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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K/A
[X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 1996.
Commission File Number 1-9079
U.S. RESTAURANT PROPERTIES MASTER L.P.
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
DELAWARE 41-1541631
(STATE OR OTHER JURISDICTION OF (I.R.S. EMPLOYER 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)
SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT:
TITLE OF EACH CLASS NAME OF EACH EXCHANGE ON WHICH REGISTERED
Units Representing Limited Company New York Stock Exchange
Interests and Evidenced by
Depository Receipts
Indicate by check mark whether the Registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the Securities
Exchange Act of 1934 during the preceding 12 months (or for such
shorter period that the Registrant was required to file such reports),
and (2) has been subject to such filing requirements for the past 90
days. Yes _X_ No __
Indicate by check mark if disclosure of delinquent filers
pursuant to Item 405 of Regulation S-K is not contained herein, and
will not be contained, to the best of registrant's knowledge, in
definitive proxy or information statements incorporated by reference
in Part III of this Form 10-K or any amendment to this Form 10-K. _X_
The aggregate market value of the Units (based upon the closing
price of the Units on March 19, 1997, on the New York Stock Exchange)
held by non-affiliates of the Registrant was $197,228,869.
As of March 19, 1997, there were 7,012,582 Units outstanding.
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EXPLANATORY NOTE
This Form 10-K/A is being filed by the Registrant solely for the
purpose of re-filing pages F-3 and F-4 and adding Schedule 3 to the
Financial Statement Schedule (Schedule of Real Estate and Accumulated
Depreciation). Accordingly, all other items of Form 10-K have been
omitted.
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SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the Company has duly caused this amended report to be
signed on its behalf by the undersigned, thereunto duly authorized.
Date: April 30, 1997 U.S. RESTAURANT PROPERTIES MASTER L.P.
By: QSV PROPERTIES, INC.,
its Managing General Partner
By: /s/ Robert J. Stetson
-----------------------------
Robert J. Stetson
President, Chief Executive Officer
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U.S. RESTAURANT PROPERTIES MASTER L.P.
CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS)
DECEMBER 31,
1996 1995
--------------------
ASSETS
Cash and equivalents $ 381 $ 7
Receivables, net (includes $188 - 1996 from
related parties) 2,117 951
Deferred rent receivable 536 -
Purchase deposits 908 1,792
Prepaid expenses 403 315
Notes receivable 1,308 -
Notes receivable - related parties 2,738 269
Net investment in direct financing leases 17,105 19,371
Land 61,340 27,493
Buildings and leasehold improvements, net 75,339 7,900
Machinery and equipment, net 2,980 224
Intangibles, net 12,263 13,161
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$177,418 $71,483
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LIABILITIES AND PARTNERS' CAPITAL
Accounts payable (includes $416 and $187 due to
the General Partners) $ 2,642 $ 677
Deferred rent payable 55 -
Deferred gain on sale of property 590 -
Lines of credit 69,486 10,931
Capitalized lease obligations 362 563
Commitments (Notes 8 and 9)
General Partners' capital 1,163 1,241
Limited Partners' capital 103,120 58,071
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$177,418 $71,483
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SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.
F-3
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U.S. RESTAURANT PROPERTIES MASTER L.P.
CONSOLIDATED STATEMENTS OF INCOME
(IN THOUSANDS, EXCEPT PER UNIT DATA)
YEAR ENDED DECEMBER 31,
1996 1995 1994
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REVENUES FROM LEASED PROPERTIES
Rental income $16,346 $ 7,540 $ 6,340
Amortization of unearned income on
direct financing leases 1,978 2,240 2,453
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Total Revenues 18,324 9,780 8,793
EXPENSES
Rent 2,080 1,405 1,348
Depreciation and amortization 3,978 1,541 1,361
Taxes, general and administrative (includes
$1,763, $614 and $542 in 1996, 1995 and 1994,
respectively for services of the General
Partners) 2,461 1,419 1,144
Interest expense (income), net 2,364 192 (4)
Provision for write down or disposition
of properties - - 11
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Total Expenses 10,883 4,557 3,860
Gain on sale of equipment 32 - -
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Net income $ 7,473 $ 5,223 $ 4,933
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Net income allocable to unitholders $ 7,325 $ 5,119 $ 4,834
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Average number of outstanding units
(Primary) 6,107 4,638 4,635
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Net income per unit $ 1.20 $ 1.10 $ 1.04
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SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.
F-4
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U. S. RESTAURANT PROPERTIES MASTER L. P.
SCHEDULE OF REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 1996
(IN THOUSANDS)
<TABLE>
INITIAL COST TO COMPANY AND ACCUMULATED DEPRECIATION
GROSS AMOUNT AT DECEMBER 31, 1996 AT DECEMBER 31, 1996
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NO. OF
STORE TYPE PROPERTIES LAND BUILDINGS EQUIPMENT TOTAL BUILDINGS EQUIPMENT TOTAL
- ------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
BURGER KING 173 $28,615 $33,051 $ 240 $ 61,906 $3,903 $ 28 $3,931
CHILI'S 8 4,185 7,983 0 12,168 152 0 $152
DAIRY QUEEN 40 2,758 8,268 875 11,901 273 84 $357
GRANDY'S 30 12,751 0 0 14,560 0 0 $0
HARDEE'S 26 2,568 17,063 1,809 19,631 437 129 $566
KFC 2 200 408 0 608 32 0 $32
PIZZA HUT 14 1,458 2,424 0 3,882 81 0 $81
SCHLOTSKY'S 8 1,352 3,152 0 4,504 35 0 $35
TACO BELL 1 140 101 0 241 5 0 $5
OTHER REGIONAL
BRANDS 27 7,313 8,078 121 15,512 271 5 $276
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329 $61,340 $80,528 $3,045 $144,913 $5,189 $246 $5,435
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</TABLE>
NOTES: (1) All property is restaurant property.
(2) Substantially all property is collateral for the line of credit.
(3) Depreciation is computed over the estimated useful life of 15 to
20 years for the restaurant buildings and improvements and 10
years for the restaurant equipment.
(4) Burger King restaurant properties include the land values of 108
restaurant properties in which the buildings and improvements are
accounted for as direct financing leases.
(5) Transactions in real estate and equipment and accumulated
depreciation during 1996, 1995, and 1994 are summarized below.
Cost Depreciation
-----------------------
Balance, December 31, 1994 $ 27,306 $2,344
Acquisitions 10,964
Cost of real estate sold 0 0
Depreciation expense - 302
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Balance, December 31, 1995 38,270 2,646
Acquisitions 106,663
Cost of equipment sold (20)
Depreciation expense - 2,789
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Balance, December 31, 1996 $144,913 $5,435
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S-1
