Dollar General

Dollar General Corporation, a discount retailer, provides various merchandise products in the southern, southwestern, midwestern, and eastern United States. The company offers consumable products, including paper and cleaning products comprising paper towels, bath tissues, paper dinnerware, trash and storage bags, and laundry and other home cleaning supplies; packaged food products, such as cereals, canned soups and vegetables, condiments, spices, sugar, and flour; perishables consisting of milk, eggs, bread, refrigerated and frozen food, beer, and wine; snacks that comprise candies, cookies, crackers, salty snacks, and carbonated beverages; health and beauty products, such as over-the-counter medicines, as well as soap, body wash, shampoo, dental hygiene, and foot care products; pet products, which include pet supplies and pet food; and tobacco products.

It also provides seasonal products, including decorations, toys, batteries, small electronics, greeting cards, stationery products, prepaid phones and accessories, gardening supplies, hardware products, and automotive and home office supplies; and home products consisting of kitchen supplies, cookware, small appliances, light bulbs, storage containers, frames, candles, craft supplies and kitchen products, beds, and bath soft goods. In addition, the company offers apparel for infants, toddlers, girls, boys, women, and men, as well as socks, underwear, disposable diapers, shoes, and accessories. As of August 19, 2017, it operated 14,000 stores located in 44 states. The company was formerly known as J.L. Turner & Son, Inc. and changed its name to Dollar General Corporation in 1968. Dollar General Corporation was founded in 1939 and is based in Goodlettsville, Tennessee.

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S&P Rating: BBB

S&P Outlook: Stable

Moody Rating: Baa2

Moody Outlook: Stable

Typical Lease Characteristics

Lease Term: 15  Years  Years

Lease Type: Absolute NNN Lease 

Lease Increases: 10% Every 5 years 

Lease Extensions: 4-5 (5) Year Options

Lease Guarantor: Corporate

Tenant Overview

As one of the largest dollar store chains in the US, Dollar generals offer stable cash flows . One of the big concerns when investing in these stores however has to do with the physical location of the store. Often times, they are loacted in tertiary markets, making it a challenge to retenant in the event of a non-renewal. Special consideration must be giveon to location and demographics.

Positives:

  • Public Company, Credit Rated
  • NNN lease eliminates landlord responsibilities
  • Typically Long term leases with increases

Negatives:

  • Demographics not always favorable
  • Locations may pose re-tenanting issues
  • Competitive Industry Sector

Market Snapshots:

On Market Ranges:

# of Properties in set: 214

Price: $1,079,780 - $1,328,960Average: $1,186,571

PPSF: $120 - $150Average: $129

Year Built: 1900 - 2018Average: 2008

CAP Rate Range: 6.23% - 8.26%Average: 7.24%

Size range: 5,200 sq ft - 16,800 sq ft Average: 9,202 sq ft

Last 12 Month Range:

# of Properties in set: 306

Price: $1,241,600 - $1,527,020Average: $1,427,123

PPSF: $118 - $164Average: $143

Year Built: 1940 - 2018Average: 2012

CAP Rate Range: 5.90% - 7.75%Average: 6.86%

Size range: 4,243 sq ft - 15,763 sq ft Average: 9,085 sq ft

Dollar General Company Profile

Headquarters Information

Goodlettsville, Tennessee

Founded in 1968

Company type: Public

Stock Ticker: DG

Sector: Services

Industry: Discount, Variety Stores

# of Employees: 121,000

S&P Rating: BBB

S&P Outlook: Stable

S&P Rating: Baa2

Moody Outlook: Stable


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Dollar General Stock Keys

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