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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 June 30, 2007.
  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, or a non-accelerated filer. See definition of
    accelerated filer and large accelerated filer in
    Rule 12b-2
    of the Exchange Act (check one):
 Large accelerated
    filer o     Accelerated
    filer o     Non-accelerated
    filer þ
  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 INFORMATION
    
    3Item 1. Financial Statements
    
    3Condensed Balance Sheets at June 30, 2007 (Unaudited) and
December 31, 2006
    
    3Condensed Statements of Income for the three and six months ended
June 30, 2007 and 2006 (Unaudited)
    
    4Condensed Statements of Cash Flows for the six months ended
June 30, 2007 and 2006 (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 4. Controls and Procedures
    
    11PART II. OTHER INFORMATIONItem 6. Exhibits and Reports
    
    12SIGNATURE
    
    13EXHIBIT 31.1EXHIBIT 31.2EXHIBIT 32.1
  -2-




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PART I. FINANCIAL INFORMATION
 
 ITEM I. FINANCIAL STATEMENTS
 DEL TACO RESTAURANT PROPERTIES I
 
 CONDENSED BALANCE SHEETS
 June 30,
    
    
    December 31,2007
    
    
    2006(Unaudited)ASSETSCURRENT ASSETS:Cash
    
    $
    196,337
    
    
    $
    259,468Receivable from Del Taco LLC
    
    
    61,747
    
    
    
    61,641Deposits
    
    
    985
    
    
    
    1,130Total current assets
    
    
    259,069
    
    
    
    322,239PROPERTY 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
    
    
    2,062,561
    
    
    
    2,048,0871,939,081
    
    
    
    1,953,555$
    2,198,150
    
    
    $
    2,275,794LIABILITIES AND PARTNERS EQUITYCURRENT LIABILITIES:Payable to limited partners
    
    $
    44,985
    
    
    $
    81,877Accounts payable
    
    
    4,199
    
    
    
    9,421Total current liabilities
    
    
    49,184
    
    
    
    91,298PARTNERS EQUITY:Limited partners; 8,751 units outstanding at June 30,
2007
and December 31, 2006
    
    
    1,887,379
    
    
    
    1,922,554General partner-Del Taco LLC
    
    
    261,587
    
    
    
    261,9422,148,966
    
    
    
    2,184,496$
    2,198,150
    
    
    $
    2,275,794
  -3-




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DEL TACO RESTAURANT PROPERTIES I
 CONDENSED STATEMENTS OF INCOME
 (Unaudited)
 Three Months Ended
    
    
    Six Months EndedJune 30,
    
    
    June 30,2007
    
    
    2006
    
    
    2007
    
    
    2006RENTAL REVENUES
    
    $
    181,721
    
    
    $
    181,478
    
    
    $
    355,055
    
    
    $
    362,640EXPENSES:General and administrative
    
    
    13,075
    
    
    
    11,349
    
    
    
    53,442
    
    
    
    51,038Depreciation
    
    
    7,237
    
    
    
    7,237
    
    
    
    14,474
    
    
    
    14,47420,312
    
    
    
    18,586
    
    
    
    67,916
    
    
    
    65,512Operating income
    
    
    161,409
    
    
    
    162,892
    
    
    
    287,139
    
    
    
    297,128OTHER INCOME:Interest
    
    
    1,201
    
    
    
    1,102
    
    
    
    2,410
    
    
    
    2,097Other
    
    
    675
    
    
    
    125
    
    
    
    1,250
    
    
    
    350Net income
    
    $
    163,285
    
    
    $
    164,119
    
    
    $
    290,799
    
    
    $
    299,575Net income per limited
partnership unit (Note 2)
    
    $
    18.47
    
    
    $
    18.57
    
    
    $
    32.90
    
    
    $
    33.89Number of units used in computing
per unit amounts
    
    
    8,751
    
    
    
    8,751
    
    
    
    8,751
    
    
    
    8,751
  -4-




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DEL TACO RESTAURANT PROPERTIES I
 CONDENSED STATEMENTS OF CASH FLOWS
 (Unaudited)
 Six Months EndedJune 30,2007
    
    
    2006CASH FLOWS FROM OPERATING ACTIVITIES:Net income
    
    $
    290,799
    
    
    $
    299,575Adjustments to reconcile net income to net
cash provided by operating activities:Depreciation
    
    
    14,474
    
    
    
    14,474Changes in operating assets and liabilities:Receivable from Del Taco LLC
    
    
    (106
    )
    
    
    4,415Deposits
    
    
    145
    
    
    
    (818
    )Payable to limited partners
    
    
    (36,892
    )
    
    
    (5,357
    )Accounts payable
    
    
    (5,222
    )
    
    
    3,434Net cash provided
by operating
activities
    
    
    263,198
    
    
    
    315,723CASH FLOWS FROM FINANCING ACTIVITIES:Cash distributions to partners
    
    
    (326,329
    )
    
    
    (343,563
    )Net decrease in cash
    
    
    (63,131
    )
    
    
    (27,840
    )Beginning cash balance
    
    
    259,468
    
    
    
    268,272Ending cash balance
    
    $
    196,337
    
    
    $
    240,432
  -5-




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DEL TACO RESTAURANT PROPERTIES I
 
 NOTES TO CONDENSED FINANCIAL STATEMENTS
 FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2007
 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 SIX MONTHS ENDED JUNE 30, 2007
 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 SIX MONTHS ENDED JUNE 30, 2007
 UNAUDITED
 NOTE 6  PAYABLE TO LIMITED PARTNERS
  NOTE 7  CONCENTRATION OF RISK
  NOTE 8  ACQUISITION OF GENERAL PARTNER
  -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
    
    
    Six Months EndedJune 30,
    
    
    June 30,2007
    
    
    2006
    
    
    2007
    
    
    2006Riverside Avenue, Rialto, CA
    
    $
    28,558
    
    
    $
    28,458
    
    
    $
    57,339
    
    
    $
    56,564Elden Avenue, Moreno Valley, CA
    
    
    26,333
    
    
    
    31,056
    
    
    
    51,931
    
    
    
    64,397Foothill Boulevard, La Verne, CA
    
    
    43,491
    
    
    
    43,357
    
    
    
    85,246
    
    
    
    86,094Baseline & Archibald, Rancho Cucamonga,
CA
    
    
    30,985
    
    
    
    31,472
    
    
    
    59,811
    
    
    
    60,168Elkhorn Boulevard, Sacramento, CA
    
    
    20,035
    
    
    
    17,985
    
    
    
    38,446
    
    
    
    36,001Haven Avenue, Rancho Cucamonga, CA
    
    
    32,319
    
    
    
    29,150
    
    
    
    62,282
    
    
    
    59,416Total
    
    $
    181,721
    
    
    $
    181,478
    
    
    $
    355,055
    
    
    $
    362,640
  -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
    
    Six Months EndedJune 30,
    
    June 30,2007
    
    2006
    
    2007
    
    2006Accounting fees
    
    
    45.99
    %
    
    
    49.26
    %
    
    
    69.33
    %
    
    
    68.60
    %Distribution of information
to limited partners
    
    
    54.01
    %
    
    
    50.74
    %
    
    
    30.67
    %
    
    
    31.40
    %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
 Property and Equipment:
   
 Item 3. Quantitative and Qualitative Disclosures About Market Risk.
  
 Item 4. Controls and Procedures
       -11-




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PART II. OTHER INFORMATION
  
 Item 6.
Exhibits and Reports
 (a)
    
    Exhibits
 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
 (b)
    
    Reports
  -12-




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SIGNATURE
  DEL TACO RESTAURANT PROPERTIES I
(a California limited partnership)
Registrant
Del Taco LLC
General PartnerDate:  August 13, 2007
    /s/ Steven L. BrakeSteven L. BrakeTreasurer -13-




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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