Applebee’s International, Inc., is an American company which develops, franchises, and operates the Applebee’s Neighborhood Grill + Bar restaurant chain. As of December 2015, there were 2,033 restaurants operating system-wide in the United States, one U.S. territory (Puerto Rico), and 15 other countries, all owned and operated by franchisees.

The company was headquartered in Kansas City, Missouri, after moving from Lenexa, Kansas, in September 2011. On September 3, 2015, it was announced that owner DineEquity would be consolidating its headquarters for Applebee’s and IHOP to Dine Equity’s Glendale, California, location. As a result, President Steven R. Layt chose not to relocate and resigned effective September 4, 2015. The Applebees concept focuses on casual dining, with mainstream American dishes such as salads, shrimp, chicken, pasta, and “riblets” (which is considered Applebee’s signature dish). All Applebee’s restaurants feature a bar area and serve alcoholic beverages (except where prohibited by law).

On November 29, 2007, IHOP (now DineEquity) announced that it had completed a 2 billion purchase of the Applebee’s chain. On August 11, 2017, DineEquity announced that Applebee’s will close between 105 and 135 locations by the end of the year.

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Parent Company: DineEquity
Store Count: 2,016
S&P Rating: N/R
Moody Rating: N/R

Typical Lease Characteristics

Lease Term: 15-20 Years Years

Lease Type: NNN(absolute Net)

Lease Increases: 10% increares every 5 years

Lease Extensions: 2-3 (5) Year Options

Lease Guarantor: Corporate and Franchisee

Tenant Overview

Apple American’s restaurants are found from coast to coast with large concentrations in the Midwest (Ohio, Indiana, Pennsylvania) and on the West Coast (California, Washington). Their primary focus is to be an industry leading restaurant operator that delivers superior results while continuing to pursue opportunities to build new units. They have built more than 100 restaurants within the last ten years.

Important factors to consider are restaurant sales, demographics, and phyiscal location


  • Nationwide presence with high brand recognition
  • Typically Long term leases with increases


  • Competitive Industry Sector
  • Susceptible to economic trends and pressures
  • Consumers are showing a growing interest in healthy food alternatives

Market Snapshots:

On Market Ranges:

# of Properties in set: 39

Price: $2,321,980 - $2,985,410Average: $2,764,264

PPSF: $480 - $650Average: $562

Year Built: 1988 - 2017Average: 1999

CAP Rate Range: 6.05% - 7.54%Average: 6.80%

Size range: 3,566 sq ft - 6,237 sq ft Average: 4,965 sq ft

Last 12 Month Range:

# of Properties in set: 41

Price: $2,046,770 - $2,802,130Average: $2,436,635

PPSF: $438 - $537Average: $493

Year Built: 1986 - 2016Average: 2000

CAP Rate Range: 5.83% - 7.76%Average: 6.63%

Size range: 3,605 sq ft - 6,381 sq ft Average: 4,983 sq ft

Applebee’s Company Profile

Headquarters Information

Glendale, California

Founded in 1980

Company type: Public

Stock Ticker: DIN

Parent Company: DineEquity

Industry: Restaurants

# of Employees: 28,000

S&P Rating: N/R
S&P Rating: N/R

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Applebee’s Stock Keys

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