{
  "docId": "019dd923-622c-750b-8b9c-dad126beff94",
  "docSlug": "416ab93b6285",
  "documentTitle": "Darden Restaurants, Inc. (DRI)",
  "authorId": "03_Starboard_Value",
  "authorName": "Jeffrey C. Smith",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2014-09-11 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 278,
  "pageCount": 294,
  "prevPage": 277,
  "nextPage": 279,
  "slideType": "propose_solution",
  "function": "propose_solution",
  "density": "dense",
  "nDataPoints": 3,
  "notes": "The slide explicitly mentions a 'Real Estate Primer' URL and provides specific financial assumptions for the REIT spinoff model.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "bullet_list",
    "callout_box",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9c-dad126beff94/278",
  "deckHref": "/decks/019dd923-622c-750b-8b9c-dad126beff94",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9c-dad126beff94.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9c-dad126beff94#slide-278",
  "components": [
    {
      "bbox": {
        "h": 0.07,
        "w": 0.92,
        "x": 0.04,
        "y": 0.87
      },
      "kind": "callout",
      "text": "This structure demonstrates that Darden can separate its real estate while enhancing its credit rating and dividend coverage, even without any of our expected EBITDA improvements",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "cdfb091a-4732-40bd-9193-a824a15db0d6",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.92,
        "x": 0.04,
        "y": 0.95
      },
      "kind": "disclaimer",
      "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...",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9ee1a7a1-cab7-4670-941c-0ea422789b43",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.07,
        "w": 0.92,
        "x": 0.04,
        "y": 0.78
      },
      "kind": "list",
      "text": "As detailed in the following pages, we assume that the REIT takes on ~$700 million of debt and pays a dividend of $0.52 per share...",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1dd2d281-b2f3-4f5f-93d9-fdfb41ce9959",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.92,
        "x": 0.04,
        "y": 0.22
      },
      "kind": "list",
      "text": "While we believe that a tax-free merger is likely to be the most attractive option... in this illustrative example we have shown a REIT spinoff for the sake of simplicity.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b5f54b58-677b-4ddc-aa12-d514eaa7d999",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.92,
        "x": 0.04,
        "y": 0.43
      },
      "kind": "list",
      "text": "In order to be conservative, for purposes of this structuring example we have assumed that none of Darden's ground leases are included in the REIT spinoff.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e9ec5c06-430d-45a7-ad10-d442b6a85b25",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.92,
        "x": 0.04,
        "y": 0.14
      },
      "kind": "paragraph",
      "text": "After the completion of the partial portfolio sale, Darden would separate all or the majority of its remaining real estate assets through a REIT spinoff or tax-free merger.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ec2c78b3-5bc3-4967-8222-e051d56e1723",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.92,
        "x": 0.04,
        "y": 0.06
      },
      "kind": "title",
      "text": "Real estate separation Step 2: REIT Spinoff or tax-free merger",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d2299977-719d-43f9-b5ed-eb1d112e3bc5",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "breakup-spinoff",
      "slug": null,
      "matchId": "278cb471-6967-43cb-89b2-b9f8d5caa10b",
      "evidence": "The slide proposes a REIT spinoff or tax-free merger as a strategic separation step.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}