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  "documentTitle": "Darden Restaurants, Inc. (DRI)",
  "authorId": "03_Starboard_Value",
  "authorName": "Jeffrey C. Smith",
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  "presentationDate": "2014-09-11 00:00:00",
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  "notes": "Includes a callout box explaining the logic of the valuation bridge.",
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      "kind": "callout",
      "text": "Gross value from each valuation case; Value of “rent subsidy” to Darden; The difference between the gross real estate value and the value of the “rent subsidy” is the potential value creation",
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      "kind": "callout",
      "text": "We believe Darden’s properties are worth more separated from Darden than the “rent subsidy” is worth inside of Darden",
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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": "Along with Green Street, we looked at a variety of valuation scenarios, including: A location-by-location analysis of appropriate rent and cap rates (the “Base Case”), Supportable Rent, Precedent Transactions, A Public REIT multiple-based valuation",
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      "text": "Value Creation per Darden Share: $9.79",
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      "text": "The basis for each of these valuation methodologies is summarized in the pages that follow. Please see our prior Real Estate Primer for the full detail behind each methodology.",
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      "text": "Real Estate Value Creation table showing Base Case, Supportable Rent, Precedent Transactions, and Public REIT (Low/High) scenarios.",
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      "text": "Substantial value creation opportunity",
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