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UNITED STATES

FORM 10-Q

(Mark one)

x	QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

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

(949) 462-9300

     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 o

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INDEX

DEL TACO RESTAURANT PROPERTIES I

		PAGE NUMBER
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements and Supplementary Data
Balance Sheets at June 30, 2002 and December 31, 2001 (Unaudited)		3
Statements of Income for the three and six months ended June 30, 2002 and 2001 (Unaudited)		4
Statements of Cash Flows for the six months ended June 30, 2002 and 2001 (Unaudited)		5
Notes to Financial Statements		6
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations		8
PART II. OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K		10
SIGNATURE		11

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DEL TACO RESTAURANT PROPERTIES I

BALANCE SHEETS

(Unaudited)

				June 30,				December 31,
				2002				2001
ASSETS
CURRENT ASSETS:
	Cash			$	215,505			$	210,853
	Receivable from General Partner				55,848				56,139
	Deposits				600				600
		Total current assets			271,953				267,592
PROPERTY AND EQUIPMENT, at cost:
	Land and improvements				1,852,482				1,852,482
	Buildings and improvements				1,013,134				1,013,134
	Machinery and equipment				1,136,026				1,136,026
					4,001,642				4,001,642
	Less— accumulated depreciation				1,869,289				1,847,403
					2,132,353				2,154,239
				$	2,404,306			$	2,421,831
LIABILITIES AND PARTNERS’ EQUITY
CURRENT LIABILITIES:
	Payable to Limited Partners			$	56,602			$	46,293
	Accounts payable				3,279				9,456
		Total current liabilities			59,881				55,749
PARTNERS’ EQUITY:
	Limited Partners				2,080,884				2,102,324
	General Partner-Del Taco, Inc.				263,541				263,758
					2,344,425				2,366,082
				$	2,404,306			$	2,421,831

The accompanying notes are an
integral part of these financial statements.

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DEL TACO RESTAURANT PROPERTIES I

STATEMENTS OF INCOME

(Unaudited)

				Three Months Ended								Six Months Ended
				June 30,								June 30,
				2002				2001				2002				2001
REVENUES:
	Rent			$	166,877			$	157,539			$	326,999			$	305,190
	Interest				618				1,205				1,347				3,120
	Other				—				275				400				975
					167,495				159,019				328,746				309,285
EXPENSES:
	General and administrative				14,337				11,727				37,434				33,463
	Depreciation				10,943				10,943				21,886				21,886
					25,280				22,670				59,320				55,349
		Net income		$	142,215			$	136,349			$	269,426			$	253,936
	Net income per limited partnership unit			$	16.09			$	15.43			$	30.48			$	28.73

The accompanying notes are an
integral part of these financial statements.

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DEL TACO RESTAURANT PROPERTIES I

STATEMENTS OF CASH FLOWS

(Unaudited)

				Six Months Ended
				June 30,
				2002				2001
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income				$	269,426			$	253,936
Adjustments to reconcile net income to net cash provided by operating activities:
	Depreciation				21,886				21,886
	Decrease (increase) in receivable from General Partner				291				(1,232	)
	Decrease in deposits				—				276
	Increase in accounts payable and payable to limited partners				4,132				5,867
		Net cash provided by operating activities			295,735				280,733
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions to partners					(291,083	)			(277,796	)
Net increase in cash					4,652				2,937
Beginning cash balance					210,853				190,915
Ending cash balance				$	215,505			$	193,852

The accompanying notes are an
integral part of these financial statements.

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DEL TACO RESTAURANT PROPERTIES I

NOTES TO FINANCIAL STATEMENTS

JUNE 30, 2002

NOTE 1 — BASIS OF PRESENTATION

The accompanying unaudited financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements and should therefore be read in conjunction with the financial statements and notes thereto contained in the Registrant’s annual report on Form 10-K for the year ended December 31, 2001. In the opinion of management, all adjustments (consisting of normal recurring accruals) necessary to present fairly the partnership’s financial position at June 30, 2002, the results of operations and cash flows for the six month periods ended June 30, 2002 and 2001 have been included. Operating results for the three and six months ended June 30, 2002 are not necessarily indicative of the results that may be expected for the year ending December 31, 2002.

NOTE 2 — NET INCOME PER LIMITED PARTNERSHIP UNIT

Net income per limited partnership unit is based upon the weighted average number of units outstanding during the periods presented, which amounted to 8,751 in 2002 and 2001.

Pursuant to the partnership agreement, annual partnership net income is allocated one percent to the General Partner and 99 percent to the limited partners. A partnership net loss in any year will be allocated 24 percent to the General Partner and 76 percent to the limited partners until the losses so allocated equal income previously allocated. Any additional losses will be allocated one percent to the General Partner and 99 percent to the limited partners. Partnership gains from any sale or refinancing will be allocated one percent to the General Partner and 99 percent to the limited partners until allocated gains and profits equal losses. Additional gains will be allocated 24 percent to the General Partner and 76 percent to the limited partners.

NOTE 3 — LEASING ACTIVITIES

The partnership leases certain properties for operation of restaurants to Del Taco, Inc. (“Del Taco”) on a triple net basis. The leases are for terms of 35 years commencing with the completion of the restaurant facility located on each property and require monthly rentals equal to 12 percent of the gross sales of the restaurants. The leases expire in the years 2019 to 2020. There is no minimum rental under any of the leases.

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DEL TACO RESTAURANT PROPERTIES I

NOTES TO FINANCIAL STATEMENTS — CONTINUED

JUNE 30, 2002

NOTE 3 — LEASING ACTIVITIES — continued

For the three months ended June 30, 2002, the five restaurants operated by Del Taco, for which the partnership is the lessor, had combined, unaudited sales of $1,156,684 and net income of $83,194 as compared to $1,080,919 and $75,048, respectively, for the corresponding period in 2001. Net income by restaurant includes charges for general and administrative expenses incurred in connection with supervision of restaurant operations and interest expense. For the three months ended June 30, 2002, the one restaurant operated by a Del Taco franchisee, for which the partnership is the lessor, had unaudited sales of $233,960 as compared with $231,904 during the same period in 2001.

For the six months ended June 30, 2002, the five restaurants operated by Del Taco, for which the partnership is the lessor, had combined, unaudited sales of $2,261,236 and net income of $150,199 as compared to $2,095,477 and $131,332, respectively, for the corresponding period in 2001. For the six months ended June 30, 2002, the one restaurant operated by a Del Taco franchisee, for which the partnership is the lessor, had unaudited sales of $463,757 as compared with $447,770 during the same period in 2001.

For the three months and six months ended June 30, 2002, the Elkhorn Boulevard restaurant in Sacramento, California reported unaudited net income of $4,190 and a net loss of $3,328 as compared to unaudited net income of $5,304 and $8,610 for the corresponding periods in 2001.

NOTE 4 — TRANSACTIONS WITH DEL TACO

The receivable from General Partner consists primarily of rent accrued for the month of June. The June rent receivable was collected on July 15, 2002.

Del Taco, Inc. serves in the capacity of general partner in other partnerships which are engaged in the business of operating restaurants, and three other partnerships which were formed for the purpose of acquiring real property in California for construction of Mexican-American restaurants for lease under long-term agreements to Del Taco, Inc. for operation under the Del Taco trade name.

In addition, see Note 5 with respect to certain distributions to the General Partner.

NOTE 5 — DISTRIBUTIONS

On July 18, 2002, a distribution to the limited partners of $152,364, or approximately $17.41 per limited partnership unit, was approved. Such distribution was paid on July 29, 2002. The General Partner also received a distribution of $1,539 with respect to its 1% partnership interest.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Liquidity and Capital Resources

The partnership offered limited partnership units for sale between March 1983 and March 1984. 15% of the $4.375 million raised through sale of limited partnership units was used to pay commissions to brokers and to reimburse the General Partner for offering costs incurred. Approximately $4 million of the remaining funds were used to acquire sites and build six restaurants.

The six restaurants leased to Del Taco make up almost all of the income producing assets of the partnership. Therefore, the business of the partnership is almost entirely dependent on the success of the Del Taco trade name restaurants that lease the properties. The success of the restaurants is dependent on a large variety of factors, including, but not limited to, consumer demand and preference for fast food, in general, and for Mexican-American food in particular.

Results of Operations

The partnership owns six properties that are under long-term lease to Del Taco for restaurant operations (Del Taco, in turn, has subleased two of the restaurants to Del Taco franchisees, one of which is affiliated with Del Taco).

The following table sets forth rental revenue earned by restaurant for the three and six months ended June 30, 2002 and 2001:

			Three Months Ended								Six Months Ended
			June 30,								June 30,
			2002				2001				2002				2001
Riverside Avenue, Rialto, CA			$	25,881			$	22,996			$	50,047			$	44,474
Elden Avenue, Moreno Valley, CA				30,807				26,103				59,753				50,458
Foothill Boulevard, La Verne, CA				36,200				33,035				70,121				63,790
Baseline & Archibald, Rancho Cucamonga, CA				28,075				27,828				55,651				53,733
Elkhorn Boulevard, Sacramento, CA				17,404				19,595				35,112				37,697
Haven Avenue, Rancho Cucamonga, CA				28,510				27,982				56,315				55,038
	Total		$	166,877			$	157,539			$	326,999			$	305,190

The partnership receives rental revenues equal to 12 percent of gross sales from the restaurants. The partnership earned rental revenue of $166,877 during the three month period ended June 30, 2002, which represents an increase of $9,338 from 2001. The partnership earned rental revenue of $326,999 during the six month period ended June 30, 2002, which represents an increase of $21,809 from 2001. The changes in rental revenue between 2001 and 2002 are directly attributable to changes in sales levels at the restaurants under lease.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations — continued

The following table breaks down general and administrative expenses by type of expense:

General and administrative costs for the six month period ended June 30, increased from 2001 to 2002 due to increased costs for income tax preparation, annual audit fees and costs associated with leasing software.

For the three month period ended June 30, 2002, net income increased $5,866 from 2001 to 2002 due to the increase in revenues of $8,476 which was partially offset by the $2,610 increase in general and administrative expenses. For the six month period ended June 30, 2002, net income increased by $15,490 from 2001 to 2002 due to an increase in revenues of $19,461 which was partially offset by an increase in general and administrative expenses of $3,971.

In August 2001, the FASB issued SFAS No. 144, “Accounting for the Impairment or Disposal of Long-Lived Assets.” SFAS No. 144 supersedes SFAS No. 121 and the accounting and reporting provisions of Accounting Principles Board Opinion No. 30. It addresses financial accounting and reporting for the impairment of long-lived assets to be disposed of. SFAS No. 144 is effective for fiscal years beginning after December 15, 2001. Management adopted SFAS No. 144 on January 1, 2002. The adoption of SFAS No. 144 did not have a material impact on the Company’s results of operations or financial condition.

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PART II. OTHER INFORMATION

Item 6. Exhibits and Reports on Form 8-K

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

DEL TACO RESTAURANT PROPERTIES I (a California limited partnership) Registrant

Del Taco, Inc. General Partner

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EXHIBIT INDEX

     99.1       Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002