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  "documentTitle": "Darden Restaurants, Inc. (DRI)",
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  "authorName": "Starboard Value",
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  "presentationDate": "2014-03-31 00:00:00",
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      "text": "This opportunity could be impaired by the proposed Red Lobster Separation.",
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      "text": "We believe that Darden’s total owned real estate is conservatively worth approximately $4 billion, and possibly far more, and that separating the real estate could create $1-2 billion in additional shareholder value.",
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      "text": "A substantial portion of Darden’s real estate value comes from Red Lobster’s owned real estate. There are multiple potential solutions and strong transaction precedents... In our accompanying presentation... To supplement our own research, we have retained Green Street Advisors...",
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      "text": "1. Darden’s real estate is worth approximately $4 billion, and possibly far more. 2. Separating the real estate could create an additional $1-2 billion of shareholder value. 3. A real estate separation can be structured with minimal debt breakage costs...",
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      "text": "shareholder value: $4 billion",
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      "text": "We believe that Darden’s real estate is highly valuable, and that the Red Lobster Separation, as conceived by management, could permanently impair that value.",
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      "text": "Real estate concerns: We believe Darden’s real estate is highly valuable",
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