Applebee’s
Baskersfield, CA
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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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
Positives:
- Nationwide presence with high brand recognition
- Typically Long term leases with increases
Negatives:
- 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
Applebee’s Stock Keys
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