<PAGE>


                                  FORM 10-QSB
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

(Mark One)

 [X]            QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE
                SECURITIES EXCHANGE ACT OF 1934


                For the quarterly period ended September 30, 2002

                                       OR

[ ]            TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (D) OF THE
               SECURITIES EXCHANGE ACT OF 1934

                For the transition period from ______ to ______

                         Commission File Number 0-24683

                   Brunner Companies Income Properties L.P. I
       (Exact name of small business issuer as specified in its charter)

         Delaware                                         31-1266850
(State or other jurisdiction of                       (I.R.S. Employer
incorporation or organization)                         Identification No.)

                               3632 Wheeler Road
                                P.O. Box 204227
                         Augusta, Georgia 30917-204227
                    (Address of principal executive offices)

                                 (706) 863-2222
              (Registrant's telephone number, including area code)

                       (Former address since last report)


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 [X] No [ ]


Indicate the number of shares outstanding of each of the registrant's classes
of common stock, as of the latest practicable date.

         Title
         Class A Units 552,000              Outstanding as of
         Class B Units 61,333               October 31, 2002


<PAGE>

                         PART I - FINANCIAL STATEMENTS

ITEM 1.  FINANCIAL STATEMENTS

                   BRUNNER COMPANIES INCOME PROPERTIES L.P. I
                    STATEMENTS OF NET ASSETS IN LIQUIDATION
                                 (in thousands)

<TABLE>
<CAPTION>
                                                                     September 30,                    December 31,
                                                                     -------------                    ------------
                                                                         2002                             2001
                                                                     -------------                    ------------
                                                                       Unaudited                        Audited
<S>                                                                  <C>                              <C>
ASSETS
Unrestricted
   Cash                                                                $    464                        $      460
                                                                       --------                        ----------

Restricted
   Cash and escrows                                                         658                               457
   Accounts receivable, net                                                   7                                49
   Other assets                                                               2                                56
   Investment properties, net                                             9,227                            11,243
                                                                       --------                        ----------

Total restricted assets                                                   9,894                            11,805
                                                                       --------                        ----------

Total assets                                                           $ 10,358                        $   12,265
                                                                       ========                        ===========

LIABILITIES
Liabilities payable from unrestricted assets
   Liquidation expenses payable                                        $     80                        $       80
                                                                       --------                        ----------

Liabilities payable from restricted assets
   Accounts payable and accrued expenses                                     92                               150
   Accrued property taxes                                                    58                                --
   Tenant security deposit liabilities                                       12                                13
   Mortgage notes payable                                                 9,732                            11,571
                                                                       --------                        ----------

Total liabilities payable from restricted assets                          9,894                            11,734
                                                                       --------                        ----------

Total liabilities                                                         9,974                            11,814

NET ASSETS IN LIQUIDATION                                                   384                               451
                                                                       --------                        ----------

Total liabilities and net assets in liquidation                        $ 10,358                        $   12,265
                                                                       ========                        ==========
</TABLE>

                 See Accompanying Notes to Financial Statements


                                      -2-
<PAGE>

                   BRUNNER COMPANIES INCOME PROPERTIES L.P. I
                            STATEMENTS OF OPERATIONS
                                  (Unaudited)
                        (in thousands, except unit data)

<TABLE>
<CAPTION>
                                                    Three Months Ended             Nine Months Ended
                                                       September 30,                 September 30,
                                                  ---------------------         -----------------------
                                                   2002           2001            2002            2001
                                                  -----         -------         -------         -------
<S>                                               <C>           <C>             <C>             <C>
Revenues:
   Rental income                                  $ 313         $   526         $ 1,020         $ 1,670
   Other income                                       4               6              62              33
                                                  -----         -------         -------         -------

Total revenues                                      317             532           1,082           1,703
                                                  -----         -------         -------         -------

Expenses:
   Operating                                         32              58             104             156
   General and administrative                        10              13              42              67
   Depreciation                                      --             175              --             525
   Interest                                         171             306             525             920
   Property taxes                                     2              94             124             170
   Impairment loss - Whitehorse Plaza                --             680              --             680
                                                  -----         -------         -------         -------

Total expenses                                      215           1,326             795           2,518
                                                  -----         -------         -------         -------

Net income (loss) from operations                   102            (794)            287            (815)

Liquidation basis adjustment                       (100)             --            (354)             --
                                                  -----         -------         -------         -------

Net income (loss)                                 $   2         $  (794)        $   (67)        $  (815)
                                                  =====         =======         =======         =======

Net loss allocated to General
  Partner (1.0%)                                     --              (8)             (1)             (8)

Net income (loss) allocated to Class A
  Limited Partners (89.1%)                            2            (707)            (59)           (726)

Net loss allocated to Class B
  Limited Partners (9.9%)                            --             (79)             (7)            (81)
                                                  -----         -------         -------         -------

Net income (loss)                                 $   2         $  (794)        $   (67)        $  (815)
                                                  =====         =======         =======         =======

Net (loss) per Class A Limited
  Partnership Unit                                $  --         $ (1.28)        $  (.11)        $ (1.32)
                                                  =====         =======         =======         =======
</TABLE>

                 See Accompanying Notes to Financial Statements


                                      -3-
<PAGE>

                   BRUNNER COMPANIES INCOME PROPERTIES L.P. I
               STATEMENT OF CHANGES IN NET ASSETS IN LIQUIDATION
                  For the Nine Months Ended September 30, 2002
                                  (Unaudited)
                                 (in thousands)

<TABLE>
<S>                                                                                <C>
Net assets in liquidation at December 31, 2001                                     $   451
                                                                                   -------

Changes in net assets in liquidation attributable to:
     Unrestricted assets
          Increase in cash                                                               4
                                                                                   -------

     Restricted assets and liabilities payable from restricted assets
          Increase in cash and escrows                                                 201
          Decrease in accounts receivable, net                                         (42)
          Decrease in other assets                                                     (54)
          Decrease in investment properties                                         (2,016)
          Decrease in accounts payable and accrued expenses                             58
          Increase in accrued property taxes                                           (58)
          Decrease in tenant security deposit liabilities                                1
          Decrease in mortgage notes payable                                         1,839
                                                                                   -------

          Net decrease in restricted assets                                            (71)
                                                                                   -------

Net decrease in assets in liquidation                                                  (67)
                                                                                   -------

Net assets in liquidation at September 30, 2002                                    $   384
                                                                                   =======

Net assets in liquidation allocated to:
     General partner                                                               $   (34)
     Class A limited partners - (552,000 units)                                        207
     Class B limited partners - (61,333 units)                                         211
                                                                                   -------

Net assets in liquidation at September 30, 2002                                    $   384
                                                                                   =======
</TABLE>

                 See Accompanying Notes to Financial Statements


                                      -4-
<PAGE>

                  BRUNNER COMPANIES INCOME PROPERTIES, L.P. I
                         NOTES TO FINANCIAL STATEMENTS
                                  (Unaudited)

Note A - Basis of Presentation

Brunner Companies Income Properties L.P. I (the "Partnership"), is in the
process of liquidation. During 2001 the Partnership owned and operated three
retail shopping centers: Georgetown Landing, Georgetown, South Carolina
("Georgetown Landing"); White Horse Plaza, Greenville, South Carolina
("Whitehorse Plaza"); and Hitchcock Plaza, Aiken, South Carolina ("Hitchcock
Plaza"). On November 1, 2001, the Partnership sold Whitehorse Plaza. On
February 15, 2002, Georgetown Landing was sold. The Partnership continues to
own and manage Hitchcock Plaza, which has been listed with a realtor and is
presently available for sale. The Partnership has received and is considering,
along with the Lender, various offers from prospective buyers. Due to the
significant general and administrative expenses required in continuing to
operate as a public partnership, management intends to sell Hitchcock Plaza as
promptly as possible.

As a result of the foregoing, the Partnership adopted the liquidation basis of
accounting at December 31, 2001. Under the liquidation basis of accounting,
assets are adjusted to their estimated net realizable value and liabilities are
presented at their estimated net settlement amounts. The liquidation basis of
accounting also requires management to recognize the estimated costs associated
with carrying out the liquidation. The revaluation of assets and liabilities
and the recognition of estimated liquidation costs require certain judgments,
assumptions and estimates by management, which may change as the liquidation
progresses. Under the liquidation basis of accounting the Statements of Net
Assets in Liquidation and Changes in Net Assets in Liquidation are the only
statements required to be presented. The Statements of Operations have been
included in these financial statements for additional analysis.

The accompanying unaudited financial statements of Brunner Companies Income
Properties L.P. I have been prepared in accordance with accounting principles
generally accepted in the United States of America for interim financial
information and with the instructions to Form 10-QSB and Item 310(b) of
Regulation S-B. Accordingly, they do not include all of the information and
footnotes required by accounting principles generally accepted in the United
States of America for complete financial statements. In the opinion of 104
Management, Inc. (the "Managing General Partner"), an Ohio corporation, all
adjustments (consisting of normal recurring accruals) considered necessary for
a fair presentation have been included. Operating results for the three-month
and nine-month periods ended September 30, 2002 are not necessarily indicative
of the results that may be expected for the fiscal year ending December 31,
2002. For further information, refer to the financial statements and footnotes
thereto included in the Partnership's annual report on Form 10-KSB for the
fiscal year ended December 31, 2001.

Certain reclassifications have been made to the 2001 information to conform to
the 2002 presentation.


                                      -5-
<PAGE>

Note B - Net Adjustment to Liquidation Basis of Accounting

At December 31, 2001, in accordance with the liquidation basis of accounting,
assets were adjusted to their estimated net realizable values. Also, estimated
costs associated with carrying out the liquidation were accrued. Management
presently estimates that all liabilities will be settled at their face amount,
without adjustment.

For the third quarter of 2002 and nine months ended September 30, 2002, the
carrying value of Hitchcock Plaza has been written down by $100,000 and
$354,000, respectively, to reflect a decrease in the estimatable realizable
value of this property. The estimatable realizable value for Hitchcock Plaza is
based on the residual value necessary for full payment of the mortgage note
payable after the settlement of all restricted assets and the settlement of all
liabilities payable from restricted assets.

At December 31, 2001, the carrying value of Hitchcock Plaza was adjusted upward
by $657,000 to its estimated net realizable value. Also, at December 31, 2001,
the carrying value of Georgetown Landing was adjusted to its February 15, 2002
sales price of $1,775,000, which included a gain of $256,000. The net proceeds
of $1,662,000 from this sale, net of commissions and closing costs of $113,000,
were received by the Partnership and remitted to New York Life Insurance
Company, (the "Lender") upon the sale of Georgetown Landing on February 15,
2002. Prior to the adoption of the liquidation basis of accounting, investment
properties were stated at the lower of cost or estimated fair value. The
statements of net assets in liquidation as of September 30, 2002 and December
31, 2001 include an estimate of $80,000 in estimated liquidation costs expected
to be settled during the period of liquidation, based on the assumption that
the liquidation process will be completed during 2002. Because the success in
realization of assets and the settlement of liabilities is based on the
Managing General Partner's best estimates, the liquidation period may be
shorter than projected or it may be extended beyond the projected period.
Furthermore, the actual amounts realized on assets and the settlement of
liabilities could differ from the Managing General Partner's estimate.

Note C - Mortgage Note Payable

Of the Partnership's three original mortgage notes payable, two have been paid
in full, substantially through the sale of the Georgetown Landing and
Whitehorse Plaza investment properties. The Partnership's remaining nonrecourse
mortgage note payable has been renewed through May 10, 2003. The note may be
called prior to maturity. The lender has indicated that it does not presently
intend to call the note and will allow the Partnership to continue to operate
and to continue to make monthly note payments of $75,691 for interest,
principal and escrow based on the existing terms of the note until the note
matures or Hitchcock Plaza is sold. Interest on the note accrues at 7% per
annum.

Note D - Kmart Corporation Bankruptcy Filing

The major tenant of Hitchcock Plaza, Kmart Corporation ("Kmart"), filed for
reorganization under Chapter 11 of the U. S. Bankruptcy Code on January 22,
2002. Pursuant to the bankruptcy proceedings, Kmart's lease, for 86,479 square
feet of space or 37.1% of Hitchcock Plaza's square footage, which expires in
2012, may be terminated. Kmart has requested that the Partnership


                                      -6-
<PAGE>

voluntarily reduce its monthly rent by 20%. Any change in the terms of the
Kmart lease would require the approval of the Lender. Management of the
Partnership is presently negotiating with Kmart concerning the affirmation of
its lease.

Note E - Critical Accounting Estimates

The application of generally accepted accounting principles regularly require
the use of estimates and other subjective judgments. Although there are a
number of areas where the Partnership uses estimates, it believes that that the
three most significant critical accounting estimates are:

Estimation of the Fair Value of Hitchcock Plaza

The Partnership's note payable to its Lender, which is secured by Hitchcock
Plaza, is a non-recourse loan. Therefore, the value of Hitchcock Plaza is
estimated as the balance of the mortgage note payable plus other liabilities
payable from restricted assets minus restricted assets other than investment
properties. The actual sales price of Hitchcock may differ from its estimated
value included in these financial statements. A major uncertainty is the value
of the underlying leases including the Kmart lease.

A summary of the estimated value of Hitchcock Plaza at September 30, 2002 is as
follows:

Balance of mortgage note payable                              $9,732
Other liabilities payable from restricted assets                 162
Other restricted assets                                         (667)
                                                              ------
Estimated value of Hitchcock Plaza                            $9,227
                                                              ======

Liquidation Expenses Payable

Management has estimated the legal, accounting and other expenses necessary to
liquidate and complete the termination of the Partnership, once Hitchcock Plaza
has been sold, to be $80,000 based on its best estimate. These estimated
expenses include legal, accounting, trustee fees, mailings, postage and
clerical expense through final dissolution of the partnership.

Allowance For Uncollectable Rents

The Partnership records as an allowance for uncollectable rents 100% of
receivables over ninety days old, 50% of receivables over sixty but less than
ninety one days old and 100% of receivables from former tenants. Increases in
the allowance for uncollectable rents are included in the Statement of
Operations as a charge against rental income. Recoveries of rents previously
reserved are included in rental income as collected.

Note F - Collection of Rents By the Lender

In February 2001, the Lender, pursuant to an assignment of rents provision in
the mortgage note


                                      -7-
<PAGE>

agreements, contacted each tenant of all three Investment Properties and
exercised its right to begin collecting rents directly from each tenant. Two of
the Investment Properties have been sold by the Partnership and the Lender
continues to collect rents from the tenants of the remaining Investment
Property. The Lender has agreed to provide funding from the rents collected on
a monthly basis to the Partnership for all ongoing expenses and obligations
based on a budget approved by the Lender. The Lender has verbally agreed not to
foreclose on the remaining Investment Property. The Lender has also agreed that
the net cash flows after payment of expenses, debt service and escrow will be
deposited into the Restricted Cash in Escrow account, on a quarterly basis.
Also, in February of 2001, the Lender and Management agreed to move the
Restricted Cash in Escrow account from Regions Bank to a money market fund
account with Eclipse Investment Management, LLC, a subsidiary of the Lender.

Note G - Transactions with Affiliated Parties

The Partnership has no employees and is dependent on the Managing General
Partner and its affiliates for the management and administration of all
partnership activities. All of the outstanding stock of the Managing General
Partner is owned by BCIP I & III, LLC, an affiliate of Hull/Storey Development,
LLC ("Hull/Storey"). The partnership agreement provides for payments to
affiliates for property management services based on a percentage of revenue
and for reimbursement of certain expenses incurred by affiliates on behalf of
the Partnership. The following payments were made to affiliates of the Managing
General Partner during the nine-months ended September 30, 2002, and 2001, (in
thousands):


                                                             2002       2001
                                                             ----       ----
Property management fees (included in
         operating expenses)                                  $29        $38
Reimbursement for services of affiliates
         (included in general and administrative
         expenses)                                            $ 4        $13

Additionally, the Partnership paid approximately $15,204 and $2,880 to an
affiliate of the Managing General Partner for lease commissions related to new
leases or lease extensions at the Partnership's properties during the nine
months ended September 30, 2002 and 2001, respectively. For 2002, lease
commissions were expensed as operating expenses as incurred under the
liquidation basis of accounting.


                                      -8-
<PAGE>

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATIONS

Outlook - Liquidation of the Partnership

At December 31, 2001, the Partnership adopted the liquidation basis of
accounting. At December 31, 2001, in accordance with the liquidation basis of
accounting, assets were adjusted to their estimated net realizable values.
Also, estimated costs associated with carrying out the liquidation were
accrued. Management presently estimates that all liabilities will be settled at
their face amount, without adjustment. Hitchcock Plaza is presently being
offered for sale by a national real estate broker. However, several
uncertainties, such as the outcome of the Kmart bankruptcy and current economic
conditions continue to slow the sales effort. The proceeds from the sale of
Hitchcock Plaza and liquidation of all restricted assets, less liabilities,
will be applied against the remaining nonrecourse mortgage note payable.

After completion of the sale of Hitchcock Plaza, the General Partner anticipates
that unrestricted cash, net of liquidation expenses and net of the General
Partner's capital account deficit, will be distributed to the Partnership's
Limited Partners.

Results of Operations

The Partnership's net income, under the liquidation basis of accounting, for
the quarter ended September 30, 2002, was $2,000. The net loss for the nine
months ended September 30, 2002 was $67,000. Sales efforts for Hitchcock Plaza
have been hampered due to the uncertainty caused by the Kmart bankruptcy and
general concerns about the present condition of the economy.

During the second quarter of 2002, management was able to obtain a one-year
loan extension to May 10, 2003, for the Hitchcock Plaza mortgage note payable.

During the third quarter of 2002 two tenant leases totaling 3,200 square feet
were renewed or extended. One restaurant tenant occupying 3,660 square feet
closed but continues to pay rent. One lease for 3,000 square feet expired and
was not renewed. As result, at September 30, 2002, 82% of the available rental
space at Hitchcock Plaza was leased as compared to 84% at June 30, 2002. The
largest single vacancy is a 35,000 square foot unit, which represents
approximately 15% of the total space at Hitchcock Plaza. Because of the relative
size of this available space and current local economic conditions, the
Partnership continues to be unable to find a suitable qualified tenant for this
space.

Property Tax Expense Resulting From Kmart Bankruptcy

During the first quarter of 2002, the Partnership recognized additional
property tax expenses of $67,000 relating to Kmart at Hitchcock Plaza. These
taxes are normally paid directly by Kmart with no expense to the Partnership.
However, due to the Chapter 11 Bankruptcy Filing by Kmart on January 22, 2002,
the Partnership accrued the 2001 taxes relating to Kmart and also has accrued
an additional $4,000 of property taxes relating to Kmart for the first 22 days
of the first quarter of 2002. Management is continuing to negotiate with Kmart
Corporation concerning the reaffirmation of its lease at Hitchcock Plaza.

Refund of Prior Period Property Taxes Paid on Sale of Whitehorse Plaza


                                      -9-
<PAGE>

During the first quarter of 2002, the Partnership recorded as other income a
refund of $34,000 of property taxes paid at the closing of the sale of
Whitehorse Plaza in November of 2001. During the second quarter an additional
$20,003 refund was recognized (as agreed upon by the Partnership and the buyer)
and was collected in July 2002. These taxes were originally paid contingent on
the settlement of a tax appeal as to the final amount. The appeal has been
settled and the amount refunded was based on the decrease in the tax assessment
on the property and settlement costs.

Cash Flow and Liquidity

Management continues to expect that the operation of Hitchcock Plaza will
generate sufficient cash flow to meet its current cash flow requirements with
the exception of the repayment in full of its mortgage note payable, which is
now due in full on May 10, 2003. The Lender has the right to foreclose on the
property, but has verbally agreed not to do so. The Partnership has no other
sources of liquidity and continues to operate subject to the immediate call and
foreclosure of the mortgage note payable by the Lender.

Critical Accounting Estimates are discussed in Part I, Item I, Note E.


Forward Looking Statements

Certain items discussed in this quarterly report may constitute forward-looking
statements, including those concerning the liquidation of the Partnership and
the ongoing operations of the Partnership. While the Partnership believes that
these statements are accurate, the Partnership's business is dependent upon
general economic conditions and various conditions specific to its industry,
and future trends and these factors could cause actual results to materially
differ from the forward looking statements that have been made. In particular:

Presently, management intends to sell Hitchcock Plaza and then complete the
liquidation. The Lender may ultimately decide to foreclose and take possession
of Hitchcock Plaza. Should this occur, the Partnership would be forced to
immediately begin winding up its liquidation, under the terms of the
partnership agreement.

The Partnership assumes that as its existing leases mature, these existing
leases can be renewed or the space be re-leased. The ability to successfully
renew or renegotiate leases is dependent on local market conditions and overall
economic conditions which may difficult to predict.

ITEM 3. CONTROLS AND PROCEDURES

         (a)      Based on their evaluation of the issuer's disclosure controls
                  and procedures (as defined in 17 C.F.R. Sections
                  240.13a-14(c) and 240.15d-14(c)) as of a date within 90 days
                  prior to the filing of this quarterly report, the issuer's
                  chief executive officer and chief financial officer concluded
                  that the effectiveness of such controls and procedures was
                  adequate.


                                     -10-
<PAGE>

         (b)      There were no significant changes in the issuer's internal
                  controls or in other factors that could significantly affect
                  these controls subsequent to the date of their evaluation,
                  including any corrective actions with regard to significant
                  deficiencies and material weaknesses.

                          PART II - OTHER INFORMATION

ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K

         (a)      Exhibit 99.2

                  Certification Required Under the Sarbanes-Oxley Act of 2002

         (b)      Reports on Form 8-K:

                  No reports on Form 8-K were filed during the quarter ended
                  September 30, 2002.


                                     -11-
<PAGE>

SIGNATURES

In accordance with the requirements of the Exchange Act, the registrant caused
this report to be signed on its behalf by the undersigned, thereunto duly
authorized.


                               BRUNNER COMPANIES INCOME PROPERTIES L.P. I

                               By:     Brunner Management Limited Partnership
                                       Its General Partner

                               By:     104 Management, Inc.
                                       Its Managing General Partner



                               By:     /s/James M. Hull
                                       ---------------------------------
                                       James M. Hull
                                       President and Director



                               By:     /s/ Deborah Mosley
                                       ---------------------------------
                                       Deborah Mosley
                                       Chief Accounting Officer

                               Date:   November 14, 2002


                                     -12-