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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, 2007.
  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 INFORMATION
    
    
    3Item 1.
    
    Financial Statements
    
    
    3Condensed Balance Sheets at March 31, 2007 (Unaudited) and
December 31, 2006
    
    
    3Condensed Statements of Income for the three months ended
March 31, 2007 and 2006 (Unaudited)
    
    
    4Condensed Statements of Cash Flows for the three months ended
March 31, 2007 and 2006 (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 INFORMATION
    
    
    12Item 6.
    
    Exhibits and Reports
    
    
    12SIGNATURE
    
    
    13EXHIBIT 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 31,2007
    
    
    2006(Unaudited)ASSETSCURRENT ASSETS:Cash
    
    $
    235,577
    
    
    $
    259,468Receivable from Del Taco LLC
    
    
    61,450
    
    
    
    61,641Deposits
    
    
    1,543
    
    
    
    1,130Total current assets
    
    
    298,570
    
    
    
    322,239PROPERTY 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
    
    
    2,055,324
    
    
    
    2,048,0871,946,318
    
    
    
    1,953,555$
    2,244,888
    
    
    $
    2,275,794LIABILITIES AND PARTNERS EQUITYCURRENT LIABILITIES:Payable to limited partners
    
    $
    73,846
    
    
    $
    81,877Accounts payable
    
    
    31,631
    
    
    
    9,421Total current liabilities
    
    
    105,477
    
    
    
    91,298PARTNERS EQUITY:Limited partners; 8,751 units outstanding at March 31, 2007
    
    
    1,877,919
    
    
    
    1,922,554and December 31, 2006General partner-Del Taco LLC
    
    
    261,492
    
    
    
    261,9422,139,411
    
    
    
    2,184,496$
    2,244,888
    
    
    $
    2,275,794
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DEL TACO RESTAURANT PROPERTIES I
 
 CONDENSED STATEMENTS OF INCOME
 (Unaudited)
 Three Months EndedMarch 31,2007
    
    
    2006RENTAL REVENUES
    
    $
    173,334
    
    
    $
    181,163EXPENSES:General and administrative
    
    
    40,367
    
    
    
    39,689Depreciation
    
    
    7,237
    
    
    
    7,23747,604
    
    
    
    46,926Operating income
    
    
    125,730
    
    
    
    134,237OTHER INCOME:Interest
    
    
    1,208
    
    
    
    995Other
    
    
    575
    
    
    
    225Net income
    
    $
    127,513
    
    
    $
    135,457Net income per limited
partnership unit (Note 2)
    
    $
    14.43
    
    
    $
    15.32Number 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 31,2007
    
    
    2006CASH FLOWS FROM OPERATING ACTIVITIES:Net income
    
    $
    127,513
    
    
    $
    135,457Adjustments 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
    
    
    191
    
    
    
    3,088Deposits
    
    
    (413
    )
    
    
    (385
    )Payable to limited partners
    
    
    (8,031
    )
    
    
    (6,231
    )Accounts payable
    
    
    22,210
    
    
    
    16,869Net cash provided by operating activities
    
    
    148,707
    
    
    
    156,035CASH FLOWS FROM FINANCING ACTIVITIES:Cash distributions to partners
    
    
    (172,598
    )
    
    
    (181,298
    )Net decrease in cash
    
    
    (23,891
    )
    
    
    (25,263
    )Beginning cash balance
    
    
    259,468
    
    
    
    268,272Ending cash balance
    
    $
    235,577
    
    
    $
    243,009
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DEL TACO RESTAURANT PROPERTIES I
 
 NOTES TO CONDENSED FINANCIAL STATEMENTS
 FOR THE THREE MONTHS ENDED MARCH 31, 2007
 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, 2007
 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, 2007
 UNAUDITED
 NOTE 7  CONCENTRATION OF RISK
  NOTE 8  ACQUISITION OF GENERAL PARTNER
  -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 31,2007
    
    2006Riverside Avenue, Rialto, CA
    
    $
    28,781
    
    
    $
    28,107Elden Avenue, Moreno Valley, CA
    
    
    25,598
    
    
    
    33,341Foothill Boulevard, La Verne, CA
    
    
    41,755
    
    
    
    42,737Baseline & Archibald, Rancho Cucamonga, CA
    
    
    28,826
    
    
    
    28,697Elkhorn Boulevard, Sacramento, CA
    
    
    18,411
    
    
    
    18,016Haven Avenue, Rancho Cucamonga, CA
    
    
    29,963
    
    
    
    30,265Total
    
    $
    173,334
    
    
    $
    181,163
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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 31,2007
    
    
    2006Accounting fees
    
    
    78.27
    %
    
    
    75.66
    %Distribution of information
to limited partners
    
    
    21.73
    
    
    
    24.34100.00
    %
    
    
    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:
  (b)
    
    Changes in internal controls:
  (c)
    
    Asset-Backed issuers:
  -11-




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PART II. OTHER INFORMATION
  
  (a)
    
    Exhibits31.1
    
    Shirlene Lopez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)
    
    ReportsNone.
 -12-




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SIGNATURE
  DEL TACO RESTAURANT PROPERTIES I
(a California limited partnership)
RegistrantDel Taco LLC
General PartnerDate: May 14, 2007
    
    /s/ Steven L. BrakeSteven L. Brake
Treasurer
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EXHIBIT INDEX
 Exhibit No.
    
    Description31.1
    
    
    Shirlene Lopez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 Section (a) and (b) of Section 1350, Chapter 63 of Title 18, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002