UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT PURSUANT TO SECTION 13 OR 15 (D) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) November 26, 1997
U.S. RESTAURANT PROPERTIES, INC.
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
MARYLAND 1-13089 75-2687420
(STATE OF OTHER (COMMISSION FILE NUMBER) (I.R.S. EMPLOYER
JURISDICTION OF IDENTIFICATION NO.)
INCORPORATION OR
ORGANIZATION)
5310 Harvest Hill Rd.
Suite 270, LB 168
Dallas, Texas 75230
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES, INCLUDING ZIP CODE)
972-387-1487
(REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE)
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Item 2. Acquisition or Disposition of Assets
On November 26, 1997, U.S. Restaurant Properties, Inc.. (the "Registrant")
acquired 18 restaurant properties located in Texas, Oklahoma, Tennessee, New
Mexico and Louisiana from Kettle Restaurants, Inc. This transaction in
combination with previously reported restaurant properties acquired between
January 1, 1997 and October 15, 1997, which are unaudited, and those acquired
from the period October 15, 1997 and November 26, 1997 (date of reportable
event) are deemed significant in aggregate to Registrants total assets as
previously reported on Form 10-K. The acquisition was done pursuant to one
purchase and sales agreement. The purchase price equaled $6,000,000 in cash and
other capitalized costs of approximately $158,000. The selling entity was Kettle
Restaurants, Inc., a Texas corporation. The acquisition was funded by the
Registrant's bank line of credit.
On November 24,1997, the Registrant acquired three Taco Bell restaurant
properties from H.A. Sessions. The acquisition was done pursuant to one purchase
and sale agreement. The purchase price for these restaurant properties equaled
$875,000 in cash and other capitalized costs of approximately $28,000. The
acquisition was funded by the Registrant's bank line of credit.
On November 17, 1997, the Registrant acquired four Perkin's restaurant
properties located in Minnesota and Florida from Minneapolis Teachers'
Retirement Fund Association, Inc. and MRT Properties, Inc. The acquisition was
done pursuant to four purchase and sales agreements. The purchase price equaled
$2,974,450 in cash and other capitalized costs of approximately $51,000. The
selling entity was Minneapolis Teachers' Retirement Fund Association, Inc. a
Minnesota non-profit corporation and MRT Properties, Inc., a Minnesota
corporation. The acquisition was funded by the Registrant's bank line of credit.
In addition, to the above acquisitions, one other property (the "Other Property)
was acquired during the period October 15, 1997 and November 26, 1997. The
property was purchased for an aggregate cash purchase price of approximately
$1,855,000. This property consists of one John Harvard's Brew House restaurant
property. The acquisition was funded by the Registrant's bank line of credit.
The Sellers are not affiliated with the Registrant, any director or officer of
the Registrant or any associate of any such director or officer.
The purchase prices, which were negotiated with the Sellers, were determined
through internal analysis by the Registrant of historical cash flows and fair
market values of the acquired Properties.
ITEM 7. FINANCIAL STATEMENTS, PROFORMA FINANCIAL INFORMATION AND EXHIBITS
a. FINANCIAL STATEMENTS
Financial Statements for the Properties acquired and noted in
Item 2 are not available at this time and will be filed as soon
as possible, but not later than 60 days from the date of this
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.
Date: December 9, 1997 U.S. RESTAURANT PROPERTIES, INC.
By: /s/ Robert J. Stetson
--------------------------------
Robert J. Stetson
President, Chief Executive Officer
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