Applebee's
Applebee's has been closing underperforming restaurants for several years, and its leases are signed by a few large franchisees, so operator size and store sales drive the credit. Dual-branded Applebee's/IHOP conversions are a new path for reusing weaker boxes.
- US units
- 1,472
- FY2025
- 3Y net growth
- −6.2%
- vs. FY2022
- Credit rating
- NR
- Sub-investment grade
- Typical term
- 15–20 yr
- Franchisee-signed NNN (absolute NNN common)
- Model
- Franchised
- Subsidiary of Dine Brands
Unit count
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Applebee's net lease FAQ
What is Applebee's's credit rating?
Applebee's is rated NR (Dine; securitized debt only), which is below investment grade. Check the lease to confirm whether the rated entity is the actual guarantor.
How many Applebee's locations are there in the US?
Applebee's reported about 1,472 US locations as of FY2025. That is −6.2% versus 1,569 in FY2022.
What does a typical Applebee's net lease look like?
Lease type: Franchisee-signed NNN (absolute NNN common). Initial term: 15–20 yr. Rent increases: 10% every 5 yrs or 1.5% annually. These are market-typical terms; actual deals vary by vintage, location and whether the lease is corporate or franchisee-signed.
Is Applebee's corporate or franchised?
Operating model: Franchised (~96% of US franchised). Applebee's is part of Dine Brands Global. For net lease investors this determines whether rent is backed by the corporate parent or by a franchisee.