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 fourth quarter and full year
ended December 31, 2019.
Fourth Quarter 2019 Results (as compared to Fourth
Quarter 2018):
- Same-Store RevPAR increased 4.8%
and Same-Store Total RevPAR increased 4.9%
- Net Income Available to Common
Shareholders decreased 71.9% to $44.7 million (2018 results
included a one-time, $131.4 million gain related to the acquisition
of increased ownership in the Gaylord Rockies joint venture)
- Consolidated Adjusted EBITDAre
increased 21.5% to $132.1 Million
- Adjusted Funds from Operations
available to common shareholders increased 14.1% to $96.6
million
- Same-Store Gross Advanced Bookings
of 811,500 room nights
- Announced intention to acquire
Block 21, a mixed-use entertainment, lodging, office and retail
complex in the heart of downtown Austin; closing expected at the
end of the first quarter of 2020 or early in the second quarter of
2020
- Completed common stock offering
with net proceeds of $283 million to the Company
- Declares first quarter 2020
dividend of $0.95 per share; intends to pay $3.80 per share
annualized dividend in 2020, a 5.6% increase over full year
2019
Full Year 2019 Results (as compared to Full Year
2018):
- Same-Store RevPAR increased 4.7%
and Same-Store Total RevPAR increased 4.6%
- Net Income Available to Common
Shareholders decreased 44.9% to $145.8 million (2018 results
included a one-time, $131.4 million gain related to the acquisition
of increased ownership in the Gaylord Rockies joint venture)
- Consolidated Adjusted EBITDAre
increased 31.3% to $510.5 million
- Adjusted Funds from Operations
available to common shareholders increased 18.2% to $356.6
million
- Gross Advanced Group Bookings of
2.23 million room nights for full year 2019
Colin Reed, Chairman and Chief Executive Officer
of Ryman Hospitality Properties, said, “Our 2019 full year and
fourth quarter performances have demonstrated our long-held belief
that strategic investments in our people, our culture and our
assets, year in and year out, truly do create a sustainable
competitive advantage that drives our customer loyalty and
encourages groups to rotate through our properties. This strategy
amplified our peer-leading performance in 2019 and helped us
achieve new records in both revenue and profitability. In addition
to the strong consolidated financial performance, we achieved
several important operational milestones including the successful
full opening of SoundWaves, our indoor/outdoor water attraction at
Gaylord Opryland, continued strong results from our expansion at
Gaylord Texan, and the completion of Gaylord Rockies’ first full
year of operation, where bookings activity has been so robust that
we recently announced our intention to move forward with a
317-room, $80 million expansion. Our bookings strength wasn’t
limited to just Gaylord Rockies, though, and I am pleased to report
that the Same-Store hotels now have a record high of more than 6.8
million net room nights on the books for all future years.
Not to be outdone, our fast-growing
Entertainment segment completed its best year ever, driven by our
Nashville-based entertainment assets, and the continued growth and
success of our Ole Red brand. Like our hospitality assets, we
continue to invest in and expand our opportunities for this segment
by taking steps like creating Circle Media, our joint-venture
partnership with Gray Television, which launched the Circle TV
network on January 1st, and by investing in our Ole Red brand, with
our latest location set to open in Orlando in the second quarter of
2020. Finally, we closed out 2019 by announcing an agreement to
acquire Block 21, a mixed-use live entertainment complex located in
Austin, Texas, and home to Austin City Limits (ACL Live), which
offers a nice complement to our existing portfolio of music-themed
entertainment brands. Altogether, we made great progress in laying
the groundwork for further growth in our Entertainment business in
the coming years.”
Fourth Quarter and Full Year 2019
Results (as compared to Fourth Quarter and Full Year
2018):
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Consolidated
Results |
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($ in thousands, except per
share amounts) |
Three Months Ended |
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Twelve Months ended |
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December 31, |
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December 31, |
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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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Total Revenue |
$446,285 |
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$360,565 |
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23.8% |
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$1,604,566 |
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$1,275,118 |
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25.8% |
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Operating Income |
$71,748 |
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$51,526 |
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39.2% |
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$267,531 |
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$214,269 |
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24.9% |
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Operating Income margin |
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16.1% |
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14.3% |
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1.8pt |
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16.7% |
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16.8% |
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-0.1pt |
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Net Income available to common
shareholders |
$44,654 |
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$159,194 |
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-71.9% |
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$145,794 |
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$264,670 |
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-44.9% |
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Net Income available to common
shareholders margin |
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10.0% |
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44.2% |
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-34.2pt |
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9.1% |
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20.8% |
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-11.7pt |
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Net Income available to common
shareholders per diluted share |
$0.85 |
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$3.09 |
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-72.5% |
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$2.81 |
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$5.14 |
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-45.3% |
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Adjusted EBITDAre |
$132,072 |
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$108,700 |
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21.5% |
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$510,530 |
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$388,778 |
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31.3% |
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Adjusted EBITDAre margin |
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29.6% |
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30.1% |
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-0.5pt |
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31.8% |
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30.5% |
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1.3pt |
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Adjusted EBITDAre, excluding
noncontrolling interest |
$126,301 |
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$108,700 |
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16.2% |
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$479,392 |
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$388,778 |
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23.3% |
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Adjusted EBITDAre, excluding
noncontrolling interest margin |
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28.3% |
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30.1% |
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-1.8pt |
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29.9% |
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30.5% |
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-0.6pt |
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Funds From Operations (FFO)
available to common shareholders |
$89,341 |
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$59,518 |
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50.1% |
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$324,946 |
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$255,022 |
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27.4% |
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FFO available to common
shareholders per diluted share |
$1.70 |
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$1.15 |
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47.8% |
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$6.25 |
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$4.95 |
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26.3% |
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Adjusted FFO available to
common shareholders |
$96,624 |
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$84,708 |
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14.1% |
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$356,631 |
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$301,804 |
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18.2% |
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Adjusted FFO available to
common shareholders per diluted share |
$1.84 |
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$1.64 |
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12.2% |
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$6.86 |
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$5.86 |
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17.1% |
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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.
During the fourth quarter and full year 2018,
the Company recognized a gain of $131.4 million related to the
acquisition of its increased ownership in the Gaylord Rockies joint
venture, which is reflected in Net Income available to common
shareholders for the 2018 periods. In the fourth quarter and full
year 2018, the Company also recognized non-cash impairment charges
of $19.2 million and $23.8 million, respectively, which are
included in Operating Income, Net Income available to common
shareholders and FFO available to common shareholders for the 2018
periods.
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Hospitality
Segment |
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($ in thousands, except ADR,
RevPAR, and Total RevPAR) |
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Three Months Ended |
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Twelve Months ended |
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December 31, |
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December 31, |
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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 |
$398,550 |
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$321,796 |
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23.9% |
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$1,421,446 |
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$1,127,903 |
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26.0% |
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Same-Store Hospitality Revenue
(1) |
$337,602 |
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$321,796 |
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4.9% |
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$1,194,870 |
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$1,127,903 |
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5.9% |
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Hospitality Operating
Income |
$71,018 |
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$71,979 |
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-1.3% |
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$261,936 |
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$244,961 |
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6.9% |
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Hospitality Operating Income margin |
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17.8% |
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22.4% |
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-4.6pt |
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18.4% |
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21.7% |
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-3.3pt |
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Hospitality Adjusted
EBITDAre |
$125,469 |
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$103,821 |
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20.9% |
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$482,033 |
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$374,766 |
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28.6% |
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Hospitality Adjusted EBITDAre
margin |
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31.5% |
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32.3% |
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-0.8pt |
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33.9% |
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33.2% |
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0.7pt |
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Same-Store Hospitality
Operating Income (1) |
$77,810 |
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$71,979 |
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8.1% |
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$269,331 |
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$244,961 |
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9.9% |
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Same-Store Hospitality
Operating Income margin (1) |
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23.0% |
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22.4% |
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0.6pt |
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22.5% |
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21.7% |
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0.8pt |
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Same-Store Hospitality
Adjusted EBITDAre (1) |
$109,637 |
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$103,821 |
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5.6% |
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$398,692 |
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$374,766 |
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6.4% |
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Same-Store Hospitality
Adjusted EBITDAre margin (1) |
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32.5% |
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32.3% |
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0.2pt |
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33.4% |
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33.2% |
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0.2pt |
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Hospitality Performance
Metrics |
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Occupancy |
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75.8% |
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75.1% |
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0.7pt |
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75.8% |
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75.3% |
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0.5pt |
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Average Daily Rate (ADR) |
$206.53 |
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$204.88 |
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0.8% |
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$199.26 |
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$194.64 |
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2.4% |
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RevPAR |
$156.64 |
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$153.88 |
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1.8% |
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$151.09 |
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$146.50 |
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3.1% |
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Total RevPAR |
$428.49 |
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$406.29 |
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5.5% |
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$385.20 |
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$363.66 |
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5.9% |
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Same-Store Hospitality
Performance Metrics (1) |
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Occupancy |
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77.5% |
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75.1% |
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2.4pt |
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77.0% |
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75.3% |
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1.7pt |
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Average Daily Rate (ADR) |
$208.08 |
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$204.88 |
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1.6% |
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$199.31 |
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$194.64 |
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2.4% |
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RevPAR |
$161.20 |
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$153.88 |
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4.8% |
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$153.42 |
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$146.50 |
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4.7% |
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Total RevPAR |
$426.25 |
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$406.29 |
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4.9% |
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$380.26 |
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$363.66 |
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4.6% |
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Gross Definite Rooms Nights Booked (1) |
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811,462 |
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1,052,645 |
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-22.9% |
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2,231,472 |
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2,628,283 |
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-15.1% |
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Net Definite Rooms Nights Booked (1) |
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720,193 |
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921,385 |
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-21.8% |
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1,835,780 |
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2,105,972 |
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-12.8% |
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Group Attrition (as % of contracted block) (1) |
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13.8% |
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13.0% |
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0.8pt |
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13.6% |
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13.6% |
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0.0pt |
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Cancellations ITYFTY (1)(2) |
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4,888 |
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2,600 |
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88.0% |
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45,293 |
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31,247 |
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45.0% |
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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 5,200 room nights out of service during fourth
quarter 2019 and approximately 31,450 room nights out of
service in the twelve months ended 12/31/2019 related to a rooms
renovation at Gaylord Opryland. |
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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 and Total RevPAR”
below. Property-level results and operating metrics for
fourth quarter and full year 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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Twelve Months ended |
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December 31, |
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December 31, |
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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 |
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$107,480 |
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$107,748 |
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-0.2% |
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$385,610 |
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$365,999 |
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5.4% |
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Operating
Income |
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$28,588 |
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$29,482 |
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-3.0% |
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$102,467 |
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$96,033 |
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6.7% |
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Operating Income
margin |
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26.6% |
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27.4% |
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-0.8pt |
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26.6% |
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26.2% |
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0.4pt |
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Adjusted
EBITDAre |
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$37,374 |
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$38,350 |
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-2.5% |
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$137,316 |
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$131,623 |
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4.3% |
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Adjusted EBITDAre
margin |
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34.8% |
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35.6% |
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-0.8pt |
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35.6% |
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36.0% |
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-0.4pt |
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Occupancy |
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81.2% |
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82.5% |
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-1.3pt |
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78.5% |
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77.2% |
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1.3pt |
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Average daily rate (ADR) |
$205.40 |
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$198.64 |
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3.4% |
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$196.54 |
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$191.17 |
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2.8% |
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RevPAR |
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$166.74 |
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$163.89 |
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1.7% |
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$154.23 |
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$147.52 |
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4.5% |
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Total RevPAR |
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$404.52 |
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$405.53 |
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-0.2% |
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$365.81 |
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$347.21 |
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5.4% |
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Gaylord Opryland Highlights for Fourth
Quarter 2019 (as compared to Fourth Quarter 2018):
- Gaylord Opryland occupancy declined
1.3 percentage points driven by lower group room nights but the
impact of the decline was offset by a 3.4% increase in ADR as
RevPAR grew 1.7%.
- Total revenue decreased 0.2% to
$107.5 million, impacted by a 2.7% decline in food and beverage
spending, which was primarily due to lower catering revenue related
to fewer group room nights.
- Operating Income and Adjusted
EBITDAre decreased by 3.0% and 2.5%, respectively, due to lower
banquet and catering spending, higher wage costs and
underperformance of Rudolph the Red-Nosed Reindeer: The Musical
Show. These declines were partially offset by a full operating
quarter of SoundWaves, which opened in December 2018.
- The Magnolia rooms renovation,
which began in late fourth quarter of 2018, was completed on time
and on budget in the fourth quarter of 2019, and the hotel entered
2020 with the full complement of these recently updated rooms.
During the fourth quarter of 2019, approximately 5,200 room nights
were out of service due to the renovation.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaylord
Palms |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
($ in thousands,
except ADR, RevPAR, and Total RevPAR) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Twelve Months ended |
|
|
|
December 31, |
|
December 31, |
|
|
|
|
2019 |
|
|
|
2018 |
|
|
% ∆ |
|
|
|
2019 |
|
|
|
2018 |
|
|
% ∆ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
|
$60,171 |
|
|
$53,692 |
|
|
12.1% |
|
|
|
$208,298 |
|
|
$200,763 |
|
|
3.8% |
|
|
Operating
Income |
|
$11,533 |
|
|
$7,579 |
|
|
52.2% |
|
|
|
$40,051 |
|
|
$37,128 |
|
|
7.9% |
|
|
Operating Income
margin |
|
19.2% |
|
|
|
14.1% |
|
|
5.1pt |
|
|
|
|
19.2% |
|
|
|
18.5% |
|
|
0.7pt |
|
|
Adjusted
EBITDAre |
|
$18,025 |
|
|
$13,836 |
|
|
30.3% |
|
|
|
$64,740 |
|
|
$61,584 |
|
|
5.1% |
|
|
Adjusted EBITDAre
margin |
|
30.0% |
|
|
|
25.8% |
|
|
4.2pt |
|
|
|
|
31.1% |
|
|
|
30.7% |
|
|
0.4pt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
|
77.2% |
|
|
|
74.1% |
|
|
3.1pt |
|
|
|
|
77.4% |
|
|
|
77.5% |
|
|
-0.1pt |
|
|
Average daily rate (ADR) |
$208.49 |
|
|
$206.36 |
|
|
1.0% |
|
|
|
$196.06 |
|
|
$192.10 |
|
|
2.1% |
|
|
RevPAR |
|
|
$161.05 |
|
|
$152.84 |
|
|
5.4% |
|
|
|
$151.68 |
|
|
$148.79 |
|
|
1.9% |
|
|
Total RevPAR |
|
$461.88 |
|
|
$412.15 |
|
|
12.1% |
|
|
|
$403.02 |
|
|
$388.44 |
|
|
3.8% |
|
|
Gaylord Palms Highlights for Fourth
Quarter 2019 (as compared to Fourth Quarter 2018):
- Gaylord Palms occupancy increased
3.1 percentage points due to strength in both transient and group
total room night growth, while group ADR improved 1.0% and RevPAR
grew 5.4%. Total RevPAR grew by a strong 12.1%.
- Total revenue increased 12.1% to
$60.2 million, benefitting from both improved occupancy and strong
food and beverage spending. Successful holiday programming of ICE!
also contributed to strong results in the quarter as a new ICE!
theme, Polar Express, generated record admissions.
- Operating Income and Adjusted
EBITDAre increased 52.2% and 30.3%, respectively, benefitting from
solid occupancy and strong outside-the-room spending, as well as
from the robust reception to holiday programming. A positive mix
shift to corporate groups drove approximately 12% growth in
catering for the quarter.
- Forward bookings for the Gaylord
Palms expansion continue to track in-line with the healthy forward
booking pace captured ahead of the Gaylord Texan expansion opening.
The room and meeting space expansion at the hotel is on schedule
and on budget for a projected third quarter 2021 opening.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaylord
Texan |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
($ in thousands,
except ADR, RevPAR, and Total RevPAR) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Twelve Months ended |
|
|
|
December 31, |
|
December 31, |
|
|
|
|
2019 |
|
|
|
2018 |
|
|
% ∆ |
|
|
|
2019 |
|
|
|
2018 |
|
|
% ∆ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
|
$84,675 |
|
|
$80,624 |
|
|
5.0% |
|
|
|
$292,548 |
|
|
$260,418 |
|
|
12.3% |
|
|
Operating
Income |
|
$25,730 |
|
|
$24,914 |
|
|
3.3% |
|
|
|
$85,531 |
|
|
$70,915 |
|
|
20.6% |
|
|
Operating Income
margin |
|
30.4% |
|
|
|
30.9% |
|
|
-0.5pt |
|
|
|
|
29.2% |
|
|
|
27.2% |
|
|
2.0pt |
|
|
Adjusted
EBITDAre |
|
$32,193 |
|
|
$31,474 |
|
|
2.3% |
|
|
|
$111,893 |
|
|
$97,183 |
|
|
15.1% |
|
|
Adjusted EBITDAre
margin |
|
38.0% |
|
|
|
39.0% |
|
|
-1.0pt |
|
|
|
|
38.2% |
|
|
|
37.3% |
|
|
0.9pt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
|
76.8% |
|
|
|
73.9% |
|
|
2.9pt |
|
|
|
|
78.2% |
|
|
|
74.9% |
|
|
3.3pt |
|
|
Average daily rate (ADR) |
$208.03 |
|
|
$212.82 |
|
|
-2.3% |
|
|
|
$196.26 |
|
|
$196.78 |
|
|
-0.3% |
|
|
RevPAR |
|
|
$159.82 |
|
|
$157.37 |
|
|
1.6% |
|
|
|
$153.45 |
|
|
$147.35 |
|
|
4.1% |
|
|
Total RevPAR |
|
$507.37 |
|
|
$483.10 |
|
|
5.0% |
|
|
|
$441.84 |
|
|
$419.12 |
|
|
5.4% |
|
|
Gaylord Texan Highlights for Fourth
Quarter 2019 (as compared to Fourth Quarter 2018):
- Gaylord Texan occupancy improved
2.9 percentage points in the quarter while ADR declined 2.3%, due
in part to a shift in group mix towards more government group
customers. RevPAR grew 1.6% and Total RevPAR grew 5.0%, with the
latter benefitting from catering spending and strong results from
the recently renovated Glass Cactus entertainment venue.
- Total revenue increased 5.0% to
$84.7 million, driven by higher occupancy, favorable catering
spending, and strong ICE! holiday programming performance, which
had record admissions in the quarter.
- Operating income and Adjusted
EBITDAre increased by 3.3% and 2.3%, respectively. While the higher
occupancy and mix shift within groups helped drive food and
beverage performance, a mix shift to more government group
customers in the quarter caused a decline in ADR, which negatively
affected flow-through. Results were also impacted by higher wage
costs.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaylord
National |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
($ in thousands,
except ADR, RevPAR, and Total RevPAR) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Twelve Months ended |
|
|
|
December 31, |
|
December 31, |
|
|
|
|
2019 |
|
|
|
2018 |
|
|
% ∆ |
|
|
|
2019 |
|
|
|
2018 |
|
|
% ∆ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
|
$78,481 |
|
|
$73,553 |
|
|
6.7% |
|
|
|
$281,367 |
|
|
$274,299 |
|
|
2.6% |
|
|
Operating
Income |
|
$9,820 |
|
|
$9,310 |
|
|
5.5% |
|
|
|
$35,555 |
|
|
$36,499 |
|
|
-2.6% |
|
|
Operating Income
margin |
|
12.5% |
|
|
|
12.7% |
|
|
-0.2pt |
|
|
|
|
12.6% |
|
|
|
13.3% |
|
|
-0.7pt |
|
|
Adjusted
EBITDAre |
|
$19,256 |
|
|
$18,428 |
|
|
4.5% |
|
|
|
$76,256 |
|
|
$76,874 |
|
|
-0.8% |
|
|
Adjusted EBITDAre
margin |
|
24.5% |
|
|
|
25.1% |
|
|
-0.6pt |
|
|
|
|
27.1% |
|
|
|
28.0% |
|
|
-0.9pt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
|
75.1% |
|
|
|
68.2% |
|
|
6.9pt |
|
|
|
|
75.1% |
|
|
|
72.3% |
|
|
2.8pt |
|
|
Average daily rate (ADR) |
$220.86 |
|
|
$218.99 |
|
|
0.9% |
|
|
|
$215.74 |
|
|
$207.83 |
|
|
3.8% |
|
|
RevPAR |
|
|
$165.76 |
|
|
$149.28 |
|
|
11.0% |
|
|
|
$161.94 |
|
|
$150.31 |
|
|
7.7% |
|
|
Total RevPAR |
|
$427.38 |
|
|
$400.54 |
|
|
6.7% |
|
|
|
$386.21 |
|
|
$376.50 |
|
|
2.6% |
|
|
Gaylord National Highlights for Fourth
Quarter 2019 (as compared to Fourth Quarter 2018):
- Gaylord National occupancy improved
6.9 percentage points aided by growth of association room nights,
which were up by more than 17,000 room nights compared to the
fourth quarter of 2018. ADR increased 0.9% while RevPAR grew 11.0%
and Total RevPAR grew 6.7%. Group ADR was challenged in the quarter
as group mix shifted towards more lower rated association group
customers.
- Revenue increased 6.7% to $78.5
million, driven primarily by the improvement in group occupancy.
Spending related to other holiday programming such as snow tubing
and ICE! retail also contributed to the strong growth in total
revenue. Transient ADR was strong and grew 9.9% year over
year.
- Operating income and Adjusted
EBITDAre increased by 5.5% and 4.5%, respectively, driven by strong
flow-through from transient rooms revenue and the performance of
ICE! programming and associated retail spending. Overall
profitability was negatively impacted by higher wage and
union-related benefit costs.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaylord
Rockies (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
($ in thousands,
except ADR, RevPAR, and Total RevPAR) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Twelve Months ended |
|
|
December 31, |
|
December 31, |
|
|
|
2019 |
|
2018 |
|
% ∆ |
|
|
|
2019 |
|
2018 |
|
% ∆ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
$60,948 |
|
- |
|
- |
|
|
$226,576 |
|
- |
|
- |
|
Operating Loss (2) |
|
($6,792) |
|
- |
|
- |
|
|
($7,395) |
|
- |
|
- |
|
Operating Loss margin |
|
|
-11.1% |
|
- |
|
- |
|
|
|
-3.3% |
|
- |
|
- |
|
Adjusted EBITDAre
(2) |
$15,832 |
|
- |
|
- |
|
|
$83,341 |
|
- |
|
- |
|
Adjusted EBITDAre
margin |
|
26.0% |
|
- |
|
- |
|
|
|
36.8% |
|
- |
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
|
66.5% |
|
- |
|
- |
|
|
|
69.2% |
|
- |
|
- |
|
Average daily rate (ADR) |
$196.17 |
|
- |
|
- |
|
|
$198.94 |
|
- |
|
- |
|
RevPAR |
|
$130.51 |
|
- |
|
- |
|
|
$137.76 |
|
- |
|
- |
|
Total RevPAR |
|
$441.35 |
|
- |
|
- |
|
|
$413.56 |
|
- |
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Gaylord
Rockies opened in December 2018, therefore there are no comparison
figures for the 2019 periods. |
|
|
|
|
|
(2) Operating 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 twelve months ended
December 31, 2019 of $0.6 million and $2.3 million,
respectively. |
Commenting on the most recently opened hotel
property, Reed continued, “Gaylord Rockies closed out a strong
first full year of operation. The property has helped the Gaylord
Hotels brand reach new customers primarily in the western US and
has provided existing customers with a new geographic experience.
The early bookings performance at Gaylord Rockies has been very
strong and has generated so much interest and such a positive
response from group and transient customers alike that we made the
decision to move forward with a rooms expansion just one year into
the resort’s history. Construction is set to begin in the second
quarter of 2020 and is expected to be complete by early 2022. We
believe this property has a vibrant future ahead of it and are
excited about the years to come.”
Entertainment Segment
For the three months and twelve months ended
December 31, 2019 and 2018, the Company reported the following:
|
|
|
|
|
|
|
|
|
Entertainment Segment
Results |
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Twelve Months ended |
|
December 31, |
|
December 31, |
($ in thousands) |
|
2019 |
|
|
|
2018 |
|
% ∆ |
|
|
2019 |
|
|
|
2018 |
|
|
% ∆ |
|
|
|
|
|
|
|
|
|
|
Revenue |
$47,735 |
|
$38,769 |
|
23.1% |
|
$183,120 |
|
$147,215 |
|
|
24.4% |
|
Operating Income/(Loss)1 |
$10,913 |
|
($12,375) |
|
188.2% |
|
$43,506 |
|
$1,958 |
|
|
2122.0% |
|
Operating Income/(Loss)
margin |
|
22.9% |
|
|
|
-31.9% |
|
54.8pt |
|
|
23.8% |
|
|
|
1.3% |
|
|
22.5pt |
|
Adjusted EBITDAre |
$14,471 |
|
$10,775 |
|
34.3% |
|
$57,970 |
|
$37,793 |
|
|
53.4% |
|
Adjusted EBITDAre margin |
|
30.3% |
|
|
|
27.8% |
|
2.5pt |
|
|
31.7% |
|
|
|
25.7% |
|
|
6.0pt |
|
|
|
|
|
|
|
|
|
|
(1) 2018 periods
include impact of Opry City Stage closure |
|
|
|
|
|
|
|
Reed continued, “Driven by the sustained success
of our core Nashville-based attractions and our growing Ole Red
brand, our Entertainment segment completed a record-setting 2019
with a strong fourth quarter. Leveraging our unique country music
assets, we took important steps in 2019 to expand our market
opportunities and to more effectively reach the 129 million country
music lifestyle consumers in the United States through our
continued investment in Ole Red, Circle Media and our plans to
acquire Block 21 in Austin, Texas, including ACL Live at the Moody
Theater. Circle Media’s linear channel is currently available in
markets reaching approximately 65% of households in the United
States, and we plan to supplement the current offering with a
companion over-the-top (OTT) channel to be available by the middle
of 2020. These investments, along with continued upgrades to our
core Nashville-based attractions have set the stage for additional
upside in the years to come.”
Corporate and Other Segment
For the three months and twelve months ended
December 31, 2019 and 2018, the Company reported the following:
|
|
|
|
|
|
|
|
Corporate and Other
Segment Results |
|
|
|
|
|
|
|
|
Three Months Ended |
|
Twelve Months ended |
|
December 31, |
|
December 31, |
($ in thousands) |
2019 |
|
2018 |
|
% ∆ |
|
2019 |
|
2018 |
|
% ∆ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Loss |
($10,183 |
) |
|
($8,078 |
) |
|
-26.1% |
|
($37,911 |
) |
|
($32,650 |
) |
|
-16.1% |
|
Adjusted EBITDAre |
($7,868 |
) |
|
($5,896 |
) |
|
-33.4% |
|
($29,473 |
) |
|
($23,781 |
) |
|
-23.9% |
|
Corporate and Other Segment Operating Loss and
Adjusted EBITDAre for the 2019 periods include increases in
administrative and employment costs associated with supporting the
Company’s growth.
2020 Guidance
The following business performance outlook for
2020 is based on current information as of February 25, 2020. The
Company does not expect to update the guidance provided below
before next quarter’s earnings release. However, the Company may
update its full business outlook or any portion thereof at any time
for any reason. The below guidance does not present Same-Store data
since Gaylord Rockies has been open for a full year. The guidance
below contemplates the consummation of the planned Block 21
transaction and the impact of Circle Media.
|
|
|
|
($ in millions, except per
share figures) |
Current Guidance |
|
Full Year |
|
Full Year 2020 |
|
2020 Guidance |
|
Low |
|
High |
|
Midpoint |
|
|
|
|
|
|
Consolidated Hospitality RevPAR |
|
3.0% |
|
|
|
5.0% |
|
|
|
4.0% |
|
Consolidated Hospitality Total
RevPAR |
|
2.0% |
|
|
|
4.0% |
|
|
|
3.0% |
|
|
|
|
|
|
|
Net Income |
$ |
152.5 |
|
|
$ |
167.5 |
|
|
$ |
160.0 |
|
|
|
|
|
|
|
Adjusted EBITDAre |
|
|
|
|
|
Hospitality 1 |
$ |
504.0 |
|
|
$ |
518.0 |
|
|
$ |
511.0 |
|
Entertainment 2 |
|
60.5 |
|
|
|
68.5 |
|
|
$ |
64.5 |
|
Corporate and Other |
|
(30.0) |
|
|
|
(28.0) |
|
|
$ |
(29.0) |
|
Consolidated Adjusted EBITDAre 1 |
$ |
534.5 |
|
|
$ |
558.5 |
|
|
$ |
546.5 |
|
|
|
|
|
|
|
Consolidated Adjusted
EBITDAre, excl. noncontrolling interest 3 |
$ |
497.0 |
|
|
$ |
519.0 |
|
|
$ |
508.0 |
|
|
|
|
|
|
|
Net Income available to common
shareholders 3 |
$ |
163.8 |
|
|
$ |
173.8 |
|
|
$ |
168.8 |
|
|
|
|
|
|
|
Funds from Operations (FFO)
available to common shareholders 3 |
$ |
349.0 |
|
|
$ |
367.0 |
|
|
$ |
358.0 |
|
Adjusted FFO available to
common shareholders 3 |
$ |
379.0 |
|
|
$ |
398.0 |
|
|
$ |
388.5 |
|
|
|
|
|
|
|
Diluted Income per share
available to common shareholders 3 |
$ |
2.95 |
|
|
$ |
3.13 |
|
|
$ |
3.04 |
|
|
|
|
|
|
|
Estimated Diluted Shares
Outstanding |
|
55.5 |
|
|
|
55.5 |
|
|
$ |
55.5 |
|
(1) Includes fully consolidated results from
Gaylord Rockies. The Company owns 62.1% and is the managing member
of the joint venture that owns Gaylord Rockies. Also includes
approximately 34,000 room nights out of service in 2020 due to the
renovation of rooms at Gaylord National. The out of service rooms
are included in total available room count for calculating hotel
metrics (e.g., RevPAR and Total RevPAR).(2) Includes impact of the
planned Block 21 acquisition and Circle Media. The Block 21
acquisition is subject to closing conditions, including the consent
of its lender. Whether this consent will be obtained, and the
timing of any closing are uncertain. We assumed a closing date for
the Block 21 acquisition of April 1, 2020 for purposes of the
guidance. The Block 21 results are preliminary estimates based on
available information and includes an adjusted EBITDAre range from
$10 million to $12 million for three quarters of 2020. Our
estimates are subject to change after the Block 21 closing.
Further, we estimate investing, and incurring pro-rata losses of,
$9 million to $11 million in Circle Media for 2020, which is
reflected in our consolidated net income and entertainment segment
adjusted EBITDAre guidance for 2020.(3) Excludes ownership of
Gaylord Rockies joint venture not controlled or owned by the
Company.
Note: For reconciliations of Consolidated
Adjusted EBITDAre and Consolidated Adjusted EBITDAre, Excluding
Noncontrolling Interest guidance 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, “Our momentum continues to
increase as we enter 2020, and I couldn’t be more excited for the
future of the Company. Since we first outlined what 2020 could look
like at our 2016 investor and analyst day, we’ve indicated this
year would be a powerful one for us. The work to get here has been
substantial, and along the way we have set record after record, but
it’s amazing to note all of the new growth opportunities we still
have in front of us. We remain confident in our ability to
capitalize on the strength of the group market, our competitive
position, and the anticipated benefit of our recent capital
reinvestments at Gaylord Texan and those underway at Gaylord Palms
and Gaylord Rockies. With the multitude of opportunities across our
hospitality business and the growth plans on the Entertainment side
of our business, we believe the future looks promising for our
Company.”
Dividend Update
The Company paid its fourth quarter 2019 cash
dividend of $0.90 per share of common stock on January 15, 2020 to
stockholders of record on December 31, 2019. Including the fourth
quarter cash dividend payment, the Company paid a total of $3.60
per share of dividends to its common shareholders for the full year
2019.
Today, the Company declared its first quarter
cash dividend of $0.95 per share of common stock, a quarterly
increase of $0.05, payable on April 15, 2020 to stockholders of
record on March 31, 2020. It is the Company’s current plan to
distribute total 2020 annual dividends of approximately $3.80 per
share in cash in equal quarterly payments in April, July, and
October of 2020 and in January of 2021, which is a 5.6% increase
over the full year 2019 dividend of $3.60. Future dividends are
subject to the Board’s future determinations as to amount and
timing.
Balance Sheet/Liquidity
Update
At December 31, 2019, the Company had total
consolidated debt outstanding of $2,560.0 million (net of
unamortized deferred financing costs) and unrestricted cash of
$362.4 million. Total cash on the balance sheet includes proceeds
from the Company’s successful underwritten public offering of 3.45
million shares of common stock in December 2019, which resulted in
total net proceeds to the Company of $283 million, inclusive of the
full exercise of the underwriters’ option to purchase additional
shares, at a price to the public of $85.60 per share. The public
offering was initiated following the Company’s announcement of an
agreement to acquire Block 21 from Stratus Properties Inc. for a
total consideration of $275 million, including the assumption of
approximately $141 million of existing mortgage debt, with the
balance payable in cash. The Company currently anticipates closing
this transaction at the end of the first quarter of 2020 or early
in the second quarter of 2020. As of December 31, 2019, the
Company’s revolving credit line had no outstanding balance, and the
lending banks had issued $0.9 million in letters of credit, which
left $699.1 million of availability for borrowing under the
revolving credit facility.
Earnings Call Information
Ryman Hospitality Properties will hold a
conference call to discuss this release today at 10 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
leading lodging and hospitality real estate investment trust that
specializes in upscale convention center resorts and country music
entertainment experiences. The Company’s core holdings* include a
network of five of the top 10 largest non-gaming convention center
hotels in the United States based on total indoor meeting space.
These convention center resorts operate under the Gaylord Hotels
brand and are managed by Marriott International. The Company also
owns two adjacent ancillary hotels and a small number of
attractions managed by Marriott International for a combined total
of 10,110 rooms and more than 2.7 million square feet of total
indoor and outdoor meeting space in top convention and leisure
destinations across the country. The Company’s Entertainment
segment includes a growing collection of iconic and emerging
country music brands, including the Grand Ole Opry; Ryman
Auditorium, WSM 650 AM; Ole Red and Circle, a country lifestyle
media network the Company owns in a joint-venture partnership with
Gray Television. The Company operates its Entertainment segment as
part of a taxable REIT subsidiary. In December 2019, the Company
announced plans to acquire Block 21 a mixed-use entertainment,
lodging, office and retail complex that includes the 251-room W
Hotel Austin, 53,000 square feet of Class A commercial space and
the 2,750-seat ACL Live at the Moody Theater, in Austin, Texas. The
transaction is expected to close at the end of the first quarter of
2020 or early in the second quarter of 2020. Visit RymanHP.com for
more information.
*The Company is the sole owner of Gaylord
Opryland Resort & Convention Center; Gaylord Palms Resort &
Convention Center; Gaylord Texan Resort & Convention Center;
and Gaylord National Resort & Convention Center. It is the
majority owner and managing member of the joint venture that owns
Gaylord Rockies Resort & Convention Center.
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, the Company’s ability to borrow funds pursuant to its
credit agreement, and the occurrence of any event, change or other
circumstance that could delay the closing of the acquisition of
Block 21, or the termination of the transaction agreement for the
acquisition of Block 21. A widespread outbreak of coronavirus
in the United States could adversely affect our business results
and guidance. 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 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 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
acquisitions; interest income on bonds; pension settlement charges;
pro rata Adjusted EBITDAre from unconsolidated joint ventures,
(gains) losses on extinguishment of debt, and any other adjustments
we have identified in this release. We then exclude noncontrolling
interests in consolidated 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, 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 Gaylord Rockies.
Adjusted EBITDAre, Excluding
Noncontrolling Interest Margin DefinitionWe 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 consolidated, 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 does not include 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 (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. 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, impairment charges that do not meet
the NAREIT definition above; write-offs of deferred financing
costs, non-cash ground lease expense, right-of-use asset
amortization, amortization of debt discounts or premiums and
amortization of deferred financing costs, pension settlement
charges, additional pro rata adjustments from joint ventures,
(gains) losses on other assets, transaction costs on 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 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
taking into account 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) 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, 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 |
|
Twelve Months Ended |
|
|
Dec. 31 |
|
Dec. 31 |
|
|
|
2019 |
|
|
|
2018 |
|
|
|
2019 |
|
|
|
2018 |
|
Revenues : |
|
|
|
|
|
|
|
|
Rooms |
$ |
145,696 |
|
|
$ |
121,880 |
|
|
$ |
557,562 |
|
|
$ |
454,370 |
|
|
Food and beverage |
|
161,424 |
|
|
|
127,355 |
|
|
|
660,770 |
|
|
|
519,843 |
|
|
Other hotel revenue |
|
91,430 |
|
|
|
72,561 |
|
|
|
203,114 |
|
|
|
153,690 |
|
|
Entertainment |
|
47,735 |
|
|
|
38,769 |
|
|
|
183,120 |
|
|
|
147,215 |
|
|
Total revenues |
|
446,285 |
|
|
|
360,565 |
|
|
|
1,604,566 |
|
|
|
1,275,118 |
|
|
|
|
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
|
|
|
|
Rooms |
|
36,650 |
|
|
|
29,510 |
|
|
|
144,834 |
|
|
|
118,060 |
|
|
Food and beverage |
|
92,227 |
|
|
|
71,229 |
|
|
|
362,850 |
|
|
|
282,906 |
|
|
Other hotel expenses |
|
136,809 |
|
|
|
112,564 |
|
|
|
409,883 |
|
|
|
339,529 |
|
|
Management fees |
|
11,065 |
|
|
|
8,421 |
|
|
|
39,608 |
|
|
|
30,744 |
|
|
Total hotel operating expenses |
|
276,751 |
|
|
|
221,724 |
|
|
|
957,175 |
|
|
|
771,239 |
|
|
Entertainment |
|
33,887 |
|
|
|
28,302 |
|
|
|
126,609 |
|
|
|
109,249 |
|
|
Corporate |
|
9,764 |
|
|
|
7,652 |
|
|
|
36,282 |
|
|
|
30,833 |
|
|
Preopening costs |
|
848 |
|
|
|
897 |
|
|
|
3,122 |
|
|
|
4,869 |
|
|
Impairment and other
charges |
|
- |
|
|
|
19,243 |
|
|
|
- |
|
|
|
23,783 |
|
|
Depreciation and
amortization |
|
53,287 |
|
|
|
31,221 |
|
|
|
213,847 |
|
|
|
120,876 |
|
|
Total operating expenses |
|
374,537 |
|
|
|
309,039 |
|
|
|
1,337,035 |
|
|
|
1,060,849 |
|
|
|
|
|
|
|
|
|
|
Operating
income |
|
71,748 |
|
|
|
51,526 |
|
|
|
267,531 |
|
|
|
214,269 |
|
|
|
|
|
|
|
|
|
|
Interest expense,
net of amounts capitalized |
|
(30,780) |
|
|
|
(19,387) |
|
|
|
(131,620) |
|
|
|
(74,961) |
|
Interest
income |
|
3,013 |
|
|
|
2,272 |
|
|
|
11,769 |
|
|
|
10,469 |
|
Loss on
extinguishment of debt |
|
- |
|
|
|
- |
|
|
|
(494) |
|
|
|
- |
|
Income (loss) from
joint ventures |
|
(635) |
|
|
|
127,232 |
|
|
|
(1,110) |
|
|
|
125,005 |
|
Other gains and
(losses), net |
|
(164) |
|
|
|
(452) |
|
|
|
693 |
|
|
|
1,633 |
|
Income before
income taxes |
|
43,182 |
|
|
|
161,191 |
|
|
|
146,769 |
|
|
|
276,415 |
|
|
|
|
|
|
|
|
|
|
Provision for
income taxes |
|
(4,732) |
|
|
|
(1,997) |
|
|
|
(18,475) |
|
|
|
(11,745) |
|
Net income |
|
38,450 |
|
|
|
159,194 |
|
|
|
128,294 |
|
|
|
264,670 |
|
|
|
|
|
|
|
|
|
|
Net loss
attributable to noncontrolling interest in consolidated joint
venture |
|
6,204 |
|
|
|
- |
|
|
|
17,500 |
|
|
|
- |
|
Net income
available to common shareholders |
$ |
44,654 |
|
|
$ |
159,194 |
|
|
$ |
145,794 |
|
|
$ |
264,670 |
|
|
|
|
|
|
|
|
|
|
Basic income per
share available to common shareholders |
$ |
0.86 |
|
|
$ |
3.10 |
|
|
$ |
2.82 |
|
|
$ |
5.16 |
|
Diluted income per
share available to common shareholders |
$ |
0.85 |
|
|
$ |
3.09 |
|
|
$ |
2.81 |
|
|
$ |
5.14 |
|
|
|
|
|
|
|
|
|
|
Weighted average
common shares for the period: |
|
|
|
|
|
|
|
|
Basic |
|
52,197 |
|
|
|
51,334 |
|
|
|
51,609 |
|
|
|
51,294 |
|
|
Diluted |
|
52,567 |
|
|
|
51,543 |
|
|
|
51,975 |
|
|
|
51,507 |
|
|
RYMAN HOSPITALITY PROPERTIES, INC. AND
SUBSIDIARIES |
|
|
|
|
|
|
|
CONDENSED CONSOLIDATED BALANCE SHEETS |
Unaudited |
(In thousands) |
|
|
|
|
|
|
|
|
|
|
|
Dec. 31 |
|
Dec. 31, |
|
|
|
|
2019 |
|
2018 |
|
|
|
|
|
|
|
ASSETS: |
|
|
|
|
Property and
equipment, net of accumulated depreciation |
$ |
3,130,252 |
|
$ |
3,149,095 |
|
Cash and
cash equivalents - unrestricted |
|
362,430 |
|
|
103,437 |
|
Cash and
cash equivalents - restricted |
|
57,966 |
|
|
45,652 |
|
Notes
receivable |
|
110,135 |
|
|
122,209 |
|
Trade
receivables, net |
|
70,768 |
|
|
67,923 |
|
Deferred
income taxes, net |
|
25,959 |
|
|
40,557 |
|
Prepaid
expenses and other assets |
|
123,845 |
|
|
78,240 |
|
Intangible
assets |
|
207,113 |
|
|
246,770 |
|
|
Total assets |
$ |
4,088,468 |
|
$ |
3,853,883 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
AND EQUITY: |
|
|
|
|
Debt and
finance lease obligations |
$ |
2,559,968 |
|
$ |
2,441,895 |
|
Accounts
payable and accrued liabilities |
|
264,915 |
|
|
274,890 |
|
Dividends
payable |
|
50,711 |
|
|
45,019 |
|
Deferred
management rights proceeds |
|
175,332 |
|
|
174,026 |
|
Operating
lease liabilities |
|
106,331 |
|
|
- |
|
Other
liabilities |
|
64,971 |
|
|
161,043 |
|
Noncontrolling interest in consolidated joint venture |
|
221,511 |
|
|
287,433 |
|
Stockholders' equity |
|
644,729 |
|
|
469,577 |
|
|
Total
liabilities and equity |
$ |
4,088,468 |
|
$ |
3,853,883 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RYMAN HOSPITALITY PROPERTIES, INC. AND
SUBSIDIARIES |
SUPPLEMENTAL FINANCIAL RESULTS |
ADJUSTED EBITDAre RECONCILIATION |
Unaudited |
(in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended Dec. 31, |
|
Twelve Months Ended Dec. 31, |
|
|
|
2019 |
|
|
|
2018 |
|
|
|
2019 |
|
|
|
2018 |
|
|
|
$ |
Margin |
|
$ |
Margin |
|
$ |
Margin |
|
$ |
Margin |
|
Consolidated |
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
446,285 |
|
|
|
$ |
360,565 |
|
|
|
$ |
1,604,566 |
|
|
|
$ |
1,275,118 |
|
|
|
Net income |
$ |
38,450 |
|
8.6% |
|
|
$ |
159,194 |
|
44.2% |
|
|
$ |
128,294 |
|
8.0% |
|
|
$ |
264,670 |
|
20.8% |
|
|
Interest expense, net |
|
27,767 |
|
|
|
|
17,115 |
|
|
|
|
119,851 |
|
|
|
|
64,492 |
|
|
|
Provision for income taxes |
|
4,732 |
|
|
|
|
1,997 |
|
|
|
|
18,475 |
|
|
|
|
11,745 |
|
|
|
Depreciation & amortization |
|
53,287 |
|
|
|
|
31,221 |
|
|
|
|
213,847 |
|
|
|
|
120,876 |
|
|
|
(Gain) loss on disposal of assets |
|
(4) |
|
|
|
|
- |
|
|
|
|
1 |
|
|
|
|
116 |
|
|
|
Pro rata EBITDAre from unconsolidated joint ventures |
|
(3) |
|
|
|
|
893 |
|
|
|
|
(11) |
|
|
|
|
1,198 |
|
|
|
EBITDAre |
|
124,229 |
|
27.8% |
|
|
|
210,420 |
|
58.4% |
|
|
|
480,457 |
|
29.9% |
|
|
|
463,097 |
|
36.3% |
|
|
Preopening costs |
|
848 |
|
|
|
|
897 |
|
|
|
|
3,122 |
|
|
|
|
4,869 |
|
|
|
Non-cash ground lease expense |
|
1,189 |
|
|
|
|
1,378 |
|
|
|
|
4,910 |
|
|
|
|
5,291 |
|
|
|
Equity-based compensation expense |
|
1,971 |
|
|
|
|
1,832 |
|
|
|
|
7,833 |
|
|
|
|
7,656 |
|
|
|
Pension settlement charge |
|
327 |
|
|
|
|
555 |
|
|
|
|
1,904 |
|
|
|
|
1,559 |
|
|
|
Impairment charges |
|
- |
|
|
|
|
19,243 |
|
|
|
|
- |
|
|
|
|
23,783 |
|
|
|
Interest income on Gaylord National & Gaylord Rockies
bonds |
|
2,508 |
|
|
|
|
2,200 |
|
|
|
|
10,272 |
|
|
|
|
10,128 |
|
|
|
Loss on extinguishment of debt |
|
- |
|
|
|
|
- |
|
|
|
|
494 |
|
|
|
|
- |
|
|
|
Transaction costs of acquisitions |
|
362 |
|
|
|
|
993 |
|
|
|
|
417 |
|
|
|
|
993 |
|
|
|
Pro rata adjusted EBITDAre from unconsolidated joint ventures |
|
638 |
|
|
|
|
(128,818) |
|
|
|
|
1,121 |
|
|
|
|
(128,598) |
|
|
|
Adjusted EBITDAre |
$ |
132,072 |
|
29.6% |
|
|
$ |
108,700 |
|
30.1% |
|
|
$ |
510,530 |
|
31.8% |
|
|
$ |
388,778 |
|
30.5% |
|
|
Adjusted EBITDAre of noncontrolling interest |
|
(5,771) |
|
|
|
|
- |
|
|
|
|
(31,138) |
|
|
|
|
- |
|
|
|
Adjusted EBITDAre,
excluding noncontrolling interest |
$ |
126,301 |
|
28.3% |
|
|
$ |
108,700 |
|
30.1% |
|
|
$ |
479,392 |
|
29.9% |
|
|
$ |
388,778 |
|
30.5% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hospitality segment |
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
398,550 |
|
|
|
$ |
321,796 |
|
|
|
$ |
1,421,446 |
|
|
|
$ |
1,127,903 |
|
|
|
Operating income |
$ |
71,018 |
|
17.8% |
|
|
$ |
71,979 |
|
22.4% |
|
|
$ |
261,936 |
|
18.4% |
|
|
$ |
244,961 |
|
21.7% |
|
|
Depreciation & amortization |
|
50,159 |
|
|
|
|
27,400 |
|
|
|
|
201,068 |
|
|
|
|
108,779 |
|
|
|
Preopening costs |
|
622 |
|
|
|
|
693 |
|
|
|
|
1,267 |
|
|
|
|
2,924 |
|
|
|
Non-cash lease expense |
|
1,169 |
|
|
|
|
1,248 |
|
|
|
|
4,674 |
|
|
|
|
4,991 |
|
|
|
Interest income on Gaylord National & Gaylord Rockies
bonds |
|
2,508 |
|
|
|
|
2,200 |
|
|
|
|
10,272 |
|
|
|
|
10,128 |
|
|
|
Transaction costs of acquisitions |
|
- |
|
|
|
|
993 |
|
|
|
|
55 |
|
|
|
|
993 |
|
|
|
Other gains and (losses), net |
|
(7) |
|
|
|
|
- |
|
|
|
|
2,761 |
|
|
|
|
2,682 |
|
|
|
Pro rata adjusted EBITDAre from joint ventures |
|
- |
|
|
|
|
(692) |
|
|
|
|
- |
|
|
|
|
(692) |
|
|
|
Adjusted EBITDAre |
$ |
125,469 |
|
31.5% |
|
|
$ |
103,821 |
|
32.3% |
|
|
$ |
482,033 |
|
33.9% |
|
|
$ |
374,766 |
|
33.2% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same-Store Hospitality segment
(1) |
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
337,602 |
|
|
|
$ |
321,796 |
|
|
|
$ |
1,194,870 |
|
|
|
$ |
1,127,903 |
|
|
|
Operating income |
$ |
77,810 |
|
23.0% |
|
|
$ |
71,979 |
|
22.4% |
|
|
$ |
269,331 |
|
22.5% |
|
|
$ |
244,961 |
|
21.7% |
|
|
Depreciation & amortization |
|
27,535 |
|
|
|
|
27,400 |
|
|
|
|
111,030 |
|
|
|
|
108,779 |
|
|
|
Preopening costs |
|
622 |
|
|
|
|
693 |
|
|
|
|
677 |
|
|
|
|
2,924 |
|
|
|
Non-cash lease expense |
|
1,169 |
|
|
|
|
1,248 |
|
|
|
|
4,674 |
|
|
|
|
4,991 |
|
|
|
Interest income on Gaylord National bonds |
|
2,508 |
|
|
|
|
2,200 |
|
|
|
|
10,164 |
|
|
|
|
10,128 |
|
|
|
Transaction costs of acquisitions |
|
- |
|
|
|
|
993 |
|
|
|
|
55 |
|
|
|
|
993 |
|
|
|
Other gains and (losses), net |
|
(7) |
|
|
|
|
- |
|
|
|
|
2,761 |
|
|
|
|
2,682 |
|
|
|
Pro rata adjusted EBITDAre from joint ventures |
|
- |
|
|
|
|
(692) |
|
|
|
|
- |
|
|
|
|
(692) |
|
|
|
Adjusted EBITDAre |
$ |
109,637 |
|
32.5% |
|
|
$ |
103,821 |
|
32.3% |
|
|
$ |
398,692 |
|
33.4% |
|
|
$ |
374,766 |
|
33.2% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Entertainment segment |
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
47,735 |
|
|
|
$ |
38,769 |
|
|
|
$ |
183,120 |
|
|
|
$ |
147,215 |
|
|
|
Operating income (loss) |
$ |
10,913 |
|
22.9% |
|
|
$ |
(12,375) |
|
-31.9 |
% |
|
$ |
43,506 |
|
23.8% |
|
|
$ |
1,958 |
|
1.3% |
|
|
Depreciation & amortization |
|
2,709 |
|
|
|
|
3,395 |
|
|
|
|
11,150 |
|
|
|
|
10,280 |
|
|
|
Preopening costs |
|
226 |
|
|
|
|
204 |
|
|
|
|
1,855 |
|
|
|
|
1,945 |
|
|
|
Non-cash lease expense |
|
20 |
|
|
|
|
130 |
|
|
|
|
236 |
|
|
|
|
300 |
|
|
|
Equity-based compensation |
|
242 |
|
|
|
|
178 |
|
|
|
|
862 |
|
|
|
|
1,229 |
|
|
|
Impairment charges |
|
- |
|
|
|
|
19,243 |
|
|
|
|
- |
|
|
|
|
23,783 |
|
|
|
Transaction costs of acquisitions |
|
361 |
|
|
|
|
- |
|
|
|
|
361 |
|
|
|
|
- |
|
|
|
Pro rata adjusted EBITDAre from unconsolidated joint ventures |
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
(1,702) |
|
|
|
Adjusted EBITDAre |
$ |
14,471 |
|
30.3% |
|
|
$ |
10,775 |
|
27.8% |
|
|
$ |
57,970 |
|
31.7% |
|
|
$ |
37,793 |
|
25.7% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate and Other
segment |
|
|
|
|
|
|
|
|
|
|
|
|
Operating loss |
$ |
(10,183) |
|
|
|
$ |
(8,078) |
|
|
|
$ |
(37,911) |
|
|
|
$ |
(32,650) |
|
|
|
Depreciation & amortization |
|
419 |
|
|
|
|
426 |
|
|
|
|
1,629 |
|
|
|
|
1,817 |
|
|
|
Other gains and (losses), net |
|
(160) |
|
|
|
|
(453) |
|
|
|
|
(2,560) |
|
|
|
|
(934) |
|
|
|
Equity-based compensation |
|
1,729 |
|
|
|
|
1,654 |
|
|
|
|
6,971 |
|
|
|
|
6,427 |
|
|
|
Pension settlement charge |
|
327 |
|
|
|
|
555 |
|
|
|
|
1,904 |
|
|
|
|
1,559 |
|
|
|
Loss on extinguishment of debt |
|
- |
|
|
|
|
- |
|
|
|
|
494 |
|
|
|
|
- |
|
|
|
Adjusted EBITDAre |
$ |
(7,868) |
|
|
|
$ |
(5,896) |
|
|
|
$ |
(29,473) |
|
|
|
$ |
(23,781) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 Dec.
31, |
|
Twelve Months Ended Dec. 31, |
|
|
|
2019 |
|
|
|
2018 |
|
|
|
2019 |
|
|
|
2018 |
|
|
Consolidated |
|
|
|
|
|
|
|
|
Net income |
$ |
38,450 |
|
|
$ |
159,194 |
|
|
$ |
128,294 |
|
|
$ |
264,670 |
|
|
Noncontrolling interest |
|
6,204 |
|
|
|
- |
|
|
|
17,500 |
|
|
|
- |
|
|
Net income available to common shareholders |
|
44,654 |
|
|
|
159,194 |
|
|
|
145,794 |
|
|
|
264,670 |
|
|
Depreciation & amortization |
|
53,250 |
|
|
|
31,221 |
|
|
|
213,690 |
|
|
|
120,876 |
|
|
Adjustments for noncontrolling interest |
|
(8,563 |
) |
|
|
- |
|
|
|
(34,538 |
) |
|
|
- |
|
|
Pro rata adjustments from joint ventures |
|
- |
|
|
|
(130,897 |
) |
|
|
- |
|
|
|
(130,524 |
) |
|
FFO available to common shareholders |
|
89,341 |
|
|
|
59,518 |
|
|
|
324,946 |
|
|
|
255,022 |
|
|
|
|
|
|
|
|
|
|
|
Right-of-use asset amortization |
|
37 |
|
|
|
- |
|
|
|
157 |
|
|
|
- |
|
|
Non-cash lease expense |
|
1,189 |
|
|
|
1,378 |
|
|
|
4,910 |
|
|
|
5,291 |
|
|
Pension settlement charge |
|
327 |
|
|
|
555 |
|
|
|
1,904 |
|
|
|
1,559 |
|
|
Impairment charges |
|
- |
|
|
|
19,243 |
|
|
|
- |
|
|
|
23,783 |
|
|
Pro rata adjustments from joint ventures |
|
- |
|
|
|
27 |
|
|
|
- |
|
|
|
(2,702 |
) |
|
(Gain) loss on other assets |
|
(4 |
) |
|
|
- |
|
|
|
(4 |
) |
|
|
80 |
|
|
Write-off of deferred financing costs |
|
246 |
|
|
|
- |
|
|
|
3,079 |
|
|
|
1,956 |
|
|
Amortization of deferred financing costs |
|
1,857 |
|
|
|
1,395 |
|
|
|
7,662 |
|
|
|
5,632 |
|
|
Amortization of debt premiums |
|
(66 |
) |
|
|
- |
|
|
|
(66 |
) |
|
|
- |
|
|
Loss on extinguishment of debt |
|
- |
|
|
|
- |
|
|
|
494 |
|
|
|
- |
|
|
Adjustments for noncontrolling interest |
|
(214 |
) |
|
|
- |
|
|
|
(1,282 |
) |
|
|
- |
|
|
Transaction costs of acquisitions |
|
362 |
|
|
|
993 |
|
|
|
417 |
|
|
|
993 |
|
|
Deferred tax expense |
|
3,549 |
|
|
|
1,599 |
|
|
|
14,414 |
|
|
|
10,190 |
|
|
Adjusted FFO available to common shareholders |
$ |
96,624 |
|
|
$ |
84,708 |
|
|
$ |
356,631 |
|
|
$ |
301,804 |
|
|
Capital expenditures (1) |
|
(21,458 |
) |
|
|
(22,772 |
) |
|
|
(73,909 |
) |
|
|
(68,792 |
) |
|
Adjusted FFO available to common shareholders (ex.
maintenance capex) |
$ |
75,166 |
|
|
$ |
61,936 |
|
|
$ |
282,722 |
|
|
$ |
233,012 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net income per share |
$ |
0.86 |
|
|
$ |
3.10 |
|
|
$ |
2.82 |
|
|
$ |
5.16 |
|
|
Fully diluted net income per share |
$ |
0.85 |
|
|
$ |
3.09 |
|
|
$ |
2.81 |
|
|
$ |
5.14 |
|
|
|
|
|
|
|
|
|
|
|
FFO available to common shareholders per basic share |
$ |
1.71 |
|
|
$ |
1.16 |
|
|
$ |
6.30 |
|
|
$ |
4.97 |
|
|
Adjusted FFO available to common shareholders per basic share |
$ |
1.85 |
|
|
$ |
1.65 |
|
|
$ |
6.91 |
|
|
$ |
5.88 |
|
|
|
|
|
|
|
|
|
|
|
FFO available to common shareholders per diluted share |
$ |
1.70 |
|
|
$ |
1.15 |
|
|
$ |
6.25 |
|
|
$ |
4.95 |
|
|
Adjusted FFO available to common shareholders per diluted
share |
$ |
1.84 |
|
|
$ |
1.64 |
|
|
$ |
6.86 |
|
|
$ |
5.86 |
|
|
|
|
|
|
|
|
|
|
(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 Dec. 31, |
|
Twelve Months Ended Dec. 31, |
|
|
|
2019 |
|
|
|
2018 |
|
|
|
2019 |
|
|
|
2018 |
|
|
|
$ |
Margin |
|
$ |
Margin |
|
$ |
Margin |
|
$ |
Margin |
|
Hospitality
segment |
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
398,550 |
|
|
|
$ |
321,796 |
|
|
|
$ |
1,421,446 |
|
|
|
$ |
1,127,903 |
|
|
|
Operating Income |
$ |
71,018 |
|
17.8 |
% |
|
$ |
71,979 |
|
22.4 |
% |
|
$ |
261,936 |
|
18.4 |
% |
|
$ |
244,961 |
|
21.7 |
% |
|
Depreciation & amortization |
|
50,159 |
|
|
|
|
27,400 |
|
|
|
|
201,068 |
|
|
|
|
108,779 |
|
|
|
Preopening costs |
|
622 |
|
|
|
|
693 |
|
|
|
|
1,267 |
|
|
|
|
2,924 |
|
|
|
Non-cash lease expense |
|
1,169 |
|
|
|
|
1,248 |
|
|
|
|
4,674 |
|
|
|
|
4,991 |
|
|
|
Interest income on Gaylord National and Gaylord Rockies bonds |
|
2,508 |
|
|
|
|
2,200 |
|
|
|
|
10,272 |
|
|
|
|
10,128 |
|
|
|
Transaction costs of acquisitions |
|
- |
|
|
|
|
993 |
|
|
|
|
55 |
|
|
|
|
993 |
|
|
|
Other gains and (losses), net |
|
(7 |
) |
|
|
|
- |
|
|
|
|
2,761 |
|
|
|
|
2,682 |
|
|
|
Pro rata adjusted EBITDA from joint ventures |
|
- |
|
|
|
|
(692 |
) |
|
|
|
- |
|
|
|
|
(692 |
) |
|
|
Adjusted EBITDAre |
$ |
125,469 |
|
31.5 |
% |
|
$ |
103,821 |
|
32.3 |
% |
|
$ |
482,033 |
|
33.9 |
% |
|
$ |
374,766 |
|
33.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
75.8 |
% |
|
|
|
75.1 |
% |
|
|
|
75.8 |
% |
|
|
|
75.3 |
% |
|
|
Average daily rate (ADR) |
$ |
206.53 |
|
|
|
$ |
204.88 |
|
|
|
$ |
199.26 |
|
|
|
$ |
194.64 |
|
|
|
RevPAR |
$ |
156.64 |
|
|
|
$ |
153.88 |
|
|
|
$ |
151.09 |
|
|
|
$ |
146.50 |
|
|
|
OtherPAR |
$ |
271.85 |
|
|
|
$ |
252.41 |
|
|
|
$ |
234.11 |
|
|
|
$ |
217.16 |
|
|
|
Total RevPAR |
$ |
428.49 |
|
|
|
$ |
406.29 |
|
|
|
$ |
385.20 |
|
|
|
$ |
363.66 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same-Store Hospitality
segment (1) |
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
337,602 |
|
|
|
$ |
321,796 |
|
|
|
$ |
1,194,870 |
|
|
|
$ |
1,127,903 |
|
|
|
Operating Income |
$ |
77,810 |
|
23.0 |
% |
|
$ |
71,979 |
|
22.4 |
% |
|
$ |
269,331 |
|
22.5 |
% |
|
$ |
244,961 |
|
21.7 |
% |
|
Depreciation & amortization |
|
27,535 |
|
|
|
|
27,400 |
|
|
|
|
111,030 |
|
|
|
|
108,779 |
|
|
|
Preopening costs |
|
622 |
|
|
|
|
693 |
|
|
|
|
677 |
|
|
|
|
2,924 |
|
|
|
Non-cash lease expense |
|
1,169 |
|
|
|
|
1,248 |
|
|
|
|
4,674 |
|
|
|
|
4,991 |
|
|
|
Interest income on Gaylord National bonds |
|
2,508 |
|
|
|
|
2,200 |
|
|
|
|
10,164 |
|
|
|
|
10,128 |
|
|
|
Transaction costs of acquisitions |
|
- |
|
|
|
|
993 |
|
|
|
|
55 |
|
|
|
|
993 |
|
|
|
Other gains and (losses), net |
|
(7 |
) |
|
|
|
- |
|
|
|
|
2,761 |
|
|
|
|
2,682 |
|
|
|
Pro rata adjusted EBITDA from joint ventures |
|
- |
|
|
|
|
(692 |
) |
|
|
|
- |
|
|
|
|
(692 |
) |
|
|
Adjusted EBITDAre |
$ |
109,637 |
|
32.5 |
% |
|
$ |
103,821 |
|
32.3 |
% |
|
$ |
398,692 |
|
33.4 |
% |
|
$ |
374,766 |
|
33.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
77.5 |
% |
|
|
|
75.1 |
% |
|
|
|
77.0 |
% |
|
|
|
75.3 |
% |
|
|
Average daily rate (ADR) |
$ |
208.08 |
|
|
|
$ |
204.88 |
|
|
|
$ |
199.31 |
|
|
|
$ |
194.64 |
|
|
|
RevPAR |
$ |
161.20 |
|
|
|
$ |
153.88 |
|
|
|
$ |
153.42 |
|
|
|
$ |
146.50 |
|
|
|
OtherPAR |
$ |
265.05 |
|
|
|
$ |
252.41 |
|
|
|
$ |
226.84 |
|
|
|
$ |
217.16 |
|
|
|
Total RevPAR |
$ |
426.25 |
|
|
|
$ |
406.29 |
|
|
|
$ |
380.26 |
|
|
|
$ |
363.66 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaylord
Opryland |
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
107,480 |
|
|
|
$ |
107,748 |
|
|
|
$ |
385,610 |
|
|
|
$ |
365,999 |
|
|
|
Operating Income |
$ |
28,588 |
|
26.6 |
% |
|
$ |
29,482 |
|
27.4 |
% |
|
$ |
102,467 |
|
26.6 |
% |
|
$ |
96,033 |
|
26.2 |
% |
|
Depreciation & amortization |
|
8,786 |
|
|
|
|
8,215 |
|
|
|
|
34,794 |
|
|
|
|
34,665 |
|
|
|
Preopening costs |
|
- |
|
|
|
|
653 |
|
|
|
|
55 |
|
|
|
|
925 |
|
|
|
Adjusted EBITDAre |
$ |
37,374 |
|
34.8 |
% |
|
$ |
38,350 |
|
35.6 |
% |
|
$ |
137,316 |
|
35.6 |
% |
|
$ |
131,623 |
|
36.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
81.2 |
% |
|
|
|
82.5 |
% |
|
|
|
78.5 |
% |
|
|
|
77.2 |
% |
|
|
Average daily rate (ADR) |
$ |
205.40 |
|
|
|
$ |
198.64 |
|
|
|
$ |
196.54 |
|
|
|
$ |
191.17 |
|
|
|
RevPAR |
$ |
166.74 |
|
|
|
$ |
163.89 |
|
|
|
$ |
154.23 |
|
|
|
$ |
147.52 |
|
|
|
OtherPAR |
$ |
237.78 |
|
|
|
$ |
241.64 |
|
|
|
$ |
211.58 |
|
|
|
$ |
199.69 |
|
|
|
Total RevPAR |
$ |
404.52 |
|
|
|
$ |
405.53 |
|
|
|
$ |
365.81 |
|
|
|
$ |
347.21 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaylord
Palms |
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
60,171 |
|
|
|
$ |
53,692 |
|
|
|
$ |
208,298 |
|
|
|
$ |
200,763 |
|
|
|
Operating Income |
$ |
11,533 |
|
19.2 |
% |
|
$ |
7,579 |
|
14.1 |
% |
|
$ |
40,051 |
|
19.2 |
% |
|
$ |
37,128 |
|
18.5 |
% |
|
Depreciation & amortization |
|
4,701 |
|
|
|
|
5,009 |
|
|
|
|
19,393 |
|
|
|
|
19,465 |
|
|
|
Preopening costs |
|
622 |
|
|
|
|
- |
|
|
|
|
622 |
|
|
|
|
- |
|
|
|
Non-cash lease expense |
|
1,169 |
|
|
|
|
1,248 |
|
|
|
|
4,674 |
|
|
|
|
4,991 |
|
|
|
Adjusted EBITDAre |
$ |
18,025 |
|
30.0 |
% |
|
$ |
13,836 |
|
25.8 |
% |
|
$ |
64,740 |
|
31.1 |
% |
|
$ |
61,584 |
|
30.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
77.2 |
% |
|
|
|
74.1 |
% |
|
|
|
77.4 |
% |
|
|
|
77.5 |
% |
|
|
Average daily rate (ADR) |
$ |
208.49 |
|
|
|
$ |
206.36 |
|
|
|
$ |
196.06 |
|
|
|
$ |
192.10 |
|
|
|
RevPAR |
$ |
161.05 |
|
|
|
$ |
152.84 |
|
|
|
$ |
151.68 |
|
|
|
$ |
148.79 |
|
|
|
OtherPAR |
$ |
300.83 |
|
|
|
$ |
259.31 |
|
|
|
$ |
251.34 |
|
|
|
$ |
239.65 |
|
|
|
Total RevPAR |
$ |
461.88 |
|
|
|
$ |
412.15 |
|
|
|
$ |
403.02 |
|
|
|
$ |
388.44 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaylord
Texan |
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
84,675 |
|
|
|
$ |
80,624 |
|
|
|
$ |
292,548 |
|
|
|
$ |
260,418 |
|
|
|
Operating Income |
$ |
25,730 |
|
30.4 |
% |
|
$ |
24,914 |
|
30.9 |
% |
|
$ |
85,531 |
|
29.2 |
% |
|
$ |
70,915 |
|
27.2 |
% |
|
Depreciation & amortization |
|
6,463 |
|
|
|
|
6,560 |
|
|
|
|
26,362 |
|
|
|
|
24,309 |
|
|
|
Preopening costs |
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
1,959 |
|
|
|
Adjusted EBITDAre |
$ |
32,193 |
|
38.0 |
% |
|
$ |
31,474 |
|
39.0 |
% |
|
$ |
111,893 |
|
38.2 |
% |
|
$ |
97,183 |
|
37.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
76.8 |
% |
|
|
|
73.9 |
% |
|
|
|
78.2 |
% |
|
|
|
74.9 |
% |
|
|
Average daily rate (ADR) |
$ |
208.03 |
|
|
|
$ |
212.82 |
|
|
|
$ |
196.26 |
|
|
|
$ |
196.78 |
|
|
|
RevPAR |
$ |
159.82 |
|
|
|
$ |
157.37 |
|
|
|
$ |
153.45 |
|
|
|
$ |
147.35 |
|
|
|
OtherPAR |
$ |
347.55 |
|
|
|
$ |
325.73 |
|
|
|
$ |
288.39 |
|
|
|
$ |
271.77 |
|
|
|
Total RevPAR |
$ |
507.37 |
|
|
|
$ |
483.10 |
|
|
|
$ |
441.84 |
|
|
|
$ |
419.12 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaylord
National |
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
78,481 |
|
|
|
$ |
73,553 |
|
|
|
$ |
281,367 |
|
|
|
$ |
274,299 |
|
|
|
Operating Income |
$ |
9,820 |
|
12.5 |
% |
|
$ |
9,310 |
|
12.7 |
% |
|
$ |
35,555 |
|
12.6 |
% |
|
$ |
36,499 |
|
13.3 |
% |
|
Depreciation & amortization |
|
6,935 |
|
|
|
|
6,918 |
|
|
|
|
27,776 |
|
|
|
|
27,565 |
|
|
|
Interest income on Gaylord National bonds |
|
2,508 |
|
|
|
|
2,200 |
|
|
|
|
10,164 |
|
|
|
|
10,128 |
|
|
|
Other gains and (losses), net |
|
(7 |
) |
|
|
|
- |
|
|
|
|
2,761 |
|
|
|
|
2,682 |
|
|
|
Adjusted EBITDAre |
$ |
19,256 |
|
24.5 |
% |
|
$ |
18,428 |
|
25.1 |
% |
|
$ |
76,256 |
|
27.1 |
% |
|
$ |
76,874 |
|
28.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
75.1 |
% |
|
|
|
68.2 |
% |
|
|
|
75.1 |
% |
|
|
|
72.3 |
% |
|
|
Average daily rate (ADR) |
$ |
220.86 |
|
|
|
$ |
218.99 |
|
|
|
$ |
215.74 |
|
|
|
$ |
207.83 |
|
|
|
RevPAR |
$ |
165.76 |
|
|
|
$ |
149.28 |
|
|
|
$ |
161.94 |
|
|
|
$ |
150.31 |
|
|
|
OtherPAR |
$ |
261.62 |
|
|
|
$ |
251.26 |
|
|
|
$ |
224.27 |
|
|
|
$ |
226.19 |
|
|
|
Total RevPAR |
$ |
427.38 |
|
|
|
$ |
400.54 |
|
|
|
$ |
386.21 |
|
|
|
$ |
376.50 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaylord
Rockies |
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
60,948 |
|
|
|
$ |
- |
|
|
|
$ |
226,576 |
|
|
|
$ |
- |
|
|
|
Operating Loss (2) |
$ |
(6,792 |
) |
-11.1 |
% |
|
$ |
- |
|
|
|
$ |
(7,395 |
) |
-3.3 |
% |
|
$ |
- |
|
|
|
Depreciation & amortization |
|
22,624 |
|
|
|
|
- |
|
|
|
|
90,038 |
|
|
|
|
- |
|
|
|
Preopening costs |
|
- |
|
|
|
|
- |
|
|
|
|
590 |
|
|
|
|
- |
|
|
|
Interest income on Gaylord Rockies bonds |
|
- |
|
|
|
|
- |
|
|
|
|
108 |
|
|
|
|
- |
|
|
|
Adjusted EBITDAre (2) |
$ |
15,832 |
|
26.0 |
% |
|
$ |
- |
|
|
|
$ |
83,341 |
|
36.8 |
% |
|
$ |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
66.5 |
% |
|
|
n/a |
|
|
|
69.2 |
% |
|
|
n/a |
|
|
Average daily rate (ADR) |
$ |
196.17 |
|
|
|
n/a |
|
|
$ |
198.94 |
|
|
|
n/a |
|
|
RevPAR |
$ |
130.51 |
|
|
|
n/a |
|
|
$ |
137.76 |
|
|
|
n/a |
|
|
OtherPAR |
$ |
310.84 |
|
|
|
n/a |
|
|
$ |
275.80 |
|
|
|
n/a |
|
|
Total RevPAR |
$ |
441.35 |
|
|
|
n/a |
|
|
$ |
413.56 |
|
|
|
n/a |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The AC Hotel at
National Harbor |
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
3,094 |
|
|
|
$ |
2,383 |
|
|
|
$ |
11,725 |
|
|
|
$ |
10,761 |
|
|
|
Operating Income |
$ |
478 |
|
15.4 |
% |
|
$ |
148 |
|
6.2 |
% |
|
$ |
1,809 |
|
15.4 |
% |
|
$ |
1,489 |
|
13.8 |
% |
|
Depreciation & amortization |
|
335 |
|
|
|
|
329 |
|
|
|
|
1,338 |
|
|
|
|
1,312 |
|
|
|
Adjusted EBITDAre |
$ |
813 |
|
26.3 |
% |
|
$ |
477 |
|
20.0 |
% |
|
$ |
3,147 |
|
26.8 |
% |
|
$ |
2,801 |
|
26.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
68.9 |
% |
|
|
|
59.8 |
% |
|
|
|
70.4 |
% |
|
|
|
66.6 |
% |
|
|
Average daily rate (ADR) |
$ |
214.59 |
|
|
|
$ |
186.57 |
|
|
|
$ |
207.53 |
|
|
|
$ |
198.03 |
|
|
|
RevPAR |
$ |
147.89 |
|
|
|
$ |
111.48 |
|
|
|
$ |
146.01 |
|
|
|
$ |
131.96 |
|
|
|
OtherPAR |
$ |
27.22 |
|
|
|
$ |
23.46 |
|
|
|
$ |
21.29 |
|
|
|
$ |
21.60 |
|
|
|
Total RevPAR |
$ |
175.11 |
|
|
|
$ |
134.94 |
|
|
|
$ |
167.30 |
|
|
|
$ |
153.56 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Inn at
Opryland (3) |
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
3,701 |
|
|
|
$ |
3,796 |
|
|
|
$ |
15,322 |
|
|
|
$ |
15,663 |
|
|
|
Operating Income |
$ |
1,661 |
|
44.9 |
% |
|
$ |
546 |
|
14.4 |
% |
|
$ |
3,918 |
|
25.6 |
% |
|
$ |
2,897 |
|
18.5 |
% |
|
Depreciation & amortization |
|
315 |
|
|
|
|
369 |
|
|
|
|
1,367 |
|
|
|
|
1,463 |
|
|
|
Preopening costs |
|
- |
|
|
|
|
40 |
|
|
|
|
- |
|
|
|
|
40 |
|
|
|
Pro rata adjusted EBITDA from joint ventures |
|
- |
|
|
|
|
(692 |
) |
|
|
|
- |
|
|
|
|
(692 |
) |
|
|
Transaction costs of acquisitions |
|
- |
|
|
|
|
993 |
|
|
|
|
55 |
|
|
|
|
993 |
|
|
|
Adjusted EBITDAre |
$ |
1,976 |
|
53.4 |
% |
|
$ |
1,256 |
|
33.1 |
% |
|
$ |
5,340 |
|
34.9 |
% |
|
$ |
4,701 |
|
30.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
68.4 |
% |
|
|
|
71.9 |
% |
|
|
|
70.4 |
% |
|
|
|
74.0 |
% |
|
|
Average daily rate (ADR) |
$ |
140.00 |
|
|
|
$ |
139.70 |
|
|
|
$ |
145.13 |
|
|
|
$ |
142.72 |
|
|
|
RevPAR |
$ |
95.70 |
|
|
|
$ |
100.50 |
|
|
|
$ |
102.22 |
|
|
|
$ |
105.56 |
|
|
|
OtherPAR |
$ |
37.23 |
|
|
|
$ |
39.29 |
|
|
|
$ |
36.35 |
|
|
|
$ |
36.97 |
|
|
|
Total RevPAR |
$ |
132.93 |
|
|
|
$ |
139.79 |
|
|
|
$ |
138.57 |
|
|
|
$ |
142.53 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 $0.6 million
and $2.3 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 2020 |
|
|
|
|
Low |
|
High |
|
Ryman
Hospitality Properties, Inc. |
|
|
|
|
|
|
Net Income |
|
$ |
152,500 |
|
|
$ |
167,500 |
|
|
|
Provision (benefit) for income
taxes |
|
|
20,000 |
|
|
|
21,400 |
|
|
|
Interest expense |
|
|
115,600 |
|
|
|
116,000 |
|
|
|
Depreciation and
amortization |
|
|
220,700 |
|
|
|
226,400 |
|
|
|
EBITDAre |
|
|
508,800 |
|
|
|
531,300 |
|
|
|
Preopening expense |
|
|
2,600 |
|
|
|
3,100 |
|
|
|
Non-cash lease expense |
|
|
4,500 |
|
|
|
4,800 |
|
|
|
Equity based compensation |
|
|
8,100 |
|
|
|
8,600 |
|
|
|
Pension settlement charge,
Other |
|
|
2,000 |
|
|
|
2,000 |
|
|
|
Interest income on bonds |
|
|
8,500 |
|
|
|
8,700 |
|
|
|
Consolidated Adjusted
EBITDAre |
|
$ |
534,500 |
|
|
$ |
558,500 |
|
|
|
Adjusted EBITDAre of
noncontrolling interest |
|
|
(37,900 |
) |
|
|
(39,416 |
) |
|
|
Consolidated Adjusted
EBITDAre,excluding noncontrolling interest |
|
$ |
496,600 |
|
|
$ |
519,084 |
|
|
Consolidated Hospitality Segment |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Income |
|
$ |
288,100 |
|
|
$ |
297,300 |
|
|
|
Depreciation and
amortization |
|
|
200,000 |
|
|
|
204,000 |
|
|
|
Non-cash lease expense |
|
|
4,500 |
|
|
|
4,800 |
|
|
|
Preopening expense |
|
|
200 |
|
|
|
300 |
|
|
|
Other gains and (losses),
net |
|
|
2,700 |
|
|
|
2,900 |
|
|
|
Interest income on bonds |
|
|
8,500 |
|
|
|
8,700 |
|
|
|
Adjusted
EBITDAre |
|
$ |
504,000 |
|
|
$ |
518,000 |
|
|
Gaylord
Rockies |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Loss |
|
$ |
10,500 |
|
|
$ |
12,500 |
|
|
|
Depreciation and
amortization |
|
|
89,500 |
|
|
|
91,500 |
|
|
|
Adjusted
EBITDAre |
|
$ |
100,000 |
|
|
$ |
104,000 |
|
|
Entertainment Segment |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Income |
|
$ |
50,500 |
|
|
$ |
54,300 |
|
|
|
Depreciation and
amortization |
|
|
17,300 |
|
|
|
18,800 |
|
|
|
Gains/Losses from JV |
|
|
(11,000 |
) |
|
|
(9,000 |
) |
|
|
Preopening expense |
|
|
2,400 |
|
|
|
2,800 |
|
|
|
Equity based compensation |
|
|
1,300 |
|
|
|
1,600 |
|
|
|
Adjusted
EBITDAre |
|
$ |
60,500 |
|
|
$ |
68,500 |
|
|
Corporate
and Other Segment |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Loss |
|
$ |
(40,400 |
) |
|
$ |
(38,800 |
) |
|
|
Depreciation and
amortization |
|
|
3,400 |
|
|
|
3,600 |
|
|
|
Equity based compensation |
|
|
6,800 |
|
|
|
7,000 |
|
|
|
Pension settlement charge,
Other |
|
|
2,000 |
|
|
|
2,000 |
|
|
|
Other gains and (losses),
net |
|
|
(1,800 |
) |
|
|
(1,800 |
) |
|
|
Adjusted
EBITDAre |
|
$ |
(30,000 |
) |
|
$ |
(28,000 |
) |
|
Ryman
Hospitality Properties, Inc. |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income available
to common shareholders |
|
$ |
163,750 |
|
|
$ |
173,750 |
|
|
|
Depreciation &
amortization |
|
|
220,700 |
|
|
|
226,400 |
|
|
|
Noncontrolling interest FFO
adjustments |
|
|
(35,250 |
) |
|
|
(33,250 |
) |
|
|
Funds from Operations
(FFO) available to common shareholders |
|
|
349,200 |
|
|
|
366,900 |
|
|
|
Noncontrolling interest AFFO
adjustments |
|
|
(1,500 |
) |
|
|
(1,000 |
) |
|
|
Non-cash lease expense |
|
|
4,500 |
|
|
|
4,800 |
|
|
|
Amortization of DFC |
|
|
7,100 |
|
|
|
7,600 |
|
|
|
Deferred tax expense
(benefit) |
|
|
17,300 |
|
|
|
17,800 |
|
|
|
Pension settlement charge |
|
|
2,000 |
|
|
|
2,000 |
|
|
|
Adjusted FFO available
to common shareholders |
|
$ |
378,600 |
|
|
$ |
398,100 |
|
Ryman Hospitality Proper... (NYSE:RHP)
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From Mar 2024 to Apr 2024
Ryman Hospitality Proper... (NYSE:RHP)
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From Apr 2023 to Apr 2024