NASHVILLE, Tenn., Nov. 04, 2024 (GLOBE NEWSWIRE)
-- Ryman Hospitality Properties, Inc. (NYSE: RHP), a lodging real
estate investment trust (“REIT”) specializing in group-oriented,
destination hotel assets in urban and resort markets, today
reported financial results for the three and nine months ended
September 30, 2024.
Third Quarter 2024 Highlights and Recent
Developments:
- The Company generated record
third quarter net income of $60.4 million and record third quarter
consolidated Adjusted EBITDAre of $174.8 million.
- Reported record third quarter
consolidated revenue of $550.0 million, driven by record third
quarter Hospitality revenue and record third quarter Entertainment
revenue.
-
Same-store1 Hospitality segment
achieved record third quarter operating income of $92.8 million and
record third quarter Adjusted EBITDAre of $142.0 million.
- During the quarter, the Company
booked over 581,000 same-store Gross Definite Room Nights for all
future years, at an estimated average daily rate (ADR) for future
bookings of $282, an increase of 5.2% over Q3 2023 estimated ADR
for future bookings and a third quarter record.
- The Company is revising its
full year 2024 guidance, including lowering its same-store
Hospitality RevPAR and Total RevPAR growth, as well as consolidated
operating income and Adjusted EBITDAre, to account for continued
leisure transient softness in Nashville and Orlando, disruption
from Hurricane Milton and incremental disruption from capital
investment projects underway. The Company is raising its full year
2024 outlook for adjusted funds from operations (AFFO) primarily to
reflect lower expected cash interest expense.
- The Company declared a cash
dividend of $1.15 per share for the fourth quarter of 2024, a 4.5%
increase from the third quarter dividend of $1.10. The dividend is
payable on January 15, 2025, to stockholders of record as of
December 31, 2024.
Mark Fioravanti, President and Chief Executive
Officer of Ryman Hospitality Properties, said, “Building on our
solid second quarter performance, we are pleased with our third
quarter results in both of our businesses. We delivered record
third quarter consolidated revenue, net income, operating income
and Adjusted EBITDAre driven by record third quarter
same-store ADR and Total RevPAR. Our outlook for group demand
remains strong, evidenced by record projected group rooms revenue
for all future years, which gives us the confidence to raise our
dividend this quarter.”
1 Same-Store Hospitality segment
excludes JW Marriott Hill Country, which was acquired June 30,
2023.
Third Quarter 2024 Results (as
compared to Third Quarter 2023):
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Three Months Ended |
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Nine Months Ended |
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September 30, |
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September 30, |
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($ in thousands, except per share amounts) |
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% |
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% |
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2024 |
|
2023 |
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Change |
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2024 |
|
2023 |
|
Change |
|
Total revenue |
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$ |
549,958 |
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|
$ |
528,511 |
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|
4.1 |
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% |
|
$ |
1,691,593 |
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$ |
1,525,073 |
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10.9 |
% |
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Operating income |
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$ |
105,880 |
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$ |
101,923 |
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3.9 |
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% |
|
$ |
370,332 |
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$ |
329,813 |
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12.3 |
% |
|
Operating income margin |
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|
19.3 |
% |
|
|
19.3 |
% |
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— |
|
pts |
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21.9 |
% |
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|
21.6 |
% |
|
0.3 |
pts |
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Net income (1) |
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$ |
60,398 |
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$ |
40,785 |
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48.1 |
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% |
|
$ |
207,899 |
|
|
$ |
171,922 |
|
|
20.9 |
% |
|
Net income margin (1) |
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11.0 |
% |
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|
7.7 |
% |
|
3.3 |
|
pts |
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|
12.3 |
% |
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11.3 |
% |
|
1.0 |
pts |
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Net income available to common stockholders (1) |
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$ |
59,011 |
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$ |
41,227 |
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|
43.1 |
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% |
|
$ |
202,872 |
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|
$ |
169,090 |
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|
20.0 |
% |
|
Net income available to common stockholders margin
(1) |
|
|
10.7 |
% |
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|
7.8 |
% |
|
2.9 |
|
pts |
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|
12.0 |
% |
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11.1 |
% |
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0.9 |
pts |
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Net income available to common stockholders per diluted share
(1)(2) |
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$ |
0.94 |
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$ |
0.64 |
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46.9 |
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% |
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$ |
3.25 |
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$ |
2.78 |
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16.9 |
% |
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Adjusted EBITDAre |
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$ |
174,803 |
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$ |
170,874 |
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2.3 |
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% |
|
$ |
569,063 |
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$ |
503,251 |
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|
13.1 |
% |
|
Adjusted EBITDAre margin |
|
|
31.8 |
% |
|
|
32.3 |
% |
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(0.5 |
) |
pts |
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|
33.6 |
% |
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|
33.0 |
% |
|
0.6 |
pts |
|
Adjusted EBITDAre, excluding noncontrolling interest in
consolidated joint venture |
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$ |
168,068 |
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$ |
163,188 |
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3.0 |
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% |
|
$ |
546,944 |
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$ |
482,450 |
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|
13.4 |
% |
|
Adjusted EBITDAre, excluding noncontrolling interest in
consolidated joint venture margin |
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30.6 |
% |
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30.9 |
% |
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(0.3 |
) |
pts |
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32.3 |
% |
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31.6 |
% |
|
0.7 |
pts |
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Funds From Operations (FFO) available to common stockholders and
unit holders |
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$ |
116,205 |
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$ |
97,931 |
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18.7 |
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% |
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$ |
372,325 |
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$ |
320,096 |
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16.3 |
% |
|
FFO available to common stockholders and unit holders per diluted
share/unit (2) |
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$ |
1.86 |
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$ |
1.54 |
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20.8 |
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% |
|
$ |
5.98 |
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$ |
5.29 |
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|
13.0 |
% |
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Adjusted FFO available to common stockholders and unit holders |
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$ |
120,235 |
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$ |
111,279 |
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|
8.0 |
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% |
|
$ |
396,361 |
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$ |
347,264 |
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|
14.1 |
% |
|
Adjusted FFO available to common stockholders and unit holders per
diluted share/unit (2) |
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$ |
1.93 |
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$ |
1.81 |
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|
6.6 |
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% |
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$ |
6.39 |
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$ |
5.80 |
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|
10.2 |
% |
__________________________________
1 The three and nine months ended September 30, 2023
include approximately $10.6 million in losses associated with our
previous investment in Circle, a joint venture that we and our
joint venture partner agreed to wind down at the end of 2023.
2 Diluted weighted average common
shares for the three and nine months ended September 30, 2024
include 3.8 million and 3.4 million, respectively, and the three
and nine months ended September 30, 2023 include 3.7 million and
4.1 million, respectively, in equivalent shares related to the
currently unexercisable investor put rights associated with the
noncontrolling interest in the Company’s OEG business, which may be
settled in cash or shares at the Company’s option.
Note: Consolidated year-to-date 2024 results
reflect franchise tax refunds for prior tax periods of 2020 through
2023 totaling approximately $9.1 million, which were recognized in
the second quarter of 2024.
Note: For the Company’s definitions of Adjusted
EBITDAre, Adjusted EBITDAre margin, Adjusted
EBITDAre, excluding noncontrolling interest in
consolidated joint venture, Adjusted EBITDAre, excluding
noncontrolling interest in consolidated joint venture margin, FFO
available to common stockholders and unit holders, and Adjusted FFO
available to common stockholders and unit holders, as well as a
reconciliation of the non-GAAP financial measure Adjusted
EBITDAre to Net Income and a reconciliation of the
non-GAAP financial measures FFO available to common stockholders
and unit holders and Adjusted FFO available to common stockholders
and unit holders to Net Income, see “Non-GAAP Financial Measures,”
“EBITDAre, Adjusted EBITDAre and Adjusted
EBITDAre, Excluding Noncontrolling Interest in
Consolidated Joint Venture Definition,” “Adjusted
EBITDAre, Excluding Noncontrolling Interest in
Consolidated Joint Venture Margin Definition” “FFO, Adjusted FFO,
and Adjusted FFO available to common stockholders and unit holders
Definition” and “Supplemental Financial Results” below.
Hospitality Segment
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Three Months Ended |
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Nine Months Ended |
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|
September 30, |
|
September 30, |
| ($
in thousands, except ADR, RevPAR, and Total RevPAR) |
|
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% |
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% |
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2024 |
|
2023 |
|
Change |
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2024 |
|
2023 |
|
Change |
|
Hospitality revenue |
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$ |
467,043 |
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$ |
446,198 |
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|
4.7 |
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% |
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$ |
1,447,600 |
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$ |
1,288,322 |
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|
12.4 |
|
% |
|
Same-Store Hospitality revenue (1) |
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$ |
412,770 |
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$ |
396,172 |
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|
4.2 |
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% |
|
$ |
1,280,536 |
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|
$ |
1,237,575 |
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|
3.5 |
|
% |
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Hospitality operating income |
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$ |
102,781 |
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$ |
91,723 |
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|
12.1 |
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% |
|
$ |
356,851 |
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$ |
305,526 |
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|
16.8 |
|
% |
|
Hospitality operating income margin |
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|
22.0 |
% |
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|
20.6 |
% |
|
1.4 |
|
pts |
|
|
24.7 |
% |
|
|
23.7 |
% |
|
1.0 |
|
pts |
|
Hospitality Adjusted EBITDAre |
|
$ |
159,569 |
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$ |
152,544 |
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|
4.6 |
|
% |
|
$ |
518,777 |
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|
$ |
456,446 |
|
|
13.7 |
|
% |
|
Hospitality Adjusted EBITDAre margin |
|
|
34.2 |
% |
|
|
34.2 |
% |
|
– |
|
pts |
|
|
35.8 |
% |
|
|
35.4 |
% |
|
0.4 |
|
pts |
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Same-Store Hospitality operating income (1) |
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$ |
92,805 |
|
|
$ |
83,847 |
|
|
10.7 |
|
% |
|
$ |
322,303 |
|
|
$ |
297,422 |
|
|
8.4 |
|
% |
|
Same-Store Hospitality operating income margin (1) |
|
|
22.5 |
% |
|
|
21.2 |
% |
|
1.3 |
|
pts |
|
|
25.2 |
% |
|
|
24.0 |
% |
|
1.2 |
|
pts |
|
Same-Store Hospitality Adjusted EBITDAre
(1) |
|
$ |
142,020 |
|
|
$ |
135,167 |
|
|
5.1 |
|
% |
|
$ |
461,788 |
|
|
$ |
438,841 |
|
|
5.2 |
|
% |
|
Same-Store Hospitality Adjusted EBITDAre margin
(1) |
|
|
34.4 |
% |
|
|
34.1 |
% |
|
0.3 |
|
pts |
|
|
36.1 |
% |
|
|
35.5 |
% |
|
0.6 |
|
pts |
|
|
|
|
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|
Hospitality performance metrics: |
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Occupancy |
|
|
69.5 |
% |
|
|
71.8 |
% |
|
(2.3 |
) |
pts |
|
|
70.0 |
% |
|
|
72.3 |
% |
|
(2.3 |
) |
pts |
|
Average Daily Rate (ADR) |
|
$ |
252.42 |
|
|
$ |
239.00 |
|
|
5.6 |
|
% |
|
$ |
254.72 |
|
|
$ |
240.53 |
|
|
5.9 |
|
% |
|
RevPAR |
|
$ |
175.37 |
|
|
$ |
171.71 |
|
|
2.1 |
|
% |
|
$ |
178.19 |
|
|
$ |
173.80 |
|
|
2.5 |
|
% |
|
Total RevPAR |
|
$ |
444.77 |
|
|
$ |
424.91 |
|
|
4.7 |
|
% |
|
$ |
462.87 |
|
|
$ |
439.00 |
|
|
5.4 |
|
% |
|
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Same-store Hospitality performance metrics: (1) |
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Occupancy |
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|
69.1 |
% |
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|
71.8 |
% |
|
(2.7 |
) |
pts |
|
|
69.7 |
% |
|
|
72.3 |
% |
|
(2.6 |
) |
pts |
|
ADR |
|
$ |
244.71 |
|
|
$ |
230.50 |
|
|
6.2 |
|
% |
|
$ |
248.05 |
|
|
$ |
237.74 |
|
|
4.3 |
|
% |
|
RevPAR |
|
$ |
168.99 |
|
|
$ |
165.58 |
|
|
2.1 |
|
% |
|
$ |
173.00 |
|
|
$ |
171.80 |
|
|
0.7 |
|
% |
|
Total RevPAR |
|
$ |
430.91 |
|
|
$ |
413.58 |
|
|
4.2 |
|
% |
|
$ |
448.86 |
|
|
$ |
435.39 |
|
|
3.1 |
|
% |
|
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|
Gross definite room nights booked |
|
|
581,710 |
|
|
|
695,423 |
|
|
(16.4 |
) |
% |
|
|
1,650,897 |
|
|
|
1,695,578 |
|
|
(2.6 |
) |
% |
|
Net definite room nights booked |
|
|
457,856 |
|
|
|
546,724 |
|
|
(16.3 |
) |
% |
|
|
1,206,193 |
|
|
|
1,247,311 |
|
|
(3.3 |
) |
% |
|
Group attrition (as % of contracted block) |
|
|
16.1 |
% |
|
|
14.7 |
% |
|
1.4 |
|
pts |
|
|
15.4 |
% |
|
|
15.5 |
% |
|
(0.1 |
) |
pts |
|
Cancellations ITYFTY (2) |
|
|
11,594 |
|
|
|
11,219 |
|
|
3.3 |
|
% |
|
|
37,745 |
|
|
|
65,187 |
|
|
(42.1 |
) |
% |
_____________________________
1 Same-Store Hospitality segment excludes JW Marriott
Hill Country, which was acquired June 30, 2023.
2 “ITYFTY” represents In The Year For The Year.
Note: Hospitality segment and the Same-Store
Hospitality portfolio year-to-date 2024 results reflect franchise
tax refunds for prior tax periods of 2020 through 2023 totaling
approximately $5.6 million, which were recognized in the second
quarter of 2024.
Note: For the Company’s definitions of Revenue Per Available
Room (RevPAR) and Total Revenue Per Available Room (Total RevPAR),
see “Calculation of RevPAR, Total RevPAR, and Occupancy” below.
Property-level results and operating metrics for third quarter 2024
are presented in greater detail below and under “Supplemental
Financial Results—Hospitality Segment Adjusted
EBITDAre Reconciliations and Operating Metrics,”
which includes a reconciliation of the non-GAAP financial measures
Hospitality Adjusted EBITDAre to Hospitality
Operating Income, and property-level Adjusted
EBITDAre to property-level Operating Income for each
of the hotel properties.
Hospitality Segment
Highlights
- Same-store Hospitality
portfolio achieved record third quarter Total RevPAR of $431, a
4.2% increase over Q3 2023, driven by strong banquet and AV
revenue, which increased 15.9% from the prior year
quarter.
- Same-store Hospitality
portfolio also achieved record third quarter ADR of $245, an
increase of 6.2% from Q3 2023.
- In the year for the year
cancellations for the same-store Hospitality portfolio decreased
42.1% year-to-date 2024 from the prior year period.
- On a same-store basis,
attrition and cancellation fee collections declined 35% to $7.4
million in Q3 2024 from $11.3 million in Q3 2023.
Gaylord Opryland
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|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
|
September 30, |
|
September 30, |
|
($ in thousands, except ADR, RevPAR, and Total RevPAR) |
|
|
|
|
|
|
|
|
|
% |
|
|
|
|
|
|
|
|
|
% |
|
|
|
2024 |
|
2023 |
|
Change |
|
2024 |
|
2023 |
|
Change |
|
Revenue |
|
$ |
122,659 |
|
|
$ |
111,939 |
|
|
9.6 |
|
% |
|
$ |
356,846 |
|
|
$ |
334,220 |
|
|
6.8 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income |
|
$ |
36,622 |
|
|
$ |
29,549 |
|
|
23.9 |
|
% |
|
$ |
112,089 |
|
|
$ |
93,255 |
|
|
20.2 |
|
% |
|
Operating income margin |
|
|
29.9 |
% |
|
|
26.4 |
% |
|
3.5 |
|
pts |
|
|
31.4 |
% |
|
|
27.9 |
% |
|
3.5 |
|
pts |
|
Adjusted EBITDAre |
|
$ |
44,815 |
|
|
$ |
38,022 |
|
|
17.9 |
|
% |
|
$ |
136,592 |
|
|
$ |
118,770 |
|
|
15.0 |
|
% |
|
Adjusted EBITDAre margin |
|
|
36.5 |
% |
|
|
34.0 |
% |
|
2.5 |
|
pts |
|
|
38.3 |
% |
|
|
35.5 |
% |
|
2.8 |
|
pts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performance metrics: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
|
71.8 |
% |
|
|
72.7 |
% |
|
(0.9 |
) |
pts |
|
|
70.8 |
% |
|
|
72.2 |
% |
|
(1.4 |
) |
pts |
|
ADR |
|
$ |
254.05 |
|
|
$ |
242.37 |
|
|
4.8 |
|
% |
|
$ |
253.83 |
|
|
$ |
244.82 |
|
|
3.7 |
|
% |
|
RevPAR |
|
$ |
182.49 |
|
|
$ |
176.18 |
|
|
3.6 |
|
% |
|
$ |
179.66 |
|
|
$ |
176.66 |
|
|
1.7 |
|
% |
|
Total RevPAR |
|
$ |
461.65 |
|
|
$ |
421.30 |
|
|
9.6 |
|
% |
|
$ |
450.95 |
|
|
$ |
423.91 |
|
|
6.4 |
|
% |
Note: Gaylord Opryland year-to-date 2024 results reflect franchise
tax refunds for prior tax periods of 2020 through 2023 totaling
approximately $5.4 million, which were recognized in the second
quarter of 2024.
Gaylord Palms
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
|
September 30, |
|
September 30, |
|
($ in thousands, except ADR, RevPAR, and Total RevPAR) |
|
|
|
|
|
|
|
|
|
% |
|
|
|
|
|
|
|
|
|
% |
|
|
|
2024 |
|
2023 |
|
Change |
|
2024 |
|
2023 |
|
Change |
|
Revenue |
|
$ |
68,242 |
|
|
$ |
63,885 |
|
|
6.8 |
|
% |
|
$ |
222,504 |
|
|
$ |
222,260 |
|
|
0.1 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income |
|
$ |
12,323 |
|
|
$ |
9,249 |
|
|
33.2 |
|
% |
|
$ |
50,808 |
|
|
$ |
55,205 |
|
|
(8.0 |
) |
% |
|
Operating income margin |
|
|
18.1 |
% |
|
|
14.5 |
% |
|
3.6 |
|
pts |
|
|
22.8 |
% |
|
|
24.8 |
% |
|
(2.0 |
) |
pts |
|
Adjusted EBITDAre |
|
$ |
19,635 |
|
|
$ |
15,930 |
|
|
23.3 |
|
% |
|
$ |
71,867 |
|
|
$ |
75,100 |
|
|
(4.3 |
) |
% |
|
Adjusted EBITDAre margin |
|
|
28.8 |
% |
|
|
24.9 |
% |
|
3.9 |
|
pts |
|
|
32.3 |
% |
|
|
33.8 |
% |
|
(1.5 |
) |
pts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performance metrics: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
|
61.0 |
% |
|
|
67.4 |
% |
|
(6.4 |
) |
pts |
|
|
66.0 |
% |
|
|
74.2 |
% |
|
(8.2 |
) |
pts |
|
ADR |
|
$ |
223.10 |
|
|
$ |
214.22 |
|
|
4.1 |
|
% |
|
$ |
243.86 |
|
|
$ |
239.56 |
|
|
1.8 |
|
% |
|
RevPAR |
|
$ |
136.09 |
|
|
$ |
144.33 |
|
|
(5.7 |
) |
% |
|
$ |
160.98 |
|
|
$ |
177.67 |
|
|
(9.4 |
) |
% |
|
Total RevPAR |
|
$ |
431.76 |
|
|
$ |
404.19 |
|
|
6.8 |
|
% |
|
$ |
472.68 |
|
|
$ |
473.89 |
|
|
(0.3 |
) |
% |
Gaylord Texan
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
|
September 30, |
|
September 30, |
|
($ in thousands, except ADR, RevPAR, and Total RevPAR) |
|
|
|
|
|
|
|
|
|
% |
|
|
|
|
|
|
|
|
|
% |
|
|
|
2024 |
|
2023 |
|
Change |
|
2024 |
|
2023 |
|
Change |
|
Revenue |
|
$ |
73,096 |
|
|
$ |
73,991 |
|
|
(1.2 |
) |
% |
|
$ |
241,895 |
|
|
$ |
241,868 |
|
|
0.0 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income |
|
$ |
18,697 |
|
|
$ |
19,555 |
|
|
(4.4 |
) |
% |
|
$ |
71,043 |
|
|
$ |
73,748 |
|
|
(3.7 |
) |
% |
|
Operating income margin |
|
|
25.6 |
% |
|
|
26.4 |
% |
|
(0.8 |
) |
pts |
|
|
29.4 |
% |
|
|
30.5 |
% |
|
(1.1 |
) |
pts |
|
Adjusted EBITDAre |
|
$ |
24,417 |
|
|
$ |
25,225 |
|
|
(3.2 |
) |
% |
|
$ |
88,398 |
|
|
$ |
90,902 |
|
|
(2.8 |
) |
% |
|
Adjusted EBITDAre margin |
|
|
33.4 |
% |
|
|
34.1 |
% |
|
(0.7 |
) |
pts |
|
|
36.5 |
% |
|
|
37.6 |
% |
|
(1.1 |
) |
pts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performance metrics: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
|
71.8 |
% |
|
|
73.0 |
% |
|
(1.2 |
) |
pts |
|
|
74.6 |
% |
|
|
75.0 |
% |
|
(0.4 |
) |
pts |
|
ADR |
|
$ |
247.51 |
|
|
$ |
233.92 |
|
|
5.8 |
|
% |
|
$ |
246.78 |
|
|
$ |
233.19 |
|
|
5.8 |
|
% |
|
RevPAR |
|
$ |
177.82 |
|
|
$ |
170.68 |
|
|
4.2 |
|
% |
|
$ |
184.16 |
|
|
$ |
175.00 |
|
|
5.2 |
|
% |
|
Total RevPAR |
|
$ |
437.99 |
|
|
$ |
443.36 |
|
|
(1.2 |
) |
% |
|
$ |
486.68 |
|
|
$ |
488.40 |
|
|
(0.4 |
) |
% |
Gaylord National
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
|
September 30, |
|
September 30, |
|
($ in thousands, except ADR, RevPAR, and Total RevPAR) |
|
|
|
|
|
|
|
|
|
% |
|
|
|
|
|
|
|
|
|
% |
|
|
|
2024 |
|
2023 |
|
Change |
|
2024 |
|
2023 |
|
Change |
|
Revenue |
|
$ |
69,751 |
|
|
$ |
72,124 |
|
|
(3.3 |
) |
% |
|
$ |
226,394 |
|
|
$ |
221,910 |
|
|
2.0 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income |
|
$ |
8,493 |
|
|
$ |
9,855 |
|
|
(13.8 |
) |
% |
|
$ |
36,037 |
|
|
$ |
32,836 |
|
|
9.7 |
|
% |
|
Operating income margin |
|
|
12.2 |
% |
|
|
13.7 |
% |
|
(1.5 |
) |
pts |
|
|
15.9 |
% |
|
|
14.8 |
% |
|
1.1 |
|
pts |
|
Adjusted EBITDAre |
|
$ |
21,260 |
|
|
$ |
25,605 |
|
|
(17.0 |
) |
% |
|
$ |
68,000 |
|
|
$ |
67,678 |
|
|
0.5 |
|
% |
|
Adjusted EBITDAre margin |
|
|
30.5 |
% |
|
|
35.5 |
% |
|
(5.0 |
) |
pts |
|
|
30.0 |
% |
|
|
30.5 |
% |
|
(0.5 |
) |
pts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performance metrics: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
|
63.5 |
% |
|
|
71.5 |
% |
|
(8.0 |
) |
pts |
|
|
66.3 |
% |
|
|
68.9 |
% |
|
(2.6 |
) |
pts |
|
ADR |
|
$ |
240.73 |
|
|
$ |
216.85 |
|
|
11.0 |
|
% |
|
$ |
247.47 |
|
|
$ |
235.67 |
|
|
5.0 |
|
% |
|
RevPAR |
|
$ |
152.98 |
|
|
$ |
155.12 |
|
|
(1.4 |
) |
% |
|
$ |
163.98 |
|
|
$ |
162.38 |
|
|
1.0 |
|
% |
|
Total RevPAR |
|
$ |
379.84 |
|
|
$ |
392.76 |
|
|
(3.3 |
) |
% |
|
$ |
413.96 |
|
|
$ |
407.24 |
|
|
1.7 |
|
% |
Gaylord Rockies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
|
September 30, |
|
September 30, |
|
($ in thousands, except ADR, RevPAR, and Total RevPAR) |
|
|
|
|
|
|
|
|
|
% |
|
|
|
|
|
|
|
|
|
% |
|
|
|
2024 |
|
2023 |
|
Change |
|
2024 |
|
2023 |
|
Change |
|
Revenue |
|
$ |
72,658 |
|
|
$ |
68,203 |
|
|
6.5 |
|
% |
|
$ |
213,316 |
|
|
$ |
199,377 |
|
|
7.0 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income |
|
$ |
16,045 |
|
|
$ |
14,970 |
|
|
7.2 |
|
% |
|
$ |
49,478 |
|
|
$ |
40,529 |
|
|
22.1 |
|
% |
|
Operating income margin |
|
|
22.1 |
% |
|
|
21.9 |
% |
|
0.2 |
|
pts |
|
|
23.2 |
% |
|
|
20.3 |
% |
|
2.9 |
|
pts |
|
Adjusted EBITDAre |
|
$ |
30,520 |
|
|
$ |
29,171 |
|
|
4.6 |
|
% |
|
$ |
91,932 |
|
|
$ |
82,899 |
|
|
10.9 |
|
% |
|
Adjusted EBITDAre margin |
|
|
42.0 |
% |
|
|
42.8 |
% |
|
(0.8 |
) |
pts |
|
|
43.1 |
% |
|
|
41.6 |
% |
|
1.5 |
|
pts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performance metrics: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
|
80.8 |
% |
|
|
79.9 |
% |
|
0.9 |
|
pts |
|
|
75.2 |
% |
|
|
75.9 |
% |
|
(0.7 |
) |
pts |
|
ADR |
|
$ |
259.76 |
|
|
$ |
245.52 |
|
|
5.8 |
|
% |
|
$ |
253.23 |
|
|
$ |
242.57 |
|
|
4.4 |
|
% |
|
RevPAR |
|
$ |
209.86 |
|
|
$ |
196.19 |
|
|
7.0 |
|
% |
|
$ |
190.54 |
|
|
$ |
184.12 |
|
|
3.5 |
|
% |
|
Total RevPAR |
|
$ |
526.16 |
|
|
$ |
493.90 |
|
|
6.5 |
|
% |
|
$ |
518.67 |
|
|
$ |
486.56 |
|
|
6.6 |
|
% |
JW Marriott Hill Country
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
|
September 30, |
|
September 30, |
|
($ in thousands, except ADR, RevPAR, and Total RevPAR) |
|
|
|
|
|
|
|
|
|
% |
|
|
|
|
|
|
|
2024 |
|
2023 |
|
Change |
|
2024 |
|
Revenue |
|
$ |
54,273 |
|
|
$ |
50,026 |
|
|
8.5 |
|
% |
|
$ |
167,064 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income |
|
$ |
9,976 |
|
|
$ |
7,876 |
|
|
26.7 |
|
% |
|
$ |
34,548 |
|
|
Operating income margin |
|
|
18.4 |
% |
|
|
15.7 |
% |
|
2.7 |
|
pts |
|
|
20.7 |
% |
|
Adjusted EBITDAre |
|
$ |
17,549 |
|
|
$ |
17,377 |
|
|
1.0 |
|
% |
|
$ |
56,989 |
|
|
Adjusted EBITDAre margin |
|
|
32.3 |
% |
|
|
34.7 |
% |
|
(2.4 |
) |
pts |
|
|
34.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performance metrics: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
|
73.8 |
% |
|
|
72.0 |
% |
|
1.8 |
|
pts |
|
|
72.2 |
% |
|
ADR |
|
$ |
327.27 |
|
|
$ |
327.17 |
|
|
0.0 |
|
% |
|
$ |
321.73 |
|
|
RevPAR |
|
$ |
241.68 |
|
|
$ |
235.43 |
|
|
2.7 |
|
% |
|
$ |
232.14 |
|
|
Total RevPAR |
|
$ |
588.74 |
|
|
$ |
542.67 |
|
|
8.5 |
|
% |
|
$ |
608.50 |
|
Note: JW Marriott Hill Country was acquired by the Company on June
30, 2023, therefore there are no comparison figures for the
nine-month period.
Entertainment
Segment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
|
September 30, |
|
September 30, |
|
($ in thousands) |
|
|
|
|
|
|
|
|
|
% |
|
|
|
|
|
|
|
|
|
% |
|
|
|
2024 |
|
2023 |
|
Change |
|
2024 |
|
2023 |
|
Change |
|
Revenue |
|
$ |
82,915 |
|
|
$ |
82,313 |
|
|
0.7 |
|
% |
|
$ |
243,993 |
|
|
$ |
236,751 |
|
|
3.1 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income |
|
$ |
13,050 |
|
|
$ |
20,523 |
|
|
(36.4 |
) |
% |
|
$ |
44,984 |
|
|
$ |
55,515 |
|
|
(19.0 |
) |
% |
|
Operating income margin |
|
|
15.7 |
% |
|
|
24.9 |
% |
|
(9.2 |
) |
pts |
|
|
18.4 |
% |
|
|
23.4 |
% |
|
(5.0 |
) |
pts |
|
Adjusted EBITDAre |
|
$ |
22,451 |
|
|
$ |
25,618 |
|
|
(12.4 |
) |
% |
|
$ |
73,734 |
|
|
$ |
69,380 |
|
|
6.3 |
|
% |
|
Adjusted EBITDAre margin |
|
|
27.1 |
% |
|
|
31.1 |
% |
|
(4.0 |
) |
pts |
|
|
30.2 |
% |
|
|
29.3 |
% |
|
0.9 |
|
pts |
Note: Entertainment segment year-to-date 2024 results reflect
franchise tax refunds for prior tax periods of 2020 through 2023
totaling approximately $3.4 million, which were recognized in the
second quarter of 2024.
Fioravanti continued, “Our major capital
investment activity in our Entertainment segment is nearing
completion: we opened Category 10 on November 2nd to a positive
early reception, and we expect to complete the renovation of the W
Austin Hotel at Block 21 by year-end. With the benefit of these
investments, together with our exciting plans for “Opry 100,” the
year-long centennial celebration of the Grand Ole Opry, we believe
OEG is poised to deliver strong results in 2025 and beyond.”
Corporate and Other
Segment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
|
September 30, |
|
September 30, |
|
($ in thousands) |
|
|
|
|
|
|
|
|
|
% |
|
|
|
|
|
|
|
|
|
% |
|
|
|
2024 |
|
2023 |
|
Change |
|
2024 |
|
2023 |
|
Change |
|
Operating loss |
|
$ |
(9,951 |
) |
|
|
$ |
(10,323 |
) |
|
|
3.6 |
% |
|
$ |
(31,503 |
) |
|
|
$ |
(31,228 |
) |
|
|
(0.9 |
) |
% |
|
Adjusted EBITDAre |
|
$ |
(7,217 |
) |
|
|
$ |
(7,288 |
) |
|
|
1.0 |
% |
|
$ |
(23,448 |
) |
|
|
$ |
(22,575 |
) |
|
|
(3.9 |
) |
% |
Note: Corporate and Other segment year-to-date 2024 results reflect
franchise tax refunds for prior tax periods of 2020 through 2023
totaling approximately $0.1 million, which were recognized in the
second quarter of 2024.
2024 Guidance
Fioravanti concluded, “We are pleased to
increase our full year 2024 outlook for AFFO, while adopting a more
conservative outlook, including for same-store Hospitality RevPAR
and Total RevPAR growth, consolidated operating income and Adjusted
EBITDAre to account for continued leisure transient
softness, disruption from Hurricane Milton and incremental
disruption from our capital investment projects underway. We remain
as confident as ever in the long-term strength of our businesses
and the anticipated high-return investments we are making in our
portfolio that we believe will generate meaningful value for our
guests and shareholders in the years to come.”
The Company is updating its 2024 business
performance outlook based on current information as of November 4,
2024. The Company does not expect to update the guidance provided
below before next quarter’s earnings release. However, the Company
may update its full business outlook or any portion thereof at any
time for any reason.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New Guidance Range
(1) |
|
Prior Guidance Range
(1) |
|
|
|
|
|
(in millions, except per share figures) |
Full Year 2024 |
|
Full Year 2024 |
|
Change (1) |
|
|
|
Low |
|
High |
|
Midpoint |
|
Low |
|
High |
|
Midpoint |
|
Midpoint |
|
|
Same-Store Hospitality RevPAR growth (2) |
|
- |
|
% |
|
1.00 |
|
% |
|
0.50 |
|
% |
|
1.00 |
|
% |
|
3.00 |
|
% |
|
2.00 |
|
% |
|
(1.50 |
) |
% |
|
Same-Store Hospitality Total RevPAR growth (2) |
|
2.50 |
|
% |
|
3.50 |
|
% |
|
3.00 |
|
% |
|
2.75 |
|
% |
|
4.75 |
|
% |
|
3.75 |
|
% |
|
(0.75 |
) |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same-Store Hospitality (2) |
$ |
442.0 |
|
|
$ |
445.0 |
|
|
$ |
443.5 |
|
|
$ |
447.5 |
|
|
$ |
456.0 |
|
|
$ |
451.8 |
|
|
$ |
(8.3 |
) |
|
|
JW Marriott Hill Country |
|
39.5 |
|
|
|
40.5 |
|
|
|
40.0 |
|
|
|
37.0 |
|
|
|
38.0 |
|
|
|
37.5 |
|
|
|
2.5 |
|
|
|
Entertainment |
|
68.0 |
|
|
|
69.5 |
|
|
|
68.8 |
|
|
|
70.5 |
|
|
|
73.5 |
|
|
|
72.0 |
|
|
|
(3.3 |
) |
|
|
Corporate and Other |
|
(44.3 |
) |
|
|
(43.0 |
) |
|
|
(43.6 |
) |
|
|
(44.8 |
) |
|
|
(43.0 |
) |
|
|
(43.9 |
) |
|
|
0.3 |
|
|
|
Consolidated operating income |
$ |
505.2 |
|
|
$ |
512.0 |
|
|
$ |
508.6 |
|
|
$ |
510.2 |
|
|
$ |
524.5 |
|
|
$ |
517.4 |
|
|
$ |
(8.8 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDAre: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same-Store Hospitality (2) |
$ |
622.0 |
|
|
$ |
632.0 |
|
|
$ |
627.0 |
|
|
$ |
625.5 |
|
|
$ |
640.5 |
|
|
$ |
633.0 |
|
|
$ |
(6.0 |
) |
|
|
JW Marriott Hill Country |
|
69.5 |
|
|
|
71.5 |
|
|
|
70.5 |
|
|
|
65.0 |
|
|
|
70.0 |
|
|
|
67.5 |
|
|
|
3.0 |
|
|
|
Entertainment |
|
104.0 |
|
|
|
108.0 |
|
|
|
106.0 |
|
|
|
105.0 |
|
|
|
112.0 |
|
|
|
108.5 |
|
|
|
(2.5 |
) |
|
|
Corporate and Other |
|
(34.0 |
) |
|
|
(32.0 |
) |
|
|
(33.0 |
) |
|
|
(35.0 |
) |
|
|
(32.0 |
) |
|
|
(33.5 |
) |
|
|
0.5 |
|
|
|
Consolidated Adjusted EBITDAre |
$ |
761.5 |
|
|
$ |
779.5 |
|
|
$ |
770.5 |
|
|
$ |
760.5 |
|
|
$ |
790.5 |
|
|
$ |
775.5 |
|
|
$ |
(5.0 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
$ |
281.0 |
|
|
$ |
287.5 |
|
|
$ |
284.3 |
|
|
$ |
281.0 |
|
|
$ |
287.5 |
|
|
$ |
284.3 |
|
|
$ |
– |
|
|
|
Net income available to common stockholders and unit holders |
$ |
272.5 |
|
|
$ |
281.5 |
|
|
$ |
277.0 |
|
|
$ |
271.0 |
|
|
$ |
281.5 |
|
|
$ |
276.3 |
|
|
$ |
0.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FFO available to common stockholders and unit holders |
$ |
492.3 |
|
|
$ |
509.5 |
|
|
$ |
500.9 |
|
|
$ |
485.3 |
|
|
$ |
508.0 |
|
|
$ |
496.6 |
|
|
$ |
4.3 |
|
|
|
Adjusted FFO available to common stockholders and unit holders |
$ |
519.0 |
|
|
$ |
543.5 |
|
|
$ |
531.3 |
|
|
$ |
511.8 |
|
|
$ |
543.0 |
|
|
$ |
527.4 |
|
|
$ |
3.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income available to common stockholders per diluted share
(3) |
$ |
4.38 |
|
|
$ |
4.49 |
|
|
$ |
4.44 |
|
|
$ |
4.38 |
|
|
$ |
4.49 |
|
|
$ |
4.44 |
|
|
$ |
- |
|
|
|
Adjusted FFO available to common stockholders and unit holders |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
per diluted share/unit (3)(4) |
$ |
8.39 |
|
|
$ |
8.68 |
|
|
$ |
8.54 |
|
|
$ |
8.29 |
|
|
$ |
8.67 |
|
|
$ |
8.48 |
|
|
$ |
0.06 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding - diluted (3) |
|
64.1 |
|
|
|
64.1 |
|
|
|
64.1 |
|
|
|
64.1 |
|
|
|
64.1 |
|
|
|
64.1 |
|
|
|
(0.0 |
) |
|
|
Weighted average shares and OP units outstanding - diluted
(3) |
|
64.5 |
|
|
|
64.5 |
|
|
|
64.5 |
|
|
|
64.5 |
|
|
|
64.5 |
|
|
|
64.5 |
|
|
|
(0.0 |
) |
|
(1) Includes JW Marriott Hill Country, except as otherwise
noted. Amounts are calculated based on unrounded numbers.
(2) Same-store excludes JW Marriott Hill Country.
(3) Includes shares related to the currently unexercisable investor
put rights associated with the noncontrolling interest in the
Company’s OEG business, which may be settled in cash or shares at
the Company’s option.
(4) The prior guidance range for adjusted FFO available to common
stockholders and unit holders per diluted share/unit is calculated
in accordance with the revised calculation methodology posted on
September 4, 2024.
Note: For reconciliations of Consolidated
Adjusted EBITDAre guidance to Net Income, segment-level
Adjusted EBITDAre to segment-level Operating Income,
property-level Adjusted EBITDAre for JW Marriott Hill
Country to property-level Operating Income, and FFO and Adjusted
FFO available to common stockholders and unitholders to Net Income,
see “Reconciliation of Forward-Looking Statements.”
Capital Expenditures Update
As of September 30, 2024, full year 2024 capital expenditures are
estimated to be $400 million to $450 million, an increase from the
previously provided range of $375 million to $425 million.
Dividend Update
On October 15, 2024, the Company paid the previously announced
quarterly cash dividend of $1.10 per common share, which was paid
to stockholders of record as of September 30, 2024.
Today, the Company declared its fourth quarter
2024 cash dividend of $1.15 per share of common stock, payable on
January 15, 2025, to stockholders of record as of December 31,
2024. The Company’s dividend policy provides that it will
distribute minimum dividends of 100% of REIT taxable income
annually. Future dividends are subject to the Board’s future
determinations as to amount and timing.
Balance Sheet/Liquidity
Update
As of September 30, 2024, the Company had unrestricted cash of
$534.9 million and total debt outstanding of $3,373.4 million, net
of unamortized deferred financing costs. As of September 30, 2024,
there were no amounts drawn under the Company’s revolving credit
facility, $16.0 million was drawn under OEG’s revolving credit
facility, and the lending banks had issued $4.3 million in letters
of credit under the Company’s revolving credit facility, which left
$759.7 million of aggregate borrowing availability under the
Company’s revolving credit facility and OEG’s revolving credit
facility.
Earnings Call Information
Ryman Hospitality Properties will hold a conference call to discuss
this release tomorrow, November 5, 2024, at 11:00 a.m. ET.
Investors can listen to the conference call over the Internet at
www.rymanhp.com. To listen to the live call, please go to the
Investor Relations section of the website (Investor Relations/News
& Events/Events & Presentation) at least 15 minutes prior
to the call to register and download any necessary audio software.
For those who cannot listen to the live broadcast, a replay will be
available shortly after the call and will be available for at least
30 days.
About Ryman Hospitality Properties,
Inc.
Ryman Hospitality Properties, Inc. (NYSE: RHP) is a leading lodging
and hospitality real estate investment trust that specializes in
upscale convention center resorts and entertainment experiences.
The Company’s holdings include Gaylord Opryland Resort &
Convention Center; Gaylord Palms Resort & Convention Center;
Gaylord Texan Resort & Convention Center; Gaylord National
Resort & Convention Center; and Gaylord Rockies Resort &
Convention Center, five of the top seven largest non-gaming
convention center hotels in the United States based on total indoor
meeting space. The Company also owns the JW Marriott San Antonio
Hill Country Resort & Spa as well as two ancillary hotels
adjacent to our Gaylord Hotels properties. The Company’s hotel
portfolio is managed by Marriott International and includes a
combined total of 11,414 rooms as well as more than 3 million
square feet of total indoor and outdoor meeting space in top
convention and leisure destinations across the country. RHP also
owns a 70% controlling ownership interest in Opry Entertainment
Group (OEG), which is composed of entities owning a growing
collection of iconic and emerging country music brands, including
the Grand Ole Opry, Ryman Auditorium, WSM 650 AM, Ole Red,
Nashville-area attractions, and Block 21, a mixed-use
entertainment, lodging, office and retail complex, including the W
Austin Hotel and the ACL Live at the Moody Theater, located in
downtown Austin, Texas. RHP operates OEG as its Entertainment
segment in a taxable REIT subsidiary, and its results are
consolidated in the Company’s financial results.
Cautionary Note Regarding
Forward-Looking Statements
This press release contains statements as to the Company’s beliefs
and expectations of the outcome of future events that are
forward-looking statements as defined in the Private Securities
Litigation Reform Act of 1995. You can identify these statements by
the fact that they do not relate strictly to historical or current
facts. Examples of these statements include, but are not limited
to, statements regarding the future performance of the Company’s
business, anticipated business levels and anticipated financial
results for the Company during future periods, the Company’s
expected cash dividend, and other business or operational issues.
These forward-looking statements are subject to risks and
uncertainties that could cause actual results to differ materially
from the statements made. These include the risks and uncertainties
associated with economic conditions affecting the hospitality
business generally, the geographic concentration of the Company’s
hotel properties, business levels at the Company’s hotels, the
effects of inflation on the Company’s business, including the
effects on costs of labor and supplies and effects on group
customers at the Company’s hotels and customers in OEG’s
businesses, the Company’s ability to remain qualified as a REIT,
the Company’s ability to execute our strategic goals as a REIT, the
Company’s ability to generate cash flows to support dividends,
future board determinations regarding the timing and amount of
dividends and changes to the dividend policy, the Company’s ability
to borrow funds pursuant to its credit agreements and to refinance
indebtedness and/or to successfully amend the agreements governing
its indebtedness in the future, and changes in interest rates.
Other factors that could cause operating and financial results to
differ are described in the filings made from time to time by the
Company with the U.S. Securities and Exchange
Commission (SEC) and include the risk factors and other risks
and uncertainties described in the Company’s Annual Report on Form
10-K for the fiscal year ended December 31, 2023, and
subsequent filings. The Company does not undertake any obligation
to release publicly any revisions to forward-looking statements
made by it to reflect events or circumstances occurring after the
date hereof or the occurrence of unanticipated events.
Additional Information
This release should be read in conjunction with the consolidated
financial statements and notes thereto included in our most recent
Annual Report on Form 10-K. Copies of our reports are available on
our website at no expense at www.rymanhp.com and through the SEC’s
Electronic Data Gathering Analysis and Retrieval System (“EDGAR”)
at www.sec.gov.
Calculation of RevPAR and Total
RevPAR
We calculate revenue per available room (“RevPAR”) for our hotels
by dividing room revenue by room nights available to guests for the
period. We calculate total revenue per available room (“Total
RevPAR”) for our hotels by dividing the sum of room revenue, food
& beverage, and other ancillary services revenue by room nights
available to guests for the period. Hospitality metrics do not
include the results of the W Austin, which is included in the
Entertainment segment.
Calculation of GAAP Margin
Figures
We calculate Net Income available to common stockholders margin by
dividing GAAP consolidated Net Income available to common
stockholders by GAAP consolidated Total Revenue. We calculate
consolidated, segment or property-level Operating Income Margin by
dividing consolidated, segment or property-level GAAP Operating
Income by consolidated, segment or property-level GAAP Revenue.
Non-GAAP Financial
Measures
We present the following non-GAAP financial measures we believe are
useful to investors as key measures of our operating
performance:
EBITDAre,
Adjusted EBITDAre and
Adjusted EBITDAre,
Excluding Noncontrolling Interest in Consolidated Joint
Venture Definition
We calculate EBITDAre, which is defined by the
National Association of Real Estate Investment Trusts (“NAREIT”) in
its September 2017 white paper as Net Income (calculated in
accordance with GAAP) plus interest expense, income tax expense,
depreciation and amortization, gains or losses on the disposition
of depreciated property (including gains or losses on change in
control), impairment write-downs of depreciated property and of
investments in unconsolidated affiliates caused by a decrease in
the value of depreciated property of the affiliate, and adjustments
to reflect the entity’s share of EBITDAre of
unconsolidated affiliates.
Adjusted EBITDAre is then calculated as
EBITDAre, plus to the extent the following adjustments
occurred during the periods presented:
- preopening costs;
- non-cash lease expense;
- equity-based compensation
expense;
- impairment charges that do not meet
the NAREIT definition above;
- credit losses on held-to-maturity
securities;
- transaction costs of
acquisitions;
- interest income on bonds;
- loss on extinguishment of
debt;
- pension settlement charges;
- pro rata Adjusted
EBITDAre from unconsolidated joint ventures; and
- any other adjustments we have
identified herein.
We then exclude the pro rata share of Adjusted
EBITDAre related to noncontrolling interests in
consolidated joint ventures to calculate Adjusted
EBITDAre, Excluding Noncontrolling Interest in
Consolidated Joint Venture.
We use EBITDAre, Adjusted
EBITDAre and Adjusted EBITDAre, Excluding
Noncontrolling Interest in Consolidated Joint Venture and segment
or property-level EBITDAre and Adjusted EBITDAre
to evaluate our operating performance. We believe that the
presentation of these non-GAAP financial measures provides useful
information to investors regarding our operating performance and
debt leverage metrics, and that the presentation of these non-GAAP
financial measures, when combined with the primary GAAP
presentation of Net Income or Operating Income, as applicable, is
beneficial to an investor’s complete understanding of our operating
performance. We make additional adjustments to
EBITDAre when evaluating our performance because we
believe that presenting Adjusted EBITDAre and
Adjusted EBITDAre, Excluding Noncontrolling Interest in
Consolidated Joint Venture provides useful information to investors
regarding our operating performance and debt leverage metrics.
Adjusted EBITDAre Margin and
Adjusted EBITDAre, Excluding Noncontrolling Interest in
Consolidated Joint Venture Margin Definition
We calculate consolidated Adjusted EBITDAre, Excluding
Noncontrolling Interest in Consolidated Joint Venture Margin by
dividing consolidated Adjusted EBITDAre, Excluding
Noncontrolling Interest in Consolidated Joint Venture by GAAP
consolidated Total Revenue. We calculate consolidated, segment or
property-level Adjusted EBITDAre Margin by dividing
consolidated, segment-, or property-level Adjusted
EBITDAre by consolidated, segment-, or property-level GAAP
Revenue. We believe Adjusted EBITDAre, Excluding
Noncontrolling Interest in Consolidated Joint Venture Margin is
useful to investors in evaluating our operating performance because
this non-GAAP financial measure helps investors evaluate and
compare the results of our operations from period to period by
presenting a ratio showing the quantitative relationship between
Adjusted EBITDAre, Excluding Noncontrolling Interest in
Consolidated Joint Venture and GAAP consolidated Total Revenue or
segment or property-level GAAP Revenue, as applicable.
FFO, Adjusted FFO, and Adjusted FFO
available to common stockholders and unit holders
Definition
The Company calculates FFO, which definition is clarified by
NAREIT in its December 2018 white paper as Net
Income (calculated in accordance with GAAP) excluding depreciation
and amortization (excluding amortization of deferred financing
costs and debt discounts), gains and losses from the sale of
certain real estate assets, gains and losses from a change in
control, impairment write-downs of certain real estate assets and
investments in entities when the impairment is directly
attributable to decreases in the value of depreciated real estate
held by the entity, income (loss) from consolidated joint ventures
attributable to noncontrolling interest, and pro rata adjustments
from unconsolidated joint ventures.
To calculate adjusted FFO available to common stockholders and
unit holders, the Company then excludes, to the extent the
following adjustments occurred during the periods presented:
- right-of-use asset
amortization;
- impairment charges that do not meet
the NAREIT definition above;
- write-offs of deferred financing
costs;
- amortization of debt discounts or
premiums and amortization of deferred financing costs;
- loss on extinguishment of debt;
- non-cash lease expense;
- credit loss on held-to-maturity
securities;
- pension settlement charges;
- additional pro rata adjustments from
unconsolidated joint ventures;
- (gains) losses on other assets;
- transaction costs on
acquisitions;
- deferred income tax expense
(benefit); and
- any other adjustments the Company
has identified herein.
FFO available to common stockholders and unit holders and
adjusted FFO available to common stockholders and unit holders
exclude the ownership portion of the joint ventures not controlled
or owned by the Company.
The Company presents adjusted FFO available to common
stockholders and unit holders per diluted share/unit as a non-GAAP
measure of its performance in addition to its net income available
to common stockholders per diluted share (calculated in accordance
with GAAP). The Company calculates adjusted FFO available to common
stockholders and unit holders per diluted share/unit as its
adjusted FFO (defined as set forth above) for a given operating
period, as adjusted for the effect of dilutive securities, divided
by the number of diluted shares and units outstanding during such
period.
The Company believes that the presentation of these non-GAAP
financial measures provides useful information to investors
regarding the performance of its ongoing operations because each
presents a measure of the Company’s operations without regard to
specified non-cash items such as real estate depreciation and
amortization, gain or loss on sale of assets and certain other
items, which the Company believes are not indicative of the
performance of its underlying hotel properties. The Company
believes that these items are more representative of its asset base
than its ongoing operations. The Company also uses these non-GAAP
financial measures as measures in determining its results after
considering the impact of its capital structure.
The Company cautions investors that non-GAAP financial measures
it presents may not be comparable to similar measures disclosed by
other companies, because not all companies calculate these non-GAAP
measures in the same manner. The non-GAAP financial measures the
Company presents, and any related per share measures, should not be
considered as alternative measures of the Company’s Net Income,
operating performance, cash flow or liquidity. These non-GAAP
financial measures may include funds that may not be available for
the Company’s discretionary use due to functional requirements to
conserve funds for capital expenditures and property acquisitions
and other commitments and uncertainties. Although the Company
believes that these non-GAAP financial measures can enhance an
investor’s understanding of its results of operations, these
non-GAAP financial measures, when viewed individually, are not
necessarily better indicators of any trend as compared to GAAP
measures such as Net Income (Loss), Operating Income (Loss), or
cash flow from operations.
|
|
|
|
Investor Relations Contacts: |
Media Contacts: |
|
Mark Fioravanti, President and Chief Executive Officer |
Shannon Sullivan, Vice President Corporate and Brand
Communications |
|
Ryman Hospitality Properties, Inc. |
Ryman Hospitality Properties, Inc. |
|
(615) 316-6588 |
(615) 316-6725 |
|
mfioravanti@rymanhp.com |
ssullivan@rymanhp.com |
|
~or~ |
|
|
Jennifer Hutcheson, Chief Financial Officer |
|
|
Ryman Hospitality Properties, Inc. |
|
|
(615) 316-6320 |
|
|
jhutcheson@rymanhp.com |
|
|
~or~ |
|
|
Sarah Martin, Vice President Investor Relations |
|
|
Ryman Hospitality Properties, Inc. |
|
|
(615) 316-6011 |
|
|
sarah.martin@rymanhp.com |
|
RYMAN HOSPITALITY PROPERTIES, INC. AND
SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS
Unaudited
(In thousands, except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
|
September 30, |
|
September 30, |
|
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms |
|
$ |
184,154 |
|
|
$ |
180,309 |
|
|
$ |
557,284 |
|
|
$ |
510,052 |
|
|
Food and beverage |
|
|
224,835 |
|
|
|
202,850 |
|
|
|
719,304 |
|
|
|
616,562 |
|
|
Other hotel revenue |
|
|
58,054 |
|
|
|
63,039 |
|
|
|
171,012 |
|
|
|
161,708 |
|
|
Entertainment |
|
|
82,915 |
|
|
|
82,313 |
|
|
|
243,993 |
|
|
|
236,751 |
|
|
Total revenues |
|
|
549,958 |
|
|
|
528,511 |
|
|
|
1,691,593 |
|
|
|
1,525,073 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms |
|
|
45,129 |
|
|
|
45,879 |
|
|
|
134,292 |
|
|
|
128,210 |
|
|
Food and beverage |
|
|
127,040 |
|
|
|
117,435 |
|
|
|
387,588 |
|
|
|
339,642 |
|
|
Other hotel expenses |
|
|
123,716 |
|
|
|
122,748 |
|
|
|
360,298 |
|
|
|
330,397 |
|
|
Management fees, net |
|
|
16,889 |
|
|
|
15,947 |
|
|
|
56,300 |
|
|
|
46,560 |
|
|
Total hotel operating expenses |
|
|
312,774 |
|
|
|
302,009 |
|
|
|
938,478 |
|
|
|
844,809 |
|
|
Entertainment |
|
|
61,659 |
|
|
|
56,222 |
|
|
|
173,806 |
|
|
|
164,744 |
|
|
Corporate |
|
|
9,724 |
|
|
|
10,103 |
|
|
|
31,080 |
|
|
|
30,582 |
|
|
Preopening costs |
|
|
870 |
|
|
|
168 |
|
|
|
3,361 |
|
|
|
425 |
|
|
Gain on sale of assets |
|
|
– |
|
|
|
– |
|
|
|
(270 |
) |
|
|
– |
|
|
Depreciation and amortization |
|
|
59,051 |
|
|
|
58,086 |
|
|
|
174,806 |
|
|
|
154,700 |
|
|
Total operating expenses |
|
|
444,078 |
|
|
|
426,588 |
|
|
|
1,321,261 |
|
|
|
1,195,260 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income |
|
|
105,880 |
|
|
|
101,923 |
|
|
|
370,332 |
|
|
|
329,813 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net of amounts capitalized |
|
|
(54,546 |
) |
|
|
(58,521 |
) |
|
|
(171,566 |
) |
|
|
(150,228 |
) |
|
Interest income |
|
|
7,219 |
|
|
|
6,112 |
|
|
|
21,805 |
|
|
|
13,977 |
|
|
Loss on extinguishment of debt |
|
|
– |
|
|
|
– |
|
|
|
(2,319 |
) |
|
|
(2,252 |
) |
|
Income (loss) from unconsolidated joint ventures |
|
|
9 |
|
|
|
(12,566 |
) |
|
|
224 |
|
|
|
(17,525 |
) |
|
Other gains and (losses), net |
|
|
2,758 |
|
|
|
5,993 |
|
|
|
3,075 |
|
|
|
5,470 |
|
|
Income before income taxes |
|
|
61,320 |
|
|
|
42,941 |
|
|
|
221,551 |
|
|
|
179,255 |
|
|
Provision for income taxes |
|
|
(922 |
) |
|
|
(2,156 |
) |
|
|
(13,652 |
) |
|
|
(7,333 |
) |
|
Net income |
|
|
60,398 |
|
|
|
40,785 |
|
|
|
207,899 |
|
|
|
171,922 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (income) loss attributable to noncontrolling interest in
consolidated joint venture |
|
|
(997 |
) |
|
|
715 |
|
|
|
(3,688 |
) |
|
|
(1,656 |
) |
|
Net income attributable to noncontrolling interest in Operating
Partnership |
|
|
(390 |
) |
|
|
(273 |
) |
|
|
(1,339 |
) |
|
|
(1,176 |
) |
|
Net income available to common stockholders |
|
$ |
59,011 |
|
|
$ |
41,227 |
|
|
$ |
202,872 |
|
|
$ |
169,090 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic income per share available to common stockholders |
|
$ |
0.99 |
|
|
$ |
0.69 |
|
|
$ |
3.39 |
|
|
$ |
2.96 |
|
|
Diluted income per share available to common stockholders
(1) |
|
$ |
0.94 |
|
|
$ |
0.64 |
|
|
$ |
3.25 |
|
|
$ |
2.78 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares for the period: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
59,900 |
|
|
|
59,707 |
|
|
|
59,845 |
|
|
|
57,089 |
|
|
Diluted (1) |
|
|
63,901 |
|
|
|
63,620 |
|
|
|
63,535 |
|
|
|
61,391 |
|
(1) Diluted weighted average common shares for the three and
nine months ended September 30, 2024 include 3.8 million and 3.4
million, respectively, and the three and nine months ended
September 30, 2023 include 3.7 million and 4.1 million,
respectively, in equivalent shares related to the currently
unexercisable investor put rights associated with the
noncontrolling interest in the Company’s OEG business, which may be
settled in cash or shares at the Company’s option.
RYMAN HOSPITALITY PROPERTIES, INC. AND
SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
Unaudited
(In thousands) |
|
|
|
|
|
|
|
|
|
|
|
September 30, |
|
December 31, |
|
|
|
2024 |
|
2023 |
|
ASSETS: |
|
|
|
|
|
|
|
Property and equipment, net of accumulated depreciation |
|
$ |
4,092,234 |
|
$ |
3,955,586 |
|
Cash and cash equivalents - unrestricted |
|
|
534,931 |
|
|
591,833 |
|
Cash and cash equivalents - restricted |
|
|
36,000 |
|
|
108,608 |
|
Notes receivable, net |
|
|
56,635 |
|
|
61,760 |
|
Trade receivables, net |
|
|
107,302 |
|
|
110,029 |
|
Deferred income tax assets, net |
|
|
70,055 |
|
|
81,624 |
|
Prepaid expenses and other assets |
|
|
189,084 |
|
|
154,810 |
|
Intangible assets, net |
|
|
118,253 |
|
|
124,287 |
|
Total assets |
|
$ |
5,204,494 |
|
$ |
5,188,537 |
|
|
|
|
|
|
|
|
|
LIABILITIES AND EQUITY: |
|
|
|
|
|
|
|
Debt and finance lease obligations |
|
$ |
3,373,442 |
|
$ |
3,377,028 |
|
Accounts payable and accrued liabilities |
|
|
472,722 |
|
|
464,720 |
|
Dividends payable |
|
|
68,005 |
|
|
67,932 |
|
Deferred management rights proceeds |
|
|
164,860 |
|
|
165,174 |
|
Operating lease liabilities |
|
|
130,289 |
|
|
129,122 |
|
Other liabilities |
|
|
67,367 |
|
|
66,658 |
|
Noncontrolling interest in consolidated joint venture |
|
|
372,274 |
|
|
345,126 |
|
Total equity |
|
|
555,535 |
|
|
572,777 |
|
Total liabilities and equity |
|
$ |
5,204,494 |
|
$ |
5,188,537 |
RYMAN HOSPITALITY PROPERTIES, INC. AND
SUBSIDIARIES
SUPPLEMENTAL FINANCIAL RESULTS
ADJUSTED EBITDAre
RECONCILIATION
Unaudited
(In thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
|
September 30, |
|
September 30, |
|
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
|
|
$ |
|
Margin |
|
$ |
|
Margin |
|
$ |
|
Margin |
|
$ |
|
Margin |
|
Consolidated: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
$ |
549,958 |
|
|
|
|
|
$ |
528,511 |
|
|
|
|
|
$ |
1,691,593 |
|
|
|
|
|
$ |
1,525,073 |
|
|
|
|
|
Net income |
|
$ |
60,398 |
|
|
11.0 |
% |
|
$ |
40,785 |
|
|
7.7 |
% |
|
$ |
207,899 |
|
|
12.3 |
% |
|
$ |
171,922 |
|
|
11.3 |
% |
|
Interest expense, net |
|
|
47,327 |
|
|
|
|
|
|
52,409 |
|
|
|
|
|
|
149,761 |
|
|
|
|
|
|
136,251 |
|
|
|
|
|
Provision for income taxes |
|
|
922 |
|
|
|
|
|
|
2,156 |
|
|
|
|
|
|
13,652 |
|
|
|
|
|
|
7,333 |
|
|
|
|
|
Depreciation and amortization |
|
|
59,051 |
|
|
|
|
|
|
58,086 |
|
|
|
|
|
|
174,806 |
|
|
|
|
|
|
154,700 |
|
|
|
|
|
Gain on sale of assets |
|
|
– |
|
|
|
|
|
|
– |
|
|
|
|
|
|
(270 |
) |
|
|
|
|
|
– |
|
|
|
|
|
Pro rata EBITDAre from unconsolidated joint ventures |
|
|
1 |
|
|
|
|
|
|
5 |
|
|
|
|
|
|
5 |
|
|
|
|
|
|
22 |
|
|
|
|
|
EBITDAre |
|
|
167,699 |
|
|
30.5 |
% |
|
|
153,441 |
|
|
29.0 |
% |
|
|
545,853 |
|
|
32.3 |
% |
|
|
470,228 |
|
|
30.8 |
% |
|
Preopening costs |
|
|
870 |
|
|
|
|
|
|
168 |
|
|
|
|
|
|
3,361 |
|
|
|
|
|
|
425 |
|
|
|
|
|
Non-cash lease expense |
|
|
1,046 |
|
|
|
|
|
|
1,495 |
|
|
|
|
|
|
2,904 |
|
|
|
|
|
|
4,495 |
|
|
|
|
|
Equity-based compensation expense |
|
|
3,479 |
|
|
|
|
|
|
3,940 |
|
|
|
|
|
|
10,724 |
|
|
|
|
|
|
11,480 |
|
|
|
|
|
Pension settlement charge |
|
|
597 |
|
|
|
|
|
|
– |
|
|
|
|
|
|
597 |
|
|
|
|
|
|
– |
|
|
|
|
|
Interest income on Gaylord National bonds |
|
|
1,113 |
|
|
|
|
|
|
1,201 |
|
|
|
|
|
|
3,503 |
|
|
|
|
|
|
3,742 |
|
|
|
|
|
Loss on extinguishment of debt |
|
|
– |
|
|
|
|
|
|
– |
|
|
|
|
|
|
2,319 |
|
|
|
|
|
|
2,252 |
|
|
|
|
|
Pro rata adjusted EBITDAre from unconsolidated joint
ventures |
|
|
(1 |
) |
|
|
|
|
|
10,629 |
|
|
|
|
|
|
(198 |
) |
|
|
|
|
|
10,629 |
|
|
|
|
|
Adjusted EBITDAre |
|
|
174,803 |
|
|
31.8 |
% |
|
|
170,874 |
|
|
32.3 |
% |
|
|
569,063 |
|
|
33.6 |
% |
|
|
503,251 |
|
|
33.0 |
% |
|
Adjusted EBITDAre of noncontrolling interest in
consolidated joint venture |
|
|
(6,735 |
) |
|
|
|
|
|
(7,686 |
) |
|
|
|
|
|
(22,119 |
) |
|
|
|
|
|
(20,801 |
) |
|
|
|
|
Adjusted EBITDAre, excluding noncontrolling interest in
consolidated joint venture |
|
$ |
168,068 |
|
|
30.6 |
% |
|
$ |
163,188 |
|
|
30.9 |
% |
|
$ |
546,944 |
|
|
32.3 |
% |
|
$ |
482,450 |
|
|
31.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hospitality segment: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
$ |
467,043 |
|
|
|
|
|
$ |
446,198 |
|
|
|
|
|
$ |
1,447,600 |
|
|
|
|
|
$ |
1,288,322 |
|
|
|
|
|
Operating income |
|
$ |
102,781 |
|
|
22.0 |
% |
|
$ |
91,723 |
|
|
20.6 |
% |
|
$ |
356,851 |
|
|
24.7 |
% |
|
$ |
305,526 |
|
|
23.7 |
% |
|
Depreciation and amortization |
|
|
51,488 |
|
|
|
|
|
|
52,466 |
|
|
|
|
|
|
152,271 |
|
|
|
|
|
|
137,987 |
|
|
|
|
|
Non-cash lease expense |
|
|
984 |
|
|
|
|
|
|
1,020 |
|
|
|
|
|
|
2,949 |
|
|
|
|
|
|
3,057 |
|
|
|
|
|
Interest income on Gaylord National bonds |
|
|
1,113 |
|
|
|
|
|
|
1,201 |
|
|
|
|
|
|
3,503 |
|
|
|
|
|
|
3,742 |
|
|
|
|
|
Other gains and (losses), net |
|
|
3,203 |
|
|
|
|
|
|
6,134 |
|
|
|
|
|
|
3,203 |
|
|
|
|
|
|
6,134 |
|
|
|
|
|
Adjusted EBITDAre |
|
$ |
159,569 |
|
|
34.2 |
% |
|
$ |
152,544 |
|
|
34.2 |
% |
|
$ |
518,777 |
|
|
35.8 |
% |
|
$ |
456,446 |
|
|
35.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same-Store Hospitality segment:
(1) |
|
|
Revenue |
|
$ |
412,770 |
|
|
|
|
|
$ |
396,172 |
|
|
|
|
|
$ |
1,280,536 |
|
|
|
|
|
$ |
1,237,575 |
|
|
|
|
|
Operating income |
|
$ |
92,805 |
|
|
22.5 |
% |
|
$ |
83,847 |
|
|
21.2 |
% |
|
$ |
322,303 |
|
|
25.2 |
% |
|
$ |
297,422 |
|
|
24.0 |
% |
|
Depreciation and amortization |
|
|
43,915 |
|
|
|
|
|
|
42,965 |
|
|
|
|
|
|
129,830 |
|
|
|
|
|
|
128,486 |
|
|
|
|
|
Non-cash lease expense |
|
|
984 |
|
|
|
|
|
|
1,020 |
|
|
|
|
|
|
2,949 |
|
|
|
|
|
|
3,057 |
|
|
|
|
|
Interest income on Gaylord National bonds |
|
|
1,113 |
|
|
|
|
|
|
1,201 |
|
|
|
|
|
|
3,503 |
|
|
|
|
|
|
3,742 |
|
|
|
|
|
Other gains and (losses), net |
|
|
3,203 |
|
|
|
|
|
|
6,134 |
|
|
|
|
|
|
3,203 |
|
|
|
|
|
|
6,134 |
|
|
|
|
|
Adjusted EBITDAre |
|
$ |
142,020 |
|
|
34.4 |
% |
|
$ |
135,167 |
|
|
34.1 |
% |
|
$ |
461,788 |
|
|
36.1 |
% |
|
$ |
438,841 |
|
|
35.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Entertainment segment: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
$ |
82,915 |
|
|
|
|
|
$ |
82,313 |
|
|
|
|
|
$ |
243,993 |
|
|
|
|
|
$ |
236,751 |
|
|
|
|
|
Operating income |
|
$ |
13,050 |
|
|
15.7 |
% |
|
$ |
20,523 |
|
|
24.9 |
% |
|
$ |
44,984 |
|
|
18.4 |
% |
|
$ |
55,515 |
|
|
23.4 |
% |
|
Depreciation and amortization |
|
|
7,336 |
|
|
|
|
|
|
5,400 |
|
|
|
|
|
|
21,842 |
|
|
|
|
|
|
16,067 |
|
|
|
|
|
Preopening costs |
|
|
870 |
|
|
|
|
|
|
168 |
|
|
|
|
|
|
3,361 |
|
|
|
|
|
|
425 |
|
|
|
|
|
Non-cash lease (revenue) expense |
|
|
62 |
|
|
|
|
|
|
475 |
|
|
|
|
|
|
(45 |
) |
|
|
|
|
|
1,438 |
|
|
|
|
|
Equity-based compensation |
|
|
989 |
|
|
|
|
|
|
984 |
|
|
|
|
|
|
2,882 |
|
|
|
|
|
|
2,810 |
|
|
|
|
|
Other gains and (losses), net |
|
|
135 |
|
|
|
|
|
|
– |
|
|
|
|
|
|
680 |
|
|
|
|
|
|
– |
|
|
|
|
|
Pro rata adjusted EBITDAre from unconsolidated joint
ventures |
|
|
9 |
|
|
|
|
|
|
(1,932 |
) |
|
|
|
|
|
30 |
|
|
|
|
|
|
(6,875 |
) |
|
|
|
|
Adjusted EBITDAre |
|
$ |
22,451 |
|
|
27.1 |
% |
|
$ |
25,618 |
|
|
31.1 |
% |
|
$ |
73,734 |
|
|
30.2 |
% |
|
$ |
69,380 |
|
|
29.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate and Other segment: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating loss |
|
$ |
(9,951 |
) |
|
|
|
|
$ |
(10,323 |
) |
|
|
|
|
$ |
(31,503 |
) |
|
|
|
|
$ |
(31,228 |
) |
|
|
|
|
Depreciation and amortization |
|
|
227 |
|
|
|
|
|
|
220 |
|
|
|
|
|
|
693 |
|
|
|
|
|
|
646 |
|
|
|
|
|
Other gains and (losses), net |
|
|
(580 |
) |
|
|
|
|
|
(141 |
) |
|
|
|
|
|
(807 |
) |
|
|
|
|
|
(663 |
) |
|
|
|
|
Equity-based compensation |
|
|
2,490 |
|
|
|
|
|
|
2,956 |
|
|
|
|
|
|
7,842 |
|
|
|
|
|
|
8,670 |
|
|
|
|
|
Gain on sale of assets |
|
|
– |
|
|
|
|
|
|
– |
|
|
|
|
|
|
(270 |
) |
|
|
|
|
|
– |
|
|
|
|
|
Pension settlement charge |
|
|
597 |
|
|
|
|
|
|
– |
|
|
|
|
|
|
597 |
|
|
|
|
|
|
– |
|
|
|
|
|
Adjusted EBITDAre |
|
$ |
(7,217 |
) |
|
|
|
|
$ |
(7,288 |
) |
|
|
|
|
$ |
(23,448 |
) |
|
|
|
|
$ |
(22,575 |
) |
|
|
|
(1) Same-Store Hospitality segment excludes JW Marriott Hill
Country, which was acquired on June 30, 2023.
RYMAN HOSPITALITY PROPERTIES, INC. AND
SUBSIDIARIES
SUPPLEMENTAL FINANCIAL RESULTS
FUNDS FROM OPERATIONS (“FFO”) AND ADJUSTED FFO
RECONCILIATION
Unaudited
(In thousands, except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
|
September 30, |
|
September 30, |
|
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
Net income |
|
$ |
60,398 |
|
|
$ |
40,785 |
|
|
$ |
207,899 |
|
|
$ |
171,922 |
|
|
Noncontrolling interest in consolidated joint venture |
|
|
(997 |
) |
|
|
715 |
|
|
|
(3,688 |
) |
|
|
(1,656 |
) |
|
Net income available to common stockholders and unit holders |
|
|
59,401 |
|
|
|
41,500 |
|
|
|
204,211 |
|
|
|
170,266 |
|
|
Depreciation and amortization |
|
|
59,004 |
|
|
|
58,028 |
|
|
|
174,664 |
|
|
|
154,581 |
|
|
Adjustments for noncontrolling interest |
|
|
(2,201 |
) |
|
|
(1,620 |
) |
|
|
(6,553 |
) |
|
|
(4,820 |
) |
|
Pro rata adjustments from joint ventures |
|
|
1 |
|
|
|
23 |
|
|
|
3 |
|
|
|
69 |
|
|
FFO available to common stockholders and unit holders |
|
|
116,205 |
|
|
|
97,931 |
|
|
|
372,325 |
|
|
|
320,096 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Right-of-use asset amortization |
|
|
47 |
|
|
|
58 |
|
|
|
142 |
|
|
|
119 |
|
|
Non-cash lease expense |
|
|
1,046 |
|
|
|
1,495 |
|
|
|
2,904 |
|
|
|
4,495 |
|
|
Pension settlement charge |
|
|
597 |
|
|
|
– |
|
|
|
597 |
|
|
|
– |
|
|
Pro rata adjustments from joint ventures |
|
|
(1 |
) |
|
|
10,629 |
|
|
|
(198 |
) |
|
|
10,629 |
|
|
Gain on other assets |
|
|
– |
|
|
|
– |
|
|
|
(270 |
) |
|
|
– |
|
|
Amortization of deferred financing costs |
|
|
2,647 |
|
|
|
2,682 |
|
|
|
7,995 |
|
|
|
7,989 |
|
|
Amortization of debt discounts and premiums |
|
|
545 |
|
|
|
637 |
|
|
|
1,852 |
|
|
|
1,688 |
|
|
Loss on extinguishment of debt |
|
|
– |
|
|
|
– |
|
|
|
2,319 |
|
|
|
2,252 |
|
|
Adjustments for noncontrolling interest |
|
|
(902 |
) |
|
|
(3,616 |
) |
|
|
(2,020 |
) |
|
|
(4,898 |
) |
|
Deferred tax provision |
|
|
51 |
|
|
|
1,463 |
|
|
|
10,715 |
|
|
|
4,894 |
|
|
Adjusted FFO available to common stockholders and unit holders |
|
$ |
120,235 |
|
|
$ |
111,279 |
|
|
$ |
396,361 |
|
|
$ |
347,264 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net income per share |
|
$ |
0.99 |
|
|
$ |
0.69 |
|
|
$ |
3.39 |
|
|
$ |
2.96 |
|
|
Diluted net income per share |
|
$ |
0.94 |
|
|
$ |
0.64 |
|
|
$ |
3.25 |
|
|
$ |
2.78 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FFO available to common stockholders and unit holders per basic
share/unit |
|
$ |
1.93 |
|
|
$ |
1.63 |
|
|
$ |
6.18 |
|
|
$ |
5.57 |
|
|
Adjusted FFO available to common stockholders and unit holders per
basic share/unit |
|
$ |
1.99 |
|
|
$ |
1.85 |
|
|
$ |
6.58 |
|
|
$ |
6.04 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FFO available to common stockholders and unit holders per diluted
share/unit (1) |
|
$ |
1.86 |
|
|
$ |
1.54 |
|
|
$ |
5.98 |
|
|
$ |
5.29 |
|
|
Adjusted FFO available to common stockholders and unit holders per
diluted share/unit (1) |
|
$ |
1.93 |
|
|
$ |
1.81 |
|
|
$ |
6.39 |
|
|
$ |
5.80 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares and OP units for the period: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
60,295 |
|
|
|
60,102 |
|
|
|
60,240 |
|
|
|
57,484 |
|
|
Diluted (1) |
|
|
64,296 |
|
|
|
64,015 |
|
|
|
63,930 |
|
|
|
61,786 |
|
(1) Diluted weighted average common shares and OP units for the
three and nine months ended September 30, 2024 include 3.8 million
and 3.4 million, respectively, and the three and nine months ended
September 30, 2023 include 3.7 million and 4.1 million,
respectively, in equivalent shares related to the currently
unexercisable investor put rights associated with the
noncontrolling interest in the Company’s OEG business, which may be
settled in cash or shares at the Company’s option.
RYMAN HOSPITALITY PROPERTIES, INC. AND
SUBSIDIARIES
SUPPLEMENTAL FINANCIAL RESULTS
HOSPITALITY SEGMENT ADJUSTED EBITDAre RECONCILIATION AND
OPERATING METRICS
Unaudited
(In thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
|
September 30, |
|
September 30, |
|
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
|
|
$ |
|
Margin |
|
$ |
|
Margin |
|
$ |
|
Margin |
|
$ |
|
Margin |
|
Hospitality segment: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
$ |
467,043 |
|
|
|
|
|
$ |
446,198 |
|
|
|
|
|
$ |
1,447,600 |
|
|
|
|
|
$ |
1,288,322 |
|
|
|
|
|
Operating income |
|
$ |
102,781 |
|
|
22.0 |
% |
|
$ |
91,723 |
|
|
20.6 |
% |
|
$ |
356,851 |
|
|
24.7 |
% |
|
$ |
305,526 |
|
|
23.7 |
% |
|
Depreciation and amortization |
|
|
51,488 |
|
|
|
|
|
|
52,466 |
|
|
|
|
|
|
152,271 |
|
|
|
|
|
|
137,987 |
|
|
|
|
|
Non-cash lease expense |
|
|
984 |
|
|
|
|
|
|
1,020 |
|
|
|
|
|
|
2,949 |
|
|
|
|
|
|
3,057 |
|
|
|
|
|
Interest income on Gaylord National bonds |
|
|
1,113 |
|
|
|
|
|
|
1,201 |
|
|
|
|
|
|
3,503 |
|
|
|
|
|
|
3,742 |
|
|
|
|
|
Other gains and (losses), net |
|
|
3,203 |
|
|
|
|
|
|
6,134 |
|
|
|
|
|
|
3,203 |
|
|
|
|
|
|
6,134 |
|
|
|
|
|
Adjusted EBITDAre |
|
$ |
159,569 |
|
|
34.2 |
% |
|
$ |
152,544 |
|
|
34.2 |
% |
|
$ |
518,777 |
|
|
35.8 |
% |
|
$ |
456,446 |
|
|
35.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performance metrics: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
|
69.5 |
|
% |
|
|
|
|
71.8 |
|
% |
|
|
|
|
70.0 |
|
% |
|
|
|
|
72.3 |
|
% |
|
|
|
ADR |
|
$ |
252.42 |
|
|
|
|
|
$ |
239.00 |
|
|
|
|
|
$ |
254.72 |
|
|
|
|
|
$ |
240.53 |
|
|
|
|
|
RevPAR |
|
$ |
175.37 |
|
|
|
|
|
$ |
171.71 |
|
|
|
|
|
$ |
178.19 |
|
|
|
|
|
$ |
173.80 |
|
|
|
|
|
OtherPAR |
|
$ |
269.40 |
|
|
|
|
|
$ |
253.20 |
|
|
|
|
|
$ |
284.68 |
|
|
|
|
|
$ |
265.20 |
|
|
|
|
|
Total RevPAR |
|
$ |
444.77 |
|
|
|
|
|
$ |
424.91 |
|
|
|
|
|
$ |
462.87 |
|
|
|
|
|
$ |
439.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same-Store Hospitality segment:
(1)
|
|
|
Revenue |
|
$ |
412,770 |
|
|
|
|
|
$ |
396,172 |
|
|
|
|
|
$ |
1,280,536 |
|
|
|
|
|
$ |
1,237,575 |
|
|
|
|
|
Operating income |
|
$ |
92,805 |
|
|
22.5 |
% |
|
$ |
83,847 |
|
|
21.2 |
% |
|
$ |
322,303 |
|
|
25.2 |
% |
|
$ |
297,422 |
|
|
24.0 |
% |
|
Depreciation and amortization |
|
|
43,915 |
|
|
|
|
|
|
42,965 |
|
|
|
|
|
|
129,830 |
|
|
|
|
|
|
128,486 |
|
|
|
|
|
Non-cash lease expense |
|
|
984 |
|
|
|
|
|
|
1,020 |
|
|
|
|
|
|
2,949 |
|
|
|
|
|
|
3,057 |
|
|
|
|
|
Interest income on Gaylord National bonds |
|
|
1,113 |
|
|
|
|
|
|
1,201 |
|
|
|
|
|
|
3,503 |
|
|
|
|
|
|
3,742 |
|
|
|
|
|
Other gains and (losses), net |
|
|
3,203 |
|
|
|
|
|
|
6,134 |
|
|
|
|
|
|
3,203 |
|
|
|
|
|
|
6,134 |
|
|
|
|
|
Adjusted EBITDAre |
|
$ |
142,020 |
|
|
34.4 |
% |
|
$ |
135,167 |
|
|
34.1 |
% |
|
$ |
461,788 |
|
|
36.1 |
% |
|
$ |
438,841 |
|
|
35.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performance metrics: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
|
69.1 |
|
% |
|
|
|
|
71.8 |
|
% |
|
|
|
|
69.7 |
|
% |
|
|
|
|
72.3 |
|
% |
|
|
|
ADR |
|
$ |
244.71 |
|
|
|
|
|
$ |
230.50 |
|
|
|
|
|
$ |
248.05 |
|
|
|
|
|
$ |
237.74 |
|
|
|
|
|
RevPAR |
|
$ |
168.99 |
|
|
|
|
|
$ |
165.58 |
|
|
|
|
|
$ |
173.00 |
|
|
|
|
|
$ |
171.80 |
|
|
|
|
|
OtherPAR |
|
$ |
261.92 |
|
|
|
|
|
$ |
248.00 |
|
|
|
|
|
$ |
275.86 |
|
|
|
|
|
$ |
263.59 |
|
|
|
|
|
Total RevPAR |
|
$ |
430.91 |
|
|
|
|
|
$ |
413.58 |
|
|
|
|
|
$ |
448.86 |
|
|
|
|
|
$ |
435.39 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaylord Opryland: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
$ |
122,659 |
|
|
|
|
|
$ |
111,939 |
|
|
|
|
|
$ |
356,846 |
|
|
|
|
|
$ |
334,220 |
|
|
|
|
|
Operating income |
|
$ |
36,622 |
|
|
29.9 |
% |
|
$ |
29,549 |
|
|
26.4 |
% |
|
$ |
112,089 |
|
|
31.4 |
% |
|
$ |
93,255 |
|
|
27.9 |
% |
|
Depreciation and amortization |
|
|
8,203 |
|
|
|
|
|
|
8,484 |
|
|
|
|
|
|
24,535 |
|
|
|
|
|
|
25,550 |
|
|
|
|
|
Non-cash lease revenue |
|
|
(10 |
) |
|
|
|
|
|
(11 |
) |
|
|
|
|
|
(32 |
) |
|
|
|
|
|
(35 |
) |
|
|
|
|
Adjusted EBITDAre |
|
$ |
44,815 |
|
|
36.5 |
% |
|
$ |
38,022 |
|
|
34.0 |
% |
|
$ |
136,592 |
|
|
38.3 |
% |
|
$ |
118,770 |
|
|
35.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performance metrics: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
|
71.8 |
|
% |
|
|
|
|
72.7 |
|
% |
|
|
|
|
70.8 |
|
% |
|
|
|
|
72.2 |
|
% |
|
|
|
ADR |
|
$ |
254.05 |
|
|
|
|
|
$ |
242.37 |
|
|
|
|
|
$ |
253.83 |
|
|
|
|
|
$ |
244.82 |
|
|
|
|
|
RevPAR |
|
$ |
182.49 |
|
|
|
|
|
$ |
176.18 |
|
|
|
|
|
$ |
179.66 |
|
|
|
|
|
$ |
176.66 |
|
|
|
|
|
OtherPAR |
|
$ |
279.16 |
|
|
|
|
|
$ |
245.12 |
|
|
|
|
|
$ |
271.29 |
|
|
|
|
|
$ |
247.25 |
|
|
|
|
|
Total RevPAR |
|
$ |
461.65 |
|
|
|
|
|
$ |
421.30 |
|
|
|
|
|
$ |
450.95 |
|
|
|
|
|
$ |
423.91 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaylord Palms: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
$ |
68,242 |
|
|
|
|
|
$ |
63,885 |
|
|
|
|
|
$ |
222,504 |
|
|
|
|
|
$ |
222,260 |
|
|
|
|
|
Operating income |
|
$ |
12,323 |
|
|
18.1 |
% |
|
$ |
9,249 |
|
|
14.5 |
% |
|
$ |
50,808 |
|
|
22.8 |
% |
|
$ |
55,205 |
|
|
24.8 |
% |
|
Depreciation and amortization |
|
|
6,318 |
|
|
|
|
|
|
5,650 |
|
|
|
|
|
|
18,078 |
|
|
|
|
|
|
16,803 |
|
|
|
|
|
Non-cash lease expense |
|
|
994 |
|
|
|
|
|
|
1,031 |
|
|
|
|
|
|
2,981 |
|
|
|
|
|
|
3,092 |
|
|
|
|
|
Adjusted EBITDAre |
|
$ |
19,635 |
|
|
28.8 |
% |
|
$ |
15,930 |
|
|
24.9 |
% |
|
$ |
71,867 |
|
|
32.3 |
% |
|
$ |
75,100 |
|
|
33.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performance metrics: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
|
61.0 |
|
% |
|
|
|
|
67.4 |
|
% |
|
|
|
|
66.0 |
|
% |
|
|
|
|
74.2 |
|
% |
|
|
|
ADR |
|
$ |
223.10 |
|
|
|
|
|
$ |
214.22 |
|
|
|
|
|
$ |
243.86 |
|
|
|
|
|
$ |
239.56 |
|
|
|
|
|
RevPAR |
|
$ |
136.09 |
|
|
|
|
|
$ |
144.33 |
|
|
|
|
|
$ |
160.98 |
|
|
|
|
|
$ |
177.67 |
|
|
|
|
|
OtherPAR |
|
$ |
295.67 |
|
|
|
|
|
$ |
259.86 |
|
|
|
|
|
$ |
311.70 |
|
|
|
|
|
$ |
296.22 |
|
|
|
|
|
Total RevPAR |
|
$ |
431.76 |
|
|
|
|
|
$ |
404.19 |
|
|
|
|
|
$ |
472.68 |
|
|
|
|
|
$ |
473.89 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaylord Texan: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
$ |
73,096 |
|
|
|
|
|
$ |
73,991 |
|
|
|
|
|
$ |
241,895 |
|
|
|
|
|
$ |
241,868 |
|
|
|
|
|
Operating income |
|
$ |
18,697 |
|
|
25.6 |
% |
|
$ |
19,555 |
|
|
26.4 |
% |
|
$ |
71,043 |
|
|
29.4 |
% |
|
$ |
73,748 |
|
|
30.5 |
% |
|
Depreciation and amortization |
|
|
5,720 |
|
|
|
|
|
|
5,670 |
|
|
|
|
|
|
17,355 |
|
|
|
|
|
|
17,154 |
|
|
|
|
|
Adjusted EBITDAre |
|
$ |
24,417 |
|
|
33.4 |
% |
|
$ |
25,225 |
|
|
34.1 |
% |
|
$ |
88,398 |
|
|
36.5 |
% |
|
$ |
90,902 |
|
|
37.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performance metrics: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
|
71.8 |
|
% |
|
|
|
|
73.0 |
|
% |
|
|
|
|
74.6 |
|
% |
|
|
|
|
75.0 |
|
% |
|
|
|
ADR |
|
$ |
247.51 |
|
|
|
|
|
$ |
233.92 |
|
|
|
|
|
$ |
246.78 |
|
|
|
|
|
$ |
233.19 |
|
|
|
|
|
RevPAR |
|
$ |
177.82 |
|
|
|
|
|
$ |
170.68 |
|
|
|
|
|
$ |
184.16 |
|
|
|
|
|
$ |
175.00 |
|
|
|
|
|
OtherPAR |
|
$ |
260.17 |
|
|
|
|
|
$ |
272.68 |
|
|
|
|
|
$ |
302.52 |
|
|
|
|
|
$ |
313.40 |
|
|
|
|
|
Total RevPAR |
|
$ |
437.99 |
|
|
|
|
|
$ |
443.36 |
|
|
|
|
|
$ |
486.68 |
|
|
|
|
|
$ |
488.40 |
|
|
|
|
RYMAN HOSPITALITY PROPERTIES, INC. AND
SUBSIDIARIES
SUPPLEMENTAL FINANCIAL RESULTS
HOSPITALITY SEGMENT ADJUSTED EBITDAre RECONCILIATION AND
OPERATING METRICS
Unaudited
(In thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
|
September 30, |
|
September 30, |
|
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
|
|
$ |
|
Margin |
|
$ |
|
Margin |
|
$ |
|
Margin |
|
$ |
|
Margin |
|
Gaylord National: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
$ |
69,751 |
|
|
|
|
$ |
72,124 |
|
|
|
|
$ |
226,394 |
|
|
|
|
$ |
221,910 |
|
|
|
|
Operating income |
|
$ |
8,493 |
|
12.2 |
% |
|
$ |
9,855 |
|
13.7 |
% |
|
$ |
36,037 |
|
15.9 |
% |
|
$ |
32,836 |
|
14.8 |
% |
|
Depreciation and amortization |
|
|
8,451 |
|
|
|
|
|
8,415 |
|
|
|
|
|
25,257 |
|
|
|
|
|
24,966 |
|
|
|
|
Interest income on Gaylord National bonds |
|
|
1,113 |
|
|
|
|
|
1,201 |
|
|
|
|
|
3,503 |
|
|
|
|
|
3,742 |
|
|
|
|
Other gains and (losses), net |
|
|
3,203 |
|
|
|
|
|
6,134 |
|
|
|
|
|
3,203 |
|
|
|
|
|
6,134 |
|
|
|
|
Adjusted EBITDAre |
|
$ |
21,260 |
|
30.5 |
% |
|
$ |
25,605 |
|
35.5 |
% |
|
$ |
68,000 |
|
30.0 |
% |
|
$ |
67,678 |
|
30.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performance metrics: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
|
63.5 |
% |
|
|
|
|
71.5 |
% |
|
|
|
|
66.3 |
% |
|
|
|
|
68.9 |
% |
|
|
|
ADR |
|
$ |
240.73 |
|
|
|
|
$ |
216.85 |
|
|
|
|
$ |
247.47 |
|
|
|
|
$ |
235.67 |
|
|
|
|
RevPAR |
|
$ |
152.98 |
|
|
|
|
$ |
155.12 |
|
|
|
|
$ |
163.98 |
|
|
|
|
$ |
162.38 |
|
|
|
|
OtherPAR |
|
$ |
226.86 |
|
|
|
|
$ |
237.64 |
|
|
|
|
$ |
249.98 |
|
|
|
|
$ |
244.86 |
|
|
|
|
Total RevPAR |
|
$ |
379.84 |
|
|
|
|
$ |
392.76 |
|
|
|
|
$ |
413.96 |
|
|
|
|
$ |
407.24 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaylord Rockies: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
$ |
72,658 |
|
|
|
|
$ |
68,203 |
|
|
|
|
$ |
213,316 |
|
|
|
|
$ |
199,377 |
|
|
|
|
Operating income |
|
$ |
16,045 |
|
22.1 |
% |
|
$ |
14,970 |
|
21.9 |
% |
|
$ |
49,478 |
|
23.2 |
% |
|
$ |
40,529 |
|
20.3 |
% |
|
Depreciation and amortization |
|
|
14,475 |
|
|
|
|
|
14,201 |
|
|
|
|
|
42,454 |
|
|
|
|
|
42,370 |
|
|
|
|
Adjusted EBITDAre |
|
$ |
30,520 |
|
42.0 |
% |
|
$ |
29,171 |
|
42.8 |
% |
|
$ |
91,932 |
|
43.1 |
% |
|
$ |
82,899 |
|
41.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performance metrics: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
|
80.8 |
% |
|
|
|
|
79.9 |
% |
|
|
|
|
75.2 |
% |
|
|
|
|
75.9 |
% |
|
|
|
ADR |
|
$ |
259.76 |
|
|
|
|
$ |
245.52 |
|
|
|
|
$ |
253.23 |
|
|
|
|
$ |
242.57 |
|
|
|
|
RevPAR |
|
$ |
209.86 |
|
|
|
|
$ |
196.19 |
|
|
|
|
$ |
190.54 |
|
|
|
|
$ |
184.12 |
|
|
|
|
OtherPAR |
|
$ |
316.30 |
|
|
|
|
$ |
297.71 |
|
|
|
|
$ |
328.13 |
|
|
|
|
$ |
302.44 |
|
|
|
|
Total RevPAR |
|
$ |
526.16 |
|
|
|
|
$ |
493.90 |
|
|
|
|
$ |
518.67 |
|
|
|
|
$ |
486.56 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
JW Marriott Hill Country:
(2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
$ |
54,273 |
|
|
|
|
$ |
50,026 |
|
|
|
|
$ |
167,064 |
|
|
|
|
$ |
50,747 |
|
|
|
|
Operating income |
|
$ |
9,976 |
|
18.4 |
% |
|
$ |
7,876 |
|
15.7 |
% |
|
$ |
34,548 |
|
20.7 |
% |
|
$ |
8,104 |
|
16.0 |
% |
|
Depreciation and amortization |
|
|
7,573 |
|
|
|
|
|
9,501 |
|
|
|
|
|
22,441 |
|
|
|
|
|
9,501 |
|
|
|
|
Adjusted EBITDAre |
|
$ |
17,549 |
|
32.3 |
% |
|
$ |
17,377 |
|
34.7 |
% |
|
$ |
56,989 |
|
34.1 |
% |
|
$ |
17,605 |
|
34.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performance metrics: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
|
73.8 |
% |
|
|
|
|
72.0 |
% |
|
|
|
|
72.2 |
% |
|
|
|
|
72.0 |
% |
|
|
|
ADR |
|
$ |
327.27 |
|
|
|
|
$ |
327.17 |
|
|
|
|
$ |
321.73 |
|
|
|
|
$ |
327.17 |
|
|
|
|
RevPAR |
|
$ |
241.68 |
|
|
|
|
$ |
235.43 |
|
|
|
|
$ |
232.14 |
|
|
|
|
$ |
235.43 |
|
|
|
|
OtherPAR |
|
$ |
347.06 |
|
|
|
|
$ |
307.24 |
|
|
|
|
$ |
376.36 |
|
|
|
|
$ |
315.07 |
|
|
|
|
Total RevPAR |
|
$ |
588.74 |
|
|
|
|
$ |
542.67 |
|
|
|
|
$ |
608.50 |
|
|
|
|
$ |
550.50 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The AC Hotel at National Harbor: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
$ |
2,686 |
|
|
|
|
$ |
3,244 |
|
|
|
|
$ |
9,615 |
|
|
|
|
$ |
8,856 |
|
|
|
|
Operating income |
|
$ |
133 |
|
5.0 |
% |
|
$ |
668 |
|
20.6 |
% |
|
$ |
1,864 |
|
19.4 |
% |
|
$ |
1,413 |
|
16.0 |
% |
|
Depreciation and amortization |
|
|
235 |
|
|
|
|
|
223 |
|
|
|
|
|
703 |
|
|
|
|
|
675 |
|
|
|
|
Adjusted EBITDAre |
|
$ |
368 |
|
13.7 |
% |
|
$ |
891 |
|
27.5 |
% |
|
$ |
2,567 |
|
26.7 |
% |
|
$ |
2,088 |
|
23.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performance metrics: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
|
54.9 |
% |
|
|
|
|
71.0 |
% |
|
|
|
|
59.6 |
% |
|
|
|
|
63.1 |
% |
|
|
|
ADR |
|
$ |
234.78 |
|
|
|
|
$ |
232.86 |
|
|
|
|
$ |
263.77 |
|
|
|
|
$ |
244.00 |
|
|
|
|
RevPAR |
|
$ |
129.01 |
|
|
|
|
$ |
165.39 |
|
|
|
|
$ |
157.11 |
|
|
|
|
$ |
154.08 |
|
|
|
|
OtherPAR |
|
$ |
23.04 |
|
|
|
|
$ |
18.27 |
|
|
|
|
$ |
25.65 |
|
|
|
|
$ |
14.88 |
|
|
|
|
Total RevPAR |
|
$ |
152.05 |
|
|
|
|
$ |
183.66 |
|
|
|
|
$ |
182.76 |
|
|
|
|
$ |
168.96 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Inn at Opryland:
(3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
$ |
3,678 |
|
|
|
|
$ |
2,786 |
|
|
|
|
$ |
9,966 |
|
|
|
|
$ |
9,084 |
|
|
|
|
Operating income |
|
$ |
492 |
|
13.4 |
% |
|
$ |
1 |
|
0.0 |
% |
|
$ |
984 |
|
9.9 |
% |
|
$ |
436 |
|
4.8 |
% |
|
Depreciation and amortization |
|
|
513 |
|
|
|
|
|
322 |
|
|
|
|
|
1,448 |
|
|
|
|
|
968 |
|
|
|
|
Adjusted EBITDAre |
|
$ |
1,005 |
|
27.3 |
% |
|
$ |
323 |
|
11.6 |
% |
|
$ |
2,432 |
|
24.4 |
% |
|
$ |
1,404 |
|
15.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performance metrics: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
|
58.7 |
% |
|
|
|
|
44.7 |
% |
|
|
|
|
54.0 |
% |
|
|
|
|
55.8 |
% |
|
|
|
ADR |
|
$ |
174.34 |
|
|
|
|
$ |
160.49 |
|
|
|
|
$ |
173.35 |
|
|
|
|
$ |
153.10 |
|
|
|
|
RevPAR |
|
$ |
102.30 |
|
|
|
|
$ |
71.71 |
|
|
|
|
$ |
93.57 |
|
|
|
|
$ |
85.45 |
|
|
|
|
OtherPAR |
|
$ |
29.72 |
|
|
|
|
$ |
28.23 |
|
|
|
|
$ |
26.49 |
|
|
|
|
$ |
24.35 |
|
|
|
|
Total RevPAR |
|
$ |
132.02 |
|
|
|
|
$ |
99.94 |
|
|
|
|
$ |
120.06 |
|
|
|
|
$ |
109.80 |
|
|
|
(1) Same-Store Hospitality segment excludes JW Marriott Hill
Country, which was acquired on June 30, 2023.
(2) JW Marriott Hill Country was acquired by the Company
on June 30, 2023.
(3) Includes other hospitality revenue and expense.
RYMAN HOSPITALITY PROPERTIES, INC. AND
SUBSIDIARIES
SUPPLEMENTAL FINANCIAL RESULTS
EARNINGS PER SHARE, FFO PER SHARE AND ADJUSTED FFO PER
SHARE CALCULATIONS
Unaudited
(In thousands, except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
|
September 30, |
|
September 30, |
|
|
|
2024 |
|
2023 |
|
|
2024 |
|
2023 |
|
Earnings per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Numerator: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income available to common stockholders |
|
$ |
59,011 |
|
$ |
41,227 |
|
|
$ |
202,872 |
|
$ |
169,090 |
|
Net income (loss) attributable to noncontrolling interest in
consolidated joint venture |
|
|
997 |
|
|
(715 |
) |
|
|
3,688 |
|
|
1,656 |
|
Net income available to common stockholders - if-converted
method |
|
$ |
60,008 |
|
$ |
40,512 |
|
|
$ |
206,560 |
|
$ |
170,746 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Denominator: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding - basic |
|
|
59,900 |
|
|
59,707 |
|
|
|
59,845 |
|
|
57,089 |
|
Effect of dilutive stock-based compensation |
|
|
223 |
|
|
225 |
|
|
|
287 |
|
|
238 |
|
Effect of dilutive put rights (1) |
|
|
3,778 |
|
|
3,688 |
|
|
|
3,403 |
|
|
4,064 |
|
Weighted average shares outstanding - diluted |
|
|
63,901 |
|
|
63,620 |
|
|
|
63,535 |
|
|
61,391 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic income per share available to common stockholders |
|
$ |
0.99 |
|
$ |
0.69 |
|
|
$ |
3.39 |
|
$ |
2.96 |
|
Diluted income per share available to common stockholders
(1) |
|
$ |
0.94 |
|
$ |
0.64 |
|
|
$ |
3.25 |
|
$ |
2.78 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FFO per share/unit: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Numerator: |
|
|
|
|
|
|
|
|
|
|
|
|
|
FFO available to common stockholders and unit holders |
|
$ |
116,205 |
|
$ |
97,931 |
|
|
$ |
372,325 |
|
$ |
320,096 |
|
Net income (loss) attributable to noncontrolling interest in
consolidated joint venture |
|
|
997 |
|
|
(715 |
) |
|
|
3,688 |
|
|
1,656 |
|
FFO adjustments for noncontrolling interest |
|
|
2,201 |
|
|
1,620 |
|
|
|
6,553 |
|
|
4,820 |
|
FFO available to common stockholders and unit holders -
if-converted method |
|
$ |
119,403 |
|
$ |
98,836 |
|
|
$ |
382,566 |
|
$ |
326,572 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Denominator: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares and OP units outstanding - basic |
|
|
60,295 |
|
|
60,102 |
|
|
|
60,240 |
|
|
57,484 |
|
Effect of dilutive stock-based compensation |
|
|
223 |
|
|
225 |
|
|
|
287 |
|
|
238 |
|
Effect of dilutive put rights (1) |
|
|
3,778 |
|
|
3,688 |
|
|
|
3,403 |
|
|
4,064 |
|
Weighted average shares and OP units outstanding - diluted |
|
|
64,296 |
|
|
64,015 |
|
|
|
63,930 |
|
|
61,786 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| FFO
available to common stockholders and unit holders per basic
share/unit |
|
$ |
1.93 |
|
$ |
1.63 |
|
|
$ |
6.18 |
|
$ |
5.57 |
| FFO
available to common stockholders and unit holders per diluted
share/unit (1) |
|
$ |
1.86 |
|
$ |
1.54 |
|
|
$ |
5.98 |
|
$ |
5.29 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted FFO per share/unit: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Numerator: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted FFO available to common stockholders and unit holders |
|
$ |
120,235 |
|
$ |
111,279 |
|
|
$ |
396,361 |
|
$ |
347,264 |
|
Net income (loss) attributable to noncontrolling interest in
consolidated joint venture |
|
|
997 |
|
|
(715 |
) |
|
|
3,688 |
|
|
1,656 |
|
FFO adjustments for noncontrolling interest |
|
|
2,201 |
|
|
1,620 |
|
|
|
6,553 |
|
|
4,820 |
|
Adjusted FFO adjustments for noncontrolling interest |
|
|
902 |
|
|
3,616 |
|
|
|
2,020 |
|
|
4,898 |
|
Adjusted FFO available to common stockholders and unit holders -
if-converted method |
|
$ |
124,335 |
|
$ |
115,800 |
|
|
$ |
408,622 |
|
$ |
358,638 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Denominator: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares and OP units outstanding - basic |
|
|
60,295 |
|
|
60,102 |
|
|
|
60,240 |
|
|
57,484 |
|
Effect of dilutive stock-based compensation |
|
|
223 |
|
|
225 |
|
|
|
287 |
|
|
238 |
|
Effect of dilutive put rights (1) |
|
|
3,778 |
|
|
3,688 |
|
|
|
3,403 |
|
|
4,064 |
|
Weighted average shares and OP units outstanding - diluted |
|
|
64,296 |
|
|
64,015 |
|
|
|
63,930 |
|
|
61,786 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted FFO available to common stockholders and unit holders per
basic share/unit |
|
$ |
1.99 |
|
$ |
1.85 |
|
|
$ |
6.58 |
|
$ |
6.04 |
|
Adjusted FFO available to common stockholders and unit holders per
diluted share/unit (1) |
|
$ |
1.93 |
|
$ |
1.81 |
|
|
$ |
6.39 |
|
$ |
5.80 |
(1) Includes equivalent shares related to the currently
unexercisable investor put rights associated with the
noncontrolling interest in the Company’s OEG business, which may be
settled in cash or shares at the Company’s option.
Ryman Hospitality Properties, Inc. and
Subsidiaries
Reconciliation of Forward-Looking Statements
Adjusted Earnings Before Interest, Taxes, Depreciation and
Amortization for Real Estate (“Adjusted
EBITDAre”)
Funds From Operations (“FFO”) and Adjusted FFO
Unaudited
($ in thousands, except per share data) |
| |
|
|
|
|
|
|
|
|
|
| |
|
New Guidance Range |
| |
|
For Full Year 2024 |
| |
|
Low |
|
High |
|
Midpoint |
|
Consolidated: |
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
281,000 |
|
|
$ |
287,500 |
|
|
$ |
284,250 |
|
|
Provision for income taxes |
|
|
15,250 |
|
|
|
15,500 |
|
|
|
15,375 |
|
|
Interest expense, net |
|
|
209,775 |
|
|
|
210,275 |
|
|
|
210,025 |
|
|
Depreciation and amortization |
|
|
229,750 |
|
|
|
236,000 |
|
|
|
232,875 |
|
|
Gain on sale of assets |
|
|
(275 |
) |
|
|
(275 |
) |
|
|
(275 |
) |
|
EBITDAre |
|
$ |
735,500 |
|
|
$ |
749,000 |
|
|
$ |
742,250 |
|
|
Non-cash lease expense |
|
|
3,500 |
|
|
|
4,500 |
|
|
|
4,000 |
|
|
Preopening costs |
|
|
3,000 |
|
|
|
3,500 |
|
|
|
3,250 |
|
|
Equity-based compensation expense |
|
|
12,750 |
|
|
|
13,500 |
|
|
|
13,125 |
|
|
Pension settlement charge |
|
|
1,500 |
|
|
|
1,750 |
|
|
|
1,625 |
|
|
Interest income on Gaylord National bonds |
|
|
4,500 |
|
|
|
5,500 |
|
|
|
5,000 |
|
|
Other gains and (losses), net |
|
|
750 |
|
|
|
1,750 |
|
|
|
1,250 |
|
|
Adjusted EBITDAre |
|
$ |
761,500 |
|
|
$ |
779,500 |
|
|
$ |
770,500 |
|
|
|
|
|
|
|
|
|
|
|
|
| Hospitality
segment: |
|
|
|
|
|
|
|
|
|
|
Operating income |
|
$ |
481,500 |
|
|
$ |
485,500 |
|
|
$ |
483,500 |
|
|
Depreciation and amortization |
|
|
199,000 |
|
|
|
204,000 |
|
|
|
201,500 |
|
|
Non-cash lease expense |
|
|
3,500 |
|
|
|
4,500 |
|
|
|
4,000 |
|
|
Interest income on Gaylord National bonds |
|
|
4,500 |
|
|
|
5,500 |
|
|
|
5,000 |
|
|
Other gains and (losses), net |
|
|
3,000 |
|
|
|
4,000 |
|
|
|
3,500 |
|
|
Adjusted EBITDAre |
|
$ |
691,500 |
|
|
$ |
703,500 |
|
|
$ |
697,500 |
|
| |
|
|
|
|
|
|
|
|
|
| Same-Store Hospitality
segment: (1) |
|
|
|
|
|
|
|
|
|
|
Operating income |
|
$ |
442,000 |
|
|
$ |
445,000 |
|
|
$ |
443,500 |
|
|
Depreciation and amortization |
|
|
169,000 |
|
|
|
173,000 |
|
|
|
171,000 |
|
|
Non-cash lease expense |
|
|
3,500 |
|
|
|
4,500 |
|
|
|
4,000 |
|
|
Interest income on Gaylord National bonds |
|
|
4,500 |
|
|
|
5,500 |
|
|
|
5,000 |
|
|
Other gains and (losses), net |
|
|
3,000 |
|
|
|
4,000 |
|
|
|
3,500 |
|
|
Adjusted EBITDAre |
|
$ |
622,000 |
|
|
$ |
632,000 |
|
|
$ |
627,000 |
|
| |
|
|
|
|
|
|
|
|
|
| JW Marriott Hill
Country: |
|
|
|
|
|
|
|
|
|
|
Operating income |
|
$ |
39,500 |
|
|
$ |
40,500 |
|
|
$ |
40,000 |
|
|
Depreciation and amortization |
|
|
30,000 |
|
|
|
31,000 |
|
|
|
30,500 |
|
|
Adjusted EBITDAre |
|
$ |
69,500 |
|
|
$ |
71,500 |
|
|
$ |
70,500 |
|
(1) Same-Store excludes JW Marriott Hill Country.
Ryman Hospitality Properties, Inc. and
Subsidiaries
Reconciliation of Forward-Looking Statements
Adjusted Earnings Before Interest, Taxes, Depreciation and
Amortization for Real Estate (“Adjusted
EBITDAre”)
Funds From Operations (“FFO”) and Adjusted FFO
Unaudited
($ in thousands, except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New Guidance Range |
|
|
|
For Full Year 2024 |
|
|
|
Low |
|
High |
|
Midpoint |
|
Entertainment segment: |
|
|
|
|
|
|
|
|
|
|
Operating income |
|
$ |
68,000 |
|
|
$ |
69,500 |
|
|
$ |
68,750 |
|
|
Depreciation and amortization |
|
|
29,000 |
|
|
|
30,000 |
|
|
|
29,500 |
|
|
Preopening costs |
|
|
3,000 |
|
|
|
3,500 |
|
|
|
3,250 |
|
|
Equity-based compensation |
|
|
3,500 |
|
|
|
4,000 |
|
|
|
3,750 |
|
|
Pro rata adjusted EBITDAre from unconsolidated joint
ventures |
|
|
500 |
|
|
|
1,000 |
|
|
|
750 |
|
|
Adjusted EBITDAre |
|
$ |
104,000 |
|
|
$ |
108,000 |
|
|
$ |
106,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate and Other segment: |
|
|
|
|
|
|
|
|
|
|
Operating loss |
|
$ |
(44,250 |
) |
|
$ |
(43,000 |
) |
|
$ |
(43,625 |
) |
|
Depreciation and amortization |
|
|
1,750 |
|
|
|
2,000 |
|
|
|
1,875 |
|
|
Equity-based compensation |
|
|
9,250 |
|
|
|
9,500 |
|
|
|
9,375 |
|
|
Pension settlement charge |
|
|
1,500 |
|
|
|
1,750 |
|
|
|
1,625 |
|
|
Other gains and (losses), net |
|
|
(2,250 |
) |
|
|
(2,250 |
) |
|
|
(2,250 |
) |
|
Adjusted EBITDAre |
|
$ |
(34,000 |
) |
|
$ |
(32,000 |
) |
|
$ |
(33,000 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated: |
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
281,000 |
|
|
$ |
287,500 |
|
|
$ |
284,250 |
|
|
Noncontrolling interest in consolidated joint venture |
|
|
(8,500 |
) |
|
|
(6,000 |
) |
|
|
(7,250 |
) |
|
Net income available to common stockholders and unit
holders |
|
$ |
272,500 |
|
|
$ |
281,500 |
|
|
$ |
277,000 |
|
|
Depreciation and amortization |
|
|
229,750 |
|
|
|
236,000 |
|
|
|
232,875 |
|
|
Adjustments for noncontrolling interest |
|
|
(10,000 |
) |
|
|
(8,000 |
) |
|
|
(9,000 |
) |
|
FFO available to common stockholders and unit
holders |
|
$ |
492,250 |
|
|
$ |
509,500 |
|
|
$ |
500,875 |
|
|
Right-of-use asset amortization |
|
|
– |
|
|
|
500 |
|
|
|
250 |
|
|
Non-cash lease expense |
|
|
3,500 |
|
|
|
4,500 |
|
|
|
4,000 |
|
|
Pension settlement charge |
|
|
1,500 |
|
|
|
1,750 |
|
|
|
1,625 |
|
|
Other gains and (losses), net |
|
|
750 |
|
|
|
1,750 |
|
|
|
1,250 |
|
|
Adjustments for noncontrolling interest |
|
|
(3,500 |
) |
|
|
(2,500 |
) |
|
|
(3,000 |
) |
|
Amortization of deferred financing costs |
|
|
10,000 |
|
|
|
11,000 |
|
|
|
10,500 |
|
|
Amortization of debt discounts and premiums |
|
|
2,500 |
|
|
|
3,500 |
|
|
|
3,000 |
|
|
Deferred tax provision |
|
|
12,000 |
|
|
|
13,500 |
|
|
|
12,750 |
|
|
Adjusted FFO available to common stockholders and unit
holders |
|
$ |
519,000 |
|
|
$ |
543,500 |
|
|
$ |
531,250 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income available to common stockholders per diluted
share (1) |
|
$ |
4.38 |
|
|
$ |
4.49 |
|
|
$ |
4.44 |
|
|
Adjusted FFO available to common stockholders and unit
holders per diluted share/unit
(1) |
|
$ |
8.39 |
|
|
$ |
8.68 |
|
|
$ |
8.54 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Estimated weighted average shares outstanding - diluted (in
millions) |
|
|
64.1 |
|
|
|
64.1 |
|
|
|
64.1 |
|
|
Estimated weighted average shares and OP units outstanding
- diluted (in millions) |
|
|
64.5 |
|
|
|
64.5 |
|
|
|
64.5 |
|
(1) Represents equivalent shares related to the currently
unexercisable investor put rights associated with the
noncontrolling interest in the Company’s OEG business, which may be
settled in cash or shares at the Company’s option.
Ryman Hospitality Properties, Inc. and
Subsidiaries
Reconciliation of Forward-Looking Statements
Adjusted Earnings Before Interest, Taxes, Depreciation and
Amortization for Real Estate (“Adjusted
EBITDAre”)
Funds From Operations (“FFO”) and Adjusted FFO
Unaudited
($ in thousands, except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Prior Guidance Range |
|
|
|
For Full Year 2024 |
|
|
|
Low |
|
High |
|
Midpoint |
|
Consolidated: |
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
281,000 |
|
|
$ |
287,500 |
|
|
$ |
284,250 |
|
|
Provision for income taxes |
|
|
15,250 |
|
|
|
17,000 |
|
|
|
16,125 |
|
|
Interest expense, net |
|
|
214,775 |
|
|
|
221,275 |
|
|
|
218,025 |
|
|
Depreciation and amortization |
|
|
224,250 |
|
|
|
234,500 |
|
|
|
229,375 |
|
|
Gain on sale of assets |
|
|
(275 |
) |
|
|
(275 |
) |
|
|
(275 |
) |
|
EBITDAre |
|
$ |
735,000 |
|
|
$ |
760,000 |
|
|
$ |
747,500 |
|
|
Non-cash lease expense |
|
|
3,500 |
|
|
|
4,500 |
|
|
|
4,000 |
|
|
Preopening costs |
|
|
3,000 |
|
|
|
3,500 |
|
|
|
3,250 |
|
|
Equity-based compensation expense |
|
|
12,500 |
|
|
|
13,500 |
|
|
|
13,000 |
|
|
Pension settlement charge |
|
|
1,500 |
|
|
|
1,750 |
|
|
|
1,625 |
|
|
Interest income on Gaylord National bonds |
|
|
4,500 |
|
|
|
5,500 |
|
|
|
5,000 |
|
|
Other gains and (losses), net |
|
|
500 |
|
|
|
1,750 |
|
|
|
1,125 |
|
|
Adjusted EBITDAre |
|
$ |
760,500 |
|
|
$ |
790,500 |
|
|
$ |
775,500 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Hospitality segment: |
|
|
|
|
|
|
|
|
|
|
Operating income |
|
$ |
484,500 |
|
|
$ |
494,000 |
|
|
$ |
489,250 |
|
|
Depreciation and amortization |
|
|
195,000 |
|
|
|
202,500 |
|
|
|
198,750 |
|
|
Non-cash lease expense |
|
|
3,500 |
|
|
|
4,500 |
|
|
|
4,000 |
|
|
Interest income on Gaylord National bonds |
|
|
4,500 |
|
|
|
5,500 |
|
|
|
5,000 |
|
|
Other gains and (losses), net |
|
|
3,000 |
|
|
|
4,000 |
|
|
|
3,500 |
|
|
Adjusted EBITDAre |
|
$ |
690,500 |
|
|
$ |
710,500 |
|
|
$ |
700,500 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Same-Store Hospitality segment:
(1) |
|
|
|
|
|
|
|
|
|
|
Operating income |
|
$ |
447,500 |
|
|
$ |
456,000 |
|
|
$ |
451,750 |
|
|
Depreciation and amortization |
|
|
167,000 |
|
|
|
170,500 |
|
|
|
168,750 |
|
|
Non-cash lease expense |
|
|
3,500 |
|
|
|
4,500 |
|
|
|
4,000 |
|
|
Interest income on Gaylord National bonds |
|
|
4,500 |
|
|
|
5,500 |
|
|
|
5,000 |
|
|
Other gains and (losses), net |
|
|
3,000 |
|
|
|
4,000 |
|
|
|
3,500 |
|
|
Adjusted EBITDAre |
|
$ |
625,500 |
|
|
$ |
640,500 |
|
|
$ |
633,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
JW Marriott Hill Country: |
|
|
|
|
|
|
|
|
|
|
Operating income |
|
$ |
37,000 |
|
|
$ |
38,000 |
|
|
$ |
37,500 |
|
|
Depreciation and amortization |
|
|
28,000 |
|
|
|
32,000 |
|
|
|
30,000 |
|
|
Adjusted EBITDAre |
|
$ |
65,000 |
|
|
$ |
70,000 |
|
|
$ |
67,500 |
|
(1) Same-Store excludes JW Marriott Hill Country.
Ryman Hospitality Properties, Inc. and
Subsidiaries
Reconciliation of Forward-Looking Statements
Adjusted Earnings Before Interest, Taxes, Depreciation and
Amortization for Real Estate (“Adjusted
EBITDAre”)
Funds From Operations (“FFO”) and Adjusted FFO
Unaudited
($ in thousands, except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Prior Guidance Range |
|
|
|
For Full Year 2024 |
|
|
|
Low |
|
High |
|
Midpoint |
|
Entertainment segment: |
|
|
|
|
|
|
|
|
|
|
Operating income |
|
$ |
70,500 |
|
|
$ |
73,500 |
|
|
$ |
72,000 |
|
|
Depreciation and amortization |
|
|
27,500 |
|
|
|
30,000 |
|
|
|
28,750 |
|
|
Preopening costs |
|
|
3,000 |
|
|
|
3,500 |
|
|
|
3,250 |
|
|
Equity-based compensation |
|
|
3,500 |
|
|
|
4,000 |
|
|
|
3,750 |
|
|
Pro rata adjusted EBITDAre from unconsolidated joint
ventures |
|
|
500 |
|
|
|
1,000 |
|
|
|
750 |
|
|
Adjusted EBITDAre |
|
$ |
105,000 |
|
|
$ |
112,000 |
|
|
$ |
108,500 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate and Other segment: |
|
|
|
|
|
|
|
|
|
|
Operating loss |
|
$ |
(44,750 |
) |
|
$ |
(43,000 |
) |
|
$ |
(43,875 |
) |
|
Depreciation and amortization |
|
|
1,750 |
|
|
|
2,000 |
|
|
|
1,875 |
|
|
Equity-based compensation |
|
|
9,000 |
|
|
|
9,500 |
|
|
|
9,250 |
|
|
Pension settlement charge |
|
|
1,500 |
|
|
|
1,750 |
|
|
|
1,625 |
|
|
Other gains and (losses), net |
|
|
(2,500 |
) |
|
|
(2,250 |
) |
|
|
(2,375 |
) |
|
Adjusted EBITDAre |
|
$ |
(35,000 |
) |
|
$ |
(32,000 |
) |
|
$ |
(33,500 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated: |
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
281,000 |
|
|
$ |
287,500 |
|
|
$ |
284,250 |
|
|
Noncontrolling interest in consolidated joint venture |
|
|
(10,000 |
) |
|
|
(6,000 |
) |
|
|
(8,000 |
) |
|
Net income available to common stockholders and unit
holders |
|
$ |
271,000 |
|
|
$ |
281,500 |
|
|
$ |
276,250 |
|
|
Depreciation and amortization |
|
|
224,250 |
|
|
|
234,500 |
|
|
|
229,375 |
|
|
Adjustments for noncontrolling interest |
|
|
(10,000 |
) |
|
|
(8,000 |
) |
|
|
(9,000 |
) |
|
FFO available to common stockholders and unit
holders |
|
$ |
485,250 |
|
|
$ |
508,000 |
|
|
$ |
496,625 |
|
|
Right-of-use asset amortization |
|
|
– |
|
|
|
500 |
|
|
|
250 |
|
|
Non-cash lease expense |
|
|
3,500 |
|
|
|
4,500 |
|
|
|
4,000 |
|
|
Pension settlement charge |
|
|
1,500 |
|
|
|
1,750 |
|
|
|
1,625 |
|
|
Other gains and (losses), net |
|
|
500 |
|
|
|
1,750 |
|
|
|
1,125 |
|
|
Adjustments for noncontrolling interest |
|
|
(3,000 |
) |
|
|
(2,000 |
) |
|
|
(2,500 |
) |
|
Amortization of deferred financing costs |
|
|
9,500 |
|
|
|
11,500 |
|
|
|
10,500 |
|
|
Amortization of debt discounts and premiums |
|
|
2,500 |
|
|
|
3,500 |
|
|
|
3,000 |
|
|
Deferred tax provision |
|
|
12,000 |
|
|
|
13,500 |
|
|
|
12,750 |
|
|
Adjusted FFO available to common stockholders and unit
holders |
|
$ |
511,750 |
|
|
$ |
543,000 |
|
|
$ |
527,375 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income available to common stockholders per diluted
share (1) |
|
$ |
4.38 |
|
|
$ |
4.49 |
|
|
$ |
4.44 |
|
|
Adjusted FFO available to common stockholders and unit
holders per diluted share/unit
(1)(2) |
|
$ |
8.29 |
|
|
$ |
8.67 |
|
|
$ |
8.48 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Estimated weighted average shares outstanding - diluted (in
millions) |
|
|
64.1 |
|
|
|
64.1 |
|
|
|
64.1 |
|
|
Estimated weighted average shares and OP units outstanding
- diluted (in millions) |
|
|
64.5 |
|
|
|
64.5 |
|
|
|
64.5 |
|
(1) Represents equivalent shares related to the currently
unexercisable investor put rights associated with the
noncontrolling interest in the Company’s OEG business, which may be
settled in cash or shares at the Company’s option.
(2) The prior guidance range for adjusted FFO available to
common stockholders and unit holders per diluted share/unit is
calculated in accordance with the revised calculation methodology
posted on September 4, 2024.
Ryman Hospitality Proper... (NYSE:RHP)
과거 데이터 주식 차트
부터 11월(11) 2024 으로 12월(12) 2024
Ryman Hospitality Proper... (NYSE:RHP)
과거 데이터 주식 차트
부터 12월(12) 2023 으로 12월(12) 2024
