Forged Real Estate is pleased to exclusively offer the opportunity to acquire the fee simple interest in a single tenant property leased to Applebee’s (the “Offering”) in the Southwest U.S. The entity on the Lease is The Apple American Group. The Apple American Group, the subsidiary that runs Flynn’s Applebee’s franchise locations, is the largest Applebee's franchisee with 28 percent of the brand’s units, over 440 Applebee’s restaurants. This ranks as the #1 location in terms of foot traffic in the state and is in the top 91% nationally among all Applebee’s locations, over the last twelve months (placer.ai). Applebee's has been here for over twenty-five years and visits have continued to increase over the last couple of years. Year-over-three-Year (Yo3Y) visits increased 59%, while Year-over-two-Year (Yo2Y) visits increased 62% (placer.ai). Applebee’s sits along the main retail corridor in the area boasting over 39,700 VPD. Applebee’s sits directly across from Sam’s Club and Walmart. Applebee’s operates on a low-rent, NNN Ground Lease paying only $88,000 annually ($16/SF) allowing for a hands-off passive form of ownership. Applebee’s has one more five-year option remaining with a robust twelve percent (12%) rental increase in the beginning of it.

The Flynn Restaurant Group is the largest franchisee in the Applebee’s system, and the largest U.S. casual dining franchisee. The Flynn Restaurant Group won the Applebee’s Abe Gustin Franchisee of the year for 2023. The Apple American Group (AAG) has won the award four times, last winning in 2021. Additionally, AAG has been honored four times as Applebee’s Operator of the year. Financially, in the six months ended June 30, 2023, Applebee’s reported retail sales percentage increase of 2% and a 2.5% increase in domestic systemwide same restaurant sales over the same period in 2022. Dine Brands Global, Inc. and subsidiaries reported total revenues $208.4 million for the three months ended June 30, 2023, and a gross profit of $97.3 million during that same period.