The Bob Evans Farms Inc BOBE 0.13% sale-leaseback terms could provide some insight into a similar deal by Bloomin’ Brands Inc BLMN 8.46%. According to Credit Suisse analyst Jason West, the terms of the Bob Evans deal are not surprising.

“We had estimated that BLMN’s sale-leaseback could be ~20c accretive by 2017, based on: (1) $350 value per sqft (pre-tax), (2) 6.25% cap rate and (3) 45% of proceeds allocated to share buybacks,” West explains.

Now that Credit Suisse has the Bob Evans deal to use as a guide, the firm feels even more confident that they were on target with their Bloomin’ Brands estimates.

The Bob Evans’ sales price of about $276/sqft is well short of Credit Suisse’s projections for Bloomin’ Brands, but West believes that the premium is justified. Outback generates about $553 of sales per sqft of restaurant space versus only about $344 for Bob Evans.

West also takes…

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