Exhibit 12.1



U.S. Restaurant Properties, Inc.

Ratio of
Earnings to Combined Fixed Charges and

Preferred Stock Dividends

(in thousands)



|                                                                                                                              |  |                          |        |   |      |   |        |      |  |   |         |   |  |      |         |   |  |   |         |  
|----------------------------------------------------------------------------------------------------------------------------- |  | ------------------------ | ------ | - | ---- | - | ------ | ---- |  | - | ------- | - |  | ---- | ------- | - |  | - | ------- | -
|                                                                                                                              |  | Years Ended December 31, |       
|                                                                                                                              |  | 2003                     |        |   | 2002 |   |        | 2001 |  |   | 2000    |   |  | 1999 |        
|Earnings:                                                                                                                     |  |                          |        |   |      |   |        |      |  |   |         |   |  |      |         |   |  |   |         |  
|Net income (loss) from continuing operations before minority interest and cumulative effect of change in accounting principle |  | $                        | 17,635 |   |      | $ | 13,850 |      |  | $ | (15,870 | ) |  | $    | 368     |   |  | $ | (4,492  | )
|Add: Fixed Charges                                                                                                            |  |                          | 26,133 |   |      |   | 27,084 |      |  |   | 37,236  |   |  |      | 39,252  |   |  |   | 38,641  |  
|Less: Capitalized Interest                                                                                                    |  |                          |       |   |      |   |       |      |  |   | (52     | ) |  |      | (739    | ) |  |   | (1,346  | )
|Preferred Dividend Requirements                                                                                               |  |                          | (8,121 | ) |      |   | (7,102 | )    |  |   | (7,102  | ) |  |      | (7,102  | ) |  |   | (7,102  | )
|Minority Interest                                                                                                             |  |                          | (4,147 | ) |      |   | (4,681 | )    |  |   | (4,485  | ) |  |      | (4,139  | ) |  |   | (567    | )
|                                                                                                                              |  |                          |        |   |      |   |        |      |  |   |         |   |  |      |         |   |  |   |         |  
|Earnings                                                                                                                      |  | $                        | 31,500 |   |      | $ | 29,151 |      |  | $ | 9,727   |   |  | $    | 27,640  |   |  | $ | 25,134  |  
|                                                                                                                              |  |                          |        |   |      |   |        |      |  |   |         |   |  |      |         |   |  |   |         |  
|Fixed Charges:                                                                                                                |  |                          |        |   |      |   |        |      |  |   |         |   |  |      |         |   |  |   |         |  
|Interest Expense                                                                                                              |  | $                        | 17,247 |   |      | $ | 19,361 |      |  | $ | 29,388  |   |  | $    | 30,706  |   |  | $ | 29,410  |  
|Capitalized Interest                                                                                                          |  |                          |       |   |      |   |       |      |  |   | 52      |   |  |      | 739     |   |  |   | 1,346   |  
|Estimated Interest within Rent Expense                                                                                        |  |                          | 765    |   |      |   | 621    |      |  |   | 694     |   |  |      | 705     |   |  |   | 783     |  
|Preferred Dividend Requirements                                                                                               |  |                          | 8,121  |   |      |   | 7,102  |      |  |   | 7,102   |   |  |      | 7,102   |   |  |   | 7,102   |  
|                                                                                                                              |  |                          |        |   |      |   |        |      |  |   |         |   |  |      |         |   |  |   |         |  
|Fixed Charges                                                                                                                 |  | $                        | 26,133 |   |      | $ | 27,084 |      |  | $ | 37,236  |   |  | $    | 39,252  |   |  | $ | 38,641  |  
|                                                                                                                              |  |                          |        |   |      |   |        |      |  |   |         |   |  |      |         |   |  |   |         |  
|Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends                                                     |  |                          | 1.21   |   |      |   | 1.08   |      |  |   | 0.26    |   |  |      | 0.70    |   |  |   | 0.65    |  
|Deficiency of Earnings to Combined Fixed Charges and Preferred Stock Dividends                                                |  |                          | n/a    |   |      |   | n/a    |      |  | $ | (27,509 | ) |  | $    | (11,612 | ) |  | $ | (13,507 | )