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) January 21, 1998
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 January 9, 1998, U.S. Restaurant Properties, Inc. (the "Registrant") acquired
four Wendy's restaurant properties located in Illinois, Maryland and Virginia.
The acquisition was done pursuant to one purchase and sale agreement. The
purchase price equaled $974,094 in cash and other capitalized costs of
approximately $5,000. The selling entity was The Penn Mutual Life Insurance
Company, a Pennsylvania mutual insurance corporation. The acquisition was funded
by the Registrant's bank line of credit.
On January 21, 1998, the Registrant acquired 20 El Chico restaurant properties
and one other property, located in Alabama, Arkansas, Kentucky, Louisiana,
Oklahoma, Tennessee and Texas. The acquisition was done pursuant to one purchase
and sales agreement. The purchase price equaled $27,300,000 in cash and other
capitalized costs of approximately $393,000. The selling entity was El Chico
Restaurants, Inc., a Texas corporation. The acquisition was funded by the
Registrant's bank line of credit.
On January 21, 1998, the Registrant acquired one property located in Indiana.
The acquisition was done pursuant to one purchase and sale agreement. The
purchase price equaled $660,000 in cash and other capitalized costs of
approximately $10,000. The acquisition represents raw land that has yet to be
developed. The selling entity was Post 70 Partners, L.P., an Indiana limited
partnership. The acquisition was funded by the Registrant's bank line of credit.
In addition, to the above acquisitions, three other properties (the "Other
Properties") were acquired during the period January 1, 1998 and January 31,
1998. These properties consist of two McAlister's restaurant properties and one
Chevron gas station property. The properties were purchased from JME Inc., a
Mississippi corporation, Albany Properties, L.L.C., a Mississippi limited
liability company and B.C. Oil Ventures, LLC, a California limited liability
company. These properties were purchased for an aggregate cash purchase price of
approximately $2,102,000 and were funded by the Registrant's bank line of
credit.
The transaction on January 21, 1998 in combination with previously reported
restaurant properties acquired between January 1, 1997 and January 21, 1998
(date of reportable event), which are unaudited, are deemed significant in
aggregate to the Registrants total assets as previously reported on Form 10-K.
The Sellers of all properties 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, PRO FORMA 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: February 4, 1998 U.S. RESTAURANT PROPERTIES, INC
By: /s/ Robert J. Stetson
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Robert J. Stetson
President, Chief Executive Officer
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