##### 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 September 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




---



##### 



DEL TACO RESTAURANT PROPERTIES I
 PAGE NUMBERPART I. FINANCIAL INFORMATIONItem 1. Financial Statements
    
    3Condensed Balance Sheets at September 30, 2007 (Unaudited) and December 31, 2006
    
    3Condensed Statements of Income for the three and nine months ended September 30, 2007 and 2006 (Unaudited)
    
    4Condensed Statements of Cash Flows for the nine months ended September 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 1.
Legal Proceedings
    
    12Item 6. Exhibits and Reports
    
    12SIGNATURE
    
    13EXHIBIT 31.1EXHIBIT 31.2EXHIBIT 32.1
  -2-




---



##### Table of Contents



PART I. FINANCIAL INFORMATION
 
 ITEM I. FINANCIAL STATEMENTS
 DEL TACO RESTAURANT PROPERTIES I
 
 CONDENSED BALANCE SHEETS
 September 30,
    
    
    December 31,2007
    
    
    2006(Unaudited)ASSETSCURRENT ASSETS:Cash
    
    $
    232,956
    
    
    $
    259,468Receivable from Del Taco LLC
    
    
    61,442
    
    
    
    61,641Deposits
    
    
    986
    
    
    
    1,130Total current assets
    
    
    295,384
    
    
    
    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
    
    
    2,069,798
    
    
    
    2,048,0871,931,844
    
    
    
    1,953,555$
    2,227,228
    
    
    $
    2,275,794LIABILITIES AND PARTNERS EQUITYCURRENT LIABILITIES:Payable to limited partners
    
    $
    42,461
    
    
    $
    81,877Accounts payable
    
    
    10,023
    
    
    
    9,421Total
current liabilities
    
    
    52,484
    
    
    
    91,298PARTNERS EQUITY:Limited
partners; 8,751 units outstanding at September 30, 2007 and December 31, 2006
    
    
    1,912,900
    
    
    
    1,922,554General partner-Del Taco LLC
    
    
    261,844
    
    
    
    261,9422,174,744
    
    
    
    2,184,496$
    2,227,228
    
    
    $
    2,275,794
  -3-




---



##### Table of Contents



DEL TACO RESTAURANT PROPERTIES I
 
 CONDENSED STATEMENTS OF INCOME
 (Unaudited)
 Three Months Ended
    
    
    Nine Months EndedSeptember 30,
    
    
    September 30,2007
    
    
    2006
    
    
    2007
    
    
    2006RENTAL REVENUES
    
    $
    188,813
    
    
    $
    180,681
    
    
    $
    543,869
    
    
    $
    543,322EXPENSES:General and administrative
    
    
    10,682
    
    
    
    9,137
    
    
    
    64,124
    
    
    
    60,176Depreciation
    
    
    7,237
    
    
    
    7,237
    
    
    
    21,711
    
    
    
    21,71117,919
    
    
    
    16,374
    
    
    
    85,835
    
    
    
    81,887Operating income
    
    
    170,894
    
    
    
    164,307
    
    
    
    458,034
    
    
    
    461,435OTHER INCOME:Interest
    
    
    986
    
    
    
    1,347
    
    
    
    3,395
    
    
    
    3,444Other
    
    
    250
    
    
    
    300
    
    
    
    1,500
    
    
    
    650Net income
    
    $
    172,130
    
    
    $
    165,954
    
    
    $
    462,929
    
    
    $
    465,529Net income per limited
partnership unit (note 2)
    
    $
    19.47
    
    
    $
    18.77
    
    
    $
    52.37
    
    
    $
    52.67Number 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)
 Nine Months EndedSeptember 30,2007
    
    
    2006CASH FLOWS FROM OPERATING ACTIVITIES:Net income
    
    $
    462,929
    
    
    $
    465,529Adjustments to reconcile net income to net
cash provided by operating activities:Depreciation
    
    
    21,711
    
    
    
    21,711Changes in operating assets and liabilities:Receivable from Del Taco LLC
    
    
    199
    
    
    
    5,813Deposits
    
    
    144
    
    
    
    (674
    )Payable to limited partners
    
    
    (39,416
    )
    
    
    (4,310
    )Accounts payable
    
    
    602
    
    
    
    (94
    )Net cash provided by operating activities
    
    
    446,169
    
    
    
    487,975CASH FLOWS FROM FINANCING ACTIVITIES:Cash distributions to partners
    
    
    (472,681
    )
    
    
    (502,379
    )Net decrease in cash
    
    
    (26,512
    )
    
    
    (14,404
    )Beginning cash balance
    
    
    259,468
    
    
    
    268,272Ending cash balance
    
    $
    232,956
    
    
    $
    253,868
  -5-




---



##### Table of Contents



DEL TACO RESTAURANT PROPERTIES I
 
 NOTES TO CONDENSED FINANCIAL STATEMENTS
 FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2007
 UNAUDITED
 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
 FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2007
 UNAUDITED
 NOTE 3  LEASING ACTIVITIES  continued
   NOTE 4  TRANSACTIONS WITH DEL TACO
    -7-




---



##### Table of Contents



DEL TACO RESTAURANT PROPERTIES I
 NOTES TO CONDENSED FINANCIAL STATEMENTS  CONTINUED
 FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2007
 UNAUDITED
 NOTE 5  DISTRIBUTIONS
  NOTE 6
 PAYABLE TO LIMITED PARTNERS
  NOTE 7
 CONCENTRATION OF RISK
  NOTE 8
 ACQUISITION OF GENERAL PARTNER
  NOTE 9
 COMMENTS AND CONTINGENIES
 Litigation
  -8-




---



##### 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
    
    
    Nine Months EndedSeptember 30,
    
    
    September 30,2007
    
    
    2006
    
    
    2007
    
    
    2006Riverside Avenue, Rialto, CA
    
    $
    29,604
    
    
    $
    30,324
    
    
    $
    86,944
    
    
    $
    86,889Elden Avenue, Moreno Valley, CA
    
    
    27,120
    
    
    
    29,279
    
    
    
    79,051
    
    
    
    93,676Foothill Boulevard, La Verne, CA
    
    
    44,979
    
    
    
    43,856
    
    
    
    130,225
    
    
    
    129,950Baseline & Archibald, Rancho Cucamonga, CA
    
    
    31,007
    
    
    
    30,179
    
    
    
    90,818
    
    
    
    90,347Elkhorn Boulevard, Sacramento, CA
    
    
    20,871
    
    
    
    17,632
    
    
    
    59,317
    
    
    
    53,633Haven Avenue, Rancho Cucamonga, CA
    
    
    35,232
    
    
    
    29,411
    
    
    
    97,514
    
    
    
    88,827Total
    
    $
    188,813
    
    
    $
    180,681
    
    
    $
    543,869
    
    
    $
    543,322
  -9-




---



##### 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
    
    Nine Months EndedSeptember 30,
    
    September 30,2007
    
    2006
    
    2007
    
    2006Accounting fees
    
    
    53.60
    %
    
    
    57.05
    %
    
    
    69.72
    %
    
    
    70.48
    %Distribution of information
to limited partners
    
    
    46.40
    %
    
    
    42.95
    %
    
    
    30.28
    %
    
    
    29.52
    %100.00
    %
    
    
    100.00
    %
    
    
    100.00
    %
    
    
    100.00
    %
   Significant Recent Accounting Pronouncements
  Off-Balance Sheet Arrangements
  Critical Accounting Policies and Estimates
  -10-




---



##### Table of Contents



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-




---



##### Table of Contents



PART II. OTHER INFORMATION
  Item 1. Legal Proceedings
  
 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)
    
    ReportsNone.
 -12-




---



##### Table of Contents



SIGNATURE
  DEL TACO RESTAURANT PROPERTIES I(a California limited partnership)RegistrantDel Taco LLCGeneral PartnerDate:
November 14, 2007
    
    /s/ Steven L.
BrakeSteven L. BrakeTreasurer
 -13-




---



##### Table of Contents



Exhibits
    
    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
 -14-