For /f processing filename with spaces

I want to do some processing on each line of a file.

for /f "delims=" %%i in ("%RF_PROPERTIES%") do (          
   echo %%i
)

My RF_PROPERTIES points to a file path with spaces (c:\program files\Arcot systems\conf\rf.properties). It is complaining saying Environment variable C:\Program Files\Arcot not defined, even though I have provided quotes. How to get it working?