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

QUARTERLY REPORT UNDER SECTION 13 OR 15(d)  OF THE
    SECURITIES EXCHANGE ACT OF 1934For the
    quarterly period ended March 31,
    2010ORo

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)  OF
    THE SECURITIES EXCHANGE ACT OF 1934For the transition period
    from          to   Commission file
    no. 0-16191
  DEL TACO RESTAURANT PROPERTIES
    I
  (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(Address of principal
    executive offices)

92630(Zip Code)    (949) 462-9300
 (Registrants telephone number, including area code)
   þ o
  o o
  Rule 12b-2
  Large
    accelerated
    filer o
    Accelerated
    filer o
    Non-accelerated
    filer þ
    Smaller
    reporting
    company o   DOCUMENTS
    INCORPORATED BY REFERENCE
  Form S-11




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DEL TACO RESTAURANT PROPERTIES I
 PAGE NUMBERPART I. FINANCIAL INFORMATIONItem 1. Financial StatementsCondensed Balance Sheets at March 31, 2010 (Unaudited) and
December 31, 2009
    
    
    3Condensed Statements of Income for the three months ended
March 31, 2010 and 2009 (Unaudited)
    
    
    4Condensed Statements of Cash Flows for the three months ended
March 31, 2010 and 2009 (Unaudited)
    
    
    5Notes to Condensed Financial Statements (Unaudited)
    
    
    6Item 2. Managements Discussion and Analysis of
Financial Condition and Results of Operations
    
    
    9Item 3. Quantitative and Qualitative Disclosures About Market Risk
    
    
    11Item 4T. Controls and Procedures
    
    
    11PART II. OTHER INFORMATIONItem 6. Exhibits
    
    
    12SIGNATURE
    
    
    13EX-31.1EX-31.2EX-32.1
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PART I. FINANCIAL INFORMATION
 
 ITEM I.
    
    FINANCIAL STATEMENTS
 DEL TACO RESTAURANT PROPERTIES I
 
 CONDENSED BALANCE SHEETS
 March 31,
    
    
    December 31,2010
    
    
    2009(Unaudited)ASSETSCURRENT ASSETS:Cash
    
    $
    191,956
    
    
    $
    218,535Receivable from Del Taco LLC
    
    
    64,769
    
    
    
    63,552Deposits
    
    
    1,236
    
    
    
    1,302Total current assets
    
    
    257,961
    
    
    
    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
    
    
    2,142,168
    
    
    
    2,134,9311,936,677
    
    
    
    1,943,914$
    2,194,638
    
    
    $
    2,227,303LIABILITIES AND PARTNERS EQUITYCURRENT LIABILITIES:Payable to limited partners
    
    $
    41,401
    
    
    $
    39,926Accounts payable
    
    
    11,529
    
    
    
    8,463Total current liabilities
    
    
    52,930
    
    
    
    48,389PARTNERS EQUITY:Limited partners; 8,751 units outstanding at March 31, 2010
and December 31, 2009
    
    
    1,880,194
    
    
    
    1,917,028General partner-Del Taco LLC
    
    
    261,514
    
    
    
    261,8862,141,708
    
    
    
    2,178,914$
    2,194,638
    
    
    $
    2,227,303
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DEL TACO RESTAURANT PROPERTIES I
 
 CONDENSED STATEMENTS OF INCOME
 (Unaudited)
 Three Months EndedMarch 31,2010
    
    
    2009RENTAL REVENUES
    
    $
    179,762
    
    
    $
    174,976EXPENSES:General and administrative
    
    
    36,310
    
    
    
    36,742Depreciation
    
    
    7,237
    
    
    
    7,23743,547
    
    
    
    43,979Operating income
    
    
    136,215
    
    
    
    130,997OTHER INCOME:Interest
    
    
    63
    
    
    
    75Other
    
    
    125
    
    
    
    75Net income
    
    $
    136,403
    
    
    $
    131,147Net income per limited
partnership unit (Note 2)
    
    $
    15.43
    
    
    $
    14.84Number of units used in computing
per unit amounts
    
    
    8,751
    
    
    
    8,751
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DEL TACO RESTAURANT PROPERTIES I
 
 CONDENSED STATEMENTS OF CASH FLOWS
 (Unaudited)
 Three Months EndedMarch 31,2010
    
    
    2009CASH FLOWS FROM OPERATING ACTIVITIES:Net income
    
    $
    136,403
    
    
    $
    131,147Adjustments to reconcile net income to net
cash provided by operating activities:Depreciation
    
    
    7,237
    
    
    
    7,237Changes in operating assets and liabilities:Receivable from Del Taco LLC
    
    
    (1,217
    )
    
    
    (491
    )Deposits
    
    
    66
    
    
    
    62Payable to limited partners
    
    
    1,475
    
    
    
    1,436Accounts payable
    
    
    3,066
    
    
    
    20,727Net cash provided by operating activities
    
    
    147,030
    
    
    
    160,118CASH FLOWS FROM FINANCING ACTIVITIES:Cash distributions to partners
    
    
    (173,609
    )
    
    
    (171,483
    )Net decrease in cash
    
    
    (26,579
    )
    
    
    (11,365
    )Beginning cash balance
    
    
    218,535
    
    
    
    207,772Ending cash balance
    
    $
    191,956
    
    
    $
    196,407
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DEL TACO RESTAURANT PROPERTIES I
 
 NOTES TO CONDENSED FINANCIAL STATEMENTS
 FOR THE THREE MONTHS ENDED MARCH 31, 2010
 UNAUDITED
 NOTE 1  BASIS OF PRESENTATION
  NOTE 2  NET INCOME PER LIMITED PARTNERSHIP UNIT
   NOTE 3  LEASING ACTIVITIES
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DEL TACO RESTAURANT PROPERTIES I
 NOTES TO CONDENSED FINANCIAL STATEMENTS  CONTINUED
 FOR THE THREE MONTHS ENDED MARCH 31, 2010
 UNAUDITED
 NOTE 3  LEASING ACTIVITIES  continued
  NOTE 4  TRANSACTIONS WITH DEL TACO
    NOTE 5  DISTRIBUTIONS
  NOTE 6
 PAYABLE TO LIMITED PARTNERS
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DEL TACO RESTAURANT PROPERTIES I
 NOTES TO CONDENSED FINANCIAL STATEMENTS  CONTINUED
 FOR THE THREE MONTHS ENDED MARCH 31, 2010
 UNAUDITED
 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 EndedMarch 31,2010
    
    
    2009Riverside Avenue, Rialto, CA
    
    $
    28,279
    
    
    $
    27,222Elden Avenue, Moreno Valley, CA
    
    
    24,542
    
    
    
    23,088Foothill Boulevard, La Verne, CA
    
    
    40,635
    
    
    
    40,880Baseline & Archibald, Rancho Cucamonga, CA
    
    
    27,652
    
    
    
    28,237Elkhorn Boulevard, Sacramento, CA
    
    
    25,291
    
    
    
    23,404Haven Avenue, Rancho Cucamonga, CA
    
    
    33,363
    
    
    
    32,145Total
    
    $
    179,762
    
    
    $
    174,976
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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 EndedMarch 31,2010
    
    
    2009Accounting fees
    
    
    78.62
    %
    
    
    80.93
    %Distribution of information
to limited partners
    
    
    21.38
    
    
    
    19.07100.00
    %
    
    
    100.00
    %
   Significant Recent Accounting Pronouncements
  Off-Balance Sheet Arrangements
  Critical Accounting Policies and Estimates
  Revenue Recognition:
 Property and Equipment:
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Item 2.
    
    Managements Discussion and Analysis of Financial
Condition and Results of Operations  continued
  
 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:
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PART II. OTHER INFORMATION
  
 Item 6.
    
    Exhibits
 31.1
    
    Paul J. B. Murphy, IIIs Certification pursuant to Section 302 of
the Sarbanes-Oxley Act of 200231.2
    
    Steven L. Brakes Certification pursuant to Section 302 of the
Sarbanes-Oxley Act of 200232.1
    
    Certification pursuant to subsections (a) and (b) of Section 1350,
Chapter 63 of Title 18, as adopted pursuant to Section 906 of the Sarbanes-Oxley
Act of 2002
 
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SIGNATURE
  DEL TACO RESTAURANT PROPERTIES I
(a California limited partnership)
RegistrantDel Taco LLC
General PartnerDate: May 17, 2010
    
    /s/ Steven L. Brake

Steven L. BrakeChief Financial Officer
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EXHIBIT INDEX
 Exhibit No.
    
    Description31.1
    
    Paul J. B. Murphy, IIIs Certification pursuant to Section 302 of
the Sarbanes-Oxley Act of 200231.2
    
    Steven L. Brakes Certification pursuant to Section 302 of the
Sarbanes-Oxley Act of 200232.1
    
    Certification pursuant to subsections (a) and (b) of Section 1350,
Chapter 63 of Title 18, as adopted pursuant to Section 906 of the Sarbanes-Oxley
Act of 2002
 -14-