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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 March 31, 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 March 31, 2008 (Unaudited) and December 31, 2007
    
    
    3Condensed Statements of Income for the three months ended March 31, 2008 and 2007 (Unaudited)
    
    
    4Condensed Statements of Cash Flows for the three months ended March 31, 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
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PART I. FINANCIAL INFORMATION
 
 ITEM I. FINANCIAL STATEMENTS
 DEL TACO RESTAURANT PROPERTIES I
 
 CONDENSED BALANCE SHEETS
 March 31,
    
    
    December 31,2008
    
    
    2007(Unaudited)ASSETSCURRENT ASSETS:Cash
    
    $
    200,934
    
    
    $
    218,140Receivable from Del Taco LLC
    
    
    63,857
    
    
    
    62,093Deposits
    
    
    1,296
    
    
    
    986Total current assets
    
    
    266,087
    
    
    
    281,219PROPERTY 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
    
    
    2,084,272
    
    
    
    2,077,0351,917,370
    
    
    
    1,924,607$
    2,183,457
    
    
    $
    2,205,826LIABILITIES AND PARTNERS EQUITYCURRENT LIABILITIES:Payable to limited partners
    
    $
    41,082
    
    
    $
    39,157Accounts payable
    
    
    19,635
    
    
    
    6,859Total current liabilities
    
    
    60,717
    
    
    
    46,016PARTNERS EQUITY:Limited partners; 8,751 units outstanding at March 31, 2008 and December 31, 2007
    
    
    1,861,416
    
    
    
    1,898,115General partner-Del Taco LLC
    
    
    261,324
    
    
    
    261,6952,122,740
    
    
    
    2,159,810$
    2,183,457
    
    
    $
    2,205,826
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DEL TACO RESTAURANT PROPERTIES I
 
 CONDENSED STATEMENTS OF INCOME
 (Unaudited)
 Three Months EndedMarch 31,2008
    
    
    2007RENTAL REVENUES
    
    $
    183,905
    
    
    $
    173,334EXPENSES:General and administrative
    
    
    40,882
    
    
    
    40,367Depreciation
    
    
    7,237
    
    
    
    7,23748,119
    
    
    
    47,604Operating income
    
    
    135,786
    
    
    
    125,730OTHER INCOME:Interest
    
    
    653
    
    
    
    1,208Other
    
    
    475
    
    
    
    575Net income
    
    $
    136,914
    
    
    $
    127,513Net income per limited
partnership unit (Note 2)
    
    $
    15.49
    
    
    $
    14.43Number of units used in computing
per unit amounts
    
    
    8,751
    
    
    
    8,751
  -4-




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DEL TACO RESTAURANT PROPERTIES I
 
 CONDENSED STATEMENTS OF CASH FLOWS
 (Unaudited)
 Three Months EndedMarch 31,2008
    
    
    2007CASH FLOWS FROM OPERATING ACTIVITIES:Net income
    
    $
    136,914
    
    
    $
    127,513Adjustments 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
    
    
    (1,764
    )
    
    
    191Deposits
    
    
    (310
    )
    
    
    (413
    )Payable to limited partners
    
    
    1,925
    
    
    
    (8,031
    )Accounts payable
    
    
    12,776
    
    
    
    22,210Net cash provided by operating activities
    
    
    156,778
    
    
    
    148,707CASH FLOWS FROM FINANCING ACTIVITIES:Cash distributions to partners
    
    
    (173,984
    )
    
    
    (172,598
    )Net decrease in cash
    
    
    (17,206
    )
    
    
    (23,891
    )Beginning cash balance
    
    
    218,140
    
    
    
    259,468Ending cash balance
    
    $
    200,934
    
    
    $
    235,577
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DEL TACO RESTAURANT PROPERTIES I
 
 NOTES TO CONDENSED FINANCIAL STATEMENTS
 FOR THE THREE MONTHS ENDED MARCH 31, 2008
 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, 2008
 UNAUDITED
 NOTE 3  LEASING ACTIVITIES  continued
  NOTE 4  TRANSACTIONS WITH DEL TACO
    NOTE 5  DISTRIBUTIONS
   NOTE 6  PAYABLE TO LIMITED PARTNERS
  -7-




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DEL TACO RESTAURANT PROPERTIES I
 NOTES TO CONDENSED FINANCIAL STATEMENTS  CONTINUED
 FOR THE THREE MONTHS ENDED MARCH 31, 2008
 UNAUDITED
 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 EndedMarch 31,2008
    
    
    2007Riverside Avenue, Rialto, CA
    
    $
    27,805
    
    
    $
    28,781Elden Avenue, Moreno Valley, CA
    
    
    24,324
    
    
    
    25,598Foothill Boulevard, La Verne, CA
    
    
    44,305
    
    
    
    41,755Baseline & Archibald, Rancho Cucamonga, CA
    
    
    29,066
    
    
    
    28,826Elkhorn Boulevard, Sacramento, CA
    
    
    21,683
    
    
    
    18,411Haven Avenue, Rancho Cucamonga, CA
    
    
    36,722
    
    
    
    29,963Total
    
    $
    183,905
    
    
    $
    173,334
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Item 2. Managements Discussion and Analysis of Financial Condition and Results of Operations 
continued
  Percentage of TotalGeneral & Administrative ExpenseThree Months EndedMarch 31,2008
    
    2007Accounting fees
    
    
    80.60
    %
    
    
    78.27
    %Distribution of information
to limited partners
    
    
    19.40
    
    
    
    21.73100.00
    %
    
    
    100.00
    %
   Significant Recent Accounting Pronouncements
  Off-Balance Sheet Arrangements
  Critical Accounting Policies and Estimates
  Revenue Recognition:
 Property and Equipment:
  -10-




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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:
 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 President and Treasurer, of the effectiveness of the design and
operation of the Companys disclosure controls and procedures. Based upon that
evaluation, the President and Treasurer 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
  
  On February 21, 2008, the General Partner settled a property encroachment lawsuit
regarding the Partnerships restaurant on Haven Avenue in Rancho Cucamonga,
California. To settle the case, the General Partner agreed in principal to have the
Partnership purchase the encroachment area for $70,000 and obtain a full release of
both parties claims subject to completion of the transfer of ownership, which is
expected during the second quarter of 2008.
  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
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SIGNATURE
  DEL TACO RESTAURANT PROPERTIES I(a California limited partnership)RegistrantDel Taco LLCGeneral PartnerDate: May 15, 2008
    
    /s/ Steven L. BrakeSteven L. Brake
Treasurer
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Exhibit No.
    
    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