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  <p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
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  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">UNITED STATES<br>
  SECURITIES AND EXCHANGE COMMISSION</font></b></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Washington,
  D.C. 20549</font></b></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">FORM&nbsp;8-K</font></b></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">CURRENT REPORT<br>
  PURSUANT TO SECTION&nbsp;13 OR 15(d)&nbsp;OF THE<br>
  SECURITIES EXCHANGE ACT OF 1934</font></b></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Date of
  Report (Date of earliest event reported): May&nbsp;19, 2008</font></b></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">IHOP CORP.</font></b></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Exact name of registrant as specified in its
  charter)</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
   <tr>
    <td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Delaware</font></b></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
    <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
    </td>
    <td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">001-15283</font></b></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
    <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
    </td>
    <td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">95-3038279</font></b></p>
    </td>
   </tr>
   <tr>
    <td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(State or other
    jurisdiction of<br>
    incorporation or organization)</font></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Commission<br>
    File Number)</font></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(I.R.S. Employer<br>
    Identification No.)</font></p>
    </td>
   </tr>
   <tr>
    <td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="66%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:66.0%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">450 North
    Brand, Glendale, California</font></b></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">91203</font></b></p>
    </td>
   </tr>
   <tr>
    <td width="66%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:66.0%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Address of principal
    executive offices)</font></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Zip Code)</font></p>
    </td>
   </tr>
  </table>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(818) 240-6055</font></b></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Registrant&#146;s telephone number, including area
  code</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Not
  applicable</font></b></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Former Name or Former Address, if Changed
  Since Last Report)</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Check
  the appropriate box below if the Form&nbsp;8-K filing is intended to
  simultaneously satisfy the filing obligation of the registrant under any of the
  following provisions:</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font>&nbsp; Written communications pursuant to Rule&nbsp;425
  under the Securities Act (17 CFR 230.425)</p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font>&nbsp; Soliciting material pursuant to Rule&nbsp;14a-12
  under the Exchange Act (17 CFR 240.14a-12)</p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font>&nbsp; Pre-commencement communications
  pursuant to Rule&nbsp;14d-2(b)&nbsp;under the Exchange Act (17 CFR
  240.14d-2(b))</p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font>&nbsp; Pre-commencement communications
  pursuant to Rule&nbsp;13e-4(c)&nbsp;under the Exchange Act (17 CFR
  240.13e-4(c))</p>
  
  <div style="border:none;border-bottom:double windowtext 9.0pt;padding:0in 0in 0in 0in;">
  
  <p style="border:none;margin:0in 0in .0001pt;padding:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  </div>
  
  <p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font face="Times New Roman">&nbsp;</font></p>
  
  <div style="margin:0in 0in .0001pt;"><hr size="2" width="100%" noshade color="gray" align="left"></div>
  
  </div>
  <!-- SEQ.=1,FOLIO='',FILE='C:\JMS\brosent\08-14867-1\task2951484\14867-1-ba.htm',USER='brosent',CD='May 20 18:06 2008' -->
  
  
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  <p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font face="Times New Roman">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 1.01. ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT.</font></b></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On May 19, 2008, Applebee&#146;s Restaurants West LLC, Applebee&#146;s
  Restaurants Kansas LLC, Applebee&#146;s Restaurants Texas LLC, Applebee&#146;s
  Restaurants Mid-Atlantic LLC and Applebee&#146;s Restaurants North LLC (collectively
  the &#147;Applebee&#146;s Entities&#148;) entered into a Purchase and Sale Agreement with
  DBAPPLEF, LLC ( the &#147;Buyer&#148;) (an entity whose obligations under the Purchase
  and Sale Agreement are guaranteed by Drawbridge Special Opportunities Fund LP;
  Drawbridge Real Assets Fund LP; and Drawbridge Real Assets Fund (B-IP) LP),
  pursuant to which the Applebee&#146;s Entities agreed to sell and the Buyer agreed
  to buy 187 parcels of real property, each of which is improved with a
  restaurant operating as an Applebee&#146;s Neighborhood Grill and Bar (the
  &#147;Properties&#148;).&#160; The Buyer and its
  guarantors are affiliates of Fortress Investment Group,&#160; a publicly traded alternative asset manager.
  The Applebee&#146;s Entities are indirect subsidiaries of the Registrant&#146;s
  wholly-owned subsidiary Applebee&#146;s International, Inc. The Purchase and Sale
  Agreement provides that the closing of the transaction will take place no later
  than June 16, 2008. </font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The gross purchase price for the Properties before taxes is to be
  determined in part by sales figures for the subject restaurants for the twelve
  (12) month trailing period ending April 30, 2008. While the final sales figures
  for April, 2008 are not yet available, the purchase price is estimated to be
  the approximate amount of $347,000,000. The final sales figures for April, 2008
  are expected to be available and the purchase price finalized no later than
  June 1, 2008. The Buyer also has a limited right to elect not to purchase up to
  a maximum of 15% of the total number of restaurant sites and adjust the
  purchase price accordingly,&#160; if but only
  if, such Properties have material defects relating to property condition,
  title, survey, zoning or access. Assuming the properties are sold for
  $347,000,000 the net after-tax cash proceeds would be approximately $294,000,000.
  The Registrant expects to use all of the after-tax proceeds to pay down funded
  debt.</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Purchase and Sale Agreement calls for&#160; the Applebee&#146;s Entities to enter into a
  Master Land and Building Lease (the &#147;Master Lease&#148;) relating to the Properties
  with the Buyer, as Landlord, at the time of closing.&#160; The Properties may be used to operate an
  Applebee&#146;s or IHOP branded restaurant and for certain other specified
  uses.&#160; The Master Lease calls for an
  initial term of twenty years and four five year options to extend the term
  which are exercisable by the Applebee&#146;s Entities or their successors.</font></p>
  
  <p style="margin:0in 0in .0001pt;"></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Master Lease provides for the payment of monthly base rent to be
  determined by sales figures for the subject restaurants for the twelve (12)
  month trailing period ending April 30, 2008. As noted above, the final sales
  figures for April, 2008 are not yet available. Based on the data available, the
  initial monthly base rent under the Master Lease is estimated to be the
  approximate amount of $2,700,000. The final sales figures for April, 2008 are
  expected to be available and the initial monthly base rent under the Master
  Lease finalized no later than June 1, 2008. If the Buyer elects to exclude
  certain properties for the limited reasons noted above (up to a maximum of 15%
  of the total number of restaurants) then the&#160;
  initial monthly base rent under the Master Lease would be adjusted
  accordingly.&#160; Additionally, the tenant
  under the Master Lease is responsible for additional rent equal to any and all
  fees, expenses, taxes and other charges of every kind and nature arising in
  connection with or relating to the Properties.</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Applebee&#146;s Entities may sublease all or a portion of the
  Properties, without the Landlord&#146;s consent, provided that certain conditions
  are met.&#160; In addition, the Applebee&#146;s
  Entities may assign their interest in the Master Lease with respect to some or
  all of the Properties, without Landlord&#146;s consent, provided that certain
  conditions are met and the assignee agrees to enter into a direct lease with
  the Landlord on a pre-approved form attached to the Master Lease (&#147;Assigned
  Leases&#148;). Further, if such assignment is to a qualified franchisee meeting
  certain parameters set forth in the Master Lease, the Applebee&#146;s Entities shall
  be released by the Landlord from all obligations with respect to any Assigned
  Lease.</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>
  
  <div style="margin:0in 0in .0001pt;"><hr size="2" width="100%" noshade color="gray" align="left"></div>
  
  </div>
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  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <h1 align="center" style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">SIGNATURE</font></b></h1>
  
  <h1 align="center" style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h1>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to the
  requirements of the Securities Exchange Act of 1934, the Registrant has duly
  caused this report to be signed on its behalf by the undersigned hereunto duly
  authorized.</font></p>
  
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font face="Times New Roman">&nbsp;</font></p>
  
  <table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
   <tr>
    <td width="51%" valign="top" style="padding:0in 0in 0in 0in;width:51.86%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="48%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:48.14%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">IHOP CORP.</font></p>
    </td>
   </tr>
   <tr>
    <td width="51%" valign="top" style="padding:0in 0in 0in 0in;width:51.86%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date: May&nbsp;20,
    2008</font></p>
    </td>
    <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.98%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
    </td>
    <td width="32%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:32.12%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ <font style="text-transform:uppercase;">Mark D. Weisberger </font></font></p>
    </td>
    <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.04%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="51%" valign="top" style="padding:0in 0in 0in 0in;width:51.86%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.98%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="44%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:44.16%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mark D. Weisberger </font></p>
    </td>
   </tr>
   <tr>
    <td width="51%" valign="top" style="padding:0in 0in 0in 0in;width:51.86%;">
    <p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
    </td>
    <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.98%;">
    <p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
    </td>
    <td width="44%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:44.16%;">
    <p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Secretary</font></i></p>
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metadata_documents: [{"type": "8-K", "sequence": "1", "filename": "a08-14867_18k.htm", "description": "8-K", "secsgml_size_bytes": 22320}]
metadata_filer: {"company-data": {"conformed-name": "IHOP CORP", "cik": "0000049754", "assigned-sic": "6794", "irs-number": "953038279", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-15283", "film-number": "08850262"}, "business-address": {"street1": "450 N BRAND BLVD 3RD FLR", "city": "GLENDALE", "state": "CA", "zip": "91203-1903", "phone": "8182406055"}}
text: UNITED STATES
  SECURITIES AND EXCHANGE COMMISSION
  Washington,
  D.C. 20549
  FORM 8-K
  CURRENT REPORT
  PURSUANT TO SECTION 13 OR 15(d) OF THE
  SECURITIES EXCHANGE ACT OF 1934
  Date of
  Report (Date of earliest event reported): May 19, 2008
  IHOP CORP.
  (Exact name of registrant as specified in its
  charter)
  Delaware
  001-15283
  95-3038279
  (State or other
    jurisdiction of
  incorporation or organization)
  (Commission
  File Number)
  (I.R.S. Employer
  Identification No.)
  450 North
    Brand, Glendale, California
  91203
  (Address of principal
    executive offices)
  (Zip Code)
  (818) 240-6055
  Registrant's telephone number, including area
  code
  Not
  applicable
  (Former Name or Former Address, if Changed
  Since Last Report)
  Check
  the appropriate box below if the Form 8-K filing is intended to
  simultaneously satisfy the filing obligation of the registrant under any of the
  following provisions:
  o
  Written communications pursuant to Rule 425
  under the Securities Act (17 CFR 230.425)
  o
  Soliciting material pursuant to Rule 14a-12
  under the Exchange Act (17 CFR 240.14a-12)
  o
  Pre-commencement communications
  pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
  240.14d-2(b))
  o
  Pre-commencement communications
  pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
  240.13e-4(c))
  Item 1.01. ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT.
  On May 19, 2008, Applebee's Restaurants West LLC, Applebee's
  Restaurants Kansas LLC, Applebee's Restaurants Texas LLC, Applebee's
  Restaurants Mid-Atlantic LLC and Applebee's Restaurants North LLC (collectively
  the "Applebee's Entities") entered into a Purchase and Sale Agreement with
  DBAPPLEF, LLC ( the "Buyer") (an entity whose obligations under the Purchase
  and Sale Agreement are guaranteed by Drawbridge Special Opportunities Fund LP;
  Drawbridge Real Assets Fund LP; and Drawbridge Real Assets Fund (B-IP) LP),
  pursuant to which the Applebee's Entities agreed to sell and the Buyer agreed
  to buy 187 parcels of real property, each of which is improved with a
  restaurant operating as an Applebee's Neighborhood Grill and Bar (the
  "Properties").  The Buyer and its
  guarantors are affiliates of Fortress Investment Group,  a publicly traded alternative asset manager.
  The Applebee's Entities are indirect subsidiaries of the Registrant's
  wholly-owned subsidiary Applebee's International, Inc. The Purchase and Sale
  Agreement provides that the closing of the transaction will take place no later
  than June 16, 2008.
  The gross purchase price for the Properties before taxes is to be
  determined in part by sales figures for the subject restaurants for the twelve
  (12) month trailing period ending April 30, 2008. While the final sales figures
  for April, 2008 are not yet available, the purchase price is estimated to be
  the approximate amount of $347,000,000. The final sales figures for April, 2008
  are expected to be available and the purchase price finalized no later than
  June 1, 2008. The Buyer also has a limited right to elect not to purchase up to
  a maximum of 15% of the total number of restaurant sites and adjust the
  purchase price accordingly,  if but only
  if, such Properties have material defects relating to property condition,
  title, survey, zoning or access. Assuming the properties are sold for
  $347,000,000 the net after-tax cash proceeds would be approximately $294,000,000.
  The Registrant expects to use all of the after-tax proceeds to pay down funded
  debt.
  The Purchase and Sale Agreement calls for  the Applebee's Entities to enter into a
  Master Land and Building Lease (the "Master Lease") relating to the Properties
  with the Buyer, as Landlord, at the time of closing.  The Properties may be used to operate an
  Applebee's or IHOP branded restaurant and for certain other specified
  uses.  The Master Lease calls for an
  initial term of twenty years and four five year options to extend the term
  which are exercisable by the Applebee's Entities or their successors.
  The Master Lease provides for the payment of monthly base rent to be
  determined by sales figures for the subject restaurants for the twelve (12)
  month trailing period ending April 30, 2008. As noted above, the final sales
  figures for April, 2008 are not yet available. Based on the data available, the
  initial monthly base rent under the Master Lease is estimated to be the
  approximate amount of $2,700,000. The final sales figures for April, 2008 are
  expected to be available and the initial monthly base rent under the Master
  Lease finalized no later than June 1, 2008. If the Buyer elects to exclude
  certain properties for the limited reasons noted above (up to a maximum of 15%
  of the total number of restaurants) then the 
  initial monthly base rent under the Master Lease would be adjusted
  accordingly.  Additionally, the tenant
  under the Master Lease is responsible for additional rent equal to any and all
  fees, expenses, taxes and other charges of every kind and nature arising in
  connection with or relating to the Properties.
  The Applebee's Entities may sublease all or a portion of the
  Properties, without the Landlord's consent, provided that certain conditions
  are met.  In addition, the Applebee's
  Entities may assign their interest in the Master Lease with respect to some or
  all of the Properties, without Landlord's consent, provided that certain
  conditions are met and the assignee agrees to enter into a direct lease with
  the Landlord on a pre-approved form attached to the Master Lease ("Assigned
  Leases"). Further, if such assignment is to a qualified franchisee meeting
  certain parameters set forth in the Master Lease, the Applebee's Entities shall
  be released by the Landlord from all obligations with respect to any Assigned
  Lease.
  2
  SIGNATURE
  Pursuant to the
  requirements of the Securities Exchange Act of 1934, the Registrant has duly
  caused this report to be signed on its behalf by the undersigned hereunto duly
  authorized.
  IHOP CORP.
  Date: May 20,
    2008
  By:
  /s/
  Mark D. Weisberger
  Mark D. Weisberger
  Secretary
  3