Outback Steakhouse

Lowest
Cap Rate

5.25%

Lowest cap rate over past 24 months

Average
Cap Rate

6.00%

12 mo avg with 5+ yr lease term

Overview

Most Outback Steakhouse properties are freestanding buildings between 6,000 and 7,000 square feet, typically located on 1.0 to 1.5-acre sites in suburban retail corridors. Lease structures are commonly 15 to 20-year absolute NNN, with 10% rent escalations every 5 years and corporate guarantees from Bloomin’ Brands. Locations include dine-in seating, full bar service, and dedicated parking, often near other national restaurant brands.

Average Property & Lease

Average Sale Price	$3,500,000 - $5,000,000
Average NOI	$210,000 - $300,000
Building SF	6,000
Lease Term	15 Years
Escalations	10% Every 5 Years
Stock Symbol	NASDAQ:BLMN

CREDIT RATING

S&P	B+
Moody's	N/A

TENANT DESCRIPTION

Outback Steakhouse was founded in 1988 in Tampa, Florida, by a group of industry veterans who sought to create an Australian-themed steakhouse with high-quality food and an inviting, casual atmosphere. The brand quickly gained popularity across the U.S. for its signature steaks, Bloomin’ Onion appetizer, and mid-range pricing. Outback is now operated by Bloomin’ Brands, Inc., which also owns Carrabba’s, Bonefish Grill, and Fleming’s Prime Steakhouse.

Founded	1988
Headquarters	Tampa, FL, U.S.
Number of Locations	675
Revenue	$2.7 B
Company Website	https://www.outback.com
Key Principal	David Deno