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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 detailed footnote explaining the rationale for REIT payout ratios and referencing a precedent (Granite Real Estate).",
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      "text": "A real estate separation would allow Darden to maintain its dividend on a combined basis while significantly lowering the OpCo’s payout ratio",
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      "text": "A real estate separation would allow Darden to maintain its dividend on a combined basis while significantly lowering the OpCo's payout ratio",
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      "text": "1) It is important to note that although REITs typically pay out the substantial majority of their cash flow in dividends, there is a some rationale for setting a Darden REIT’s payout ratio well below industry averages...",
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      "text": "Because of the substantial tax savings associated with a REIT structure, on a combined basis Darden will have more cash available to pay dividends (or to repay additional debt, if desired).\nFurther, since REITs traditionally pay out the majority of their cash flow, the dividend burden on the OpCo will be reduced significantly.\nMoreover, since a Darden REIT would have long term-leases with few near-term expirations, it would require much lower capex than peers to maintain and grow its revenue base.",
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