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 second quarter ended June 30,
2019.
Second Quarter 2019 Results (As Compared to Second
Quarter 2018):
- Same-Store RevPAR Increased 1.4% and Same-Store Total RevPAR
Increased 1.6%
- Consolidated Net Income Available to Common Shareholders
Decreased 11.1% to $49.4 Million
- Consolidated Adjusted EBITDAre Increased 27.1% to $144.5
Million
- Funds From Operations Available to Common Shareholders
Increased 10.2% to $94.2 Million; Adjusted Funds From Operations
Available to Common Shareholders Increased 12.4% to $104.3
Million
- Same-Store Gross Room Night Bookings of 503,839 Room Nights for
All Future Years
- Increases Full Year Guidance
Colin Reed, Chairman and Chief Executive Officer
of Ryman Hospitality Properties, said, “We are very pleased with
our second quarter results, as we continue to outperform our
sector. We knew coming into the year that, on a year-over-year
basis, the second quarter would be a modest performer for us given
the group travel patterns during this time period. Our second
quarter bookings were in line with our expectations and we are
pleased with how our sales production funnel continues to
build. Our unique group-focused hotel portfolio, strong
advanced group bookings, recent capital investments, and the early
performance of the Gaylord Rockies is really setting the stage for
strong results in 2020 and beyond.
Not to be outdone, our Entertainment business
also had a very good second quarter, thanks to strong performances
at our Nashville-based attractions and the continued positive
reception of our Ole Red brand. As we close the first half of 2019
and look out over the remainder of the year, we are pleased that
our unique business model and approach to capital deployment
continues to create long-term value for our shareholders. As such,
we are increasing our full year guidance for both the Hospitality
and Entertainment segments.”
Second Quarter 2019 Results (As Compared
to Second Quarter 2018):
Consolidated Results
Consolidated Results |
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($ in thousands, except per
share amounts) |
Three Months Ended |
|
Six Months Ended |
|
June 30, |
|
June 30, |
|
|
2019 |
|
|
|
2018 |
|
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% ∆ |
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2019 |
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|
2018 |
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% ∆ |
Total Revenue |
$ |
407,719 |
|
|
$ |
333,934 |
|
|
22.1 |
% |
|
|
$ |
778,494 |
|
|
$ |
622,304 |
|
|
25.1 |
% |
|
|
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|
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|
Operating Income |
$ |
85,316 |
|
|
$ |
76,699 |
|
|
11.2 |
% |
|
|
$ |
139,280 |
|
|
$ |
122,643 |
|
|
13.6 |
% |
Operating Income margin |
|
20.9 |
% |
|
|
23.0 |
% |
|
-2.1pt |
|
|
|
17.9 |
% |
|
|
19.7 |
% |
|
-1.8pt |
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Net Income available to common
shareholders |
$ |
49,383 |
|
|
$ |
55,546 |
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|
-11.1 |
% |
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|
$ |
78,791 |
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|
$ |
82,885 |
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-4.9 |
% |
Net Income available to common
shareholders margin |
|
12.1 |
% |
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|
16.6 |
% |
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-4.5pt |
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|
10.1 |
% |
|
|
13.3 |
% |
|
-3.2pt |
|
Net Income available to common
shareholders per diluted share |
$ |
0.95 |
|
|
$ |
1.08 |
|
|
-12.0 |
% |
|
|
$ |
1.52 |
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$ |
1.61 |
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-5.6 |
% |
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Adjusted EBITDAre |
$ |
144,530 |
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$ |
113,689 |
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27.1 |
% |
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$ |
259,387 |
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$ |
195,416 |
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|
32.7 |
% |
Adjusted EBITDAre
margin |
|
35.4 |
% |
|
|
34.0 |
% |
|
1.4pt |
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|
|
|
33.3 |
% |
|
|
31.4 |
% |
|
1.9pt |
|
Adjusted EBITDAre, excluding
noncontrolling interest |
$ |
135,756 |
|
|
$ |
113,689 |
|
|
19.4 |
% |
|
|
$ |
245,015 |
|
|
$ |
195,416 |
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|
25.4 |
% |
Adjusted EBITDAre, excluding
noncontrolling interest margin |
|
33.3 |
% |
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|
34.0 |
% |
|
-0.7pt |
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31.5 |
% |
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31.4 |
% |
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0.1pt |
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Funds From Operations (FFO)
available to common shareholders |
$ |
94,198 |
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$ |
85,509 |
|
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10.2 |
% |
|
|
$ |
167,877 |
|
|
$ |
141,901 |
|
|
18.3 |
% |
FFO available to common
shareholders per diluted share |
$ |
1.82 |
|
|
$ |
1.66 |
|
|
9.6 |
% |
|
|
$ |
3.24 |
|
|
$ |
2.76 |
|
|
17.4 |
% |
|
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|
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Adjusted FFO available to
common shareholders |
$ |
104,300 |
|
|
$ |
92,761 |
|
|
12.4 |
% |
|
|
$ |
182,057 |
|
|
$ |
153,648 |
|
|
18.5 |
% |
Adjusted FFO available to
common shareholders per diluted share |
$ |
2.01 |
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$ |
1.80 |
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|
11.7 |
% |
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$ |
3.51 |
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$ |
2.99 |
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17.4 |
% |
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Note: For the Company’s definitions of Operating
Income margin, Net Income available to common shareholders margin,
Adjusted EBITDAre, Adjusted EBITDAre margin, Adjusted EBITDAre,
excluding noncontrolling interest, Adjusted EBITDAre, excluding
noncontrolling interest margin, FFO available to common
shareholders, and Adjusted FFO available to common shareholders, as
well as a reconciliation of the non-GAAP financial measure Adjusted
EBITDAre to Net Income and a reconciliation of the non-GAAP
financial measure Adjusted FFO available to common shareholders to
Net Income, see “Calculation of GAAP Margin Figures,” “Non-GAAP
Financial Measures,” “Adjusted EBITDAre and Adjusted EBITDAre,
Excluding Noncontrolling Interest Definition,” “Adjusted EBITDAre,
Excluding Noncontrolling Interest Margin Definition,” “Adjusted FFO
available to common shareholders Definition” and “Supplemental
Financial Results” below.
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Hospitality Segment
Results |
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($ in thousands, except ADR,
RevPAR, and Total RevPAR) |
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Three Months Ended |
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Six Months Ended |
|
June 30, |
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June 30, |
|
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2019 |
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2018 |
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% ∆ |
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2019 |
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2018 |
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% ∆ |
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Hospitality Revenue |
$ |
357,129 |
|
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$ |
291,756 |
|
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22.4 |
% |
|
|
$ |
694,639 |
|
|
$ |
556,867 |
|
|
24.7 |
% |
Same-Store Hospitality Revenue
(1) |
$ |
301,693 |
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$ |
291,756 |
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3.4 |
% |
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$ |
593,960 |
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$ |
556,867 |
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6.7 |
% |
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Hospitality Operating
Income |
$ |
79,179 |
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$ |
76,149 |
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4.0 |
% |
|
|
$ |
138,808 |
|
|
$ |
129,648 |
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|
7.1 |
% |
Hospitality Operating Income
margin |
|
22.2 |
% |
|
|
26.1 |
% |
|
-3.9pt |
|
|
|
|
20.0 |
% |
|
|
23.3 |
% |
|
-3.3pt |
|
Hospitality Adjusted
EBITDAre |
$ |
133,200 |
|
|
$ |
107,841 |
|
|
23.5 |
% |
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|
$ |
247,497 |
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$ |
192,936 |
|
|
28.3 |
% |
Hospitality Adjusted EBITDAre
margin |
|
37.3 |
% |
|
|
37.0 |
% |
|
0.3pt |
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35.6 |
% |
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|
34.6 |
% |
|
1.0pt |
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Same-Store Hospitality
Operating Income (1) |
$ |
77,955 |
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$ |
76,149 |
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2.4 |
% |
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$ |
146,354 |
|
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$ |
129,648 |
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|
12.9 |
% |
Same-Store Hospitality
Operating Income margin (1) |
|
25.8 |
% |
|
|
26.1 |
% |
|
-0.3pt |
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24.6 |
% |
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|
23.3 |
% |
|
1.3pt |
|
Same-Store Hospitality
Adjusted EBITDAre (1) |
$ |
109,555 |
|
|
$ |
107,841 |
|
|
1.6 |
% |
|
|
$ |
209,425 |
|
|
$ |
192,936 |
|
|
8.5 |
% |
Same-Store Hospitality
Adjusted EBITDAre margin (1) |
|
36.3 |
% |
|
|
37.0 |
% |
|
-0.7pt |
|
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|
35.3 |
% |
|
|
34.6 |
% |
|
0.7pt |
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Hospitality Performance
Metrics |
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Occupancy |
|
78.0 |
% |
|
|
79.0 |
% |
|
-1.0pt |
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|
75.2 |
% |
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|
76.4 |
% |
|
-1.2pt |
|
Average Daily Rate (ADR) |
$ |
201.58 |
|
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$ |
200.16 |
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|
0.7 |
% |
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$ |
201.34 |
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$ |
197.72 |
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1.8 |
% |
RevPAR |
$ |
157.29 |
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$ |
158.13 |
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-0.5 |
% |
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$ |
151.33 |
|
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$ |
151.11 |
|
|
0.1 |
% |
Total RevPAR |
$ |
388.18 |
|
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$ |
378.94 |
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|
2.4 |
% |
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$ |
379.60 |
|
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$ |
366.97 |
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3.4 |
% |
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Same-Store Hospitality
Performance Metrics (1) |
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Occupancy |
|
79.7 |
% |
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|
79.0 |
% |
|
0.7pt |
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|
77.5 |
% |
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|
76.4 |
% |
|
1.1pt |
|
Average Daily Rate (ADR) |
$ |
201.24 |
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$ |
200.16 |
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0.5 |
% |
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$ |
201.43 |
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$ |
197.72 |
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|
1.9 |
% |
RevPAR |
$ |
160.39 |
|
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$ |
158.13 |
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|
1.4 |
% |
|
|
$ |
156.02 |
|
|
$ |
151.11 |
|
|
3.2 |
% |
Total RevPAR |
$ |
385.10 |
|
|
$ |
378.94 |
|
|
1.6 |
% |
|
|
$ |
381.18 |
|
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$ |
366.97 |
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|
3.9 |
% |
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Gross Definite Rooms Nights Booked (1) |
|
503,839 |
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|
644,472 |
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-21.8 |
% |
|
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|
838,018 |
|
|
|
1,116,208 |
|
|
-24.9 |
% |
Net Definite Rooms Nights Booked (1) |
|
386,075 |
|
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|
500,653 |
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-22.9 |
% |
|
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|
623,531 |
|
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|
845,293 |
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|
-26.2 |
% |
Group Attrition (as % of contracted block) (1) |
|
13.0 |
% |
|
|
15.6 |
% |
|
-2.6pt |
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|
|
13.3 |
% |
|
|
14.5 |
% |
|
-1.2pt |
|
Cancellations ITYFTY (1)(2) |
|
8,883 |
|
|
|
6,280 |
|
|
41.4 |
% |
|
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|
31,733 |
|
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|
21,365 |
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|
48.5 |
% |
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(1) Excludes Gaylord
Rockies, which opened in December 2018. |
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(2) "ITYFTY" represents
In The Year For The Year. |
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Note: Hospitality
and Same-Store Hospitality results include approximately 4,600 room
nights out of service during second quarter 2019 and approximately
20,250 |
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room nights out of
service in the six months ended 6/30/2019 related to Gaylord
Opryland renovations project. |
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Note: For the Company’s definitions of Revenue Per
Available Room (RevPAR) and Total Revenue Per Available Room (Total
RevPAR), see “Calculation of RevPAR, Other RevPAR, and Total
RevPAR” below. Property-level results and operating metrics
for second quarter 2019 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.
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Gaylord Opryland |
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($ in thousands,
except ADR, RevPAR, and Total RevPAR) |
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Three Months Ended |
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Six Months Ended |
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|
June 30, |
|
June 30, |
|
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|
2019 |
|
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|
2018 |
|
|
% ∆ |
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2019 |
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2018 |
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% ∆ |
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Revenue |
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$ |
98,987 |
|
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$ |
94,915 |
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|
4.3 |
% |
|
|
$ |
187,945 |
|
|
$ |
177,660 |
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5.8 |
% |
Operating
Income |
|
$ |
31,112 |
|
|
$ |
28,930 |
|
|
7.5 |
% |
|
|
$ |
52,858 |
|
|
$ |
48,725 |
|
|
8.5 |
% |
Operating Income
margin |
|
31.4 |
% |
|
|
30.5 |
% |
|
0.9pt |
|
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|
|
28.1 |
% |
|
|
27.4 |
% |
|
0.7pt |
|
Adjusted
EBITDAre |
|
$ |
39,765 |
|
|
$ |
37,798 |
|
|
5.2 |
% |
|
|
$ |
70,008 |
|
|
$ |
66,350 |
|
|
5.5 |
% |
Adjusted EBITDAre
margin |
|
40.2 |
% |
|
|
39.8 |
% |
|
0.4pt |
|
|
|
|
37.2 |
% |
|
|
37.3 |
% |
|
-0.1pt |
|
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Occupancy |
|
|
81.3 |
% |
|
|
81.4 |
% |
|
-0.1pt |
|
|
|
|
77.7 |
% |
|
|
76.9 |
% |
|
0.8pt |
|
Average daily rate (ADR) |
$ |
198.41 |
|
|
$ |
193.54 |
|
|
2.5 |
% |
|
|
$ |
195.15 |
|
|
$ |
192.07 |
|
|
1.6 |
% |
RevPAR |
|
|
$ |
161.23 |
|
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$ |
157.55 |
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|
2.3 |
% |
|
|
$ |
151.72 |
|
|
$ |
147.62 |
|
|
2.8 |
% |
Total RevPAR |
|
$ |
376.65 |
|
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$ |
361.16 |
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|
4.3 |
% |
|
|
$ |
359.55 |
|
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$ |
339.87 |
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|
5.8 |
% |
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Gaylord Opryland Highlights for Second
Quarter 2019 (As Compared to Second Quarter
2018):
- Gaylord Opryland quarterly results were positively impacted by
the mid-May opening of the outdoor portion of the SoundWaves water
attraction as well as a $2.7 million increase in attrition and
cancellation fees. The fee revenue increase was primarily
attributed to two large groups, one of which cancelled their
meeting and another who utilized fewer rooms than its contractual
obligation.
- Operating income and Adjusted EBITDAre increased by 7.5% and
5.2%, respectively, as the property produced solid profitability
flow through despite the negative impact of higher employment and
utility costs.
- The hotel is undergoing a planned renovation of the Magnolia
section, resulting in approximately 4,600 room nights out of
service during second quarter 2019. The renovation project is
anticipated to be complete in the fourth quarter 2019, and is
currently on time and on budget.
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Gaylord Palms |
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($ in thousands,
except ADR, RevPAR, and Total RevPAR) |
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Three Months Ended |
|
Six Months Ended |
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|
June 30, |
|
June 30, |
($ in
thousands) |
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|
2019 |
|
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|
2018 |
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|
% ∆ |
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2019 |
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2018 |
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% ∆ |
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Revenue |
|
|
$ |
47,357 |
|
|
$ |
50,274 |
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|
-5.8 |
% |
|
|
$ |
107,273 |
|
|
$ |
108,170 |
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|
-0.8 |
% |
Operating
Income |
|
$ |
8,380 |
|
|
$ |
10,376 |
|
|
-19.2 |
% |
|
|
$ |
25,980 |
|
|
$ |
26,624 |
|
|
-2.4 |
% |
Operating Income
margin |
|
17.7 |
% |
|
|
20.6 |
% |
|
-2.9pt |
|
|
|
|
24.2 |
% |
|
|
24.6 |
% |
|
-0.4pt |
|
Adjusted
EBITDAre |
|
$ |
14,440 |
|
|
$ |
16,422 |
|
|
-12.1 |
% |
|
|
$ |
38,059 |
|
|
$ |
38,707 |
|
|
-1.7 |
% |
Adjusted EBITDAre
margin |
|
30.5 |
% |
|
|
32.7 |
% |
|
-2.2pt |
|
|
|
|
35.5 |
% |
|
|
35.8 |
% |
|
-0.3pt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
|
76.9 |
% |
|
|
80.8 |
% |
|
-3.9pt |
|
|
|
|
79.8 |
% |
|
|
81.5 |
% |
|
-1.7pt |
|
Average daily rate (ADR) |
$ |
197.56 |
|
|
$ |
188.15 |
|
|
5.0 |
% |
|
|
$ |
205.72 |
|
|
$ |
199.48 |
|
|
3.1 |
% |
RevPAR |
|
|
$ |
151.91 |
|
|
$ |
152.01 |
|
|
-0.1 |
% |
|
|
$ |
164.18 |
|
|
$ |
162.67 |
|
|
0.9 |
% |
Total RevPAR |
|
$ |
367.51 |
|
|
$ |
390.16 |
|
|
-5.8 |
% |
|
|
$ |
418.55 |
|
|
$ |
422.05 |
|
|
-0.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaylord Palms Highlights for
Second Quarter 2019 (As Compared to Second Quarter
2018):
- Gaylord Palms quarterly results were largely impacted by a
decline in catering and banquet spending due to a quarter over
quarter shift in group mix. Food and beverage revenue
declined by 12.6% during the quarter compared to the second quarter
of 2018. This decline in catering and banquet spending was planned
for and anticipated coming into the year. Given the groups on
the books for the remainder of 2019, we expect this to be isolated
to the second quarter 2019.
- The broader Orlando meetings market was challenged as the level
of city-wide meetings during second quarter 2019 was soft,
particularly during June. However, Gaylord Palms grew its
share of the Orlando RevPAR market by 4.7% compared to its
competitive set during second quarter 2019 and 3.3% overall for the
year to date.
- Forward bookings for the Gaylord Palms expansion are underway
and tracking in-line with forward bookings levels similar to those
for the Gaylord Texan expansion during the same time period. Phase
I of the Gaylord Palms expansion, the parking structure, was
completed during the quarter and the rooms and meeting space
expansion officially broke ground in June 2019.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaylord Texan |
|
|
|
|
|
|
|
|
|
|
|
|
|
($ in thousands,
except ADR, RevPAR, and Total RevPAR) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
|
|
June 30, |
|
June 30, |
|
|
|
|
2019 |
|
|
|
2018 |
|
|
% ∆ |
|
|
|
2019 |
|
|
|
2018 |
|
|
% ∆ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
|
$ |
69,326 |
|
|
$ |
58,611 |
|
|
18.3 |
% |
|
|
$ |
141,365 |
|
|
$ |
116,968 |
|
|
20.9 |
% |
Operating
Income |
|
$ |
19,287 |
|
|
$ |
14,953 |
|
|
29.0 |
% |
|
|
$ |
41,641 |
|
|
$ |
28,985 |
|
|
43.7 |
% |
Operating Income
margin |
|
27.8 |
% |
|
|
25.5 |
% |
|
2.3pt |
|
|
|
|
29.5 |
% |
|
|
24.8 |
% |
|
4.7pt |
|
Adjusted
EBITDAre |
|
$ |
26,032 |
|
|
$ |
21,498 |
|
|
21.1 |
% |
|
|
$ |
55,030 |
|
|
$ |
42,112 |
|
|
30.7 |
% |
Adjusted EBITDAre
margin |
|
37.6 |
% |
|
|
36.7 |
% |
|
0.9pt |
|
|
|
|
38.9 |
% |
|
|
36.0 |
% |
|
2.9pt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
|
77.4 |
% |
|
|
73.0 |
% |
|
4.4pt |
|
|
|
|
77.6 |
% |
|
|
74.6 |
% |
|
3.0pt |
|
Average daily rate (ADR) |
$ |
189.46 |
|
|
$ |
194.82 |
|
|
-2.8 |
% |
|
|
$ |
193.84 |
|
|
$ |
194.87 |
|
|
-0.5 |
% |
RevPAR |
|
|
$ |
146.62 |
|
|
$ |
142.18 |
|
|
3.1 |
% |
|
|
$ |
150.48 |
|
|
$ |
145.47 |
|
|
3.4 |
% |
Total RevPAR |
|
$ |
419.97 |
|
|
$ |
386.67 |
|
|
8.6 |
% |
|
|
$ |
430.55 |
|
|
$ |
406.75 |
|
|
5.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaylord Texan Highlights for
Second Quarter 2019 (As Compared to Second Quarter
2018):
- Gaylord Texan quarterly results continue to outperform our
expectations and are largely driven by the rooms and meeting space
expansion completed in May 2018. Total revenue increased
18.3% to $69.3 million, driven by an increase of over 17,000-room
nights sold in the quarter and a substantial increase in outside
the room spending compared to the prior year quarter.
Notably, Corporate and Transient room nights sold in the quarter
increased by 20.4% and 26.9%, respectively.
- Occupancy increased by 440 basis points to 77.4%, despite the
8.9% year-over-year increase in total room nights available, as a
result of the expansion.
- Food and beverage revenue increased by 25.6%, driven by higher
group room nights sold and the related increase in banquet
spending. RevPAR and Total RevPAR increased by 3.1% and 8.6%,
respectively, benefitting from the strength in group demand.
- Operating income and Adjusted EBITDAre increased by 29.0% and
21.1%, respectively, driven by catering revenue increases, which
was partially offset by higher property taxes and certain other
miscellaneous expenses.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaylord National |
|
|
|
|
|
|
|
|
|
|
|
|
|
($ in thousands,
except ADR, RevPAR, and Total RevPAR) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
|
|
June 30, |
|
June 30, |
|
|
|
|
2019 |
|
|
|
2018 |
|
|
% ∆ |
|
|
|
2019 |
|
|
|
2018 |
|
|
% ∆ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
|
$ |
78,128 |
|
|
$ |
79,687 |
|
|
-2.0 |
% |
|
|
$ |
143,758 |
|
|
$ |
140,443 |
|
|
2.4 |
% |
Operating
Income |
|
$ |
17,044 |
|
|
$ |
19,529 |
|
|
-12.7 |
% |
|
|
$ |
23,278 |
|
|
$ |
22,846 |
|
|
1.9 |
% |
Operating Income
margin |
|
21.8 |
% |
|
|
24.5 |
% |
|
-2.7pt |
|
|
|
|
16.2 |
% |
|
|
16.3 |
% |
|
-0.1pt |
|
Adjusted
EBITDAre |
|
$ |
26,510 |
|
|
$ |
29,072 |
|
|
-8.8 |
% |
|
|
$ |
42,303 |
|
|
$ |
41,915 |
|
|
0.9 |
% |
Adjusted EBITDAre
margin |
|
|
33.9 |
% |
|
|
36.5 |
% |
|
-2.6pt |
|
|
|
|
29.4 |
% |
|
|
29.8 |
% |
|
-0.4pt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
|
81.4 |
% |
|
|
78.6 |
% |
|
2.8pt |
|
|
|
|
76.7 |
% |
|
|
74.7 |
% |
|
2.0pt |
|
Average daily rate (ADR) |
$ |
223.66 |
|
|
$ |
227.17 |
|
|
-1.5 |
% |
|
|
$ |
221.19 |
|
|
$ |
213.54 |
|
|
3.6 |
% |
RevPAR |
|
|
$ |
181.95 |
|
|
$ |
178.46 |
|
|
2.0 |
% |
|
|
$ |
169.61 |
|
|
$ |
159.46 |
|
|
6.4 |
% |
Total RevPAR |
|
$ |
430.14 |
|
|
$ |
438.72 |
|
|
-2.0 |
% |
|
|
$ |
397.92 |
|
|
$ |
388.74 |
|
|
2.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaylord National Highlights for
Second Quarter 2019 (As Compared to Second Quarter
2018):
- Gaylord National results, similar to the Gaylord Palms, were
impacted this quarter by a decline in catering and banquet spending
as compared to second quarter 2018. Total revenue for second
quarter 2019 decreased 2.0% to $78.1 million, while food and
beverage revenue decreased 4.7% during the quarter. The decline in
catering and banquet revenue compared to prior year was driven by
groups hosted during the quarter spending below historical
averages, as well as two groups with significant banquet spending
not repeating in 2019.
- The property continued to shift its transient sales strategy
towards higher-rated leisure customers who value the “all under one
roof” resort experience. As a result, this effort contributed
to a 16.0% increase in Transient ADR in the second quarter compared
to the prior year quarter.
- RevPAR increased by 2.0% in the quarter, benefitting from the
increase in occupancy as well as the improvement in Transient
mix. Total RevPAR declined by 2.0% in the quarter as a result
of lower food and beverage spending and a decrease in collection of
attrition and cancellation fees.
- Operating income and Adjusted EBITDAre decreased 12.7% and
8.8%, respectively, driven primarily by the decline in outside the
room spending and lower attrition and cancellation fee collections.
Higher wage and benefit costs also negatively impacted
results.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaylord Rockies (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
($ in thousands,
except ADR, RevPAR, and Total RevPAR) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
|
|
June 30, |
|
June 30, |
|
|
|
|
2019 |
|
|
|
2018 |
|
|
% ∆ |
|
|
|
2019 |
|
|
|
2018 |
|
|
% ∆ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
|
$ |
55,436 |
|
|
|
- |
|
|
- |
|
|
|
$ |
100,679 |
|
|
|
- |
|
|
- |
|
Operating
Income/(Loss) (2) |
$ |
1,224 |
|
|
|
- |
|
|
- |
|
|
|
-$ |
7,546 |
|
|
|
- |
|
|
- |
|
Operating
Income/Loss margin |
|
2.2 |
% |
|
|
- |
|
|
- |
|
|
|
|
-7.5 |
% |
|
|
- |
|
|
- |
|
Adjusted EBITDAre
(2) |
$ |
23,645 |
|
|
|
- |
|
|
- |
|
|
|
$ |
38,072 |
|
|
|
- |
|
|
- |
|
Adjusted EBITDAre
margin |
|
42.7 |
% |
|
|
- |
|
|
- |
|
|
|
|
37.8 |
% |
|
|
- |
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
|
68.4 |
% |
|
|
- |
|
|
- |
|
|
|
|
62.0 |
% |
|
|
- |
|
|
- |
|
Average daily rate (ADR) |
$ |
203.83 |
|
|
|
- |
|
|
- |
|
|
|
$ |
200.71 |
|
|
|
- |
|
|
- |
|
RevPAR |
|
|
$ |
139.49 |
|
|
|
- |
|
|
- |
|
|
|
$ |
124.39 |
|
|
|
- |
|
|
- |
|
Total RevPAR |
|
$ |
405.86 |
|
|
|
- |
|
|
- |
|
|
|
$ |
370.58 |
|
|
|
- |
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Gaylord
Rockies opened in December 2018, therefore there are no comparison
figures for the 2019 periods. |
|
|
|
|
(2) Operating
income/(loss) and Adjusted EBITDAre for Gaylord Rockies for the
2019 periods exclude asset management fees |
|
|
paid to the
Company during the the three months and six months ended June 30,
2019 of $0.5 million and $1.0 million, respectively. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reed continued, “The performance of the newly
opened Gaylord Rockies continues to exceed our expectations, and I
am pleased to report this hotel operated at a 78% occupancy level
in June, just six months after opening its doors. The feedback we
have received from meeting planners has been encouraging, and we
are pleased with the reception and interest we are getting from
both groups and transient customers. The recently completed
property-level refinancing sets the hotel up well for the future,
and ensures we have the financing in place should we move forward
with a 300-room expansion. We anticipate a decision to be made to
move forward on the project by the end of 2019 or early 2020.
As much of our industry peer group seems to be struggling to
identify attractive investment opportunities, we continue to invest
in our existing assets for the future, further differentiating us
from our hospitality REIT peers.”
Entertainment Segment
For the three and six months ended June 30, 2019
and 2018, the Company reported the following:
|
|
|
|
|
|
|
|
Entertainment Segment Results |
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
June 30, |
|
June 30, |
($ in thousands) |
|
2019 |
|
|
2018 |
|
% ∆ |
|
|
2019 |
|
|
2018 |
|
% ∆ |
|
|
|
|
|
|
|
|
Revenue |
$ |
50,590 |
|
$ |
42,178 |
|
19.9 |
% |
|
$ |
83,855 |
|
$ |
65,437 |
|
28.1 |
% |
Operating Income |
$ |
14,639 |
|
$ |
8,638 |
|
69.5 |
% |
|
$ |
18,375 |
|
$ |
9,920 |
|
85.2 |
% |
Operating Income margin |
|
28.9 |
% |
|
20.5 |
% |
8.4pt |
|
|
|
21.9 |
% |
|
15.2 |
% |
6.7pt |
|
Adjusted EBITDAre |
$ |
17,882 |
|
$ |
11,759 |
|
52.1 |
% |
|
$ |
25,765 |
|
$ |
14,932 |
|
72.5 |
% |
Adjusted EBITDAre margin |
|
35.3 |
% |
|
27.9 |
% |
7.4pt |
|
|
|
30.7 |
% |
|
22.8 |
% |
7.9pt |
|
|
|
|
|
|
|
|
|
Reed continued, “Our Entertainment business
continued its strong performance this quarter in Nashville, led by
the Grand Ole Opry and the Ryman Auditorium. Our quarterly results
also benefited from a strong start in Gatlinburg, Tennessee, which
is home to our newest Ole Red location. With our Ole Red Orlando
development beginning to take shape, and our other operating
locations continuing to track in line with our expectations, we are
energized by the opportunity we have to interact with country
lifestyle consumers through this brand. We are similarly excited by
the potential to reach an even greater number of fans through our
recently announced joint venture with Gray Television to create a
multi-platform country lifestyle television channel that will
showcase our assets and the talented artists who play our venues.
This channel is set to launch in early 2020, and we look forward to
sharing more details in the months ahead.”
Corporate and Other Segment
For the three and six months ended June 30, 2019
and 2018, the Company reported the following:
|
|
|
|
|
|
|
|
Corporate and Other Segment Results |
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
June 30, |
|
June 30, |
($ in thousands) |
|
2019 |
|
|
2018 |
|
% ∆ |
|
|
2019 |
|
|
2018 |
|
% ∆ |
|
|
|
|
|
|
|
|
Operating Loss |
$ |
(8,502 |
) |
$ |
(8,088 |
) |
-5.1 |
% |
|
$ |
(17,903 |
) |
$ |
(16,925 |
) |
-5.8 |
% |
Adjusted EBITDAre |
$ |
(6,552 |
) |
$ |
(5,911 |
) |
-10.8 |
% |
|
$ |
(13,875 |
) |
$ |
(12,452 |
) |
-11.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate and Other Segment Operating Loss and Adjusted EBITDAre
for the 2019 periods include increases in administrative and
employment costs associated with supporting the Company’s growth
initiatives in its Hospitality and Entertainment segments.
Dividend Update
The Company paid its second quarter 2019 cash
dividend of $0.90 per share of common stock on July 15, 2019 to
stockholders of record on June 28, 2019. It is the Company’s
current plan to distribute total 2019 annual dividends of
approximately $3.60 per share in cash in equal quarterly payments
with the remaining payments occurring in October of 2019 and
January of 2020. Any future dividend is subject to the Board
of Director’s determinations as to the amount of quarterly
distributions and the timing thereof.
Balance Sheet/Liquidity
UpdateAs of June 30, 2019, the Company had total debt
outstanding of $2,494.1 million, net of unamortized deferred
financing costs, and unrestricted cash of $103.8 million. Total
debt outstanding includes $540.5 million of Gaylord Rockies joint
venture debt and short-term loans, net of unamortized deferred
financing costs. As of June 30, 2019, $529.0 million of
borrowings were drawn under the revolving credit line of the
Company’s credit facility, and the lending banks had issued
approximately $1.0 million in letters of credit, which left $170.0
million of availability for borrowing under the credit
facility.
Subsequent EventsGaylord
Rockies Refinancing On July 2, 2019, the
joint venture that owns the Gaylord Rockies Resort & Convention
Center successfully completed the refinancing of its prior
construction loan and mezzanine loan, which were scheduled to
mature in December 2019. The new loan consists of
an $800 million secured term loan facility and the option
for an additional $80 million of borrowing capacity
should the Gaylord Rockies joint venture decide to pursue a future
expansion of the Gaylord Rockies. The new loan matures in July
2023 with three, one-year extension options and bears interest
at LIBOR plus 2.50%. Concurrent with the loan closing, the Gaylord
Rockies joint venture entered into an interest rate swap to fix the
LIBOR portion of the interest rate at 1.65% for the first three
years of the loan for an all-in rate of 4.15%. The Gaylord Rockies
joint venture used the loan proceeds to repay the construction and
mezzanine loans and, after repayment of expenses, distributed
excess proceeds to its owners. The Company, which owned 61.2%
of the Gaylord Rockies joint venture at the time of refinancing,
received a distribution of approximately $153 million, which
it used to repay a portion of its outstanding indebtedness under
its revolving credit facility, leaving approximately $347.0 million
of availability for borrowing at July 31, 2019.
Purchase of Gaylord Rockies Interest On
July 31, 2019, an affiliate of Ares Management, L.P., sold 0.9% of
its remaining 1.4% interest in the Gaylord Rockies joint venture to
the Company and 0.5% of its remaining interest to an affiliate of
RIDA Development Corporation. The Company paid $5.5 million (net of
closing true-ups) for the 0.9% interest. The transaction is not
expected to have a material impact to the Company’s financial
results. Subsequent to this transaction, the Company owns a 62.1%
equity interest in the Gaylord Rockies joint venture.
Guidance The Company is
updating its outlook for 2019 based on current information as of
August 6, 2019. The Company does not expect to update the guidance
provided below before next quarter’s earnings release. However, the
Company may update its full business outlook or any portion thereof
at any time for any reason.
|
|
|
|
|
|
($ in millions, except per
share figures) |
Guidance |
|
Prior Guidance |
|
Variance to |
|
Full Year 2019 |
|
Full Year 2019 |
|
Prior Midpoint |
|
Low |
|
High |
|
Low |
|
High |
|
|
|
|
|
|
|
|
|
|
|
|
Same-Store Hospitality RevPAR
(1) |
|
3.0 |
% |
|
|
4.0 |
% |
|
|
2.0 |
% |
|
|
4.0 |
% |
|
|
0.5pt |
|
Same-Store Hospitality Total
RevPAR (1) |
|
3.5 |
% |
|
|
4.5 |
% |
|
|
3.0 |
% |
|
|
4.5 |
% |
|
|
0.3pt |
|
|
|
|
|
|
|
|
|
|
|
Net Income (2)(3) |
$ |
130.7 |
|
|
$ |
134.3 |
|
|
$ |
129.2 |
|
|
$ |
133.5 |
|
|
$ |
1.2 |
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDAre |
|
|
|
|
|
|
|
|
|
Same-Store Hospitality
(1) |
$ |
396.0 |
|
|
$ |
404.0 |
|
|
$ |
394.0 |
|
|
$ |
404.0 |
|
|
$ |
1.0 |
|
Gaylord Rockies |
|
80.0 |
|
|
|
84.0 |
|
|
|
79.0 |
|
|
|
83.0 |
|
|
|
1.0 |
|
Hospitality (2) |
$ |
476.0 |
|
|
$ |
488.0 |
|
|
$ |
473.0 |
|
|
$ |
487.0 |
|
|
$ |
2.0 |
|
|
|
|
|
|
|
|
|
|
|
Entertainment |
|
52.0 |
|
|
|
56.0 |
|
|
|
48.0 |
|
|
|
52.0 |
|
|
|
4.0 |
|
Corporate and Other |
|
(29.0 |
) |
|
|
(28.0 |
) |
|
|
(28.0 |
) |
|
|
(26.0 |
) |
|
|
(1.5 |
) |
Consolidated Adjusted EBITDAre (2) |
$ |
499.0 |
|
|
$ |
516.0 |
|
|
$ |
493.0 |
|
|
$ |
513.0 |
|
|
$ |
4.5 |
|
|
|
|
|
|
|
|
|
|
|
Consolidated Adjusted
EBITDAre, excl. noncontrolling interest (3) |
$ |
468.7 |
|
|
$ |
484.2 |
|
|
$ |
463.1 |
|
|
$ |
481.5 |
|
|
$ |
4.2 |
|
|
|
|
|
|
|
|
|
|
|
Net Income available to common
shareholders (3) |
$ |
140.0 |
|
|
$ |
150.3 |
|
|
$ |
139.0 |
|
|
$ |
149.2 |
|
|
$ |
1.1 |
|
|
|
|
|
|
|
|
|
|
|
Funds from Operations (FFO)
available to common shareholders (3) |
$ |
316.1 |
|
|
$ |
331.2 |
|
|
$ |
314.0 |
|
|
$ |
329.6 |
|
|
$ |
1.9 |
|
Adjusted FFO available to
common shareholders (3) |
$ |
344.2 |
|
|
$ |
361.3 |
|
|
$ |
338.8 |
|
|
$ |
355.6 |
|
|
$ |
5.6 |
|
|
|
|
|
|
|
|
|
|
|
Diluted Income per share
available to common shareholders (3) |
$ |
2.69 |
|
|
$ |
2.89 |
|
|
$ |
2.67 |
|
|
$ |
2.86 |
|
|
$ |
0.03 |
|
|
|
|
|
|
|
|
|
|
|
Estimated Diluted Shares
Outstanding |
|
52.1 |
|
|
|
52.1 |
|
|
|
52.1 |
|
|
|
52.1 |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Same-Store Hospitality segment guidance excludes Gaylord
Rockies results and assumes approximately 32,000 room nights out of
service in 2019 due to the renovation of rooms at Gaylord
Opryland. The out of service rooms is included in the total
available room count for calculating hotel metrics (e.g., RevPAR
and Total RevPAR).
- Includes fully consolidated results from Gaylord Rockies. As of
June 30, 2019, the Company owned a 61.2% equity interest in, and is
the managing member of, the Gaylord Rockies joint venture. In late
July 2019, the Company purchased an additional 0.9% interest in the
Gaylord Rockies joint venture (as described under “Subsequent
Events: Purchase of Gaylord Rockies Interest” in this earnings
release); as a result, the Company currently owns a 62.1% equity
interest in the Gaylord Rockies joint venture.
- Excludes impact of any debt refinancing other than the recently
completed Gaylord Rockies refinancing that closed in July
2019.
Note: For reconciliations of Adjusted EBITDAre and Adjusted
EBITDAre, Excluding Noncontrolling Interest to Net Income and
reconciliation of FFO available to common shareholders, and
Adjusted FFO available to common shareholders guidance to Net
Income available to common shareholders and reconciliations of
segment Adjusted EBITDAre guidance to segment Operating Income, see
“Reconciliations of Forward-Looking Statements,” below.
Reed concluded, “As we pass the mid-year mark for 2019, I am
pleased with how our businesses have performed thus far and the
returns we are seeing from the capital investments made over the
past few years. Given our performance across our Hospitality and
Entertainment segments coupled with our expectations for the second
half of this year, we are increasing our full year guidance. Our
Hospitality segment continues to provide industry-leading results
and we remain confident in our ability to capitalize on the
strength of the group market and believe we will continue to
outperform the broader hospitality sector. Furthermore, our
Entertainment segment is off to a stellar start and we expect this
performance to carry through the remainder of this year. We are
lowering estimates for the Corporate segment to account for
increases in administrative and employment costs associated with
supporting the Company’s growth initiatives across its Hospitality
and Entertainment segments.”
Earnings Call InformationRyman Hospitality
Properties will hold a conference call to discuss this release
today at 11:30 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/Presentations, Earnings and Webcasts) 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
REIT for federal income tax purposes, specializing in
group-oriented, destination hotel assets in urban and resort
markets. The Company’s owned assets include a network of four
upscale, meetings-focused resorts totaling 8,114 rooms that are
managed by lodging operator Marriott International, Inc. under the
Gaylord Hotels brand. The Company is a joint venture owner of the
1,501-room Gaylord Rockies Resort & Convention Center, which is
also managed by Marriott International, Inc. under the Gaylord
Hotels brand. Other owned assets managed by Marriott International,
Inc. include Gaylord Springs Golf Links, the Wildhorse Saloon, the
General Jackson Showboat, The Inn at Opryland, a 303-room overflow
hotel adjacent to Gaylord Opryland and AC Hotel Washington, DC at
National Harbor, a 192-room hotel near Gaylord National. The
Company also owns and operates media and entertainment assets,
including the Grand Ole Opry (opry.com), the legendary weekly
showcase of country music’s finest performers for over 90 years;
the Ryman Auditorium, the storied former home of the Grand Ole Opry
located in downtown Nashville; 650 AM WSM, the Opry’s radio home;
and Ole Red, a country lifestyle and entertainment brand. For
additional information about Ryman Hospitality Properties, visit
www.rymanhp.com.
Cautionary Note Regarding
Forward-Looking StatementsThis 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 our business, estimated capital
expenditures, new projects or investments, out-of-service rooms,
the expected approach to making dividend payments, the board’s
ability to alter the dividend policy at any time 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 Company’s ability to remain qualified as a REIT for
federal income tax purposes, the Company’s ability to execute its
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, which could be made at any time, the determination of
Adjusted FFO available to common shareholders and REIT taxable
income, and the Company’s ability to borrow funds pursuant to its
credit agreement. 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, 2018 and its Quarterly
Reports on Form 10-Q 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 InformationThis
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, Other RevPAR, and
Total RevPARWe calculate revenue per available room
(“RevPAR”) for our hotels by dividing room revenue by room nights
available to guests for the period. We calculate other revenue per
available room (“Other RevPAR”) for our hotels by dividing all
non-room revenue (food & beverage and other ancillary services
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. Rooms out of service for renovation are included in
room nights available. Same-Store Hospitality RevPAR and
Same-Store Hospitality Total RevPAR do not include the Gaylord
Rockies.
Calculation of GAAP Margin
FiguresWe calculate Net Income available to common
shareholders margin by dividing GAAP consolidated Net Income
available to common shareholders 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. Same-Store Operating Income Margin
does not include the Gaylord Rockies.
Non-GAAP Financial MeasuresWe
present the following non-GAAP financial measures we believe are
useful to investors as key measures of our operating
performance:
Adjusted EBITDAre and Adjusted EBITDAre,
Excluding Noncontrolling Interest DefinitionWe 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 or 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 ground lease expense;
equity-based compensation expense; impairment charges that do not
meet the NAREIT definition above; any transaction costs of
completed acquisitions; interest income on bonds; pension
settlement charges; pro rata Adjusted EBITDAre from unconsolidated
joint ventures, and any other adjustments we have identified in
this release. We then exclude noncontrolling interests in joint
ventures to calculate Adjusted EBITDAre, Excluding Noncontrolling
Interest. We make additional adjustments to EBITDAre when
evaluating our performance because we believe that presenting
Adjusted EBITDAre, Adjusted EBITDAre, Excluding Noncontrolling
Interest, and adjustments for certain additional items provide
useful information to investors regarding our operating performance
and debt leverage metrics, and that the presentation of Adjusted
EBITDAre and Adjusted EBITDAre, Excluding Noncontrolling Interest,
when combined with the primary GAAP presentation of net income, is
beneficial to an investor’s complete understanding of our operating
performance. Same-Store Hospitality Adjusted EBITDAre does not
include the Gaylord Rockies.
Adjusted EBITDAre, Excluding
Noncontrolling Interest Margin Definition
We calculate consolidated Adjusted EBITDAre,
Excluding Noncontrolling Interest Margin by dividing consolidated
Adjusted EBITDAre, Excluding Noncontrolling Interest by GAAP
consolidated Total Revenue. We calculate consolidated, segment, or
property-level Adjusted EBITDAre Margin by dividing segment, or
property-level Adjusted EBITDAre by consolidated, segment, or
property-level GAAP Revenue. We believe Adjusted EBITDAre,
Excluding Noncontrolling Interest 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 and GAAP consolidated Total
Revenue or segment or property-level GAAP Revenue, as applicable.
Same-Store Adjusted EBITDAre Margin does not include the Gaylord
Rockies.
Adjusted FFO available to common
shareholders DefinitionWe 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 (not including right-of-use amortization), 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. The
clarifications did not change our calculation of FFO available to
common shareholders and Adjusted FFO available to common
shareholders for any historical period. To calculate Adjusted
FFO available to common shareholders, 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; right-of-use asset
amortization, write-offs of deferred financing costs, non-cash
ground lease expense, amortization of debt discounts and
amortization of deferred financing cost, pension settlement
charges, additional pro rata adjustments from joint ventures,
(gains) losses on other assets, transaction costs on completed
acquisitions, deferred income tax expense (benefit), and (gains)
losses on extinguishment of debt. FFO available to common
shareholders and Adjusted FFO available to common shareholders
(presented for 2019) exclude the ownership portion of Gaylord
Rockies joint venture not controlled or owned by the Company.
We believe that the presentation of FFO
available to common shareholders and Adjusted FFO available to
common shareholders provide useful information to investors
regarding the performance of our ongoing operations because it is 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 FFO
available to common shareholders and Adjusted FFO available to
common shareholders as measures in determining our results after
considering the impact of our capital structure. A reconciliation
of Net Income (loss) to FFO available to common shareholders and a
reconciliation of Net Income (loss) available to common
shareholders to Adjusted FFO available to common shareholders are
set forth below under “Supplemental Financial Results.”
We caution investors that amounts presented in accordance with
our definitions of Adjusted EBITDAre, Adjusted EBITDAre, Excluding
Noncontrolling Interest, Adjusted EBITDAre, Excluding
Noncontrolling Interest Margin, and Adjusted FFO available to
common shareholders may not be comparable to similar measures
disclosed by other companies, because not all companies calculate
these non-GAAP measures in the same manner. Adjusted EBITDAre,
Adjusted EBITDAre, Excluding Noncontrolling Interest, Adjusted
EBITDAre, Excluding Noncontrolling Interest Margin, and Adjusted
FFO available to common shareholders, and any related per share
measures, should not be considered as alternative measures of our
Net Income (loss), operating performance, cash flow or liquidity.
Adjusted EBITDAre, Adjusted EBITDAre, Excluding Noncontrolling
Interest, and Adjusted FFO available to common shareholders 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 Adjusted EBITDAre, Adjusted
EBITDAre, Excluding Noncontrolling Interest, Adjusted EBITDAre,
Excluding Noncontrolling Interest Margin, and Adjusted FFO
available to common shareholders 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), Net Income Margin, Operating Income (loss),
Operating Income Margin, or cash flow from operations. In addition,
you should be aware that adverse economic and market and other
conditions may harm our cash flow.
Investor Relations Contacts: |
Media Contacts: |
Mark Fioravanti, President & Chief Financial 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~ |
~or~ |
Todd Siefert, Vice President Corporate Finance & Treasurer |
Robert Winters |
Ryman Hospitality Properties, Inc. |
Alpha IR Group |
(615) 316-6344 |
(929) 266-6315 |
tsiefert@rymanhp.com |
robert.winters@alpha-ir.com |
|
|
|
|
|
|
|
|
|
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, |
|
|
|
2019 |
|
|
|
2018 |
|
|
|
2019 |
|
|
|
2018 |
|
Revenues : |
|
|
|
|
|
|
|
|
Rooms |
$ |
144,704 |
|
|
$ |
121,745 |
|
|
$ |
276,916 |
|
|
$ |
229,309 |
|
|
Food and beverage |
|
173,030 |
|
|
|
141,053 |
|
|
|
344,173 |
|
|
|
273,992 |
|
|
Other hotel revenue |
|
39,395 |
|
|
|
28,958 |
|
|
|
73,550 |
|
|
|
53,566 |
|
|
Entertainment |
|
50,590 |
|
|
|
42,178 |
|
|
|
83,855 |
|
|
|
65,437 |
|
|
Total revenues |
|
407,719 |
|
|
|
333,934 |
|
|
|
778,494 |
|
|
|
622,304 |
|
|
|
|
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
|
|
|
|
Rooms |
|
36,099 |
|
|
|
30,059 |
|
|
|
71,068 |
|
|
|
58,987 |
|
|
Food and beverage |
|
90,680 |
|
|
|
72,394 |
|
|
|
182,039 |
|
|
|
144,372 |
|
|
Other hotel expenses |
|
90,527 |
|
|
|
76,733 |
|
|
|
181,466 |
|
|
|
152,615 |
|
|
Management fees |
|
10,399 |
|
|
|
8,635 |
|
|
|
20,155 |
|
|
|
15,765 |
|
|
Total hotel operating
expenses |
|
227,705 |
|
|
|
187,821 |
|
|
|
454,728 |
|
|
|
371,739 |
|
|
Entertainment |
|
33,059 |
|
|
|
30,254 |
|
|
|
58,700 |
|
|
|
49,620 |
|
|
Corporate |
|
8,110 |
|
|
|
7,640 |
|
|
|
17,114 |
|
|
|
15,969 |
|
|
Preopening costs |
|
(24 |
) |
|
|
1,525 |
|
|
|
2,110 |
|
|
|
3,672 |
|
|
Depreciation and
amortization |
|
53,553 |
|
|
|
29,995 |
|
|
|
106,562 |
|
|
|
58,661 |
|
|
Total operating
expenses |
|
322,403 |
|
|
|
257,235 |
|
|
|
639,214 |
|
|
|
499,661 |
|
|
|
|
|
|
|
|
|
|
Operating
income |
|
85,316 |
|
|
|
76,699 |
|
|
|
139,280 |
|
|
|
122,643 |
|
|
|
|
|
|
|
|
|
|
Interest expense,
net of amounts capitalized |
|
(33,492 |
) |
|
|
(19,625 |
) |
|
|
(65,579 |
) |
|
|
(36,354 |
) |
Interest
income |
|
2,970 |
|
|
|
2,766 |
|
|
|
5,878 |
|
|
|
5,519 |
|
Income (loss) from
joint ventures |
|
(167 |
) |
|
|
1,346 |
|
|
|
(167 |
) |
|
|
(1,242 |
) |
Other gains and
(losses), net |
|
(111 |
) |
|
|
36 |
|
|
|
(252 |
) |
|
|
204 |
|
Income before
income taxes |
|
54,516 |
|
|
|
61,222 |
|
|
|
79,160 |
|
|
|
90,770 |
|
|
|
|
|
|
|
|
|
|
Provision for
income taxes |
|
(8,232 |
) |
|
|
(5,676 |
) |
|
|
(10,206 |
) |
|
|
(7,885 |
) |
Net income |
|
46,284 |
|
|
|
55,546 |
|
|
|
68,954 |
|
|
|
82,885 |
|
|
|
|
|
|
|
|
|
|
Net loss
attributable to noncontrolling interest in consolidated joint
venture |
|
3,099 |
|
|
|
- |
|
|
|
9,837 |
|
|
|
- |
|
Net income
available to common shareholders |
$ |
49,383 |
|
|
$ |
55,546 |
|
|
$ |
78,791 |
|
|
$ |
82,885 |
|
|
|
|
|
|
|
|
|
|
Basic income per
share available to common shareholders |
$ |
0.96 |
|
|
$ |
1.08 |
|
|
$ |
1.53 |
|
|
$ |
1.62 |
|
Diluted income per
share available to common shareholders |
$ |
0.95 |
|
|
$ |
1.08 |
|
|
$ |
1.52 |
|
|
$ |
1.61 |
|
|
|
|
|
|
|
|
|
|
Weighted average
common shares for the period: |
|
|
|
|
|
|
|
|
Basic |
|
51,440 |
|
|
|
51,303 |
|
|
|
51,395 |
|
|
|
51,259 |
|
|
Diluted |
|
51,826 |
|
|
|
51,476 |
|
|
|
51,830 |
|
|
|
51,459 |
|
|
|
|
|
|
|
|
|
|
|
RYMAN HOSPITALITY PROPERTIES, INC.
AND SUBSIDIARIES |
|
|
|
|
|
|
|
CONDENSED CONSOLIDATED BALANCE
SHEETS |
Unaudited |
(In thousands) |
|
|
|
|
|
|
|
|
|
|
|
Jun. 30, |
|
Dec. 31, |
|
|
|
|
2019 |
|
2018 |
|
|
|
|
|
|
|
ASSETS: |
|
|
|
|
Property and
equipment, net of accumulated depreciation |
$ |
3,134,206 |
|
$ |
3,149,095 |
|
Cash and
cash equivalents - unrestricted |
|
103,842 |
|
|
103,437 |
|
Cash and
cash equivalents - restricted |
|
65,252 |
|
|
45,652 |
|
Notes
receivable |
|
113,275 |
|
|
122,209 |
|
Trade
receivables, net |
|
90,532 |
|
|
67,923 |
|
Deferred
income taxes, net |
|
32,372 |
|
|
40,557 |
|
Prepaid
expenses and other assets |
|
85,310 |
|
|
78,240 |
|
Intangible
assets |
|
227,128 |
|
|
246,770 |
|
|
Total
assets |
$ |
3,851,917 |
|
$ |
3,853,883 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
AND STOCKHOLDERS' EQUITY: |
|
|
|
|
Debt and
finance lease obligations |
$ |
2,494,103 |
|
$ |
2,441,895 |
|
Accounts
payable and accrued liabilities |
|
244,418 |
|
|
274,890 |
|
Dividends
payable |
|
47,207 |
|
|
45,019 |
|
Deferred
management rights proceeds |
|
176,879 |
|
|
174,026 |
|
Operating
lease liabilities |
|
104,718 |
|
|
- |
|
Other
liabilities |
|
61,850 |
|
|
161,043 |
|
Noncontrolling interest in consolidated joint
venture |
|
287,718 |
|
|
287,433 |
|
Stockholders' equity |
|
435,024 |
|
|
469,577 |
|
|
Total
liabilities and stockholders' equity |
$ |
3,851,917 |
|
$ |
3,853,883 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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, |
|
|
|
2019 |
|
2018 |
|
2019 |
|
2018 |
|
|
|
$ |
Margin |
|
$ |
Margin |
|
$ |
Margin |
|
$ |
Margin |
|
|
Consolidated |
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
407,719 |
|
|
|
$ |
333,934 |
|
|
|
$ |
778,494 |
|
|
|
$ |
622,304 |
|
|
|
|
Net income |
$ |
46,284 |
|
11.4 |
% |
|
$ |
55,546 |
|
16.6 |
% |
|
$ |
68,954 |
|
8.9 |
% |
|
$ |
82,885 |
|
13.3 |
% |
|
|
Interest expense, net |
|
30,522 |
|
|
|
|
16,859 |
|
|
|
|
59,701 |
|
|
|
|
30,835 |
|
|
|
|
Provision for income taxes |
|
8,232 |
|
|
|
|
5,676 |
|
|
|
|
10,206 |
|
|
|
|
7,885 |
|
|
|
|
Depreciation & amortization |
|
53,553 |
|
|
|
|
29,995 |
|
|
|
|
106,562 |
|
|
|
|
58,661 |
|
|
|
|
Loss on disposal of assets |
|
5 |
|
|
|
|
149 |
|
|
|
|
5 |
|
|
|
|
149 |
|
|
|
|
Pro rata EBITDAre from unconsolidated joint ventures |
|
(2 |
) |
|
|
|
(55 |
) |
|
|
|
(2 |
) |
|
|
|
310 |
|
|
|
|
EBITDAre |
|
138,594 |
|
34.0 |
% |
|
|
108,170 |
|
32.4 |
% |
|
|
245,426 |
|
31.5 |
% |
|
|
180,725 |
|
29.0 |
% |
|
|
Preopening costs |
|
(24 |
) |
|
|
|
1,525 |
|
|
|
|
2,110 |
|
|
|
|
3,672 |
|
|
|
|
Non-cash ground lease expense |
|
1,249 |
|
|
|
|
1,290 |
|
|
|
|
2,472 |
|
|
|
|
2,534 |
|
|
|
|
Equity-based compensation expense |
|
1,935 |
|
|
|
|
2,006 |
|
|
|
|
3,961 |
|
|
|
|
3,929 |
|
|
|
|
Interest income on Gaylord National & Gaylord Rockies
bonds |
|
2,607 |
|
|
|
|
2,659 |
|
|
|
|
5,249 |
|
|
|
|
5,313 |
|
|
|
|
Pro rata adjusted EBITDAre from unconsolidated joint ventures |
|
169 |
|
|
|
|
(1,961 |
) |
|
|
|
169 |
|
|
|
|
(757 |
) |
|
|
|
Adjusted EBITDAre |
$ |
144,530 |
|
35.4 |
% |
|
$ |
113,689 |
|
34.0 |
% |
|
$ |
259,387 |
|
33.3 |
% |
|
$ |
195,416 |
|
31.4 |
% |
|
|
Adjusted EBITDAre of noncontrolling interest |
|
(8,774 |
) |
|
|
|
- |
|
|
|
|
(14,372 |
) |
|
|
|
- |
|
|
|
|
Adjusted EBITDAre,
excluding noncontrolling interest |
$ |
135,756 |
|
33.3 |
% |
|
$ |
113,689 |
|
34.0 |
% |
|
$ |
245,015 |
|
31.5 |
% |
|
$ |
195,416 |
|
31.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hospitality segment |
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
357,129 |
|
|
|
$ |
291,756 |
|
|
|
$ |
694,639 |
|
|
|
$ |
556,867 |
|
|
|
|
Operating income |
$ |
79,179 |
|
22.2 |
% |
|
$ |
76,149 |
|
26.1 |
% |
|
$ |
138,808 |
|
20.0 |
% |
|
$ |
129,648 |
|
23.3 |
% |
|
|
Depreciation & amortization |
|
50,331 |
|
|
|
|
27,233 |
|
|
|
|
100,464 |
|
|
|
|
53,433 |
|
|
|
|
Preopening costs |
|
(86 |
) |
|
|
|
553 |
|
|
|
|
639 |
|
|
|
|
2,047 |
|
|
|
|
Non-cash lease expense |
|
1,169 |
|
|
|
|
1,247 |
|
|
|
|
2,337 |
|
|
|
|
2,495 |
|
|
|
|
Interest income on Gaylord National & Gaylord Rockies
bonds |
|
2,607 |
|
|
|
|
2,659 |
|
|
|
|
5,249 |
|
|
|
|
5,313 |
|
|
|
|
Adjusted EBITDAre |
$ |
133,200 |
|
37.3 |
% |
|
$ |
107,841 |
|
37.0 |
% |
|
$ |
247,497 |
|
35.6 |
% |
|
$ |
192,936 |
|
34.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same-Store Hospitality segment
(1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
301,693 |
|
|
|
$ |
291,756 |
|
|
|
$ |
593,960 |
|
|
|
$ |
556,867 |
|
|
|
|
Operating income |
$ |
77,955 |
|
25.8 |
% |
|
$ |
76,149 |
|
26.1 |
% |
|
$ |
146,354 |
|
24.6 |
% |
|
$ |
129,648 |
|
23.3 |
% |
|
|
Depreciation & amortization |
|
27,866 |
|
|
|
|
27,233 |
|
|
|
|
55,538 |
|
|
|
|
53,433 |
|
|
|
|
Preopening costs |
|
- |
|
|
|
|
553 |
|
|
|
|
55 |
|
|
|
|
2,047 |
|
|
|
|
Non-cash lease expense |
|
1,169 |
|
|
|
|
1,247 |
|
|
|
|
2,337 |
|
|
|
|
2,495 |
|
|
|
|
Interest income on Gaylord National bonds |
|
2,565 |
|
|
|
|
2,659 |
|
|
|
|
5,141 |
|
|
|
|
5,313 |
|
|
|
|
Adjusted EBITDAre |
$ |
109,555 |
|
36.3 |
% |
|
$ |
107,841 |
|
37.0 |
% |
|
$ |
209,425 |
|
35.3 |
% |
|
$ |
192,936 |
|
34.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Entertainment segment |
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
50,590 |
|
|
|
$ |
42,178 |
|
|
|
$ |
83,855 |
|
|
|
$ |
65,437 |
|
|
|
|
Operating income |
$ |
14,639 |
|
28.9 |
% |
|
$ |
8,638 |
|
20.5 |
% |
|
$ |
18,375 |
|
21.9 |
% |
|
$ |
9,920 |
|
15.2 |
% |
|
|
Depreciation & amortization |
|
2,830 |
|
|
|
|
2,315 |
|
|
|
|
5,309 |
|
|
|
|
4,272 |
|
|
|
|
Preopening costs |
|
62 |
|
|
|
|
972 |
|
|
|
|
1,471 |
|
|
|
|
1,625 |
|
|
|
|
Non-cash lease expense |
|
80 |
|
|
|
|
43 |
|
|
|
|
135 |
|
|
|
|
39 |
|
|
|
|
Equity-based compensation |
|
271 |
|
|
|
|
461 |
|
|
|
|
475 |
|
|
|
|
765 |
|
|
|
|
Pro rata adjusted EBITDAre from unconsolidated joint ventures |
|
- |
|
|
|
|
(670 |
) |
|
|
|
- |
|
|
|
|
(1,689 |
) |
|
|
|
Adjusted EBITDAre |
$ |
17,882 |
|
35.3 |
% |
|
$ |
11,759 |
|
27.9 |
% |
|
$ |
25,765 |
|
30.7 |
% |
|
$ |
14,932 |
|
22.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate and Other
segment |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating loss |
$ |
(8,502 |
) |
|
|
$ |
(8,088 |
) |
|
|
$ |
(17,903 |
) |
|
|
$ |
(16,925 |
) |
|
|
|
Depreciation & amortization |
|
392 |
|
|
|
|
447 |
|
|
|
|
789 |
|
|
|
|
956 |
|
|
|
|
Gain (loss) on disposal of assets |
|
(106 |
) |
|
|
|
185 |
|
|
|
|
(247 |
) |
|
|
|
353 |
|
|
|
|
Equity-based compensation |
|
1,664 |
|
|
|
|
1,545 |
|
|
|
|
3,486 |
|
|
|
|
3,164 |
|
|
|
|
Adjusted EBITDAre |
$ |
(6,552 |
) |
|
|
$ |
(5,911 |
) |
|
|
$ |
(13,875 |
) |
|
|
$ |
(12,452 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Same-Store
Hospitality segment excludes Gaylord Rockies, which opened in
December 2018. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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, |
|
|
|
2019 |
|
|
|
2018 |
|
|
|
2019 |
|
|
|
2018 |
|
|
Consolidated |
|
|
|
|
|
|
|
|
Net income |
$ |
46,284 |
|
|
$ |
55,546 |
|
|
$ |
68,954 |
|
|
$ |
82,885 |
|
|
Noncontrolling interest |
|
3,099 |
|
|
|
- |
|
|
|
9,837 |
|
|
|
- |
|
|
Net income available to common shareholders |
|
49,383 |
|
|
|
55,546 |
|
|
|
78,791 |
|
|
|
82,885 |
|
|
Depreciation & amortization |
|
53,517 |
|
|
|
29,995 |
|
|
|
106,485 |
|
|
|
58,661 |
|
|
Adjustments for noncontrolling interest |
|
(8,702 |
) |
|
|
- |
|
|
|
(17,399 |
) |
|
|
- |
|
|
Pro rata adjustments from joint ventures |
|
- |
|
|
|
(32 |
) |
|
|
- |
|
|
|
355 |
|
|
FFO available to common shareholders |
|
94,198 |
|
|
|
85,509 |
|
|
|
167,877 |
|
|
|
141,901 |
|
|
|
|
|
|
|
|
|
|
|
Right-of-use asset amortization |
|
36 |
|
|
|
- |
|
|
|
77 |
|
|
|
- |
|
|
Non-cash lease expense |
|
1,249 |
|
|
|
1,290 |
|
|
|
2,472 |
|
|
|
2,534 |
|
|
Pro rata adjustments from joint ventures |
|
- |
|
|
|
(2,786 |
) |
|
|
- |
|
|
|
(2,729 |
) |
|
Loss on other assets |
|
- |
|
|
|
80 |
|
|
|
- |
|
|
|
80 |
|
|
Write-off of deferred financing costs |
|
- |
|
|
|
1,956 |
|
|
|
- |
|
|
|
1,956 |
|
|
Amortization of deferred financing costs |
|
1,939 |
|
|
|
1,426 |
|
|
|
3,866 |
|
|
|
2,841 |
|
|
Adjustments for noncontrolling interest |
|
(209 |
) |
|
|
- |
|
|
|
(422 |
) |
|
|
- |
|
|
Deferred tax expense |
|
7,087 |
|
|
|
5,286 |
|
|
|
8,187 |
|
|
|
7,065 |
|
|
Adjusted FFO available to common shareholders |
$ |
104,300 |
|
|
$ |
92,761 |
|
|
$ |
182,057 |
|
|
$ |
153,648 |
|
|
Capital expenditures (1) |
|
(18,670 |
) |
|
|
(16,062 |
) |
|
|
(33,999 |
) |
|
|
(31,138 |
) |
|
Adjusted FFO available to common shareholders (ex.
maintenance capex) |
$ |
85,630 |
|
|
$ |
76,699 |
|
|
$ |
148,058 |
|
|
$ |
122,510 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net income per share |
$ |
0.96 |
|
|
$ |
1.08 |
|
|
$ |
1.53 |
|
|
$ |
1.62 |
|
|
Fully diluted net income per share |
$ |
0.95 |
|
|
$ |
1.08 |
|
|
$ |
1.52 |
|
|
$ |
1.61 |
|
|
|
|
|
|
|
|
|
|
|
FFO available to common shareholders per basic share |
$ |
1.83 |
|
|
$ |
1.67 |
|
|
$ |
3.27 |
|
|
$ |
2.77 |
|
|
Adjusted FFO available to common shareholders per basic share |
$ |
2.03 |
|
|
$ |
1.81 |
|
|
$ |
3.54 |
|
|
$ |
3.00 |
|
|
|
|
|
|
|
|
|
|
|
FFO available to common shareholders per diluted share |
$ |
1.82 |
|
|
$ |
1.66 |
|
|
$ |
3.24 |
|
|
$ |
2.76 |
|
|
Adjusted FFO available to common shareholders per diluted
share |
$ |
2.01 |
|
|
$ |
1.80 |
|
|
$ |
3.51 |
|
|
$ |
2.99 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Represents
FF&E reserve for managed properties and maintenance capital
expenditures for non-managed properties. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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, |
|
|
|
|
2019 |
|
|
|
2018 |
|
|
|
2019 |
|
|
|
2018 |
|
|
|
|
$ |
Margin |
|
$ |
Margin |
|
$ |
Margin |
|
$ |
Margin |
|
|
Hospitality
segment |
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
357,129 |
|
|
|
$ |
291,756 |
|
|
|
$ |
694,639 |
|
|
|
$ |
556,867 |
|
|
|
|
Operating Income |
$ |
79,179 |
|
22.2 |
% |
|
$ |
76,149 |
|
26.1 |
% |
|
$ |
138,808 |
|
20.0 |
% |
|
$ |
129,648 |
|
23.3 |
% |
|
|
Depreciation & amortization |
|
50,331 |
|
|
|
|
27,233 |
|
|
|
|
100,464 |
|
|
|
|
53,433 |
|
|
|
|
Preopening costs |
|
(86 |
) |
|
|
|
553 |
|
|
|
|
639 |
|
|
|
|
2,047 |
|
|
|
|
Non-cash lease expense |
|
1,169 |
|
|
|
|
1,247 |
|
|
|
|
2,337 |
|
|
|
|
2,495 |
|
|
|
|
Interest income on Gaylord National and Gaylord Rockies bonds |
|
2,607 |
|
|
|
|
2,659 |
|
|
|
|
5,249 |
|
|
|
|
5,313 |
|
|
|
|
Adjusted EBITDAre |
$ |
133,200 |
|
37.3 |
% |
|
$ |
107,841 |
|
37.0 |
% |
|
$ |
247,497 |
|
35.6 |
% |
|
$ |
192,936 |
|
34.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
78.0 |
% |
|
|
|
79.0 |
% |
|
|
|
75.2 |
% |
|
|
|
76.4 |
% |
|
|
|
Average daily rate (ADR) |
$ |
201.58 |
|
|
|
$ |
200.16 |
|
|
|
$ |
201.34 |
|
|
|
$ |
197.72 |
|
|
|
|
RevPAR |
$ |
157.29 |
|
|
|
$ |
158.13 |
|
|
|
$ |
151.33 |
|
|
|
$ |
151.11 |
|
|
|
|
OtherPAR |
$ |
230.89 |
|
|
|
$ |
220.81 |
|
|
|
$ |
228.27 |
|
|
|
$ |
215.86 |
|
|
|
|
Total RevPAR |
$ |
388.18 |
|
|
|
$ |
378.94 |
|
|
|
$ |
379.60 |
|
|
|
$ |
366.97 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same-Store Hospitality
segment (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
301,693 |
|
|
|
$ |
291,756 |
|
|
|
$ |
593,960 |
|
|
|
$ |
556,867 |
|
|
|
|
Operating Income |
$ |
77,955 |
|
25.8 |
% |
|
$ |
76,149 |
|
26.1 |
% |
|
$ |
146,354 |
|
24.6 |
% |
|
$ |
129,648 |
|
23.3 |
% |
|
|
Depreciation & amortization |
|
27,866 |
|
|
|
|
27,233 |
|
|
|
|
55,538 |
|
|
|
|
53,433 |
|
|
|
|
Preopening costs |
|
- |
|
|
|
|
553 |
|
|
|
|
55 |
|
|
|
|
2,047 |
|
|
|
|
Non-cash lease expense |
|
1,169 |
|
|
|
|
1,247 |
|
|
|
|
2,337 |
|
|
|
|
2,495 |
|
|
|
|
Interest income on Gaylord National bonds |
|
2,565 |
|
|
|
|
2,659 |
|
|
|
|
5,141 |
|
|
|
|
5,313 |
|
|
|
|
Adjusted EBITDAre |
$ |
109,555 |
|
36.3 |
% |
|
$ |
107,841 |
|
37.0 |
% |
|
$ |
209,425 |
|
35.3 |
% |
|
$ |
192,936 |
|
34.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
79.7 |
% |
|
|
|
79.0 |
% |
|
|
|
77.5 |
% |
|
|
|
76.4 |
% |
|
|
|
Average daily rate (ADR) |
$ |
201.24 |
|
|
|
$ |
200.16 |
|
|
|
$ |
201.43 |
|
|
|
$ |
197.72 |
|
|
|
|
RevPAR |
$ |
160.39 |
|
|
|
$ |
158.13 |
|
|
|
$ |
156.02 |
|
|
|
$ |
151.11 |
|
|
|
|
OtherPAR |
$ |
224.71 |
|
|
|
$ |
220.81 |
|
|
|
$ |
225.16 |
|
|
|
$ |
215.86 |
|
|
|
|
Total RevPAR |
$ |
385.10 |
|
|
|
$ |
378.94 |
|
|
|
$ |
381.18 |
|
|
|
$ |
366.97 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaylord
Opryland |
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
98,987 |
|
|
|
$ |
94,915 |
|
|
|
$ |
187,945 |
|
|
|
$ |
177,660 |
|
|
|
|
Operating Income |
$ |
31,112 |
|
31.4 |
% |
|
$ |
28,930 |
|
30.5 |
% |
|
$ |
52,858 |
|
28.1 |
% |
|
$ |
48,725 |
|
27.4 |
% |
|
|
Depreciation & amortization |
|
8,653 |
|
|
|
|
8,859 |
|
|
|
|
17,095 |
|
|
|
|
17,537 |
|
|
|
|
Preopening costs |
|
- |
|
|
|
|
9 |
|
|
|
|
55 |
|
|
|
|
88 |
|
|
|
|
Adjusted EBITDAre |
$ |
39,765 |
|
40.2 |
% |
|
$ |
37,798 |
|
39.8 |
% |
|
$ |
70,008 |
|
37.2 |
% |
|
$ |
66,350 |
|
37.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
81.3 |
% |
|
|
|
81.4 |
% |
|
|
|
77.7 |
% |
|
|
|
76.9 |
% |
|
|
|
Average daily rate (ADR) |
$ |
198.41 |
|
|
|
$ |
193.54 |
|
|
|
$ |
195.15 |
|
|
|
$ |
192.07 |
|
|
|
|
RevPAR |
$ |
161.23 |
|
|
|
$ |
157.55 |
|
|
|
$ |
151.72 |
|
|
|
$ |
147.62 |
|
|
|
|
OtherPAR |
$ |
215.42 |
|
|
|
$ |
203.61 |
|
|
|
$ |
207.83 |
|
|
|
$ |
192.25 |
|
|
|
|
Total RevPAR |
$ |
376.65 |
|
|
|
$ |
361.16 |
|
|
|
$ |
359.55 |
|
|
|
$ |
339.87 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaylord
Palms |
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
47,357 |
|
|
|
$ |
50,274 |
|
|
|
$ |
107,273 |
|
|
|
$ |
108,170 |
|
|
|
|
Operating Income |
$ |
8,380 |
|
17.7 |
% |
|
$ |
10,376 |
|
20.6 |
% |
|
$ |
25,980 |
|
24.2 |
% |
|
$ |
26,624 |
|
24.6 |
% |
|
|
Depreciation & amortization |
|
4,891 |
|
|
|
|
4,799 |
|
|
|
|
9,742 |
|
|
|
|
9,588 |
|
|
|
|
Non-cash lease expense |
|
1,169 |
|
|
|
|
1,247 |
|
|
|
|
2,337 |
|
|
|
|
2,495 |
|
|
|
|
Adjusted EBITDAre |
$ |
14,440 |
|
30.5 |
% |
|
$ |
16,422 |
|
32.7 |
% |
|
$ |
38,059 |
|
35.5 |
% |
|
$ |
38,707 |
|
35.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
76.9 |
% |
|
|
|
80.8 |
% |
|
|
|
79.8 |
% |
|
|
|
81.5 |
% |
|
|
|
Average daily rate (ADR) |
$ |
197.56 |
|
|
|
$ |
188.15 |
|
|
|
$ |
205.72 |
|
|
|
$ |
199.48 |
|
|
|
|
RevPAR |
$ |
151.91 |
|
|
|
$ |
152.01 |
|
|
|
$ |
164.18 |
|
|
|
$ |
162.67 |
|
|
|
|
OtherPAR |
$ |
215.60 |
|
|
|
$ |
238.15 |
|
|
|
$ |
254.37 |
|
|
|
$ |
259.38 |
|
|
|
|
Total RevPAR |
$ |
367.51 |
|
|
|
$ |
390.16 |
|
|
|
$ |
418.55 |
|
|
|
$ |
422.05 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaylord
Texan |
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
69,326 |
|
|
|
$ |
58,611 |
|
|
|
$ |
141,365 |
|
|
|
$ |
116,968 |
|
|
|
|
Operating Income |
$ |
19,287 |
|
27.8 |
% |
|
$ |
14,953 |
|
25.5 |
% |
|
$ |
41,641 |
|
29.5 |
% |
|
$ |
28,985 |
|
24.8 |
% |
|
|
Depreciation & amortization |
|
6,745 |
|
|
|
|
6,001 |
|
|
|
|
13,389 |
|
|
|
|
11,168 |
|
|
|
|
Preopening costs |
|
- |
|
|
|
|
544 |
|
|
|
|
- |
|
|
|
|
1,959 |
|
|
|
|
Adjusted EBITDAre |
$ |
26,032 |
|
37.6 |
% |
|
$ |
21,498 |
|
36.7 |
% |
|
$ |
55,030 |
|
38.9 |
% |
|
$ |
42,112 |
|
36.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
77.4 |
% |
|
|
|
73.0 |
% |
|
|
|
77.6 |
% |
|
|
|
74.6 |
% |
|
|
|
Average daily rate (ADR) |
$ |
189.46 |
|
|
|
$ |
194.82 |
|
|
|
$ |
193.84 |
|
|
|
$ |
194.87 |
|
|
|
|
RevPAR |
$ |
146.62 |
|
|
|
$ |
142.18 |
|
|
|
$ |
150.48 |
|
|
|
$ |
145.47 |
|
|
|
|
OtherPAR |
$ |
273.35 |
|
|
|
$ |
244.49 |
|
|
|
$ |
280.07 |
|
|
|
$ |
261.28 |
|
|
|
|
Total RevPAR |
$ |
419.97 |
|
|
|
$ |
386.67 |
|
|
|
$ |
430.55 |
|
|
|
$ |
406.75 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RYMAN HOSPITALITY PROPERTIES, INC. AND
SUBSIDIARIES |
|
|
SUPPLEMENTAL FINANCIAL RESULTS |
|
|
HOSPITALITY SEGMENT ADJUSTED
EBITDAre RECONCILIATIONS AND
OPERATING METRICS |
|
|
Unaudited |
|
|
(in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaylord
National |
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
78,128 |
|
|
|
$ |
79,687 |
|
|
|
$ |
143,758 |
|
|
|
$ |
140,443 |
|
|
|
|
Operating Income |
$ |
17,044 |
|
21.8 |
% |
|
$ |
19,529 |
|
24.5 |
% |
|
$ |
23,278 |
|
16.2 |
% |
|
$ |
22,846 |
|
16.3 |
% |
|
|
Depreciation & amortization |
|
6,901 |
|
|
|
|
6,884 |
|
|
|
|
13,884 |
|
|
|
|
13,756 |
|
|
|
|
Interest income on Gaylord National bonds |
|
2,565 |
|
|
|
|
2,659 |
|
|
|
|
5,141 |
|
|
|
|
5,313 |
|
|
|
|
Adjusted EBITDAre |
$ |
26,510 |
|
33.9 |
% |
|
$ |
29,072 |
|
36.5 |
% |
|
$ |
42,303 |
|
29.4 |
% |
|
$ |
41,915 |
|
29.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
81.4 |
% |
|
|
|
78.6 |
% |
|
|
|
76.7 |
% |
|
|
|
74.7 |
% |
|
|
|
Average daily rate (ADR) |
$ |
223.66 |
|
|
|
$ |
227.17 |
|
|
|
$ |
221.19 |
|
|
|
$ |
213.54 |
|
|
|
|
RevPAR |
$ |
181.95 |
|
|
|
$ |
178.46 |
|
|
|
$ |
169.61 |
|
|
|
$ |
159.46 |
|
|
|
|
OtherPAR |
$ |
248.19 |
|
|
|
$ |
260.26 |
|
|
|
$ |
228.31 |
|
|
|
$ |
229.28 |
|
|
|
|
Total RevPAR |
$ |
430.14 |
|
|
|
$ |
438.72 |
|
|
|
$ |
397.92 |
|
|
|
$ |
388.74 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaylord
Rockies |
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
55,436 |
|
|
|
$ |
- |
|
|
|
$ |
100,679 |
|
|
|
$ |
- |
|
|
|
|
Operating Income (Loss) (2) |
$ |
1,224 |
|
2.2 |
% |
|
$ |
- |
|
|
|
$ |
(7,546 |
) |
-7.5 |
% |
|
$ |
- |
|
|
|
|
Depreciation & amortization |
|
22,465 |
|
|
|
|
- |
|
|
|
|
44,926 |
|
|
|
|
- |
|
|
|
|
Preopening costs |
|
(86 |
) |
|
|
|
- |
|
|
|
|
584 |
|
|
|
|
- |
|
|
|
|
Interest income on Gaylord Rockies bonds |
|
42 |
|
|
|
|
- |
|
|
|
|
108 |
|
|
|
|
- |
|
|
|
|
Adjusted EBITDAre
(2) |
$ |
23,645 |
|
42.7 |
% |
|
$ |
- |
|
|
|
$ |
38,072 |
|
37.8 |
% |
|
$ |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
68.4 |
% |
|
|
n/a |
|
|
|
|
62.0 |
% |
|
|
n/a |
|
|
|
|
Average daily rate (ADR) |
$ |
203.83 |
|
|
|
|
n/a |
|
|
|
$ |
200.71 |
|
|
|
n/a |
|
|
|
|
RevPAR |
$ |
139.49 |
|
|
|
n/a |
|
|
|
$ |
124.39 |
|
|
|
n/a |
|
|
|
|
OtherPAR |
$ |
266.37 |
|
|
|
n/a |
|
|
|
$ |
246.19 |
|
|
|
n/a |
|
|
|
|
Total RevPAR |
$ |
405.86 |
|
|
|
n/a |
|
|
|
$ |
370.58 |
|
|
|
n/a |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The AC Hotel at
National Harbor |
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
3,314 |
|
|
|
$ |
3,511 |
|
|
|
$ |
5,749 |
|
|
|
$ |
5,882 |
|
|
|
|
Operating Income |
$ |
846 |
|
25.5 |
% |
|
$ |
1,078 |
|
30.7 |
% |
|
$ |
1,067 |
|
18.6 |
% |
|
$ |
1,209 |
|
20.6 |
% |
|
|
Depreciation & amortization |
|
334 |
|
|
|
|
328 |
|
|
|
|
669 |
|
|
|
|
655 |
|
|
|
|
Adjusted EBITDAre |
$ |
1,180 |
|
35.6 |
% |
|
$ |
1,406 |
|
40.0 |
% |
|
$ |
1,736 |
|
30.2 |
% |
|
$ |
1,864 |
|
31.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
78.9 |
% |
|
|
|
78.6 |
% |
|
|
|
69.0 |
% |
|
|
|
69.6 |
% |
|
|
|
Average daily rate (ADR) |
$ |
215.83 |
|
|
|
$ |
227.80 |
|
|
|
$ |
211.92 |
|
|
|
$ |
211.90 |
|
|
|
|
RevPAR |
$ |
170.23 |
|
|
|
$ |
179.03 |
|
|
|
$ |
146.23 |
|
|
|
$ |
147.57 |
|
|
|
|
OtherPAR |
$ |
19.44 |
|
|
|
$ |
21.92 |
|
|
|
$ |
19.20 |
|
|
|
$ |
21.69 |
|
|
|
|
Total RevPAR |
$ |
189.67 |
|
|
|
$ |
200.95 |
|
|
|
$ |
165.43 |
|
|
|
$ |
169.26 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Inn at
Opryland (3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
4,581 |
|
|
|
$ |
4,758 |
|
|
|
$ |
7,870 |
|
|
|
$ |
7,744 |
|
|
|
|
Operating Income |
$ |
1,286 |
|
28.1 |
% |
|
$ |
1,283 |
|
27.0 |
% |
|
$ |
1,530 |
|
19.4 |
% |
|
$ |
1,259 |
|
16.3 |
% |
|
|
Depreciation & amortization |
|
342 |
|
|
|
|
362 |
|
|
|
|
759 |
|
|
|
|
729 |
|
|
|
|
Adjusted EBITDAre |
$ |
1,628 |
|
35.5 |
% |
|
$ |
1,645 |
|
34.6 |
% |
|
$ |
2,289 |
|
29.1 |
% |
|
$ |
1,988 |
|
25.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
81.4 |
% |
|
|
|
83.9 |
% |
|
|
|
73.3 |
% |
|
|
|
73.7 |
% |
|
|
|
Average daily rate (ADR) |
$ |
154.95 |
|
|
|
$ |
158.06 |
|
|
|
$ |
148.65 |
|
|
|
$ |
145.70 |
|
|
|
|
RevPAR |
$ |
126.17 |
|
|
|
$ |
132.63 |
|
|
|
$ |
108.90 |
|
|
|
$ |
107.32 |
|
|
|
|
OtherPAR |
$ |
39.98 |
|
|
|
$ |
39.82 |
|
|
|
$ |
34.58 |
|
|
|
$ |
33.84 |
|
|
|
|
Total RevPAR |
$ |
166.15 |
|
|
|
$ |
172.45 |
|
|
|
$ |
143.48 |
|
|
|
$ |
141.16 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Same-Store Hospitality segment excludes Gaylord Rockies |
|
|
|
|
|
|
|
|
|
|
|
|
|
(2) Operating income and Adjusted EBITDAre for Gaylord Rockies for
the 2019 periods exclude asset management fees paid to RHP of $0.5
million and $1.0 million, respectively. |
|
|
|
(3) Includes other hospitality revenue and expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ryman Hospitality Properties, Inc. and Subsidiaries |
Reconciliation of Forward-Looking Statements |
Unaudited |
(in thousands) |
|
|
|
|
|
|
|
Adjusted Earnings
Before Interest, Taxes, Depreciation and Amortization for Real
Estate ("Adjusted EBITDAre") |
and Adjusted Funds From Operations ("AFFO") reconciliation: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GUIDANCE RANGE |
|
|
|
|
FOR FULL YEAR 2019 |
|
|
|
|
Low |
|
High |
|
Ryman Hospitality
Properties, Inc. |
|
|
|
|
|
|
Net Income |
|
$ |
130,700 |
|
|
$ |
134,250 |
|
|
|
Provision (benefit) for income
taxes |
|
|
15,500 |
|
|
|
17,350 |
|
|
|
Interest expense |
|
|
116,000 |
|
|
|
120,000 |
|
|
|
Depreciation and
amortization |
|
|
210,800 |
|
|
|
216,400 |
|
|
|
EBITDAre |
|
|
473,000 |
|
|
|
488,000 |
|
|
|
Preopening expense |
|
|
1,900 |
|
|
|
2,500 |
|
|
|
Non-cash lease expense |
|
|
4,800 |
|
|
|
5,000 |
|
|
|
Equity based compensation |
|
|
7,600 |
|
|
|
8,500 |
|
|
|
Pension settlement charge,
Other |
|
|
1,500 |
|
|
|
1,500 |
|
|
|
Interest income on bonds |
|
|
10,200 |
|
|
|
10,500 |
|
|
|
Consolidated Adjusted
EBITDAre |
|
$ |
499,000 |
|
|
$ |
516,000 |
|
|
|
Adjusted EBITDAre of
noncontrolling interest |
|
|
(30,320 |
) |
|
|
(31,836 |
) |
|
|
Consolidated Adjusted
EBITDAre,excluding noncontrolling interest |
|
$ |
468,680 |
|
|
$ |
484,164 |
|
|
|
|
|
|
|
|
|
Same-Store
Hospitality Segment |
|
|
|
|
|
|
Operating Income |
|
$ |
270,600 |
|
|
$ |
276,000 |
|
|
|
Depreciation and
amortization |
|
|
108,000 |
|
|
|
110,000 |
|
|
|
Non-cash lease expense |
|
|
4,800 |
|
|
|
5,000 |
|
|
|
Preopening expense |
|
|
- |
|
|
|
- |
|
|
|
Other gains and (losses),
net |
|
|
2,600 |
|
|
|
2,800 |
|
|
|
Interest income on bonds |
|
|
10,000 |
|
|
|
10,200 |
|
|
|
Adjusted EBITDAre |
|
$ |
396,000 |
|
|
$ |
404,000 |
|
|
|
|
|
|
|
|
|
Gaylord
Rockies |
|
|
|
|
|
|
Operating Loss |
|
$ |
(10,400 |
) |
|
$ |
(8,500 |
) |
|
|
Depreciation and
amortization |
|
|
89,500 |
|
|
|
91,500 |
|
|
|
Preopening expense |
|
|
700 |
|
|
|
700 |
|
|
|
Interest income on bonds |
|
|
200 |
|
|
|
300 |
|
|
|
Adjusted EBITDAre |
|
$ |
80,000 |
|
|
$ |
84,000 |
|
|
|
|
|
|
|
|
|
Entertainment
Segment |
|
|
|
|
|
|
Operating Income |
|
$ |
39,000 |
|
|
$ |
41,200 |
|
|
|
Depreciation and
amortization |
|
|
11,000 |
|
|
|
12,000 |
|
|
|
Preopening expense |
|
|
1,200 |
|
|
|
1,800 |
|
|
|
Equity based compensation |
|
|
800 |
|
|
|
1,000 |
|
|
|
Pro Rata Adjusted EBITDAre
from JVs |
|
|
- |
|
|
|
- |
|
|
|
Adjusted EBITDAre |
|
$ |
52,000 |
|
|
$ |
56,000 |
|
|
|
|
|
|
|
|
|
Corporate and
Other Segment |
|
|
|
|
|
|
Operating Loss |
|
$ |
(38,100 |
) |
|
$ |
(37,400 |
) |
|
|
Depreciation and
amortization |
|
|
2,300 |
|
|
|
2,900 |
|
|
|
Equity based compensation |
|
|
6,800 |
|
|
|
7,500 |
|
|
|
Pension settlement charge,
Other |
|
|
1,500 |
|
|
|
1,500 |
|
|
|
Other gains and (losses),
net |
|
|
(1,500 |
) |
|
|
(2,500 |
) |
|
|
Adjusted EBITDAre |
|
$ |
(29,000 |
) |
|
$ |
(28,000 |
) |
|
|
|
|
|
|
|
|
Ryman Hospitality
Properties, Inc. |
|
|
|
|
|
|
Net income available to common
shareholders |
|
$ |
140,000 |
|
|
$ |
150,300 |
|
|
|
Depreciation &
amortization |
|
|
210,800 |
|
|
|
216,400 |
|
|
|
Noncontrolling interest FFO
adjustments |
|
|
(34,700 |
) |
|
|
(35,500 |
) |
|
|
Funds from Operations (FFO)
available to common shareholders |
|
|
316,100 |
|
|
|
331,200 |
|
|
|
Noncontrolling interest AFFO
adjustments |
|
|
(1,000 |
) |
|
|
(500 |
) |
|
|
Non-cash lease expense |
|
|
4,800 |
|
|
|
5,000 |
|
|
|
Amortization of DFC |
|
|
5,700 |
|
|
|
6,200 |
|
|
|
Write-Off of Deferred
Financing Costs |
|
|
800 |
|
|
|
1,100 |
|
|
|
Deferred tax expense
(benefit) |
|
|
15,800 |
|
|
|
16,300 |
|
|
|
Pension settlement charge |
|
|
2,000 |
|
|
|
2,000 |
|
|
|
Adjusted FFO available to
common shareholders |
|
$ |
344,200 |
|
|
$ |
361,300 |
|
|
|
|
|
|
|
|
Ryman Hospitality Proper... (NYSE:RHP)
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From Mar 2024 to Apr 2024
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