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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, 2003.

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



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TABLE OF CONTENTS



|                           |                                                                                               |  |  |  |  |  |  | 
|-------------------------- | --------------------------------------------------------------------------------------------- |  |  |  |  |  |  | 
|                           | CONDENSED BALANCE SHEETS                                                                     
|                           | CONDENSED STATEMENTS OF INCOME                                                               
|                           | CONDENSED STATEMENTS OF CASH FLOWS                                                           
|                           | NOTES TO CONDENSED FINANCIAL STATEMENTS                                                      
|                           | Item 2. Managements Discussion and Analysis of Financial Condition and Results of Operations
|                           | Item 4. Controls and Procedures                                                              
|PART II. OTHER INFORMATION
|                           | Item 6. Exhibits and Reports on Form 8-K                                                     
|SIGNATURE                 
|EXHIBIT INDEX             
|EXHIBIT 31.1              
|EXHIBIT 31.2              
|EXHIBIT 32.1              



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INDEX

DEL TACO RESTAURANT PROPERTIES I

|                                                                                                     |  |             |    | 
|---------------------------------------------------------------------------------------------------- |  | ----------- | -- | 
|PART I. FINANCIAL INFORMATION                                                                        |  | PAGE NUMBER
|                                                                                                     |  |            
|Item 1. Financial Statements and Supplementary Data                                                  |  |             |    | 
|Condensed Balance Sheets at June 30, 2003 and
December 31, 2002 (Unaudited)                          |  |             | 3  | 
|Condensed Statements of Income for the three and six months ended
June 30, 2003 and 2002 (Unaudited) |  |             | 4  | 
|Condensed Statements of Cash Flows for the six months ended
June 30, 2003 and 2002 (Unaudited)       |  |             | 5  | 
|Notes to Condensed Financial Statements                                                              |  |             | 6  | 
|Item 2. Managements Discussion and Analysis of
Financial Condition and Results of Operations        |  |             | 8  | 
|Item 4. Controls and Procedures                                                                      |  |             | 11 | 
|PART II. OTHER INFORMATION                                                                           |  |             |    | 
|Item 6. Exhibits and Reports on Form 8-K                                                             |  |             | 12 | 
|SIGNATURE                                                                                            |  |             | 13 | 

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DEL TACO RESTAURANT PROPERTIES I

CONDENSED BALANCE SHEETS

(Unaudited)

|                                 |                                |                           |           |           |         |              |           |           |         | 
|-------------------------------- | ------------------------------ | ------------------------- | --------- | --------- | ------- | ------------ | --------- | --------- | ------- | 
|                                 |                                |                           |           | June 30,  |         | December 31,
|                                 |                                |                           |           | 2003      |         | 2002        
|                                 |                                |                           |           |           |         |             
|ASSETS                          
|CURRENT ASSETS:                  |                                |                           |           |           |         |              |           |          
|                                 | Cash                           |                           | $         | 239,656   |         |              | $         | 227,271   |        
|                                 | Receivable from Del Taco, Inc. |                           |           | 62,742    |         |              |           | 58,246    |        
|                                 | Deposits                       |                           |           | 1,133     |         |              |           | 808       |        
|                                 |                                |                           |           |           |         |              |           |          
|                                 |                                | Total current assets      |           |           | 303,531 |              |           |           | 286,325 | 
|                                 |                                |                           |           |           |         |              |           |          
|PROPERTY AND EQUIPMENT:          |                                |                           |           |           |         |              |           |          
|                                 | Land and improvements          |                           |           | 1,852,482 |         |              |           | 1,852,482 |        
|                                 | Buildings and improvements     |                           |           | 1,013,134 |         |              |           | 1,013,134 |        
|                                 | Machinery and equipment        |                           |           | 1,136,026 |         |              |           | 1,136,026 |        
|                                 |                                |                           |           |           |         |              |           |          
|                                 |                                |                           | 4,001,642 |           |         |              | 4,001,642 |          
|                                 | Lessaccumulated depreciation  |                           |           | 1,913,061 |         |              |           | 1,891,175 |        
|                                 |                                |                           |           |           |         |              |           |          
|                                 |                                |                           | 2,088,581 |           |         |              | 2,110,467 |          
|                                 |                                |                           |           |           |         |              |           |          
|                                 |                                | $                         | 2,392,112 |           |         | $            | 2,396,792 |          
|                                 |                                |                           |           |           |         |              |           |          
|LIABILITIES AND PARTNERS EQUITY
|CURRENT LIABILITIES:             |                                |                           |           |           |         |              |           |          
|                                 | Payable to limited partners    |                           | $         | 68,026    |         |              | $         | 60,029    |        
|                                 | Accounts payable               |                           |           | 4,360     |         |              |           | 2,330     |        
|                                 |                                |                           |           |           |         |              |           |          
|                                 |                                | Total current liabilities |           |           | 72,386  |              |           |           | 62,359  | 
|                                 |                                |                           |           |           |         |              |           |          
|PARTNERS EQUITY:                |                                |                           |           |           |         |              |           |          
|                                 | Limited partners               |                           |           | 2,056,431 |         |              |           | 2,070,991 |        
|                                 | General partner-Del Taco, Inc. |                           |           | 263,295   |         |              |           | 263,442   |        
|                                 |                                |                           |           |           |         |              |           |          
|                                 |                                |                           | 2,319,726 |           |         |              | 2,334,433 |          
|                                 |                                |                           |           |           |         |              |           |          
|                                 |                                | $                         | 2,392,112 |           |         | $            | 2,396,792 |          
|                                 |                                |                           |           |           |         |              |           |          

See accompanying notes to condensed financial statements.

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DEL TACO RESTAURANT PROPERTIES I

CONDENSED STATEMENTS OF INCOME

(Unaudited)

|                |                                                    |                  |         |                    |         |                  |         |        |         |      |         |        |         |   |         |        |         | 
|--------------- | -------------------------------------------------- | ---------------- | ------- | ------------------ | ------- | ---------------- | ------- | ------ | ------- | ---- | ------- | ------ | ------- | - | ------- | ------ | ------- | 
|                |                                                    |                  |         | Three Months Ended |         | Six Months Ended
|                |                                                    |                  |         | June 30,           |         | June 30,        
|                |                                                    |                  |         |                    |         |                 
|                |                                                    |                  |         | 2003               |         | 2002             |         | 2003   |         | 2002
|                |                                                    |                  |         |                    |         |                  |         |        |         |     
|RENTAL REVENUES |                                                    | $                | 185,229 |                    |         | $                | 166,877 |        |         | $    | 355,103 |        |         | $ | 326,999 |       
|                |                                                    |                  |         |                    |         |                  |         |        |         |      |         |        |         |   |         |       
|EXPENSES:       |                                                    |                  |         |                    |         |                  |         |        |         |      |         |        |         |   |         |       
|                | General and administrative                         |                  |         | 15,006             |         |                  |         | 14,337 |         |      |         | 47,962 |         |   |         | 37,434 |        
|                | Depreciation                                       |                  |         | 10,943             |         |                  |         | 10,943 |         |      |         | 21,886 |         |   |         | 21,886 |        
|                |                                                    |                  |         |                    |         |                  |         |        |         |      |         |        |         |   |         |       
|                |                                                    |                  | 25,949  |                    |         |                  | 25,280  |        |         |      | 69,848  |        |         |   | 59,320  |       
|                |                                                    |                  |         |                    |         |                  |         |        |         |      |         |        |         |   |         |       
|                |                                                    | Operating income |         |                    | 159,280 |                  |         |        | 141,597 |      |         |        | 285,255 |   |         |        | 267,679 | 
|OTHER INCOME:   |                                                    |                  |         |                    |         |                  |         |        |         |      |         |        |         |   |         |       
|                | Interest                                           |                  |         | 526                |         |                  |         | 618    |         |      |         | 1,166  |         |   |         | 1,347  |        
|                | Other                                              |                  |         | 375                |         |                  |         |       |         |      |         | 825    |         |   |         | 400    |        
|                |                                                    |                  |         |                    |         |                  |         |        |         |      |         |        |         |   |         |       
|                |                                                    | Net income       |         | $                  | 160,181 |                  |         | $      | 142,215 |      |         | $      | 287,246 |   |         | $      | 269,426 | 
|                |                                                    |                  |         |                    |         |                  |         |        |         |      |         |        |         |   |         |       
|                | Net income per limited
partnership unit            |                  | $       | 18.12              |         |                  | $       | 16.09  |         |      | $       | 32.50  |         |   | $       | 30.48  |        
|                |                                                    |                  |         |                    |         |                  |         |        |         |      |         |        |         |   |         |       
|                | Number of units used in computing
per unit amounts |                  |         | 8,751              |         |                  |         | 8,751  |         |      |         | 8,751  |         |   |         | 8,751  |        
|                |                                                    |                  |         |                    |         |                  |         |        |         |      |         |        |         |   |         |       

See accompanying notes to condensed financial statements.

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DEL TACO RESTAURANT PROPERTIES I

CONDENSED STATEMENTS OF CASH FLOWS(Unaudited)

|                                                                                  |                                                              |                                           |          |                  |         |      |          |        |         | 
|--------------------------------------------------------------------------------- | ------------------------------------------------------------ | ----------------------------------------- | -------- | ---------------- | ------- | ---- | -------- | ------ | ------- | 
|                                                                                  |                                                              |                                           |          | Six Months Ended
|                                                                                  |                                                              |                                           |          | June 30,        
|                                                                                  |                                                              |                                           |          |                 
|                                                                                  |                                                              |                                           |          | 2003             |         | 2002
|                                                                                  |                                                              |                                           |          |                  |         |     
|CASH FLOWS FROM OPERATING ACTIVITIES:                                             |                                                              |                                           |          |                  |         |      |          |       
|Net income                                                                        |                                                              | $                                         | 287,246  |                  |         | $    | 269,426  |       
|Adjustments to reconcile net income to net
cash provided by operating activities: |                                                              |                                           |          |                  |         |      |          |       
|                                                                                  | Depreciation                                                 |                                           |          | 21,886           |         |      |          | 21,886 |        
|                                                                                  | (Increase) decrease in receivable from Del Taco, Inc.        |                                           |          | (4,496           | )       |      |          | 291    |        
|                                                                                  | Increase in deposits                                         |                                           |          | (325             | )       |      |          |       |        
|                                                                                  | Increase in accounts payable and payable
to limited partners |                                           |          | 10,027           |         |      |          | 4,132  |        
|                                                                                  |                                                              |                                           |          |                  |         |      |          |       
|                                                                                  |                                                              | Net cash provided by operating activities |          |                  | 314,338 |      |          |        | 295,735 | 
|CASH FLOWS FROM FINANCING ACTIVITIES:                                             |                                                              |                                           |          |                  |         |      |          |       
|Cash distributions to partners                                                    |                                                              |                                           | (301,953 | )                |         |      | (291,083 | )     
|                                                                                  |                                                              |                                           |          |                  |         |      |          |       
|Net increase in cash                                                              |                                                              |                                           | 12,385   |                  |         |      | 4,652    |       
|Beginning cash balance                                                            |                                                              |                                           | 227,271  |                  |         |      | 210,853  |       
|                                                                                  |                                                              |                                           |          |                  |         |      |          |       
|Ending cash balance                                                               |                                                              | $                                         | 239,656  |                  |         | $    | 215,505  |       
|                                                                                  |                                                              |                                           |          |                  |         |      |          |       

See accompanying notes to condensed financial statements.

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DEL TACO RESTAURANT PROPERTIES I

NOTES TO CONDENSED FINANCIAL STATEMENTS

JUNE 30, 2003

NOTE 1  BASIS OF PRESENTATION

The accompanying unaudited condensed financial statements have been prepared in
accordance with accounting principles generally accepted in the United States
of America for interim financial information and with the instructions to Form
10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of
the information and footnotes required by accounting principles generally
accepted in the United States of America for complete financial statements and
should therefore be read in conjunction with the financial statements and notes
thereto contained in the annual report on Form 10-K for the year ended December
31, 2002 for Del Taco Restaurant Properties I (the Partnership or the Company).
In the opinion of management, all adjustments (consisting of normal recurring
accruals) necessary to present fairly the Partnerships financial position at
June 30, 2003, the results of operations for the three and six month periods
ended June 30, 2003 and 2002 and cash flows for the six month periods ended
June 30, 2003 and 2002 have been included. Operating results for the three and
six months ended June 30, 2003 are not necessarily indicative of the results
that may be expected for the year ending December 31, 2003.

NOTE 2  NET INCOME PER LIMITED PARTNERSHIP UNIT

Net income per limited partnership unit is based upon the weighted average
number of units outstanding during the periods presented, which amounted to
8,751 in 2003 and 2002.

Pursuant to the partnership agreement, annual partnership net income is
allocated one percent to Del Taco, Inc. (Del Taco or the General Partner) and
99 percent to the limited partners. A partnership net loss in any year will be
allocated 24 percent to the General Partner and 76 percent to the limited
partners until the losses so allocated equal income previously allocated. Any
additional losses will be allocated one percent to the General Partner and 99
percent to the limited partners. Partnership gains from any sale or
refinancing will be allocated one percent to the General Partner and 99 percent
to the limited partners until allocated gains and profits equal losses.
Additional gains will be allocated 24 percent to the General Partner and 76
percent to the limited partners.

NOTE 3  LEASING ACTIVITIES

The Partnership leases certain properties for operation of restaurants to Del
Taco on a triple net basis. The leases are for terms of 35 years commencing
with the completion of the restaurant facility located on each property and
require monthly rentals equal to 12 percent of the gross sales of the
restaurants. The leases expire in the years 2019 to 2020. There is no minimum
rental under any of the leases.

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DEL TACO RESTAURANT PROPERTIES I

NOTES TO CONDENSED FINANCIAL STATEMENTS  CONTINUED

JUNE 30, 2003

NOTE 3  LEASING ACTIVITIES  continued

For the three months ended June 30, 2003, the five restaurants operated by Del
Taco, for which the Partnership is the lessor, had combined, unaudited sales of
$1,275,552 and unaudited net income of $104,740 as compared to $1,156,684 and
$83,194, respectively, for the corresponding period in 2002. Net income by
restaurant includes charges for general and administrative expenses incurred in
connection with supervision of restaurant operations and interest expense. For
the three months ended June 30, 2003, the one restaurant operated by a Del Taco
franchisee, for which the Partnership is the lessor, had unaudited sales of
$268,024 as compared with $233,960 during the same period in 2002.

For the six months ended June 30, 2003, the five restaurants operated by Del
Taco, for which the Partnership is the lessor, had combined, unaudited sales of
$2,444,154 and unaudited net income of $194,437 as compared to $2,261,236 and
$150,199, respectively, for the corresponding period in 2002. For the six
months ended June 30, 2003, the one restaurant operated by a Del Taco
franchisee, for which the Partnership is the lessor, had unaudited sales of
$515,038 as compared with $463,757 during the same period in 2002.

For the three and six months ended June 30, 2003, the Elkhorn Boulevard
restaurant in Sacramento, California reported unaudited net income of $321 and
$6,145 as compared to unaudited net income of $4,190 and an unaudited net loss
of $3,328 for the corresponding periods in 2002.

NOTE 4  TRANSACTIONS WITH DEL TACO

The receivable from Del Taco, Inc. consists primarily of rent accrued for the
month of June. The June rent receivable was collected in July 2003.

Del Taco serves in the capacity of general partner in other partnerships which
are engaged in the business of operating restaurants, and three other
partnerships which were formed for the purpose of acquiring real property in
California for construction of Mexican-American restaurants for lease under
long-term agreements to Del Taco for operation under the Del Taco trade name.

In addition, see Note 5 with respect to certain distributions to the General
Partner.

NOTE 5  DISTRIBUTIONS

On July 18, 2003, a distribution to the limited partners of $164,964, or
approximately $18.66 per limited partnership unit, was approved. Such
distribution was paid on July 25, 2003. The General Partner also received a
distribution of $1,666 with respect to its 1% partnership interest. Total cash
distributions paid in January and April 2003 were $162,242 and $139,711,
respectively.

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Item 2. Managements Discussion and Analysis of Financial Condition and Results of Operations

Liquidity and Capital Resources

Del Taco Restaurant Properties I (the Partnership or the Company) offered
limited partnership units for sale between March 1983 and March 1984. 15% of
the $4.4 million raised through sale of limited partnership units was used to
pay commissions to brokers and to reimburse Del Taco Inc. (the General Partner
or Del Taco) for offering costs incurred. Approximately $4.0 million of the
remaining funds were used to acquire sites and build six restaurants.

The six restaurants leased to Del Taco make up almost all of the income
producing assets of the Partnership. Therefore, the business of the Partnership
is almost entirely dependent on the success of the Del Taco trade name
restaurants that lease the properties. The success of the restaurants is
dependent on a large variety of factors, including, but not limited to,
competition, consumer demand and preference for fast food, in general, and for
Mexican-American food in particular.

Results of Operations

The Partnership owns six properties that are under long-term lease to Del Taco
for restaurant operations (Del Taco, in turn, has subleased two of the
restaurants to Del Taco franchisees, one of which is affiliated with Del Taco).

The following table sets forth rental revenue earned by restaurant for the
three and six months ended June 30, 2003 and 2002:

|                                           |       |   |                    |         |                  |   |        |         |      |   |        |         |  |   |        |         | 
|------------------------------------------ | ----- | - | ------------------ | ------- | ---------------- | - | ------ | ------- | ---- | - | ------ | ------- |  | - | ------ | ------- | 
|                                           |       |   | Three Months Ended |         | Six Months Ended
|                                           |       |   | June 30,           |         | June 30,        
|                                           |       |   |                    |         |                 
|                                           |       |   | 2003               |         | 2002             |   | 2003   |         | 2002
|                                           |       |   |                    |         |                  |   |        |         |     
|Riverside Avenue, Rialto, CA               |       | $ | 28,277             |         |                  | $ | 25,881 |         |      | $ | 55,301 |         |  | $ | 50,047 |        
|Elden Avenue, Moreno Valley, CA            |       |   | 32,151             |         |                  |   | 30,807 |         |      |   | 60,304 |         |  |   | 59,753 |        
|Foothill Boulevard, La Verne, CA           |       |   | 36,729             |         |                  |   | 36,200 |         |      |   | 70,989 |         |  |   | 70,121 |        
|Baseline & Archibald, Rancho Cucamonga, CA |       |   | 32,163             |         |                  |   | 28,075 |         |      |   | 61,805 |         |  |   | 55,651 |        
|Elkhorn Boulevard, Sacramento, CA          |       |   | 20,336             |         |                  |   | 17,404 |         |      |   | 39,718 |         |  |   | 35,112 |        
|Haven Avenue, Rancho Cucamonga, CA         |       |   | 35,573             |         |                  |   | 28,510 |         |      |   | 66,986 |         |  |   | 56,315 |        
|                                           |       |   |                    |         |                  |   |        |         |      |   |        |         |  |   |        |        
|                                           | Total |   | $                  | 185,229 |                  |   | $      | 166,877 |      |   | $      | 355,103 |  |   | $      | 326,999 | 
|                                           |       |   |                    |         |                  |   |        |         |      |   |        |         |  |   |        |        

The Partnership receives rental revenues equal to 12 percent of gross sales
from the restaurants. The Partnership earned rental revenue of $185,229 during
the three month period ended June 30, 2003, which represents an increase of
$18,352 from 2002. The Partnership earned rental revenue of $355,103 during
the six month period ended June 30, 2003, which represents an increase of
$28,104 from 2002. The changes in rental revenue between 2002 and 2003 are
directly attributable to changes in sales levels at the restaurants under
lease.

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Item 2. Managements Discussion and Analysis of Financial Condition and Results of Operations  continued

The following table breaks down general and administrative expenses by type of
expense:

|                                                |  |                                  |        |                  |  |      |        |      |  |  |        |   |  |  |        |  
|----------------------------------------------- |  | -------------------------------- | ------ | ---------------- |  | ---- | ------ | ---- |  |  | ------ | - |  |  | ------ | -
|                                                |  | Percent of Total                
|                                                |  | General & Administrative Expense
|                                                |  |                                 
|                                                |  | Three Months Ended               |        | Six Months Ended
|                                                |  | June 30,                         |        | June 30,        
|                                                |  |                                  |        |                 
|                                                |  | 2003                             |        | 2002             |  | 2003 |        | 2002
|                                                |  |                                  |        |                  |  |      |        |     
|Accounting fees                                 |  |                                  | 46.43  | %                |  |      | 59.37  | %    |  |  | 70.40  | % |  |  | 70.33  | %
|Distribution of information
to Limited Partners |  |                                  | 53.57  | %                |  |      | 40.63  | %    |  |  | 29.60  | % |  |  | 29.67  | %
|                                                |  |                                  |        |                  |  |      |        |      |  |  |        |   |  |  |        |  
|                                                |  |                                  | 100.00 | %                |  |      | 100.00 | %    |  |  | 100.00 | % |  |  | 100.00 | %
|                                                |  |                                  |        |                  |  |      |        |      |  |  |        |   |  |  |        |  

General and administrative costs for the three and six month periods ended June
30, increased from 2002 to 2003 due to costs incurred in changing auditors and
increased costs for printing and mailing, and audit and tax preparation fees.

For the three month period ended June 30, 2003, net income increased $17,966
from 2002 to 2003 due to the increase in revenues of $18,352 and the increase
in interest and other income of $283 which were partially offset by the $669
increase in general and administrative expenses. For the six month period
ended June 30, 2003, net income increased by $17,820 from 2002 to 2003 due to
an increase in revenues of $28,104 and the increase in interest and other
income of $244 which were partially offset by an increase in general and
administrative expenses of $10,528.

Recent Accounting Pronouncements

In November 2002, the Financial Accounting Standards Board (FASB) issued
Interpretation No. 45, Guarantors Accounting and Disclosure Requirements for
Guarantees, Including Indirect Guarantees of Indebtedness of Others
(Interpretation 45), an interpretation of FASB Statements No. 5, 57 and 107
and rescission of FASB Interpretation No. 34. Interpretation 45 elaborates on
the disclosures to be made by a guarantor in its interim and annual financial
statements about its obligations under certain guarantees that it has issued.
It also clarifies that a guarantor is required to recognize, at the inception
of a guarantee, a liability for the fair value of the obligation undertaken in
issuing the guarantee. Interpretation 45s initial recognition and initial
measurement provisions are effective on a prospective basis to guarantees
issued or modified after December 31, 2002. The disclosure requirements are
effective for financial statements of interim or annual periods ending after
December 15, 2002. The Company adopted the disclosure requirements of
Interpretation 45 effective December 31, 2002 and has not entered into any
guarantees since December 31, 2002.

In January 2003, the FASB issued Interpretation No. 46, Consolidation of
Variable Interest Entities (Interpretation 46), an interpretation of ARB No.
51. Interpretation 46 addresses consolidation by business enterprises of
variable interest entities. Interpretation 46 applies immediately to variable
interest entities created after January 31, 2003, and to variable interest
entities in which an enterprise obtains an interest after that date. It
applies in the first year or interim period beginning after June 15, 2003, to
variable interest entities in which an enterprise holds a variable interest
that it acquired before February 1, 2003. The Company believes it has no
variable interest entities to which Interpretation 46 would apply.

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Item 2. Managements Discussion and Analysis of Financial Condition and Results of Operations  continued

Critical Accounting Policies and Estimates

Managements discussion and analysis of financial condition and results of
operations, as well as disclosures included elsewhere in this report on Form
10-Q are based upon the Partnerships financial statements, which have been
prepared in accordance with accounting principles generally accepted in the
United States of America. The preparation of these financial statements
requires management to make estimates and judgments that affect the reported
amounts of assets, liabilities, revenues and expenses. The Partnership
believes the critical accounting policies that most impact the financial
statements are described below. A summary of the significant accounting
policies of the Partnership can be found in Note 1 to the Financial Statements
which is included in the Partnerships December 31, 2002 Form 10-K.

Property and Equipment: Property and equipment is stated at cost.
Depreciation is computed using the straight-line method over estimated useful
lives which are 20 years for land improvements, 35 years for buildings and
improvements, and 10 years for machinery and equipment.

The Partnership accounts for property and equipment in accordance with
Statement of Financial Accounting Standards No. 144, Accounting for the
Impairment or Disposal of Long Lived Assets. SFAS 144 requires that
long-lived assets be reviewed for impairment whenever events or changes in
circumstances indicate that the carrying value of the asset may not be
recoverable. In evaluating long-lived assets held for use, an impairment loss
is recognized if the sum of the expected future cash flows (undiscounted and
without interest charges) is less than the carrying value of the asset. Once a
determination has been made that an impairment loss should be recognized for
long-lived assets, various assumptions and estimates are used to determine fair
value including, among others, estimated costs of construction and development,
recent sales of comparable properties and the opinions of fair value prepared
by independent real estate appraisers. Long-lived assets to be disposed of are
reported at the lower of carrying amount or fair value less cost to sell.

Item 2a. Quantitative and Qualitative Disclosures About Market Risk.

None.

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Item 4. Controls and Procedures



|(a) |  | Evaluation of disclosure controls and procedures:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|--- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   
|    |  | Within the 90 days prior to the date of this report, the Company
carried out an evaluation, under the supervision and with the
participation of the Companys management, including the
Companys Chief Executive Officer and Chief Financial Officer, of the
effectiveness of the design and operation of the Companys disclosure
controls and procedures. Based upon that evaluation, the Chief
Executive Officer and Chief Financial Officer concluded that the
Companys disclosure controls and procedures are effective in
timely alerting them to material information relating to the Company
(including its consolidated subsidiaries) 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 or
in other factors that could significantly affect these controls
subsequent to the date of their evaluation.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|   
|(c) |  | Asset-Backed issuers:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|   
|    |  | Not applicable.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               

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PART II. OTHER INFORMATION




Item 6. Exhibits and Reports on Form 8-K



| |     |  |                                                                                            |                                                                                                                                            
| | --- |  | ------------------------------------------------------------------------------------------ | -------------------------------------------------------------------------------------------------------------------------------------------
| | (a) |  | Exhibits                                                                                   |                                                                                                                                            
| |     | 
| |     |  | 31.1                                                                                       | Kevin K. Moriartys Certification Pursuant to
Section 302 of the Sarbanes-Oxley Act of 2002                                                
| |     | 
| |     |  | 31.2                                                                                       | Robert J. Terranos Certification Pursuant to
Section 302 of the Sarbanes-Oxley Act of 2002                                                
| |     | 
| |     |  | 32.1                                                                                       | Certification Pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002                                                                    
| |     | 
| | (b) |  | Reports                                                                                   
|
| |     |  | During the three months ended June 30, 2003, the following reports
on Form 8-K were filed:
| |     | 
| |     |  |                                                                                            | On April 11, 2003, Form 8-K was filed re: the
dismissal of Pricewaterhouse Coopers LLP as the Partnerships
independent public accountants.
|
| |     |  |                                                                                            | On May 13, 2003, Form 8-K was filed re: the
selection of KPMG LLP as the Partnerships independent public
accountants.                     

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.

|      |  |                 |  |                                                                               
|----- |  | --------------- |  | ------------------------------------------------------------------------------
|      |  |                 |  | DEL TACO RESTAURANT PROPERTIES I
(a California limited partnership)
Registrant
|      |  |                 |  |                                                                               
|      |  |                 |  | Del Taco, Inc.
General Partner                                                
|      |  |                 |  |                                                                               
|Date: |  | August 14, 2003 |  | /s/ Robert J. Terrano                                                         
|      |  |                 |  |                                                                               
|      |  |                 |  | Robert J. Terrano
Executive Vice President,
Chief Financial Officer           

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EXHIBIT INDEX

|         |  |                                                                                            
|-------- |  | -------------------------------------------------------------------------------------------
|Exhibits |  | Description                                                                                
|         |  |                                                                                            
|31.1     |  | Kevin K. Moriartys Certification Pursuant to
Section 302 of the Sarbanes-Oxley Act of 2002
|31.2     |  | Robert J. Terranos Certification Pursuant to
Section 302 of the Sarbanes-Oxley Act of 2002
|32.1     |  | Certification Pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002                    

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