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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 June 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 Statements
    
    3Condensed Balance Sheets at June 30, 2009 (Unaudited) and
December 31, 2008
    
    3Condensed Statements of Income for the three and six months ended
June 30, 2009 and 2008 (Unaudited)
    
    4Condensed Statements of Cash Flows for the six months ended
June 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
 June 30,
    
    
    December 31,2009
    
    
    2008(Unaudited)ASSETSCURRENT ASSETS:Cash
    
    $
    193,672
    
    
    $
    207,772Receivable from Del Taco LLC
    
    
    60,559
    
    
    
    62,158Deposits
    
    
    985
    
    
    
    1,110Total current assets
    
    
    255,216
    
    
    
    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
    
    
    2,120,457
    
    
    
    2,105,9831,958,388
    
    
    
    1,972,862$
    2,213,604
    
    
    $
    2,243,902LIABILITIES AND PARTNERS EQUITYCURRENT LIABILITIES:Payable to limited partners
    
    $
    34,687
    
    
    $
    31,289Accounts payable
    
    
    7,113
    
    
    
    6,967Total current liabilities
    
    
    41,800
    
    
    
    38,256PARTNERS EQUITY:Limited partners; 8,751 units outstanding at June 30, 2009
and December 31, 2008
    
    
    1,909,989
    
    
    
    1,943,492General partner-Del Taco LLC
    
    
    261,815
    
    
    
    262,1542,171,804
    
    
    
    2,205,646$
    2,213,604
    
    
    $
    2,243,902
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DEL TACO RESTAURANT PROPERTIES I
 
 CONDENSED STATEMENTS OF INCOME
 (Unaudited)
 Three Months Ended
    
    
    Six Months EndedJune 30,
    
    
    June 30,2009
    
    
    2008
    
    
    2009
    
    
    2008RENTAL REVENUES
    
    $
    185,139
    
    
    $
    185,959
    
    
    $
    360,115
    
    
    $
    369,864EXPENSES:General and administrative
    
    
    13,169
    
    
    
    10,461
    
    
    
    49,912
    
    
    
    51,344Depreciation
    
    
    7,237
    
    
    
    7,237
    
    
    
    14,474
    
    
    
    14,47420,406
    
    
    
    17,698
    
    
    
    64,386
    
    
    
    65,818Operating income
    
    
    164,733
    
    
    
    168,261
    
    
    
    295,729
    
    
    
    304,046OTHER INCOME:Interest
    
    
    69
    
    
    
    415
    
    
    
    144
    
    
    
    1,069Other
    
    
    375
    
    
    
    1,775
    
    
    
    450
    
    
    
    2,250Net income
    
    $
    165,177
    
    
    $
    170,451
    
    
    $
    296,323
    
    
    $
    307,365Net income per limited
partnership unit (Note 2)
    
    $
    18.69
    
    
    $
    19.28
    
    
    $
    33.52
    
    
    $
    34.77Number 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)
 Six Months EndedJune 30,2009
    
    
    2008CASH FLOWS FROM OPERATING ACTIVITIES:Net income
    
    $
    296,323
    
    
    $
    307,365Adjustments to reconcile net income to net
cash provided by operating activities:Depreciation
    
    
    14,474
    
    
    
    14,474Changes in operating assets and liabilities:Receivable from Del Taco LLC
    
    
    1,599
    
    
    
    78Deposits
    
    
    125
    
    
    
    (249
    )Payable to limited partners
    
    
    3,398
    
    
    
    (8,918
    )Accounts payable
    
    
    146
    
    
    
    7,011Net cash provided by operating activities
    
    
    316,065
    
    
    
    319,761CASH FLOWS FROM INVESTING ACTIVITIES:Purchase of land and improvements
    
    
    
    
    
    
    (70,000
    )CASH FLOWS FROM FINANCING ACTIVITIES:Cash distributions to partners
    
    
    (330,165
    )
    
    
    (258,837
    )Net decrease in cash
    
    
    (14,100
    )
    
    
    (9,076
    )Beginning cash balance
    
    
    207,772
    
    
    
    218,140Ending cash balance
    
    $
    193,672
    
    
    $
    209,064
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DEL TACO RESTAURANT PROPERTIES I
 
 NOTES TO CONDENSED FINANCIAL STATEMENTS   FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 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   FOR THE THREE AND SIX MONTHS ENDED JUNE 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 SIX MONTHS ENDED JUNE 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
    
    
    Six Months EndedJune 30,
    
    
    June 30,2009
    
    
    2008
    
    
    2009
    
    
    2008Riverside Avenue, Rialto, CA
    
    $
    28,098
    
    
    $
    28,663
    
    
    $
    55,319
    
    
    $
    56,467Elden Avenue, Moreno Valley, CA
    
    
    25,023
    
    
    
    25,185
    
    
    
    48,112
    
    
    
    49,509Foothill Boulevard, La Verne, CA
    
    
    43,589
    
    
    
    43,950
    
    
    
    84,468
    
    
    
    88,256Baseline & Archibald, Rancho Cucamonga, CA
    
    
    29,802
    
    
    
    29,793
    
    
    
    58,040
    
    
    
    58,859Elkhorn Boulevard, Sacramento, CA
    
    
    25,057
    
    
    
    22,401
    
    
    
    48,461
    
    
    
    44,084Haven Avenue, Rancho Cucamonga, CA
    
    
    33,570
    
    
    
    35,967
    
    
    
    65,715
    
    
    
    72,689Total
    
    $
    185,139
    
    
    $
    185,959
    
    
    $
    360,115
    
    
    $
    369,864
  -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 Ended
    
    Six Months EndedJune 30,
    
    June 30,2009
    
    2008
    
    2009
    
    2008Accounting fees
    
    
    46.57
    %
    
    
    49.88
    %
    
    
    68.19
    %
    
    
    73.30
    %Distribution of information
to limited partners
    
    
    53.43
    %
    
    
    50.12
    %
    
    
    31.81
    %
    
    
    26.70
    %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
  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.
  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.
  Not applicable.
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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 2002
 31.2
    
    Steven L. Brakes Certification pursuant to Section 302 of the
Sarbanes-Oxley Act of 2002
 32.1
    
    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:  August 14, 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-