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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": "Uses Green Street Advisors benchmarks for rent coverage ratios.",
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      "kind": "callout",
      "text": "Darden can support rent well in excess of what we have assumed",
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      "text": "According to Green Street, EBITDAR / rent coverage of 2.25x to 2.50x is often deemed adequate by net lease investors.",
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      "text": "Rent / sq. ft.: $40-58",
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      "text": "In order to validate the Base Case, we analyzed the expected rent coverage in the Base Case and the maximum supportable rent.",
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      "text": "According to Green Street, EBITDAR / rent coverage of 2.25x to 2.50x is often deemed adequate by net lease investors.",
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      "text": "Source: Green Street Advisors; Bloomberg, Green Street, Starboard Value estimates",
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      "text": "Current Lease Expense, Rent Coverage - Before Cost Reductions, Rent Coverage - Pro Forma for Cost Reductions",
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      "text": "Updated valuation: Supportable Rent",
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