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  "documentTitle": "Darden Restaurants, Inc. (DRI)",
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  "authorName": "Jeffrey C. Smith",
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  "presentationDate": "2014-09-11 00:00:00",
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  "notes": "Includes a disclaimer at the bottom and references a previous 'Real Estate Primer' document.",
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      "text": "We believe that Darden's remaining real estate is worth $2.5 to $3 billion, and that separating the real estate could create ~$6 - $10 of value per share",
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      "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": "Net of the value that the properties are worth inside of Darden, we believe that a real estate separation could create approximately $1 billion in shareholder value.",
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      "text": "Further, we still believe that a real estate separation can be structured in a tax-efficient manner and with minimal breakage costs, all while enhancing Darden's credit profile and supporting its dividend.",
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      "text": "In our March 31st Primer on Darden's Real Estate... we established that: 1. Darden's real estate was worth approximately $4 billion... 2. Separating the real estate could create an additional $1-2 billion... 3. Minimal debt breakage... 4. Maintain dividend.",
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      "text": "Pro forma for the Red Lobster Sale, we believe that Darden's remaining real estate is worth $2.5 to $3 billion. This is substantially more than the implied value that Darden receives by owning those properties from the 'rent subsidy' that it effectively receives.",
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      "text": "Although the Red Lobster Sale reduced the size of the real estate opportunity, the price paid by ARCP confirmed our belief that Darden's real estate is highly valuable, and in fact suggests that our original valuation was conservative.",
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      "text": "Even after the Red Lobster Sale, Darden still has the largest real estate portfolio in the casual dining industry, owning both the land and buildings on nearly 600 stores and the buildings on another 670.",
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