Exhibit 12.1

U.S. Restaurant Properties, Inc.  Ratios of Earnings to Combined Fixed Charges and Preferred Stock Dividends  (in thousands)

|                                                                          |                                 | Years ended December 31, |       
|------------------------------------------------------------------------- | ------------------------------- | ------------------------ | ------
|
|Earnings:                                                                 |                                 |                          |       
|Net income (loss) from continuing operations before minority interest     |                                 | $                        | 15,487
|Add: Fixed Charges                                                        |                                 |                          | 26,463
|Less: Capitalized Interest                                                |                                 |                          |      
|                                                                          | Preferred Dividend Requirements |                          |       
|                                                                          | Minority Interest               |                          |       
|                                                                          |                                 |                          |       
|Earnings                                                                  |                                 | $                        | 30,167
|                                                                          |                                 |                          |       
|Combined Fixed Charges and Preferred Stock                                |                                 |                          |       
|Dividends:                                                                |                                 |                          |       
|                                                                          | Interest Expense                |                          | $     
|                                                                          | Capitalized Interest            |                          |       
|                                                                          | Preferred Dividend Requirements |                          |       
|                                                                          |                                 |                          |       
|Combined Fixed Charges and Preferred Stock                                |                                 |                          |       
|Dividends                                                                 |                                 | $                        | 26,463
|                                                                          |                                 |                          |       
|Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends |                                 |                          | 1.14  

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