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UNITED STATES SECURITIES AND
    EXCHANGE COMMISSIONWashington, D.C.
    20549
  Form 10-Q
  (Mark One)þ

QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES
    EXCHANGE ACT OF 1934For the quarterly period ended
    September 30,
    2010ORo

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
    SECURITIES EXCHANGE ACT OF 1934For the transition period
    from          to   Commission file
    no. 0-16191
  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)   (949) 462-9300
 (Registrants telephone number, including area code)
  þ o
  Regulation S-T o o
  12b-2
  Large
    accelerated
    filer o
    Accelerated
    filer o
    Non-accelerated
    filer þ
    Smaller
    reporting
    company o   Rule 12b-2 o þ
  DOCUMENTS
    INCORPORATED BY REFERENCE
  Form S-11




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DEL TACO RESTAURANT PROPERTIES I
 PAGE NUMBERPART I. FINANCIAL INFORMATIONItem 1. Financial Statements
    
    
    3Condensed Balance Sheets at September 30, 2010 (Unaudited) and
December 31, 2009
    
    
    3Condensed Statements of Income for the three and nine months ended
September 30, 2010 and 2009 (Unaudited)
    
    
    4Condensed Statements of Cash Flows for the nine months ended
September 30, 2010 and 2009 (Unaudited)
    
    
    5Notes to Condensed Financial Statements (Unaudited)
    
    
    6Item 2. Managements Discussion and Analysis of
Financial Condition and Results of Operations
    
    
    9Item 3. Quantitative and Qualitative Disclosures About Market Risk
    
    
    11Item 4T. Controls and Procedures
    
    
    11PART II. OTHER INFORMATIONItem 6. Exhibits
    
    
    12SIGNATURE
    
    
    13EX-31.1EX-31.2EX-32.1
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PART I. FINANCIAL INFORMATION
 
 ITEM I. FINANCIAL STATEMENTS
 DEL TACO RESTAURANT PROPERTIES I
 
 CONDENSED BALANCE SHEETS
 September 30,
    
    
    December 31,2010
    
    
    2009(Unaudited)ASSETSCURRENT ASSETS:Cash
    
    $
    236,421
    
    
    $
    218,535Receivable from Del Taco LLC
    
    
    63,449
    
    
    
    63,552Deposits
    
    
    1,493
    
    
    
    1,302Total current assets
    
    
    301,363
    
    
    
    283,389PROPERTY AND EQUIPMENT:Land and improvements
    
    
    1,929,685
    
    
    
    1,929,685Buildings and improvements
    
    
    1,013,134
    
    
    
    1,013,134Machinery and equipment
    
    
    1,136,026
    
    
    
    1,136,0264,078,845
    
    
    
    4,078,845Lessaccumulated depreciation
    
    
    2,156,642
    
    
    
    2,134,9311,922,203
    
    
    
    1,943,914$
    2,223,566
    
    
    $
    2,227,303LIABILITIES AND PARTNERS EQUITYCURRENT LIABILITIES:Payable to limited partners
    
    $
    43,886
    
    
    $
    39,926Accounts payable
    
    
    12,478
    
    
    
    8,463Total current liabilities
    
    
    56,364
    
    
    
    48,389PARTNERS EQUITY:Limited partners; 8,751 units outstanding at September 30, 2010
and December 31, 2009
    
    
    1,905,433
    
    
    
    1,917,028General partner-Del Taco LLC
    
    
    261,769
    
    
    
    261,8862,167,202
    
    
    
    2,178,914$
    2,223,566
    
    
    $
    2,227,303
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DEL TACO RESTAURANT PROPERTIES I
 
 CONDENSED STATEMENTS OF INCOME
 (Unaudited)
 Three Months Ended
    
    
    Nine Months EndedSeptember 30,
    
    
    September 30,2010
    
    
    2009
    
    
    2010
    
    
    2009RENTAL REVENUES
    
    $
    193,287
    
    
    $
    189,683
    
    
    $
    559,141
    
    
    $
    549,799EXPENSES:General and administrative
    
    
    11,914
    
    
    
    13,140
    
    
    
    58,561
    
    
    
    63,052Depreciation
    
    
    7,237
    
    
    
    7,237
    
    
    
    21,711
    
    
    
    21,71119,151
    
    
    
    20,377
    
    
    
    80,272
    
    
    
    84,763Operating income
    
    
    174,136
    
    
    
    169,306
    
    
    
    478,869
    
    
    
    465,036OTHER INCOME:Interest
    
    
    67
    
    
    
    64
    
    
    
    192
    
    
    
    207Other
    
    
    125
    
    
    
    175
    
    
    
    750
    
    
    
    625Net income
    
    $
    174,328
    
    
    $
    169,545
    
    
    $
    479,811
    
    
    $
    465,868Net income per limited
partnership unit (Note 2)
    
    $
    19.72
    
    
    $
    19.18
    
    
    $
    54.28
    
    
    $
    52.70Number of units used in computing
per unit amounts
    
    
    8,751
    
    
    
    8,751
    
    
    
    8,751
    
    
    
    8,751
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DEL TACO RESTAURANT PROPERTIES I
 
 CONDENSED STATEMENTS OF CASH FLOWS
 (Unaudited)
 Nine Months EndedSeptember 30,2010
    
    
    2009CASH FLOWS FROM OPERATING ACTIVITIES:Net income
    
    $
    479,811
    
    
    $
    465,868Adjustments to reconcile net income to net
cash provided by operating activities:Depreciation
    
    
    21,711
    
    
    
    21,711Changes in operating assets and liabilities:Receivable from Del Taco LLC
    
    
    103
    
    
    
    (1,304
    )Deposits
    
    
    (191
    )
    
    
    (258
    )Payable to limited partners
    
    
    3,960
    
    
    
    6,108Accounts payable
    
    
    4,015
    
    
    
    8,977Net cash provided by operating activities
    
    
    509,409
    
    
    
    501,102CASH FLOWS FROM FINANCING ACTIVITIES:Cash distributions to partners
    
    
    (491,523
    )
    
    
    (484,150
    )Net change in cash
    
    
    17,886
    
    
    
    16,952Beginning cash balance
    
    
    218,535
    
    
    
    207,772Ending cash balance
    
    $
    236,421
    
    
    $
    224,724
  -5-




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DEL TACO RESTAURANT PROPERTIES I
 
 NOTES TO CONDENSED FINANCIAL STATEMENTS
 FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2010
 UNAUDITED
 NOTE 1  BASIS OF PRESENTATION
  NOTE 2  NET INCOME PER LIMITED PARTNERSHIP UNIT
   NOTE 3  LEASING ACTIVITIES
  -6-




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DEL TACO RESTAURANT PROPERTIES I
 NOTES TO CONDENSED FINANCIAL STATEMENTS  CONTINUED
 FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2010
 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 NINE MONTHS ENDED SEPTEMBER 30, 2010
 UNAUDITED
 NOTE 6  PAYABLE TO LIMITED PARTNERS
  NOTE 7  CONCENTRATION OF RISK
   -8-




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Item 2. Managements Discussion and Analysis of Financial Condition and Results of Operations
 Liquidity and Capital Resources
   Results of Operations
   Three Months Ended
    
    
    Nine Months EndedSeptember 30,
    
    
    September 30,2010
    
    
    2009
    
    
    2010
    
    
    2009Riverside Avenue, Rialto, CA
    
    $
    31,878
    
    
    $
    29,514
    
    
    $
    90,029
    
    
    $
    84,834Elden Avenue, Moreno Valley, CA
    
    
    25,644
    
    
    
    25,825
    
    
    
    75,702
    
    
    
    73,937Foothill Boulevard, La Verne, CA
    
    
    43,838
    
    
    
    43,686
    
    
    
    126,736
    
    
    
    128,154Baseline & Archibald, Rancho Cucamonga,
CA
    
    
    29,191
    
    
    
    29,774
    
    
    
    84,991
    
    
    
    87,814Elkhorn Boulevard, Sacramento, CA
    
    
    28,011
    
    
    
    25,329
    
    
    
    79,526
    
    
    
    73,790Haven Avenue, Rancho Cucamonga, CA
    
    
    34,725
    
    
    
    35,555
    
    
    
    102,157
    
    
    
    101,270Total
    
    $
    193,287
    
    
    $
    189,683
    
    
    $
    559,141
    
    
    $
    549,799
  -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
    
    
    Nine Months EndedSeptember 30,
    
    
    September 30,2010
    
    
    2009
    
    
    2010
    
    
    2009Accounting fees
    
    
    59.60
    %
    
    
    41.77
    %
    
    
    71.30
    %
    
    
    67.40
    %Distribution of information
to limited partners
    
    
    40.40
    %
    
    
    58.23
    %
    
    
    28.70
    %
    
    
    32.60
    %100.00
    %
    
    
    100.00
    %
    
    
    100.00
    %
    
    
    100.00
    %
   Significant Recent Accounting Pronouncements
  Off-Balance Sheet Arrangements
  Critical Accounting Policies and Estimates
  -10-




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Item 2. Managements Discussion and Analysis of Financial Condition and Results of Operations  continued
 Revenue Recognition:
 Property and Equipment:
  
 Item 3. Quantitative and Qualitative Disclosures About Market Risk.
  
 Item 4T. Controls and Procedures
 (a)
    
    Evaluation of disclosure controls and procedures:
 As of the end of the period covered by this quarterly report, we carried out an
evaluation, under the supervision and with the participation of the Companys management,
including the Companys Chief Executive Officer and Chief Financial Officer, of the
effectiveness of the design and operation of the Companys disclosure controls and
procedures. Based upon that evaluation, the Chief Executive Officer and Chief Financial
Officer concluded that the Companys disclosure controls and procedures are effective in
timely alerting them to material information relating to the Company required to be
included in the Companys periodic Securities and Exchange Commission filings.
 (b)
    
    Changes in internal controls:
 There were no significant changes in the Companys internal controls over financial
reporting that occurred during our most recent fiscal quarter that materially affected, or is
reasonably likely to materially affect, our internal control over financial reporting.
 (c)
    
    Asset-backed issuers:
 Not applicable.
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PART II. OTHER INFORMATION
  
  (a)
    
    Exhibits
 31.1
    
    Paul J. B. Murphy, IIIs Certification pursuant to Section 302 of
the Sarbanes-Oxley Act of 200231.2
    
    Steven L. Brakes Certification pursuant to Section 302 of the
Sarbanes-Oxley Act of 200232.1
    
    Certification pursuant to subsections (a) and (b) of Section 1350,
Chapter 63 of Title 18, as adopted pursuant to Section 906 of the Sarbanes-Oxley
Act of 2002
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SIGNATURE
  DEL TACO RESTAURANT PROPERTIES I
(a California limited partnership)
Registrant
Del Taco LLC
General PartnerDate:  November 15, 2010
    /s/ Steven L. BrakeSteven L. BrakeChief Financial Officer -13-




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EXHIBIT INDEX
 Exhibit
    
    Description31.1
    
    Paul J. B. Murphy, IIIs Certification pursuant to Section 302 of
the Sarbanes-Oxley Act of 200231.2
    
    Steven L. Brakes Certification pursuant to Section 302 of the
Sarbanes-Oxley Act of 200232.1
    
    Certification pursuant to subsections (a) and (b) of Section 1350,
Chapter 63 of Title 18, as adopted pursuant to Section 906 of the Sarbanes-Oxley
Act of 2002
 -14-