Firehouse Subs
Firehouse Subs is a franchised sandwich brand under BB+ RBI that mostly occupies inline or endcap retail space, with some new drive-thru pads. Leases are franchisee-signed and terms are short.
- US units
- 1,276
- FY2025
- 3Y net growth
- +7.5%
- vs. FY2022
- Credit rating
- BB+
- Sub-investment grade
- Typical term
- 10 yr
- NN/NNN inline or endcap, franchisee-signed
- Model
- Franchised
- Subsidiary of Restaurant Brands International
Unit count
Firehouse Subs in the news
All news →- Nation's Restaurant News
- RestaurantNews.com
Firehouse Subs net lease FAQ
What is Firehouse Subs's credit rating?
Firehouse Subs is rated BB+ (RBI), which is below investment grade. Check the lease to confirm whether the rated entity is the actual guarantor.
How many Firehouse Subs locations are there in the US?
Firehouse Subs reported about 1,276 US locations as of FY2025. That is +7.5% versus 1,187 in FY2022.
What does a typical Firehouse Subs net lease look like?
Lease type: NN/NNN inline or endcap, franchisee-signed. Initial term: 10 yr. Rent increases: 10% every 5 yrs. These are market-typical terms; actual deals vary by vintage, location and whether the lease is corporate or franchisee-signed.
Is Firehouse Subs corporate or franchised?
Operating model: Franchised (~97% franchised). Firehouse Subs is part of Restaurant Brands International. For net lease investors this determines whether rent is backed by the corporate parent or by a franchisee.