| Metric | Details |
|---|---|
| Entity / Legal Name | Outback Steakhouse of Florida, LLC (subsidiary of Bloomin’ Brands, Inc.) |
| Parent Company | Bloomin’ Brands, Inc. (NYSE: BLMN) |
| S&P / Moody‑s Rating | BB / Ba3 |
| Rating Outlook | Stable |
| Investment Grade Status | Non‑Investment Grade — Speculative |
| Sector | Restaurant / Casual Dining (Steakhouse) |
| Headquarters | Tampa, Florida |
| US Location Count | ~700+ restaurants |
| Cap Rate Range | 6.25% – 7.50% |
| Typical Lease Term | 15 – 20 years (NNN) |
| Guarantee Type | Corporate (Bloomin’ Brands, Inc.) |
| Typical Building Size | 5,500 – 7,000 SF |
| Typical Price Range | $2,500,000 – $7,500,000 |
Outback Steakhouse Business Overview & NNN Investment Profile
Outback Steakhouse is one of the largest casual dining steakhouse chains in the United States, operating approximately 700 domestic locations and over 1,000 worldwide. The brand is the flagship of Bloomin’ Brands (NYSE: BLMN), a Tampa-based casual dining company that also operates Carrabba’s Italian Grill, Bonefish Grill, and Fleming’s Prime Steakhouse. Bloomin’ Brands generates approximately $4 billion in annual revenue, with Outback contributing the majority of domestic sales. The company operates a mixed model with both company-owned and franchised restaurants, meaning NNN investors can find both corporate-guaranteed and franchisee-guaranteed Outback deals in the market.
For NNN investors, Outback occupies the mid-tier of casual dining credit quality: stronger than Applebee’s (Dine Brands B+/B1) but weaker than Chili’s (Brinker BB+/Ba1) and significantly below LongHorn Steakhouse (Darden BBB/Baa2). The BB/Ba3 credit from Bloomin’ Brands reflects a stable but leveraged company operating in a challenging casual dining environment. Outback’s Australian-themed branding, strong off-premise dining program, and loyal customer base have provided resilience, but the brand faces the same secular headwinds affecting all casual dining chains: labor costs, commodity inflation, and competition from fast-casual concepts.
Bloomin’ Brands carries S&P BB and Moody‑s Ba3 ratings with stable outlooks, placing Outback in the upper tier of non-investment grade casual dining credits. The company has made progress in reducing leverage and improving operational efficiency, but remains two full rating tiers below Darden’s BBB investment grade. Corporate-guaranteed Outback NNN leases benefit from Bloomin’s full $4 billion revenue platform, providing meaningful credit depth despite the speculative-grade rating.
Cap Rate Analysis & Pricing for Outback Steakhouse NNN Properties
Outback Steakhouse NNN properties trade in the 6.25% to 7.50% cap rate range as of Q1 2026. Corporate-guaranteed locations with long remaining terms in primary suburban markets trade at the tighter end. Franchisee-guaranteed deals or properties with shorter terms may approach the wider end. Pricing typically ranges from $2.5 million to $7.5 million for freestanding restaurants of 5,500 to 7,000 SF.
| Comparable Restaurant NNN Tenant | S&P / Moody‑s | Cap Rate Range |
|---|---|---|
| LongHorn Steakhouse (Darden) | BBB / Baa2 | 5.50% – 6.75% |
| Chili‑s (Brinker) | BB+ / Ba1 | 6.00% – 7.25% |
| Applebee‑s (Dine Brands) | B+ / B1 | 6.50% – 8.00% |
No. Bloomin’ Brands carries S&P BB and Moody‑s Ba3, placing Outback in the non-investment grade speculative tier. It trades tighter than Applebee’s but wider than investment-grade LongHorn Steakhouse.
Outback NNN properties trade in the 6.25% to 7.50% cap rate range as of Q1 2026, reflecting the BB/Ba3 credit and mid-tier casual dining positioning.
Both are affordable steakhouse chains with similar building formats, but LongHorn carries Darden’s BBB/Baa2 investment grade credit while Outback’s parent Bloomin’ Brands is rated BB/Ba3. This two-tier credit difference translates to LongHorn trading 75 to 100 basis points tighter on comparable terms.
Bloomin’ Brands operates four restaurant brands: Outback Steakhouse (flagship), Carrabba’s Italian Grill, Bonefish Grill, and Fleming’s Prime Steakhouse & Wine Bar. All carry the same Bloomin’ Brands BB/Ba3 corporate credit on corporate-guaranteed NNN leases.
The Only Outback Steakhouse NNN Advisor Whose Fee Comes From the Deal, Not From You
In NNN buyer representation, the listing broker typically pays a cooperating commission to the buyer’s broker. On the majority of transactions, this means there is no separate fee to you as the buyer. Where a cooperating commission is not available, our compensation is agreed upon with you in advance so there are never surprises.
Find It — Outback Steakhouse and Bloomin’ Brands portfolio NNN properties sourced with corporate guarantee confirmation, off-premise dining strength analysis, and suburban location quality assessment before you commit.
Fund It — BB/Ba3 casual dining NNN requires lenders experienced in the restaurant sector. We have 150+ lender relationships to find competitive permanent financing.
Exit It — Selling an Outback property? Iconic steakhouse brands on prime suburban pad sites attract consistent buyer demand. We maximize your exit price.
Get Your Free Outback Steakhouse NNN Consultation →
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Related NNN Tenants
Own a Outback Steakhouse Property? Capital Markets Strategies Beyond Selling
Maturing debt and considering refinancing? Our capital markets team maintains 150+ lender relationships underwriting NNN properties across investment-grade and non-investment-grade credit tiers. We structure rate-and-term refinancing, cash-out refis, and bridge-to-perm takeouts.
Evaluating a 1031 exchange or disposition? We represent both sides of Outback Steakhouse NNN transactions — whether you are looking to exit at peak value, exchange into a higher-quality credit tenant, or reposition within the same sector.
Need a current valuation? We maintain live comps on Outback Steakhouse NNN transactions and can produce a Broker Opinion of Value within 48 hours reflecting today’s cap rate market.
Own multiple Outback Steakhouse properties? Considering an off-market sale?
Investment Grade represents owners on confidential disposition of Outback Steakhouse portfolios and individual properties through off-market direct-to-principal distribution to specialty REITs, private equity funds, and family offices. Outback Steakhouse buyer demand runs deep, and portfolio sales consistently produce stronger pricing than sequential individual sales because the institutional buyer pool is structured around portfolio acquisition.
For multi-property owners considering a portfolio disposition, see Selling Investment Grade NNN Off-Market: Tenant-by-Tenant Buyer Demand. For the full off-market framework covering individual property dispositions, sale-leasebacks, and 1031 coordination, see Off-Market CRE Sales: The Complete 2026 Guide.
The pre-listing conversation is at no cost and fully confidential. Email team@investmentgrade.com or see contact Investment Grade.
