Freddy's Frozen Custard & Steakburgers
Freddy's is a mostly franchised, PE-owned burger brand that is growing steadily, with franchisee-signed leases. Unit volumes near $1.8M are decent but not top-tier, so landlords should focus on rent coverage and the guarantor.
- US units
- 580
- FY2025
- 3Y net growth
- +27.2%
- vs. FY2022
- Credit rating
- NR
- No public rating
- Typical term
- 15–20 yr
- Franchisee-signed NNN (absolute NNN common)
- Model
- Franchised
- Private equity (Rhône, since 2025)
Unit count
Freddy's Frozen Custard & Steakburgers in the news
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Freddy's Frozen Custard & Steakburgers net lease FAQ
What is Freddy's Frozen Custard & Steakburgers's credit rating?
Freddy's Frozen Custard & Steakburgers does not carry a public S&P issuer credit rating (NR). Landlords underwrite it on unit-level performance, the guarantor named in the lease and, for public companies, reported financials.
How many Freddy's Frozen Custard & Steakburgers locations are there in the US?
Freddy's Frozen Custard & Steakburgers reported about 580 US locations as of FY2025. That is +27.2% versus 456 in FY2022.
What does a typical Freddy's Frozen Custard & Steakburgers net lease look like?
Lease type: Franchisee-signed NNN (absolute NNN common). Initial term: 15–20 yr. Rent increases: 10% every 5 yrs or 1.5% annually. These are market-typical terms; actual deals vary by vintage, location and whether the lease is corporate or franchisee-signed.
Is Freddy's Frozen Custard & Steakburgers corporate or franchised?
Operating model: Franchised (~95% franchised). For net lease investors this determines whether rent is backed by the corporate parent or by a franchisee.