<PAGE> 1
EXHIBIT 12.1
U.S. RESTAURANT PROPERTIES, INC.
RATIOS OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
(IN THOUSANDS)
<TABLE>
<CAPTION>
THREE MONTHS ENDED SIX MONTHS ENDED
JUNE 30, JUNE 30,
2000 1999 2000 1999
---- ---- ---- ----
<S> <C> <C> <C> <C>
Net income (Loss) (1,399) 3,693 (990) 6,203
Fixed Charges:
Interest Expense 7,851 7,401 15,549 14,140
Capitalized Interest 218 428 491 719
Preferred Dividend Requirements 1,775 1,775 3,551 3,551
------- ------- ------- -------
Total Fixed Charges and Preferred Stock
Dividends 9,844 9,604 19,591 18,410
Less Preferred Stock Dividend Requirements 1,775 1,775 3,551 3,551
Earnings $ 6,670 $11,522 $15,050 $21,062
======= ======= ======= =======
Ratio of Earnings to Fixed Charges 0.83x(1) 1.47x 0.94x(1) 1.42x
Ratio of Earnings to Combined
Fixed Charges and Preferred
Stock Dividends 0.68x(1) 1.20x 0.77x(1) 1.14x
</TABLE>
(1) During the three month and six month periods ended June 30, 2000, the
Company recorded a non-cash, unusual charge of $(3,391) and $(4,422),
respectively, relating to the contingent OP units accrued according to the
1997 termination of the management contract. Excluding the effects of this
unusual charge, the ratio of earnings to fixed charges and the ratio of
earnings to combined fixed charges and preferred stock would have been 0.41x
and 0.33x respectively for the three months ended June 30, 2000 and 0.66x
and 0.54x, respectively for the six months ended June 30, 2000.
