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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 September 30,
    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 September 30, 2009 (Unaudited) and
December 31, 2008
    
    
    3Condensed Statements of Income for the three and nine months ended
September 30, 2009 and 2008 (Unaudited)
    
    
    4Condensed Statements of Cash Flows for the nine months ended
September 30, 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
 September 30,
    
    
    December 31,2009
    
    
    2008(Unaudited)ASSETSCURRENT ASSETS:Cash
    
    $
    224,724
    
    
    $
    207,772Receivable from Del Taco LLC
    
    
    63,462
    
    
    
    62,158Deposits
    
    
    1,368
    
    
    
    1,110Total current assets
    
    
    289,554
    
    
    
    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
    
    
    2,127,694
    
    
    
    2,105,9831,951,151
    
    
    
    1,972,862$
    2,240,705
    
    
    $
    2,243,902LIABILITIES AND PARTNERS EQUITYCURRENT LIABILITIES:Payable to limited partners
    
    $
    37,397
    
    
    $
    31,289Accounts payable
    
    
    15,944
    
    
    
    6,967Total current liabilities
    
    
    53,341
    
    
    
    38,256PARTNERS EQUITY:Limited partners; 8,751 units outstanding at September 30, 2009
and December 31, 2008
    
    
    1,925,393
    
    
    
    1,943,492General partner-Del Taco LLC
    
    
    261,971
    
    
    
    262,1542,187,364
    
    
    
    2,205,646$
    2,240,705
    
    
    $
    2,243,902
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DEL TACO RESTAURANT PROPERTIES I   
 CONDENSED STATEMENTS OF INCOME   (Unaudited)
 Three Months Ended
    
    
    Nine Months EndedSeptember 30,
    
    
    September 30,2009
    
    
    2008
    
    
    2009
    
    
    2008RENTAL REVENUES
    
    $
    189,683
    
    
    $
    189,942
    
    
    $
    549,799
    
    
    $
    559,806EXPENSES:General and administrative
    
    
    13,140
    
    
    
    9,172
    
    
    
    63,052
    
    
    
    60,516Depreciation
    
    
    7,237
    
    
    
    7,237
    
    
    
    21,711
    
    
    
    21,71120,377
    
    
    
    16,409
    
    
    
    84,763
    
    
    
    82,227Operating income
    
    
    169,306
    
    
    
    173,533
    
    
    
    465,036
    
    
    
    477,579OTHER INCOME:Interest
    
    
    64
    
    
    
    331
    
    
    
    207
    
    
    
    1,400Other
    
    
    175
    
    
    
    225
    
    
    
    625
    
    
    
    2,475Net income
    
    $
    169,545
    
    
    $
    174,089
    
    
    $
    465,868
    
    
    $
    481,454Net income per limited
partnership unit (Note 2)
    
    $
    19.18
    
    
    $
    19.69
    
    
    $
    52.70
    
    
    $
    54.47Number of units used in computing
per unit amounts
    
    
    8,751
    
    
    
    8,751
    
    
    
    8,751
    
    
    
    8,751
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DEL TACO RESTAURANT PROPERTIES I   
 CONDENSED STATEMENTS OF CASH FLOWS   (Unaudited)
 Nine Months EndedSeptember 30,2009
    
    
    2008CASH FLOWS FROM OPERATING ACTIVITIES:Net income
    
    $
    465,868
    
    
    $
    481,454Adjustments 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
    
    
    (1,304
    )
    
    
    (351
    )Deposits
    
    
    (258
    )
    
    
    (186
    )Payable to limited partners
    
    
    6,108
    
    
    
    (7,220
    )Accounts payable
    
    
    8,977
    
    
    
    (262
    )Net cash provided by operating activities
    
    
    501,102
    
    
    
    495,146CASH FLOWS FROM INVESTING ACTIVITIES:Purchase of land and improvements
    
    
    
    
    
    
    (72,103
    )CASH FLOWS FROM FINANCING ACTIVITIES:Cash distributions to partners
    
    
    (484,150
    )
    
    
    (432,662
    )Net increase (decrease) in cash
    
    
    16,952
    
    
    
    (9,619
    )Beginning cash balance
    
    
    207,772
    
    
    
    218,140Ending cash balance
    
    $
    224,724
    
    
    $
    208,521
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DEL TACO RESTAURANT PROPERTIES I   
 NOTES TO CONDENSED FINANCIAL STATEMENTS   FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2009   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 AND NINE MONTHS ENDED SEPTEMBER 30, 2009   UNAUDITED
 NOTE 3  LEASING ACTIVITIES  continued
   NOTE 4  TRANSACTIONS WITH DEL TACO
    NOTE 5  DISTRIBUTIONS
  -7-




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DEL TACO RESTAURANT PROPERTIES I   NOTES TO CONDENSED FINANCIAL STATEMENTS  CONTINUED   FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2009   UNAUDITED
 NOTE 6  PAYABLE TO LIMITED PARTNERS
  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 Ended
    
    
    Nine Months EndedSeptember 30,
    
    
    September 30,2009
    
    
    2008
    
    
    2009
    
    
    2008Riverside Avenue, Rialto, CA
    
    $
    29,514
    
    
    $
    29,541
    
    
    $
    84,834
    
    
    $
    86,009Elden Avenue, Moreno Valley, CA
    
    
    25,825
    
    
    
    26,817
    
    
    
    73,937
    
    
    
    76,325Foothill Boulevard, La Verne, CA
    
    
    43,686
    
    
    
    44,028
    
    
    
    128,154
    
    
    
    132,283Baseline & Archibald, Rancho Cucamonga, CA
    
    
    29,774
    
    
    
    30,159
    
    
    
    87,814
    
    
    
    89,018Elkhorn Boulevard, Sacramento, CA
    
    
    25,329
    
    
    
    22,894
    
    
    
    73,790
    
    
    
    66,978Haven Avenue, Rancho Cucamonga, CA
    
    
    35,555
    
    
    
    36,503
    
    
    
    101,270
    
    
    
    109,193Total
    
    $
    189,683
    
    
    $
    189,942
    
    
    $
    549,799
    
    
    $
    559,806
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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 Ended
    
    Nine Months EndedSeptember 30,
    
    September 30,2009
    
    2008
    
    2009
    
    2008Accounting fees
    
    
    41.77
    %
    
    
    63.53
    %
    
    
    67.40
    %
    
    
    75.62
    %Distribution of information
to limited partners
    
    
    58.23
    %
    
    
    36.47
    %
    
    
    32.60
    %
    
    
    24.38
    %100.00
    %
    
    
    100.00
    %
    
    
    100.00
    %
    
    
    100.00
    %
   Significant Recent Accounting Pronouncements
  Off-Balance Sheet Arrangements
  Critical Accounting Policies and Estimates
  -10-




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Item 2. Managements Discussion and Analysis of Financial Condition and Results of Operations 
continued
 Revenue Recognition:
 Property and Equipment:
   
 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:
  -11-




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PART II. OTHER INFORMATION
  
 Item 6.
    
    Exhibits
 (a)
    
    Exhibits
 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)
Registrant
Del Taco LLC
General PartnerDate:  November 16, 2009
    /s/ Steven L. BrakeSteven L. BrakeTreasurer -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
 -14-