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, 2002  .

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. 2-80930

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)
23041 Avenida De La Carlota, Laguna Hills, California	92653
(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 x  No o

TABLE OF CONTENTS

		BALANCE SHEETS
		STATEMENTS OF INCOME
		STATEMENTS OF CASH FLOWS
		NOTES TO FINANCIAL STATEMENTS
	Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
PART II. OTHER INFORMATION
	Item 6. Exhibits and Reports on Form 8-K
SIGNATURE

INDEX

DEL TACO RESTAURANT PROPERTIES I

	PAGE NUMBER
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements and Supplementary Data
Balance Sheets at March 31, 2002 (Unaudited) and December 31, 2001		3
Statements of Income for the three months ended March 31, 2002 and 2001 (Unaudited)		4
Statements of Cash Flows for the three months ended March 31, 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

			March 31,		December 31,
			2002		2001
			(Unaudited)
ASSETS
CURRENT ASSETS:
	Cash		$	185,314	$	210,853
	Receivable from General Partner			57,017		56,139
	Deposits			1,106		600
		Total current assets		243,437		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			1,858,346		1,847,403
				2,143,296		2,154,239
			$	2,386,733	$	2,421,831
LIABILITIES AND PARTNERS’ EQUITY
CURRENT LIABILITIES:
	Payable to Limited Partners		$	48,791	$	46,293
	Accounts payable			4,209		9,456
		Total current liabilities		53,000		55,749
PARTNERS’ EQUITY:
	Limited Partners			2,070,298		2,102,324
	General Partner-Del Taco, Inc.			263,435		263,758
				2,333,733		2,366,082
			$	2,386,733	$	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
			March 31,
			2002		2001
REVENUES:
	Rent		$	160,122	$	147,651
	Interest			729		1,915
	Other			400		700
				161,251		150,266
EXPENSES:
	General and administrative			23,097		21,736
	Depreciation			10,943		10,943
				34,040		32,679
		Net income	$	127,211	$	117,587
	Net income per limited partnership unit		$	14.39	$	13.30

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)

			Three Months Ended
			March 31,
			2002			2001
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income			$	127,211		$	117,587
Adjustments to reconcile net income to net cash provided by operating activities:
	Depreciation			10,943			10,943
	(Increase) decrease in receivable from General Partner			(878	)		436
	(Increase) decrease in deposits			(506	)		138
	(Decrease) increase in accounts payable and payable to limited partners			(2,749	)		8,598
		Net cash provided by operating activities		134,021			137,702
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions to partners				(159,560	)		(143,978	)
Net decrease in cash				(25,539	)		(6,276	)
Beginning cash balance				210,853			190,915
Ending cash balance			$	185,314		$	184,639

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

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DEL TACO RESTAURANT PROPERTIES I

NOTES TO FINANCIAL STATEMENTS

MARCH 31, 2002

NOTE 1 — BASIS OF PRESENTATION

The accompanying financial statements, some of which are unaudited, 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 March 31, 2002, the results of operations and cash flows for the three month periods ended March 31, 2002 and 2001 have been included. Operating results for the three months ended March 31, 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.

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DEL TACO RESTAURANT PROPERTIES I

NOTES TO FINANCIAL STATEMENTS — CONTINUED

MARCH 31, 2002

NOTE 3 — LEASING ACTIVITIES

The partnership leases certain properties for operation of restaurants to Del Taco, Inc. 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. There is no minimum rental under any of the leases.

For the three months ended March 31, 2002, the five restaurants operated by Del Taco, for which the partnership is the lessor, had combined, unaudited sales of $1,104,552 and net income of $67,005 as compared to $1,014,558 and $56,284, 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 March 31, 2002, the one restaurant operated by a Del Taco franchisee, for which the partnership is the lessor, had unaudited sales of $229,797 as compared with $215,866 during the same period in 2001.

For the three months ended March 31, 2002, the Elkhorn Boulevard restaurant in Sacramento, California reported a net loss of $7,518 as compared to net income of $3,306 for the corresponding period in 2001.

NOTE 4 — TRANSACTIONS WITH DEL TACO

The receivable from General Partner consists primarily of rent accrued for the month of March. The March rent receivable was collected on April 12, 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 April 18, 2002, a distribution to the limited partners of $130,208, or approximately $14.88 per limited partnership unit, was approved. Such distribution was paid on April 19, 2002. The General Partner also received a distribution of $1,315 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:

		Three Months Ended
		March 31,
		2002		2001
Riverside Avenue, Rialto, CA		$	24,166	$	21,478
Elden Avenue, Moreno Valley, CA			28,946		24,355
Foothill Boulevard, La Verne, CA			33,922		30,755
Baseline & Archibald, Rancho Cucamonga, CA			27,576		25,905
Elkhorn Boulevard, Sacramento, CA			17,708		18,102
Haven Avenue, Rancho Cucamonga, CA			27,804		27,056
	Total	$	160,122	$	147,651

The partnership receives rental revenues equal to 12 percent of gross sales from the restaurants. The partnership earned rental revenue of $160,122 during the three month period ended March 31, 2002, which represents an increase of $12,471 from 2001. The increase in rental revenue was caused by an increase in sales 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:

	Percentage of Total
	General & Administrative Expense
	Three Months Ended
	March 31,
	2002			2001
Accounting fees		69.06	%		71.54	%
Distribution of information to Limited Partners		30.94			28.46
		100.00	%		100.00	%

General and administrative costs increased from 2001 to 2002 due to increased costs for the annual audit and income tax preparation and the additional costs incurred in 2002 to lease new software.

Net income increased by $9,624 from 2001 to 2002 due to the increase in revenues of $10,985 which was partially offset by the $1,361 increase in general and administrative expenses.

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PART II. OTHER INFORMATION

Item 6. Exhibits and Reports on Form 8-K

(b) No reports on Form 8-K were filed during the three months ended March 31, 2002.

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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

Date: May 1, 2002  /s/   Robert J. Terrano Robert J. Terrano
Executive Vice President,
Chief Financial Officer

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