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  "documentTitle": "Darden Restaurants, Inc. (DRI)",
  "authorId": "03_Starboard_Value",
  "authorName": "Starboard Value",
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  "presentationDate": "2014-03-31 00:00:00",
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  "pageNumber": 51,
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  "nDataPoints": 24,
  "notes": "The slide uses a peer benchmark table of triple-net-lease REITs to establish a valuation baseline for real estate assets.",
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      "text": "Real estate income is worth substantially more to a real estate business than to a poorly valued operating business...",
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      "text": "New Red Lobster is likely to trade at a substantial discount to where REITs trade. As discussed above, given New Red Lobster's declining same-store-sales and subpar margins, we believe it will likely trade at a substantial discount both to casual dining peers and to where Darden currently trades.",
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      "text": "On the other hand, given the positive characteristics of rental income, together with the tax efficiency available through a REIT structure, real estate businesses typically trade at substantial premiums to casual dining companies.",
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      "text": "EV / EBITDA: 18x",
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      "text": "Source: Capital IQ, Stifel, Nicolaus & Company Research (1) Excludes ARCP LTM multiple of 98.4x, adjusted for Cole Real Estate Investments merger",
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      "kind": "table",
      "text": "Peer benchmark table showing FFO Yield and EV/EBITDA for various REITs.",
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      "kind": "title",
      "text": "Allowing the real estate to reside within New Red Lobster is inefficient from a valuation and tax standpoint (cont'd)",
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