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UNITED STATES SECURITIES AND
    EXCHANGE COMMISSION
 Washington, D.C.
    20549
  Form 10-Q
  (Mark one)þ

QUARTERLY REPORT UNDER SECTION 13 OR 15(d)  OF THE SECURITIES
    EXCHANGE ACT OF 1934For the quarterly period ended
    March 31,
    2011ORo

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)  OF THE
    SECURITIES EXCHANGE ACT OF 1934For the transition period
    from          to   Commission file no. 0-16191
  DEL TACO RESTAURANT PROPERTIES
    I
  (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(Zip Code)(Address of principal executive
    offices)   (949) 462-9300
 (Registrants telephone number, including area code)
  þ o
  Regulation S-T o o
  12b-2
  Large
    accelerated
    filer o
    Accelerated
    filer o
    Non-accelerated
    filer þ
    Smaller
    reporting
    company o   Rule 12b-2 o þ
  DOCUMENTS
    INCORPORATED BY REFERENCE
  Form S-11




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DEL TACO RESTAURANT PROPERTIES I
 PAGE NUMBERPART I. FINANCIAL INFORMATIONItem 1. Financial Statements
    
    
    3Condensed Balance Sheets at March 31, 2011 (Unaudited) and December 31, 2010
    
    
    3Condensed Statements of Income for the three months ended March 31, 2011 and 2010 (Unaudited)
    
    
    4Condensed Statements of Cash Flows for the three months ended March 31, 2011 and 2010 (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
    
    
    12SIGNATURE
    
    
    13EX-31.1EX-31.2EX-32.1
  -2-




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PART I. FINANCIAL INFORMATION
 
 ITEM I. FINANCIAL STATEMENTS
 DEL TACO RESTAURANT PROPERTIES I
 
 CONDENSED BALANCE SHEETS
 March 31,
    
    
    December 31,2011
    
    
    2010(Unaudited)ASSETSCURRENT ASSETS:Cash
    
    $
    209,256
    
    
    $
    225,302Receivable from Del Taco LLC
    
    
    65,308
    
    
    
    64,881Deposits
    
    
    1,239
    
    
    
    1,366Total current assets
    
    
    275,803
    
    
    
    291,549PROPERTY AND EQUIPMENT:Land and improvements
    
    
    1,929,685
    
    
    
    1,929,685Buildings and improvements
    
    
    1,013,134
    
    
    
    1,013,134Machinery and equipment
    
    
    1,136,026
    
    
    
    1,136,0264,078,845
    
    
    
    4,078,845Lessaccumulated depreciation
    
    
    2,171,116
    
    
    
    2,163,8791,907,729
    
    
    
    1,914,966$
    2,183,532
    
    
    $
    2,206,515LIABILITIES AND PARTNERS EQUITYCURRENT LIABILITIES:Payable to limited partners
    
    $
    47,877
    
    
    $
    44,368Accounts payable
    
    
    21,460
    
    
    
    9,290Total current liabilities
    
    
    69,337
    
    
    
    53,658PARTNERS EQUITY:Limited partners; 8,751 units outstanding at March 31, 2011
and December 31, 2010
    
    
    1,852,955
    
    
    
    1,891,231General partner-Del Taco LLC
    
    
    261,240
    
    
    
    261,6262,114,195
    
    
    
    2,152,857$
    2,183,532
    
    
    $
    2,206,515
  -3-




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DEL TACO RESTAURANT PROPERTIES I
 
 CONDENSED STATEMENTS OF INCOME
 (Unaudited)
 Three Months EndedMarch 31,2011
    
    
    2010RENTAL REVENUES
    
    $
    182,124
    
    
    $
    179,762EXPENSES:General and administrative
    
    
    38,078
    
    
    
    36,310Depreciation
    
    
    7,237
    
    
    
    7,23745,315
    
    
    
    43,547Operating income
    
    
    136,809
    
    
    
    136,215OTHER INCOME:Interest
    
    
    62
    
    
    
    63Other
    
    
    400
    
    
    
    125Net income
    
    $
    137,271
    
    
    $
    136,403Net income per limited
partnership unit (Note 2)
    
    $
    15.53
    
    
    $
    15.43Number of units used in computing
per unit amounts
    
    
    8,751
    
    
    
    8,751
  -4-




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DEL TACO RESTAURANT PROPERTIES I
 
 CONDENSED STATEMENTS OF CASH FLOWS
 (Unaudited)
 Three Months EndedMarch 31,2011
    
    
    2010CASH FLOWS FROM OPERATING ACTIVITIES:Net income
    
    $
    137,271
    
    
    $
    136,403Adjustments to reconcile net income to net
cash provided by operating activities:Depreciation
    
    
    7,237
    
    
    
    7,237Changes in operating assets and liabilities:Receivable from Del Taco LLC
    
    
    (427
    )
    
    
    (1,217
    )Deposits
    
    
    127
    
    
    
    66Payable to limited partners
    
    
    3,509
    
    
    
    1,475Accounts payable
    
    
    12,170
    
    
    
    3,066Net cash provided by operating activities
    
    
    159,887
    
    
    
    147,030CASH FLOWS FROM FINANCING ACTIVITIES:Cash distributions to partners
    
    
    (175,933
    )
    
    
    (173,609
    )Net change in cash
    
    
    (16,046
    )
    
    
    (26,579
    )Beginning cash balance
    
    
    225,302
    
    
    
    218,535Ending cash balance
    
    $
    209,256
    
    
    $
    191,956
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DEL TACO RESTAURANT PROPERTIES I
 
 NOTES TO CONDENSED FINANCIAL STATEMENTS
 FOR THE THREE MONTHS ENDED MARCH 31, 2011
 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 MONTHS ENDED MARCH 31, 2011
 UNAUDITED
 NOTE 3  LEASING ACTIVITIES  continued
  NOTE 4  TRANSACTIONS WITH DEL TACO
    NOTE 5  DISTRIBUTIONS
  NOTE 6  PAYABLE TO LIMITED PARTNERS
  -7-




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DEL TACO RESTAURANT PROPERTIES I
 NOTES TO CONDENSED FINANCIAL STATEMENTS  CONTINUED
 FOR THE THREE MONTHS ENDED MARCH 31, 2011
 UNAUDITED
 NOTE 7  CONCENTRATION OF RISK
   -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 EndedMarch 31,2011
    
    
    2010Riverside Avenue, Rialto, CA
    
    $
    30,202
    
    
    $
    28,279Elden Avenue, Moreno Valley, CA
    
    
    23,454
    
    
    
    24,542Foothill Boulevard, La Verne, CA
    
    
    40,811
    
    
    
    40,635Baseline & Archibald, Rancho Cucamonga, CA
    
    
    27,555
    
    
    
    27,652Elkhorn Boulevard, Sacramento, CA
    
    
    26,268
    
    
    
    25,291Haven Avenue, Rancho Cucamonga, CA
    
    
    33,834
    
    
    
    33,363Total
    
    $
    182,124
    
    
    $
    179,762
   -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 EndedMarch 31,2011
    
    2010Accounting fees
    
    
    77.46
    %
    
    
    78.62
    %Distribution of information
to limited partners
    
    
    22.54
    %
    
    
    21.38
    %100.00
    %
    
    
    100.00
    %
   Significant Recent Accounting Pronouncements
  Off-Balance Sheet Arrangements
  Critical Accounting Policies and Estimates
  Revenue Recognition:
 Property and Equipment:
  -10-




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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:
  (b)
    
    Changes in internal controls:
  (c)
    
    Asset-Backed issuers:
  -11-




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PART II. OTHER INFORMATION
  
  31.1
    
    Paul J. B. Murphy, III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
 -12-




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SIGNATURE
  DEL TACO RESTAURANT PROPERTIES I
(a California limited partnership)
Registrant
Del Taco LLC
General PartnerDate:  May 16, 2011
    /s/ Steven L. BrakeSteven L. BrakeChief Financial Officer -13-




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EXHIBIT INDEX
 Exhibit No.
    
    Description31.1
    
    Paul J. B. Murphy, III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