Investment Grade
NNN Tenant Profiles
Investment grade analysis and cap rate data for all major NNN net lease tenants. InvestmentGrade.com covers 200+ tenants across QSR, pharmacy, dollar stores, banking, industrial, and all commercial real estate sectors.
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Sherwin-Williams Credit Rating & NNN Cap Rate Analysis
20th April 2026 | by the Investment Grade Team
Metric Details Entity / Legal Name The Sherwin-Williams Company Stock Ticker NYSE: SHW S&P / Moody‑s Rating BBB / Baa2 Rating Outlook Stable Investment Grade Status Investment Grade Sector Retail / Specialty (Paint & Coatings) Headquarters Cleveland, Ohio US Location Count ~4,700+ company-owned stores Annual Revenue ~$23 billion (FY 2024) Cap Rate Range 5.50% –…
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Steak ‘n Shake Credit Rating & NNN Cap Rate Analysis
20th April 2026 | by the Investment Grade Team
Metric Details Entity / Legal Name Steak ’n Shake Inc. (subsidiary of Biglari Holdings Inc.) Parent Company Biglari Holdings Inc. (NYSE: BH) S&P / Moody‑s Rating NR (Not Rated) Investment Grade Status Not Rated — Distressed / Turnaround Sector Restaurant / Quick Service / Fast Casual (Steakburger) Headquarters San Antonio, Texas (Biglari HQ) / Indianapolis,…
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Carrabba’s Italian Grill Credit Rating & NNN Cap Rate Analysis
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…
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Tim Hortons Credit Rating & NNN Cap Rate Analysis
20th April 2026 | by the Investment Grade Team
Credit Note — Below Investment Grade ParentTim Hortons is owned by Restaurant Brands International (NYSE: QSR), which carries below-investment-grade credit ratings from all three major agencies. This is not distress — RBI is a healthy, cash-generative QSR conglomerate — but NNN investors should understand the credit tier before underwriting. Tim Hortons corporate-guaranteed NNN properties trade…
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Jimmy John’s Credit Rating & NNN Cap Rate Analysis
20th April 2026 | by the Investment Grade Team
Metric Details Entity / Legal Name Jimmy John’s LLC (subsidiary of Inspire Brands LLC) Parent Company Inspire Brands LLC (owned by Roark Capital Group) S&P Rating B (Inspire Brands parent) Investment Grade Status Non‑Investment Grade — Highly Speculative Sector Restaurant / Fast Casual (Sandwich) Headquarters Champaign, Illinois US Location Count ~2,700+ restaurants Cap Rate Range…
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Dunkin’ Credit Rating & NNN Cap Rate Analysis
20th April 2026 | by the Investment Grade Team
Metric Details Entity / Legal Name DD IP Holder LLC / Dunkin’ Brands (subsidiary of Inspire Brands LLC) Parent Company Inspire Brands LLC (owned by Roark Capital Group) S&P Rating B (Inspire Brands parent) Investment Grade Status Non‑Investment Grade — Highly Speculative Sector Restaurant / Quick Service (Coffee & Bakery) Headquarters Canton, Massachusetts US Location…
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Sonic Drive-In Credit Rating & NNN Cap Rate Analysis
20th April 2026 | by the Investment Grade Team
Metric Details Entity / Legal Name Sonic Corp. (subsidiary of Inspire Brands LLC) Parent Company Inspire Brands LLC (owned by Roark Capital Group) S&P Rating B (Inspire Brands parent) Investment Grade Status Non‑Investment Grade — Highly Speculative Sector Restaurant / Quick Service (QSR / Drive-In) Headquarters Oklahoma City, Oklahoma US Location Count ~3,500+ restaurants Cap…
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Buffalo Wild Wings Credit Rating & NNN Cap Rate Analysis
20th April 2026 | by the Investment Grade Team
Metric Details Entity / Legal Name Buffalo Wild Wings, Inc. (subsidiary of Inspire Brands LLC) Parent Company Inspire Brands LLC (owned by Roark Capital Group) S&P Rating B (Inspire Brands parent) Investment Grade Status Non‑Investment Grade — Highly Speculative Sector Restaurant / Casual Dining (Sports Bar) US Location Count ~1,200+ traditional sports bars + 100+…
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Arby’s Credit Rating & NNN Cap Rate Analysis
20th April 2026 | by the Investment Grade Team
Metric Details Entity / Legal Name Arby’s Restaurant Group, Inc. (subsidiary of Inspire Brands LLC) Parent Company Inspire Brands LLC (owned by Roark Capital Group) S&P Rating B Investment Grade Status Non‑Investment Grade — Highly Speculative Sector Restaurant / Quick Service (QSR) US Location Count ~3,400+ restaurants Inspire Brands Total 33,300+ locations across 6 brands,…
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Outback Steakhouse Credit Rating & NNN Cap Rate Analysis
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…
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