##### Table of Contents









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, 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










---



DEL TACO RESTAURANT PROPERTIES I
 PAGE NUMBERPART I. FINANCIAL INFORMATIONItem 1. Financial StatementsCondensed Balance Sheets at June 30, 2005 and
December 31, 2004 (Unaudited)
    
    
    3Condensed Statements of Income for the three and six months ended
June 30, 2005 and 2004 (Unaudited)
    
    
    4Condensed Statements of Cash Flows for the six months ended
June 30, 2005 and 2004 (Unaudited)
    
    
    5Notes to Condensed Financial Statements
    
    
    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
  -2-




---



##### Table of Contents



DEL TACO RESTAURANT PROPERTIES I
 
 CONDENSED BALANCE SHEETS
 (Unaudited)
 June 30,
    
    
    December 31,2005
    
    
    2004ASSETSCURRENT ASSETS:Cash
    
    $
    243,605
    
    
    $
    251,606Receivable from Del Taco, Inc.
    
    
    65,289
    
    
    
    64,831Deposits
    
    
    949
    
    
    
    1,299Total current assets
    
    
    309,843
    
    
    
    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
    
    
    2,000,605
    
    
    
    1,978,7192,001,037
    
    
    
    2,022,923$
    2,310,880
    
    
    $
    2,340,659LIABILITIES AND PARTNERS EQUITYCURRENT LIABILITIES:Payable to limited partners
    
    $
    68,825
    
    
    $
    64,634Accounts payable
    
    
    8,173
    
    
    
    10,481Total current liabilities
    
    
    76,998
    
    
    
    75,115PARTNERS EQUITY:Limited
partners; 8,751 units outstanding at June 30, 2005 and December 31, 2004
    
    
    1,971,446
    
    
    
    2,002,791General partner-Del Taco, Inc.
    
    
    262,436
    
    
    
    262,7532,233,882
    
    
    
    2,265,544$
    2,310,880
    
    
    $
    2,340,659
  -3-




---



##### Table of Contents



DEL TACO RESTAURANT PROPERTIES I
 
 CONDENSED STATEMENTS OF INCOME
 (Unaudited)
 Three Months Ended
    
    
    Six Months EndedJune 30,
    
    
    June 30,2005
    
    
    2004
    
    
    2005
    
    
    2004RENTAL REVENUES
    
    $
    201,377
    
    
    $
    194,675
    
    
    $
    392,442
    
    
    $
    383,422EXPENSES:General and administrative
    
    
    11,009
    
    
    
    12,028
    
    
    
    48,279
    
    
    
    47,286Depreciation
    
    
    10,943
    
    
    
    10,943
    
    
    
    21,886
    
    
    
    21,88621,952
    
    
    
    22,971
    
    
    
    70,165
    
    
    
    69,172Operating income
    
    
    179,425
    
    
    
    171,704
    
    
    
    322,277
    
    
    
    314,250OTHER INCOME:Interest
    
    
    887
    
    
    
    611
    
    
    
    1,679
    
    
    
    1,155Other
    
    
    275
    
    
    
    450
    
    
    
    700
    
    
    
    850Net income
    
    $
    180,587
    
    
    $
    172,765
    
    
    $
    324,656
    
    
    $
    316,255Net income per limited
partnership unit (note 2)
    
    $
    20.43
    
    
    $
    19.54
    
    
    $
    36.73
    
    
    $
    35.78Number of units used in computing
per unit amounts
    
    
    8,751
    
    
    
    8,751
    
    
    
    8,751
    
    
    
    8,751
  -4-




---



##### Table of Contents



DEL TACO RESTAURANT PROPERTIES I
 
 CONDENSED STATEMENTS OF CASH FLOWS
 (Unaudited)
 Six Months EndedJune 30,2005
    
    
    2004CASH FLOWS FROM OPERATING ACTIVITIES:Net income
    
    $
    324,656
    
    
    $
    316,255Adjustments to reconcile net income to net
cash provided by operating activities:Depreciation
    
    
    21,886
    
    
    
    21,886Changes in operating assets and liabilities:(Increase) decrease in receivable from Del Taco, Inc.
    
    
    (458
    )
    
    
    175Decrease (increase) in deposits
    
    
    350
    
    
    
    (152
    )Increase in accounts payable and payable
to limited partners
    
    
    1,883
    
    
    
    11,109Net cash provided by operating activities
    
    
    348,317
    
    
    
    349,273CASH FLOWS FROM FINANCING ACTIVITIES:Cash distributions to partners
    
    
    (356,318
    )
    
    
    (337,553
    )Net (decrease) increase in cash
    
    
    (8,001
    )
    
    
    11,720Beginning cash balance
    
    
    251,606
    
    
    
    259,810Ending cash balance
    
    $
    243,605
    
    
    $
    271,530
  -5-




---



##### Table of Contents



DEL TACO RESTAURANT PROPERTIES I
 
 NOTES TO CONDENSED FINANCIAL STATEMENTS
 JUNE 30, 2005
 NOTE 1  BASIS OF PRESENTATION
  NOTE 2  NET INCOME PER LIMITED PARTNERSHIP UNIT
   NOTE 3  LEASING ACTIVITIES
  -6-




---



##### Table of Contents



DEL TACO RESTAURANT PROPERTIES I
 NOTES TO CONDENSED FINANCIAL STATEMENTS  CONTINUED
 JUNE 30, 2005
 NOTE 3  LEASING ACTIVITIES  continued
   NOTE 4  TRANSACTIONS WITH DEL TACO
    NOTE 5  DISTRIBUTIONS
  -7-




---



##### Table of Contents



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 30,2005
    
    
    2004
    
    
    2005
    
    
    2004Riverside Avenue, Rialto, CA
    
    $
    30,244
    
    
    $
    30,114
    
    
    $
    58,741
    
    
    $
    59,420Elden Avenue, Moreno Valley, CA
    
    
    37,170
    
    
    
    33,911
    
    
    
    70,997
    
    
    
    66,484Foothill Boulevard, La Verne, CA
    
    
    44,646
    
    
    
    42,123
    
    
    
    85,535
    
    
    
    82,125Baseline & Archibald, Rancho Cucamonga, CA
    
    
    34,260
    
    
    
    34,338
    
    
    
    68,071
    
    
    
    67,453Elkhorn Boulevard, Sacramento, CA
    
    
    17,390
    
    
    
    19,456
    
    
    
    34,752
    
    
    
    38,947Haven Avenue, Rancho Cucamonga, CA
    
    
    37,667
    
    
    
    34,733
    
    
    
    74,346
    
    
    
    68,993Total
    
    $
    201,377
    
    
    $
    194,675
    
    
    $
    392,442
    
    
    $
    383,422
  -8-




---



##### Table of Contents



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 30,2005
    
    
    2004
    
    
    2005
    
    
    2004Accounting fees
    
    
    48.59
    %
    
    
    34.44
    %
    
    
    66.10
    %
    
    
    69.69
    %Distribution of information
to Limited Partners
    
    
    51.41
    %
    
    
    65.56
    %
    
    
    33.90
    %
    
    
    30.31
    %100.00
    %
    
    
    100.00
    %
    
    
    100.00
    %
    
    
    100.00
    %
   Recent Accounting Pronouncements
  -9-




---



##### Table of Contents



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.
  -10-




---



##### Table of Contents



Item 4. Controls and Procedures
 (a)
    
    Evaluation of disclosure controls and procedures:
  (b)
    
    Changes in internal controls:
  (c)
    
    Asset-Backed issuers:
  -11-




---



##### Table of Contents



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)
    
    Reports
  -12-




---



##### Table of Contents



SIGNATURE
  DEL TACO RESTAURANT PROPERTIES I(a California limited partnership)RegistrantDel Taco, Inc.
General PartnerDate:
August 15, 2005
    
    /s/ Robert J. TerranoRobert J. TerranoExecutive Vice President,Chief Financial Officer
 -13-




---



##### Table of Contents



EXHIBIT INDEX
 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-