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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 September 30,
2005.


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 x No o


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


Indicate by check mark whether the registrant is a shell
company (as defined in Rule 12b-2 of the Exchange
Act).  Yes o No x










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DEL TACO RESTAURANT PROPERTIES I
 PAGE NUMBERPART I. FINANCIAL INFORMATIONItem 1. Financial StatementsCondensed Balance Sheets at September 30, 2005 (Unaudited) and December 31, 2004
    
    
    3Condensed Statements of Income for the three and nine months ended September 30, 2005 and 2004 (Unaudited)
    
    
    4Condensed Statements of Cash Flows for the nine months ended September 30, 2005 and 2004 (Unaudited)
    
    
    5Notes to Condensed Financial Statements (Unaudited)
    
    
    6Item 2. Managements Discussion and Analysis of Financial Condition and Results of Operations
    
    
    8Item 3. Quantitative and Qualitative Disclosures About Market Risk
    
    
    10Item 4. Controls and Procedures
    
    
    11PART II. OTHER INFORMATIONItem 6. Exhibits and Reports on Form 8-K
    
    
    12SIGNATURE
    
    
    13EXHIBIT 31.1EXHIBIT 31.2EXHIBIT 32.1
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DEL TACO RESTAURANT PROPERTIES I
 
 CONDENSED BALANCE SHEETS
 September 30,
    
    
    December 31,2005
    
    
    2004(Unaudited)ASSETSCURRENT ASSETS:Cash
    
    $
    267,201
    
    
    $
    251,606Receivable from Del Taco, Inc.
    
    
    63,195
    
    
    
    64,831Deposits
    
    
    774
    
    
    
    1,299Total current assets
    
    
    331,170
    
    
    
    317,736PROPERTY 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
    
    
    2,011,548
    
    
    
    1,978,7191,990,094
    
    
    
    2,022,923$
    2,321,264
    
    
    $
    2,340,659LIABILITIES AND PARTNERS EQUITYCURRENT LIABILITIES:Payable to limited partners
    
    $
    77,219
    
    
    $
    64,634Accounts payable
    
    
    5,298
    
    
    
    10,481Total current liabilities
    
    
    82,517
    
    
    
    75,115PARTNERS EQUITY:Limited partners; 8,751 units outstanding at September 30, 2005
and December 31, 2004
    
    
    1,976,262
    
    
    
    2,002,791General partner-Del Taco, Inc.
    
    
    262,485
    
    
    
    262,7532,238,747
    
    
    
    2,265,544$
    2,321,264
    
    
    $
    2,340,659
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DEL TACO RESTAURANT PROPERTIES I
 
 CONDENSED STATEMENTS OF INCOME
 (Unaudited)
 Three Months Ended
    
    
    Nine Months EndedSeptember 30,
    
    
    September 30,2005
    
    
    2004
    
    
    2005
    
    
    2004RENTAL REVENUES
    
    $
    194,573
    
    
    $
    196,469
    
    
    $
    587,015
    
    
    $
    579,891EXPENSES:General and administrative
    
    
    9,998
    
    
    
    10,192
    
    
    
    58,277
    
    
    
    57,478Depreciation
    
    
    10,943
    
    
    
    10,943
    
    
    
    32,829
    
    
    
    32,82920,941
    
    
    
    21,135
    
    
    
    91,106
    
    
    
    90,307Operating income
    
    
    173,632
    
    
    
    175,334
    
    
    
    495,909
    
    
    
    489,584OTHER INCOME:Interest
    
    
    763
    
    
    
    595
    
    
    
    2,442
    
    
    
    1,750Other
    
    
    250
    
    
    
    200
    
    
    
    950
    
    
    
    1,050Net income
    
    $
    174,645
    
    
    $
    176,129
    
    
    $
    499,301
    
    
    $
    492,384Net income per limited
partnership unit (note 2)
    
    $
    19.76
    
    
    $
    19.93
    
    
    $
    56.49
    
    
    $
    55.70Number 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 30,2005
    
    
    2004CASH FLOWS FROM OPERATING ACTIVITIES:Net income
    
    $
    499,301
    
    
    $
    492,384Adjustments to reconcile net income to net
cash provided by operating activities:Depreciation
    
    
    32,829
    
    
    
    32,829Changes in operating assets and liabilities:Decrease in receivable from Del Taco, Inc.
    
    
    1,636
    
    
    
    2,238Decrease (increase) in deposits
    
    
    525
    
    
    
    (48
    )Increase in accounts payable and payable
to limited partners
    
    
    7,402
    
    
    
    15,452Net cash provided by operating activities
    
    
    541,693
    
    
    
    542,855CASH FLOWS FROM FINANCING ACTIVITIES:Cash distributions to partners
    
    
    (526,098
    )
    
    
    (519,148
    )Net increase in cash
    
    
    15,595
    
    
    
    23,707Beginning cash balance
    
    
    251,606
    
    
    
    259,810Ending cash balance
    
    $
    267,201
    
    
    $
    283,517
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DEL TACO RESTAURANT PROPERTIES I
 
 NOTES TO CONDENSED FINANCIAL STATEMENTS
 SEPTEMBER 30, 2005
 ( Unaudited )
 NOTE 1  BASIS OF PRESENTATION
  NOTE 2
 ALLOCATION OF NET INCOME OR LOSS PER LIMITED PARTNERSHIP UNIT
   NOTE 3  LEASING ACTIVITIES
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DEL TACO RESTAURANT PROPERTIES I
 NOTES TO CONDENSED FINANCIAL STATEMENTS  CONTINUED
 SEPTEMBER 30, 2005
 (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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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 30,2005
    
    
    2004
    
    
    2005
    
    
    2004Riverside Avenue, Rialto, CA
    
    $
    30,432
    
    
    $
    30,289
    
    
    $
    89,173
    
    
    $
    89,710Elden Avenue, Moreno Valley, CA
    
    
    37,683
    
    
    
    33,991
    
    
    
    108,680
    
    
    
    100,475Foothill Boulevard, La Verne, CA
    
    
    44,659
    
    
    
    43,000
    
    
    
    130,194
    
    
    
    125,124Baseline & Archibald, Rancho Cucamonga, CA
    
    
    31,524
    
    
    
    35,066
    
    
    
    99,595
    
    
    
    102,519Elkhorn Boulevard, Sacramento, CA
    
    
    16,242
    
    
    
    18,107
    
    
    
    50,993
    
    
    
    57,054Haven Avenue, Rancho Cucamonga, CA
    
    
    34,033
    
    
    
    36,016
    
    
    
    108,380
    
    
    
    105,009Total
    
    $
    194,573
    
    
    $
    196,469
    
    
    $
    587,015
    
    
    $
    579,891
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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 30,2005
    
    
    2004
    
    
    2005
    
    
    2004Accounting fees
    
    
    56.51
    %
    
    
    43.71
    %
    
    
    70.82
    %
    
    
    65.08
    %Distribution of information
to Limited Partners
    
    
    43.49
    %
    
    
    56.29
    %
    
    
    29.18
    %
    
    
    34.92
    %100.00
    %
    
    
    100.00
    %
    
    
    100.00
    %
    
    
    100.00
    %
   Recent Accounting Pronouncements
  Off-Balance Sheet Arrangements
  -9-




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Item 2.
    
    Managements Discussion and Analysis of Financial Condition and Results of Operations  continued
 Critical Accounting Policies and Estimates
  Property and Equipment:
  
 Item 3. Quantitative and Qualitative Disclosures About Market Risk.
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Item 4. 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
 
  (a)
    
    Exhibits
 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
 (b)
    
    ReportsNone.
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SIGNATURE
  DEL TACO RESTAURANT PROPERTIES I(a California limited partnership)RegistrantDel Taco, Inc.General Partner
 Date: November 14, 2005
    
    /s/ Robert J. TerranoRobert J. TerranoExecutive Vice President,Chief Financial Officer
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(a)
    Exhibits
    
    Description31.1
    
    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
 -14-