Casual dining NNN tenant analysis: Pizza Hut, Applebee’s, Texas Roadhouse, IHOP cap rates and investment structure.


20th April 2026 | by the Investment Grade Team
⚠️ Caution — Parent Company in Active Turnaround, Store Closures OngoingCarrabba’s Italian Grill is one of four brands operated by Bloomin’ Brands, Inc. (NASDAQ: BLMN) — the others being Outback Steakhouse, Bonefish Grill, and Fleming’s Prime Steakhouse. In November 2024, Bloomin’ Brands launched a turnaround strategy under CEO Mike Spanos. Through Q3 2025, the company…

20th April 2026 | by the Investment Grade Team
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…

20th April 2026 | by the Investment Grade Team
Metric Details Entity / Legal Name IHOP, LLC (subsidiary of Dine Brands Global, Inc.) Parent Company Dine Brands Global, Inc. (NYSE: DIN) S&P / Moody‑s Rating B+ / B1 Rating Outlook Stable Investment Grade Status Non‑Investment Grade — Speculative Sector Restaurant / Family Dining US Location Count ~1,800+ restaurants (99% franchised) Cap Rate Range 6.50%…

20th April 2026 | by the Investment Grade Team
Metric Details Entity / Legal Name Applebee’s Restaurants LLC (subsidiary of Dine Brands Global, Inc.) Parent Company Dine Brands Global, Inc. (NYSE: DIN) S&P / Moody‑s Rating B+ / B1 Rating Outlook Stable Investment Grade Status Non‑Investment Grade — Speculative Sector Restaurant / Casual Dining Headquarters Pasadena, California (Dine Brands HQ) US Location Count ~1,550+…

20th April 2026 | by the Investment Grade Team
Metric Details Entity / Legal Name GMRI, Inc. d/b/a LongHorn Steakhouse (subsidiary of Darden Restaurants) Parent Company Darden Restaurants, Inc. (NYSE: DRI) S&P / Moody‑s Rating BBB / Baa2 Rating Outlook Stable Investment Grade Status Investment Grade Sector Restaurant / Casual Dining (Steakhouse) Headquarters Orlando, Florida (Darden HQ) US Location Count ~580+ restaurants Cap Rate…

20th April 2026 | by the Investment Grade Team
Metric Details Entity / Legal Name Chili’s Grill & Bar (operated by Brinker International, Inc.) Parent Company Brinker International, Inc. (NYSE: EAT) S&P / Moody‑s Rating BB+ / Ba1 Rating Outlook Stable (S&P) / Negative (Moody‑s) Investment Grade Status Non‑Investment Grade — Speculative (one notch below IG) Sector Restaurant / Casual Dining Headquarters Dallas, Texas…

20th April 2026 | by the Investment Grade Team
Metric Details Entity / Legal Name GMRI, Inc. d/b/a Olive Garden (subsidiary of Darden Restaurants, Inc.) Parent Company Darden Restaurants, Inc. (NYSE: DRI) S&P / Moody‑s Rating BBB / Baa2 Rating Outlook Stable (both agencies) Investment Grade Status Investment Grade Sector Restaurant / Casual Dining Headquarters Orlando, Florida (Darden HQ) US Location Count ~920 restaurants…
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