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million a month in initial base rent to leas back the181 Applebee's restaurantr properties it sold this week. In a filing late Thursday, Calif.-based DineEquity (NYSE: DIN) said its accounting evaluation ofthe $337 milliobn in sale-leaseback gross proceeds may prompt an impairment chargwe for the second quarter of 2008. Details on the charges will be discussed in a July29 second-quarte r conference call, the filing said. An initial monthlyg interest expense related to the lease payment will beabouy $2 million, to decreasre as company-operated Applebee's restaurants are franchised. Annual rent expenswe per restaurant isabout $173,200, meaning rent wouls cost about 7.
5 percentt of an average per-restauran sales volume of about $2.3 million, the filing The lease is for an initialo 20-year term with four, five-year extension The base rent rate will increase 2 percen in each of the next five years. Rates will increas 10 percent in 2018and 2023. IHOP bought for $2.04 billion on Nov. 29. The sale of Applebee's real estatse and franchisingof company-operated restaurants are meant to help finance the
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