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  "documentTitle": "Darden Restaurants, Inc. (DRI)",
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  "authorName": "Starboard Value",
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  "presentationDate": "2014-09-11 00:00:00",
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  "notes": "Includes a specific exclusion for the Darden headquarters complex.",
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      "text": "Our valuation methodologies demonstrate a value of approximately $2.5 – $3.0 billion for Darden’s real estate",
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      "text": "Along with Green Street, we have looked at a variety of valuation scenarios, including a location-by-location analysis of appropriate rent and cap rates (Base Case), Supportable Rent, Precedent Transactions, and Public REIT analyses.",
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      "text": "Note that this does not include any value for Darden’s owned headquarters complex, which was recently built at a cost of more than $150 million.",
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      "text": "Based on these analyses, we believe the real estate is worth approximately $2.5 to $3 billion, and possibly far more.",
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      "text": "Real Estate Value: $2.5 - $3.0 billion",
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      "text": "Source: Green Street Advisors, Starboard Value Estimates. (1) Estimated as 8% of Rental Income...",
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      "text": "Real Estate Valuation table comparing Base Case, Supportable Rent, Precedent Transactions, and Public REIT (Low/High)",
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      "text": "Updated valuation: Summary",
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