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  "documentTitle": "Darden Restaurants, Inc. (DRI)",
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  "presentationDate": "2014-03-31 00:00:00",
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  "notes": "The slide uses a valuation bridge to demonstrate the value leakage of keeping real estate assets within an operating company (OpCo) versus separating them into a REIT structure.",
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      "kind": "callout",
      "text": "$856 million in potential trapped value",
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      "text": "Source: Company filings, Green Street and Starboard Value estimates",
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      "text": "If Red Lobster were separated and traded at 6.5x EBITDA... this would imply that the market is valuing the rental portion... at approximately one-third of what that same income could be worth to a real estate owner...",
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      "text": "Potential Real Estate Value Trapped in New Red Lobster table",
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      "text": "Separating Red Lobster with its real estate could destroy significant shareholder value.",
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      "text": "If New Red Lobster were to trade at 6-7x EBITDA, as projected by many sell-side analysts, then approximately $850 million of real estate value could be trapped.",
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      "text": "Real estate concerns: Separating Red Lobster could impair Darden's real estate value",
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