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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": "Includes a specific reference to Life Time Fitness REIT conversion as a precedent.",
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      "text": "In the event that only the fee-simple real estate is spun off, we believe the REIT would trade at a slightly higher multiple than we have assumed in the full REIT valuation, but obviously with fewer properties",
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      "text": "In addition to many of the examples we previously laid out, Life Time Fitness announced a REIT conversion plan on August 25, 2014 in a structure that is substantially similar to what we have suggested for Darden",
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      "text": "The Public REIT valuation yields a total real estate value of approximately $2.6 billion",
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      "text": "The valuation uses a conservative multiple range that is a discount of approximately 15-25% to the LTM multiples of the triple-net REIT peer group, to account for possible concerns about tenant concentration and ground leases.",
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      "text": "(1) Base Case used for the three cap rate-based valuations. (2) Low based on Base Case and High based on Precedent Transactions. (3) Estimated as 8% of Rental Income...",
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      "text": "Median Peer Multiple 18.2x; Assumed Discount 25.0% / 15.0%; Public REIT Valuation Multiple 13.7x / 15.5x",
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      "text": "A valuation of a public REIT spin-off based on the average trading comparable yields a premium to the Base Case.",
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