IHOP 2009 Annual Report Download - page 128
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DineEquity, Inc. and Subsidiaries
Notes to the Consolidated Financial Statements (Continued)
10. Leases
The Company leases the majority of all restaurants. The restaurants are subleased to IHOP
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:
2009 2008
(In millions)
Total minimum rents receivable ......................... $220.9 $ 241.6
Less unearned income ................................ (109.6) (126.1)
Net investment in direct financing lease receivables ........... 111.3 115.5
Less current portion ................................. (4.1) (3.5)
Long-term direct financing lease receivables ................ $107.2 $ 112.0
Contingent rental income, which is the amount above and beyond base rent, for the years ended
December 31, 2009, 2008 and 2007 was $15.6 million, $18.0 million and $17.5 million, respectively.
The following is the Company’s net investment in equipment leases receivable:
2009 2008
(In millions)
Total minimum leases receivable ........................ $283.2 $ 302.4
Less unearned income ................................ (136.7) (148.9)
Net investment in equipment leases receivables .............. 146.5 153.5
Less current portion ................................. (6.8) (7.0)
Long-term equipment leases receivable .................... $139.7 $ 146.5
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