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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 comparison table and a bar chart visualizing lease rates and cap rates.",
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      "text": "Highly conservative compared to the ~$31.00 actual rent / sq. ft. in the ARCP/Golden Gate transaction",
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      "text": "Highly conservative compared to the ~$31.00 actual rent / sq. ft. in the ARCP/Golden Gate transaction(1)",
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      "text": "Source: Green Street Advisors",
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      "text": "For Fee Simple stores, value is based on a cap rate and rent per square foot.\nFor Ground Leased stores, rental income is based on a “Second Lease” position, which reflects the rent that would be paid on a fully-owned store less the rent paid on the ground itself.",
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      "text": "cap rate: 8.8%",
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      "text": "(1) Blended for fee simple and ground leases. Per ARCP's May 21, 2013 investor presentation that disclosed 3.8 million square feet associated with Red Lobster, rent assumed to be $118.5 million as discussed previously in the presentation.",
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      "text": "Owned Real Estate vs Ground Leased Real Estate metrics",
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      "text": "Updated valuation: Base Case – key assumptions (cont'd)",
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