NASHVILLE, Tenn., Feb. 22, 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 months and year ended December 31, 2023.

Fourth Quarter 2023 Highlights and Recent Developments:

  • The Company generated net income of $169.9 million and net income available to common stockholders of $142.1 million or $2.37 per diluted share.
  • Reported all-time quarterly record consolidated revenue of $633.1 million, led by quarterly records in both our same-store Hospitality segment (Hospitality segment excluding JW Marriott San Antonio Hill Country Resort & Spa (“JW Marriott Hill Country”)) and Entertainment segment.
  • Same-store Hospitality segment achieved all-time quarterly record operating income of $110.7 million and Adjusted EBITDAre of $156.4 million.
  • Entertainment segment achieved operating income of $20.6 million and Adjusted EBITDAre of $30.3 million.
  • During the fourth quarter, the Company booked over 1.2 million same-store Gross Definite Room Nights for all future years, at a record average daily rate (ADR) of over $275, an increase of 8.5% over Q4 2022 ADR for future bookings.
  • The Company declared a cash dividend of $1.10 per share for the first quarter of 2024.

Full Year 2023 Highlights:

  • Reported consolidated revenue of $2.2 billion, an annual record for the Company.
  • The Company reported a full year record in operating income of $453.7 million and reported full year record operating income margin of 21.0% for 2023.
  • The Company reported record net income of $341.8 million and record Adjusted EBITDAre of $690.7 million.
  • Same-store Gross Definite Room Nights Booked in full year 2023 of nearly 2.9 million room nights for all future years, represents a 9.6% increase over 2022.
  • The Company declared total 2023 dividends of $3.85 per share; intends to pay aggregate minimum dividends for 2024 of $4.40 per share, subject to the Board’s future determinations.

Mark Fioravanti, President and Chief Executive Officer of Ryman Hospitality Properties, said, “We finished 2023 on a strong note, with numerous records achieved in the fourth quarter and for the full year across our Hospitality and Entertainment businesses. Lead volumes, bookings, and ADR all reached new highs, building on the strong group momentum we have created across our Hospitality business. Our operating results and forward group booking pace support the continued capital investments we are making across our portfolio.”

Fourth Quarter 2023 Results (as compared to Fourth Quarter 2022):

($ in thousands, except per share amounts)Three Months Ended  Twelve Months Ended
 December 31,  December 31,
  2023   2022  % ∆   2023   2022  % ∆
Total Revenue$633,063  $568,875  11.3%  $2,158,136  $1,805,969  19.5%
             
Operating income$123,871  $116,303  6.5%  $453,684  $327,150  38.7%
Operating income margin 19.6%   20.4%  -0.8pt   21.0%   18.1%  2.9pt
             
Net income (1) (2)$169,878  $61,370  176.8%  $341,800  $134,948  153.3%
Net income margin (1) (2) 26.8%   10.8%  16.0pt   15.8%   7.5%  8.3pt
             
Net income available to common stockholders (1) (2)$142,127  $58,089  144.7%  $311,217  $128,993  141.3%
Net income available to common stockholders margin (1) (2) 22.5%   10.2%  12.3pt   14.4%   7.1%  7.3pt
Net income available to common stockholders per diluted share (1) (2) (3)$2.37  $1.03  130.1%  $5.36  $2.33  130.0%
             
Adjusted EBITDAre$187,494  $168,110  11.5%  $690,745  $555,854  24.3%
Adjusted EBITDAre margin 29.6%   29.6%  0.0pt   32.0%   30.8%  1.2pt
Adjusted EBITDAre, excluding noncontrolling interest in consolidated joint venture$178,411  $160,277  11.3%  $660,861  $540,545  22.3%
Adjusted EBITDAre, excluding noncontrolling interest in consolidated joint venture margin 28.2%   28.2%  0.0pt   30.6%   29.9%  0.7pt
             
Funds From Operations (FFO) available to common stockholders and unit holders (2)$197,293  $104,864  88.1%  $517,389  $335,156  54.4%
FFO available to common stockholders and unit holders per diluted share/unit (2) (3)$3.26  $1.80  81.1%  $8.85  $6.01  47.3%
             
Adjusted FFO available to common stockholders and unit holders$125,869  $113,039  11.4%  $473,133  $363,501  30.2%
Adjusted FFO available to common stockholders and unit holders per diluted share/unit (3)$2.08  $1.94  7.2%  $8.09  $6.52  24.1%
             
(1) In September 2023, we determined to pivot from television network ownership in favor of a distribution approach. Therefore, we and our joint venture partner agreed to wind down the Circle joint venture, with operations ceasing December 31, 2023. As a result, we incurred a loss related to Circle of approximately $10.5 million in the twelve months ended December 31, 2023.
(2) The Company recorded a $112.5 million deferred tax benefit in the fourth quarter of 2023 for the release of income tax valuation allowance.         
(3) Diluted weighted average common shares for the three months ended December 31, 2022 includes 3.9 million 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: 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 measure 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

             
($ in thousands, except ADR, RevPAR, and Total RevPAR)            
             
 Three Months Ended  Twelve Months Ended
 December 31,  December 31,
  2023   2022  % ∆   2023   2022  % ∆
             
Hospitality Revenue$545,156  $484,459  12.5%  $1,833,478  $1,537,974  19.2%
Same-Store Hospitality Revenue (1)$503,090  $484,459  3.8%  $1,740,665  $1,537,974  13.2%
             
Hospitality operating income$115,738  $105,782  9.4%  $421,264  $310,924  35.5%
Hospitality operating income margin 21.2%   21.8%  -0.6pt   23.0%   20.2%  2.8pt
Hospitality Adjusted EBITDAre$166,714  $150,720  10.6%  $623,160  $512,745  21.5%
Hospitality Adjusted EBITDAre margin 30.6%   31.1%  -0.5pt   34.0%   33.3%  0.7pt
             
Same-Store Hospitality operating income (1)$110,659  $105,782  4.6%  $408,081  $310,924  31.2%
Same-Store Hospitality operating income margin (1) 22.0%   21.8%  0.2pt   23.4%   20.2%  3.2pt
Same-Store Hospitality Adjusted EBITDAre (1)$156,418  $150,720  3.8%  $595,259  $512,745  16.1%
Same-Store Hospitality Adjusted EBITDAre margin (1) 31.1%   31.1%  0.0pt   34.2%   33.3%  0.9pt
             
Hospitality Performance Metrics            
Occupancy 69.8%   72.8%  -3.0pt   71.6%   66.2%  5.4pt
Average Daily Rate (ADR)$260.81  $254.57  2.5%  $245.74  $236.86  3.7%
RevPAR$181.97  $185.31  -1.8%  $175.96  $156.71  12.3%
Total RevPAR$519.15  $505.75  2.6%  $460.12  $404.69  13.7%
             
Same-Store Hospitality Performance Metrics (1)            
Occupancy 70.9%   72.8%  -1.9pt   71.9%   66.2%  5.7pt
Average Daily Rate (ADR)$259.67  $254.57  2.0%  $243.19  $236.86  2.7%
RevPAR$184.17  $185.31  -0.6%  $174.92  $156.71  11.6%
Total RevPAR$525.20  $505.75  3.8%  $458.02  $404.69  13.2%
             
Gross Definite Rooms Nights Booked 1,235,718   1,037,603  19.1%   2,931,296   2,675,174  9.6%
Net Definite Rooms Nights Booked 1,055,406   810,760  30.2%   2,302,717   1,805,598  27.5%
Group Attrition (as % of contracted block) 14.0%   15.5%  -1.5pt   15.2%   20.6%  -5.4pt
Cancellations ITYFTY (2) 3,249   2,533  28.3%   68,436   205,662  -66.7%
             
(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: 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 fourth quarter 2023 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

  • In the fourth quarter, same-store Hospitality portfolio achieved a record total RevPAR of $525, a 3.8% increase over Q4 2022, driven by record ADR of nearly $260, an increase of 2.0% from Q4 2022.
  • In the fourth quarter, Gaylord Opryland set an all-time portfolio total revenue record and Gaylord Texan set an all-time portfolio total RevPAR record for any quarter.
  • ICE! programming generated strong results, with over 1.2 million tickets sold.
  • Projected room revenues from bookings production for all future years set a fourth quarter and full year record for the same-store portfolio.
  • On a same-store basis, cancellations in the year for the year for 2023 decreased by 67% compared to 2022, and attrition and cancellation fee collections for 2023 declined to $42.7 million from $57.3 million in 2022.
  • Same-store incentive management fee expense increased to $8.3 million in the quarter and $29.1 million for the year, up from $6.2 million in Q4 2022 and $12.8 million in full year 2022.
Gaylord Opryland             
($ in thousands, except ADR, RevPAR, and Total RevPAR)         
               
   Three Months Ended  Twelve Months Ended
   December 31,  December 31,
    2023   2022  % ∆   2023   2022  % ∆
               
Revenue  $140,664  $138,353  1.7%  $474,884  $424,188  12.0%
Operating income $42,299  $41,981  0.8%  $135,554  $118,895  14.0%
Operating income margin 30.1%   30.3%  -0.2pt   28.5%   28.0%  0.5pt
Adjusted EBITDAre $50,248  $50,554  -0.6%  $169,018  $153,250  10.3%
Adjusted EBITDAre margin 35.7%   36.5%  -0.8pt   35.6%   36.1%  -0.5pt
               
Occupancy  75.5%   80.7%  -5.2pt   73.0%   69.5%  3.5pt
Average daily rate (ADR)$268.39  $258.08  4.0%  $250.96  $242.71  3.4%
RevPAR  $202.70  $208.39  -2.7%  $183.22  $168.73  8.6%
Total RevPAR $529.42  $520.72  1.7%  $450.50  $402.41  12.0%
               


Gaylord Palms             
($ in thousands, except ADR, RevPAR, and Total RevPAR)         
               
   Three Months Ended  Twelve Months Ended
   December 31,  December 31,
    2023   2022  % ∆   2023   2022  % ∆
               
Revenue  $87,356  $90,925  -3.9%  $309,616  $279,578 10.7%
Operating income $16,194  $20,514  -21.1%  $71,399  $64,201 11.2%
Operating income margin 18.5%   22.6%  -4.1pt   23.1%   23.0% 0.1pt
Adjusted EBITDAre $23,062  $27,204  -15.2%  $98,162  $90,735 8.2%
Adjusted EBITDAre margin 26.4%   29.9%  -3.5pt   31.7%   32.5% -0.8pt
               
Occupancy  72.3%   77.9%  -5.6pt   73.7%   68.4% 5.3pt
Average daily rate (ADR)$261.71  $265.66  -1.5%  $245.04  $241.85 1.3%
RevPAR  $189.19  $206.94  -8.6%  $180.58  $165.40 9.2%
Total RevPAR $552.69  $575.27  -3.9%  $493.75  $445.85 10.7%
               


Gaylord Texan             
($ in thousands, except ADR, RevPAR, and Total RevPAR)         
               
   Three Months Ended
  Twelve Months Ended
   December 31,
  December 31,
    2023   2022  % ∆   2023   2022  % ∆
               
Revenue  $116,531  $102,283  13.9%  $358,399  $307,318 16.6%
Operating income $37,955  $30,631  23.9%  $111,703  $88,154 26.7%
Operating income margin 32.6%   29.9%  2.7pt   31.2%   28.7% 2.5pt
Adjusted EBITDAre $43,748  $36,287  20.6%  $134,650  $111,954 20.3%
Adjusted EBITDAre margin 37.5%   35.5%  2.0pt   37.6%   36.4% 1.2pt
               
Occupancy  74.6%   72.9%  1.7pt   74.9%   69.0% 5.9pt
Average daily rate (ADR)$277.12  $270.93  2.3%  $244.21  $238.77 2.3%
RevPAR  $206.82  $197.44  4.8%  $183.02  $164.65 11.2%
Total RevPAR $698.26  $612.88  13.9%  $541.30  $464.15 16.6%
               


Gaylord National             
($ in thousands, except ADR, RevPAR, and Total RevPAR)         
               
   Three Months Ended  Twelve Months Ended
   December 31,  December 31,
    2023   2022  % ∆   2023   2022  % ∆
               
Revenue  $85,229  $76,114  12.0%  $307,139 $249,849 22.9%
Operating income $9,841  $9,016  9.2%  $42,677 $19,609 117.6%
Operating income margin 11.5%   11.8%  -0.3pt   13.9%  7.8% 6.1pt
Adjusted EBITDAre $19,426  $18,625  4.3%  $87,104 $61,402 41.9%
Adjusted EBITDAre margin 22.8%   24.5%  -1.7pt   28.4%  24.6% 3.8pt
               
Occupancy  66.8%   60.5%  6.3pt   68.4%  56.5% 11.9pt
Average daily rate (ADR)$254.45  $254.09  0.1%  $240.30 $238.13 0.9%
RevPAR  $170.01  $153.60  10.7%  $164.30 $134.45 22.2%
Total RevPAR $464.13  $414.49  12.0%  $421.58 $342.94 22.9%
                


Gaylord Rockies             
($ in thousands, except ADR, RevPAR, and Total RevPAR)         
               
   Three Months Ended
  Twelve Months Ended
   December 31,
  December 31,
    2023   2022  % ∆   2023   2022  % ∆
               
Revenue  $67,360  $70,438  -4.4%  $266,737 $253,326 5.3%
Operating income $4,325  $2,780  55.6%  $44,854 $17,178 161.1%
Operating income margin 6.4%   3.9%  2.5pt   16.8%  6.8% 10.0pt
Adjusted EBITDAre $18,798  $16,556  13.5%  $101,697 $89,955 13.1%
Adjusted EBITDAre margin 27.9%   23.5%  4.4pt   38.1%  35.5% 2.6pt
               
Occupancy  66.1%   69.9%  -3.8pt   73.4%  68.3% 5.1pt
Average daily rate (ADR)$241.79  $239.57  0.9%  $242.39 $234.19 3.5%
RevPAR  $159.91  $167.35  -4.4%  $178.02 $159.87 11.4%
Total RevPAR $487.79  $510.08  -4.4%  $486.87 $462.39 5.3%
               


JW Marriott Hill Country1    
($ in thousands, except ADR, RevPAR, and Total RevPAR) 
       
   Three Months Ended  Period Ended
   December 31,  December 31,
   2023  2023
       
Revenue  $42,066  $92,813
Operating income $5,079  $13,183
Operating income margin12.1%  14.2%
Adjusted EBITDAre $10,296  $27,901
Adjusted EBITDAre margin24.5%  30.1%
       
Occupancy 57.8%  64.9%
Average daily rate (ADR)$275.32  $304.07
RevPAR  $159.17  $197.30
Total RevPAR $456.32  $503.41
       
(1) JW Marriott Hill Country was acquired by the Company on June 30, 2023, therefore there are no comparison figures. Fourth quarter 2023 represents the second full quarter of operations for the hotel under the Company’s ownership, and the period ended December 31, 2023, represents two full quarters of operations for the hotel under the Company’s ownership.
 

Entertainment Segment

For the three and twelve months ended December 31, 2023, and 2022, the Company reported the following:

         
($ in thousands)Three Months Ended  Twelve Months Ended
 December 31,  December 31,
 2023 2022  % ∆  2023 2022
 % ∆
         
Revenue$87,907 $84,416  4.1%  $324,658   $267,995 21.1%
Operating income$20,561 $22,286  -7.7%  $76,076  $60,498 25.7%
Operating income margin 23.4%   26.4%  -3.0pt   23.4%   22.6% 0.8pt
Adjusted EBITDAre$30,278 $26,136  15.8%  $99,658  $74,173 34.4%
Adjusted EBITDAre margin 34.4%   31.0%  3.4pt   30.7%   27.7% 3.0pt
         

Fioravanti continued, “Our Entertainment segment delivered another record performance in 2023. Ole Red Las Vegas opened its doors in mid-January 2024 to strong demand, and we are enthusiastic about the potential of this asset in the Las Vegas market. We were also pleased to unveil, as part of our January 2024 Investor Day, the reimagination of the Wildhorse Saloon as Category 10 in collaboration with country music superstar, Luke Combs. We have already started construction on this multi-use venue and anticipate a phased reopening beginning in the third quarter of 2024.”

Corporate and Other Segment

For the three and twelve months ended December 31, 2023, and 2022, the Company reported the following:

        
($ in thousands)Three Months Ended Twelve Months Ended
 December 31, December 31,
  2023  2022 % ∆  2023  2022 % ∆
        
Operating loss($12,428) ($11,765) -5.6% ($43,656) ($44,272) 1.4%
Adjusted EBITDAre($9,498) ($8,746) -8.6% ($32,073) ($31,064) -3.2%
        

Fioravanti concluded, “We enter 2024 with considerable momentum and strength across both our Hospitality and Entertainment segments. As we recently outlined at our January 2024 Investor Day, over the past 20 years our management team has built valuable long-standing relationships with our group customers and an industry-leading portfolio of hotels and iconic entertainment brands. The value proposition we have created, and continue to enhance, garners strong demand and pricing power, as evidenced in our forward book of group hotel business. Furthermore, we believe the high-return investments we are pursuing across our Hospitality and Entertainment assets will create value for our stakeholders in the years to come.”

2024 Guidance

The Company is reiterating its 2024 business performance outlook based on current information as of February 22, 2024. The Company does not expect to update the guidance provided 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.

Current full year 2024 guidance is inclusive of the following assumptions:

  • Disruption from planned capital investments is estimated to result in a negative impact of approximately 215 basis points to same-store Hospitality RevPAR growth and approximately 160 basis points to same-store Hospitality Total RevPAR growth. In addition, the Company expects disruption to result in a negative impact of approximately $18 million to $21 million to Consolidated Adjusted EBITDAre, including $10 million to $11 million to same-store Hospitality Adjusted EBITDAre and $8 million to $10 million to Entertainment Adjusted EBITDAre.
  • Capital expenditures are estimated to be $360 million to $440 million.
($ in millions, except per share figures)Full Year Full Year
 2024 Guidance 1 2024 Guidance 1
 Low  High Midpoint
      
Consolidated Hospitality RevPAR growth (same-store) 23.50% 5.50% 4.50%
Consolidated Hospitality Total RevPAR growth (same-store) 23.25% 5.25% 4.25%
      
Operating Income     
Hospitality (same-store) 2$434.5  $450.5  $442.5 
JW Marriott Hill Country 35.0   40.0   37.5 
Entertainment 65.5   71.5   68.5 
Corporate and Other (44.8)  (43.0)  (43.9)
Consolidated Operating Income 490.2   519.0   504.6 
      
Adjusted EBITDAre     
Hospitality (same-store) 2$612.5  $635.0  $623.8 
JW Marriott Hill Country 63.0   72.0   67.5 
Entertainment 100.0   110.0   105.0 
Corporate and Other (35.0)  (32.0)  (33.5)
Consolidated Adjusted EBITDAre 740.5   785.0   762.8 
      
Net Income$253.0  $272.0  $262.5 
Net Income available to common stockholders$243.0  $266.0  $254.5 
      
Funds from Operations (FFO) available to common stockholders and unit holders$457.3  $492.5  $474.9 
Adjusted FFO available to common stockholders and unit holders$484.3  $527.0  $505.6 
      
Diluted income per share available to common stockholders$3.92  $4.21  $4.06 
Adjusted FFO available to common stockholders and unit holders per diluted share$7.60  $8.20  $7.90 
      
Estimated diluted shares outstanding to common stockholders 3 64.6   64.6   64.6 
Estimated diluted shares outstanding to common stockholders and unit holders 3 65.0   65.0   65.0 
      
(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.

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

Dividend Update
On January 16, 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 December 29, 2023.

Today, the Company declared its first quarter 2024 cash dividend of $1.10 per share of common stock, payable on April 15, 2024, to stockholders of record as of March 29, 2024. The Company’s dividend policy provides that it will distribute minimum dividends of 100% of REIT taxable income annually. It is the Company’s current plan to distribute aggregate minimum dividends for 2024 of $4.40 per share in cash. Future dividends are subject to the Board’s future determinations as to amount and timing.

Balance Sheet/Liquidity Update
As of December 31, 2023, the Company had total debt outstanding of $3,377.0 million, net of unamortized deferred financing costs, and unrestricted cash of $591.8 million. As of December 31, 2023, there were no amounts drawn under the Company’s revolving credit facility, $5.0 million was drawn under OEG’s revolving credit facility, and the lending banks had issued $14.6 million in letters of credit under the Company’s revolving credit facility, which left $745.4 million of aggregate borrowing availability for borrowing 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, February 23, 2024, at 12:00 p.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 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, changes in interest rates, the Company’s integration of the JW Marriott Hill Country, the Company’s ability to identify and capitalize on additional value creation opportunities at the JW Marriott Hill Country or other assets and the occurrence of any event, change or other circumstance that could limit the Company’s ability to capitalize on any additional value creation opportunities it identifies at the JW Marriott Hill Country or other assets. 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, 2022, 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 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 EBITDAreand 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
We calculate FFO, which definition is clarified by NAREIT in its December 2018 white paper as Net Income (calculated in accordance with GAAP) excluding depreciation and amortization (excluding amortization of deferred financing costs and debt discounts), gains and losses from the sale of certain real estate assets, gains and losses from a change in control, impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciated real estate held by the entity, income (loss) from consolidated joint ventures attributable to noncontrolling interest, and pro rata adjustments for unconsolidated joint ventures.
To calculate Adjusted FFO available to common stockholders and unit holders, we then exclude, to the extent the following adjustments occurred during the periods presented:

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

To calculate Adjusted FFO available to common stockholders and unit holders (excluding maintenance capex), we then exclude FF&E reserve contributions for managed properties and maintenance capital expenditures for non-managed properties. FFO available to common stockholders and unit holders, Adjusted FFO available to common stockholders and unit holders and Adjusted FFO available to common stockholders and unit holders (excluding maintenance capex) exclude the ownership portion of joint ventures not controlled or owned by the Company.

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

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

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

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~~or~
Jennifer Hutcheson, Chief Financial OfficerRobert Winters
Ryman Hospitality Properties, Inc.Alpha IR Group
(615) 316-6320(929) 266-6315
jhutcheson@rymanhp.comrobert.winters@alpha-ir.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 Twelve Months Ended
  Dec. 31, Dec. 31,
   2023   2022   2023   2022 
Revenues :       
 Rooms$191,086  $177,505  $701,138  $595,544 
 Food and beverage 215,234   180,622   831,796   667,009 
 Other hotel revenue 138,836   126,332   300,544   275,421 
 Entertainment 87,907   84,416   324,658   267,995 
 Total revenues 633,063   568,875   2,158,136   1,805,969 
         
Operating expenses:       
 Rooms 45,539   43,077   173,749   155,817 
 Food and beverage 126,321   109,103   465,963   381,142 
 Other hotel expenses 188,931   168,043   519,328   457,291 
 Management fees 19,865   15,883   66,425   43,425 
 Total hotel operating expenses 380,656   336,106   1,225,465   1,037,675 
 Entertainment 58,919   56,996   223,663   188,545 
 Corporate 12,207   11,559   42,789   42,982 
 Preopening costs 883   7   1,308   532 
 Loss on sale of assets -   -   -   469 
 Depreciation and amortization 56,527   47,904   211,227   208,616 
 Total operating expenses 509,192   452,572   1,704,452   1,478,819 
         
Operating income 123,871   116,303   453,684   327,150 
         
Interest expense, net of amounts capitalized (61,142)  (42,419)  (211,370)  (148,406)
Interest income 7,446   1,612   21,423   5,750 
Loss on extinguishment of debt -   -   (2,252)  (1,547)
Income (loss) from unconsolidated joint ventures (1) 217   (2,619)  (17,308)  (10,967)
Other gains and (losses), net (1,549)  (479)  3,921   1,743 
Income before income taxes 68,843   72,398   248,098   173,723 
         
(Provision) benefit for income taxes 101,035   (11,028)  93,702   (38,775)
Net income 169,878   61,370   341,800   134,948 
         
Net income attributable to noncontrolling interest in consolidated joint venture (26,809)  (2,865)  (28,465)  (5,032)
Net income attributable to noncontrolling interest in Operating Partnership (942)  (416)  (2,118)  (923)
Net income available to common stockholders$142,127  $58,089  $311,217  $128,993 
         
Basic income per share available to common stockholders$2.38  $1.05  $5.39  $2.34 
Diluted income per share available to common stockholders (2)$2.37  $1.03  $5.36  $2.33 
         
Weighted average common shares for the period:       
 Basic 59,710   55,165   57,750   55,140 
 Diluted (2) 60,058   59,368   58,061   55,377 
         
(1) In September 2023, we determined to pivot from television network ownership in favor of a distribution approach. Therefore, we and our joint venture partner agreed to wind down the Circle joint venture, with operations ceasing December 31, 2023. As a result, we incurred a loss related to Circle of approximately $10.5 million in the twelve months ended December 31, 2023.  
(2) Diluted weighted average common shares for the three months ended December 31, 2022 includes 3.9 million 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)
       
    Dec. 31, Dec. 31,
    2023 2022
       
ASSETS:   
 Property and equipment, net of accumulated depreciation$3,955,586  $3,171,708 
 Cash and cash equivalents - unrestricted 591,833   334,194 
 Cash and cash equivalents - restricted 108,608   110,136 
 Notes receivable 61,760   67,628 
 Trade receivables, net 110,029   116,836 
 Deferred income tax assets, net 81,624   - 
 Prepaid expenses and other assets 154,810   134,170 
 Intangible assets 124,287   105,951 
  Total assets$5,188,537  $4,040,623 
       
       
LIABILITIES AND EQUITY:   
 Debt and finance lease obligations$3,377,028  $2,862,592 
 Accounts payable and accrued liabilities 464,719   385,159 
 Dividends payable 67,933   14,121 
 Deferred management rights proceeds 165,174   167,495 
 Operating lease liabilities 129,122   125,759 
 Deferred income tax liabilities, net -   12,915 
 Other liabilities 66,658   64,824 
 Noncontrolling interest in consolidated joint venture 345,126   311,857 
 Total equity 572,777   95,901 
  Total liabilities and equity$5,188,537  $4,040,623 
       


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,
  2023 2022
 2023
 2022
  $Margin $Margin $Margin $Margin
 Consolidated           
 Revenue$633,063   $568,875   $2,158,136   $1,805,969  
 Net income$169,878 26.8% $61,370 10.8% $341,800 15.8% $134,948 7.5%
 Interest expense, net 53,696    40,807    189,947    142,656  
 Provision (benefit) for income taxes (101,035)   11,028    (93,702)   38,775  
 Depreciation & amortization 56,527    47,904    211,227    208,616  
 Loss on sale of assets -    -    -    327  
 Pro rata EBITDAre from unconsolidated joint ventures 3    21    25    89  
 EBITDAre 179,069 28.3%  161,130 28.3%  649,297 30.1%  525,411 29.1%
 Preopening costs 883    7    1,308    532  
 Non-cash lease expense 1,215    1,491    5,710    4,831  
 Equity-based compensation expense 3,941    3,851    15,421    14,985  
 Pension settlement charge 1,313    318    1,313    1,894  
 Interest income on Gaylord National bonds 1,194    1,313    4,936    5,306  
 Loss on extinguishment of debt -    -    2,252    1,547  
 Transaction costs of acquisitions -    -    -    1,348  
 Pro rata adjusted EBITDAre from unconsolidated joint ventures (1) (121)   -    10,508    -  
 Adjusted EBITDAre$187,494 29.6% $168,110 29.6% $690,745 32.0% $555,854 30.8%
 Adjusted EBITDAre of noncontrolling interest in consolidated joint venture$(9,083)  $(7,833)  $(29,884)  $(15,309) 
 Adjusted EBITDAre, excluding noncontrolling interest in consolidated joint venture$178,411 28.2% $160,277 28.2% $660,861 30.6% $540,545 29.9%
             
 Hospitality segment           
 Revenue$545,156   $484,459   $1,833,478   $1,537,974  
 Operating income$115,738 21.2% $105,782 21.8% $421,264 23.0% $310,924 20.2%
 Depreciation & amortization 48,762    42,571    186,749    189,375  
 Non-cash lease expense 1,020    1,054    4,077    4,216  
 Interest income on Gaylord National bonds 1,194    1,313    4,936    5,306  
 Other gains and (losses), net -    -    6,134    2,924  
 Adjusted EBITDAre$166,714 30.6% $150,720 31.1% $623,160 34.0% $512,745 33.3%
             
 Same-Store Hospitality segment (2)           
 Revenue$503,090   $484,459   $1,740,665   $1,537,974  
 Operating income$110,659 22.0% $105,782 21.8% $408,081 23.4% $310,924 20.2%
 Depreciation & amortization 43,545    42,571    172,031    189,375  
 Non-cash lease expense 1,020    1,054    4,077    4,216  
 Interest income on Gaylord National bonds 1,194    1,313    4,936    5,306  
 Other gains and (losses), net -    -    6,134    2,924  
 Adjusted EBITDAre$156,418 31.1% $150,720 31.1% $595,259 34.2% $512,745 33.3%
             
 Entertainment segment           
 Revenue$87,907    84,416   $324,658    267,995  
 Operating income$20,561 23.4%  22,286 26.4% $76,076 23.4%  60,498 22.6%
 Depreciation & amortization 7,544    5,127    23,611    18,420  
 Preopening costs 883    7    1,308    532  
 Non-cash lease expense 195    437    1,633    615  
 Equity-based compensation 995    876    3,805    3,637  
 Transaction costs of acquisitions -    -    -    1,348  
 Pro rata adjusted EBITDAre from unconsolidated joint ventures 100    (2,597)   (6,775)   (10,877) 
 Adjusted EBITDAre$30,278 34.4% $26,136 31.0% $99,658 30.7% $74,173 27.7%
             
 Corporate and Other segment           
 Operating loss$(12,428)  $(11,765)  $(43,656)  $(44,272) 
 Depreciation & amortization 221    206    867    821  
 Other gains and (losses), net (1,550)   (480)   (2,213)   (855) 
 Equity-based compensation 2,946    2,975    11,616    11,348  
 Pension settlement charge 1,313    318    1,313    1,894  
 Adjusted EBITDAre$(9,498)  $(8,746)  $(32,073)  $(31,064) 
             
 (1) In September 2023, we determined to pivot from television network ownership in favor of a distribution approach. Therefore, we and our joint venture partner agreed to wind down the Circle joint venture, with operations ceasing December 31, 2023. As a result, we incurred a loss related to Circle of approximately $10.5 million in the twelve months ended December 31, 2023.
 (2) Same-Store Hospitality segment excludes JW Marriott Hill Country, which was acquired 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 Dec. 31, Twelve Months Ended Dec. 31,
  2023 2022 2023 2022
 Consolidated       
 Net income$169,878  $61,370  $341,800  $134,948 
 Noncontrolling interest in consolidated joint venture (26,809)  (2,865)  (28,465)  (5,032)
 Net income available to common stockholders and unit holders 143,069   58,505   313,335   129,916 
 Depreciation & amortization 56,483   47,874   211,064   208,494 
 Adjustments for noncontrolling interest (2,263)  (1,538)  (7,083)  (3,346)
 Pro rata adjustments from joint ventures 4   23   73   92 
 FFO available to common stockholders and unit holders 197,293   104,864   517,389   335,156 
         
 Right-of-use asset amortization 44   30   163   122 
 Non-cash lease expense 1,215   1,491   5,710   4,831 
 Pension settlement charge 1,313   318   1,313   1,894 
 Pro rata adjustments from joint ventures (1) (121)  -   10,508   - 
 Loss on other assets -   -   -   469 
 Amortization of deferred financing costs 2,674   2,651   10,663   9,829 
 Amortization of debt discounts and premiums 637   500   2,325   989 
 Loss on extinguishment of debt -   -   2,252   1,547 
 Adjustments for noncontrolling interest 23,533   (514)  18,635   (928)
 Transaction costs of acquisitions -   -   -   1,348 
 Deferred tax provision (benefit) (100,719)  3,699   (95,825)  8,244 
 Adjusted FFO available to common stockholders and unit holders$125,869  $113,039  $473,133  $363,501 
 Capital expenditures (2) (27,923)  (27,149)  (128,011)  (82,263)
 Adjusted FFO available to common stockholders and unit holders (ex. maintenance capex)$97,946  $85,890  $345,122  $281,238 
         
         
 Basic net income per share$2.38  $1.05  $5.39  $2.34 
 Diluted net income per share$2.37  $1.03  $5.36  $2.33 
         
 FFO available to common stockholders and unit holders per basic share/unit$3.28  $1.89  $8.90  $6.04 
 Adjusted FFO available to common stockholders and unit holders per basic share/unit$2.09  $2.03  $8.14  $6.55 
         
 FFO available to common stockholders and unit holders per diluted share/unit (3)$3.26  $1.80  $8.85  $6.01 
 Adjusted FFO available to common stockholders and unit holders per diluted share/unit (3)$2.08  $1.94  $8.09  $6.52 
         
 Weighted average common shares and OP units for the period:       
 Basic 60,105   55,560   58,145   55,535 
 Diluted (3) 60,453   59,763   58,456   55,772 
         
 (1) In September 2023, we determined to pivot from television network ownership in favor of a distribution approach. Therefore, we and our joint venture partner agreed to wind down the Circle joint venture, with operations ceasing December 31, 2023. As a result, we incurred a loss related to Circle of approximately $10.5 million in the twelve months ended December 31, 2023.
 (2) Represents FF&E reserve contribution for managed properties and maintenance capital expenditures for non-managed properties.      
 (3) Diluted weighted average common shares and OP units for the three months ended December 31, 2022 includes 3.9 million 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 RECONCILIATIONS AND OPERATING METRICS
Unaudited
(in thousands)
             
     
  Three Months Ended Dec. 31, Twelve Months Ended Dec. 31,
  2023
 2022
 2023
 2022
  $Margin $Margin $Margin $Margin
 Hospitality segment           
 Revenue$545,156   $484,459   $1,833,478   $1,537,974  
 Operating income$115,738 21.2% $105,782 21.8% $421,264 23.0% $310,924 20.2%
 Depreciation & amortization 48,762    42,571    186,749    189,375  
 Non-cash lease expense 1,020    1,054    4,077    4,216  
 Interest income on Gaylord National bonds 1,194    1,313    4,936    5,306  
 Other gains and (losses), net -    -    6,134    2,924  
 Adjusted EBITDAre$166,714 30.6% $150,720 31.1% $623,160 34.0% $512,745 33.3%
             
 Occupancy 69.8%    72.8%    71.6%    66.2%  
 Average daily rate (ADR)$260.81   $254.57   $245.74   $236.86  
 RevPAR$181.97   $185.31   $175.96   $156.71  
 OtherPAR$337.18   $320.44   $284.16   $247.98  
 Total RevPAR$519.15   $505.75   $460.12   $404.69  
             
             
             
 Same-Store Hospitality segment (1)           
 Revenue$503,090   $484,459   $1,740,665   $1,537,974  
 Operating income$110,659 22.0% $105,782 21.8% $408,081 23.4% $310,924 20.2%
 Depreciation & amortization 43,545    42,571    172,031    189,375  
 Non-cash lease expense 1,020    1,054    4,077    4,216  
 Interest income on Gaylord National bonds 1,194    1,313    4,936    5,306  
 Other gains and (losses), net -    -    6,134    2,924  
 Adjusted EBITDAre$156,418 31.1% $150,720 31.1% $595,259 34.2% $512,745 33.3%
             
 Occupancy 70.9%    72.8%    71.9%    66.2%  
 Average daily rate (ADR)$259.67   $254.57   $243.19   $236.86  
 RevPAR$184.17   $185.31   $174.92   $156.71  
 OtherPAR$341.03   $320.44   $283.10   $247.98  
 Total RevPAR$525.20   $505.75   $458.02   $404.69  
             
             
             
 Gaylord Opryland           
 Revenue$140,664   $138,353   $474,884   $424,188  
 Operating income $42,299 30.1% $41,981 30.3% $135,554 28.5% $118,895 28.0%
 Depreciation & amortization 7,960    8,586    33,510    34,406  
 Non-cash lease revenue (11)   (13)   (46)   (51) 
 Adjusted EBITDAre$50,248 35.7% $50,554 36.5% $169,018 35.6% $153,250 36.1%
             
 Occupancy 75.5%    80.7%    73.0%    69.5%  
 Average daily rate (ADR)$268.39   $258.08   $250.96   $242.71  
 RevPAR$202.70   $208.39   $183.22   $168.73  
 OtherPAR$326.72   $312.33   $267.28   $233.68  
 Total RevPAR$529.42   $520.72   $450.50   $402.41  
             
             
             
 Gaylord Palms           
 Revenue$87,356   $90,925   $309,616   $279,578  
 Operating income$16,194 18.5% $20,514 22.6% $71,399 23.1% $64,201 23.0%
 Depreciation & amortization 5,837    5,623    22,640    22,267  
 Non-cash lease expense 1,031    1,067    4,123    4,267  
 Adjusted EBITDAre$23,062 26.4% $27,204 29.9% $98,162 31.7% $90,735 32.5%
             
 Occupancy 72.3%    77.9%    73.7%    68.4%  
 Average daily rate (ADR)$261.71   $265.66   $245.04   $241.85  
 RevPAR$189.19   $206.94   $180.58   $165.40  
 OtherPAR$363.50   $368.33   $313.17   $280.45  
 Total RevPAR$552.69   $575.27   $493.75   $445.85  
             
             
             
 Gaylord Texan           
 Revenue$116,531   $102,283   $358,399   $307,318  
 Operating income$37,955 32.6% $30,631 29.9% $111,703 31.2% $88,154 28.7%
 Depreciation & amortization 5,793    5,656    22,947    23,800  
 Adjusted EBITDAre$43,748 37.5% $36,287 35.5% $134,650 37.6% $111,954 36.4%
             
 Occupancy 74.6%    72.9%    74.9%    69.0%  
 Average daily rate (ADR)$277.12   $270.93   $244.21   $238.77  
 RevPAR$206.82   $197.44   $183.02   $164.65  
 OtherPAR$491.44   $415.44   $358.28   $299.50  
 Total RevPAR$698.26   $612.88   $541.30   $464.15  
             


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,
  2023 2022
 2023
 2022
  $Margin $Margin $Margin $Margin
 Gaylord National           
 Revenue$85,229   $76,114   $307,139   $249,849  
 Operating income$9,841 11.5% $9,016 11.8% $42,677 13.9% $19,609 7.8%
 Depreciation & amortization 8,391    8,296    33,357    33,563  
 Interest income on Gaylord National bonds 1,194    1,313    4,936    5,306  
 Other gains and (losses), net -    -    6,134    2,924  
 Adjusted EBITDAre$19,426 22.8% $18,625 24.5% $87,104 28.4% $61,402 24.6%
             
 Occupancy 66.8%    60.5%    68.4%    56.5%  
 Average daily rate (ADR)$254.45   $254.09   $240.30   $238.13  
 RevPAR$170.01   $153.60   $164.30   $134.45  
 OtherPAR$294.12   $260.89   $257.28   $208.49  
 Total RevPAR$464.13   $414.49   $421.58   $342.94  
             
             
             
 Gaylord Rockies           
 Revenue$67,360   $70,438   $266,737   $253,326  
 Operating income$4,325 6.4% $2,780 3.9% $44,854 16.8% $17,178 6.8%
 Depreciation & amortization 14,473    13,776    56,843    72,777  
 Adjusted EBITDAre$18,798 27.9% $16,556 23.5% $101,697 38.1% $89,955 35.5%
             
 Occupancy 66.1%    69.9%    73.4%    68.3%  
 Average daily rate (ADR)$241.79   $239.57   $242.39   $234.19  
 RevPAR$159.91   $167.35   $178.02   $159.87  
 OtherPAR$327.88   $342.73   $308.85   $302.52  
 Total RevPAR$487.79   $510.08   $486.87   $462.39  
             
             
             
 JW Marriott Hill Country (2)           
 Revenue$42,066   $-   $92,813   $-  
 Operating income$5,079 12.1% $-   $13,183 14.2% $-  
 Depreciation & amortization 5,217    -    14,718    -  
 Adjusted EBITDAre$10,296 24.5% $-   $27,901 30.1% $-  
             
 Occupancy 57.8%   n/a   64.9%   n/a 
 Average daily rate (ADR)$275.32   n/a  $304.07   n/a 
 RevPAR$159.17   n/a  $197.30   n/a 
 OtherPAR$297.15   n/a  $306.11   n/a 
 Total RevPAR$456.32   n/a  $503.41   n/a 
             
             
             
 The AC Hotel at National Harbor           
 Revenue$3,141   $2,619   $11,997   $10,419  
 Operating income$597 19.0% $192 7.3% $2,010 16.8% $793 7.6%
 Depreciation & amortization 229    311    904    1,293  
 Adjusted EBITDAre$826 26.3% $503 19.2% $2,914 24.3% $2,086 20.0%
             
 Occupancy 69.7%    62.3%    64.8%    62.9%  
 Average daily rate (ADR)$221.92   $203.03   $238.01   $207.70  
 RevPAR$154.58   $126.55   $154.20   $130.71  
 OtherPAR$23.24   $21.73   $16.99   $17.96  
 Total RevPAR$177.82   $148.28   $171.19   $148.67  
             
             
             
 The Inn at Opryland (3)           
 Revenue$2,809   $3,727   $11,893   $13,296  
 Operating income (loss)$(552)-19.7% $668 17.9% $(116)-1.0% $2,094 15.7%
 Depreciation & amortization 862    323    1,830    1,269  
 Adjusted EBITDAre$310 11.0% $991 26.6% $1,714 14.4% $3,363 25.3%
             
 Occupancy 48.6%    70.0%    54.0%    60.3%  
 Average daily rate (ADR)$155.32   $149.94   $153.60   $153.87  
 RevPAR$75.54   $104.90   $82.95   $92.73  
 OtherPAR$25.28   $28.87   $24.59   $27.50  
 Total RevPAR$100.82   $133.77   $107.54   $120.23  
             
 (1) Same-Store Hospitality segment excludes JW Marriott Hill Country, which was acquired June 30, 2023.       
 (2) JW Marriott Hill Country was acquired by the Company on June 30, 2023, therefore there are no comparison figures.      
 (3) Includes other hospitality revenue and expense.           
             


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 Twelve Months Ended
  Dec. 31, Dec. 31,
  2023 2022 2023 2022
Earnings per share:       
         
Numerator:       
 Net income available to common stockholders$142,127  $58,089  $311,217  $128,993 
 Net income attributable to noncontrolling interest in consolidated joint venture -   2,865   -   - 
 Net income available to common stockholders - if-converted method$142,127  $60,954  $311,217  $128,993 
         
Denominator:       
 Weighted average shares outstanding - basic 59,710   55,165   57,750   55,140 
 Effect of dilutive stock-based compensation 348   256   311   237 
 Effect of dilutive put rights (1) -   3,947   -   - 
 Weighted average shares outstanding - diluted 60,058   59,368   58,061   55,377 
         
Basic income per share available to common stockholders$2.38  $1.05  $5.39  $2.34 
Diluted income per share available to common stockholders$2.37  $1.03  $5.36  $2.33 
         
         
FFO and Adjusted FFO per share:       
         
Numerator - FFO:       
 FFO available to common stockholders and unit holders$197,293  $104,864  $517,389  $335,156 
 Net income attributable to noncontrolling interest in consolidated joint venture -   2,865   -   - 
 FFO available to common stockholders and unit holders- if-converted method$197,293  $107,729  $517,389  $335,156 
         
Numerator - Adjusted FFO:       
 Adjusted FFO available to common stockholders and unit holders$125,869  $113,039  $473,133  $363,501 
 Net income attributable to noncontrolling interest in consolidated joint venture -   2,865   -   - 
 Adjusted FFO available to common stockholders and unit holders - if-converted method$125,869  $115,904  $473,133  $363,501 
         
Denominator:       
 Weighted average shares and OP units outstanding - basic 60,105   55,560   58,145   55,535 
 Effect of dilutive stock-based compensation 348   256   311   237 
 Effect of dilutive put rights (1) -   3,947   -   - 
 Weighted average shares outstanding - diluted 60,453   59,763   58,456   55,772 
         
FFO available to common stockholders and unit holders per basic share/unit$3.28  $1.89  $8.90  $6.04 
Adjusted FFO available to common stockholders and unit holders per basic share/unit$2.09  $2.03  $8.14  $6.55 
         
FFO available to common stockholders and unit holders per diluted share/unit (1)$3.26  $1.80  $8.85  $6.01 
Adjusted FFO available to common stockholders and unit holders per diluted share/unit (1)$2.08  $1.94  $8.09  $6.52 
         
         
(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. The Put Rights were anti-dilutive for the three months ended December 31, 2023, twelve months ended December 31, 2023, and twelve months ended December 31, 2022, so the incremental shares were excluded from the computation of dilutive earnings per share for those periods.
        


 Ryman Hospitality Properties, Inc. and Subsidiaries
 Reconciliation of Forward-Looking Statements
 Unaudited
 (dollars in thousands, except per share data)
 Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate ("Adjusted EBITDAre")
 Funds From Operations ("FFO") and Adjusted FFO Reconciliation
         
    Full Year 2024
    Guidance Range
    Low  High Midpoint
 Ryman Hospitality Properties, Inc.      
  Net Income $ 253,000  $ 272,000  $ 262,500 
  Provision for income taxes  15,250   17,000   16,125 
  Interest Expense, net  222,500   231,000   226,750 
  Depreciation and amortization  224,250   234,500   229,375 
  EBITDAre $ 715,000  $ 754,500  $ 734,750 
  Non-cash lease expense  3,500   4,500   4,000 
  Preopening expense  3,000   3,500   3,250 
  Equity-based compensation  12,500   13,500   13,000 
  Pension settlement charge  1,500   1,750   1,625 
  Interest income on Gaylord National bonds  4,500   5,500   5,000 
  Other gains and (losses), net  500   1,750   1,125 
  Adjusted EBITDAre $ 740,500  $ 785,000  $ 762,750 
         
 Hospitality Segment       
  Operating Income $ 469,500  $ 490,500  $ 480,000 
  Depreciation and amortization  195,000   202,500   198,750 
  Non-cash lease expense  3,500   4,500   4,000 
  Interest income on Gaylord National Bonds  4,500   5,500   5,000 
  Other gains and (losses), net  3,000   4,000   3,500 
  Adjusted EBITDAre $ 675,500  $ 707,000  $ 691,250 
         
 Hospitality Segment (same-store)      
  Operating Income $ 434,500  $ 450,500  $ 442,500 
  Depreciation and amortization  167,000   170,500   168,750 
  Non-cash lease expense  3,500   4,500   4,000 
  Interest income on Gaylord National Bonds  4,500   5,500   5,000 
  Other gains and (losses), net  3,000   4,000   3,500 
  Adjusted EBITDAre $ 612,500  $ 635,000  $ 623,750 
         
 JW Marriott Hill Country      
  Operating Income $ 35,000  $ 40,000  $ 37,500 
  Depreciation and amortization  28,000   32,000   30,000 
  Adjusted EBITDAre $ 63,000  $ 72,000  $ 67,500 
         


 Ryman Hospitality Properties, Inc. and Subsidiaries
 Reconciliation of Forward-Looking Statements
 Unaudited
 (dollars in thousands, except per share data)
 Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate ("Adjusted EBITDAre")
 Funds From Operations ("FFO") and Adjusted FFO Reconciliation
         
    Full Year 2024
    Guidance Range
    Low  High Midpoint
 Entertainment Segment      
  Operating Income $ 65,500  $ 71,500  $ 68,500 
  Depreciation and amortization  27,500   30,000   28,750 
  Preopening expense  3,000   3,500   3,250 
  Equity-based compensation  3,500   4,000   3,750 
  Pro rata adjusted EBITDAre from unconsolidated joint ventures  500   1,000   750 
  Adjusted EBITDAre $ 100,000  $ 110,000  $ 105,000 
         
 Corporate and Other Segment      
  Operating Loss $ (44,750) $ (43,000) $ (43,875)
  Depreciation and amortization  1,750   2,000   1,875 
  Equity-based compensation  9,000   9,500   9,250 
  Pension settlement charge  1,500   1,750   1,625 
  Other gains and (losses), net  (2,500)  (2,250)  (2,375)
  Adjusted EBITDAre $ (35,000) $ (32,000) $ (33,500)
         
 Ryman Hospitality Properties, Inc.      
  Net Income $ 253,000  $ 272,000  $ 262,500 
  Noncontrolling interest in consolidated joint venture  (10,000)  (6,000)  (8,000)
  Net Income available to common stockholders and unit holders $ 243,000  $ 266,000  $ 254,500 
  Depreciation and amortization  224,250   234,500   229,375 
  Adjustments for noncontrolling interest  (10,000)  (8,000)  (9,000)
  FFO available to common stockholders and unit holders $ 457,250  $ 492,500  $ 474,875 
  Right of use amortization  -   500   250 
  Non-cash lease expense  3,500   4,500   4,000 
  Pension settlement charge  1,500   1,750   1,625 
  Other gains and (losses), net  500   1,750   1,125 
  Adjustments for noncontrolling interest  (3,000)  (2,000)  (2,500)
  Amortization of deferred financing costs  10,000   11,000   10,500 
  Amortization of debt discounts and premiums  2,500   3,500   3,000 
  Deferred Taxes  12,000   13,500   12,750 
  Adjusted FFO available to common stockholders and unit holders $ 484,250  $ 527,000  $ 505,625 
         
  Diluted income per share available to common stockholders $ 3.92  $ 4.21  $ 4.06 
  Adjusted FFO available to common stockholders and unit holders per diluted share $ 7.60  $ 8.20  $ 7.90 
         
  Estimated diluted shares outstanding to common stockholders (in millions)  64.6   64.6   64.6 
  Estimated diluted shares outstanding to common stockholders and unit holders (in millions) 65.0   65.0   65.0 
              

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Source: Ryman Hospitality Properties, Inc.

2024 GlobeNewswire, Inc., source Press Releases