IHOP
IHOP is nearly all franchised, but Dine Brands still leases or subleases hundreds of sites to franchisees, so some deals have Dine-level credit. The unit count is stable, and family-dining real estate is generally adaptable.
- US units
- 1,684
- FY2025
- 3Y net growth
- +0.4%
- vs. FY2022
- Credit rating
- NR
- Sub-investment grade
- Typical term
- 15–20 yr
- NNN (franchisee-signed; Dine sometimes the sublessor)
- Model
- Franchised
- Subsidiary of Dine Brands
Unit count
IHOP in the news
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IHOP net lease FAQ
What is IHOP's credit rating?
IHOP 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 IHOP locations are there in the US?
IHOP reported about 1,684 US locations as of FY2025. That is +0.4% versus 1,677 in FY2022.
What does a typical IHOP net lease look like?
Lease type: NNN (franchisee-signed; Dine sometimes the sublessor). Initial term: 15–20 yr. Rent increases: 10% every 5 yrs. These are market-typical terms; actual deals vary by vintage, location and whether the lease is corporate or franchisee-signed.
Is IHOP corporate or franchised?
Operating model: Franchised (~99% franchised); Dine often owns or master-leases sites. IHOP is part of Dine Brands Global. For net lease investors this determines whether rent is backed by the corporate parent or by a franchisee.