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  "documentTitle": "Darden Restaurants, Inc. (DRI)",
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  "presentationDate": "2014-03-31 00:00:00",
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  "notes": "The slide uses a comparative valuation table to highlight the difference in EBITDA multiples between the operating business (6.5x) and the real estate assets (14.6x).",
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      "text": "$856 million in potential trapped value",
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      "kind": "callout",
      "text": "...therefore, a rent subsidy of $106 million would be worth approximately 6.5x EBITDA inside of Red Lobster versus it being worth approximately 14.6x EBITDA (which would assume a conservative discount) to a real estate owner.",
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      "text": "If New Red Lobster were to trade at 6-7x EBITDA, as projected by many sell-side analysts, then approximately $850 million of real estate value could be trapped.",
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      "text": "trapped value: $856 million",
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      "text": "If Red Lobster were separated and traded at 6.5x EBITDA... Red Lobster's real estate is worth substantially more outside of New Red Lobster.",
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      "text": "If New Red Lobster were to trade at 6-7x EBITDA, as projected by many sell-side analysts, then approximately $850 million of real estate value could be trapped.",
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      "text": "Source: Company filings, Green Street and Starboard Value estimates",
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      "text": "Potential Real Estate Value Trapped in New Red Lobster table",
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      "text": "Separating Red Lobster with its real estate could destroy significant shareholder value.",
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      "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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