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DALLAS-US Restaurant Properties Inc. has decreased its outstanding debt by $31 million, just in the third quarter.

The Q3 accounting shows 42 cents per share on fully diluted basis, up from 12 cents per share that had been realized in the second quarter. Net income has total $1.4 million delivering a turnaround from second-quarter net losses of nearly $1.4 million. The firm’s interest coverage ratio has increased to 251% and fixed charge coverage ratio has risen 199%. The increases in both areas are being attributed to such factors as the sale of the Georgia Conoco portfolio and other non-core assets enabling a debt pay-down of slightly more than $31 million.

Fred Margolin, chairman and CEO, says US Properties in “on target” with a fiscal plan to reduce leverage and strengthen cash flow. The restaurant chain also has secured an agreement with Bank of America for an unsecured credit line and refinancing of short-term debt maturities.

US Restaurant Properties, Inc. is a non-taxed financial services and real estate company dedicated to acquiring, managing, financing, and selectively developing branded service retail properties. Its lineup includes Burger King, Arby’s, Chili’s, Pizza Hut, Shell and ExxonMobil facilities. The company currently owns or finances 877 properties located in 48 states.

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