IHOP, formerly known as The International House of Pancakes, is a United States based restaurant chain that specializes in breakfast foods. The majority of IHOP restaurants are operated by franchisees requiring investors to look carefully at each locations sales and guarantors strength. There is great net lease appeal in the IHOP locations. The prototypical IHOP is a 4,500 square foot building on 1 acre of land. These locations can be easily converted into another casual dining location if IHOP were to vacate. IHOP is franchised and operated by Glendale, California based International House of Pancakes, LLC and its affiliates. International House of Pancakes, LLC is a wholly-owned subsidiary of DineEquity, Inc. Over 99% of IHOP restaurants are run by independent franchisees. As of December 31, 2016, the chain has 1,723 franchised and 10 company operated restaurants.