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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, 2009ORo

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(Address of principal
    executive offices)

92630(Zip Code)    (949) 462-9300
 (Registrants telephone number, including area code)
   þ o
  o o
  Rule 12b-2 o þ
  DOCUMENTS
    INCORPORATED BY REFERENCE
  Form S-11
  Rule 12b-2
  Large
    accelerated
    filer o
    Accelerated
    filer o
    Non-accelerated
    filer þ
    Smaller
    reporting
    company o   Rule 12b-2 o þ




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DEL TACO RESTAURANT PROPERTIES I
 PAGE NUMBERPART I. FINANCIAL INFORMATIONItem 1. Financial StatementsCondensed Balance Sheets at March 31, 2009 (Unaudited) and
December 31, 2008
    
    
    3Condensed Statements of Income for the three months ended
March 31, 2009 and 2008 (Unaudited)
    
    
    4Condensed Statements of Cash Flows for the three months ended
March 31, 2009 and 2008 (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 4T. Controls and Procedures
    
    
    11PART II. OTHER INFORMATIONItem 6. Exhibits
    
    
    12SIGNATURE
    
    
    13EX-31.1EX-31.2EX-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 31,2009
    
    
    2008(Unaudited)ASSETSCURRENT ASSETS:Cash
    
    $
    196,407
    
    
    $
    207,772Receivable from Del Taco LLC
    
    
    62,649
    
    
    
    62,158Deposits
    
    
    1,048
    
    
    
    1,110Total current assets
    
    
    260,104
    
    
    
    271,040PROPERTY 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
    
    
    2,113,220
    
    
    
    2,105,9831,965,625
    
    
    
    1,972,862$
    2,225,729
    
    
    $
    2,243,902LIABILITIES AND PARTNERS EQUITYCURRENT LIABILITIES:Payable to limited partners
    
    $
    32,725
    
    
    $
    31,289Accounts payable
    
    
    27,694
    
    
    
    6,967Total current liabilities
    
    
    60,419
    
    
    
    38,256PARTNERS EQUITY:Limited partners; 8,751 units outstanding at March 31, 2009
and December 31, 2008
    
    
    1,903,560
    
    
    
    1,943,492General partner-Del Taco LLC
    
    
    261,750
    
    
    
    262,1542,165,310
    
    
    
    2,205,646$
    2,225,729
    
    
    $
    2,243,902
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DEL TACO RESTAURANT PROPERTIES I
 
 CONDENSED STATEMENTS OF INCOME
 (Unaudited)
 Three Months EndedMarch 31,2009
    
    
    2008RENTAL REVENUES
    
    $
    174,976
    
    
    $
    183,905EXPENSES:General and administrative
    
    
    36,742
    
    
    
    40,882Depreciation
    
    
    7,237
    
    
    
    7,23743,979
    
    
    
    48,119Operating income
    
    
    130,997
    
    
    
    135,786OTHER INCOME:Interest
    
    
    75
    
    
    
    653Other
    
    
    75
    
    
    
    475Net income
    
    $
    131,147
    
    
    $
    136,914Net income per limited
partnership unit (Note 2)
    
    $
    14.84
    
    
    $
    15.49Number 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 31,2009
    
    
    2008CASH FLOWS FROM OPERATING ACTIVITIES:Net income
    
    $
    131,147
    
    
    $
    136,914Adjustments 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
    
    
    (491
    )
    
    
    (1,764
    )Deposits
    
    
    62
    
    
    
    (310
    )Payable to limited partners
    
    
    1,436
    
    
    
    1,925Accounts payable
    
    
    20,727
    
    
    
    12,776Net cash provided by operating activities
    
    
    160,118
    
    
    
    156,778CASH FLOWS FROM FINANCING ACTIVITIES:Cash distributions to partners
    
    
    (171,483
    )
    
    
    (173,984
    )Net decrease in cash
    
    
    (11,365
    )
    
    
    (17,206
    )Beginning cash balance
    
    
    207,772
    
    
    
    218,140Ending cash balance
    
    $
    196,407
    
    
    $
    200,934
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DEL TACO RESTAURANT PROPERTIES I
 
 NOTES TO CONDENSED FINANCIAL STATEMENTS
 MARCH 31, 2009
 UNAUDITED
 NOTE 1  BASIS OF PRESENTATION
  NOTE 2  NET INCOME PER LIMITED PARTNERSHIP UNIT
   NOTE 3  LEASING ACTIVITIES
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DEL TACO RESTAURANT PROPERTIES I
 NOTES TO CONDENSED FINANCIAL STATEMENTS  CONTINUED
 MARCH 31, 2009
 UNAUDITED
 NOTE 3  LEASING ACTIVITIES  continued
  NOTE 4  TRANSACTIONS WITH DEL TACO
    NOTE 5  DISTRIBUTIONS
   NOTE 6  PAYABLE TO LIMITED PARTNERS
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DEL TACO RESTAURANT PROPERTIES I
 NOTES TO CONDENSED FINANCIAL STATEMENTS  CONTINUED
 MARCH 31, 2009
 UNAUDITED
 NOTE 7  CONCENTRATION OF RISK
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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 31,2009
    
    
    2008Riverside Avenue, Rialto, CA
    
    $
    27,222
    
    
    $
    27,805Elden Avenue, Moreno Valley, CA
    
    
    23,088
    
    
    
    24,324Foothill Boulevard, La Verne, CA
    
    
    40,880
    
    
    
    44,305Baseline & Archibald, Rancho Cucamonga, CA
    
    
    28,237
    
    
    
    29,066Elkhorn Boulevard, Sacramento, CA
    
    
    23,404
    
    
    
    21,683Haven Avenue, Rancho Cucamonga, CA
    
    
    32,145
    
    
    
    36,722Total
    
    $
    174,976
    
    
    $
    183,905
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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 31,2009
    
    2008Accounting fees
    
    
    80.93
    %
    
    
    80.60
    %Distribution of information
to limited partners
    
    
    19.07
    
    
    
    19.40100.00
    %
    
    
    100.00
    %
   Significant Recent Accounting Pronouncements
  Off-Balance Sheet Arrangements
  Critical Accounting Policies and Estimates
  Revenue Recognition:
 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 4T. Controls and Procedures
 (a)
    
    Evaluation of disclosure controls and procedures:
  (b)
    
    Changes in internal controls:
  (c)
    
    Asset-Backed issuers:
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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
 
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SIGNATURE
  DEL TACO RESTAURANT PROPERTIES I(a California limited partnership)RegistrantDel Taco LLC
General PartnerDate:     May 15, 2009
    
    /s/ Steven L. Brake

Steven L. BrakeTreasurer
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