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EXHIBIT 99.1
PRESS RELEASE
FOR IMMEDIATE RELEASE
AUGUST 1, 2000 NEW YORK STOCK EXCHANGE: USV
BC Oil Ventures, LLC, one of U.S. Restaurant Properties, Inc.'s Largest Tenants,
Files Chapter 11 Bankruptcy Petition
DALLAS, TX--U.S. Restaurant Properties, Inc. (NYSE: USV) acknowledged the
filing yesterday by BC Oil Ventures, LLC, one of its largest tenants, of a
Chapter 11 bankruptcy petition with the Central District of California U.S.
Bankruptcy Court. BC Oil Ventures, LLC leases 26 properties and one wholesale
terminal in Hawaii, 11 properties in California and one property in Texas,
representing approximately 4.4% of the Company's total portfolio of 887
properties.
For the six month period ended June 30, 2000, rental revenues from these
leases contributed approximately 4.2% to the Company's total rental revenues of
$38.53 million for the same period. As of June 30, 2000, the Company had
reserved for all outstanding notes and accounts receivable associated with this
tenant and had reviewed the carrying value of the underlying properties and
recorded reserves where appropriate. The Company has the infrastructure in place
to deal with under-performing assets and will continue to closely monitor this
operator as it restructures the operations.
U.S. Restaurant Properties, Inc. is a non-taxed financial services and
real estate company dedicated to acquiring, managing, financing, and selectively
developing branded service retail properties (primarily chain restaurants and
service stations such as Burger King(R), Arby's(R), Chili's(R), Pizza Hut(R),
Shell(R), and ExxonMobil(R)). The company currently owns or finances 887
properties located in 48 states.
For further information, call Investor Relations at 972-387-1487, ext.
147.
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