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	)