IHOP 2008 Annual Report Download - page 124
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DineEquity, Inc. and Subsidiaries
Notes to the Consolidated Financial Statements (Continued)
11. Financing Obligations (Continued)
As of December 31, 2008, future minimum lease payments under financing obligations during the
initial terms of the leases related to the sale-leaseback transactions are as follows:
Fiscal Years (In thousands)
2009 ................................................ $ 31,125
2010 ................................................ 31,454
2011 ................................................ 31,784
2012 ................................................ 31,838
2013 ................................................ 31,894
Thereafter ............................................ 445,402
Total minimum lease payments ............................. 603,497
Less interest ........................................... (277,228)
Total financing obligations ................................. 326,269
Less current portion(1) ................................... (7,618)
Long-term financing obligations ............................. $318,651
(1) Included in other accrued expenses on the consolidated balance sheet.
12. Leases
The Company leases the majority of all restaurants. The restaurants are subleased to our
franchisees or in a few instances operated by the Company. These noncancelable leases and subleases
consist primarily of land, buildings and improvements.
The following is the Company’s net investment in direct financing lease receivables:
2008 2007
(In thousands)
Total minimum rents receivable ...................... $241,624 $ 259,948
Less unearned income ............................ (126,107) (141,468)
Net investment in direct financing lease receivables ....... 115,517 118,480
Less current portion .............................. (3,497) (2,984)
Long-term direct financing lease receivables ............. $112,020 $ 115,496
Contingent rental income, which is the amount above and beyond base rent, for the years ended
December 31, 2008, 2007 and 2006 was $18.0 million, $17.5 million and $18.0 million, respectively.
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