Looking to buy an Outback Steakhouse NNN property? 11 are observed for sale across 8 states, median asking cap rate 5.50%. View Outback Steakhouse NNN properties for sale, cap rate bands and the 1031 buyer guide.
| Metric | Details |
|---|---|
| Parent company | Bloomin’ Brands, Inc. (Nasdaq: BLMN), Tampa, Florida, which also owns Carrabba’s, Bonefish Grill and Fleming’s |
| S&P / Moody’s | B+ / no verified rating |
| Investment grade status | Parent Rated Below Investment Grade (Bloomin' Brands, Inc.); confirm the lease guarantor |
| U.S. restaurants | 659 Outback Steakhouse restaurants: 544 company-owned and 115 franchised (June 28, 2026), down from 678 a year earlier |
| Median asking cap rate | See the live table below |
Outback Steakhouse is not investment grade. The ratings shown for Outback Steakhouse are credit rating of its parent company, Bloomin' Brands, Inc.: B+ from S&P Global Ratings; below the BBB-/Baa3 investment grade threshold. Whether that credit stands behind a specific lease depends on the tenant and any guarantor named in the lease. Ratings checked September 27, 2026. See the investment grade credit tenant ratings table.
Outback Steakhouse Business Overview
Outback Steakhouse is a casual dining steakhouse chain owned by Bloomin’ Brands, which trades on Nasdaq under the ticker BLMN. As of June 28, 2026, there were 659 Outback restaurants in the U.S., 544 company-owned and 115 franchised, down from 678 a year earlier. Bloomin’ Brands also operates Carrabba’s Italian Grill, Bonefish Grill and Fleming’s Prime Steakhouse & Wine Bar.
Outback Steakhouse Credit Profile
The rating shown, B+, belongs to the parent, Bloomin’ Brands, and is below investment grade. Most U.S. Outback restaurants are company-owned, and Bloomin’ Brands leases substantially all of its restaurant properties from third parties; its primary operating entity is OSI Restaurant Partners, LLC (Form 10-K for fiscal 2025; Form 10-Q for the quarter ended June 28, 2026). Confirm which entity signs the lease and whether Bloomin’ Brands guarantees it. As a public company, Bloomin’ Brands files audited financial statements with the SEC.
Ratings come from our tenant ratings database, which records the source of each rating; the footnote below shows the source and when ratings were last checked. A rating at or above BBB‑/Baa3 is investment grade; see the investment grade guide.
Source: S&P Global Ratings B+, as of December 9, 2025. Ratings checked September 27, 2026.
Outback Steakhouse NNN Cap Rates
Live asking cap rates for Outback Steakhouse and comparable tenants:
| Tenant | S&P / Moody’s | Median asking cap rate | Middle half of listings | Listings | Median vs. 10-year Treasury |
|---|---|---|---|---|---|
| Outback Steakhouse (rated entity: Bloomin' Brands, Inc.) | B+ / n/a | 5.50% | 5.25% to 6.00% | 11 | +26 bps |
| Chili's | BB+ / n/a | 5.50% | 5.43% to 6.25% | 6 | +26 bps |
| Olive Garden (rated entity: Darden Restaurants, Inc.) | BBB / Baa2 | 5.50% | 5.11% to 5.81% | 8 | +26 bps |
| LongHorn Steakhouse (rated entity: Darden Restaurants, Inc.) | BBB / Baa2 | 5.50% | 5.25% to 5.60% | 17 | +26 bps |
| Carrabba's Italian Grill (rated entity: Bloomin' Brands, Inc.) | B+ / n/a | 6.65% | 6.61% to 6.65% | 4 | +141 bps |
| Applebee's (rated entity: Dine Brands Global, Inc.) | n/a / NR | 7.00% | 6.48% to 7.50% | 27 | +176 bps |
Active listings InvestmentGrade.com tracks with an asking cap rate (stated in the listing, or computed from its stated income and price when no rate is stated), listings last observed October 16, 2026. Asking cap rates are not closed-sale cap rates. The middle half is the range from the 25th to the 75th percentile of listings. The 10-year Treasury yield is 5.24% as of October 1, 2026 (FRED series DGS10). Ratings are the agency ratings in our ratings database for the entity shown, which may be a parent company; the rating type (for example issuer, senior unsecured debt, long-term debt or revenue bond ratings) varies by company and is shown on each tenant page. A rating applies to a lease only if the rated entity signs or guarantees it, so confirm the tenant and any guarantor in the lease. n/a means no verified rating is on file. Not shown because fewer than 3 active listings with a published cap rate were observed: Texas Roadhouse.
Pricing for an Outback property depends on whether the lease is corporate or franchisee, the remaining term and the restaurant’s sales. The parent has been closing some restaurants, so the strength of the individual location matters.
What to Check in an Outback Steakhouse Lease
- Tenant and guarantor: whether the parent company, an operating subsidiary or a franchisee signs the lease, and any guarantee.
- Rent coverage: system-average sales do not show whether a specific restaurant can afford its rent; ask for store-level sales and estimate rent as a share of sales.
- Term and rent: remaining term, renewal options and rent increases.
- Re-use: full-service restaurant buildings can suit other restaurant users; check parking, visibility and the condition of kitchen equipment.
- Brand health: recent closures and same-store sales trends reported by the parent.
Pros and Cons
| Strengths | Considerations |
|---|---|
| Well-known casual dining brand with a public parent | Parent rated below investment grade |
| Mostly company-operated U.S. restaurants | U.S. restaurant count has been declining |
| Restaurant buildings can suit other restaurant users | Casual dining faces competition and cost pressure |
Frequently Asked Questions
Is Outback Steakhouse investment grade?
No. Its parent, Bloomin’ Brands, is rated B+ in our database, below investment grade.
Where does Bloomin’ Brands trade?
Bloomin’ Brands trades on Nasdaq under the ticker BLMN.
How many Outback restaurants are there?
There were 659 Outback restaurants in the U.S. as of June 28, 2026, 544 company-owned and 115 franchised, down from 678 a year earlier.
Sources: Bloomin’ Brands, Inc. Form 10‑Q for the quarter ended June 28, 2026; SEC company listing data.
Outback Steakhouse Net Lease Property: Buying, Selling and Financing
Buying: We find on-market and off-market Outback Steakhouse properties, review the lease and the tenant’s credit, and compare pricing with current listings. On the majority of transactions, there is no separate fee to you as the buyer; the listing broker pays a cooperating commission.
Selling: We can prepare an opinion of value from current listings and recent sales and, when it fits your goals, run a confidential sale to private investors, family offices and institutional buyers. See our guide to off-market sales.
Financing: Investment Grade Capital, a service of Investment Grade LLC, matches buyers and owners with lenders for acquisitions and refinancing.
1031 exchanges: Tell us your identification and closing deadlines so we can plan the search around them.
Request an NNN investment consultation or email team@investmentgrade.com.
Related NNN Tenants
Outback Steakhouse NNN Properties Observed For Sale
11 active Outback Steakhouse net lease listings observed across public listing sources, most recently Oct 16, 2026. Asking figures as published by the listing party.
| Location | Asking Price | Cap Rate | Building SF | Term Left | |
|---|---|---|---|---|---|
| Conway, AR | $2,650,000 | 7.01% | 6,497 | 6.3 yrs | View listing |
| Phenix City, AL | $3,455,000 | 5.50% | 4,694 | 12.0 yrs | View listing |
| Fredericksburg,, VA | $3,959,181 | 5.25% | 6,100 | 3.4 yrs | View listing |
| DES PLAINES, IL | $3,000,000 | 6.00% | 5,000 | n/a | View listing |
| Wake Forest, NC | $3,810,000 | 5.25% | 4,694 | 14.9 yrs | View listing |
| Redding, CA | $2,577,255 | 5.50% | 6,163 | 7.2 yrs | View listing |
| St. Augustine, FL | $4,420,000 | 5.81% | 6,115 | 4.8 yrs | View listing |
| Kissimmee, FL | $3,400,000 | 5.00% | 4,935 | 11.0 yrs | View listing |
Search all 11 observed Outback Steakhouse listings and the full NNN inventory
Market observations aggregated from listing broker materials; not offerings by Investment Grade Income Property, LP. Buyer representation available on a cooperating commission basis. Information deemed reliable but not guaranteed.
