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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

 

FORM 8-K/A

 

 

 

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): July 31, 2024

 

 

 

RYMAN HOSPITALITY PROPERTIES, INC.

(Exact name of registrant as specified in its charter)

 

 

 

Delaware   1-13079   73-0664379

(State or other jurisdiction

of incorporation)

  

(Commission

File Number)

  

(I.R.S. Employer

Identification No.)

 

 

One Gaylord Drive
Nashville, Tennessee

 37214  
  (Address of principal executive offices) (Zip Code)  

 

Registrant’s telephone number, including area code: (615) 316-6000

 

(Former name or former address, if changed since last report)

 

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

  Securities registered pursuant to Section 12(b) of the Act:

  

Title of Each Class   Trading Symbol(s)   Name of Each Exchange on
Which Registered
Common Stock, par value $.01   RHP   New York Stock Exchange

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2).

 

Emerging growth company  ¨

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ¨

 

 

 

 

 

 

Explanatory Note

 

This Current Report on Form 8-K/A (this “Amended Form 8-K”) amends the Current Report on Form 8-K furnished by Ryman Hospitality Properties, Inc. (the “Company”) on August 1, 2024 (the “Original Form 8-K”). The purpose of this Amended Form 8-K is to correct a clerical error regarding the omission of pro rata adjustments from joint ventures and loss on extinguishment of debt in the reconciliation to net income of funds from operations and adjusted funds from operations in the press release issued by the Company on July 31, 2024. A copy of the corrected press release is furnished as Exhibit 99.1 hereto.

 

 

 

 

ITEM 2.02.RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

 

On July 31, 2024, Ryman Hospitality Properties, Inc. (the “Company”) issued a press release announcing its financial results for the quarter ended June 30, 2024 and providing updated guidance for certain financial measures for the remainder of 2024. A copy of the press release is furnished herewith as Exhibit 99.1 and incorporated herein by reference. The Company will hold a conference call to discuss its financial results for the quarter ended June 30, 2024 at 11:00 a.m. Eastern Time on Thursday, August 1, 2024.

 

ITEM 9.01.FINANCIAL STATEMENTS AND EXHIBITS.

 

  (d) Exhibits
   
  99.1 Press Release of Ryman Hospitality Properties, Inc. dated July 31, 2024 (corrected).
   
  104 Cover Page Interactive Data File (embedded within the Inline XBRL document).

 

 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

RYMAN HOSPITALITY PROPERTIES, INC.

 

Date: August 1, 2024By:/s/ Scott J. Lynn
  Name: Scott J. Lynn
  Title: Executive Vice President, General Counsel and Secretary

 

 

 

 

Exhibit 99.1

 

 

CORRECTION - Ryman Hospitality Properties, Inc. Reports Second Quarter 2024 Results

 

August 1, 2024

 

This press release corrects a clerical error regarding the omission of pro rata adjustments from joint ventures and loss on extinguishment of debt in the reconciliation to net income of funds from operations and adjusted funds from operations in the prior version of the press release issued on July 31, 2024. There are no other changes to the prior version of the press release, and the amount of funds from operations and adjusted funds from operations for the periods presented remains unchanged from the prior version of the press release. The updated release reads:

 

NASHVILLE, Tenn. (Aug. 01, 2024) – 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 six months ended June 30, 2024.

 

Second Quarter 2024 Highlights and Recent Developments:

 

·The Company generated record second quarter net income of $104.7 million and record second quarter net income available to common stockholders of $100.8 million, which were records even without the impact of the Tennessee franchise tax refunds for prior years of approximately $9.1 million.1

 

·Reported record second quarter consolidated revenue of $613.3 million, including record second quarter same-store Hospitality revenue of $456.2 million. 2

 

·Achieved all-time record consolidated operating income of $168.1 million and all-time record consolidated Adjusted EBITDAre of $233.2 million, which were records even without the impact of the Tennessee franchise tax refunds.

 

·During the second quarter, the Company booked over 781,000 same-store Gross Definite Room Nights for all future years, at a record future estimated average daily rate (ADR) of $284, an increase of 7.3% over Q2 2023 estimated ADR for future bookings.

 

·The Company refinanced Opry Entertainment Group’s term loan B and revolving credit facility with a new $300 million term loan B and $80 million revolving credit facility. The refinanced credit facility and term loan B also reduce the applicable interest rate spread on SOFR loans and extend the applicable maturity dates by two years.

 

·The Company is raising its full year 2024 outlook for consolidated net income, operating income, Adjusted EBITDAre and adjusted funds from operations (AFFO), primarily to reflect Tennessee franchise tax savings and estimated cash interest expense savings from the OEG refinancing. The Company is lowering its outlook for same-store Hospitality RevPAR and Total RevPAR growth to account for continued leisure transient softness.

 

Mark Fioravanti, President and Chief Executive Officer of Ryman Hospitality Properties, said, “Our second quarter results continue to demonstrate the strength of both business segments, delivering record second quarter net income, and all-time records for consolidated operating income and consolidated Adjusted EBITDAre despite some expected construction disruption and continued leisure transient softness. Projected rooms revenue from second quarter bookings production for all future years set a second quarter record for the same-store portfolio, which together with all-time record banquet and AV results indicate our core group customer demand remains strong.”

 

 

1 In May 2024, Tennessee amended its franchise tax law, making the Company eligible for refunds for the prior tax years of 2020 through 2023. The Company’s aggregate eligible refunds total approximately $9.1 million (reflected as a reduction in operating expenses), which is allocated by segment in the following approximate amounts in second quarter 2024: $5.6 million (Hospitality), $3.4 million (Entertainment) and $0.1 million (Corporate & Other).

 

2 Same-store Hospitality portfolio excludes JW Marriott Hill Country, which was acquired June 30, 2023.

 

 

 

 

Second Quarter 2024 Results (as compared to second quarter 2023):

 

($ in thousands, except per share amounts)  Three Months Ended   Six Months Ended 
   June 30,   June 30, 
   2024   2023   % ∆   2024   2023   % ∆ 
Total Revenue  $613,290   $504,843   21.5%  $1,141,635   $996,562   14.6%
                             
Operating income  $168,071   $122,240   37.5%  $264,452   $227,890   16.0%
Operating income margin   27.4%   24.2%  3.2pt   23.2%   22.9%  0.3pt
                             
Net income  $104,740   $70,143   49.3%  $147,501   $131,137   12.5%
Net income margin   17.1%   13.9%  3.2pt   12.9%   13.2%  -0.3pt
                             
Net income available to common stockholders  $100,805   $66,543   51.5%  $143,861   $127,863   12.5%
Net income available to common stockholders margin   16.4%   13.2%  3.2pt   12.6%   12.8%  -0.2pt
Net income available to common stockholders per diluted share (1)  $1.65   $1.15   43.5%  $2.31   $2.17   6.5%
                             
Adjusted EBITDAre   $233,195   $174,702   33.5%  $394,260   $332,377   18.6%
Adjusted EBITDAre margin    38.0%   34.6%  3.4pt   34.5%   33.4%  1.1pt
Adjusted EBITDAre, excluding noncontrolling interest in consolidated joint venture  $222,473   $165,883   34.1%  $378,876   $319,262   18.7%
Adjusted EBITDAre, excluding noncontrolling interest in consolidated joint venture margin    36.3%   32.9%  3.4pt   33.2%   32.0%  1.2pt
                             
Funds From Operations (FFO) available to common stockholders and unit holders  $157,647   $113,639   38.7%  $256,120   $222,165   15.3%
FFO available to common stockholders and unit holders per diluted share/unit (1)  $2.53   $1.92   31.8%  $4.05   $3.72   8.9%
                             
Adjusted FFO available to common stockholders and unit holders  $173,432   $122,392   41.7%  $276,126   $235,985   17.0%
Adjusted FFO available to common stockholders and unit holders per diluted share/unit (1)  $2.78   $2.06   35.0%  $4.37   $3.95   10.6%

 

(1) Diluted weighted average common shares for the three months ended June 30, 2024 and 2023 include 3.1 million and 3.9 million, respectively, and the six months ended June 30, 2024 and 2023 include 3.3 million and 4.0 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 second quarter 2024 results reflect franchise tax refunds for prior tax periods of 2020 through 2023 totaling approximately $9.1 million. Excluding the franchise tax refund related to prior years, for the three and six months ended June 30, 2024, net income was approximately $97.9 million and $140.6 million, respectively; operating income was approximately $159.0 million and $255.4 million, respectively; operating income margin was approximately 25.9% and 22.4%, respectively; Adjusted EBITDAre was approximately $224.1 million and $385.2 million, respectively; and Adjusted EBITDAre margin was approximately 36.5% and 33.7%, respectively.

 

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.

 

2

 

 

Hospitality Segment

 

($ in thousands, except ADR, RevPAR, and Total RevPAR)

 

   Three Months Ended   Six Months Ended 
   June 30,   June 30, 
   2024   2023   % ∆   2024   2023   % ∆ 
Hospitality Revenue  $519,087   $417,685   24.3%  $980,557   $842,124   16.4%
Same-Store Hospitality Revenue (1)  $456,237   $417,685   9.2%  $867,766   $842,124   3.0%
                             
Hospitality operating income  $151,885   $107,733   41.0%  $254,070   $213,803   18.8%
Hospitality operating income margin   29.3%   25.8%  3.5pt   25.9%   25.4%  0.5pt
Hospitality Adjusted EBITDAre  $204,615   $152,667   34.0%  $359,208   $303,902   18.2%
Hospitality Adjusted EBITDAre margin   39.4%   36.6%  2.8pt   36.6%   36.1%  0.5pt
                             
Same-Store Hospitality operating income (1)  $136,447   $107,733   26.7%  $229,498   $213,803   7.3%
Same-Store Hospitality operating income margin (1)   29.9%   25.8%  4.1pt   26.4%   25.4%  1.0pt
Same-Store Hospitality Adjusted EBITDAre (1)  $181,706   $152,667   19.0%  $319,768   $303,902   5.2%
Same-Store Hospitality Adjusted EBITDAre margin (1)   39.8%   36.6%  3.2pt   36.8%   36.1%  0.7pt
                             
Hospitality Performance Metrics                            
Occupancy   73.7%   72.7%  1.0pt   70.2%   72.5%  -2.3pt
Average Daily Rate (ADR)  $260.76   $244.77   6.5%  $255.87   $241.38   6.0%
RevPAR  $192.12   $177.83   8.0%  $179.64   $174.97   2.7%
Total RevPAR  $499.90   $440.12   13.6%  $472.09   $446.49   5.7%
                             
Same-Store Hospitality Performance Metrics (1)                            
Occupancy   73.2%   72.7%  0.5pt   70.1%   72.5%  -2.4pt
Average Daily Rate (ADR)  $254.16   $244.77   3.8%  $249.71   $241.38   3.5%
RevPAR  $185.95   $177.83   4.6%  $175.06   $174.97   0.1%
Total RevPAR  $481.67   $440.12   9.4%  $458.00   $446.49   2.6%
                             
Gross Definite Rooms Nights Booked   781,235    651,507   19.9%   1,069,187    1,000,155   6.9%
Net Definite Rooms Nights Booked   596,661    450,269   32.5%   748,337    700,587   6.8%
Group Attrition (as % of contracted block)   15.2%   16.3%  -1.1pt   15.0%   15.9%  -0.9pt
Cancellations ITYFTY (2)   13,961    21,748   -35.8%   26,151    53,968   -51.5%

 

(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 second quarter 2024 results reflect franchise tax refunds for prior tax periods of 2020 through 2023 totaling approximately $5.6 million. Excluding the franchise tax refund related to prior years, for the three and six months ended June 30, 2024, Hospitality operating income was approximately $146.3 million and $248.5 million, respectively; Hospitality operating income margin was approximately 28.2% and 25.3%, respectively; Hospitality Adjusted EBITDAre was approximately $199.0 million and $353.6 million, respectively; Hospitality Adjusted EBITDAre margin was approximately 38.3% and 36.1%, respectively; same-store Hospitality operating income was approximately $130.9 million and $223.9 million, respectively; same-store Hospitality operating income margin was approximately 28.7% and 25.8%, respectively; same-store Hospitality Adjusted EBITDAre was approximately $176.1 million and $314.2 million, respectively; and same-store Hospitality Adjusted EBITDAre margin was approximately 38.6% and 36.2%, respectively.

 

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 Second 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.

 

3

 

 

Hospitality Segment Highlights

 

·Same-store Hospitality portfolio achieved all-time record operating income of $136.4 million and record Adjusted EBITDAre of $181.7 million for the quarter, which were records even without the impact of the Tennessee franchise tax refunds.

 

·Banquet and AV revenue set an all-time record for the same-store Hospitality portfolio, reflecting the strength of our core group business.

 

·The same-store Hospitality portfolio achieved a second quarter record ADR of $254, an increase of 3.8% from Q2 2023, maintaining our continued rate growth.

 

·On a same-store basis, cancellations in the year for the year decreased by 36% in Q2 2024 compared to Q2 2023, and attrition and cancellation fee collections declined to $9.3 million in Q2 2024 from $10.3 million in Q2 2023.

 

·Successfully completed the first phase of the Gaylord Rockies Grand Lodge repositioning and the development of a new group pavilion.

 

Gaylord Opryland

 

($ in thousands, except ADR, RevPAR, and Total RevPAR)

 

   Three Months Ended   Six Months Ended 
   June 30,   June 30, 
   2024   2023   % ∆   2024   2023   % ∆ 
Revenue  $130,352   $110,475   18.0%  $234,187   $222,281   5.4%
Operating income  $50,642   $32,011   58.2%  $75,467   $63,706   18.5%
Operating income margin   38.9%   29.0%  9.9pt   32.2%   28.7%  3.5pt
Adjusted EBITDAre  $58,830   $40,511   45.2%  $91,777   $80,748   13.7%
Adjusted EBITDAre margin   45.1%   36.7%  8.4pt   39.2%   36.3%  2.9pt
                             
Occupancy   75.4%   71.2%  4.2pt   70.2%   71.9%  -1.7pt
Average daily rate (ADR)  $260.98   $252.01   3.6%  $253.71   $246.07   3.1%
RevPAR  $196.85   $179.38   9.7%  $178.23   $176.90   0.8%
Total RevPAR  $496.00   $420.36   18.0%  $445.55   $425.23   4.8%

 

Note: Gaylord Opryland second quarter 2024 results reflect franchise tax refunds for prior tax periods of 2020 through 2023 totaling approximately $5.4 million. Excluding the franchise tax refund related to prior years, for the three and six months ended June 30, 2024, operating income was approximately $45.3 million and $70.1 million, respectively; operating income margin was approximately 34.7% and 29.9%, respectively; Adjusted EBITDAre was approximately $53.5 million and $86.4 million, respectively; and Adjusted EBITDAre margin was approximately 41.0% and 36.9%, respectively.

 

4

 

 

Gaylord Palms

 

($ in thousands, except ADR, RevPAR, and Total RevPAR)

 

   Three Months Ended   Six Months Ended 
   June 30,   June 30, 
   2024   2023   % ∆   2024   2023   % ∆ 
Revenue  $68,799   $73,829   -6.8%  $154,262   $158,375   -2.6%
Operating income  $13,479   $18,322   -26.4%  $38,485   $45,956   -16.3%
Operating income margin   19.6%   24.8%  -5.2pt   24.9%   29.0%  -4.1pt
Adjusted EBITDAre  $20,361   $24,895   -18.2%  $52,232   $59,170   -11.7%
Adjusted EBITDAre margin   29.6%   33.7%  -4.1pt   33.9%   37.4%  -3.5pt
                             
Occupancy   62.5%   75.8%  -13.3pt   68.5%   77.6%  -9.1pt
Average daily rate (ADR)  $235.54   $243.55   -3.3%  $253.19   $250.74   1.0%
RevPAR  $147.22   $184.58   -20.2%  $173.55   $194.62   -10.8%
Total RevPAR  $440.07   $472.24   -6.8%  $493.36   $509.31   -3.1%

 

Gaylord Texan

 

($ in thousands, except ADR, RevPAR, and Total RevPAR)

 

   Three Months Ended   Six Months Ended 
   June 30,   June 30, 
   2024   2023   % ∆   2024   2023   % ∆ 
Revenue  $83,897   $81,479   3.0%  $168,799   $167,877   0.5%
Operating income  $26,314   $26,105   0.8%  $52,346   $54,193   -3.4%
Operating income margin   31.4%   32.0%  -0.6pt   31.0%   32.3%  -1.3pt
Adjusted EBITDAre  $32,058   $31,823   0.7%  $63,981   $65,677   -2.6%
Adjusted EBITDAre margin   38.2%   39.1%  -0.9pt   37.9%   39.1%  -1.2pt
                             
Occupancy   78.8%   75.1%  3.7pt   76.0%   76.1%  -0.1pt
Average daily rate (ADR)  $252.61   $234.86   7.6%  $246.43   $232.83   5.8%
RevPAR  $199.18   $176.49   12.9%  $187.36   $177.19   5.7%
Total RevPAR  $508.24   $493.59   3.0%  $511.28   $511.30   0.0%

 

5

 

 

Gaylord National

 

($ in thousands, except ADR, RevPAR, and Total RevPAR)

 

   Three Months Ended   Six Months Ended 
   June 30,   June 30, 
   2024   2023   % ∆   2024   2023   % ∆ 
Revenue  $88,369   $77,014   14.7%  $156,643   $149,786   4.6%
Operating income  $22,321   $14,926   49.5%  $27,544   $22,981   19.9%
Operating income margin   25.3%   19.4%  5.9pt   17.6%   15.3%  2.3pt
Adjusted EBITDAre  $31,921   $24,453   30.5%  $46,740   $42,073   11.1%
Adjusted EBITDAre margin   36.1%   31.8%  4.3pt   29.8%   28.1%  1.7pt
                             
Occupancy   70.8%   67.8%  3.0pt   67.6%   67.6%  0.0pt
Average daily rate (ADR)  $263.88   $251.80   4.8%  $250.67   $245.80   2.0%
RevPAR  $186.90   $170.65   9.5%  $169.54   $166.06   2.1%
Total RevPAR  $486.52   $424.00   14.7%  $431.20   $414.60   4.0%

 

Gaylord Rockies

 

($ in thousands, except ADR, RevPAR, and Total RevPAR)

 

   Three Months Ended   Six Months Ended 
   June 30,   June 30, 
   2024   2023   % ∆   2024   2023   % ∆ 
Revenue  $76,836   $67,127   14.5%  $140,658   $131,174   7.2%
Operating income  $21,436   $14,691   45.9%  $33,433   $25,559   30.8%
Operating income margin   27.9%   21.9%  6.0pt   23.8%   19.5%  4.3pt
Adjusted EBITDAre  $35,574   $28,815   23.5%  $61,412   $53,728   14.3%
Adjusted EBITDAre margin   46.3%   42.9%  3.4pt   43.7%   41.0%  2.7pt
                             
Occupancy   80.4%   77.8%  2.6pt   72.4%   73.9%  -1.5pt
Average daily rate (ADR)  $255.44   $247.92   3.0%  $249.55   $240.94   3.6%
RevPAR  $205.25   $192.84   6.4%  $180.77   $177.98   1.6%
Total RevPAR  $562.53   $491.45   14.5%  $514.89   $482.82   6.6%

 

6

 

 

 

 

JW Marriott Hill Country1

 

($ in thousands, except ADR, RevPAR, and Total RevPAR)    

 

   Three Months Ended   Six Months Ended 
   June 30,   June 30, 
   2024   2024 
Revenue  $62,850   $112,791 
Operating income  $15,438   $24,572 
Operating income margin   24.6%   21.8%
Adjusted EBITDAre  $22,909   $39,440 
Adjusted EBITDAre margin   36.5%   35.0%
           
Occupancy    79.0%   71.3%
Average daily rate (ADR)  $324.18   $318.83 
RevPAR  $256.23   $227.31 
Total RevPAR  $689.28   $618.50 

 

1 JW Marriott Hill Country was acquired by the Company on June 30, 2023, therefore there are no comparison figures.

 

Entertainment Segment

 

($ in thousands)

 

   Three Months Ended   Six Months Ended 
   June 30,   June 30, 
   2024   2023   % ∆   2024   2023   % ∆ 
Revenue  $94,203   $87,158    8.1%  $161,078   $154,438    4.3%
Operating income  $25,822   $24,601    5.0%  $31,934   $34,992    -8.7%
Operating income margin   27.4%   28.2%   -0.8pt   19.8%   22.7%   -2.9pt
Adjusted EBITDAre  $35,744   $29,416    21.5%  $51,283   $43,762    17.2%
Adjusted EBITDAre margin   37.9%   33.8%   4.1pt   31.8%   28.3%   3.5pt

 

Note: Entertainment segment second quarter 2024 results reflect franchise tax refunds for prior tax periods of 2020 through 2023 totaling approximately $3.4 million. Excluding the franchise tax refund related to prior years, for the three and six months ended June 30, 2024, operating income was approximately $22.4 million and $28.6 million, respectively; operating income margin was approximately 23.8% and 17.7%, respectively; Adjusted EBITDAre was approximately $32.4 million and $47.9 million, respectively; and Adjusted EBITDAre margin was approximately 34.4% and 29.7%, respectively.

 

Fioravanti continued, “Our Entertainment business delivered solid performance, including an all-time quarterly record for revenue led by the Grand Ole Opry and our Ole Red brand. We are particularly pleased with these results given the planned construction-related disruption at Category 10 and the W Austin Hotel at Block 21. We look forward to their enhanced contribution in 2025.”

 

 7

 

 

Corporate and Other Segment

 

($ in thousands)              

 

   Three Months Ended   Six Months Ended 
   June 30,   June 30, 
   2024   2023   % ∆   2024   2023   % ∆ 
Operating loss  ($9,636)  ($10,094)   4.5%  ($21,552)  ($20,905)   -3.1%
Adjusted EBITDAre  ($7,164)  ($7,381)   2.9%  ($16,231)  ($15,287)   -6.2%

 

Note: Corporate and Other segment second quarter 2024 results reflect franchise tax refunds for prior tax periods of 2020 through 2023 totaling approximately $0.1 million.

 

2024 Guidance

 

Fioravanti concluded, “We are pleased to increase our full year 2024 outlook for consolidated net income, operating income, Adjusted EBITDAre and Adjusted FFO, to reflect the change in Tennessee franchise tax law and estimated cash interest expense savings from the OEG refinancing. Our outlook assumes continued strength in our group business and our anticipated strong operating expense discipline, which we believe will offset the profitability impact of continued leisure transient softness. We remain confident in our group-centric model and the investments we are making across our portfolio to continue to create value for our guests and shareholders.”

 

The Company is updating its 2024 business performance outlook based on current information as of July 31, 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.

 

 8

 

 

($ in millions, except per share figures)  New Guidance   New FY  Prior Guidance   Prior FY    
   Full Year 2024 1   2024 Guidance 1  Full Year 2024 1   2024 Guidance 1  Change 1 
   Low   High   Midpoint  Low   High   Midpoint  Midpoint 
Consolidated Hospitality RevPAR growth (same-store) (2)   1.00%   3.00%   2.00%   3.50%   5.50%   4.50%   -2.50%
Consolidated Hospitality Total RevPAR growth (same-store) (2)   2.75%   4.75%   3.75%   3.25%   5.25%   4.25%   -0.50%
                                  
Operating Income                                 
Hospitality (same-store) (2)  $447.5   $456.0   $451.8  $434.5   $450.5   $442.5  $9.3 
JW Marriott Hill Country   37.0    38.0    37.5   35.0    40.0    37.5   - 
Entertainment   70.5    73.5    72.0   65.5    71.5    68.5   3.5 
Corporate and Other   (44.8)   (43.0)   (43.9)   (44.8)   (43.0)   (43.9)   - 
Consolidated Operating Income   510.2    524.5    517.4   490.2    519.0    504.6   12.8 
                                  
Adjusted EBITDAre                                 
Hospitality (same-store) (2)  $625.5   $640.5   $633.0  $612.5   $635.0   $623.8  $9.3 
JW Marriott Hill Country   65.0    70.0    67.5   63.0    72.0    67.5   - 
Entertainment   105.0    112.0    108.5   100.0    110.0    105.0   3.5 
Corporate and Other   (35.0)   (32.0)   (33.5)   (35.0)   (32.0)   (33.5)   - 
Consolidated Adjusted EBITDAre   760.5    790.5    775.5   740.5    785.0    762.8   12.8 
                                  
Net Income  $281.0   $287.5   $284.3  $259.0   $280.0   $269.5  $14.8 
Net Income available to common stockholders  $271.0   $281.5   $276.3  $249.0   $274.0   $261.5  $14.8 
                                  
Funds from Operations (FFO) available to common stockholders and unit holders  $485.3   $508.0   $496.6  $463.3   $500.5   $481.9  $14.8 
Adjusted FFO available to common stockholders and unit holders  $511.8   $543.0   $527.4  $489.8   $535.5   $512.6  $14.8 
                                  
Diluted income per share available to common stockholders  $4.38   $4.49   $4.44  $4.01   $4.33   $4.17  $0.27 
Adjusted FFO available to common stockholders and unit holders per diluted share  $8.09   $8.51   $8.30  $7.69   $8.33   $8.01  $0.29 
                                  
Estimated diluted shares outstanding to common stockholders (3)   64.1    64.1    64.1   64.6    64.6    64.6   (0.5)
Estimated diluted shares outstanding to common stockholders and unit holders (3)   64.5    64.5    64.5   65.0    65.0    65.0   (0.5)

 

(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.

 

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” below.

 

Capital Expenditures Update

 

As of June 30, 2024, full year 2024 capital expenditures are estimated to be $375 million to $425 million, unchanged at the midpoint of $400 million.

 

Dividend Update

 

On July 15, 2024, the Company paid the previously declared second quarter 2024 cash dividend of $1.10 per share of common stock, to stockholders of record as of June 28, 2024. The Company’s dividend policy provides that it will distribute minimum dividends of 100% of REIT taxable income annually. It is the Company’s current plan to distribute aggregate minimum dividends for 2024 of $4.40 per share in cash. Future dividends are subject to the Board’s future determinations as to amount and timing.

 

 9

 

 

Balance Sheet/Liquidity Update

 

As of June 30, 2024, the Company had total debt outstanding of $3,373.4 million, net of unamortized deferred financing costs, and unrestricted cash of $498.4 million. As of June 30, 2024, there were no amounts drawn under the Company’s revolving credit facility, $17.0 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 $758.7 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, August 1, 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.

 

 10

 

 

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.

 

 11

 

 

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.

 

 12

 

 

 

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

 

We calculate 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 for unconsolidated joint ventures.

 

To calculate Adjusted FFO available to common stockholders and unit holders, we then exclude, 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 we have identified herein.

 

13

 

 

We present Adjusted FFO available to common stockholders and unit holders per diluted share as a non-GAAP measure of our performance in addition to our net income available to common stockholders per diluted share (calculated in accordance with GAAP). We calculate Adjusted FFO available to common stockholders and unit holders per diluted share as our 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.

 

We believe that the presentation of these non-GAAP financial measures provides useful information to investors regarding the performance of our ongoing operations because each presents a measure of our 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 we believe are not indicative of the performance of our underlying hotel properties. We believe that these items are more representative of our asset base than our ongoing operations. We also use these non-GAAP financial measures as measures in determining our results after considering the impact of our capital structure.

 

We caution investors that non-GAAP financial measures we present 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 we present, and any related per share measures, should not be considered as alternative measures of our Net Income, operating performance, cash flow or liquidity. These non-GAAP financial measures may include funds that may not be available for our discretionary use due to functional requirements to conserve funds for capital expenditures and property acquisitions and other commitments and uncertainties. Although we believe that these non-GAAP financial measures can enhance an investor’s understanding of our 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.

 

14

 

 

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  

 

15

 

 

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

Unaudited

 (In thousands, except per share data)

 

   Three Months Ended   Six Months Ended 
   Jun. 30,   Jun. 30, 
   2024   2023   2024   2023 
Revenues :                    
Rooms  $199,497   $168,492   $373,130   $329,743 
Food and beverage   259,386    197,908    494,469    413,712 
Other hotel revenue   60,204    51,285    112,958    98,669 
Entertainment   94,203    87,158    161,078    154,438 
Total revenues   613,290    504,843    1,141,635    996,562 
                     
Operating expenses:                    
Rooms   45,062    40,272    89,163    82,331 
Food and beverage   132,369    107,026    260,548    222,207 
Other hotel expenses   117,769    104,590    236,582    207,649 
Management fees   21,449    15,418    39,411    30,613 
Total hotel operating expenses   316,649    267,306    625,704    542,800 
Entertainment   59,560    57,088    112,147    108,522 
Corporate   9,402    9,885    21,356    20,479 
Preopening costs   1,055    67    2,491    257 
Gain on sale of assets   -    -    (270)   - 
Depreciation and amortization   58,553    48,257    115,755    96,614 
Total operating expenses   445,219    382,603    877,183    768,672 
                     
Operating income   168,071    122,240    264,452    227,890 
                     
Interest expense, net of amounts capitalized   (56,577)   (49,179)   (117,020)   (91,707)
Interest income   7,064    5,318    14,586    7,865 
Loss on extinguishment of debt   (1,797)   (2,252)   (2,319)   (2,252)
Income (loss) from unconsolidated joint ventures   183    (2,153)   215    (4,959)
Other gains and (losses), net   (4)   (287)   317    (523)
Income before income taxes   116,940    73,687    160,231    136,314 
                     
Provision for income taxes   (12,200)   (3,544)   (12,730)   (5,177)
Net income   104,740    70,143    147,501    131,137 
                     
Net income attributable to noncontrolling interest in consolidated joint venture   (3,270)   (3,134)   (2,691)   (2,371)
Net income attributable to noncontrolling interest in Operating Partnership   (665)   (466)   (949)   (903)
Net income available to common stockholders  $100,805   $66,543   $143,861   $127,863 
                     
Basic income per share available to common stockholders  $1.68   $1.18   $2.41   $2.29 
Diluted income per share available to common stockholders (1)  $1.65   $1.15   $2.31   $2.17 
                     
Weighted average common shares for the period:                    
Basic   59,895    56,329    59,817    55,759 
Diluted (1)   63,223    60,489    63,446    59,973 

 

(1)Diluted income weighted average common shares for the three and six months ended June 30, 2024 include 3.1 million and 3.3 million, respectively, andthe three and six months ended June 30, 2023 include 3.9 million and 4.0 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 theCompany's option.

 

16

 

 

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

 CONDENSED CONSOLIDATED BALANCE SHEETS

Unaudited

(In thousands)

 

   Jun. 30,   Dec. 31, 
   2024   2023 
ASSETS:          
Property and equipment, net of accumulated depreciation  $4,045,466   $3,955,586 
Cash and cash equivalents - unrestricted   498,371    591,833 
Cash and cash equivalents - restricted   51,908    108,608 
Notes receivable   61,892    61,760 
Trade receivables, net   127,281    110,029 
Deferred income tax assets, net   71,023    81,624 
Prepaid expenses and other assets   163,786    154,810 
Intangible assets   120,231    124,287 
Total assets  $5,139,958   $5,188,537 
           
LIABILITIES AND EQUITY:          
Debt and finance lease obligations  $3,373,383   $3,377,028 
Accounts payable and accrued liabilities   406,245    464,720 
Dividends payable   67,734    67,932 
Deferred management rights proceeds   165,121    165,174 
Operating lease liabilities   130,411    129,122 
Other liabilities   68,140    66,658 
Noncontrolling interest in consolidated joint venture   362,603    345,126 
Total equity   566,321    572,777 
Total liabilities and equity  $5,139,958   $5,188,537 

 

17

 

 

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

SUPPLEMENTAL FINANCIAL RESULTS

ADJUSTED EBITDAre RECONCILIATION

Unaudited

(in thousands)

 

   Three Months Ended Jun. 30,   Six Months Ended Jun. 30, 
   2024   2023   2024   2023 
   $   Margin   $   Margin   $   Margin   $   Margin 
Consolidated                                
Revenue  $613,290        $504,843        $1,141,635        $996,562      
Net income  $104,740    17.1%  $70,143    13.9%  $147,501    12.9%  $131,137    13.2%
Interest expense, net   49,513         43,861         102,434         83,842      
Provision for income taxes   12,200         3,544         12,730         5,177      
Depreciation & amortization   58,553         48,257         115,755         96,614      
Gain on sale of assets   -         -         (270)        -      
Pro rata EBITDAre from unconsolidated joint ventures   2         8         4         17      
EBITDAre   225,008    36.7%   165,813    32.8%   378,154    33.1%   316,787    31.8%
Preopening costs   1,055         67         2,491         257      
Non-cash lease expense   933         1,499         1,858         3,000      
Equity-based compensation expense   3,383         3,801         7,245         7,540      
Interest income on Gaylord National bonds   1,195         1,270         2,390         2,541      
Loss on extinguishment of debt   1,797         2,252         2,319         2,252      
Pro rata adjusted EBITDAre from unconsolidated joint ventures   (176)        -         (197)        -      
Adjusted EBITDAre  $233,195    38.0%  $174,702    34.6%  $394,260    34.5%  $332,377    33.4%
Adjusted EBITDAre of noncontrolling interest in consolidated joint venture  $(10,722)       $(8,819)       $(15,384)       $(13,115)     
Adjusted EBITDAre, excluding noncontrolling interest in consolidated joint venture  $222,473    36.3%  $165,883    32.9%  $378,876    33.2%  $319,262    32.0%
                                         
Hospitality segment                                        
Revenue  $519,087        $417,685        $980,557        $842,124      
Operating income  $151,885    29.3%  $107,733    25.8%  $254,070    25.9%  $213,803    25.4%
Depreciation & amortization   50,553         42,646         100,783         85,521      
Non-cash lease expense   982         1,018         1,965         2,037      
Interest income on Gaylord National bonds   1,195         1,270         2,390         2,541      
Adjusted EBITDAre  $204,615    39.4%  $152,667    36.6%  $359,208    36.6%  $303,902    36.1%
                                         
Same-Store Hospitality segment (1)                                        
Revenue  $456,237        $417,685        $867,766        $842,124      
Operating income  $136,447    29.9%  $107,733    25.8%  $229,498    26.4%  $213,803    25.4%
Depreciation & amortization   43,082         42,646         85,915         85,521      
Non-cash lease expense   982         1,018         1,965         2,037      
Interest income on Gaylord National bonds   1,195         1,270         2,390         2,541      
Adjusted EBITDAre  $181,706    39.8%  $152,667    36.6%  $319,768    36.8%  $303,902    36.1%
                                         
Entertainment segment                                        
Revenue  $94,203        $87,158        $161,078        $154,438      
Operating income  $25,822    27.4%  $24,601    28.2%  $31,934    19.8%  $34,992    22.7%
Depreciation & amortization   7,766         5,402         14,506         10,667      
Preopening costs   1,055         67         2,491         257      
Non-cash lease (revenue) expense   (49)        481         (107)        963      
Equity-based compensation   1,005         1,010         1,893         1,826      
Other gains and (losses), net   137         -         545         -      
Pro rata adjusted EBITDAre from unconsolidated joint ventures   8         (2,145)        21         (4,943)     
Adjusted EBITDAre  $35,744    37.9%  $29,416    33.8%  $51,283    31.8%  $43,762    28.3%
                                         
Corporate and Other segment                                        
Operating loss  $(9,636)       $(10,094)       $(21,552)       $(20,905)     
Depreciation & amortization   234         209         466         426      
Other gains and (losses), net   (140)        (287)        (227)        (522)     
Equity-based compensation   2,378         2,791         5,352         5,714      
Gain on sale of assets   -         -         (270)        -      
Adjusted EBITDAre  $(7,164)       $(7,381)       $(16,231)       $(15,287)     

 

(1)Same-Store Hospitality segment excludes JW Marriott Hill Country, which was acquired on June 30, 2023.

 

18

 

 

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 Jun. 30,   Six Months Ended Jun. 30,
   2024   2023   2024   2023 
Consolidated                    
Net income  $104,740   $70,143   $147,501   $131,137 
Noncontrolling interest in consolidated joint venture   (3,270)   (3,134)   (2,691)   (2,371)
Net income available to common stockholders and unit holders   101,470    67,009    144,810    128,766 
Depreciation & amortization   58,506    48,227    115,660    96,553 
Adjustments for noncontrolling interest   (2,331)   (1,620)   (4,352)   (3,200)
Pro rata adjustments from joint ventures   2    23    2    46 
FFO available to common stockholders and unit holders   157,647    113,639    256,120    222,165 
                     
Right-of-use asset amortization   47    30    95    61 
Non-cash lease expense   933    1,499    1,858    3,000 
Pro rata adjustments from joint ventures   (176)   -    (197)   - 
Gain on other assets   -    -    (270)   - 
Amortization of deferred financing costs   2,627    2,633    5,348    5,307 
Amortization of debt discounts and premiums   658    545    1,307    1,051 
Loss on extinguishment of debt   1,797    2,252    2,319    2,252 
Adjustments for noncontrolling interest   (1,253)   (870)   (1,118)   (1,282)
Deferred tax provision (benefit)   11,152    2,664    10,664    3,431 
Adjusted FFO available to common stockholders and unit holders  $173,432   $122,392   $276,126   $235,985 
                     
Basic net income per share  $1.68   $1.18   $2.41   $2.29 
Diluted net income per share  $1.65   $1.15   $2.31   $2.17 
                     
FFO available to common stockholders and unit holders per basic share/unit  $2.61   $2.00   $4.25   $3.96 
Adjusted FFO available to common stockholders and unit holders per basic share/unit  $2.88   $2.16   $4.59   $4.20 
                     
FFO available to common stockholders and unit holders per diluted share/unit (1)  $2.53   $1.92   $4.05   $3.72 
Adjusted FFO available to common stockholders and unit holders per diluted share/unit (1)  $2.78   $2.06   $4.37   $3.95 
                     
Weighted average common shares and OP units for the period:                    
Basic   60,290    56,724    60,212    56,154 
Diluted (1)   63,618    60,884    63,841    60,368 

 

(1) Diluted weighted average common shares and OP units for the three and six months ended June 30, 2024 include 3.1 million and 3.3 million, respectively, and the three and six months ended June 30, 2023 include 3.9 million and 4.0 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.

 

19

 

 

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

SUPPLEMENTAL FINANCIAL RESULTS

HOSPITALITY SEGMENT ADJUSTED EBITDAre RECONCILIATIONS AND OPERATING METRICS

Unaudited

(in thousands)

 

   Three Months Ended Jun. 30,   Six Months Ended Jun. 30, 
   2024   2023   2024   2023 
   $   Margin   $   Margin   $   Margin   $   Margin 
Hospitality segment                                        
Revenue  $519,087        $417,685        $980,557        $842,124      
Operating income  $151,885    29.3%  $107,733    25.8%  $254,070    25.9%  $213,803    25.4%
Depreciation & amortization   50,553         42,646         100,783         85,521      
Non-cash lease expense   982         1,018         1,965         2,037      
Interest income on Gaylord National bonds   1,195         1,270         2,390         2,541      
Adjusted EBITDAre  $204,615    39.4%  $152,667    36.6%  $359,208    36.6%  $303,902    36.1%
                                         
Occupancy   73.7%        72.7%        70.2%        72.5%     
Average daily rate (ADR)  $260.76        $244.77        $255.87        $241.38      
RevPAR  $192.12        $177.83        $179.64        $174.97      
OtherPAR  $307.78        $262.29        $292.45        $271.52      
Total RevPAR  $499.90        $440.12        $472.09        $446.49      
                                         
Same-Store Hospitality segment (1)                                        
Revenue  $456,237        $417,685        $867,766        $842,124      
Operating income  $136,447    29.9%  $107,733    25.8%  $229,498    26.4%  $213,803    25.4%
Depreciation & amortization   43,082         42,646         85,915         85,521      
Non-cash lease expense   982         1,018         1,965         2,037      
Interest income on Gaylord National bonds   1,195         1,270         2,390         2,541      
Adjusted EBITDAre  $181,706    39.8%  $152,667    36.6%  $319,768    36.8%  $303,902    36.1%
                                         
Occupancy   73.2%        72.7%        70.1%        72.5%     
Average daily rate (ADR)  $254.16        $244.77        $249.71        $241.38      
RevPAR  $185.95        $177.83        $175.06        $174.97      
OtherPAR  $295.72        $262.29        $282.94        $271.52      
Total RevPAR  $481.67        $440.12        $458.00        $446.49      
                                         
Gaylord Opryland                                        
Revenue  $130,352        $110,475        $234,187        $222,281      
Operating income  $50,642    38.9%  $32,011    29.0%  $75,467    32.2%  $63,706    28.7%
Depreciation & amortization   8,199         8,512         16,332         17,066      
Non-cash lease revenue   (11)        (12)        (22)        (24)     
Adjusted EBITDAre  $58,830    45.1%  $40,511    36.7%  $91,777    39.2%  $80,748    36.3%
                                         
Occupancy   75.4%        71.2%        70.2%        71.9%     
Average daily rate (ADR)  $260.98        $252.01        $253.71        $246.07      
RevPAR  $196.85        $179.38        $178.23        $176.90      
OtherPAR  $299.15        $240.98        $267.32        $248.33      
Total RevPAR  $496.00        $420.36        $445.55        $425.23      
                                         
Gaylord Palms                                        
Revenue  $68,799        $73,829        $154,262        $158,375      
Operating income  $13,479    19.6%  $18,322    24.8%  $38,485    24.9%  $45,956    29.0%
Depreciation & amortization   5,889         5,543         11,760         11,153      
Non-cash lease expense   993         1,030         1,987         2,061      
Adjusted EBITDAre  $20,361    29.6%  $24,895    33.7%  $52,232    33.9%  $59,170    37.4%
                                         
Occupancy   62.5%        75.8%       $0.69        $0.78      
Average daily rate (ADR)  $235.54        $243.55        $253.19        $250.74      
RevPAR  $147.22        $184.58        $173.55        $194.62      
OtherPAR  $292.85        $287.66        $319.81        $314.69      
Total RevPAR  $440.07        $472.24        $493        $509      
                                         
Gaylord Texan                                        
Revenue  $83,897        $81,479        $168,799        $167,877      
Operating income  $26,314    31.4%  $26,105    32.0%  $52,346    31.0%  $54,193    32.3%
Depreciation & amortization   5,744         5,718         11,635         11,484      
Adjusted EBITDAre  $32,058    38.2%  $31,823    39.1%  $63,981    37.9%  $65,677    39.1%
                                         
Occupancy   78.8%        75.1%        76.0%        76.1%     
Average daily rate (ADR)  $252.61        $234.86        $246.43        $232.83      
RevPAR  $199.18        $176.49        $187.36        $177.19      
OtherPAR  $309.06        $317.10        $323.92        $334.11      
Total RevPAR  $508.24        $493.59        $511.28        $511.30      

 

20

 

 

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

SUPPLEMENTAL FINANCIAL RESULTS

HOSPITALITY SEGMENT ADJUSTED EBITDAre RECONCILIATIONS AND OPERATING METRICS

Unaudited

(in thousands)

 

   Three Months Ended Jun. 30,   Six Months Ended Jun. 30, 
   2024   2023   2024   2023 
   $   Margin   $   Margin   $   Margin   $   Margin 
Gaylord National                                        
Revenue  $88,369        $77,014        $156,643        $149,786      
Operating income  $22,321    25.3%  $14,926    19.4%  $27,544    17.6%  $22,981    15.3%
Depreciation & amortization   8,405         8,257         16,806         16,551      
Interest income on Gaylord National bonds   1,195         1,270         2,390         2,541      
Adjusted EBITDAre  $31,921    36.1%  $24,453    31.8%  $46,740    29.8%  $42,073    28.1%
                                         
Occupancy   70.8%        67.8%        67.6%        67.6%     
Average daily rate (ADR)  $263.88        $251.80        $250.67        $245.80      
RevPAR  $186.90        $170.65        $169.54        $166.06      
OtherPAR  $299.62        $253.35        $261.66        $248.54      
Total RevPAR  $486.52        $424.00        $431.20        $414.60      
                                         
Gaylord Rockies                                        
Revenue  $76,836        $67,127        $140,658        $131,174      
Operating income  $21,436    27.9%  $14,691    21.9%  $33,433    23.8%  $25,559    19.5%
Depreciation & amortization   14,138         14,124         27,979         28,169      
Adjusted EBITDAre  $35,574    46.3%  $28,815    42.9%  $61,412    43.7%  $53,728    41.0%
                                         
Occupancy   80.4%        77.8%        72.4%        73.9%     
Average daily rate (ADR)  $255.44        $247.92        $249.55        $240.94      
RevPAR  $205.25        $192.84        $180.77        $177.98      
OtherPAR  $357.28        $298.61        $334.12        $304.84      
Total RevPAR  $562.53        $491.45        $514.89        $482.82      
                                         
JW Marriott Hill Country (2)                                        
Revenue  $62,850        $-        $112,791        $-      
Operating income  $15,438    24.6%  $-        $24,572    21.8%  $-      
Depreciation & amortization   7,471         -         14,868         -      
Adjusted EBITDAre  $22,909    36.5%  $-        $39,440    35.0%  $-      
                                         
Occupancy   79.0%         n/a          71.3%         n/a       
Average daily rate (ADR)  $324.18          n/a         $318.83          n/a       
RevPAR  $256.23          n/a         $227.31          n/a       
OtherPAR  $433.05          n/a         $391.19          n/a       
Total RevPAR  $689.28          n/a         $618.50          n/a       
                                         
The AC Hotel at National Harbor                                        
Revenue  $4,107        $3,401        $6,929        $5,612      
Operating income (loss)  $1,404    34.2%  $923    27.1%  $1,731    25.0%  $745    13.3%
Depreciation & amortization   218         171         468         452      
Adjusted EBITDAre  $1,622    39.5%  $1,094    32.2%  $2,199    31.7%  $1,197    21.3%
                                         
Occupancy   66.9%        64.0%        61.9%        59.1%     
Average daily rate (ADR)  $299.54        $277.86        $276.78        $250.79      
RevPAR  $200.39        $177.77        $171.32        $148.32      
OtherPAR  $34.67        $16.91        $26.97        $13.17      
Total RevPAR  $235.06        $194.68        $198.29        $161.49      
                                         
The Inn at Opryland (3)                                        
Revenue  $3,877        $4,360        $6,288        $7,019      
Operating loss  $851    21.9%  $755    17.3%  $492    7.8%  $663    9.4%
Depreciation & amortization   489         321         935         646      
Adjusted EBITDAre  $1,340    34.6%  $1,076    24.7%  $1,427    22.7%  $1,309    18.6%
                                         
Occupancy   61.6%        66.3%        51.9%        61.5%     
Average daily rate (ADR)  $179.80        $159.71        $172.78        $150.36      
RevPAR  $110.78        $105.84        $89.65        $92.43      
OtherPAR  $31.35        $26.08        $24.99        $22.39      
Total RevPAR  $142.13        $131.92        $114.64        $114.82      

 

(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, therefore there are no comparison figures.
(3) Includes other hospitality revenue and expense.

 

21

 

 

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   Six Months Ended 
   Jun. 30,   Jun. 30, 
   2024   2023   2024   2023 
Earnings per share:                    
                     
Numerator:                    
Net income available to common stockholders  $100,805   $66,543   $143,861   $127,863 
Net loss attributable to noncontrolling interest in consolidated joint venture   3,270    3,134    2,691    2,371 
Net income available to common stockholders - if-converted method  $104,075   $69,677   $146,552   $130,234 
                     
Denominator:                    
Weighted average shares outstanding - basic   59,895    56,329    59,817    55,759 
Effect of dilutive stock-based compensation   206    232    314    256 
Effect of dilutive put rights (1)   3,122    3,928    3,315    3,958 
Weighted average shares outstanding - diluted   63,223    60,489    63,446    59,973 
                     
Basic income per share available to common stockholders  $1.68   $1.18   $2.41   $2.29 
Diluted income per share available to common stockholders  $1.65   $1.15   $2.31   $2.17 
                     
FFO and Adjusted FFO per share:                    
                     
Numerator - FFO:                    
FFO available to common stockholders and unit holders  $157,647   $113,639   $256,120   $222,165 
Net loss attributable to noncontrolling interest in consolidated joint venture   3,270    3,134    2,691    2,371 
FFO available to common stockholders and unit holders- if-converted method  $160,917   $116,773   $258,811   $224,536 
                     
Numerator - Adjusted FFO:                    
Adjusted FFO available to common stockholders and unit holders  $173,432   $122,392   $276,126   $235,985 
Net loss attributable to noncontrolling interest in consolidated joint venture   3,270    3,134    2,691    2,371 
Adjusted FFO available to common stockholders and unit holders - if-converted method  $176,702   $125,526   $278,817   $238,356 
                     
Denominator:                    
Weighted average shares and OP units outstanding - basic   60,290    56,724    60,212    56,154 
Effect of dilutive stock-based compensation   206    232    314    256 
Effect of dilutive put rights (1)   3,122    3,928    3,315    3,958 
Weighted average shares and OP units outstanding - diluted   63,618    60,884    63,841    60,368 
                     
FFO available to common stockholders and unit holders per basic share/unit  $2.61   $2.00   $4.25   $3.96 
Adjusted FFO available to common stockholders and unit holders per basic share/unit  $2.88   $2.16   $4.59   $4.20 
                     
FFO available to common stockholders and unit holders per diluted share/unit (1)  $2.53   $1.92   $4.05   $3.72 
Adjusted FFO available to common stockholders and unit holders per diluted share/unit (1)  $2.78   $2.06   $4.37   $3.95 

 

(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.

 

22

 

 

Ryman Hospitality Properties, Inc. and Subsidiaries

Reconciliation of Forward-Looking Statements

Unaudited

(dollars in thousands, except per share data)

Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate ("Adjusted EBITDAre")

Funds From Operations ("FFO") and Adjusted FFO Reconciliation

 

   New Guidance Range 
   For Full Year 2024 
   Low   High   Midpoint 
Ryman Hospitality Properties, Inc.               
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) / Loss on disposal of fixed assets   (275)   (275)   (275)
EBITDAre  $735,000   $760,000   $747,500 
Non-cash lease expense   3,500    4,500    4,000 
Preopening expense   3,000    3,500    3,250 
Equity-based compensation   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 
Loss (gain) on extinguishment of debt   -    -    - 
Adjusted EBITDAre  $690,500   $710,500   $700,500 
                
Hospitality Segment (same-store)               
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 
Loss (gain) on extinguishment of debt   -    -    - 
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 

 

23

 

 

Ryman Hospitality Properties, Inc. and Subsidiaries

Reconciliation of Forward-Looking Statements

Unaudited

(dollars in thousands, except per share data)

Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate ("Adjusted EBITDAre")

Funds From Operations ("FFO") and Adjusted FFO Reconciliation

 

   New 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 expense   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)
                
Ryman Hospitality Properties, Inc.               
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 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 
Loss (gain) on extinguishment of debt   -    -    - 
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 Taxes   12,000    13,500    12,750 
Adjusted FFO available to common stockholders and unit holders  $511,750   $543,000   $527,375 
                
Diluted income per share available to common stockholders  $4.38   $4.49   $4.44 
Adjusted FFO available to common stockholders and unit holders per diluted share  $8.09   $8.51   $8.30 
                
Estimated diluted shares outstanding to common stockholders (in millions)   64.1    64.1    64.1 
Estimated diluted shares outstanding to common stockholders and unit holders (in millions)   64.5    64.5    64.5 

 

24

 

 

Ryman Hospitality Properties, Inc. and Subsidiaries

Reconciliation of Forward-Looking Statements

Unaudited

(dollars in thousands, except per share data)

Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate ("Adjusted EBITDAre")

Funds From Operations ("FFO") and Adjusted FFO Reconciliation

 

   Prior Guidance Range 
   For Full Year 2024 
   Low   High   Midpoint 
Ryman Hospitality Properties, Inc.               
Net Income  $259,000   $280,000   $269,500 
Provision for income taxes   15,250    17,000    16,125 
Interest Expense, net   216,775    223,275    220,025 
Depreciation and amortization   224,250    234,500    229,375 
(Gain) / Loss on disposal of fixed assets   (275)   (275)   (275)
EBITDAre  $715,000   $754,500   $734,750 
Non-cash lease expense   3,500    4,500    4,000 
Preopening expense   3,000    3,500    3,250 
Equity-based compensation   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  $740,500   $785,000   $762,750 
                
Hospitality Segment               
Operating Income  $469,500   $490,500   $480,000 
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  $675,500   $707,000   $691,250 
                
Hospitality Segment (same-store)               
Operating Income  $434,500   $450,500   $442,500 
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  $612,500   $635,000   $623,750 
                
JW Marriott Hill Country               
Operating Income  $35,000   $40,000   $37,500 
Depreciation and amortization   28,000    32,000    30,000 
Adjusted EBITDAre  $63,000   $72,000   $67,500 

 

25

 

 

Ryman Hospitality Properties, Inc. and Subsidiaries

Reconciliation of Forward-Looking Statements

Unaudited

(dollars in thousands, except per share data)

Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate ("Adjusted EBITDAre")

Funds From Operations ("FFO") and Adjusted FFO Reconciliation

 

   Prior Guidance Range 
   For Full Year 2024 
   Low   High   Midpoint 
Entertainment Segment               
Operating Income  $65,500   $71,500   $68,500 
Depreciation and amortization   27,500    30,000    28,750 
Preopening expense   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  $100,000   $110,000   $105,000 
                
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)
                
Ryman Hospitality Properties, Inc.               
Net Income  $259,000   $280,000   $269,500 
Noncontrolling interest in consolidated joint venture   (10,000)   (6,000)   (8,000)
Net Income available to common stockholders and unit holders  $249,000   $274,000   $261,500 
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  $463,250   $500,500   $481,875 
Right of use 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 Taxes   12,000    13,500    12,750 
Adjusted FFO available to common stockholders and unit holders  $489,750   $535,500   $512,625 
                
Diluted income per share available to common stockholders  $4.01   $4.33   $4.17 
Adjusted FFO available to common stockholders and unit holders per diluted share  $7.69   $8.33   $8.01 
                
Estimated diluted shares outstanding to common stockholders (in millions)   64.6    64.6    64.6 
Estimated diluted shares outstanding to common stockholders and unit holders (in millions)   65.0    65.0    65.0 

 

26

 

v3.24.2.u1
Cover
Jul. 31, 2024
Cover [Abstract]  
Document Type 8-K/A
Amendment Flag false
Document Period End Date Jul. 31, 2024
Entity File Number 1-13079
Entity Registrant Name RYMAN HOSPITALITY PROPERTIES, INC.
Entity Central Index Key 0001040829
Entity Tax Identification Number 73-0664379
Entity Incorporation, State or Country Code DE
Entity Address, Address Line One One Gaylord Drive
Entity Address, City or Town Nashville
Entity Address, State or Province TN
Entity Address, Postal Zip Code 37214
City Area Code 615
Local Phone Number 316-6000
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock, par value $.01
Trading Symbol RHP
Security Exchange Name NYSE
Entity Emerging Growth Company false
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