHEAD) INDEPENDENT AUDITORS REPORT To the Partners of
Del Taco Restaurant Properties I: We have audited the accompanying balance sheet of Del Taco Restaurant
Properties I (a California Limited Partnership) as of December 31, 2003, and
the related statements of income, partners equity and cash flows for the year
then ended. In connection with our audit of the financial statements, we have
also audited the 2003 information in the accompanying financial statement
schedule. These financial statements and financial statement schedule are the
responsibility of the Partnerships management. Our responsibility is to
express an opinion on the financial statements and financial statement schedule
based on our audit. We conducted our audit in accordance with auditing standards generally accepted
in the United States of America. 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 audit provides a
reasonable basis for our opinion. In our opinion, the 2003 financial statements referred to above present fairly,
in all material respects, the financial position of Del Taco Restaurant
Properties I as of December 31, 2003 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. Also, in our opinion, the
2003 information in the related financial statement schedule, when considered
in relation to the basic financial statements taken as a whole, presents
fairly, in all material respects, the information set forth therein. (-s- KPMG LLP) Orange County, California
February 13, 2004 10




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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 for the year 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 11




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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 LLP)
Orange County, California
February 15, 2002 12




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DEL TACO RESTAURANT PROPERTIES I BALANCE SHEETS December 31,2003
    
    2002ASSETSCURRENT ASSETS:Cash
    
    $
    259,810
    
    
    $
    227,271Receivable from Del Taco, Inc.
    
    
    66,193
    
    
    
    58,246Deposits
    
    
    926
    
    
    
    808Total current assets
    
    
    326,929
    
    
    
    286,325PROPERTY AND EQUIPMENT:Land and improvements
    
    
    1,852,482
    
    
    
    1,852,482Buildings and improvements
    
    
    1,013,134
    
    
    
    1,013,134Machinery and equipment
    
    
    1,136,026
    
    
    
    1,136,0264,001,642
    
    
    
    4,001,642Less  accumulated depreciation
    
    
    1,934,947
    
    
    
    1,891,1752,066,695
    
    
    
    2,110,467$
    2,393,624
    
    
    $
    2,396,792LIABILITIES AND PARTNERS EQUITYCURRENT LIABILITIES:Payable to limited partners
    
    $
    75,514
    
    
    $
    60,029Accounts payable
    
    
    2,207
    
    
    
    2,330Total current liabilities
    
    
    77,721
    
    
    
    62,359PARTNERS EQUITY:Limited partners
    
    
    2,052,646
    
    
    
    2,070,991General partner-Del Taco, Inc.
    
    
    263,257
    
    
    
    263,4422,315,903
    
    
    
    2,334,433$
    2,393,624
    
    
    $
    2,396,792
 See accompanying notes to financial statements. 13




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DEL TACO RESTAURANT PROPERTIES I STATEMENTS OF INCOME Year Ended December 31,2003
    
    2002
    
    2001RENTAL REVENUES:
    
    $
    738,302
    
    
    $
    671,021
    
    
    $
    637,217EXPENSES:General and administrative
    
    
    68,221
    
    
    
    52,662
    
    
    
    49,469Depreciation
    
    
    43,772
    
    
    
    43,772
    
    
    
    43,772Operating income
    
    
    626,309
    
    
    
    574,587
    
    
    
    543,976OTHER INCOME:Interest
    
    
    2,162
    
    
    
    2,660
    
    
    
    5,387Other
    
    
    1,225
    
    
    
    1,225
    
    
    
    1,450Net income
    
    $
    629,696
    
    
    $
    578,472
    
    
    $
    550,813Net income per limited
partnership unit
    
    $
    71.24
    
    
    $
    65.44
    
    
    $
    62.31Number of units used in computing
per unit amounts
    
    
    8,751
    
    
    
    8,751
    
    
    
    8,751
 See accompanying notes to financial statements. 14




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DEL TACO RESTAURANT PROPERTIES I STATEMENTS OF PARTNERS EQUITY Years ended
December 31, 2003, 2002 and 2001 Limited Partners
    
    GeneralUnits
    
    Amount
    
    Partner
    
    TotalBalance, December 31, 2000
    
    
    8,751
    
    
    $
    2,127,036
    
    
    $
    264,007
    
    
    $
    2,391,043Net income
    
    
    
    
    
    
    545,305
    
    
    
    5,508
    
    
    
    550,813Cash distributions
    
    
    
    
    
    
    (570,017
    )
    
    
    (5,757
    )
    
    
    (575,774
    )Balance, December 31, 2001
    
    
    8,751
    
    
    
    2,102,324
    
    
    
    263,758
    
    
    
    2,366,082Net income
    
    
    
    
    
    
    572,687
    
    
    
    5,785
    
    
    
    578,472Cash distributions
    
    
    
    
    
    
    (604,020
    )
    
    
    (6,101
    )
    
    
    (610,121
    )Balance, December 31, 2002
    
    
    8,751
    
    
    
    2,070,991
    
    
    
    263,442
    
    
    
    2,334,433Net income
    
    
    
    
    
    
    623,399
    
    
    
    6,297
    
    
    
    629,696Cash distributions
    
    
    
    
    
    
    (641,744
    )
    
    
    (6,482
    )
    
    
    (648,226
    )Balance, December 31, 2003
    
    
    8,751
    
    
    $
    2,052,646
    
    
    $
    263,257
    
    
    $
    2,315,903
 See accompanying notes to financial statements. 15




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DEL TACO RESTAURANT PROPERTIES I STATEMENTS OF CASH FLOWS Year Ended December 31,2003
    
    2002
    
    2001CASH FLOWS FROM OPERATING ACTIVITIES:Net income
    
    $
    629,696
    
    
    $
    578,472
    
    
    $
    550,813Adjustments to reconcile net income to net
cash provided by operating activities:Depreciation
    
    
    43,772
    
    
    
    43,772
    
    
    
    43,772Changes in operating assets and liabilities:Increase in receivable from Del Taco, Inc.
    
    
    (7,947
    )
    
    
    (2,107
    )
    
    
    (2,808
    )(Increase) decrease in deposits
    
    
    (118
    )
    
    
    (208
    )
    
    
    276Increase in payable to limited partners
    
    
    15,485
    
    
    
    13,736
    
    
    
    4,356Decrease in accounts payable
    
    
    (123
    )
    
    
    (7,126
    )
    
    
    (697
    )Net cash provided by operating activities
    
    
    680,765
    
    
    
    626,539
    
    
    
    595,712CASH FLOWS FROM FINANCING ACTIVITIES:Cash distributions to partners
    
    
    (648,226
    )
    
    
    (610,121
    )
    
    
    (575,774
    )Net increase in cash
    
    
    32,539
    
    
    
    16,418
    
    
    
    19,938Beginning cash balance
    
    
    227,271
    
    
    
    210,853
    
    
    
    190,915Ending cash balance
    
    $
    259,810
    
    
    $
    227,271
    
    
    $
    210,853
 See accompanying notes to financial statements. 16




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DEL TACO RESTAURANT PROPERTIES I 
 NOTES TO FINANCIAL STATEMENTS December 31, 2003 and 2002 NOTE 1  ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The Partnership:Del Taco Restaurant Properties I, a California limited
partnership (the 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 or Del Taco), 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 No. (SFAS) 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 November 2002, the Financial Accounting
Standards Board (FASB) issued Interpretation No. 45, Guarantors Accounting
and Disclosure Requirements for Guarantees, Including Indirect Guarantees of
Indebtedness of Others (Interpretation 45), an interpretation of FASB
Statements No. 5, 57 and 107 and rescission of FASB Interpretation No. 34.
Interpretation 45 elaborates on the disclosures to be made by a guarantor in
its interim and annual financial statements about its obligations under certain
guarantees that it has issued. It also clarifies that a guarantor is required
to recognize, at the inception of a guarantee, a liability for the fair value
of the obligation undertaken in issuing the guarantee. Interpretation 45s
initial recognition and initial measurement provisions are effective on a
prospective basis to guarantees issued or modified after December 31, 2002.
The disclosure requirements are effective for financial statements of interim
or annual periods ending after December 15, 2002. The Company adopted the
disclosure requirements of Interpretation 45 effective December 31, 2002 and
has not entered into any guarantees since December 31, 2002. In January 2003, the FASB issued Interpretation No. 46, Consolidation of
Variable Interest Entities (Interpretation 46), an interpretation of
Accounting Research Bulletin (ARB) No. 51. Interpretation 46, as amended,
addresses consolidation by business enterprises of variable interest entities.
Interpretation 46, as amended, applies immediately to variable interest
entities created after January 31, 2003, and to variable interest entities in
which an enterprise obtains an interest after that date. It applies in the
first year or interim period beginning after December 15, 2003, to variable
interest entities in which an enterprise holds a variable interest that it
acquired before February 1, 2003. In December 2003, the FASB issued
Interpretation No. 46R which modified certain provisions of Interpretation 46.
Interpretation No. 46R also modified the effective date of Interpretation 46. 17




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DEL TACO RESTAURANT PROPERTIES I
NOTES TO FINANCIAL STATEMENTS  CONTINUED
December 31, 2003 and 2002 NOTE 1  ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES  (Continued) Companies must apply Interpretation No. 46R by the end of the first reporting
period after December 15, 2003. The Company believes it has no variable
interest entities to which Interpretation 46 nor Interpretation No. 46R would
apply. 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 accounting principles generally accepted in the United States of America
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 rental revenues for the three years ended December 31, 2003.
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 is to 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 are to be
allocated one percent to the General Partner and 99 percent to the limited
partners. 18




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DEL TACO RESTAURANT PROPERTIES I
NOTES TO FINANCIAL STATEMENTS  CONTINUED
December 31, 2003 and 2002 Partnership gains from any sale or refinancing are to be allocated one percent
to the General Partner and 99 percent to the limited partners until allocated
gains and profits equal losses. Additional gains are to 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. NOTE 3  LEASING ACTIVITIES The Partnership leases certain properties for operation of restaurants to Del
Taco 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, 2003, 2002
and 2001, one of which has been subleased to a Del Taco franchisee for each of
the three years ended December 31, 2003. The five restaurants operated by Del Taco, for which the Partnership is the
lessor, had combined, unaudited sales of $5,085,592, $4,658,176 and $4,390,347
and unaudited net income of $399,920, $327,169 and $279,518 for the years ended
December 31, 2003, 2002 and 2001, 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 $1,066,924, $933,667 and $919,794 for the years
ended December 31, 2003, 2002 and 2001, respectively. NOTE 4  RELATED PARTIES The receivable from Del Taco consists of rent accrued for the month of December
2003. The rent receivable was collected in January 2004. The General Partner received $6,482 in distributions relating to its one
percent interest in the Partnership for the year ended December 31, 2003. Del Taco 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 for operation under the Del Taco trade name. The General Partner provides certain minimal managerial and accounting services
to the Partnership at no cost. 19




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DEL TACO RESTAURANT PROPERTIES I
NOTES TO FINANCIAL STATEMENTS  CONTINUED
December 31, 2003 and 2002 NOTE 5  INCOME TAXES The Partnership is not subject to income taxes because its income is taxed
directly to the General Partner and limited partners. The reconciling items
presented in the table below are the only items that create a difference
between the tax basis and reported amounts of the Partnerships assets and
liabilities. A reconciliation of financial statement net income to taxable income for each
of the periods is as follows: 2003
    
    2002
    
    2001Net income per financial statements
    
    $
    629,696
    
    
    $
    578,472
    
    
    $
    550,813Tax depreciation under
book depreciation
    
    
    11,642
    
    
    
    5,644
    
    
    
    1,314Taxable income
    
    $
    641,338
    
    
    $
    584,116
    
    
    $
    552,127
 A reconciliation of partnership equity per the financial statements to
partners equity for tax purposes as of December 31, 2003, is as follows
(unaudited): Partners equity per financial statements
    
    $
    2,315,903Issue costs of limited partnership units
capitalized for tax purposes
    
    
    637,325Excess tax depreciation
    
    
    (120,740
    )Other
    
    
    235Partners equity for tax purposes
    
    $
    2,832,723
 20




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DEL TACO RESTAURANT PROPERTIES I
NOTES TO FINANCIAL STATEMENTS  CONTINUED
December 31, 2003 and 2002 NOTE 6  CASH DISTRIBUTIONS TO LIMITED PARTNERS Cash distributions paid to limited partners for the three years ended December
31, 2003 were as follows: Cash
    
    Weighted
    
    Number of UnitsDistributions per
    
    Average Number
    
    Outstanding atLimited Partnership
    
    of Units
    
    the End ofQuarter Ended
    
    Unit
    
    Outstanding
    
    QuarterDecember 31, 2000
    
    $
    16.29
    
    
    
    8,751
    
    
    
    8,751March 31, 2001
    
    
    15.14
    
    
    
    8,751
    
    
    
    8,751June 30, 2001
    
    
    15.79
    
    
    
    8,751
    
    
    
    8,751September 30, 2001
    
    
    17.92
    
    
    
    8,751
    
    
    
    8,751Total paid in 2001
    
    $
    65.14December 31, 2001
    
    $
    18.05
    
    
    
    8,751
    
    
    
    8,751March 31, 2002
    
    
    14.88
    
    
    
    8,751
    
    
    
    8,751June 30, 2002
    
    
    17.41
    
    
    
    8,751
    
    
    
    8,751September 30, 2002
    
    
    18.68
    
    
    
    8,751
    
    
    
    8,751Total paid in 2002
    
    $
    69.02December 31, 2002
    
    $
    18.35
    
    
    
    8,751
    
    
    
    8,751March 31, 2003
    
    
    15.81
    
    
    
    8,751
    
    
    
    8,751June 30, 2003
    
    
    18.85
    
    
    
    8,751
    
    
    
    8,751September 30, 2003
    
    
    20.32
    
    
    
    8,751
    
    
    
    8,751Total paid in 2003
    
    $
    73.33
 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, 2003
amounted to $20.28 per limited partnership unit and were paid in January 2004. NOTE 7  RESULTS BY QUARTER (UNAUDITED) First
    
    Second
    
    Third
    
    FourthQuarter
    
    Quarter
    
    Quarter
    
    QuarterYear ended December 31, 2003:Rental revenues
    
    $
    169,874
    
    
    $
    185,229
    
    
    $
    188,957
    
    
    $
    194,242Net income
    
    
    127,065
    
    
    
    160,181
    
    
    
    169,607
    
    
    
    172,843Net income per limited partnership
unit
    
    
    14.37
    
    
    
    18.12
    
    
    
    19.19
    
    
    
    19.56Year ended December 31, 2002:Rental revenues
    
    $
    160,122
    
    
    $
    166,877
    
    
    $
    171,582
    
    
    $
    172,440Net income
    
    
    127,211
    
    
    
    142,215
    
    
    
    155,047
    
    
    
    153,999Net income per limited partnership
unit
    
    
    14.39
    
    
    
    16.09
    
    
    
    17.54
    
    
    
    17.42
 21




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Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure Refer to Forms 8-k filed on April 17, 2003 and May 13, 2003. 
 Item 9A. Controls and Procedures  (a)
    
    Evaluation of disclosure controls and procedures:  As of the end of the period covered by this annual report, we
carried out an evaluation, under the supervision and with the
participation of our management, including our Chief Executive Officer
and Chief Financial Officer, of the effectiveness of the design and
operation of our disclosure controls and procedures. Based on that
evaluation, our Chief Executive Officer and Chief Financial Officer
have concluded that these disclosure controls and procedures are
effective in timely alerting them to material information relating to
the Company (including its subsidiaries) required to be included in our
periodic Securities and Exchange Commission filings.  (b)
    
    Changes in internal controls:  There were no significant changes in the Companys internal controls
over financial reporting that occurred during our most recent fiscal
quarter that materially affected, or is reasonably likely to materially
affect, our internal control over financial reporting.  (c)
    
    Asset-Backed issuers:  Not applicable. 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
    
    AgeKevin K. Moriarty
    
    Director, Chairman and Chief Executive Officer
    
    
    57C. Ronald Petty
    
    President
    
    
    59Robert J. Terrano
    
    Executive Vice President and Chief Financial Officer
    
    
    48James D. Stoops
    
    Executive Vice President, Operations
    
    
    51Janet D. Erickson
    
    Executive Vice President, Purchasing
    
    
    47Shirlene Lopez
    
    Executive Vice President, Operations Services
    
    
    39Michael L. Annis
    
    Vice President, Secretary and General Counsel
    
    
    57
 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 2004.  (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: 22




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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 1996-1998; President of Del Taco December 1998-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. 23




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##### Table of Contents



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. 
 Item 11. Executive Compensation 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 and Related Security Holder Matters  (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. 24




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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 2003, the following transactions occurred between the Partnership
and the General Partner pursuant to the terms of the partnership
agreement.  (1)
    
    The General Partner earned $6,297 as its one percent share of
the net income of the Partnership.(2)
    
    The General Partner received $6,482 in distributions relating
to its one percent interest in the Partnership.  (b)
    
    During 2003, 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 2003 for any amount in excess of $67,000.(d)
    
    Not applicable. 
 Item 14. Principal Accountant Fees and Services The following table presents fees for professional services rendered by KPMG
LLP and Pricewaterhouse Coopers LLP for the audit of the Companys annual
financial statements and other services for 2003 and 2002, respectively. 2003
    
    2002Audit Fees
    
    $
    8,375
    
    
    $
    10,000Audit-Related Fees
    
    
    0
    
    
    
    0Tax Fees
    
    
    13,000
    
    
    
    11,000All Other Fees
    
    
    0
    
    
    
    0Total
    
    $
    21,375
    
    
    $
    21,000
 The General Partner has considered whether the independent auditors provision
of tax services to the Company is compatible with the auditors independence.
Additionally, the General Partner approves all the audit and non-audit
services, and related fees, provided to the Partnership by the independent
auditors prior to the services being rendered. 25




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PART IV 
 Item 15. Exhibits, Financial Statements Schedules, and Reports on Form 8-K (a)(1)
    
    Financial StatementsIncluded in Part II of this report:Independent Auditors ReportBalance SheetsStatements of IncomeStatements of Partners EquityStatements of Cash FlowsNotes to Financial Statements(a)(2)
    
    Financial Statement SchedulesReport of Independent Public Accountants on Financial Statement ScheduleSchedule III  Real Estate and Accumulated DepreciationFinancial statement schedules other than those referred to above have
been omitted because they are not applicable or not required.(b)
    
    Reports on Form 8KNo reports on Form 8-K were filed during the last quarter of 2003.(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, 1982.31.1
    
    Kevin K. Moriartys Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 200231.2
    
    Robert J. Terranos Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 200232.1
    
    Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 26




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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- PRICEWATERCOOPERS LLP) PricewaterhouseCoopers LLP
Orange County, California
January 22, 2003 27




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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 LLP) Orange County, California
February 15, 2002 28




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DEL TACO RESTAURANT PROPERTIES I  SCHEDULE III
REAL ESTATE AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2003 Cost capitalized
    
    Gross amount atInitial cost
    
    subsequent to
    
    which carried atDescription
    
    Encumbrances
    
    to company
    
    acquisition
    
    close of periodLife on whichAccumulated
    
    Date of
    
    Date
    
    depreciation in latestLand
    
    Building &
    
    
    
    
    
    Land, buildings &
    
    depreciation
    
    construction
    
    acquired
    
    income statement(All Restaurants)
    
    
    
    
    
    & land
    
    Improve-
    
    Carrying
    
    improvements
    
    
    
    
    
    
    
    is computedimprovements
    
    ments
    
    costs
    
    TotalRialto, CA
    
    $
    
    
    
    $
    274,837
    
    
    $
    150,310
    
    
    $
    
    
    
    $
    425,147
    
    
    $
    118,529
    
    
    
    1984
    
    
    
    1984
    
    
    20 (LI), 35 (BI)Moreno Valley, CA
    
    
    
    
    
    
    353,557
    
    
    
    193,362
    
    
    
    
    
    
    
    546,919
    
    
    
    152,478
    
    
    
    1985
    
    
    
    1985
    
    
    20 (LI), 35 (BI)La Verne, CA
    
    
    
    
    
    
    452,423
    
    
    
    247,433
    
    
    
    
    
    
    
    699,856
    
    
    
    195,115
    
    
    
    1985
    
    
    
    1985
    
    
    20 (LI), 35 (BI)Rancho Cucamonga, CA
    
    
    
    
    
    
    293,817
    
    
    
    160,690
    
    
    
    
    
    
    
    454,507
    
    
    
    126,711
    
    
    
    1985
    
    
    
    1985
    
    
    20 (LI), 35 (BI)Sacramento, CA
    
    
    
    
    
    
    260,516
    
    
    
    142,478
    
    
    
    
    
    
    
    402,994
    
    
    
    112,355
    
    
    
    1985
    
    
    
    1985
    
    
    20 (LI), 35 (BI)Rancho Cucamonga, CA
    
    
    
    
    
    
    217,332
    
    
    
    118,861
    
    
    
    
    
    
    
    336,193
    
    
    
    93,733
    
    
    
    1985
    
    
    
    1985
    
    
    20 (LI), 35 (BI)$
    
    
    
    $
    1,852,482
    
    
    $
    1,013,134
    
    
    $
    
    
    
    $
    2,865,616
    
    
    $
    798,921
 AccumulatedRestaurants
    
    DepreciationBalances at December 31, 2000:
    
    $
    2,865,616
    
    
    $
    667,605Additions
    
    
    
    
    
    
    43,772Retirements
    
    
    
    
    
    
    Balances at December 31, 2001:
    
    
    2,865,616
    
    
    
    711,377Additions
    
    
    
    
    
    
    43,772Retirements
    
    
    
    
    
    
    Balances at December 31, 2002:
    
    
    2,865,616
    
    
    
    755,149Additions
    
    
    
    
    
    
    43,772Retirements
    
    
    
    
    
    
    Balances at December 31, 2003:
    
    $
    2,865,616
    
    
    $
    798,921
 The aggregate cost basis of Del Taco Restaurant Properties I real estate assets for Federal income tax purposes was $1,945,955 at December 31, 2003. See accompanying independent auditors report. 29




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##### Table of Contents



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 partnershipDel Taco, Inc.
General PartnerDate March 30, 2004
    
    Kevin K. MoriartyKevin K. Moriarty
Director, Chairman and Chief
Executive OfficerDate March 30, 2004
    
    Michael L. AnnisMichael L. Annis
Vice President, Secretary and
General CounselDate March 30, 2004
    
    Robert J. TerranoRobert J. Terrano
Executive Vice President and
Chief Financial Officer
 30




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##### Table of Contents



EXHIBIT INDEX Exhibit
    
    Description1.
    
    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, 1982.31.1
    
    Kevin K. Moriartys Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 200231.2
    
    Robert J. Terranos Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 200232.1
    
    Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002