IHOP 2010 Annual Report Download - page 130
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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:
2010 2009
(In millions)
Total minimum rents receivable .......................... $198.0 $ 220.9
Less unearned income ................................ (93.4) (109.6)
Net investment in direct financing lease receivables ........... 104.6 111.3
Less current portion .................................. (4.6) (4.1)
Long-term direct financing lease receivables ................. $100.0 $ 107.2
Contingent rental income, which is the amount above and beyond base rent, for the years ended
December 31, 2010, 2009 and 2008 was $14.4 million, $15.6 million and $18.0 million, respectively.
The following is the Company’s net investment in equipment leases receivable:
2010 2009
(In millions)
Total minimum leases receivable ........................ $259.7 $ 283.2
Less unearned income ................................ (120.7) (136.7)
Net investment in equipment leases receivables .............. 139.0 146.5
Less current portion ................................. (6.9) (6.8)
Long-term equipment leases receivable .................... $132.1 $ 139.7
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