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  "documentTitle": "Darden Restaurants, Inc. (DRI)",
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  "presentationDate": "2014-09-11 00:00:00",
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  "notes": "Uses Green Street Advisors benchmarks for EBITDAR/rent coverage.",
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      "text": "Darden can support rent well in excess of what we have assumed",
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      "text": "If our margin improvement initiatives are successful, this could raise the supportable-rent range to $40-58/sq. ft.",
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      "text": "According to Green Street, EBITDAR / rent coverage of 2.25x to 2.50x is often deemed adequate by net lease investors.",
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      "text": "This coverage range implies that the Darden operating company (“OpCo”) would have the ability to pay between $32 and $41 / sq. ft. based on FY 2015 consensus EBITDA.",
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      "text": "Rent / sq. ft.: $57.67",
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      "text": "In order to validate the Base Case, we analyzed the expected rent coverage in the Base Case and the maximum supportable rent.",
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