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, |       
|                                                                                                                              |  | 2004                     |        |   | 2003 |   |        | 2002 |  |   | 2001   |   |  | 2000 |        
|Earnings:                                                                                                                     |  |                          |        |   |      |   |        |      |  |   |        |   |  |      |         |   |  |   |         |  
|Net income (loss) from continuing operations before minority interest and cumulative effect of change in accounting principle |  | $                        | 12,324 |   |      | $ | 17,429 |      |  | $ | 11,998 |   |  | $    | (17,577 | ) |  | $ | (1,651  | )
|Add: Fixed Charges                                                                                                            |  |                          | 29,377 |   |      |   | 29,089 |      |  |   | 30,264 |   |  |      | 42,829  |   |  |   | 39,225  |  
|Less: Capitalized Interest                                                                                                    |  |                          |       |   |      |   |       |      |  |   |       |   |  |      | (52     | ) |  |   | (739    | )
|Preferred Dividend Requirements                                                                                               |  |                          | (9,965 | ) |      |   | (8,121 | )    |  |   | (7,102 | ) |  |      | (7,102  | ) |  |   | (7,102  | )
|Minority Interest                                                                                                             |  |                          | (38    | ) |      |   | (4,147 | )    |  |   | (4,681 | ) |  |      | (4,485  | ) |  |   | (4,139  | )
|                                                                                                                              |  |                          |        |   |      |   |        |      |  |   |        |   |  |      |         |   |  |   |         |  
|Earnings                                                                                                                      |  | $                        | 31,698 |   |      | $ | 34,250 |      |  | $ | 30,479 |   |  | $    | 13,613  |   |  | $ | 25,594  |  
|                                                                                                                              |  |                          |        |   |      |   |        |      |  |   |        |   |  |      |         |   |  |   |         |  
|Fixed Charges:                                                                                                                |  |                          |        |   |      |   |        |      |  |   |        |   |  |      |         |   |  |   |         |  
|Interest Expense                                                                                                              |  | $                        | 18,689 |   |      | $ | 20,129 |      |  | $ | 22,306 |   |  | $    | 35,000  |   |  | $ | 30,706  |  
|Capitalized Interest                                                                                                          |  |                          |       |   |      |   |       |      |  |   |       |   |  |      | 52      |   |  |   | 739     |  
|Estimated Interest within Rent Expense                                                                                        |  |                          | 723    |   |      |   | 839    |      |  |   | 856    |   |  |      | 675     |   |  |   | 678     |  
|Preferred Dividend Requirements                                                                                               |  |                          | 9,965  |   |      |   | 8,121  |      |  |   | 7,102  |   |  |      | 7,102   |   |  |   | 7,102   |  
|                                                                                                                              |  |                          |        |   |      |   |        |      |  |   |        |   |  |      |         |   |  |   |         |  
|Fixed Charges                                                                                                                 |  | $                        | 29,377 |   |      | $ | 29,089 |      |  | $ | 30,264 |   |  | $    | 42,829  |   |  | $ | 39,225  |  
|                                                                                                                              |  |                          |        |   |      |   |        |      |  |   |        |   |  |      |         |   |  |   |         |  
|Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends                                                     |  |                          | 1.08   |   |      |   | 1.18   |      |  |   | 1.01   |   |  |      | 0.32    |   |  |   | 0.65    |  
|Deficiency of Earnings to Combined Fixed Charges and Preferred Stock Dividends                                                |  |                          | n/a    |   |      |   | n/a    |      |  |   | n/a    |   |  | $    | (29,216 | ) |  | $ | (13,631 | )