UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

(Mark One)

[X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934 [FEE REQUIRED]

For the fiscal year ended December 31, 2001

OR

[  ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED]

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 (State or other jurisdiction of incorporation or organization)	95-3852699 (I.R.S. Employer Identification Number)
23041 Avenida de La Carlota Laguna Hills, California (Address of principal executive offices)	92653 (Zip Code)

Registrant’s telephone number, including area code: (949) 462-9300

Securities registered pursuant to section 12(b) of the Act: None

Securities registered pursuant to section 12(g) of the Act: None

      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    

DOCUMENTS INCORPORATED BY REFERENCE

      Portions of the registrant’s Form S-11 Registration Statement filed December 17, 1982 are incorporated by reference into Part IV of this report.

TABLE OF CONTENTS

PART I
	Item 1. Business
	Item 2. Properties
PART II
	Item 3. Legal Proceedings
	Item 4. Submissions of Matters to a Vote of Security Holders
	Item 5. Market for the Partnership’s Common Equity and Related Security Holder Matters
	Item 6. Selected Financial Data
	Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations
	Item 8. Financial Statements
		BALANCE SHEETS
		STATEMENTS OF INCOME
		STATEMENT OF CHANGES IN PARTNERS’ EQUITY
		STATEMENTS OF CASH FLOWS
		NOTES TO FINANCIAL STATEMENTS
PART III
	Item 9. Disagreements on Accounting and Financial Disclosure
	Item 10. Directors and Executive Officers of the Partnership’s General Partner
	Item 11. Management Remuneration and Transactions
	Item 12. Security Ownership of Certain Beneficial Owners and Management
	Item 13. Certain Relationships and Related Transactions
PART IV
	Item 14(a)(1) and (2). Exhibits, Financial Statements Schedules, and Reports on Form 8-K
SIGNATURES

PART I

Item 1. Business

The partnership is a publicly-held limited partnership organized under the California Uniform Limited Partnership Act. The partnership’s General Partner is Del Taco, Inc., a California corporation (“General Partner”). The partnership sold 8,751 units totaling $4.375 million through an offering of limited partnership units from March 1983 through March 1984. The term of the partnership agreement is until April 30, 2022 unless terminated earlier by means provided in the partnership agreement.

The business of the partnership is ownership and leasing of restaurants in California to Del Taco, Inc. The partnership acquired land and constructed six Mexican-American restaurants for long-term lease to Del Taco, Inc. Each property is leased for 35 years on a triple net basis. Rent is equal to twelve percent of gross sales of the restaurants. As of December 31, 2001, the partnership had a total of six properties leased to Del Taco (Del Taco, in turn, has subleased two of the restaurants).

The partnership has no full time employees. The partnership agreement assigns full authority for general management and supervision of the business affairs of the partnership to the General Partner. The General Partner has a one percent interest in the profits or losses and distributions of the partnership. Limited partners have no right to participate in the management or conduct of the partnership’s business affairs.

2

Item 2. Properties

The partnership has acquired six properties with proceeds obtained from the sale of partnership units:

				Date of
		Date of	Restaurant	Commencement
Address	City, State	Acquisition	Constructed	of Operation (1)
Riverside Avenue	Rialto, CA	September 28, 1984	60 seat with drive through service window	February 12, 1985
Elden Avenue	Moreno Valley, CA	March 8, 1985	60 seat with drive through service window	June 30, 1985
Foothill Boulevard	La Verne, CA	April 16, 1985	60 seat with drive through service window	November 6, 1985
Baseline & Archibald	Rancho Cucamonga, CA	July 10, 1985	60 seat with drive through service window	November 26, 1985
Elkhorn Boulevard	Sacramento, CA	August 22, 1985	60 seat with drive through service window	January 15, 1986
Haven Avenue	Rancho Cucamonga, CA	September 20, 1985	60 seat with drive through service window	February 14, 1986

(1) Commencement of operation is the first date Del Taco, Inc., as lessee, operated the facility on the site as a Del Taco restaurant.

3

PART II

Item 3. Legal Proceedings

The partnership is not a party to any material pending legal proceedings.

Item 4. Submissions of Matters to a Vote of Security Holders

None.

Item 5. Market for the Partnership’s Common Equity and Related Security Holder Matters

The partnership sold 8,751 ($4,375,500) limited partnership units during the public offering period ended March 20, 1984 and currently has 816 limited partners of record. There is no public market for the trading of the units. Distributions made by the partnership to the limited partners during the past three fiscal years are described in Note 6 to the Notes to the Financial Statements contained under Item 8.

4

Item 6. Selected Financial Data

	For the Year Ended December 31,
	2001		2000		1999		1998		1997
Rental revenue	$	637,217	$	587,657	$	537,905	$	531,608	$	487,280
Interest and other income		6,837		7,054		4,832		4,924		5,109
Net income		550,813		503,811		451,648		445,860		403,356
Net income per limited partnership unit (1)		62.31		57.00		51.09		50.44		45.63
Cash distributions per limited partnership unit		65.14		60.36		56.29		53.84		49.28
Total assets		2,421,831		2,443,133		2,459,643		2,497,164		2,515,808
Long-term obligations	None		None		None		None		None

(1) The net income per limited partnership unit was calculated based upon 8,751 weighted average units outstanding for all years presented.

Item 7. 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.

5

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations — (Continued)

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 year:

		Year Ended December 31,
		2001		2000		1999
Riverside Avenue, Rialto, CA		$	93,813	$	88,097	$	85,753
Elden Avenue, Moreno Valley, CA			109,006		96,295		81,455
Foothill Boulevard, La Verne, CA			132,549		123,773		116,168
Baseline & Archibald, Rancho Cucamonga, CA			110,375		99,757		90,805
Elkhorn Boulevard, Sacramento, CA			77,249		67,124		60,554
Haven Avenue, Rancho Cucamonga, CA			114,225		112,611		103,170
	Total	$	637,217	$	587,657	$	537,905

The partnership receives rental revenues equal to 12 percent of gross sales from the restaurants. The partnership earned rental revenue of $637,217 during the year ended December 31, 2001, which represents an increase of $49,560 from 2000. The increase in rental revenue was caused by an increase in sales at the restaurants under lease.

6

Item 7. 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 & Admin. Expense

	Year Ended December 31,
	2001			2000			1999
Accounting fees		56.95	%		64.18	%		61.71	%
Distribution of information to limited partners		41.07			33.74			36.60
Other		1.98			2.08			1.69
		100.00	%		100.00	%		100.00	%

General and administrative costs increased by $2,341 from 2000 to 2001. The increase was caused primarily by additional costs incurred during the fourth quarter of 2001 to lease new software. The new software was needed as a result of U.S. Government regulations which require the partnership to electronically file annual K-1 income tax forms with the Internal Revenue Service. The new software will prepare and electronically file the income tax forms and maintain the underlying partnership database.

Depreciation expense was the same in both 2001 and 2000.

Net income increased by $47,002 from 2000 to 2001 due to the increase in revenues of $49,343 offset by the $2,341 increase in general and administrative expenses.

Recent Accounting Pronouncements

In June 2001, the Financial Accounting Standards Board (FASB) issued Statement of Financial Accounting Standards (SFAS) No. 141, “Business Combinations” and SFAS No. 142, “Goodwill and Other Intangible Assets.” SFAS No. 141 addresses financial accounting and reporting for business combinations and is effective for all business combinations after June 30, 2001. SFAS No. 142 addresses financial accounting and reporting for acquired goodwill and other intangible assets and is effective for fiscal years beginning after December 15, 2001.

In August 2001, the FASB issued SFAS No. 144 “Accounting for the Impairment or Disposal of Long-Lived Assets.” SFAS No. 144 addresses financial accounting and reporting for long-lived assets to be held and used or disposed of and is effective for fiscal years beginning after December 15, 2001.

The adoption of these standards is not expected to have a material impact on the Company’s financial position or results of operations.

7

Item 8. Financial Statements

PART I. INFORMATION

INDEX	PAGE NUMBER
Report of Independent Public Accountants		9
Balance Sheets at December 31, 2001 and 2000		10
Statements of Income for the years ended December 31, 2001, 2000 and 1999		11
Statement of Changes in Partners’ Equity for the three years ended December 31, 2001		12
Statements of Cash Flows for the years ended December 31, 2001, 2000 and 1999		13
Notes to Financial Statements		14-19

8

REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS

To the Partners of
Del Taco Restaurant Properties, I:

We have audited the accompanying balance sheets of Del Taco Restaurant Properties I (a California Limited Partnership) as of December 31, 2001 and 2000, and the related statements of income, partners’ equity and cash flows for each of the three years in the period ended December 31, 2001. These financial statements and the schedule referred to below are the responsibility of the Partnership’s management. Our responsibility is to express an opinion on these financial statements and schedule based on our audits.

We conducted our audits in accordance with auditing standards generally accepted in the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Del Taco Restaurant Properties I as of December 31, 2001 and 2000, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2001 in conformity with accounting principles generally accepted in the United States.

Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The Real Estate and Accumulated Depreciation Schedule III is presented for purposes of complying with the Securities and Exchange Commission’s rules and is not part of the basic financial statements. This schedule has been subjected to the auditing procedures applied in our audits of the basic financial statements and, in our opinion, fairly states in all material respects the financial data required to be set forth therein in relation to the basic financial statements taken as a whole.

Orange County, California
February 15, 2002

DEL TACO RESTAURANT PROPERTIES I

BALANCE SHEETS

			December 31,
			2001		2000
ASSETS
CURRENT ASSETS:
	Cash		$	210,853	$	190,915
	Receivable from Del Taco, Inc.			56,139		53,331
	Deposits			600		876
		Total current assets		267,592		245,122
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			1,847,403		1,803,631
				2,154,239		2,198,011
			$	2,421,831	$	2,443,133
LIABILITIES AND PARTNERS’ EQUITY
CURRENT LIABILITIES:
	Payable to limited partners		$	46,293	$	41,937
	Accounts payable			9,456		10,153
		Total current liabilities		55,749		52,090
PARTNERS’ EQUITY:
	Limited partners			2,102,324		2,127,036
	General Partner-Del Taco, Inc.			263,758		264,007
				2,366,082		2,391,043
			$	2,421,831	$	2,443,133

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

10

DEL TACO RESTAURANT PROPERTIES I

STATEMENTS OF INCOME

			Year Ended December 31,
			2001		2000		1999
REVENUES:
	Rent		$	637,217	$	587,657	$	537,905
	Interest			5,387		5,904		3,729
	Other			1,450		1,150		1,103
				644,054		594,711		542,737
EXPENSES:
	General and administrative			49,469		47,128		47,317
	Depreciation			43,772		43,772		43,772
				93,241		90,900		91,089
		Net income	$	550,813	$	503,811	$	451,648
	Net income per limited partnership unit		$	62.31	$	57.00	$	51.09

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

11

DEL TACO RESTAURANT PROPERTIES I

STATEMENT OF CHANGES IN PARTNERS’ EQUITY

Three years ended December 31, 2001

		Limited Partners
							General
		Units		Amount			Partner			Total
Balance, December 31, 1998			8,751	$	2,201,963		$	264,796		$	2,466,759
	Net income		—		447,132			4,516			451,648
	Cash distributions		—		(492,586	)		(5,007	)		(497,593	)
Balance, December 31, 1999			8,751		2,156,509			264,305			2,420,814
	Net income		—		498,773			5,038			503,811
	Cash distributions		—		(528,246	)		(5,336	)		(533,582	)
Balance, December 31, 2000			8,751		2,127,036			264,007			2,391,043
	Net income		—		545,305			5,508			550,813
	Cash distributions		—		(570,017	)		(5,757	)		(575,774	)
Balance, December 31, 2001			8,751	$	2,102,324		$	263,758		$	2,366,082

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

12

DEL TACO RESTAURANT PROPERTIES I

STATEMENTS OF CASH FLOWS

			Year Ended December 31,
			2001			2000			1999
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income			$	550,813		$	503,811		$	451,648
Adjustments to reconcile net income to net cash provided by operating activities:
	Depreciation			43,772			43,772			43,772
	(Increase) decrease in receivable from General Partner			(2,808	)		(6,361	)		863
	(Increase) decrease in deposits			276			(276	)		197
	Increase in payable to limited partners			4,356			10,936			6,299
	Increase (decrease) in accounts payable			(697	)		2,325			2,125
		Net cash provided by operating activities		595,712			554,207			504,904
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions to partners				(575,774	)		(533,582	)		(497,593	)
Net increase in cash				19,938			20,625			7,311
Beginning cash balance				190,915			170,290			162,979
Ending cash balance			$	210,853		$	190,915		$	170,290

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

13

DEL TACO RESTAURANT PROPERTIES I

NOTES TO FINANCIAL STATEMENTS

December 31, 2001 and 2000

NOTE 1 — ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The Partnership: Del Taco Restaurant Properties I (a California limited partnership) was formed on November 30, 1982, for the purpose of acquiring real property in California for construction of six Mexican-American restaurants to be leased under long-term agreements to Del Taco, Inc. (General Partner for operation under the Del Taco trade name).

Basis of Accounting: The partnership utilizes the accrual method of accounting for transactions relating to the business of the partnership. Distributions are made to the general and limited partners in accordance with the provisions of the partnership agreement (see Note 2).

Property and Equipment: Property and equipment is stated at cost. Depreciation is computed using the straight-line method over estimated useful lives which are 20 years for land improvements, 35 years for buildings and improvements, and 10 years for machinery and equipment.

The partnership accounts for property and equipment in accordance with Statement of Financial Accounting Standards (SFAS) No. 121, “Accounting for the Impairment of Long Lived Assets and for Long Lived Assets to be Disposed of.” SFAS 121 requires that long-lived assets be reviewed for impairment whenever events or changes in circumstances indicate that the carrying value of the asset may not be recoverable. In evaluating long-lived assets held for use, an impairment loss is recognized if the sum of the expected future cash flows (undiscounted and without interest charges) is less than the carrying value of the asset. Once a determination has been made that an impairment loss should be recognized for long-lived assets, various assumptions and estimates are used to determine fair value including, among others, estimated costs of construction and development, recent sales of comparable properties and the opinions of fair value prepared by independent real estate appraisers. Long-lived assets to be disposed of are reported at the lower of carrying amount or fair value less cost to sell.

Recent Accounting Pronouncements: In June 2001, the Financial Accounting Standards Board (FASB) issued Statement of Financial Accounting Standards (SFAS) No. 141, “Business Combinations” and SFAS No. 142, “Goodwill and Other Intangible Assets.” SFAS No. 141 addresses financial accounting and reporting for business combinations and is effective for all business combinations after June 30, 2001. SFAS No. 142 addresses financial accounting and reporting for acquired goodwill and other intangible assets and is effective for fiscal years beginning after December 15, 2001.

In August 2001, the FASB issued SFAS No. 144 “Accounting for the Impairment or Disposal of Long-Lived Assets.” SFAS No. 144 addresses financial accounting and reporting for long-lived assets to be held and used or disposed of and is effective for fiscal years beginning after December 15, 2001.

The adoption of these standards is not expected to have a material impact on the Company’s financial position or results of operations.

14

DEL TACO RESTAURANT PROPERTIES I
NOTES TO FINANCIAL STATEMENTS — CONTINUED
December 31, 2001 and 2000

NOTE 1 — ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - (Continued)

Income Taxes: No provision has been made for federal or state income taxes on partnership net income, since the partnership is not subject to income tax. Partnership income is includable in the taxable income of the individual partners as required under applicable income tax laws. Certain items, primarily related to depreciation methods, are accounted for differently for income tax reporting purposes (see Note 5).

Net Income Per Limited Partnership Unit: Net income per limited partnership unit is based upon the weighted average number of units outstanding during the period which amounted to 8,751 for all years presented.

Use of Estimates: The preparation of the financial statements in conformity with generally accepted accounting principles requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Revenue Recognition: Revenue is recognized based on 12 percent of gross sales of the restaurants which is recorded at the point of sale.

Concentration of Risk: The six restaurants leased to Del Taco make up almost all of the income producing assets of the partnership and contributed all of the partnership’s rent revenue for the three years ended December 31, 2001. Therefore, the business of the partnership is almost entirely dependent on the success of the Del Taco trade name restaurants that lease the properties.

NOTE 2 — PARTNERS’ EQUITY

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.

In 1986, the General Partner contributed additional capital of $280,000 to the partnership in order to provide funds necessary to complete the sixth and final restaurant.

15

DEL TACO RESTAURANT PROPERTIES I
NOTES TO FINANCIAL STATEMENTS — CONTINUED
December 31, 2001 and 2000

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. The partnership had a total of six properties leased as of December 31, 2001, 2000 and 1999, two of which have been subleased to Del Taco franchisees (one of which is affiliated with Del Taco, Inc.)

The five restaurants operated by or affiliated with Del Taco, for which the partnership is the lessor, had combined, unaudited sales of $4,390,347, $4,065,829 and $3,725,831 and unaudited net income of $279,518, $250,957 and $192,444 for the years ended December 31, 2001, 2000 and 1999, respectively. Net income by restaurant includes charges for general and administrative expenses incurred in connection with supervision of restaurant operations and interest expense. The one restaurant operated by a Del Taco franchisee, for which the partnership is the lessor, had unaudited sales of $919,794, $831,309 and $756,708 for the years ended December 31, 2001, 2000 and 1999, respectively.

The Elkhorn Boulevard restaurant in Sacramento, California had unaudited net income of $11,764 and $6,945 and an unaudited net loss of $9,658 for the years ended December 31, 2001, 2000 and 1999, respectively.

NOTE 4 — RELATED PARTIES

The receivable from Del Taco consists of rent accrued for the month of December 2001. The rent receivable was collected on January 11, 2002.

The General Partner received $5,757 in distributions relating to its one percent interest in the partnership for the year ended December 31, 2001.

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.

16

DEL TACO RESTAURANT PROPERTIES I
NOTES TO FINANCIAL STATEMENTS — CONTINUED
December 31, 2001 and 2000

NOTE 5 — INCOME TAXES

A reconciliation of financial statement net income to taxable income for each of the periods is as follows:

	2001		2000			1999
Net income per financial statements	$	550,813	$	503,811		$	451,648
Tax depreciation (over) under book depreciation		1,314		(669	)		(669	)
Taxable income	$	552,127	$	503,142		$	450,979

     A reconciliation of partnership equity per the financial statements to net worth for tax purposes as of December 31, 2001, is as follows:

Partners’ equity per financial statements	$	2,366,082
Issue costs of limited partnership units capitalized for tax purposes		637,325
Excess tax depreciation		(138,026	)
Other		235
Net worth for tax purposes	$	2,865,616

17

DEL TACO RESTAURANT PROPERTIES I
NOTES TO FINANCIAL STATEMENTS — CONTINUED
December 31, 2001 and 2000

NOTE 6 — CASH DISTRIBUTIONS TO LIMITED PARTNERS

Cash distributions paid to limited partners for the three years ended December 31, 2001 were as follows:

		Cash		Weighted		Number of Units
		Distributions per		Average Number		Outstanding at
		Limited Partnership		of Units		the End of
Quarter Ended		Unit		Outstanding		Quarter
December 31, 1998		$	15.08		8,751		8,751
March 31, 1999			12.92		8,751		8,751
June 30, 1999			13.18		8,751		8,751
September 30, 1999			15.11		8,751		8,751
	Total paid in 1999	$	56.29
December 31, 1999		$	15.19		8,751		8,751
March 31, 2000			13.58		8,751		8,751
June 30, 2000			13.98		8,751		8,751
September 30, 2000			17.61		8,751		8,751
	Total paid in 2000	$	60.36
December 31, 2000		$	16.29		8,751		8,751
March 31, 2001			15.14		8,751		8,751
June 30, 2001			15.79		8,751		8,751
September 30, 2001			17.92		8,751		8,751
	Total paid in 2001	$	65.14

Cash distributions per limited partnership unit were calculated based upon the weighted average number of units outstanding for each quarter and were paid from operations. Cash distributions for the quarter ended December 31, 2001 amounted to $18.05 per limited partnership unit and were paid January 30, 2002.

18

DEL TACO RESTAURANT PROPERTIES I
NOTES TO FINANCIAL STATEMENTS — CONTINUED
December 31, 2001 and 2000

NOTE 7 — RESULTS BY QUARTER (UNAUDITED)

		First		Second		Third		Fourth
		Quarter		Quarter		Quarter		Quarter
Year ended December 31, 2001:
	Revenues	$	150,266	$	159,019	$	167,183	$	167,586
	Net income		117,587		136,349		150,296		146,581
	Net income per limited partnership unit		13.30		15.43		17.00		16.58
Year ended December 31, 2000:
	Revenues	$	135,429	$	146,447	$	157,943	$	154,892
	Net income		103,232		125,883		139,689		135,007
	Net income per limited partnership unit		11.68		14.24		15.80		15.28

19

PART III

Item 9. Disagreements on Accounting and Financial Disclosure

None

Item 10. Directors and Executive Officers of the Partnership’s General Partner

(a)  & (b) The executive officers and directors of the General Partner and their ages are set forth below:

Name	Title	Age
Kevin K. Moriarty	Director, Chairman and Chief Executive Officer		55
C. Ronald Petty	President		57
Robert J. Terrano	Executive Vice President and Chief Financial Officer		46
James D. Stoops	Executive Vice President, Operations		49
Janet D. Simmons	Executive Vice President, Purchasing		45
Michael L. Annis	Vice President, Secretary and General Counsel		55
Timothy A. Hackbardt	Vice President, Marketing		38
Shirlene Lopez	Vice President, Corporate Development		37

The above referenced executive officers and directors of the General Partner will hold office until the annual meeting of its shareholders and directors, which is scheduled for the later part of 2002.

(c)	None
(d)	No family relationship exists between any such director or executive officer of the General Partner.
(e)	The following is an account of the business experience during the past five years of each such director and executive officer:

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Kevin K. Moriarty, Director, Chairman and Chief Executive Officer of Del Taco, Inc. Mr. Moriarty began his career with Burger King Corporation in 1974 in Operations Unit Management. In 1983, he was promoted to Area Manager in New York, and was subsequently promoted to the Regional Vice President, Chicago Region in 1985. In 1988, he became Executive Vice President and General Manager of the North Central Division. Mr. Moriarty served in that position until 1990 when he joined Del Taco, Inc. as President and Chief Executive Officer on July 31, 1990. Mr. Moriarty has served as a Director of the General Partner since 1990.

C. Ronald Petty, President of Del Taco, Inc. Mr. Petty began his career in the restaurant business in 1973 with McDonald’s Corporation. He was employed by McDonald’s in a real estate capacity until 1978. For the next 12 years, Mr. Petty was in various officer positions with Burger King. These positions included Vice President of Real Estate, Sr. Vice President of Development, Region Vice President, Sr. Vice President European Operations, President of International and President of U.S. Mr. Petty served as President of Miami Subs from 1990-1992; President and CEO of Denny’s 1993-1996; President and CEO of Peter Piper Pizza 1996-1999; President of Del Taco December 1999-present.

Robert J. Terrano, Executive Vice President and Chief Financial Officer of Del Taco, Inc. From May 1994 to April 1995, Mr. Terrano served as Chief Financial Officer for Denny’s, Inc. in Spartanburg, S.C. From August 1983 to May 1994, he served with Burger King Corporation, Miami Florida, in a variety of positions, most recently as Division Controller. Mr. Terrano joined Del Taco, Inc. in April 1995.

James D. Stoops, Executive Vice President, Operations of Del Taco, Inc. From 1968 to 1991, Mr. Stoops served in a wide variety of Operations positions with Burger King Corporation with increasing levels of responsibility. In 1985, Mr. Stoops was appointed Region Vice President/General Manager for the New York region and served in that position until October of 1990. In January of 1991, he joined Del Taco, Inc. in his current post.

Janet D. Simmons, Executive Vice President, Purchasing of Del Taco, Inc. From 1979 to 1986, Ms. Simmons was with Denny’s Incorporated. She served in the Research and Development department in a variety of positions until 1982 when she was promoted to the position of Purchasing Agent. Ms. Simmons was hired in 1986 as Manager of Contract Purchasing with Carl Karcher Enterprises, a post she held until March 1990 when she became Vice President, Purchasing for Del Taco, Inc. Ms. Simmons has a Bachelor of Science degree in Foods and Nutrition from Cal State Polytechnic University in Pomona, California.

Michael L. Annis, Vice President, Secretary and General Counsel of Del Taco, Inc. From 1981 to 1986 Mr. Annis served as Regional Real Estate Manager and Director of Real Estate Services with Taco Bell, Inc. In 1986 he served as Regional General Manager with Quaker State Minit Lube. In January of 1987 Mr. Annis joined Red Robin International, Inc. as General Counsel and was subsequently promoted to Vice President/Secretary and later Vice President Real Estate Development/Secretary and General Counsel, the position he held until joining Del Taco, Inc. in December of 1993. Mr. Annis received his J.D. Degree from Whittier College.

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Timothy A. Hackbardt, Vice President, Marketing of Del Taco, Inc. Mr. Hackbardt joined Del Taco, Inc. in November 2000. From November 1995 to November 2000, he served as Vice President of Marketing of Taco Time International, Inc., Eugene, OR. From September 1994 to November 1995, Mr. Hackbardt was Director of Marketing for Wok Spirit Chinese Delivery restaurants in Newport Beach, CA. From December 1992 to September 1994, Mr. Hackbardt was Director of Marketing for Fosters Freeze International, Inc., San Luis Obispo, CA. Prior to then, Mr. Hackbardt held various positions in the television and radio industry in sales and sales management. Mr. Hackbardt is a graduate of Central Michigan University where he received a Bachelor of Applied Arts, majoring in Broadcast and Cinematic Arts and minoring in Marketing.

Shirlene Lopez, Vice President, Corporate Development & Design of Del Taco, Inc. Ms. Lopez began her career with Del Taco in 1978 as an hourly employee and advanced through the ranks to General Manager in 1984. Ms. Lopez was promoted to the corporate office in 1989 as Human Resource Manager. In 1994, she was promoted to Executive Project Manager reporting to the CEO and in 1996, to Director of Corporate Development in charge of all interior image and design. Ms. Lopez has held her current position since August 1997.

Item 11. Management Remuneration and Transactions

The partnership has no executive officers or directors and pays no direct remuneration to any executive officer or director of its General Partner. The partnership has not issued any options or stock appreciation rights to any executive officer or director of its General Partner, nor does the partnership propose to pay any annuity, pension or retirement benefits to any executive officer or director of its General Partner. The partnership has no plan, nor does the partnership presently propose a plan, which will result in any remuneration being paid to any executive officer or director of the General Partner upon termination of employment.

Item 12. Security Ownership of Certain Beneficial Owners and Management

(a)	No person of record currently owns more than five percent of limited partnership units of the partnership, nor was any person known of by the partnership to own of record and beneficially, or beneficially only, more than five percent of such securities.
(b)	Neither Del Taco, Inc., nor any executive officer or director of Del Taco, Inc. owns any limited partnership units of the partnership.
(c)	The partnership knows of no contractual arrangements, the operation or the terms of which may at a subsequent date result in a change in control of the partnership, except for provisions in the partnership agreement providing for removal of the General Partner by holders of a majority of the limited partnership units and if a material event of default occurs under the financing agreements of the General Partner.

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Item 13. Certain Relationships and Related Transactions

(a) No transactions have occurred between the partnership and any executive officer or director of its General Partner.

During 2001, the following transactions occurred between the partnership and the General Partner pursuant to the terms of the partnership agreement.

(1)	The General Partner earned $5,508 as its one percent share of the net income of the partnership.
(2)	The General Partner received $5,757, in distributions relating to its one percent interest in the partnership.

(b)	During 2001, the partnership had no business relationships with any entity of a type required to be reported under this item.
(c)	Neither the General Partner, any director or officer of the General Partner or any associate of any such person, was indebted to the partnership at any time during 2001 for any amount in excess of $60,000.
(d)	Not applicable.

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PART IV

Item 14(a)(1) and (2). Exhibits, Financial Statements Schedules, and Reports on Form 8-K

     Financial statement schedules:

     Schedule III — Real Estate and Accumulated Depreciation

     Financial statement schedules other than those referred to above have been omitted because they are not applicable or not
     required.

(b)	No reports on Form 8-K were filed during the last quarter of 2001.
(c)	Exhibits required by Item 601 of Regulation S-K:

1.	Incorporated herein by reference, Restated Certificate and Agreement of Limited Partnership of Del Taco Restaurant Properties I filed as Exhibit 3.01 to Partnership’s Registration Statement on Form S-11 as filed with the Securities and Exchange Commission on December 17, 1982.
2.	Incorporated herein by reference, Amendment to Restated Certificate and Agreement of Limited Partnership of Del Taco Restaurant Properties I.
3.	Incorporated herein by reference, Form of Standard Lease to be entered into by partnership and Del Taco, Inc., as lessee, filed as Exhibit 10.02 to Partnership’s Registration Statement on Form S-11 as filed with the Securities and Exchange Commission on December 17, 1982.

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DEL TACO RESTAURANT PROPERTIES I — SCHEDULE III
REAL ESTATE AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2001

							Cost capitalized		Gross amount at
			Initial cost				subsequent to		which carried at
			to company				acquisition		close of period
																	Life on which
			Land		Building &				Land, buildings &								depreciation in latest
Description			& land		Improve-		Carrying		improvements		Accumulated		Date of		Date		income statement
(All Restaurants)	Encumbrances		improvements		ments		costs		Total		depreciation		construction		acquired		is computed
Rialto, CA	$	—	$	274,837	$	150,310	$	—	$	425,147	$	105,541		1984		1984	20 (LI), 35 (BI)
Moreno Valley, CA		—		353,557		193,362		—		546,919		135,770		1985		1985	20 (LI), 35 (BI)
La Verne, CA		—		452,423		247,433		—		699,856		173,735		1985		1985	20 (LI), 35 (BI)
Rancho Cucamonga, CA		—		293,817		160,690		—		454,507		112,827		1985		1985	20 (LI), 35 (BI)
Sacramento, CA		—		260,516		142,478		—		402,994		100,043		1985		1985	20 (LI), 35 (BI)
Rancho Cucamonga, CA		—		217,332		118,861		—		336,193		83,461		1985		1985	20 (LI), 35 (BI)
	$	—	$	1,852,482	$	1,013,134	$	—	$	2,865,616	$	711,377

				Accumulated
		Restaurants		Depreciation
Balances at December 31, 1998:		$	2,865,616	$	580,061
	Additions		—		43,772
	Retirements		—		—
Balances at December 31, 1999:			2,865,616		623,833
	Additions		—		43,772
	Retirements		—		—
Balances at December 31, 2000:			2,865,616		667,605
	Additions		—		43,772
	Retirements		—		—
Balances at December 31, 2001:		$	2,865,616	$	711,377

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SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the partnership 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

Del Taco, Inc.
General Partner

Date March 07, 2002 Kevin K. Moriarty
Kevin K. Moriarty
Director, Chairman and Chief
Executive Officer

Date March 07, 2002 Michael L. Annis
Michael L. Annis
Vice President, Secretary and
General Counsel

Date March 07, 2002 Robert J. Terrano
Robert J. Terrano
Executive Vice President and
Chief Financial Officer

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