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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 peer benchmark chart for NNN REIT payout ratios and a pro forma table comparing current vs. separated dividend metrics.",
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      "text": "A real estate separation would allow Darden to maintain its dividend on a combined basis while significantly lowering the OpCo’s payout ratio",
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      "text": "Because of the substantial tax savings associated with a REIT structure, on a combined basis Darden will have more cash available to pay dividends (or to repay additional debt, if desired).\nFurther, since REITs traditionally pay out the majority of their cash flow, the dividend burden on the OpCo will be reduced significantly.\nMoreover, since a Darden REIT would have long term-leases with few near-term expirations, it would require much lower capex than peers to maintain and grow its revenue base.",
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