UPDATE: IHOP inks sale-leaseback deal for 187 Applebee's units

GLENDALE Calif. IHOP Corp. on Tuesday said it would sell and leaseback the properties of 187 corporate Applebee's Neighborhood Grill & Bar units to garner proceeds of $347 million before taxes. After-tax proceeds are expected to total $294 million, the company said in a filing Wednesday with federal regulators.

The after-tax estimate falls $56 million short of what IHOP in February had estimated the transaction would bring. Chairman and CEO Julia Stewart had c

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