<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 NINE MONTHS ENDED
----------------------------- -----------------------------
SEPTEMBER 30, SEPTEMBER 30, SEPTEMBER 30, SEPTEMBER 30,
2000 1999 2000 1999
------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
Net Income.............................. 1,413 5,022 423 11,225
Fixed Charges:
Interest Expense...................... 7,657 7,756 23,206 21,896
Capitalized Interest.................. 202 325 693 1,044
Preferred Dividend Requirements....... 1,776 1,776 5,327 5,327
------ ------- ------- -------
Total Fixed Charges and Preferred Stock
Dividends............................. 9,635 9,857 29,226 28,267
Less Preferred Stock Dividend
Requirements.......................... 1,776 1,776 5,327 5,327
Earnings................................ $9,272 $13,103 $24,322 $34,165
====== ======= ======= =======
Ratio of Earnings to Fixed Charges...... 1.18x(1) 1.62x 1.02x(1) 1.49x
Ratio of Earnings to Combined
Fixed Charges and Preferred Stock
Dividends............................. 0.96x(1) 1.33x 0.83x(1) 1.21x
</TABLE>
(1) During the three month and nine month period ended September 30, 2000, the
Company recorded a non-cash, unusual charge of $670 and $(3,752),
respectively, relating to the contigent 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 1.26x
and 1.03x respectively for the three months ended September 30, 2000 and
0.86x and 0.70x, respectively for the nine months ended September 30, 2000.
