-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Hp9WljFOz4SyzgTy0f1gPHAI6SuXTiH7CpT5RIjOQvetoiPZ44IXo/jemB+TBFnr L0Bi0xj0ElLCf6d1Dh3sOQ== 0000912057-97-015381.txt : 19970505 0000912057-97-015381.hdr.sgml : 19970505 ACCESSION NUMBER: 0000912057-97-015381 CONFORMED SUBMISSION TYPE: 10-K405/A PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19961231 FILED AS OF DATE: 19970502 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: U S RESTAURANT PROPERTIES MASTER L P CENTRAL INDEX KEY: 0000785994 STANDARD INDUSTRIAL CLASSIFICATION: OPERATORS OF NONRESIDENTIAL BUILDINGS [6512] IRS NUMBER: 411541631 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-K405/A SEC ACT: SEC FILE NUMBER: 001-09079 FILM NUMBER: 97594837 BUSINESS ADDRESS: STREET 1: 5310 HARVEST HILL ROAD STREET 2: SUITE 270 - LB 168 CITY: DALLAS STATE: TX ZIP: 75230 BUSINESS PHONE: 6123308763 MAIL ADDRESS: STREET 1: 5310 HARVEST HILL ROAD STREET 2: SUITE 270 LB 168 CITY: DALLAS STATE: TX ZIP: 75230 FORMER COMPANY: FORMER CONFORMED NAME: BURGER KING INVESTORS MASTER L P DATE OF NAME CHANGE: 19941114 10-K405/A 1 FORM 10-K405/A 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. 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. 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 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 -------------------- $177,418 $71,483 -------------------- -------------------- 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 -------- ------- $177,418 $71,483 -------------------- -------------------- SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS. F-3 U.S. RESTAURANT PROPERTIES MASTER L.P. CONSOLIDATED STATEMENTS OF INCOME (IN THOUSANDS, EXCEPT PER UNIT DATA) YEAR ENDED DECEMBER 31, 1996 1995 1994 ----------------------------- 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 ----------------------------- 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 ----------------------------- Total Expenses 10,883 4,557 3,860 Gain on sale of equipment 32 - - ----------------------------- Net income $ 7,473 $ 5,223 $ 4,933 ----------------------------- ----------------------------- Net income allocable to unitholders $ 7,325 $ 5,119 $ 4,834 ----------------------------- ----------------------------- Average number of outstanding units (Primary) 6,107 4,638 4,635 ----------------------------- ----------------------------- Net income per unit $ 1.20 $ 1.10 $ 1.04 ----------------------------- ----------------------------- SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS. F-4 U. S. RESTAURANT PROPERTIES MASTER L. P. SCHEDULE OF REAL ESTATE AND ACCUMULATED DEPRECIATION AS OF DECEMBER 31, 1996 (IN THOUSANDS) INITIAL COST TO COMPANY AND ACCUMULATED DEPRECIATION GROSS AMOUNT AT DECEMBER 31, 1996 AT DECEMBER 31, 1996 ----------------------------------------------------------------------- NO. OF STORE TYPE PROPERTIES LAND BUILDINGS EQUIPMENT TOTAL BUILDINGS EQUIPMENT TOTAL - ------------------------------------------------------------------------------------------------------ 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 ----------------------------------------------------------------------------------- 329 $61,340 $80,528 $3,045 $144,913 $5,189 $246 $5,435 ----------------------------------------------------------------------------------- -----------------------------------------------------------------------------------
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 ----------------------- Balance, December 31, 1995 38,270 2,646 Acquisitions 106,663 Cost of equipment sold (20) Depreciation expense - 2,789 ----------------------- Balance, December 31, 1996 $144,913 $5,435 ----------------------- ----------------------- S-1
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