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UNITED
    STATES
 SECURITIES
    AND EXCHANGE COMMISSION
 Washington, D.C.
    20549
 FORM
    10-Q
  (Mark
    one)
 x
    QUARTERLY
    REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
    OF 1934  For the quarterly
    period ended June 30, 2008.
  OR
  o
    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

95-3852699(State or other jurisdiction
    of
    incorporation or organization)

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

92630(Address of principal executive
    offices)

(Zip Code)   (949) 462-9300
 (Registrants
    telephone number, including area code)
  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 þ  No o
  Indicate by check
    mark whether the registrant is a large accelerated filer, an
    accelerated filer, a non-accelerated filer, or a smaller
    reporting company. See the definitions of large
    accelerated filer, accelerated filer and
    smaller reporting company in
    Rule 12b-2
    of the Exchange Act. (Check one):
  Large
    accelerated
    filer o
    Accelerated
    filer o
    Non-accelerated
    filer þ
    Smaller reporting
    company o (Do
    not check if a smaller reporting company)
  Indicate by check
    mark whether the registrant is a shell company (as defined in
    Rule 12b-2
    of the Exchange
    Act).  Yes o  No þ




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##### 



DEL TACO RESTAURANT PROPERTIES I
 PAGE NUMBERPART I. FINANCIAL INFORMATIONItem 1. Financial StatementsCondensed Balance Sheets at June 30, 2008 (Unaudited) and
December 31, 2007
    
    
    3Condensed Statements of Income for the three and six months ended
June 30, 2008 and 2007 (Unaudited)
    
    
    4Condensed Statements of Cash Flows for the six months ended
June 30, 2008 and 2007 (Unaudited)
    
    
    5Notes to Condensed Financial Statements (Unaudited)
    
    
    6Item 2. Managements Discussion and Analysis of
Financial Condition and Results of Operations
    
    
    9Item 3. Quantitative and Qualitative Disclosures About Market Risk
    
    
    11Item 4T. Controls and Procedures
    
    
    11PART II. OTHER INFORMATIONItem 1. Legal Proceedings
    
    
    12Item 6. Exhibits
    
    
    12SIGNATURE
    
    
    13EXHIBIT 31.1EXHIBIT 31.2EXHIBIT 32.1
  -2-




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PART I. FINANCIAL INFORMATION
 
 ITEM I. FINANCIAL STATEMENTS
 DEL TACO RESTAURANT PROPERTIES I
 
 CONDENSED BALANCE SHEETS
 June 30,
    
    
    December 31,2008
    
    
    2007(Unaudited)ASSETSCURRENT ASSETS:Cash
    
    $
    209,064
    
    
    $
    218,140Receivable from Del Taco LLC
    
    
    62,015
    
    
    
    62,093Deposits
    
    
    1,235
    
    
    
    986Total current assets
    
    
    272,314
    
    
    
    281,219PROPERTY AND EQUIPMENT:Land and improvements
    
    
    1,922,482
    
    
    
    1,852,482Buildings and improvements
    
    
    1,013,134
    
    
    
    1,013,134Machinery and equipment
    
    
    1,136,026
    
    
    
    1,136,0264,071,642
    
    
    
    4,001,642Lessaccumulated depreciation
    
    
    2,091,509
    
    
    
    2,077,0351,980,133
    
    
    
    1,924,607$
    2,252,447
    
    
    $
    2,205,826LIABILITIES AND PARTNERS EQUITYCURRENT LIABILITIES:Payable to limited partners
    
    $
    30,239
    
    
    $
    39,157Accounts payable
    
    
    13,870
    
    
    
    6,859Total current liabilities
    
    
    44,109
    
    
    
    46,016PARTNERS EQUITY:Limited partners; 8,751 units outstanding at June 30, 2008
and December 31, 2007
    
    
    1,946,158
    
    
    
    1,898,115General partner-Del Taco LLC
    
    
    262,180
    
    
    
    261,6952,208,338
    
    
    
    2,159,810$
    2,252,447
    
    
    $
    2,205,826
  -3-




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DEL TACO RESTAURANT PROPERTIES I
 
 CONDENSED STATEMENTS OF INCOME
 (Unaudited)
 Three Months Ended
    
    
    Six Months EndedJune 30,
    
    
    June 30,2008
    
    
    2007
    
    
    2008
    
    
    2007RENTAL REVENUES
    
    $
    185,959
    
    
    $
    181,721
    
    
    $
    369,864
    
    
    $
    355,055EXPENSES:General and administrative
    
    
    10,461
    
    
    
    13,075
    
    
    
    51,344
    
    
    
    53,442Depreciation
    
    
    7,237
    
    
    
    7,237
    
    
    
    14,474
    
    
    
    14,47417,698
    
    
    
    20,312
    
    
    
    65,818
    
    
    
    67,916Operating income
    
    
    168,261
    
    
    
    161,409
    
    
    
    304,046
    
    
    
    287,139OTHER INCOME:Interest
    
    
    415
    
    
    
    1,201
    
    
    
    1,069
    
    
    
    2,410Other
    
    
    1,775
    
    
    
    675
    
    
    
    2,250
    
    
    
    1,250Net income
    
    $
    170,451
    
    
    $
    163,285
    
    
    $
    307,365
    
    
    $
    290,799Net income per limited
partnership unit (Note 2)
    
    $
    19.28
    
    
    $
    18.47
    
    
    $
    34.77
    
    
    $
    32.90Number of units used in computing
per unit amounts
    
    
    8,751
    
    
    
    8,751
    
    
    
    8,751
    
    
    
    8,751
  -4-




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DEL TACO RESTAURANT PROPERTIES I
 
 CONDENSED STATEMENTS OF CASH FLOWS
 (Unaudited)
 Six Months EndedJune 30,2008
    
    
    2007CASH FLOWS FROM OPERATING ACTIVITIES:Net income
    
    $
    307,365
    
    
    $
    290,799Adjustments to reconcile net income to net
cash provided by operating activities:Depreciation
    
    
    14,474
    
    
    
    14,474Changes in operating assets and liabilities:Receivable from Del Taco LLC
    
    
    78
    
    
    
    (106
    )Deposits
    
    
    (249
    )
    
    
    145Payable to limited partners
    
    
    (8,918
    )
    
    
    (36,892
    )Accounts payable
    
    
    7,011
    
    
    
    (5,222
    )Net cash provided by operating activities
    
    
    319,761
    
    
    
    263,198CASH FLOWS FROM INVESTING ACTIVITIES:Purchase of land and improvements
    
    
    (70,000
    )
    
    
    CASH FLOWS FROM FINANCING ACTIVITIES:Cash distributions to partners
    
    
    (258,837
    )
    
    
    (326,329
    )Net decrease in cash
    
    
    (9,076
    )
    
    
    (63,131
    )Beginning cash balance
    
    
    218,140
    
    
    
    259,468Ending cash balance
    
    $
    209,064
    
    
    $
    196,337
  -5-




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DEL TACO RESTAURANT PROPERTIES I
 
 NOTES TO CONDENSED FINANCIAL STATEMENTS
 FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2008
 UNAUDITED
 NOTE 1
- BASIS OF PRESENTATION
  NOTE 2
- NET INCOME PER LIMITED PARTNERSHIP UNIT
   NOTE 3
- LEASING ACTIVITIES
  -6-




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DEL TACO RESTAURANT PROPERTIES I
 NOTES
TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
 FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2008
 UNAUDITED
 NOTE 3
- LEASING ACTIVITIES - continued
   NOTE 4
- TRANSACTIONS WITH DEL TACO
    NOTE 5
- DISTRIBUTIONS
  -7-




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DEL TACO RESTAURANT PROPERTIES I
 NOTES
TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
 FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2008
 UNAUDITED
 NOTE 6
- PAYABLE TO LIMITED PARTNERS
  NOTE 7
- CONCENTRATION OF RISK
   NOTE 8
- COMMITMENTS AND CONTINGENCIES
  -8-




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Item 2.
    
    Managements Discussion and Analysis of Financial Condition and Results of Operations
 Liquidity and Capital Resources
   Results of Operations
   Three Months Ended
    
    
    Six Months EndedJune 30,
    
    
    June 30,2008
    
    
    2007
    
    
    2008
    
    
    2007Riverside Avenue, Rialto, CA
    
    $
    28,663
    
    
    $
    28,558
    
    
    $
    56,467
    
    
    $
    57,339Elden Avenue, Moreno Valley, CA
    
    
    25,185
    
    
    
    26,333
    
    
    
    49,509
    
    
    
    51,931Foothill Boulevard, La Verne, CA
    
    
    43,950
    
    
    
    43,491
    
    
    
    88,256
    
    
    
    85,246Baseline & Archibald, Rancho Cucamonga,
CA
    
    
    29,793
    
    
    
    30,985
    
    
    
    58,859
    
    
    
    59,811Elkhorn Boulevard, Sacramento, CA
    
    
    22,401
    
    
    
    20,035
    
    
    
    44,084
    
    
    
    38,446Haven Avenue, Rancho Cucamonga, CA
    
    
    35,967
    
    
    
    32,319
    
    
    
    72,689
    
    
    
    62,282Total
    
    $
    185,959
    
    
    $
    181,721
    
    
    $
    369,864
    
    
    $
    355,055
  -9-




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Item 2.
    
    Managements Discussion and Analysis of Financial Condition and Results of Operations -
continued
  Percent of TotalGeneral & Administrative ExpenseThree Months Ended
    
    Six Months EndedJune 30,
    
    June 30,2008
    
    2007
    
    2008
    
    2007Accounting fees
    
    
    49.88
    %
    
    
    45.99
    %
    
    
    77.78
    %
    
    
    72.94
    %Distribution of information
to limited partners
    
    
    50.12
    %
    
    
    54.01
    %
    
    
    22.22
    %
    
    
    27.06
    %100.00
    %
    
    
    100.00
    %
    
    
    100.00
    %
    
    
    100.00
    %
   Significant Recent Accounting Pronouncements
  Off-Balance Sheet Arrangements
  Critical Accounting Policies and Estimates
  Revenue Recognition
  -10-




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Item 2.
    
    Managements Discussion and Analysis of Financial Condition and Results of Operations -
continued
 Property and Equipment:
   
 Item 3. Quantitative and Qualitative Disclosures About Market Risk.
  
 Item 4T. Controls and Procedures
 (a)
    
    Evaluation of disclosure controls and procedures:
  (b)
    
    Changes in internal controls:
  (c)
    
    Asset-backed issuers:
  -11-




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PART II. OTHER INFORMATION
  
   
  (a)
    
    Exhibits
 31.1
    
    Shirlene Lopezs Certification pursuant to Section 302 of the
Sarbanes-Oxley Act of 200231.2
    
    Steven L. Brakes Certification pursuant to Section 302 of the
Sarbanes-Oxley Act of 200232.1
    
    Certification pursuant to subsections (a) and (b) of Section 1350,
Chapter 63 of Title 18, as adopted pursuant to Section 906 of the Sarbanes-Oxley
Act of 2002
 -12-




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SIGNATURE
  DEL TACO RESTAURANT PROPERTIES I
(a California limited partnership)
Registrant
Del Taco LLC
General PartnerDate:  August 14, 2008
    /s/ Steven L. BrakeSteven L. BrakeTreasurer -13-




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EXHIBIT INDEX
 Exhibits
    
    Description31.1
    
    Shirlene Lopezs Certification pursuant to Section 302 of the
Sarbanes-Oxley Act of 200231.2
    
    Steven L. Brakes Certification pursuant to Section 302 of the
Sarbanes-Oxley Act of 200232.1
    
    Certification pursuant to subsections (a) and (b) of Section 1350,
Chapter 63 of Title 18, as adopted pursuant to Section 906 of the Sarbanes-Oxley
Act of 2002