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Edge20 Feb 2026
Dollar General: The Rural Retailer Playbook
How Dollar General built a small-box empire across rural America, scaling value and convenience into one of retail's most durable business models.
FrontView REIT
FrontView REIT (FVR) investor relations material
FrontView REIT Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary25 Feb, 2026
Executive summary
Operational and financial strength improved through disciplined execution, portfolio optimization, and a conservative balance sheet, with 61 properties acquired since IPO for $230M and 36 properties sold for $78M, increasing the asset base by 28.8%.
Achieved 98.7%–99% occupancy at year-end, with a diversified tenant base across 303 properties in 37 states and 321 leases; top 10 tenants account for 24% of ABR, and top 25 tenants for 45.4%.
Management and board own over 10.4% of outstanding shares and units, aligning incentives with shareholders.
Maintained significant liquidity and low leverage, positioning for further acquisitions in 2026.
Financial highlights
Acquired 32 properties in 2025 for $124.1M at a 7.74% average cap rate; sold 36 properties for $78M at a 6.79% average cap rate.
Annualized base rent at quarter-end was $62.9M; run-rate cash revenue $64M annualized; median rent per box $173K.
AFFO per share reached $0.31 for Q4 and $1.25 for the year, at the high end of guidance; full year AFFO totaled $34.7M.
G&A expense was $3.7M, with $534K non-recurring and $763K stock-based compensation; cash G&A run rate $2.4M.
Paid $0.215 dividend per share in Q4, representing a 5.8% yield and 69.4% AFFO payout ratio.
Outlook and guidance
AFFO per share guidance for 2026 raised to $1.27–$1.32, representing 4% growth at midpoint and 6% at high end.
Net acquisition target of $100M for 2026, fully funded by $75M convertible preferred equity; leverage targeted below 5.5x by year-end.
NOI cash margin expected to expand to 97% in 2026; bad debt projected at 50 basis points.
Guidance sensitive to timing and amount of investments, dispositions, and capital markets activity.
Explain the NAV dislocation drivers?
Detail value creation from re-leasing vacant assets
How do you achieve above-market cap rates?
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Next FrontView REIT earnings date
Q1 202614 May, 2026
FrontView REIT
Next FrontView REIT earnings date
Q1 202614 May, 2026
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Frequently asked questions
FrontView is an internally-managed net-lease REIT that acquires, owns and manages primarily properties with frontage that are net leased to a diversified group of tenants. FrontView is differentiated by an investment approach focused on properties that are in prominent locations with direct frontage on high-traffic roads that are highly visible to consumers. FrontView’s focuses on service-oriented tenants, including quick-service restaurants, cellular stores, financial institutions, automotive stores and dealers, medical and dental providers, convenience and gas stores, car washes, home improvement stores, grocery stores, fitness operators, professional services as well as general retail tenants.
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