Corporate NNN IHOP Restaurant Absolute Triple Net Investment Offering 486 Boston Post Rd. (US Route 1), Orange, Connecticut

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1 Listed Price: $3,045,046 Corporate NNN IHOP Restaurant Absolute Triple Net Investment Offering 486 Boston Post Rd. (US Route 1), Orange, Connecticut Premium Grade Trophy Commercial Real Estate DineEquity, Inc (IHOP Parent, NYSE symbol DIN) guaranteed Absolute Triple Net Lease 15.5 years remaining on the primary lease term 10% Increases every 5 years including options Near Yale University with 11,250 Students and 13,000 Faculty Near Westfield CT Post Mall (1.3 Million SF)

2 Listed Price: $3,045, Boston Post Road, Orange, Connecticut Executive Summary Property Address: 486 Boston Post Road, Orange, Connecticut Price: $3,045,046 Cap Rate (based on July 2011 rent): 6.50% Building Size: ±3,740 SF Land Area: ±46,173 SF Year Built: 2000 Tenant: IHOP Properties, LLC and DineEquity, Inc. (NYSE: DIN) Lease Guarantor: IHOP Properties, LLC and DineEquity, Inc. Lease Type: Absolute Triple Net Lease Primary Lease Term: 25 Years Lease Commencement Date: June 30, 2001 Lease Expiration Date: June 30, 2026 Rent Increases: 10% every Five Years including the 3 five year options Renewal Options: Three, Five Year Options Annual Base Rent July 2006 June 2011: $179,940 Annual Base Rent July 2011 June 2016: 6.5 % Cap Rate $197,928 Annual Base Rent July 2016 June 2021: 7.15 % Cap Rate $217,716 Annual Base Rent July 2021 June 2026: 7.86 % Cap Rate $239,496 Parking Spaces: 74 Total Parking Spaces Seller will credit back at the close of escrow the pro rated difference between the current rent ($14,995/Month) and the new July 2011 rent ($16,494/Month) or pro ration of $1,499 per month.

3 Property Description Absolute Triple-Net (NNN) Lease The Landlord has zero responsibilities. The Tenant is sponsible for payment of all real estate taxes, insurance, common area maintenance, and remaintenance and repair of the roof, structure, HVAC, parking lot and lighting. DinEquity, Inc, the IHOP parent corporation guarantees the Stillwater IHOP lease. DinEquity, Inc is a New York Stock Exchange company with the symbol DIN. As of December 2010, there are 1459 IHOP Restaurants located in the 50 states, Canada and Mexico Established Location The subject IHOP has been operating as an IHOP since 2000 and evidently has a strong sales history. There is a 20 foot pylon sign at the front of the property The Route 1 (US Highway 1) Boston Post Corridor from I-95/Route 1 interchange (the Westfield Connecticut Post Mall) to about Meloy Road is the major retail shopping district for the towns of Milford, Orange, West Haven, New Haven, Derby, Ansonia and Woodbridge. The Boston Post Road corridor is wall-to-wall commercial, high traffic volume and is the regional shopping destination for the southern part of New Haven County. SITE Nearby Employment Centers: Yale University: 24,000 Students, Faculty and Staff (New Haven) Yale University West Campus: 300 Students and Faculty (Orange) Sikorsky Aircraft: 7,200 Employees (Stratford) Pez Candies: 180 Employees (Orange) Schick-Wilkerson Sword: 600 Employees (Milford) Subway World Headquarters: 700 Employees (Milford) United Illuminating (2 Buildings under construction opens 2012): 1,200 Employees (Orange) University of New Haven: 6,700 Employees (West Haven) DEMOGRAPHICS SUMMARY: 2010 Demographics 1 Mile 3 Mile 6 Mile Total Population 3,234 52, ,040 Average HH Income $74,265 $71,829 $61,136 Employment Population 1,537 27, ,845 The Orange IHOP is located near the center of the core retail area for South New Haven County with: Home Depot, Costco, Best Buy, Lowe s, Walmart, Target, Bank of America, Chase Bank, Starbucks, Olive Garden, TGIF, KFC, TJ Maxx, Trader Joe s, Whole Foods, 5 Guys Burgers, Meineke, McDonalds, Chili s. The Westfield Connecticut Post Mall has the anchor tenants of Macy s, JC Penney s, Sears, Target, Walmart and the Cinema 14. There are many regional businesses also located along the Boston Post Road retail corridor.

4 Retail Aerial Pez Candies Boston Post Rd. Interstate 95 Schick - Wilkerson Sword Cinema 14

5 Aerial & Map Boston Post Rd. IHOP