Degenerations of toric varieties over valuation rings

We develop a theory of multi-stage degenerations of toric varieties over finite rank valuation rings, extending the Mumford--Gubler theory in rank one. Such degenerations are constructed from fan-like structures over totally ordered abelian groups of finite rank. Our main theorem describes the geometry of successive special fibers in the degeneration in terms of the polyhedral geometry of a system of recession complexes associated to the fan.