Slide 1: A Primer on Darden's Real Estate
Darden Restaurants Inc. A Primer on Darden’s Real Estate March 31, 2014 Includes Proprietary Analysis by Green Street Advisors
Slide 2: Table of Contents
TABLE OF CONTENTS I. Summary II. Overview of Darden’s real estate III. Valuation analysis IV. Management’s objections are not compelling V. Bond covenants analysis VI. Transaction scenarios VII. Conclusion Appendix A. List of Darden Locations 2
Slide 3: I. Summary
I. Summary STARBOAREAYALU E 3
Slide 4: Extensive real estate portfolio
Extensive real estate portfolio Darden Restaurants, Inc. (“Darden”, or the “Company”) has the largest real estate portfolio in the casual dining industry, owning both the land and buildings on over 1,000 stores and the buildings on another 850. Our extensive research indicates that: 1. Darden’s re
Slide 5: Realistic value creation potential
Realistic value creation potential We demonstrate in detail how this value could be realized for the benefit of Darden shareholders. We believe there are a number of feasible alternatives for the Company to create substantial value for shareholders through real estate transactions. – We also belie
Slide 6: Substantial value creation opportunity
Substantial value creation opportunity The real estate is worth more separated from Darden. Along with Green Street, we have looked at a variety of valuation scenarios, including: – A location-by-location analysis of appropriate rent and cap rates (the “Base Case”) – Supportable Rent – Precedent T
Slide 7: Numerous feasible structures
Numerous feasible structures We believe that there are a number of highly attractive alternatives to realize value from Darden’s real estate. 1 An outright sale of the properties, either in whole or in part 2 A spin-off of all of Darden’s real estate or just the fully owned (“Fee Simple”) properties
Slide 8: II. Overview of Darden's real estate
II. Overview of Darden’s real estate 8
Slide 9: Overview of Darden's real estate
Overview of Darden’s real estate Darden owns significantly more real estate than its peers. 1,058 locations with fully owned land and buildings (the “Fee Simple” properties). 857 locations where Darden owns a building on leased land (the “Ground Leased” properties). 275 locations are fully lea
Slide 10: Overview of Darden's real estate – geographies
Overview of Darden’s real estate – geographies Darden's geographic footprint extends to nearly every significant market in the United States and Canada. The overall portfolio is weighted toward the Southern and Eastern U.S., with significant concentrations in Texas and Florida. Darden Portfolio Di
Slide 11: Overview of Darden's real estate – markets
Overview of Darden’s real estate – markets By studying income and population density within a three-mile radius of each property, Green Street's valuation estimates reflect trade area demographics. On average, the Company's restaurants are located in markets with notably superior demographics rela
Slide 12: Overview of Darden's real estate – Fee Simple properties
Overview of Darden’s real estate – Fee Simple properties The biggest portion of Darden’s real estate portfolio is the Fee Simple properties. Fee Simple is the highest ownership interest possible in real property. – For these properties, Darden fully owns the land and buildings. – The word "fee" is
Slide 13: Overview of Darden's real estate – Ground Leased properties
Overview of Darden’s real estate – Ground Leased properties Under a typical ground lease, the tenant (i.e., restaurant operator) pays to construct a building on leased land, and pays rent to the land owner. The rent paid by the tenant is lower than the full market rent paid on a fully leased prope
Slide 14: Ground Leased properties (cont'd)
Overview of Darden’s real estate – Ground Leased properties (cont’d) The term remaining on Darden's Ground Leased properties is a critical input in determining the potential embedded value of a Second Lease position. Darden's March 3, 2014 investor presentation states that the majority of its grou
Slide 15: III. Valuation Analysis
III. Valuation Analysis STARBOAREAYALU E 5
Slide 16: Valuation analysis: Base Case – methodology
Valuation analysis: Base Case – methodology Green Street used a thorough, independent methodology to value the real estate. Using publicly available information, Green Street obtained a list of Darden restaurants (as shown in Appendix A). – Brand designation, address, and other information were ca
Slide 17: Base Case – lease and cap rates
Valuation analysis: Base Case – lease and cap rates Using comparable transactions and Green Street's proprietary retail lease and cap rate databases, localized valuation inputs were developed. For the Fee Simple properties, cap rate estimates range from mid-5% to low-8%. Lease rate estimates range
Slide 18: Base Case – key assumptions
Valuation analysis: Base Case – key assumptions Conservative assumptions support realistic valuation. Green Street assumed that all 161 premium brand locations (Capital Grille, Eddie V's, Wildfish Seafood Grille, Yardhouse, and Season's 52)1 are fully leased or Ground Leased (if any of these are o
Slide 19: Base Case – key assumptions (cont'd)
Valuation analysis: Base Case – key assumptions (cont’d) Conservative assumptions support realistic valuation. For Fee Simple stores, value is based on a cap rate and rent per square foot. For Ground Leased stores, rental income is based on a “Second Lease” position, which reflects the rent that
Slide 20: Base Case – Fee Simple real estate
Valuation analysis: Base Case – Fee Simple real estate Applying the Company's ownership information to Green Street's valuation model implies a value of approximately $3.1 billion just for Darden's Fee Simple real estate, not including the value of Ground Leased real estate. Of the owned locations
Slide 21: Base Case – Ground Leased real estate
Valuation analysis: Base Case – Ground Leased real estate Green Street used assumptions for the cap rate and growth rate of ground leases to derive a “discount rate” for valuing the “Second Lease” position on a ground lease. Owners are estimated to require a 7.1% cap rate to own both the land and
Slide 22: Base Case – Ground Leased real estate
Valuation analysis: Base Case – Ground Leased real estate Applying the Company's ground lease information to Green Street's valuation model implies a value of approximately $783 million for Darden's Ground Leased real estate. While owned locations offer the benefit of a potentially infinite cash f
Slide 23: Base Case – Summary
Valuation analysis: Base Case – Summary In a base case, Green Street values the Fee Simple properties at approximately $3.1 billion and the Ground Leased properties at approximately $0.8 billon. Darden Real Estate Value Summary Est. Value of Owned Assets $783 $3,878 Est. Value of Ground Leased Asset
Slide 24: Valuation analysis: Supportable Rent
Valuation analysis: Supportable Rent In order to validate the Base Case, we analyzed the expected rent coverage in the Base Case and the maximum supportable rent. According to Green Street, EBITDAR / rent coverage of 2.25x to 2.50x is often deemed adequate by net lease investors. – This coverage r
Slide 25: Valuation analysis: Supportable Rent
Valuation analysis: Supportable Rent A valuation based on supportable rent yields a substantial premium to the base case. The valuation below uses the midpoint of the rent / sq. ft. range that we believe Darden can support before cost reductions, per the prior slide, for the Fee Simple properties,
Slide 26: Valuation analysis: Precedent Transactions
Valuation analysis: Precedent Transactions Green Street analyzed a set of precedent transactions for properties comparable to Darden’s. Posted On Property Nam e State Cap Rate Price Price PSF Rent PSF 12/9/13 Carrabbas Italian Grill AL 7.0% $1,335,715 $209 $14.60 12/7/13 Buffalo Wild Wings NM 7.5% $
Slide 27: Valuation analysis: Precedent Transactions
Valuation analysis: Precedent Transactions We looked at a valuation based on the precedent transactions. The valuation below uses the average rent / sq. ft. and cap rate for the middle 90% of transactions identified by Green Street for the Fee Simple properties, and the base case valuation for the
Slide 28: Valuation analysis: Public REIT
Valuation analysis: Public REIT We also looked at the trading multiples of the triple-net lease REIT peers identified by Green Street as the closest peers to a potential Darden REIT. LTM Company FFO Yield EV / EBITDA Agree Realty Corp. 7.3% 17.3x American Realty Capital Properties, Inc. 7.7% n.a. (1
Slide 29: Valuation analysis: Public REIT
Valuation analysis: Public REIT A valuation of a public REIT spin-off based on the average trading comparables yields a premium to the Base Case. The valuation uses a conservative multiple range that is a discount of approximately 15-25% to the LTM multiples of the triple-net REIT peer group, to a
Slide 30: Valuation analysis: summary
Valuation analysis: summary Various methodologies support real estate value. Along with Green Street, we have looked at a variety of valuation scenarios, including a location-by-location analysis of appropriate rent and cap rates (Base Case), Supportable Rent, Precedent Transactions, and Public RE
Slide 31: Valuation analysis: sensitivity
Valuation analysis: sensitivity We sensitized our valuation over a wide range of assumptions. The tables below show how our valuation would vary based on different assumptions. Valuation Sensitivity Implied Rent / sq. ft. EBITDA $26.00 $27.00 $28.00 $29.00 $30.00 $31.00 $32.00 Multiple For the per
Slide 32: Valuation analysis: value creation
Valuation analysis: value creation Under a variety of valuation methodologies, the real estate is worth more separated from Darden. When looking at a real estate separation, it is not only the absolute value of the real estate that is important, but the difference between the real estate value and
Slide 33: Valuation analysis: value creation sensitivity
Valuation analysis: value creation sensitivity We looked at the potential for value creation under a variety of scenarios. Management has argued that a real estate transaction does not make sense because a Darden REIT may not achieve the same valuation multiple as other publicly traded triple-net
Slide 34: Management's incentives conflict with shareholders'
Management’s incentives with regard to the real estate appear to conflict with shareholders’ Management gets a perceived benefit from owning real estate. Since Darden owns substantially more real estate than peers, Darden’s reported operating expenses are meaningfully understated compared to peers
Slide 35: The biggest opportunity is an operational turnaround
The biggest opportunity is an operational turnaround Stripping out Darden’s real estate “subsidy” reveals another large opportunity – an operational turnaround. The fully-leased EBITDA analysis reveals a 300 basis point margin gap between Darden and peers. – There is no structural reason for this
Slide 36: IV. Management's objections are not compelling
IV. Management’s objections are not compelling 36
Slide 37: Management's objections are not compelling
Management’s objections are not compelling Although management has objected to spinning off or selling real estate, we believe their arguments are misguided, and that Darden is in fact an ideal candidate to create value through a real estate transaction. Management’s Statement Our view “Significan
Slide 38: Management's objections are not compelling (cont'd)
Management’s objections are not compelling (cont’d) Management’s Statement Our view “Rent burden hurts margins and We view revealing Darden’s true operational inefficiencies as an opportunity inhibits flexibility” to begin a turnaround (the first step is admitting there is a problem) Pro forma
Slide 39: V. Bond covenant analysis
V. Bond covenant analysis STARBOAREAYALU E 39
Slide 40: Management has misled shareholders regarding debt breakage costs
Management has misled shareholders regarding potential debt breakage costs Management has not supported its claims that a real estate transaction would involve substantial debt breakage costs. Management has said that Darden would have to pay $300-400 million in Make-Whole Payments1, because a rea
Slide 41: Debt breakage costs (cont'd)
Management has misled shareholders regarding potential debt breakage costs (cont’d) Management has claimed that a real estate transaction would entail substantial debt breakage costs, but has declined to provide details as to why. Management has declined to provide details on why it believes a rea
Slide 42: Debt breakage costs (cont'd)
Management has misled shareholders regarding potential debt breakage costs (cont’d) The Company’s statements seem to contradict the findings of leading covenant experts who have examined Darden’s bond agreements in detail, as well as the Company’s prior statements to bondholders. For example, Cove
Slide 43: An overview of Darden's debt instruments
An overview of Darden’s debt instruments Darden has approximately $2.5 billion of long term debt. The table below lays out Darden’s bonds and the covenants that could impact a real estate transaction. Debt Instrument Overview Principal Debt Instrument Amount Key Covenants Other Notable Terms Publi
Slide 44: An overview of Darden's debt instruments (cont'd)
An overview of Darden’s debt instruments (cont’d) Darden’s debt instruments trade at a wide range of prices and have a variety of Make-Whole prices. The table below lays out the key statistics for each of Darden’s bonds. Debt Instrument Overview Principal Market Make-Whole These costs Debt Instrum
Slide 45: Key covenants – private bonds
An overview of Darden’s key covenants – private bonds The covenants on the private bonds are more restrictive, but the Make-Whole Payments are modest. Private Bonds - Key Covenant Overview Covenant Triggering Event Implications Our View Asset Sales Disposition of >30% of Event of Default, most easil
Slide 46: Private bonds
Private bonds The private bonds are not an obstacle to value creation. In the worst case, it would cost only approximately $30 million to Make-Whole the private bonds. – This cost would be tax-deductible, so the net cost is closer to $20 million. We don’t believe the private bonds will need to b
Slide 47: Key covenants – public bonds
An overview of Darden’s key covenants – public bonds The covenants on the public bonds have only limited restrictions, and we believe they would not prevent a real estate transaction. The table below lays out the key covenants for Darden’s public bonds. Public Bonds - Key Covenant Overview Covenan
Slide 48: Mergers Covenant
Public bonds: “substantially as an entirety” – Mergers Covenant Management appears to be citing the wrong covenants when discussing breakage costs. Management has repeatedly told shareholders that any real estate transaction would necessitate costly Make-Whole Payments on Darden’s debt because the
Slide 49: Mergers Covenant
Public bonds: “substantially as an entirety” – Mergers Covenant The independent Covenant Review report provides convincing support for our position on the Mergers covenant. Even if management argues that the Company’s real estate does in fact constitute Darden’s assets “substantially as an entiret
Slide 50: Mergers Covenant
Public bonds: “substantially as an entirety” – Mergers Covenant The Mergers and Change of Control covenants are not obstacles to value creation. As demonstrated earlier, if the Mergers covenant is triggered, the cost is minimal. – There are no Make-Wholes in this scenario. – The REIT could support
Slide 51: Change of Control
Public bonds: “substantially as an entirety” – Change of Control Management appears to be citing the wrong covenants when discussing breakage costs (cont’d). Further, management has also supposedly told certain shareholders and analysts that a real estate transaction would trigger “change of contr
Slide 52: Change of Control
Public bonds: “substantially as an entirety” – Change of Control The Mergers and Change of Control covenants are not obstacles to value creation. As a reminder, a Change of Control put requires both a transfer of Darden’s assets “substantially as an entirety” and a “below investment grade rating e
Slide 53: Public bonds – Sale / Leaseback covenant
Public bonds – Sale / Leaseback covenant Management’s current stance contradicts their prior written statements to bondholders. Management is on record as stating that its bond covenants do not apply to subsidiaries that are not structured as corporations – such as trusts – and therefore according
Slide 54: Public bonds – Sale / Leaseback covenant
Public bonds – Sale / Leaseback covenant The are multiple avenues to avoid the Sale / Leaseback covenant. First, as discussed earlier, according to management’s own written interpretation, the covenants do not apply to subsidiaries that are structured as trusts (and trusts currently hold real esta
Slide 55: Public bonds – Sale / Leaseback covenant
Public bonds – Sale / Leaseback covenant We do not believe the Sale / Leaseback covenant is an obstacle to value creation. In a worst case, the headline cost to Make-Whole all of the public bonds is approximately $350. – Net of offsetting tax savings, the cost would really be approximately $230 mi
Slide 56: Refinancing Costs
Refinancing Costs We do not believe that a real estate separation would negatively impact Darden’s cost of debt. Apart from the question of Make-Whole payments, management has tried to argue against a real estate separation by telling shareholders that Darden would face a higher pro forma cost of
Slide 57: Conclusion
Conclusion While there are several options to structure a value enhancing real estate transaction with minimal debt breakage costs, we believe that intelligent alternatives are available to provide both bondholders and equity holders with mutually beneficial options. These alternatives should resu
Slide 58: VI. Transaction scenarios
VI. Transaction scenarios 58
Slide 59: Value creation scenarios
Value creation scenarios We believe there are a number of highly attractive alternatives to realize value from Darden’s real estate. 1 Outright Sale – The real estate could be sold in one transaction, or spread over time to ensure the best buyer is found for each property. – This option is simple an
Slide 60: Scenario 1: Outright Sale
Scenario 1: Outright Sale The simplest option for Darden would be an outright sale of the entire real estate portfolio, either to one buyer or many. The real estate could be sold in one transaction, or spread over time to ensure the best buyer is found for each property. – Certain buyers will pay
Slide 61: Scenario 1: Outright Sale (cont'd)
Scenario 1: Outright Sale (cont’d) There are several ways to structure outright sales to minimize friction costs. Outright Sale to 1 Party Multiple Sale Transactions Darden sells the real estate to 1 buyer in 1 Darden sells the real estate in multiple transactions over time transaction for cash
Slide 62: Scenario 2: REIT Spin-off
Scenario 2: REIT Spin-off Substantial value could be created by spinning off Darden’s properties into a new REIT. There are recent examples of highly successful REIT spin-offs, such as Penn Gaming (tax-free) and Sabra Health Care (taxable spin-off of OpCo). The historical example of AMC Entertai
Slide 63: Scenario 2: REIT Spin-off (cont'd)
Scenario 2: REIT Spin-off (cont’d) Based on conversations with REIT investors and sell-side analysts, we believe a Darden REIT would have a number of attractive characteristics. It would already be at scale at the time of the spin-off. Despite initially having just one “corporate” tenant (or two
Slide 64: Scenario 2: REIT Spin-off (cont'd)
Scenario 2: REIT Spin-off (cont’d) A spin-off could be accomplished in a number of ways. A Darden could spin off either the full real estate portfolio or only the Fee Simple properties; or, conversely, Darden could spin off the OpCo and convert Darden itself into a REIT. – A REIT consisting only of
Slide 65: Scenario 2: REIT Spin-off (cont'd)
Scenario 2: REIT Spin-off (cont’d) Either a full or partial real estate spin-off could create substantial value. The valuation uses a multiple range that is a discount of 15-25% to the LTM multiples of the triple-net REIT peer group in the case of a full REIT spin-off, and a slightly smaller disco
Slide 66: Scenario 2: REIT Spin-off (cont'd)
Scenario 2: REIT Spin-off (cont’d) The pro forma capital structure of the REIT and OpCo are important considerations. Most triple-net lease REITs support substantial leverage and generally pay relatively low interest rates. Debt / Debt / Credit Representativ Debt Instrument Company LTM EBITDA Cap
Slide 67: Scenario 2: REIT Spin-off (cont'd)
Scenario 2: REIT Spin-off (cont’d) The pro forma capital structure of the REIT and OpCo are important considerations (cont’d). If, for example, the REIT assumed all of the public bonds, the OpCo would only need to support approximately $750 million in debt, or a very conservative 1.0x EBITDA, befo
Slide 68: Scenario 2: REIT Spin-off (cont'd)
Scenario 2: REIT Spin-off (cont’d) The pro forma capital structure of the REIT and OpCo are important considerations (cont’d). After cost savings, we believe the OpCo could easily support more than $750 million in debt, and that there are various combinations that would capitalize both the OpCo an
Slide 69: Scenario 2: REIT Spin-off (cont'd)
Scenario 2: REIT Spin-off (cont’d) The pro forma capital structure of the REIT and OpCo are important considerations (cont’d). Under a hypothetical capital structure based on NNN’s, Darden should actually be able to lower its total cost of debt meaningfully and maintain an investment grade credit
Slide 70: Scenario 2: REIT Spin-off (cont'd)
Scenario 2: REIT Spin-off (cont’d) A REIT spin-off should enhance Darden’s ability to support its dividend. Since REITs generally pay substantial dividends, it is critical to look at the combined dividend payouts of the REIT and the OpCo following a spin-off. Because REITs have tax advantages, t
Slide 71: Scenario 2: REIT Spin-off (cont'd)
Scenario 2: REIT Spin-off (cont’d) A REIT with our hypothetic capital structure should be a very attractive investment for real estate investors when measured on an FFO yield or dividend basis. The table below illustrates the FFO yield and dividend yield that an investor in a Darden REIT would rec
Slide 72: Scenario 2: REIT Spin-off (cont'd)
Either structure could include all the Scenario 2: REIT Spin-off (cont’d) real estate or just the Fee Simple properties There are several ways to structure a REIT spin-off to minimize friction costs. As explained earlier, the Mergers and Change of Control covenants are not obstacles to a REIT spin
Slide 73: Scenario 3: Tax-efficient Sale or Merger
Scenario 3: Tax-efficient Sale or Merger There are several options for Darden to monetize its real estate in a tax-efficient manner. Perhaps the most intriguing method of realizing value from Darden’s real estate is through a merger with a private or publicly-traded REIT. – A triple-net lease REIT
Slide 74: Scenario 3: Tax-efficient Sale or Merger (cont'd)
Scenario 3: Tax-efficient Sale or Merger (cont’d) There are several options for Darden to monetize its real estate in a tax-efficient manner (cont’d). If the foregoing transactions are not feasible, another option would be for Darden to merge its real estate assets with a public or private REIT an
Slide 75: Scenario 3: Tax-efficient Sale or Merger (cont'd)
Scenario 3: Tax-efficient Sale or Merger (cont’d) There are several ways to structure a REIT spin-off to minimize friction costs. In the simplest scenario, the real estate and OpCo are separated according to either of the structures laid out in the previous section, and then the REIT is merged wit
Slide 76: VII. Conclusion
VII. Conclusion STARBOAREAYALU E 76
Slide 77: Separating Darden's real estate would create substantial value
Separating Darden’s real estate would create substantial value Across a wide range of assumptions and in a variety of scenarios, separating Darden’s real estate creates substantial value for shareholders. 1. Darden’s real estate is worth approximately $4 billion, and possibly far more. 2. Separating
Slide 78: Disclaimer
THIS PRESENTATION IS FOR DISCUSSION AND GENERAL INFORMATIONAL PURPOSES ONLY. IT DOES NOT HAVE REGARD TO THE SPECIFIC INVESTMENT OBJECTIVE, FINANCIAL SITUATION, SUITABILITY, OR THE PARTICULAR NEED OF ANY SPECIFIC PERSON WHO MAY RECEIVE THIS PRESENTATION, AND SHOULD NOT BE TAKEN AS ADVICE ON THE MERIT
Slide 79: Appendix A. List of Darden Locations
Appendix A. List of Darden Locations 79
Slide 80: Bahama Breeze locations
Banner Brand Restaurant ID Address Line 1 Address Line 2 City State Zip Phone Latitude Longitude Market Bahama Breeze 3049 500 Center Blvd Newark DE 19702 302-266-7923 39.675463 -75.650238 Philadelphia Bahama Breeze 3002 499 E. Altamonte Drive Altamonte Springs FL 32701 407-831-2929 28.66447 -81.374
Slide 81: LongHorn Steakhouse locations
Banner Brand Restaurant ID Address Line 1 Address Line 2 City State Zip Phone Latitude Longitude Market LongHorn Steakhouse 5305 10201 SW Meeting Street Port Saint Lucie FL 34987 772-345-3591 27.265559 -80.427989 East Central Coast, FL LongHorn Steakhouse 5098 166 State Road 312 Saint Augustine FL 3
Slide 82: LongHorn Steakhouse locations
Banner Brand Restaurant ID Address Line 1 Address Line 2 City State Zip Phone Latitude Longitude Market LongHorn Steakhouse 5289 69368 Highway 21 Covington LA 70433 985-875-1100 30.443996 -90.141487 New Orleans LongHorn Steakhouse 5339 249 Range 12 Blvd Denham Springs LA 70726 225-664-5736 30.453389
Slide 83: LongHorn Steakhouse locations
Banner Brand Restaurant ID Address Line 1 Address Line 2 City State Zip Phone Latitude Longitude Market LongHorn Steakhouse 5317 1286 Route 300 NE Newburgh NY 12550 845-567-0212 41.505921 -74.068055 Other - Middle Atlantic LongHorn Steakhouse 5450 3494 Amelia Dr Orchard Park NY 14127 716-825-1378 42
Slide 84: LongHorn Steakhouse locations
Banner Brand Restaurant ID Address Line 1 Address Line 2 City State Zip Phone Latitude Longitude Market LongHorn Steakhouse 5381 7439 San Pedro Ave San Antonio TX 78216 210-348-5724 29.518327 -98.499808 San Antonio LongHorn Steakhouse 5367 7833 Interstate 35 S San Antonio TX 78224 210-924-2487 29.35
Slide 85: Olive Garden locations
Banner Brand Restaurant ID Address Line 1 Address Line 2 City State Zip Phone Latitude Longitude Market Olive Garden 1286 1051 W Rancho Vista Blvd Suite 1230 Palmdale CA 93551 661-266-7927 34.606065 -118.14978 Other - West Olive Garden 1360 2515 El Camino Real Palo Alto CA 94306 650-326-5673 37.4247
Slide 86: Olive Garden locations
Banner Brand Restaurant ID Address Line 1 Address Line 2 City State Zip Phone Latitude Longitude Market Olive Garden 1197 1341 Tamiami Trail Port Charlotte FL 33948 941-625-8807 27.012 -82.145898 Fort Myers/Cape Coral/Naples Olive Garden 1814 5447 S Williamson Blvd. Port Orange FL 32129 386-788-9825
Slide 87: Olive Garden locations
Banner Brand Restaurant ID Address Line 1 Address Line 2 City State Zip Phone Latitude Longitude Market Olive Garden 4456 2820 S 9th Street Salina KS 67401 785-827-4266 38.787537 -97.613682 Other - Midwest Olive Garden 1223 1925 SW Wanamaker Rd Topeka KS 66604 785-271-7526 39.031317 -95.762801 Other
Slide 88: Olive Garden locations
Banner Brand Restaurant ID Address Line 1 Address Line 2 City State Zip Phone Latitude Longitude Market Olive Garden 1693 4505 Hardy Street Hattiesburg MS 39401 601-264-2234 31.324995 -89.358059 Other - Southeast Olive Garden 1508 6347 I-55 North Jackson MS 39213 601-978-3407 32.396645 -90.14673 Oth
Slide 89: Olive Garden locations
Banner Brand Restaurant ID Address Line 1 Address Line 2 City State Zip Phone Latitude Longitude Market Olive Garden 1323 475 Ohio Pike Cincinnati OH 45255 513-528-4075 39.070966 -84.308743 Cincinnati Olive Garden 1347 4900 Fields-Ertel Road Cincinnati OH 45249 513-677-5922 39.293217 -84.313142 Cinc
Slide 90: Olive Garden locations
Banner Brand Restaurant ID Address Line 1 Address Line 2 City State Zip Phone Latitude Longitude Market Olive Garden 1597 10923 Parkside Drive Knoxville TN 37934 865-966-4392 35.903483 -84.148024 Other - Southeast Olive Garden 1092 7206 Kingston Pike Knoxville TN 37919 865-584-7300 35.930141 -84.027
Slide 91: Olive Garden locations
Banner Brand Restaurant ID Address Line 1 Address Line 2 City State Zip Phone Latitude Longitude Market Olive Garden 1485 1049 W. Mercury Blvd Hampton VA 23666 757-825-8874 37.042329 -76.38254 Other - Southeast Olive Garden 1615 4038 Wards Road Lynchburg VA 24502 434-237-4395 37.344869 -79.189178 Ot
Slide 92: Red Lobster locations
Banner Brand Restaurant ID Address Line 1 Address Line 2 City State Zip Phone Latitude Longitude Market Red Lobster 6270 4413 E. Mills Circle Ontario CA 91764 909-481-5205 34.076872 -117.556613 Inland Empire Red Lobster 0596 1740 East Ventura Blvd Ste # 4130 Oxnard CA 93036 805-981-9595 34.224638 -1
Slide 93: Red Lobster locations
Banner Brand Restaurant ID Address Line 1 Address Line 2 City State Zip Phone Latitude Longitude Market Red Lobster 0174 440 Walton Way Augusta GA 30901 706-724-1438 33.465149 -81.961314 Other - Southeast Red Lobster 6250 1805 East-West Connector S.W. Austell GA 30106 770-745-7111 33.853563 -84.6054
Slide 94: Red Lobster locations
Banner Brand Restaurant ID Address Line 1 Address Line 2 City State Zip Phone Latitude Longitude Market Red Lobster 6211 1020 W Patrick Street Frederick MD 21703 301-846-9474 39.416041 -77.439821 DC Red Lobster 0200 15700 Shady Grove Road Gaithersburg MD 20877 301-840-0380 39.113517 -77.187318 DC Re
Slide 95: Red Lobster locations
Banner Brand Restaurant ID Address Line 1 Address Line 2 City State Zip Phone Latitude Longitude Market Red Lobster 0255 520 Highway 46 Wayne NJ 07470 973-785-3114 40.8938 -74.241968 New York Red Lobster 6280 10520 Coors By-pass Nw Albuquerque NM 87114 505-922-0266 35.208521 -106.657566 Albuquerque
Slide 96: Red Lobster locations
Banner Brand Restaurant ID Address Line 1 Address Line 2 City State Zip Phone Latitude Longitude Market Red Lobster 0241 9140 Roosevelt Blvd E. Philadelphia PA 19115 215-673-5750 40.07605 -75.034374 Philadelphia Red Lobster 6305 6150 Robinson Center Drive Pittsburgh PA 15205 412-809-0482 40.451322 -
Slide 97: Red Lobster locations
Banner Brand Restaurant ID Address Line 1 Address Line 2 City State Zip Phone Latitude Longitude Market Red Lobster 6317 3167 Linden Drive Bristol VA 24202 276-669-9110 36.629083 -82.126335 Other - Southeast Red Lobster 6361 1648 Rio Road E Charlottesville VA 22901 434-973-0315 38.080014 -78.473434
Slide 98: The Capital Grille locations
Banner Brand Restaurant ID Address Line 1 Address Line 2 City State Zip Phone Latitude Longitude Market The Capital Grille Y 8054 Millenia Mall 4200 Conroy Rd. (#146a) Orlando FL 32839 407-351-2210 28.487175 -81.43264 Orlando The Capital Grille Y 8035 11365 Legacy Ave. Bldg.-B Palm Beach Gardens FL
Slide 99: Canada locations
Banner Brand Restaurant ID Address Line 1 Address Line 2 City State Zip Phone Latitude Longitude Market Canada Red Lobster 8104 3252 Sheppard Ave. East Scarborough ON M1T3K3 416-491-2507 43.777237 -79.315002 Canada* Canada Red Lobster 8158 1600 Lasalle Blvd Sudbury ON P3A1Z7 705-560-9825 46.522161 -