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  "documentTitle": "Darden Restaurants, Inc. (DRI)",
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      "text": "The precedent transactions valuation yields a total real estate value of approximately $2.7 billion",
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      "text": "The valuation below uses the average rent / sq. ft. and cap rate for the middle 90% of transactions identified by Green Street for the Fee Simple properties, and the Base Case valuation for the Ground Leased properties.",
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      "text": "We believe the 7.0% cap rate used is highly conservative, given that all of the units Darden would be selling are company-owned, rather than franchised.",
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      "text": "Corporate-owned properties can change hands in the low-6 percent range, while franchisee-occupied restaurants will trade at first-year returns approximately 150 basis points higher. — Marcus & Millichap’s First Half 2014 Net-Leased Outlook",
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      "text": "(1) The precedent transactions did not include enough data on Second Lease transactions to provide a meaningfully different alternative to the Base Case, so the Base Case assumptions were used.",
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