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  "documentTitle": "Darden Restaurants, Inc. (DRI)",
  "authorId": "03_Starboard_Value",
  "authorName": "Starboard Value",
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  "presentationDate": "2014-09-11 00:00:00",
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  "notes": "Includes a table of capital structure and a pie chart showing debt composition.",
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      "kind": "callout",
      "text": "Combined with the $350 million portfolio sale, a REIT spinoff would improve Darden's key credit metrics",
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      "kind": "chart",
      "text": "Pie chart showing Unsecured Line of Credit (29%) and Unsecured Notes (71%)",
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      "kind": "disclaimer",
      "text": "Note: The valuations referenced in the Real Estate Primer are estimates and, therefore, there can be no assurance that such estimates are reflective of actual realizable value...",
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      "text": "For the sake of simplicity, in this illustrative example we have assumed that the REIT raises new debt on terms comparable to other REITs and the proceeds are used to pay down a portion of Darden's debt at a modest premium.",
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      "text": "As discussed in detail in our Real Estate Primer (available at http://tinyurl.com/Primer-On-Darden-Real-Estate), we believe there are numerous ways to transfer Darden's debt to the REIT without any breakage costs, including having some of Darden's public bonds \"travel\" with the spinoff (or, conversely, simply remain with the parent if the OpCo is spun off instead).",
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      "text": "In our illustrative structure, we assume that the REIT is spun out with a Debt / Asset ratio of 50% and 7x Debt / EBITDA, slightly above the leverage ratios of investment grade triple-net peers outlined in our Real Estate Primer, but reasonable given that the tenant base will be 100% investment grade with few if any lease expirations prior to its debt maturities.",
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      "kind": "metric",
      "text": "Debt / EBITDA: 7.0x",
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      "kind": "paragraph",
      "text": "In a REIT spin off, the REIT would assume much of Darden's current debt burden.",
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      "text": "Illustrative REIT Capital Structure: Unsecured Line of Credit ($205), Unsecured Notes ($500), Total Debt ($705), Interest Expense ($26), Debt/EBITDA (7.0x), Interest Coverage (3.8x), Debt/Total Gross Assets (50.0%)",
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      "kind": "title",
      "text": "Real estate separation Step 2: Leverage assumptions",
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