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  "documentTitle": "Darden Restaurants, Inc. (DRI)",
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  "authorName": "Jeffrey C. Smith",
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      "text": "There are numerous reasons why starting with a partial portfolio sale makes sense",
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      "text": "A portfolio sale in which the proceeds are used to repay debt would have the maximum impact towards lowering Darden’s leverage ratio.",
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      "text": "A modestly smaller real estate portfolio may attract a larger universe of REIT partners interested in a tax-free merger.",
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      "text": "We believe that selling approximately $300-$500 million worth of high-tax basis properties prior to consummating a larger real estate separation would both maximize value and help to secure Darden’s investment grade rating.",
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