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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 March 31, 2006.


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 INFORMATIONItem 1. Financial StatementsCondensed Balance Sheets at March 31, 2006 (Unaudited) and December 31, 2005
    
    
    3Condensed Statements of Income for the three months ended March 31, 2006 and 2005 (Unaudited)
    
    
    4Condensed Statements of Cash Flows for the three months ended March 31, 2006 and 2005 (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
    
    
    10PART II. OTHER INFORMATIONItem 6. Exhibits and Reports
    
    
    11SIGNATURE
    
    
    12EXHIBIT 31.1EXHIBIT 31.2EXHIBIT 32.1
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PART I. FINANCIAL INFORMATION
 
 ITEM I. FINANCIAL STATEMENTS
 DEL TACO RESTAURANT PROPERTIES I
 
 CONDENSED BALANCE SHEETS
 March 31,
    
    
    December 31,2006
    
    
    2005(Unaudited)ASSETSCURRENT ASSETS:Cash
    
    $
    243,009
    
    
    $
    268,272Receivable from Del Taco LLC
    
    
    62,103
    
    
    
    65,191Deposits
    
    
    985
    
    
    
    600Total current assets
    
    
    306,097
    
    
    
    334,063PROPERTY 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
    
    
    2,026,376
    
    
    
    2,019,1391,975,266
    
    
    
    1,982,503$
    2,281,363
    
    
    $
    2,316,566LIABILITIES AND PARTNERS EQUITYCURRENT LIABILITIES:Payable to limited partners
    
    $
    75,743
    
    
    $
    81,974Accounts payable
    
    
    21,394
    
    
    
    4,525Total current liabilities
    
    
    97,137
    
    
    
    86,499PARTNERS EQUITY:Limited partners; 8,751 units outstanding at March 31, 2006 and December 31, 2005
    
    
    1,922,286
    
    
    
    1,967,669General partner-Del Taco LLC
    
    
    261,940
    
    
    
    262,3982,184,226
    
    
    
    2,230,067$
    2,281,363
    
    
    $
    2,316,566
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DEL TACO RESTAURANT PROPERTIES I
 
 CONDENSED STATEMENTS OF INCOME
 (Unaudited)
 Three Months EndedMarch 31,2006
    
    
    2005RENTAL REVENUES
    
    $
    181,163
    
    
    $
    191,065EXPENSES:General and administrative
    
    
    39,689
    
    
    
    37,270Depreciation
    
    
    7,237
    
    
    
    10,94346,926
    
    
    
    48,213Operating income
    
    
    134,237
    
    
    
    142,852OTHER INCOME:Interest
    
    
    995
    
    
    
    792Other
    
    
    225
    
    
    
    425Net income
    
    $
    135,457
    
    
    $
    144,069Net income per limited
partnership unit (Note 2)
    
    $
    15.32
    
    
    $
    16.30Number of units used in computing per unit amounts
    
    
    8,751
    
    
    
    8,751
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DEL TACO RESTAURANT PROPERTIES I
 
 CONDENSED STATEMENTS OF CASH FLOWS
 (Unaudited)
 Three Months EndedMarch 31,2006
    
    
    2005CASH FLOWS FROM OPERATING ACTIVITIES:Net income
    
    $
    135,457
    
    
    $
    144,069Adjustments to reconcile net income to net
cash provided by operating activities:Depreciation
    
    
    7,237
    
    
    
    10,943Changes in operating assets and liabilities:Receivable from Del Taco LLC
    
    
    3,088
    
    
    
    (5,987
    )Deposits
    
    
    (385
    )
    
    
    175Payable to limited partners
    
    
    (6,231
    )
    
    
    (758
    )Accounts payable
    
    
    16,869
    
    
    
    25,147Net cash provided by operating activities
    
    
    156,035
    
    
    
    173,589CASH FLOWS FROM FINANCING ACTIVITIES:Cash distributions to partners
    
    
    (181,298
    )
    
    
    (181,973
    )Net decrease in cash
    
    
    (25,263
    )
    
    
    (8,384
    )Beginning cash balance
    
    
    268,272
    
    
    
    251,606Ending cash balance
    
    $
    243,009
    
    
    $
    243,222
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DEL TACO RESTAURANT PROPERTIES I
 
 NOTES TO CONDENSED FINANCIAL STATEMENTS
 MARCH 31, 2006
 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
 MARCH 31, 2006
 UNAUDITED
 NOTE 3  LEASING ACTIVITIES  continued
  NOTE 4  TRANSACTIONS WITH DEL TACO
    NOTE 5  DISTRIBUTIONS
  NOTE 6  PAYABLE TO LIMITED PARTNERS
  NOTE 7  ACQUISITION OF GENERAL PARTNER
  -7-




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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 EndedMarch 31,2006
    
    
    2005Riverside Avenue, Rialto, CA
    
    $
    28,107
    
    
    $
    28,497Elden Avenue, Moreno Valley, CA
    
    
    33,341
    
    
    
    33,827Foothill Boulevard, La Verne, CA
    
    
    42,737
    
    
    
    40,889Baseline & Archibald, Rancho Cucamonga, CA
    
    
    28,697
    
    
    
    33,811Elkhorn Boulevard, Sacramento, CA
    
    
    18,016
    
    
    
    17,361Haven Avenue, Rancho Cucamonga, CA
    
    
    30,265
    
    
    
    36,680Total
    
    $
    181,163
    
    
    $
    191,065
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Item 2. Managements Discussion and Analysis of Financial Condition and Results of Operations -
continued
  Percentage of TotalGeneral & Administrative ExpenseThree Months EndedMarch 31,2006
    
    
    2005Accounting fees
    
    
    75.66
    %
    
    
    72.95
    %Distribution of information
to limited partners
    
    
    24.34
    
    
    
    27.05100.00
    %
    
    
    100.00
    %
   Significant Recent Accounting Pronouncements
  Off-Balance Sheet Arrangements
  Critical Accounting Policies and Estimates
  Property and Equipment:
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Item 2. Managements Discussion and Analysis of Financial Condition and Results of Operations  continued
  
 Item 3. Quantitative and Qualitative Disclosures About Market Risk.
  
 Item 4. Controls and Procedures
 (a)
    
    Evaluation of disclosure controls and procedures:
 As of the end of the period covered by this quarterly report, we carried out an
evaluation, under the supervision and with the participation of the Companys management,
including the Companys Chief Executive Officer and Treasurer, 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 Treasurer concluded that the
Companys disclosure controls and procedures are effective in timely alerting them to
material information relating to the Company 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 over financial
reporting that occurred during our most recent fiscal quarter that materially affected,
or is reasonably likely to materially affect, our internal control over financial
reporting.
 (c)
    
    Asset-Backed issuers:
 Not applicable.
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PART II. OTHER INFORMATION
  
  (a)
    
    Exhibits
 31.1
    
    Ronald Powell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
  -11-




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SIGNATURE
  DEL TACO RESTAURANT PROPERTIES I(a California limited partnership)RegistrantDel Taco LLCGeneral PartnerDate: May 12, 2006
    
    /s/ Steven L. BrakeSteven L. BrakeTreasurer
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Exhibit Index
 31.1
    
    Ronald Powell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
 -13-