• Ryman Hospitality Properties, Inc. Reports Third Quarter 2024 Results

    Source: Nasdaq GlobeNewswire / 04 Nov 2024 16:30:24   America/New_York

    NASHVILLE, Tenn., Nov. 04, 2024 (GLOBE NEWSWIRE) -- Ryman Hospitality Properties, Inc. (NYSE: RHP), a lodging real estate investment trust (“REIT”) specializing in group-oriented, destination hotel assets in urban and resort markets, today reported financial results for the three and nine months ended September 30, 2024.

    Third Quarter 2024 Highlights and Recent Developments:

    • The Company generated record third quarter net income of $60.4 million and record third quarter consolidated Adjusted EBITDAre of $174.8 million.
    • Reported record third quarter consolidated revenue of $550.0 million, driven by record third quarter Hospitality revenue and record third quarter Entertainment revenue.
    • Same-store1 Hospitality segment achieved record third quarter operating income of $92.8 million and record third quarter Adjusted EBITDAre of $142.0 million.
    • During the quarter, the Company booked over 581,000 same-store Gross Definite Room Nights for all future years, at an estimated average daily rate (ADR) for future bookings of $282, an increase of 5.2% over Q3 2023 estimated ADR for future bookings and a third quarter record.
    • The Company is revising its full year 2024 guidance, including lowering its same-store Hospitality RevPAR and Total RevPAR growth, as well as consolidated operating income and Adjusted EBITDAre, to account for continued leisure transient softness in Nashville and Orlando, disruption from Hurricane Milton and incremental disruption from capital investment projects underway. The Company is raising its full year 2024 outlook for adjusted funds from operations (AFFO) primarily to reflect lower expected cash interest expense.
    • The Company declared a cash dividend of $1.15 per share for the fourth quarter of 2024, a 4.5% increase from the third quarter dividend of $1.10. The dividend is payable on January 15, 2025, to stockholders of record as of December 31, 2024.

    Mark Fioravanti, President and Chief Executive Officer of Ryman Hospitality Properties, said, “Building on our solid second quarter performance, we are pleased with our third quarter results in both of our businesses. We delivered record third quarter consolidated revenue, net income, operating income and Adjusted EBITDAre driven by record third quarter same-store ADR and Total RevPAR. Our outlook for group demand remains strong, evidenced by record projected group rooms revenue for all future years, which gives us the confidence to raise our dividend this quarter.”

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

    Third Quarter 2024 Results (as compared to Third Quarter 2023):

                           
      Three Months Ended  Nine Months Ended
      September 30,  September 30, 
    ($ in thousands, except per share amounts)         %         %
         2024 2023 Change    2024 2023 Change
    Total revenue $549,958  $528,511  4.1 % $1,691,593  $1,525,073  10.9%
                           
    Operating income $105,880  $101,923  3.9 % $370,332  $329,813  12.3%
    Operating income margin  19.3%  19.3% — pts  21.9%  21.6% 0.3pts
                           
    Net income (1) $60,398  $40,785  48.1 % $207,899  $171,922  20.9%
    Net income margin (1)  11.0%  7.7% 3.3 pts  12.3%  11.3% 1.0pts
                           
    Net income available to common stockholders (1) $59,011  $41,227  43.1 % $202,872  $169,090  20.0%
    Net income available to common stockholders margin (1)  10.7%  7.8% 2.9 pts  12.0%  11.1% 0.9pts
    Net income available to common stockholders per diluted share (1)(2) $0.94  $0.64  46.9 % $3.25  $2.78  16.9%
                           
    Adjusted EBITDAre $174,803  $170,874  2.3 % $569,063  $503,251  13.1%
    Adjusted EBITDAre margin  31.8%  32.3% (0.5)pts  33.6%  33.0% 0.6pts
    Adjusted EBITDAre, excluding noncontrolling interest in consolidated joint venture $168,068  $163,188  3.0 % $546,944  $482,450  13.4%
    Adjusted EBITDAre, excluding noncontrolling interest in consolidated joint venture margin  30.6%  30.9% (0.3)pts  32.3%  31.6% 0.7pts
                           
    Funds From Operations (FFO) available to common stockholders and unit holders $116,205  $97,931  18.7 % $372,325  $320,096  16.3%
    FFO available to common stockholders and unit holders per diluted share/unit (2) $1.86  $1.54  20.8 % $5.98  $5.29  13.0%
                           
    Adjusted FFO available to common stockholders and unit holders $120,235  $111,279  8.0 % $396,361  $347,264  14.1%
    Adjusted FFO available to common stockholders and unit holders per diluted share/unit (2) $1.93  $1.81  6.6 % $6.39  $5.80  10.2%

    __________________________________
    1 The three and nine months ended September 30, 2023 include approximately $10.6 million in losses associated with our previous investment in Circle, a joint venture that we and our joint venture partner agreed to wind down at the end of 2023.

    2 Diluted weighted average common shares for the three and nine months ended September 30, 2024 include 3.8 million and 3.4 million, respectively, and the three and nine months ended September 30, 2023 include 3.7 million and 4.1 million, respectively, in equivalent shares related to the currently unexercisable investor put rights associated with the noncontrolling interest in the Company’s OEG business, which may be settled in cash or shares at the Company’s option.

    Note: Consolidated year-to-date 2024 results reflect franchise tax refunds for prior tax periods of 2020 through 2023 totaling approximately $9.1 million, which were recognized in the second quarter of 2024.

    Note: For the Company’s definitions of Adjusted EBITDAre, Adjusted EBITDAre margin, Adjusted EBITDAre, excluding noncontrolling interest in consolidated joint venture, Adjusted EBITDAre, excluding noncontrolling interest in consolidated joint venture margin, FFO available to common stockholders and unit holders, and Adjusted FFO available to common stockholders and unit holders, as well as a reconciliation of the non-GAAP financial measure Adjusted EBITDAre to Net Income and a reconciliation of the non-GAAP financial measures FFO available to common stockholders and unit holders and Adjusted FFO available to common stockholders and unit holders to Net Income, see “Non-GAAP Financial Measures,” “EBITDAre, Adjusted EBITDAre and Adjusted EBITDAre, Excluding Noncontrolling Interest in Consolidated Joint Venture Definition,” “Adjusted EBITDAre, Excluding Noncontrolling Interest in Consolidated Joint Venture Margin Definition” “FFO, Adjusted FFO, and Adjusted FFO available to common stockholders and unit holders Definition” and “Supplemental Financial Results” below.

    Hospitality Segment

                           
      Three Months Ended  Nine Months Ended
      September 30,  September 30, 
    ($ in thousands, except ADR, RevPAR, and Total RevPAR)         %         %
         2024 2023 Change    2024 2023 Change
    Hospitality revenue $467,043  $446,198  4.7 % $1,447,600  $1,288,322  12.4 %
    Same-Store Hospitality revenue (1) $412,770  $396,172  4.2 % $1,280,536  $1,237,575  3.5 %
                           
    Hospitality operating income $102,781  $91,723  12.1 % $356,851  $305,526  16.8 %
    Hospitality operating income margin  22.0%  20.6% 1.4 pts  24.7%  23.7% 1.0 pts
    Hospitality Adjusted EBITDAre $159,569  $152,544  4.6 % $518,777  $456,446  13.7 %
    Hospitality Adjusted EBITDAre margin  34.2%  34.2% – pts  35.8%  35.4% 0.4 pts
                           
    Same-Store Hospitality operating income (1) $92,805  $83,847  10.7 % $322,303  $297,422  8.4 %
    Same-Store Hospitality operating income margin (1)  22.5%  21.2% 1.3 pts  25.2%  24.0% 1.2 pts
    Same-Store Hospitality Adjusted EBITDAre (1) $142,020  $135,167  5.1 % $461,788  $438,841  5.2 %
    Same-Store Hospitality Adjusted EBITDAre margin (1)  34.4%  34.1% 0.3 pts  36.1%  35.5% 0.6 pts
                           
    Hospitality performance metrics:                      
    Occupancy  69.5%  71.8% (2.3)pts  70.0%  72.3% (2.3)pts
    Average Daily Rate (ADR) $252.42  $239.00  5.6 % $254.72  $240.53  5.9 %
    RevPAR $175.37  $171.71  2.1 % $178.19  $173.80  2.5 %
    Total RevPAR $444.77  $424.91  4.7 % $462.87  $439.00  5.4 %
                           
    Same-store Hospitality performance metrics: (1)                      
    Occupancy  69.1%  71.8% (2.7)pts  69.7%  72.3% (2.6)pts
    ADR $244.71  $230.50  6.2 % $248.05  $237.74  4.3 %
    RevPAR $168.99  $165.58  2.1 % $173.00  $171.80  0.7 %
    Total RevPAR $430.91  $413.58  4.2 % $448.86  $435.39  3.1 %
                           
    Gross definite room nights booked  581,710   695,423  (16.4)%  1,650,897   1,695,578  (2.6)%
    Net definite room nights booked  457,856   546,724  (16.3)%  1,206,193   1,247,311  (3.3)%
    Group attrition (as % of contracted block)  16.1%  14.7% 1.4 pts  15.4%  15.5% (0.1)pts
    Cancellations ITYFTY (2)  11,594   11,219  3.3 %  37,745   65,187  (42.1)%

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

    2 “ITYFTY” represents In The Year For The Year.

    Note: Hospitality segment and the Same-Store Hospitality portfolio year-to-date 2024 results reflect franchise tax refunds for prior tax periods of 2020 through 2023 totaling approximately $5.6 million, which were recognized in the second quarter of 2024.

    Note: For the Company’s definitions of Revenue Per Available Room (RevPAR) and Total Revenue Per Available Room (Total RevPAR), see “Calculation of RevPAR, Total RevPAR, and Occupancy” below. Property-level results and operating metrics for third quarter 2024 are presented in greater detail below and under “Supplemental Financial Results—Hospitality Segment Adjusted EBITDAre Reconciliations and Operating Metrics,” which includes a reconciliation of the non-GAAP financial measures Hospitality Adjusted EBITDAre to Hospitality Operating Income, and property-level Adjusted EBITDAre to property-level Operating Income for each of the hotel properties.

    Hospitality Segment Highlights

    • Same-store Hospitality portfolio achieved record third quarter Total RevPAR of $431, a 4.2% increase over Q3 2023, driven by strong banquet and AV revenue, which increased 15.9% from the prior year quarter.
    • Same-store Hospitality portfolio also achieved record third quarter ADR of $245, an increase of 6.2% from Q3 2023.
    • In the year for the year cancellations for the same-store Hospitality portfolio decreased 42.1% year-to-date 2024 from the prior year period.
    • On a same-store basis, attrition and cancellation fee collections declined 35% to $7.4 million in Q3 2024 from $11.3 million in Q3 2023.

    Gaylord Opryland

                           
      Three Months Ended  Nine Months Ended
      September 30,  September 30, 
    ($ in thousands, except ADR, RevPAR, and Total RevPAR)         %         %
         2024 2023 Change    2024 2023 Change
    Revenue $122,659  $111,939  9.6 % $356,846  $334,220  6.8 %
                           
    Operating income $36,622  $29,549  23.9 % $112,089  $93,255  20.2 %
    Operating income margin  29.9%  26.4% 3.5 pts  31.4%  27.9% 3.5 pts
    Adjusted EBITDAre $44,815  $38,022  17.9 % $136,592  $118,770  15.0 %
    Adjusted EBITDAre margin  36.5%  34.0% 2.5 pts  38.3%  35.5% 2.8 pts
                           
    Performance metrics:                      
    Occupancy  71.8%  72.7% (0.9)pts  70.8%  72.2% (1.4)pts
    ADR $254.05  $242.37  4.8 % $253.83  $244.82  3.7 %
    RevPAR $182.49  $176.18  3.6 % $179.66  $176.66  1.7 %
    Total RevPAR $461.65  $421.30  9.6 % $450.95  $423.91  6.4 %


    Note: Gaylord Opryland year-to-date 2024 results reflect franchise tax refunds for prior tax periods of 2020 through 2023 totaling approximately $5.4 million, which were recognized in the second quarter of 2024.

    Gaylord Palms

                           
      Three Months Ended  Nine Months Ended
      September 30,  September 30, 
    ($ in thousands, except ADR, RevPAR, and Total RevPAR)         %         %
         2024 2023 Change    2024 2023 Change
    Revenue $68,242  $63,885  6.8 % $222,504  $222,260  0.1 %
                           
    Operating income $12,323  $9,249  33.2 % $50,808  $55,205  (8.0)%
    Operating income margin  18.1%  14.5% 3.6 pts  22.8%  24.8% (2.0)pts
    Adjusted EBITDAre $19,635  $15,930  23.3 % $71,867  $75,100  (4.3)%
    Adjusted EBITDAre margin  28.8%  24.9% 3.9 pts  32.3%  33.8% (1.5)pts
                           
    Performance metrics:                      
    Occupancy  61.0%  67.4% (6.4)pts  66.0%  74.2% (8.2)pts
    ADR $223.10  $214.22  4.1 % $243.86  $239.56  1.8 %
    RevPAR $136.09  $144.33  (5.7)% $160.98  $177.67  (9.4)%
    Total RevPAR $431.76  $404.19  6.8 % $472.68  $473.89  (0.3)%


    Gaylord Texan

                           
      Three Months Ended  Nine Months Ended
      September 30,  September 30, 
    ($ in thousands, except ADR, RevPAR, and Total RevPAR)         %         %
         2024 2023 Change    2024 2023 Change
    Revenue $73,096  $73,991  (1.2)% $241,895  $241,868  0.0 %
                           
    Operating income $18,697  $19,555  (4.4)% $71,043  $73,748  (3.7)%
    Operating income margin  25.6%  26.4% (0.8)pts  29.4%  30.5% (1.1)pts
    Adjusted EBITDAre $24,417  $25,225  (3.2)% $88,398  $90,902  (2.8)%
    Adjusted EBITDAre margin  33.4%  34.1% (0.7)pts  36.5%  37.6% (1.1)pts
                           
    Performance metrics:                      
    Occupancy  71.8%  73.0% (1.2)pts  74.6%  75.0% (0.4)pts
    ADR $247.51  $233.92  5.8 % $246.78  $233.19  5.8 %
    RevPAR $177.82  $170.68  4.2 % $184.16  $175.00  5.2 %
    Total RevPAR $437.99  $443.36  (1.2)% $486.68  $488.40  (0.4)%


    Gaylord National

                           
      Three Months Ended  Nine Months Ended
      September 30,  September 30, 
    ($ in thousands, except ADR, RevPAR, and Total RevPAR)         %         %
         2024 2023 Change    2024 2023 Change
    Revenue $69,751  $72,124  (3.3)% $226,394  $221,910  2.0 %
                           
    Operating income $8,493  $9,855  (13.8)% $36,037  $32,836  9.7 %
    Operating income margin  12.2%  13.7% (1.5)pts  15.9%  14.8% 1.1 pts
    Adjusted EBITDAre $21,260  $25,605  (17.0)% $68,000  $67,678  0.5 %
    Adjusted EBITDAre margin  30.5%  35.5% (5.0)pts  30.0%  30.5% (0.5)pts
                           
    Performance metrics:                      
    Occupancy  63.5%  71.5% (8.0)pts  66.3%  68.9% (2.6)pts
    ADR $240.73  $216.85  11.0 % $247.47  $235.67  5.0 %
    RevPAR $152.98  $155.12  (1.4)% $163.98  $162.38  1.0 %
    Total RevPAR $379.84  $392.76  (3.3)% $413.96  $407.24  1.7 %


    Gaylord Rockies

                           
      Three Months Ended  Nine Months Ended
      September 30,  September 30, 
    ($ in thousands, except ADR, RevPAR, and Total RevPAR)         %         %
         2024 2023 Change    2024 2023 Change
    Revenue $72,658  $68,203  6.5 % $213,316  $199,377  7.0 %
                           
    Operating income $16,045  $14,970  7.2 % $49,478  $40,529  22.1 %
    Operating income margin  22.1%  21.9% 0.2 pts  23.2%  20.3% 2.9 pts
    Adjusted EBITDAre $30,520  $29,171  4.6 % $91,932  $82,899  10.9 %
    Adjusted EBITDAre margin  42.0%  42.8% (0.8)pts  43.1%  41.6% 1.5 pts
                           
    Performance metrics:                      
    Occupancy  80.8%  79.9% 0.9 pts  75.2%  75.9% (0.7)pts
    ADR $259.76  $245.52  5.8 % $253.23  $242.57  4.4 %
    RevPAR $209.86  $196.19  7.0 % $190.54  $184.12  3.5 %
    Total RevPAR $526.16  $493.90  6.5 % $518.67  $486.56  6.6 %


    JW Marriott Hill Country

                    
      Three Months Ended  Nine Months Ended
      September 30,  September 30, 
    ($ in thousands, except ADR, RevPAR, and Total RevPAR)         %    
         2024 2023 Change    2024
    Revenue $54,273  $50,026  8.5 % $167,064 
                    
    Operating income $9,976  $7,876  26.7 % $34,548 
    Operating income margin  18.4%  15.7% 2.7 pts  20.7%
    Adjusted EBITDAre $17,549  $17,377  1.0 % $56,989 
    Adjusted EBITDAre margin  32.3%  34.7% (2.4)pts  34.1%
                    
    Performance metrics:               
    Occupancy  73.8%  72.0% 1.8 pts  72.2%
    ADR $327.27  $327.17  0.0 % $321.73 
    RevPAR $241.68  $235.43  2.7 % $232.14 
    Total RevPAR $588.74  $542.67  8.5 % $608.50 


    Note: JW Marriott Hill Country was acquired by the Company on June 30, 2023, therefore there are no comparison figures for the nine-month period.

    Entertainment Segment

                           
      Three Months Ended  Nine Months Ended
      September 30,  September 30, 
    ($ in thousands)         %         %
         2024 2023 Change    2024 2023 Change
    Revenue $82,915  $82,313  0.7 % $243,993  $236,751  3.1 %
                           
    Operating income $13,050  $20,523  (36.4)% $44,984  $55,515  (19.0)%
    Operating income margin  15.7%  24.9% (9.2)pts  18.4%  23.4% (5.0)pts
    Adjusted EBITDAre $22,451  $25,618  (12.4)% $73,734  $69,380  6.3 %
    Adjusted EBITDAre margin  27.1%  31.1% (4.0)pts  30.2%  29.3% 0.9 pts


    Note: Entertainment segment year-to-date 2024 results reflect franchise tax refunds for prior tax periods of 2020 through 2023 totaling approximately $3.4 million, which were recognized in the second quarter of 2024.

    Fioravanti continued, “Our major capital investment activity in our Entertainment segment is nearing completion: we opened Category 10 on November 2nd to a positive early reception, and we expect to complete the renovation of the W Austin Hotel at Block 21 by year-end. With the benefit of these investments, together with our exciting plans for “Opry 100,” the year-long centennial celebration of the Grand Ole Opry, we believe OEG is poised to deliver strong results in 2025 and beyond.”

    Corporate and Other Segment

                           
      Three Months Ended  Nine Months Ended
      September 30,  September 30, 
    ($ in thousands)         %         %
         2024 2023 Change    2024 2023 Change
    Operating loss $(9,951)  $(10,323)  3.6% $(31,503)  $(31,228)  (0.9)%
    Adjusted EBITDAre $(7,217)  $(7,288)  1.0% $(23,448)  $(22,575)  (3.9)%


    Note: Corporate and Other segment year-to-date 2024 results reflect franchise tax refunds for prior tax periods of 2020 through 2023 totaling approximately $0.1 million, which were recognized in the second quarter of 2024.

    2024 Guidance

    Fioravanti concluded, “We are pleased to increase our full year 2024 outlook for AFFO, while adopting a more conservative outlook, including for same-store Hospitality RevPAR and Total RevPAR growth, consolidated operating income and Adjusted EBITDAre to account for continued leisure transient softness, disruption from Hurricane Milton and incremental disruption from our capital investment projects underway. We remain as confident as ever in the long-term strength of our businesses and the anticipated high-return investments we are making in our portfolio that we believe will generate meaningful value for our guests and shareholders in the years to come.”

    The Company is updating its 2024 business performance outlook based on current information as of November 4, 2024. The Company does not expect to update the guidance provided below before next quarter’s earnings release. However, the Company may update its full business outlook or any portion thereof at any time for any reason.

                          
     New Guidance Range (1) Prior Guidance Range (1)    
    (in millions, except per share figures)Full Year 2024 Full Year 2024 Change (1) 
     Low High Midpoint Low High Midpoint Midpoint 
    Same-Store Hospitality RevPAR growth (2) - % 1.00 % 0.50 % 1.00 % 3.00 % 2.00 % (1.50)%
    Same-Store Hospitality Total RevPAR growth (2) 2.50 % 3.50 % 3.00 % 2.75 % 4.75 % 3.75 % (0.75)%
                          
    Operating income:                     
    Same-Store Hospitality (2)$442.0  $445.0  $443.5  $447.5  $456.0  $451.8  $(8.3) 
    JW Marriott Hill Country 39.5   40.5   40.0   37.0   38.0   37.5   2.5  
    Entertainment 68.0   69.5   68.8   70.5   73.5   72.0   (3.3) 
    Corporate and Other (44.3)  (43.0)  (43.6)  (44.8)  (43.0)  (43.9)  0.3  
    Consolidated operating income$505.2  $512.0  $508.6  $510.2  $524.5  $517.4  $(8.8) 
                          
    Adjusted EBITDAre:                     
    Same-Store Hospitality (2)$622.0  $632.0  $627.0  $625.5  $640.5  $633.0  $(6.0) 
    JW Marriott Hill Country 69.5   71.5   70.5   65.0   70.0   67.5   3.0  
    Entertainment 104.0   108.0   106.0   105.0   112.0   108.5   (2.5) 
    Corporate and Other (34.0)  (32.0)  (33.0)  (35.0)  (32.0)  (33.5)  0.5  
    Consolidated Adjusted EBITDAre$761.5  $779.5  $770.5  $760.5  $790.5  $775.5  $(5.0) 
                          
    Net income$281.0  $287.5  $284.3  $281.0  $287.5  $284.3  $–  
    Net income available to common stockholders and unit holders$272.5  $281.5  $277.0  $271.0  $281.5  $276.3  $0.8  
                          
    FFO available to common stockholders and unit holders$492.3  $509.5  $500.9  $485.3  $508.0  $496.6  $4.3  
    Adjusted FFO available to common stockholders and unit holders$519.0  $543.5  $531.3  $511.8  $543.0  $527.4  $3.9  
                          
    Net income available to common stockholders per diluted share (3)$4.38  $4.49  $4.44  $4.38  $4.49  $4.44  $-  
    Adjusted FFO available to common stockholders and unit holders                     
    per diluted share/unit (3)(4)$8.39  $8.68  $8.54  $8.29  $8.67  $8.48  $0.06  
                          
    Weighted average shares outstanding - diluted (3) 64.1   64.1   64.1   64.1   64.1   64.1   (0.0) 
    Weighted average shares and OP units outstanding - diluted (3) 64.5   64.5   64.5   64.5   64.5   64.5   (0.0) 

    (1) Includes JW Marriott Hill Country, except as otherwise noted. Amounts are calculated based on unrounded numbers.
    (2) Same-store excludes JW Marriott Hill Country.
    (3) Includes shares related to the currently unexercisable investor put rights associated with the noncontrolling interest in the Company’s OEG business, which may be settled in cash or shares at the Company’s option.
    (4) The prior guidance range for adjusted FFO available to common stockholders and unit holders per diluted share/unit is calculated in accordance with the revised calculation methodology posted on September 4, 2024.

    Note: For reconciliations of Consolidated Adjusted EBITDAre guidance to Net Income, segment-level Adjusted EBITDAre to segment-level Operating Income, property-level Adjusted EBITDAre for JW Marriott Hill Country to property-level Operating Income, and FFO and Adjusted FFO available to common stockholders and unitholders to Net Income, see “Reconciliation of Forward-Looking Statements.”

    Capital Expenditures Update
    As of September 30, 2024, full year 2024 capital expenditures are estimated to be $400 million to $450 million, an increase from the previously provided range of $375 million to $425 million.

    Dividend Update
    On October 15, 2024, the Company paid the previously announced quarterly cash dividend of $1.10 per common share, which was paid to stockholders of record as of September 30, 2024.

    Today, the Company declared its fourth quarter 2024 cash dividend of $1.15 per share of common stock, payable on January 15, 2025, to stockholders of record as of December 31, 2024. The Company’s dividend policy provides that it will distribute minimum dividends of 100% of REIT taxable income annually. Future dividends are subject to the Board’s future determinations as to amount and timing.

    Balance Sheet/Liquidity Update
    As of September 30, 2024, the Company had unrestricted cash of $534.9 million and total debt outstanding of $3,373.4 million, net of unamortized deferred financing costs. As of September 30, 2024, there were no amounts drawn under the Company’s revolving credit facility, $16.0 million was drawn under OEG’s revolving credit facility, and the lending banks had issued $4.3 million in letters of credit under the Company’s revolving credit facility, which left $759.7 million of aggregate borrowing availability under the Company’s revolving credit facility and OEG’s revolving credit facility.

    Earnings Call Information
    Ryman Hospitality Properties will hold a conference call to discuss this release tomorrow, November 5, 2024, at 11:00 a.m. ET. Investors can listen to the conference call over the Internet at www.rymanhp.com. To listen to the live call, please go to the Investor Relations section of the website (Investor Relations/News & Events/Events & Presentation) at least 15 minutes prior to the call to register and download any necessary audio software. For those who cannot listen to the live broadcast, a replay will be available shortly after the call and will be available for at least 30 days.

    About Ryman Hospitality Properties, Inc.
    Ryman Hospitality Properties, Inc. (NYSE: RHP) is a leading lodging and hospitality real estate investment trust that specializes in upscale convention center resorts and entertainment experiences. The Company’s holdings include Gaylord Opryland Resort & Convention Center; Gaylord Palms Resort & Convention Center; Gaylord Texan Resort & Convention Center; Gaylord National Resort & Convention Center; and Gaylord Rockies Resort & Convention Center, five of the top seven largest non-gaming convention center hotels in the United States based on total indoor meeting space. The Company also owns the JW Marriott San Antonio Hill Country Resort & Spa as well as two ancillary hotels adjacent to our Gaylord Hotels properties. The Company’s hotel portfolio is managed by Marriott International and includes a combined total of 11,414 rooms as well as more than 3 million square feet of total indoor and outdoor meeting space in top convention and leisure destinations across the country. RHP also owns a 70% controlling ownership interest in Opry Entertainment Group (OEG), which is composed of entities owning a growing collection of iconic and emerging country music brands, including the Grand Ole Opry, Ryman Auditorium, WSM 650 AM, Ole Red, Nashville-area attractions, and Block 21, a mixed-use entertainment, lodging, office and retail complex, including the W Austin Hotel and the ACL Live at the Moody Theater, located in downtown Austin, Texas. RHP operates OEG as its Entertainment segment in a taxable REIT subsidiary, and its results are consolidated in the Company’s financial results.

    Cautionary Note Regarding Forward-Looking Statements
    This press release contains statements as to the Company’s beliefs and expectations of the outcome of future events that are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. You can identify these statements by the fact that they do not relate strictly to historical or current facts. Examples of these statements include, but are not limited to, statements regarding the future performance of the Company’s business, anticipated business levels and anticipated financial results for the Company during future periods, the Company’s expected cash dividend, and other business or operational issues. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the statements made. These include the risks and uncertainties associated with economic conditions affecting the hospitality business generally, the geographic concentration of the Company’s hotel properties, business levels at the Company’s hotels, the effects of inflation on the Company’s business, including the effects on costs of labor and supplies and effects on group customers at the Company’s hotels and customers in OEG’s businesses, the Company’s ability to remain qualified as a REIT, the Company’s ability to execute our strategic goals as a REIT, the Company’s ability to generate cash flows to support dividends, future board determinations regarding the timing and amount of dividends and changes to the dividend policy, the Company’s ability to borrow funds pursuant to its credit agreements and to refinance indebtedness and/or to successfully amend the agreements governing its indebtedness in the future, and changes in interest rates. Other factors that could cause operating and financial results to differ are described in the filings made from time to time by the Company with the U.S. Securities and Exchange Commission (SEC) and include the risk factors and other risks and uncertainties described in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, and subsequent filings. The Company does not undertake any obligation to release publicly any revisions to forward-looking statements made by it to reflect events or circumstances occurring after the date hereof or the occurrence of unanticipated events.

    Additional Information
    This release should be read in conjunction with the consolidated financial statements and notes thereto included in our most recent Annual Report on Form 10-K. Copies of our reports are available on our website at no expense at www.rymanhp.com and through the SEC’s Electronic Data Gathering Analysis and Retrieval System (“EDGAR”) at www.sec.gov.

    Calculation of RevPAR and Total RevPAR
    We calculate revenue per available room (“RevPAR”) for our hotels by dividing room revenue by room nights available to guests for the period. We calculate total revenue per available room (“Total RevPAR”) for our hotels by dividing the sum of room revenue, food & beverage, and other ancillary services revenue by room nights available to guests for the period. Hospitality metrics do not include the results of the W Austin, which is included in the Entertainment segment.

    Calculation of GAAP Margin Figures
    We calculate Net Income available to common stockholders margin by dividing GAAP consolidated Net Income available to common stockholders by GAAP consolidated Total Revenue. We calculate consolidated, segment or property-level Operating Income Margin by dividing consolidated, segment or property-level GAAP Operating Income by consolidated, segment or property-level GAAP Revenue.

    Non-GAAP Financial Measures
    We present the following non-GAAP financial measures we believe are useful to investors as key measures of our operating performance:

    EBITDAre, Adjusted EBITDAre and Adjusted EBITDAre, Excluding Noncontrolling Interest in Consolidated Joint Venture Definition
    We calculate EBITDAre, which is defined by the National Association of Real Estate Investment Trusts (“NAREIT”) in its September 2017 white paper as Net Income (calculated in accordance with GAAP) plus interest expense, income tax expense, depreciation and amortization, gains or losses on the disposition of depreciated property (including gains or losses on change in control), impairment write-downs of depreciated property and of investments in unconsolidated affiliates caused by a decrease in the value of depreciated property of the affiliate, and adjustments to reflect the entity’s share of EBITDAre of unconsolidated affiliates.

    Adjusted EBITDAre is then calculated as EBITDAre, plus to the extent the following adjustments occurred during the periods presented:

    • preopening costs;
    • non-cash lease expense;
    • equity-based compensation expense;
    • impairment charges that do not meet the NAREIT definition above;
    • credit losses on held-to-maturity securities;
    • transaction costs of acquisitions;
    • interest income on bonds;
    • loss on extinguishment of debt;
    • pension settlement charges;
    • pro rata Adjusted EBITDAre from unconsolidated joint ventures; and
    • any other adjustments we have identified herein.

    We then exclude the pro rata share of Adjusted EBITDAre related to noncontrolling interests in consolidated joint ventures to calculate Adjusted EBITDAre, Excluding Noncontrolling Interest in Consolidated Joint Venture.

    We use EBITDAre, Adjusted EBITDAre and Adjusted EBITDAre, Excluding Noncontrolling Interest in Consolidated Joint Venture and segment or property-level EBITDAre and Adjusted EBITDAre to evaluate our operating performance. We believe that the presentation of these non-GAAP financial measures provides useful information to investors regarding our operating performance and debt leverage metrics, and that the presentation of these non-GAAP financial measures, when combined with the primary GAAP presentation of Net Income or Operating Income, as applicable, is beneficial to an investor’s complete understanding of our operating performance. We make additional adjustments to EBITDAre when evaluating our performance because we believe that presenting Adjusted EBITDAre and Adjusted EBITDAre, Excluding Noncontrolling Interest in Consolidated Joint Venture provides useful information to investors regarding our operating performance and debt leverage metrics.

    Adjusted EBITDAre Margin and Adjusted EBITDAre, Excluding Noncontrolling Interest in Consolidated Joint Venture Margin Definition
    We calculate consolidated Adjusted EBITDAre, Excluding Noncontrolling Interest in Consolidated Joint Venture Margin by dividing consolidated Adjusted EBITDAre, Excluding Noncontrolling Interest in Consolidated Joint Venture by GAAP consolidated Total Revenue. We calculate consolidated, segment or property-level Adjusted EBITDAre Margin by dividing consolidated, segment-, or property-level Adjusted EBITDAre by consolidated, segment-, or property-level GAAP Revenue. We believe Adjusted EBITDAre, Excluding Noncontrolling Interest in Consolidated Joint Venture Margin is useful to investors in evaluating our operating performance because this non-GAAP financial measure helps investors evaluate and compare the results of our operations from period to period by presenting a ratio showing the quantitative relationship between Adjusted EBITDAre, Excluding Noncontrolling Interest in Consolidated Joint Venture and GAAP consolidated Total Revenue or segment or property-level GAAP Revenue, as applicable.

    FFO, Adjusted FFO, and Adjusted FFO available to common stockholders and unit holders Definition
    The Company calculates FFO, which definition is clarified by NAREIT in its December 2018 white paper as Net Income (calculated in accordance with GAAP) excluding depreciation and amortization (excluding amortization of deferred financing costs and debt discounts), gains and losses from the sale of certain real estate assets, gains and losses from a change in control, impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciated real estate held by the entity, income (loss) from consolidated joint ventures attributable to noncontrolling interest, and pro rata adjustments from unconsolidated joint ventures.

    To calculate adjusted FFO available to common stockholders and unit holders, the Company then excludes, to the extent the following adjustments occurred during the periods presented:

    • right-of-use asset amortization;
    • impairment charges that do not meet the NAREIT definition above;
    • write-offs of deferred financing costs;
    • amortization of debt discounts or premiums and amortization of deferred financing costs;
    • loss on extinguishment of debt;
    • non-cash lease expense;
    • credit loss on held-to-maturity securities;
    • pension settlement charges;
    • additional pro rata adjustments from unconsolidated joint ventures;
    • (gains) losses on other assets;
    • transaction costs on acquisitions;
    • deferred income tax expense (benefit); and
    • any other adjustments the Company has identified herein.

    FFO available to common stockholders and unit holders and adjusted FFO available to common stockholders and unit holders exclude the ownership portion of the joint ventures not controlled or owned by the Company.

    The Company presents adjusted FFO available to common stockholders and unit holders per diluted share/unit as a non-GAAP measure of its performance in addition to its net income available to common stockholders per diluted share (calculated in accordance with GAAP). The Company calculates adjusted FFO available to common stockholders and unit holders per diluted share/unit as its adjusted FFO (defined as set forth above) for a given operating period, as adjusted for the effect of dilutive securities, divided by the number of diluted shares and units outstanding during such period.

    The Company believes that the presentation of these non-GAAP financial measures provides useful information to investors regarding the performance of its ongoing operations because each presents a measure of the Company’s operations without regard to specified non-cash items such as real estate depreciation and amortization, gain or loss on sale of assets and certain other items, which the Company believes are not indicative of the performance of its underlying hotel properties. The Company believes that these items are more representative of its asset base than its ongoing operations. The Company also uses these non-GAAP financial measures as measures in determining its results after considering the impact of its capital structure.

    The Company cautions investors that non-GAAP financial measures it presents may not be comparable to similar measures disclosed by other companies, because not all companies calculate these non-GAAP measures in the same manner. The non-GAAP financial measures the Company presents, and any related per share measures, should not be considered as alternative measures of the Company’s Net Income, operating performance, cash flow or liquidity. These non-GAAP financial measures may include funds that may not be available for the Company’s discretionary use due to functional requirements to conserve funds for capital expenditures and property acquisitions and other commitments and uncertainties. Although the Company believes that these non-GAAP financial measures can enhance an investor’s understanding of its results of operations, these non-GAAP financial measures, when viewed individually, are not necessarily better indicators of any trend as compared to GAAP measures such as Net Income (Loss), Operating Income (Loss), or cash flow from operations.

      
    Investor Relations Contacts:Media Contacts:
    Mark Fioravanti, President and Chief Executive OfficerShannon Sullivan, Vice President Corporate and Brand Communications
    Ryman Hospitality Properties, Inc.Ryman Hospitality Properties, Inc.
    (615) 316-6588(615) 316-6725
    mfioravanti@rymanhp.comssullivan@rymanhp.com
    ~or~ 
    Jennifer Hutcheson, Chief Financial Officer 
    Ryman Hospitality Properties, Inc. 
    (615) 316-6320 
    jhutcheson@rymanhp.com 
    ~or~ 
    Sarah Martin, Vice President Investor Relations 
    Ryman Hospitality Properties, Inc. 
    (615) 316-6011 
    sarah.martin@rymanhp.com 


    RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
    Unaudited
    (In thousands, except per share data)
                 
      Three Months Ended  Nine Months Ended
      September 30,  September 30, 
         2024
    		    2023
    		    2024
    		    2023
    Revenues:            
    Rooms $184,154  $180,309  $557,284  $510,052 
    Food and beverage  224,835   202,850   719,304   616,562 
    Other hotel revenue  58,054   63,039   171,012   161,708 
    Entertainment  82,915   82,313   243,993   236,751 
    Total revenues  549,958   528,511   1,691,593   1,525,073 
                 
    Operating expenses:            
    Rooms  45,129   45,879   134,292   128,210 
    Food and beverage  127,040   117,435   387,588   339,642 
    Other hotel expenses  123,716   122,748   360,298   330,397 
    Management fees, net  16,889   15,947   56,300   46,560 
    Total hotel operating expenses  312,774   302,009   938,478   844,809 
    Entertainment  61,659   56,222   173,806   164,744 
    Corporate  9,724   10,103   31,080   30,582 
    Preopening costs  870   168   3,361   425 
    Gain on sale of assets  –   –   (270)  – 
    Depreciation and amortization  59,051   58,086   174,806   154,700 
    Total operating expenses  444,078   426,588   1,321,261   1,195,260 
                 
    Operating income  105,880   101,923   370,332   329,813 
                 
    Interest expense, net of amounts capitalized  (54,546)  (58,521)  (171,566)  (150,228)
    Interest income  7,219   6,112   21,805   13,977 
    Loss on extinguishment of debt  –   –   (2,319)  (2,252)
    Income (loss) from unconsolidated joint ventures  9   (12,566)  224   (17,525)
    Other gains and (losses), net  2,758   5,993   3,075   5,470 
    Income before income taxes  61,320   42,941   221,551   179,255 
    Provision for income taxes  (922)  (2,156)  (13,652)  (7,333)
    Net income  60,398   40,785   207,899   171,922 
                 
    Net (income) loss attributable to noncontrolling interest in consolidated joint venture  (997)  715   (3,688)  (1,656)
    Net income attributable to noncontrolling interest in Operating Partnership  (390)  (273)  (1,339)  (1,176)
    Net income available to common stockholders $59,011  $41,227  $202,872  $169,090 
                 
    Basic income per share available to common stockholders $0.99  $0.69  $3.39  $2.96 
    Diluted income per share available to common stockholders (1) $0.94  $0.64  $3.25  $2.78 
                 
    Weighted average common shares for the period:            
    Basic  59,900   59,707   59,845   57,089 
    Diluted (1)  63,901   63,620   63,535   61,391 

    (1) Diluted weighted average common shares for the three and nine months ended September 30, 2024 include 3.8 million and 3.4 million, respectively, and the three and nine months ended September 30, 2023 include 3.7 million and 4.1 million, respectively, in equivalent shares related to the currently unexercisable investor put rights associated with the noncontrolling interest in the Company’s OEG business, which may be settled in cash or shares at the Company’s option.

    RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES
    CONDENSED CONSOLIDATED BALANCE SHEETS
    Unaudited
    (In thousands)
           
         September 30,     December 31, 
      2024 2023
    ASSETS:      
    Property and equipment, net of accumulated depreciation $4,092,234 $3,955,586
    Cash and cash equivalents - unrestricted  534,931  591,833
    Cash and cash equivalents - restricted  36,000  108,608
    Notes receivable, net  56,635  61,760
    Trade receivables, net  107,302  110,029
    Deferred income tax assets, net  70,055  81,624
    Prepaid expenses and other assets  189,084  154,810
    Intangible assets, net  118,253  124,287
    Total assets $5,204,494 $5,188,537
           
    LIABILITIES AND EQUITY:      
    Debt and finance lease obligations $3,373,442 $3,377,028
    Accounts payable and accrued liabilities  472,722  464,720
    Dividends payable  68,005  67,932
    Deferred management rights proceeds  164,860  165,174
    Operating lease liabilities  130,289  129,122
    Other liabilities  67,367  66,658
    Noncontrolling interest in consolidated joint venture  372,274  345,126
    Total equity  555,535  572,777
    Total liabilities and equity $5,204,494 $5,188,537


    RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES
    SUPPLEMENTAL FINANCIAL RESULTS
    ADJUSTED EBITDAre RECONCILIATION
    Unaudited
    (In thousands)
                             
      Three Months Ended  Nine Months Ended
      September 30,  September 30, 
      2024    2023 2024    2023
      $ Margin $ Margin $ Margin $ Margin
    Consolidated:                        
    Revenue $549,958     $528,511     $1,691,593     $1,525,073    
    Net income $60,398  11.0% $40,785  7.7% $207,899  12.3% $171,922  11.3%
    Interest expense, net  47,327      52,409      149,761      136,251    
    Provision for income taxes  922      2,156      13,652      7,333    
    Depreciation and amortization  59,051      58,086      174,806      154,700    
    Gain on sale of assets  –      –      (270)     –    
    Pro rata EBITDAre from unconsolidated joint ventures  1      5      5      22    
    EBITDAre  167,699  30.5%  153,441  29.0%  545,853  32.3%  470,228  30.8%
    Preopening costs  870      168      3,361      425    
    Non-cash lease expense  1,046      1,495      2,904      4,495    
    Equity-based compensation expense  3,479      3,940      10,724      11,480    
    Pension settlement charge  597      –      597      –    
    Interest income on Gaylord National bonds  1,113      1,201      3,503      3,742    
    Loss on extinguishment of debt  –      –      2,319      2,252    
    Pro rata adjusted EBITDAre from unconsolidated joint ventures  (1)     10,629      (198)     10,629    
    Adjusted EBITDAre  174,803  31.8%  170,874  32.3%  569,063  33.6%  503,251  33.0%
    Adjusted EBITDAre of noncontrolling interest in consolidated joint venture  (6,735)     (7,686)     (22,119)     (20,801)   
    Adjusted EBITDAre, excluding noncontrolling interest in consolidated joint venture $168,068  30.6% $163,188  30.9% $546,944  32.3% $482,450  31.6%
                             
    Hospitality segment:                        
    Revenue $467,043     $446,198     $1,447,600     $1,288,322    
    Operating income $102,781  22.0% $91,723  20.6% $356,851  24.7% $305,526  23.7%
    Depreciation and amortization  51,488      52,466      152,271      137,987    
    Non-cash lease expense  984      1,020      2,949      3,057    
    Interest income on Gaylord National bonds  1,113      1,201      3,503      3,742    
    Other gains and (losses), net  3,203      6,134      3,203      6,134    
    Adjusted EBITDAre $159,569  34.2% $152,544  34.2% $518,777  35.8% $456,446  35.4%
                             
    Same-Store Hospitality segment: (1)                        
    Revenue $412,770     $396,172     $1,280,536     $1,237,575    
    Operating income $92,805  22.5% $83,847  21.2% $322,303  25.2% $297,422  24.0%
    Depreciation and amortization  43,915      42,965      129,830      128,486    
    Non-cash lease expense  984      1,020      2,949      3,057    
    Interest income on Gaylord National bonds  1,113      1,201      3,503      3,742    
    Other gains and (losses), net  3,203      6,134      3,203      6,134    
    Adjusted EBITDAre $142,020  34.4% $135,167  34.1% $461,788  36.1% $438,841  35.5%
                             
    Entertainment segment:                        
    Revenue $82,915     $82,313     $243,993     $236,751    
    Operating income $13,050  15.7% $20,523  24.9% $44,984  18.4% $55,515  23.4%
    Depreciation and amortization  7,336      5,400      21,842      16,067    
    Preopening costs  870      168      3,361      425    
    Non-cash lease (revenue) expense  62      475      (45)     1,438    
    Equity-based compensation  989      984      2,882      2,810    
    Other gains and (losses), net  135      –      680      –    
    Pro rata adjusted EBITDAre from unconsolidated joint ventures  9      (1,932)     30      (6,875)   
    Adjusted EBITDAre $22,451  27.1% $25,618  31.1% $73,734  30.2% $69,380  29.3%
                             
    Corporate and Other segment:                        
    Operating loss $(9,951)    $(10,323)    $(31,503)    $(31,228)   
    Depreciation and amortization  227      220      693      646    
    Other gains and (losses), net  (580)     (141)     (807)     (663)   
    Equity-based compensation  2,490      2,956      7,842      8,670    
    Gain on sale of assets  –      –      (270)     –    
    Pension settlement charge  597      –      597      –    
    Adjusted EBITDAre $(7,217)    $(7,288)    $(23,448)    $(22,575)   

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

    RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES
    SUPPLEMENTAL FINANCIAL RESULTS
    FUNDS FROM OPERATIONS (“FFO”) AND ADJUSTED FFO RECONCILIATION
    Unaudited
    (In thousands, except per share data)
                 
      Three Months Ended  Nine Months Ended
      September 30,  September 30, 
      2024
    		    2023
    		 2024
    		    2023
    Net income $60,398  $40,785  $207,899  $171,922 
    Noncontrolling interest in consolidated joint venture  (997)  715   (3,688)  (1,656)
    Net income available to common stockholders and unit holders  59,401   41,500   204,211   170,266 
    Depreciation and amortization  59,004   58,028   174,664   154,581 
    Adjustments for noncontrolling interest  (2,201)  (1,620)  (6,553)  (4,820)
    Pro rata adjustments from joint ventures  1   23   3   69 
    FFO available to common stockholders and unit holders  116,205   97,931   372,325   320,096 
                 
    Right-of-use asset amortization  47   58   142   119 
    Non-cash lease expense  1,046   1,495   2,904   4,495 
    Pension settlement charge  597   –   597   – 
    Pro rata adjustments from joint ventures  (1)  10,629   (198)  10,629 
    Gain on other assets  –   –   (270)  – 
    Amortization of deferred financing costs  2,647   2,682   7,995   7,989 
    Amortization of debt discounts and premiums  545   637   1,852   1,688 
    Loss on extinguishment of debt  –   –   2,319   2,252 
    Adjustments for noncontrolling interest  (902)  (3,616)  (2,020)  (4,898)
    Deferred tax provision  51   1,463   10,715   4,894 
    Adjusted FFO available to common stockholders and unit holders $120,235  $111,279  $396,361  $347,264 
                 
    Basic net income per share $0.99  $0.69  $3.39  $2.96 
    Diluted net income per share $0.94  $0.64  $3.25  $2.78 
                 
    FFO available to common stockholders and unit holders per basic share/unit $1.93  $1.63  $6.18  $5.57 
    Adjusted FFO available to common stockholders and unit holders per basic share/unit $1.99  $1.85  $6.58  $6.04 
                 
    FFO available to common stockholders and unit holders per diluted share/unit (1) $1.86  $1.54  $5.98  $5.29 
    Adjusted FFO available to common stockholders and unit holders per diluted share/unit (1) $1.93  $1.81  $6.39  $5.80 
                 
    Weighted average common shares and OP units for the period:            
    Basic  60,295   60,102   60,240   57,484 
    Diluted (1)  64,296   64,015   63,930   61,786 

    (1) Diluted weighted average common shares and OP units for the three and nine months ended September 30, 2024 include 3.8 million and 3.4 million, respectively, and the three and nine months ended September 30, 2023 include 3.7 million and 4.1 million, respectively, in equivalent shares related to the currently unexercisable investor put rights associated with the noncontrolling interest in the Company’s OEG business, which may be settled in cash or shares at the Company’s option.

    RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES
    SUPPLEMENTAL FINANCIAL RESULTS
    HOSPITALITY SEGMENT ADJUSTED EBITDAre RECONCILIATION AND OPERATING METRICS
    Unaudited
    (In thousands)
                             
      Three Months Ended  Nine Months Ended
      September 30,  September 30, 
      2024    2023 2024    2023
      $ Margin $ Margin $ Margin $ Margin
    Hospitality segment:                        
    Revenue $467,043     $446,198     $1,447,600     $1,288,322    
    Operating income $102,781  22.0% $91,723  20.6% $356,851  24.7% $305,526  23.7%
    Depreciation and amortization  51,488      52,466      152,271      137,987    
    Non-cash lease expense  984      1,020      2,949      3,057    
    Interest income on Gaylord National bonds  1,113      1,201      3,503      3,742    
    Other gains and (losses), net  3,203      6,134      3,203      6,134    
    Adjusted EBITDAre $159,569  34.2% $152,544  34.2% $518,777  35.8% $456,446  35.4%
                             
    Performance metrics:                        
    Occupancy  69.5 %    71.8 %    70.0 %    72.3 %  
    ADR $252.42     $239.00     $254.72     $240.53    
    RevPAR $175.37     $171.71     $178.19     $173.80    
    OtherPAR $269.40     $253.20     $284.68     $265.20    
    Total RevPAR $444.77     $424.91     $462.87     $439.00    
                             
    Same-Store Hospitality segment: (1)
    		 
    Revenue $412,770     $396,172     $1,280,536     $1,237,575    
    Operating income $92,805  22.5% $83,847  21.2% $322,303  25.2% $297,422  24.0%
    Depreciation and amortization  43,915      42,965      129,830      128,486    
    Non-cash lease expense  984      1,020      2,949      3,057    
    Interest income on Gaylord National bonds  1,113      1,201      3,503      3,742    
    Other gains and (losses), net  3,203      6,134      3,203      6,134    
    Adjusted EBITDAre $142,020  34.4% $135,167  34.1% $461,788  36.1% $438,841  35.5%
                             
    Performance metrics:                        
    Occupancy  69.1 %    71.8 %    69.7 %    72.3 %  
    ADR $244.71     $230.50     $248.05     $237.74    
    RevPAR $168.99     $165.58     $173.00     $171.80    
    OtherPAR $261.92     $248.00     $275.86     $263.59    
    Total RevPAR $430.91     $413.58     $448.86     $435.39    
                             
    Gaylord Opryland:                        
    Revenue $122,659     $111,939     $356,846     $334,220    
    Operating income $36,622  29.9% $29,549  26.4% $112,089  31.4% $93,255  27.9%
    Depreciation and amortization  8,203      8,484      24,535      25,550    
    Non-cash lease revenue  (10)     (11)     (32)     (35)   
    Adjusted EBITDAre $44,815  36.5% $38,022  34.0% $136,592  38.3% $118,770  35.5%
                             
    Performance metrics:                        
    Occupancy  71.8 %    72.7 %    70.8 %    72.2 %  
    ADR $254.05     $242.37     $253.83     $244.82    
    RevPAR $182.49     $176.18     $179.66     $176.66    
    OtherPAR $279.16     $245.12     $271.29     $247.25    
    Total RevPAR $461.65     $421.30     $450.95     $423.91    
                             
    Gaylord Palms:                        
    Revenue $68,242     $63,885     $222,504     $222,260    
    Operating income $12,323  18.1% $9,249  14.5% $50,808  22.8% $55,205  24.8%
    Depreciation and amortization  6,318      5,650      18,078      16,803    
    Non-cash lease expense  994      1,031      2,981      3,092    
    Adjusted EBITDAre $19,635  28.8% $15,930  24.9% $71,867  32.3% $75,100  33.8%
                             
    Performance metrics:                        
    Occupancy  61.0 %    67.4 %    66.0 %    74.2 %  
    ADR $223.10     $214.22     $243.86     $239.56    
    RevPAR $136.09     $144.33     $160.98     $177.67    
    OtherPAR $295.67     $259.86     $311.70     $296.22    
    Total RevPAR $431.76     $404.19     $472.68     $473.89    
                             
    Gaylord Texan:                        
    Revenue $73,096     $73,991     $241,895     $241,868    
    Operating income $18,697  25.6% $19,555  26.4% $71,043  29.4% $73,748  30.5%
    Depreciation and amortization  5,720      5,670      17,355      17,154    
    Adjusted EBITDAre $24,417  33.4% $25,225  34.1% $88,398  36.5% $90,902  37.6%
                             
    Performance metrics:                        
    Occupancy  71.8 %    73.0 %    74.6 %    75.0 %  
    ADR $247.51     $233.92     $246.78     $233.19    
    RevPAR $177.82     $170.68     $184.16     $175.00    
    OtherPAR $260.17     $272.68     $302.52     $313.40    
    Total RevPAR $437.99     $443.36     $486.68     $488.40    


    RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES
    SUPPLEMENTAL FINANCIAL RESULTS
    HOSPITALITY SEGMENT ADJUSTED EBITDAre RECONCILIATION AND OPERATING METRICS
    Unaudited
    (In thousands)
                             
      Three Months Ended  Nine Months Ended
      September 30,  September 30, 
      2024    2023 2024    2023
      $ Margin $ Margin $ Margin $ Margin
    Gaylord National:                        
    Revenue $69,751    $72,124    $226,394    $221,910   
    Operating income $8,493 12.2% $9,855 13.7% $36,037 15.9% $32,836 14.8%
    Depreciation and amortization  8,451     8,415     25,257     24,966   
    Interest income on Gaylord National bonds  1,113     1,201     3,503     3,742   
    Other gains and (losses), net  3,203     6,134     3,203     6,134   
    Adjusted EBITDAre $21,260 30.5% $25,605 35.5% $68,000 30.0% $67,678 30.5%
                             
    Performance metrics:                        
    Occupancy  63.5%    71.5%    66.3%    68.9%  
    ADR $240.73    $216.85    $247.47    $235.67   
    RevPAR $152.98    $155.12    $163.98    $162.38   
    OtherPAR $226.86    $237.64    $249.98    $244.86   
    Total RevPAR $379.84    $392.76    $413.96    $407.24   
                             
    Gaylord Rockies:                        
    Revenue $72,658    $68,203    $213,316    $199,377   
    Operating income $16,045 22.1% $14,970 21.9% $49,478 23.2% $40,529 20.3%
    Depreciation and amortization  14,475     14,201     42,454     42,370   
    Adjusted EBITDAre $30,520 42.0% $29,171 42.8% $91,932 43.1% $82,899 41.6%
                             
    Performance metrics:                        
    Occupancy  80.8%    79.9%    75.2%    75.9%  
    ADR $259.76    $245.52    $253.23    $242.57   
    RevPAR $209.86    $196.19    $190.54    $184.12   
    OtherPAR $316.30    $297.71    $328.13    $302.44   
    Total RevPAR $526.16    $493.90    $518.67    $486.56   
                             
    JW Marriott Hill Country: (2)                        
    Revenue $54,273    $50,026    $167,064    $50,747   
    Operating income $9,976 18.4% $7,876 15.7% $34,548 20.7% $8,104 16.0%
    Depreciation and amortization  7,573     9,501     22,441     9,501   
    Adjusted EBITDAre $17,549 32.3% $17,377 34.7% $56,989 34.1% $17,605 34.7%
                             
    Performance metrics:                        
    Occupancy  73.8%    72.0%    72.2%    72.0%  
    ADR $327.27    $327.17    $321.73    $327.17   
    RevPAR $241.68    $235.43    $232.14    $235.43   
    OtherPAR $347.06    $307.24    $376.36    $315.07   
    Total RevPAR $588.74    $542.67    $608.50    $550.50   
                             
    The AC Hotel at National Harbor:                        
    Revenue $2,686    $3,244    $9,615    $8,856   
    Operating income $133 5.0% $668 20.6% $1,864 19.4% $1,413 16.0%
    Depreciation and amortization  235     223     703     675   
    Adjusted EBITDAre $368 13.7% $891 27.5% $2,567 26.7% $2,088 23.6%
                             
    Performance metrics:                        
    Occupancy  54.9%    71.0%    59.6%    63.1%  
    ADR $234.78    $232.86    $263.77    $244.00   
    RevPAR $129.01    $165.39    $157.11    $154.08   
    OtherPAR $23.04    $18.27    $25.65    $14.88   
    Total RevPAR $152.05    $183.66    $182.76    $168.96   
                             
    The Inn at Opryland: (3)                        
    Revenue $3,678    $2,786    $9,966    $9,084   
    Operating income $492 13.4% $1 0.0% $984 9.9% $436 4.8%
    Depreciation and amortization  513     322     1,448     968   
    Adjusted EBITDAre $1,005 27.3% $323 11.6% $2,432 24.4% $1,404 15.5%
                             
    Performance metrics:                        
    Occupancy  58.7%    44.7%    54.0%    55.8%  
    ADR $174.34    $160.49    $173.35    $153.10   
    RevPAR $102.30    $71.71    $93.57    $85.45   
    OtherPAR $29.72    $28.23    $26.49    $24.35   
    Total RevPAR $132.02    $99.94    $120.06    $109.80   

    (1) Same-Store Hospitality segment excludes JW Marriott Hill Country, which was acquired on June 30, 2023.
    (2) JW Marriott Hill Country was acquired by the Company on June 30, 2023.
    (3) Includes other hospitality revenue and expense.

    RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES
    SUPPLEMENTAL FINANCIAL RESULTS
    EARNINGS PER SHARE, FFO PER SHARE AND ADJUSTED FFO PER SHARE CALCULATIONS
    Unaudited
    (In thousands, except per share data)
                 
      Three Months Ended  Nine Months Ended
      September 30,  September 30, 
      2024 2023  2024 2023
    Earnings per share:            
                 
    Numerator:            
    Net income available to common stockholders $59,011 $41,227  $202,872 $169,090
    Net income (loss) attributable to noncontrolling interest in consolidated joint venture  997  (715)  3,688  1,656
    Net income available to common stockholders - if-converted method $60,008 $40,512  $206,560 $170,746
                 
    Denominator:            
    Weighted average shares outstanding - basic  59,900  59,707   59,845  57,089
    Effect of dilutive stock-based compensation  223  225   287  238
    Effect of dilutive put rights (1)  3,778  3,688   3,403  4,064
    Weighted average shares outstanding - diluted  63,901  63,620   63,535  61,391
                 
    Basic income per share available to common stockholders $0.99 $0.69  $3.39 $2.96
    Diluted income per share available to common stockholders (1) $0.94 $0.64  $3.25 $2.78
                 
    FFO per share/unit:            
                 
    Numerator:            
    FFO available to common stockholders and unit holders $116,205 $97,931  $372,325 $320,096
    Net income (loss) attributable to noncontrolling interest in consolidated joint venture  997  (715)  3,688  1,656
    FFO adjustments for noncontrolling interest  2,201  1,620   6,553  4,820
    FFO available to common stockholders and unit holders - if-converted method $119,403 $98,836  $382,566 $326,572
                 
    Denominator:            
    Weighted average shares and OP units outstanding - basic  60,295  60,102   60,240  57,484
    Effect of dilutive stock-based compensation  223  225   287  238
    Effect of dilutive put rights (1)  3,778  3,688   3,403  4,064
    Weighted average shares and OP units outstanding - diluted  64,296  64,015   63,930  61,786
                 
    FFO available to common stockholders and unit holders per basic share/unit $1.93 $1.63  $6.18 $5.57
    FFO available to common stockholders and unit holders per diluted share/unit (1) $1.86 $1.54  $5.98 $5.29
                 
    Adjusted FFO per share/unit:            
                 
    Numerator:            
    Adjusted FFO available to common stockholders and unit holders $120,235 $111,279  $396,361 $347,264
    Net income (loss) attributable to noncontrolling interest in consolidated joint venture  997  (715)  3,688  1,656
    FFO adjustments for noncontrolling interest  2,201  1,620   6,553  4,820
    Adjusted FFO adjustments for noncontrolling interest  902  3,616   2,020  4,898
    Adjusted FFO available to common stockholders and unit holders - if-converted method $124,335 $115,800  $408,622 $358,638
                 
    Denominator:            
    Weighted average shares and OP units outstanding - basic  60,295  60,102   60,240  57,484
    Effect of dilutive stock-based compensation  223  225   287  238
    Effect of dilutive put rights (1)  3,778  3,688   3,403  4,064
    Weighted average shares and OP units outstanding - diluted  64,296  64,015   63,930  61,786
                 
    Adjusted FFO available to common stockholders and unit holders per basic share/unit $1.99 $1.85  $6.58 $6.04
    Adjusted FFO available to common stockholders and unit holders per diluted share/unit (1) $1.93 $1.81  $6.39 $5.80

    (1) Includes equivalent shares related to the currently unexercisable investor put rights associated with the noncontrolling interest in the Company’s OEG business, which may be settled in cash or shares at the Company’s option.

    Ryman Hospitality Properties, Inc. and Subsidiaries
    Reconciliation of Forward-Looking Statements
    Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (“Adjusted EBITDAre”)
    Funds From Operations (“FFO”) and Adjusted FFO
    Unaudited
    ($ in thousands, except per share data)


              
      New Guidance Range
      For Full Year 2024
      Low High Midpoint
    Consolidated:         
    Net income $ 281,000  $ 287,500  $ 284,250 
    Provision for income taxes  15,250   15,500   15,375 
    Interest expense, net  209,775   210,275   210,025 
    Depreciation and amortization  229,750   236,000   232,875 
    Gain on sale of assets  (275)  (275)  (275)
    EBITDAre $ 735,500  $ 749,000  $ 742,250 
    Non-cash lease expense  3,500   4,500   4,000 
    Preopening costs  3,000   3,500   3,250 
    Equity-based compensation expense  12,750   13,500   13,125 
    Pension settlement charge  1,500   1,750   1,625 
    Interest income on Gaylord National bonds  4,500   5,500   5,000 
    Other gains and (losses), net  750   1,750   1,250 
    Adjusted EBITDAre $ 761,500  $ 779,500  $ 770,500 
              
    Hospitality segment:         
    Operating income $ 481,500  $ 485,500  $ 483,500 
    Depreciation and amortization  199,000   204,000   201,500 
    Non-cash lease expense  3,500   4,500   4,000 
    Interest income on Gaylord National bonds  4,500   5,500   5,000 
    Other gains and (losses), net  3,000   4,000   3,500 
    Adjusted EBITDAre $ 691,500  $ 703,500  $ 697,500 
              
    Same-Store Hospitality segment: (1)         
    Operating income $ 442,000  $ 445,000  $ 443,500 
    Depreciation and amortization  169,000   173,000   171,000 
    Non-cash lease expense  3,500   4,500   4,000 
    Interest income on Gaylord National bonds  4,500   5,500   5,000 
    Other gains and (losses), net  3,000   4,000   3,500 
    Adjusted EBITDAre $ 622,000  $ 632,000  $ 627,000 
              
    JW Marriott Hill Country:         
    Operating income $ 39,500  $ 40,500  $ 40,000 
    Depreciation and amortization  30,000   31,000   30,500 
    Adjusted EBITDAre $ 69,500  $ 71,500  $ 70,500 

    (1) Same-Store excludes JW Marriott Hill Country.

    Ryman Hospitality Properties, Inc. and Subsidiaries
    Reconciliation of Forward-Looking Statements
    Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (“Adjusted EBITDAre”)
    Funds From Operations (“FFO”) and Adjusted FFO
    Unaudited
    ($ in thousands, except per share data)
              
      New Guidance Range
      For Full Year 2024
      Low High Midpoint
    Entertainment segment:         
    Operating income $ 68,000  $ 69,500  $ 68,750 
    Depreciation and amortization  29,000   30,000   29,500 
    Preopening costs  3,000   3,500   3,250 
    Equity-based compensation  3,500   4,000   3,750 
    Pro rata adjusted EBITDAre from unconsolidated joint ventures  500   1,000   750 
    Adjusted EBITDAre $ 104,000  $ 108,000  $ 106,000 
              
    Corporate and Other segment:         
    Operating loss $ (44,250) $ (43,000) $ (43,625)
    Depreciation and amortization  1,750   2,000   1,875 
    Equity-based compensation  9,250   9,500   9,375 
    Pension settlement charge  1,500   1,750   1,625 
    Other gains and (losses), net  (2,250)  (2,250)  (2,250)
    Adjusted EBITDAre $ (34,000) $ (32,000) $ (33,000)
              
    Consolidated:         
    Net income $ 281,000  $ 287,500  $ 284,250 
    Noncontrolling interest in consolidated joint venture  (8,500)  (6,000)  (7,250)
    Net income available to common stockholders and unit holders $ 272,500  $ 281,500  $ 277,000 
    Depreciation and amortization  229,750   236,000   232,875 
    Adjustments for noncontrolling interest  (10,000)  (8,000)  (9,000)
    FFO available to common stockholders and unit holders $ 492,250  $ 509,500  $ 500,875 
    Right-of-use asset amortization  –   500   250 
    Non-cash lease expense  3,500   4,500   4,000 
    Pension settlement charge  1,500   1,750   1,625 
    Other gains and (losses), net  750   1,750   1,250 
    Adjustments for noncontrolling interest  (3,500)  (2,500)  (3,000)
    Amortization of deferred financing costs  10,000   11,000   10,500 
    Amortization of debt discounts and premiums  2,500   3,500   3,000 
    Deferred tax provision  12,000   13,500   12,750 
    Adjusted FFO available to common stockholders and unit holders $ 519,000  $ 543,500  $ 531,250 
              
    Net income available to common stockholders per diluted share (1) $ 4.38  $ 4.49  $ 4.44 
    Adjusted FFO available to common stockholders and unit holders per diluted share/unit (1) $ 8.39  $ 8.68  $ 8.54 
              
    Estimated weighted average shares outstanding - diluted (in millions)   64.1    64.1    64.1 
    Estimated weighted average shares and OP units outstanding - diluted (in millions)   64.5    64.5    64.5 

    (1) Represents equivalent shares related to the currently unexercisable investor put rights associated with the noncontrolling interest in the Company’s OEG business, which may be settled in cash or shares at the Company’s option.

    Ryman Hospitality Properties, Inc. and Subsidiaries
    Reconciliation of Forward-Looking Statements
    Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (“Adjusted EBITDAre”)
    Funds From Operations (“FFO”) and Adjusted FFO
    Unaudited
    ($ in thousands, except per share data)
              
      Prior Guidance Range
      For Full Year 2024
      Low High Midpoint
    Consolidated:         
    Net income $ 281,000  $ 287,500  $ 284,250 
    Provision for income taxes  15,250   17,000   16,125 
    Interest expense, net  214,775   221,275   218,025 
    Depreciation and amortization  224,250   234,500   229,375 
    Gain on sale of assets  (275)  (275)  (275)
    EBITDAre $ 735,000  $ 760,000  $ 747,500 
    Non-cash lease expense  3,500   4,500   4,000 
    Preopening costs  3,000   3,500   3,250 
    Equity-based compensation expense  12,500   13,500   13,000 
    Pension settlement charge  1,500   1,750   1,625 
    Interest income on Gaylord National bonds  4,500   5,500   5,000 
    Other gains and (losses), net  500   1,750   1,125 
    Adjusted EBITDAre $ 760,500  $ 790,500  $ 775,500 
              
    Hospitality segment:         
    Operating income $ 484,500  $ 494,000  $ 489,250 
    Depreciation and amortization  195,000   202,500   198,750 
    Non-cash lease expense  3,500   4,500   4,000 
    Interest income on Gaylord National bonds  4,500   5,500   5,000 
    Other gains and (losses), net  3,000   4,000   3,500 
    Adjusted EBITDAre $ 690,500  $ 710,500  $ 700,500 
              
    Same-Store Hospitality segment: (1)         
    Operating income $ 447,500  $ 456,000  $ 451,750 
    Depreciation and amortization  167,000   170,500   168,750 
    Non-cash lease expense  3,500   4,500   4,000 
    Interest income on Gaylord National bonds  4,500   5,500   5,000 
    Other gains and (losses), net  3,000   4,000   3,500 
    Adjusted EBITDAre $ 625,500  $ 640,500  $ 633,000 
              
    JW Marriott Hill Country:         
    Operating income $ 37,000  $ 38,000  $ 37,500 
    Depreciation and amortization  28,000   32,000   30,000 
    Adjusted EBITDAre $ 65,000  $ 70,000  $ 67,500 

    (1) Same-Store excludes JW Marriott Hill Country.

    Ryman Hospitality Properties, Inc. and Subsidiaries
    Reconciliation of Forward-Looking Statements
    Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (“Adjusted EBITDAre”)
    Funds From Operations (“FFO”) and Adjusted FFO
    Unaudited
    ($ in thousands, except per share data)
              
      Prior Guidance Range
      For Full Year 2024
      Low High Midpoint
    Entertainment segment:         
    Operating income $ 70,500  $ 73,500  $ 72,000 
    Depreciation and amortization  27,500   30,000   28,750 
    Preopening costs  3,000   3,500   3,250 
    Equity-based compensation  3,500   4,000   3,750 
    Pro rata adjusted EBITDAre from unconsolidated joint ventures  500   1,000   750 
    Adjusted EBITDAre $ 105,000  $ 112,000  $ 108,500 
              
    Corporate and Other segment:         
    Operating loss $ (44,750) $ (43,000) $ (43,875)
    Depreciation and amortization  1,750   2,000   1,875 
    Equity-based compensation  9,000   9,500   9,250 
    Pension settlement charge  1,500   1,750   1,625 
    Other gains and (losses), net  (2,500)  (2,250)  (2,375)
    Adjusted EBITDAre $ (35,000) $ (32,000) $ (33,500)
              
    Consolidated:         
    Net income $ 281,000  $ 287,500  $ 284,250 
    Noncontrolling interest in consolidated joint venture  (10,000)  (6,000)  (8,000)
    Net income available to common stockholders and unit holders $ 271,000  $ 281,500  $ 276,250 
    Depreciation and amortization  224,250   234,500   229,375 
    Adjustments for noncontrolling interest  (10,000)  (8,000)  (9,000)
    FFO available to common stockholders and unit holders $ 485,250  $ 508,000  $ 496,625 
    Right-of-use asset amortization  –   500   250 
    Non-cash lease expense  3,500   4,500   4,000 
    Pension settlement charge  1,500   1,750   1,625 
    Other gains and (losses), net  500   1,750   1,125 
    Adjustments for noncontrolling interest  (3,000)  (2,000)  (2,500)
    Amortization of deferred financing costs  9,500   11,500   10,500 
    Amortization of debt discounts and premiums  2,500   3,500   3,000 
    Deferred tax provision  12,000   13,500   12,750 
    Adjusted FFO available to common stockholders and unit holders $ 511,750  $ 543,000  $ 527,375 
              
    Net income available to common stockholders per diluted share (1) $ 4.38  $ 4.49  $ 4.44 
    Adjusted FFO available to common stockholders and unit holders per diluted share/unit (1)(2) $ 8.29  $ 8.67  $ 8.48 
              
    Estimated weighted average shares outstanding - diluted (in millions)   64.1    64.1    64.1 
    Estimated weighted average shares and OP units outstanding - diluted (in millions)   64.5    64.5    64.5 

    (1) Represents equivalent shares related to the currently unexercisable investor put rights associated with the noncontrolling interest in the Company’s OEG business, which may be settled in cash or shares at the Company’s option.

    (2) The prior guidance range for adjusted FFO available to common stockholders and unit holders per diluted share/unit is calculated in accordance with the revised calculation methodology posted on September 4, 2024.


    Primary Logo

Share on,