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Ryman Hospitality Properties, Inc. Reports First Quarter 2020 Results

May 7, 2020

NASHVILLE, Tenn., May 07, 2020 (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 first quarter ended March 31, 2020.

First Quarter 2020 Results (as compared to First Quarter 2019):

  • Hospitality RevPAR decreased 20.6% and Hospitality Total RevPAR decreased 16.3%
  • Consolidated Net Income Available to Common Shareholders declined 258.2% to a loss of $46.5 million including approximately $33 million in non-cash charges
  • Consolidated Adjusted EBITDAre decreased 41.8% to $66.9 million
  • Adjusted Funds From Operations Available to Common Shareholders decreased 58.3% to $32.4 million
  • Consolidated Net Income Available to Common Shareholders, Adjusted EBITDAre and Adjusted Funds From Operations Available to Common Shareholders include $14 million of COVID-19 related payroll costs
  • Gross advanced room night of 288,771 room nights for all future years
  • Early success rebooking approximately 167,000 COVID-19 related cancelled room nights, representing over $75 million in total revenue as of May 1, 2020
  • Successfully amended credit facility to obtain waivers of financial covenants through March 31, 2021 and ensure access to undrawn revolver capacity

Colin Reed, Chairman and Chief Executive Officer of Ryman Hospitality Properties, said, “We started the first quarter of this year in a dramatically different position than where we ended. In fact, our January and February results outperformed our plan. The month of March was setting up to be similarly strong until we, along with nearly every sector of the global economy, were faced with the economic fallout from the COVID-19 pandemic, which for us included approximately $14 million of related costs, approximately $10 million of which were accrued for the second quarter of 2020. Just two weeks into March, we worked alongside state health officials to temporarily suspend operations at nearly all of our businesses to protect the health and wellbeing of our communities, guests, and employees.

As we have done during periods of great uncertainty in the past, including September 11, the Great Financial Crisis and the Nashville flood of 2010, our Board of Directors and leadership team made the early decision to communicate regularly with all of our stakeholders during this time. We hope this information has proven useful to you.

While the 2020 picture looks very different today than it did at the start of the first quarter, our team will navigate this crisis by focusing on our core differentiators as a company. We are pursuing opportunities to strengthen our relationship with our customers by offering flexible rebooking policies; we have secured the liquidity and covenant amendments needed to successfully navigate through this period of business interruption; and we are focused on supporting our employees so that we are in a strong position once it is practical and safe to begin reopening our businesses. 

To that end, we continue to see encouraging activity from our meeting planning counterparts and have successfully rebooked approximately 167,000 room nights, which represents over $75 million in revenue. With approximately 742,000 contracted group room nights on the books as of May 1st for the second half of 2020, we believe the demand for our assets remains healthy and our customers have a strong desire to return to our venues once local market conditions make it possible to do so.”

First Quarter 2020 Results (As Compared to First Quarter 2019):

Consolidated Results

             
($ in thousands, except per share amounts) Three Months Ended
  March 31,
   2020     2019    % ∆  
Total Revenue $ 313,030   $ 370,775   -15.6%  
             
Operating Income $ 4,750   $ 53,964   -91.2%  
Operating Income margin   1.5%     14.6%   -13.1pt  
             
Net Income available to common shareholders 1 $ (46,516)   $ 29,408   -258.2%  
Net Income available to common shareholders margin   -14.9%     7.9%   -22.8pt  
Net Income available to common shareholders per diluted share $ 0.85   $ 0.57   -249.1%  
             
Adjusted EBITDAre $ 66,875   $ 114,857   -41.8%  
Adjusted EBITDAre margin   21.4%     31.0%   -9.6pt  
Adjusted EBITDAre, excluding noncontrolling interest $ 59,169   $ 109,259   -45.8%  
Adjusted EBITDAre, excluding noncontrolling interest margin   18.9%     29.5%   -10.6pt  
             
Funds From Operations (FFO) available to common shareholders $ (1,760)   $ 73,679   -102.4%  
FFO available to common shareholders per diluted share $ 0.03   $ 1.42   -102.3%  
             
Adjusted FFO available to common shareholders $ 32,430   $ 77,757   -58.3%  
Adjusted FFO available to common shareholders per diluted share $ 0.59   $ 1.50   -60.7%  
             
(1) Net Income available to common shareholders for the three months ended March 31, 2020 includes approximately $33 million in non-cash charges,
including approximately $26.7 million for income tax valuation allowances and approximately $5.8 million for credit losses on held-to-maturity securities
 


Note: For the Company’s definitions of Operating Income margin, Net Income available to common shareholders margin, Adjusted EBITDAre, Adjusted EBITDAre margin, Adjusted EBITDAre, excluding noncontrolling interest, Adjusted EBITDAre, excluding noncontrolling interest margin, FFO available to common shareholders, and Adjusted FFO available to common shareholders, as well as a reconciliation of the non-GAAP financial measure Adjusted EBITDAre to Net Income and a reconciliation of the non-GAAP financial measure Adjusted FFO available to common shareholders to Net Income, see “Calculation of GAAP Margin Figures,” “Non-GAAP Financial Measures,” “Adjusted EBITDAre and Adjusted EBITDAre, Excluding Noncontrolling Interest Definition,” “Adjusted EBITDAre, Excluding Noncontrolling Interest Margin Definition,” “Adjusted FFO available to common shareholders Definition” and “Supplemental Financial Results” below.

Hospitality Segment

Hospitality Segment Results            
($ in thousands, except ADR, RevPAR, and Total RevPAR)            
             
  Three Months Ended
  March 31,
    2020       2019     % ∆  
             
Hospitality Revenue (1) $ 285,671     $ 337,510     -15.4%  
             
Hospitality Operating Income (1) (2) $ 19,143     $ 59,629     -67.9%  
Hospitality Operating Income margin (1)   6.7%       17.7%     -11.0pt  
Hospitality Adjusted EBITDAre (1) $ 76,164     $ 114,297     -33.4%  
Hospitality Adjusted EBITDAre margin (1)   26.7%       33.9%     -7.2pt  
             
Hospitality Performance Metrics (1)            
Occupancy   57.1%       72.3%     -15.2pt  
Average Daily Rate (ADR) $ 202.09     $ 201.07     0.5%  
RevPAR $ 115.36     $ 145.30     -20.6%  
Total RevPAR $ 310.51     $ 370.93     -16.3%  
             
Gross Definite Rooms Nights Booked   288,771       395,967     -27.1%  
Net Definite Rooms Nights Booked   (415,754 )     273,453     -252.0%  
Group Attrition (as % of contracted block)   16.5 %     13.4   3.1pt  
Cancellations ITYFTY (3)   559,448       24,939     2143.3%  
             
(1) Includes approximately 15,700 room nights out of service during the first quarter 2019 reltaed to the Gaylord Opryland rooms renovation project
(2) Includes $5.8 million credit loss on held-to-maturity securities            
(3) "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 and Total RevPAR” below.  Property-level results and operating metrics for first quarter 2020 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.

Gaylord Opryland

 

($ in thousands, except ADR, RevPAR, and Total RevPAR)      
                 
      Three Months Ended
      March 31,
        2020       2019     % ∆  
                 
Revenue     $ 76,127     $ 88,958     -14.4%  
Operating Income   $ 14,005     $ 21,746     -35.6%  
Operating Income margin   18.4%       24.4%     -6.0pt  
Adjusted EBITDAre   $ 21,520     $ 30,243     -28.8%  
Adjusted EBITDAre margin   28.3%       34.0%     -5.7pt  
                 
Occupancy     60.4%       74.2%     -13.8pt  
Average daily rate (ADR) $ 194.54     $ 191.53     1.6%  
RevPAR     $ 117.46     $ 142.10     -17.3%  
Total RevPAR   $ 289.67     $ 342.25     -15.4%  

Gaylord Opryland Highlights for First Quarter 2020 (As Compared to First Quarter 2019):

  • Occupancy of 60.4% was down 13.8 percentage points while ADR of $194.54 increased 1.6%. RevPAR declined 17.3% to $117.46 and Total RevPAR declined 15.4% to $289.67 on total revenue of $76.1 million, representing a 14.4% decrease. Operating Income decreased 35.6% to $14.0 million, and Adjusted EBITDAre decreased 28.8% to $21.5 million.
  • During January and February, Total RevPAR grew 9.0%, and Adjusted EBITDAre grew 11.8%, driven by a mix shift toward Association room nights, higher occupancy and higher food and beverage revenue, which benefitted from the increase in overall group room nights.
  • In March, Gaylord Opryland generated a modest Operating Loss and slightly positive Adjusted EBITDAre despite the impact of COVID-19 related costs, with occupancy slightly above 30% for the month.
  • The hotel began its temporary closure on March 26th. Total COVID-19 related expenses in the quarter were approximately $2.4 million.

Gaylord Palms

($ in thousands, except ADR, RevPAR, and Total RevPAR)      
                 
      Three Months Ended
      March 31,
        2020       2019     % ∆  
                 
Revenue     $ 45,375     $ 59,916     -24.3%  
Operating Income   $ 7,072     $ 17,600     -59.8%  
Operating Income margin   15.6%       29.4%     -13.8pt  
Adjusted EBITDAre   $ 12,598     $ 23,619     -46.7%  
Adjusted EBITDAre margin   27.8%       39.4%     -11.6pt  
                 
Occupancy     62.6%       82.8%     -20.2pt  
Average daily rate (ADR) $ 216.67     $ 213.38     1.5%  
RevPAR     $ 135.56     $ 176.57     -23.2%  
Total RevPAR   $ 352.14     $ 470.16     -25.1%  


Gaylord Palms Highlights for
First Quarter 2020 (As Compared to First Quarter 2019):

  • Occupancy of 62.6% was down 20.2 percentage points while ADR of $216.67 increased 1.5%. RevPAR declined 23.2% to $135.56 and Total RevPAR declined 25.1% to $352.14 on total revenue of $45.4 million, representing a 24.3% decrease. Operating Income decreased 59.8% to $7.1 million, and Adjusted EBITDAre decreased 46.7% to $12.6 million.
  • The quarter was disproportionately affected by the timing of certain groups’ stays, which were concentrated in the later portion of the quarter after the Company’s COVID-19 mitigation efforts were implemented.
  • During January and February, Total RevPAR increased 1.5% driven by higher occupancy levels, partially offset by a slight decline in ADR and food and beverage revenue in the period.
  • In March, Gaylord Palms generated a modest Operating Loss and modestly negative Adjusted EBITDAre, including the impact of costs related to COVID-19. Occupancy was below 30%.
  • The hotel began its temporary closure on March 25th. Total COVID-19 related expenses in the quarter were approximately $1.4 million.

Gaylord Texan

($ in thousands, except ADR, RevPAR, and Total RevPAR)      
                 
      Three Months Ended
      March 31,
        2020       2019     % ∆  
                 
Revenue     $ 55,996     $ 72,039     -22.3%  
Operating Income   $ 13,379     $ 22,354     -40.1%  
Operating Income margin   23.9%       31.0%     -7.1pt  
Adjusted EBITDAre   $ 19,842     $ 28,998     -31.6%  
Adjusted EBITDAre margin   35.4%       40.3%     -4.9pt  
                 
Occupancy     56.3%       77.9%     -21.6pt  
Average daily rate (ADR) $ 204.70     $ 198.23     3.3%  
RevPAR     $ 115.26     $ 154.39     -25.3%  
Total RevPAR   $ 339.22     $ 441.25     -23.1%  


Gaylord Texan Highlights for
First Quarter 2020 (As Compared to First Quarter 2019):

  • Occupancy of 56.3% was down 21.6 percentage points while ADR of $204.70 increased 3.3%. RevPAR declined 25.3% to $115.26 and Total RevPAR declined 23.1% to $339.22 on total revenue of $56.0 million, representing a 22.3% decline. Operating Income decreased 40.1% to $13.4 million, and Adjusted EBITDAre decreased 31.6% to $19.8 million.
  • During January and February, Total RevPAR grew 2.1% as an increase in total rooms nights sold was partially offset by a shift towards outlet spending and away from banquets and catering.
  • In March, Gaylord Texan generated a modest Operating Loss but modestly positive Adjusted EBITDAre despite the impact of COVID-19 related costs. Occupancy was slightly above 20%.
  • The hotel began its temporary closure on March 25th. Total COVID-19 related expenses in the quarter were approximately $0.9 million.

Gaylord National

($ in thousands, except ADR, RevPAR, and Total RevPAR)      
                 
      Three Months Ended
      March 31,
        2020       2019     % ∆  
                 
Revenue     $ 49,394   $ 65,630   -24.7%  
Operating Income (Loss) $ (12,921)   $ 6,234   -307.3%  
Operating Income margin   -26.2%     9.5%   -35.7pt  
Adjusted EBITDAre   $ 1,313   $ 15,793   -91.7%  
Adjusted EBITDAre margin   2.7%     24.1%   -21.4pt  
                 
Occupancy     51.9%     72.0%   -20.1pt  
Average daily rate (ADR) $ 207.08   $ 218.38   -5.2%  
RevPAR     $ 107.51   $ 157.12   -31.6%  
Total RevPAR   $ 271.94   $ 365.34   -25.6%  


Gaylord National Highlights for
First Quarter 2020 (As Compared to First Quarter 2019):

  • Occupancy of 51.9% was down 20.1 percentage points while ADR of $207.08 decreased 5.2%. RevPAR declined 31.6% to $107.51 and Total RevPAR declined 25.6% to $271.94 on total revenue of $49.4 million, representing a 24.7% decline. Operating Income decreased 307.3% to a loss of $12.9 million, and Adjusted EBITDAre decreased 91.7% to $1.3 million.
  • During January and February, Total RevPAR grew 9.1% driven by increases in occupancy and ADR, as well as by higher outside the room spend on banquets and catering.
  • In March, Gaylord National generated both an Operating Loss and an Adjusted EBITDAre loss, including the impact of COVID-19 related costs. The significant declines in occupancy led to a larger impact on profitability given the higher cost structure at Gaylord National as compared to our other Gaylord Hotels.
  • The hotel began its temporary closure on March 25th. Total COVID-19 related expenses in the quarter were approximately $4.4 million, which includes the impact of paying both employer and employee portions of medical premiums.

Gaylord Rockies

($ in thousands, except ADR, RevPAR, and Total RevPAR)      
                 
      Three Months Ended
    March 31,
        2020       2019     % ∆  
                 
Revenue     $ 54,598   $ 45,243   20.7%  
Operating Loss (1)   $ (1,739)   $ (8,770)   80.2%  
Operating Loss margin   -3.2%     -19.4%   16.2pt  
Adjusted EBITDAre (1) $ 20,870   $ 14,427   44.7%  
Adjusted EBITDAre margin   38.2%     31.9%   6.3pt  
                 
Occupancy     57.4%     55.4%   2.0pt  
Average daily rate (ADR) $ 203.31   $ 196.81   3.3%  
RevPAR     $ 116.63   $ 109.13   6.9%  
Total RevPAR   $ 399.72   $ 334.91   19.4%  


Gaylord Rockies Highlights for
First Quarter 2020 (As Compared to First Quarter 2019):

  • Occupancy of 57.4% was up 2.0 percentage points while ADR of $203.31 increased 3.3%. RevPAR increased 6.9% to $116.63 and Total RevPAR increased 19.4% to $399.72 on total revenue of $54.6 million, representing an increase of 20.7%. Operating Loss improved 80.2% to a loss of $1.7 million, and Adjusted EBITDAre increased 44.7% to $20.9 million.
  • During January and February, revenue growth was strong with Total RevPAR increasing 77.5% compared to the 2019 period due primarily to the fact that the hotel had recently opened in December 2018 and was growing its group business. Higher corporate and association room nights also drove strong food and beverage spend.
  • In March, Gaylord Rockies generated an Operating Loss but delivered positive Adjusted EBITDAre, despite the impact of COVID-19 related costs. Average occupancy was slightly below 30%.
  • The hotel began its temporary closure on March 25th. Total COVID-19 related expenses in the quarter were approximately $1.1 million.

Entertainment Segment

On March 15, 2020, in association with the City of Nashville’s Safer at Home Order, the Company closed its Nashville-based Entertainment assets, excluding Gaylord Springs Golf Links. For the three months ended March 31, 2020 and 2019, the Company reported the following:

         
  Three Months Ended
  March 31,
($ in thousands)   2020     2019   % ∆
       
Revenue $ 27,359 $ 33,265 -17.8%
Operating Income/(Loss)1 $ (5,786) $ 3,736 -254.9%
Operating Income/(Loss) margin   -21.1%   11.2% -32.3pt
Adjusted EBITDAre $ (3,280) $ 7,883 -141.6%
Adjusted EBITDAre margin   -12.0%   23.7% -35.7pt
       
(1) Total COVID-19 related expenses were approximately $3.7 million


Reed continued, “As with our hospitality businesses, we took quick, decisive actions across our managed entertainment assets during the month of March to protect employee, artist and guest safety.  We are monitoring local and state health guidelines for each of the markets in which we operate, and we look forward to reopening each of these venues as soon as it is safe to do so. In the meantime, we are pleased to keep the nearly  95-year tradition of the Grand Ole Opry Saturday night broadcast alive and well through a weekly live performance that, in addition to its broadcast on 650 AM WSM, has been viewed by millions of fans over the last six weeks across 97 countries via our social media channels, Circle TV, and Circle’s local broadcast affiliates.”

Corporate and Other Segment

For the three months ended March 31, 2020 and 2019, the Company reported the following:

  Three Months Ended
  March 31,
($ in thousands)  2020   2019  % ∆
       
Operating Loss1 ($ 8,607 ) ($ 9,401 ) 8.4 %
Adjusted EBITDAre ($ 6,009 ) ($ 7,323 ) 17.9 %
       
(1) Total COVID-19 related expenses were approximately $0.2 million


Corporate and Other Segment Operating Loss and Adjusted EBITDAre loss for first quarter 2020 were reduced compared to the year ago period due to COVID-19 related cost containment initiatives.

Reed concluded, “As we prepare for the possibility that COVID-19 may present a threat for some time, I am heartened by the fact that our company and the communities in which we operate are in a good position to weather the storm, and our customers are eager to return to us. Indeed, work is already underway across our portfolio to create flexible, yet comprehensive reopening plans that will allow our businesses to operate through several stages of recovery. I am confident that we will overcome these challenges and emerge a stronger, more nimble organization and look forward to updating you as we have more to share about our recovery plans.”

Dividend Update
The Company paid its first quarter 2020 cash dividend of $0.95 per share of common stock on April 15, 2020 to stockholders of record on March 31, 2020.  The Company suspended its regular quarterly dividend payments for the remainder of 2020. The Board of Directors will consider a future dividend as permitted by our credit agreement.  Our credit facility amendment described below permits payment of dividends as necessary to maintain our REIT status and permits us to pay a dividend of $0.01 per share each quarter.   Any future dividend is subject to the Board of Director’s determinations as to the amount of distributions and the timing thereof.

Balance Sheet/Liquidity Update
As of March 31, 2020, the Company had total debt outstanding of $2,951.9 million, net of unamortized deferred financing costs, and unrestricted cash of $662.2 million. As of March 31, 2020, $400.0 million of borrowings were drawn under the revolving credit line of the Company’s credit facility, and the lending banks had issued $0.9 million in letters of credit, which left $299.1 million of availability for borrowing under the credit facility.

As previously disclosed, we have taken steps to both preserve and maximize liquidity in this environment while also investing for the future. With this in mind, we have suspended or eliminated $82 million of hotel capital projects for 2020, in addition to delaying the start of the previously announced Gaylord Rockies expansion. The ongoing expansion of the Gaylord Palms will continue to service anticipated future demand. The Gaylord Palms expansion is scheduled to be completed in April 2021. Within our Entertainment Segment, while construction is complete, we delayed the April grand opening of Ole Red Orlando. Finally, we have obtained temporary waivers with respect to certain covenants governing our Credit Facility. We will continue to evaluate our overall capital budget for 2020 as the situation evolves, balancing current and anticipated liquidity needs with future growth opportunities.

On April 23, 2020, the Company entered into an amendment of its credit facility, which provides a waiver of the existing financial covenants through March 31, 2021 and confirms the availability of the remaining undrawn amounts under the revolving credit facility. During the waiver period, the amendment provides for increased interest on outstanding amounts due under the revolving credit facility and the Term Loan A facility, additional restrictions on debt, investments, dividends, share repurchases and certain capital expenditures, and a minimum liquidity requirement. In addition, all borrowings under the revolving credit facility made during the waiver period may only be used for payment of operating expenses, debt service, and permitted capital expenditures and investments.

Guidance
The Company withdrew its earnings guidance for Fiscal Year 2020 on March 8, 2020.

Earnings Call Information

Ryman Hospitality Properties will hold a conference call to discuss this release today at 1 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 country music entertainment experiences. The Company’s core holdings* include a network of five of the top 10 largest non-gaming convention center hotels in the United States based on total indoor meeting space. These convention center resorts operate under the Gaylord Hotels brand and are managed by Marriott International. The Company also owns two adjacent ancillary hotels and a small number of attractions managed by Marriott International for a combined total of 10,110 rooms and more than 2.7 million square feet of total indoor and outdoor meeting space in top convention and leisure destinations across the country. The Company’s Entertainment segment includes a growing collection of iconic and emerging country music brands, including the Grand Ole Opry; Ryman Auditorium, WSM 650 AM; Ole Red and Circle, a country lifestyle media network the Company owns in a joint-venture with Gray Television. The Company operates its Entertainment segment as part of a taxable REIT subsidiary. In December 2019, the Company announced plans to acquire Block 21 a mixed-use entertainment, lodging, office and retail complex that includes the 251-room W Hotel Austin, 53,000 square feet of Class A commercial space and the 2,750-seat ACL Live at the Moody Theater, in Austin, Texas. The transaction is expected to close in the second quarter of 2020. Visit RymanHP.com for more information. 
* The Company is the sole owner of Gaylord Opryland Resort & Convention Center; Gaylord Palms Resort & Convention Center; Gaylord Texan Resort & Convention Center; and Gaylord National Resort & Convention Center. It is the majority owner and managing member of the joint venture that owns Gaylord Rockies Resort & Convention Center.

Cautionary Note Regarding Forward-Looking 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 our business, estimated capital expenditures, new projects or investments, out-of-service rooms, the expected approach to making dividend payments, the board’s ability to alter the dividend policy at any time and other business or operational issues. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the statements made. These include the risks and uncertainties associated with the COVID-19 pandemic, including the effects of the COVID-19 pandemic on us and the hospitality and entertainment industries generally, the effects of the COVID-19 pandemic on the demand for travel, transient and group business (including government-imposed restrictions), levels of consumer confidence in the safety of travel and group gathering as a result of COVID-19, the duration and severity of the COVID-19 pandemic in the United States and the pace of recovery following the COVID-19 pandemic, the duration and severity of the COVID-19 pandemic in the markets where our assets are located, economic conditions affecting the hospitality business generally, the geographic concentration of the Company’s hotel properties, business levels at the Company’s hotels, the Company’s ability to remain qualified as a REIT for federal income tax purposes, the Company’s ability to execute its strategic goals as a REIT, the Company’s ability to generate cash flows to support dividends, future board determinations regarding the timing and amount of dividends and changes to the dividend policy, which could be made at any time, the determination of Adjusted FFO available to common shareholders and REIT taxable income, and the Company’s ability to borrow funds pursuant to its credit agreement. Other factors that could cause operating and financial results to differ are described in the filings made from time to time by the Company with the U.S. Securities and Exchange Commission (SEC) and include the risk factors and other risks and uncertainties described in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019 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 and subsequent filings. 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. Rooms out of service for renovation are included in room nights available. For the three months ended March 31, 2020, the calculation of RevPAR and Total RevPAR has not been changed as a result of the COVID-19 pandemic and the resulting hotel closures and is consistent with prior periods. The closure of our Gaylord Hotel properties has resulted in the significant decrease in performance reflected in these metrics for the three months ended March 31, 2020, as compared to the prior year period.

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

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:

Adjusted EBITDAre and Adjusted EBITDAre, Excluding Noncontrolling Interest 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 or the affiliate, and adjustments to reflect the entity’s share of EBITDAre of unconsolidated affiliates. Adjusted EBITDAre is then calculated as EBITDAre, plus to the extent the following adjustments occurred during the periods presented: preopening costs; non-cash ground lease expense; equity-based compensation expense; impairment charges that do not meet the NAREIT definition above; credit losses on held-to-maturity securities; any transaction costs of acquisitions; interest income on bonds; pension settlement charges; pro rata Adjusted EBITDAre from unconsolidated joint ventures, and any other adjustments we have identified in this release. We then exclude noncontrolling interests in consolidated joint ventures to calculate Adjusted EBITDAre, Excluding Noncontrolling Interest. We make additional adjustments to EBITDAre when evaluating our performance because we believe that presenting Adjusted EBITDAre, Adjusted EBITDAre, Excluding Noncontrolling Interest, and adjustments for certain additional items provide useful information to investors regarding our operating performance and debt leverage metrics, and that the presentation of Adjusted EBITDAre and Adjusted EBITDAre, Excluding Noncontrolling Interest, when combined with the primary GAAP presentation of net income, is beneficial to an investor’s complete understanding of our operating performance. Beginning in the first quarter 2020 with the Company’s adoption of ASU 2016-13, “Financial Instruments – Credit Losses – Measurement of Credit Losses on Financial Instruments,” our definition of Adjusted EBITDAre includes an adjustment for credit loss on held-to-maturity securities; such charges in previous quarters were included in impairment charges that do not meet the NAREIT definition.

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

Adjusted FFO available to common shareholders 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 shareholders, we then exclude, to the extent the following adjustments occurred during the periods presented, right-of-use asset amortization, impairment charges that do not meet the NAREIT definition above; write-offs of deferred financing costs, non-cash ground lease expense, credit loss on held-to-maturity securities, amortization of debt discounts or premiums and amortization of deferred financing costs, 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 (gains) losses on extinguishment of debt. To calculate Adjusted FFO available to common shareholders (excluding maintenance capex), we then exclude FF&E reserve for managed properties and maintenance capital expenditures for non-managed properties. FFO available to common shareholders, Adjusted FFO available to common shareholders, and Adjusted FFO available to common shareholders (excluding maintenance capex) exclude the ownership portion of Gaylord Rockies joint venture not controlled or owned by the Company. Beginning in the first quarter 2020 with the Company’s adoption of ASU 2016-13, “Financial Instruments – Credit Losses – Measurement of Credit Losses on Financial Instruments,” our definition of Adjusted FFO available to common shareholders includes an adjustment for credit loss on held-to-maturity securities; such charges in previous quarters were included in impairment charges that do not meet the NAREIT definition.

We believe that the presentation of FFO available to common shareholders, Adjusted FFO available to common shareholders, and Adjusted FFO available to common shareholders (excluding maintenance capex) provide useful information to investors regarding the performance of our ongoing operations because it is a measure of our operations without regard to specified non-cash items such as real estate depreciation and amortization, gain or loss on sale of assets and certain other items which we believe are not indicative of the performance of our underlying hotel properties. We believe that these items are more representative of our asset base than our ongoing operations. We also use FFO available to common shareholders, Adjusted FFO available to common shareholders, and Adjusted FFO available to common shareholders (excluding maintenance capex) as measures in determining our results after considering the impact of our capital structure. A reconciliation of Net Income (loss) to FFO available to common shareholders and a reconciliation of Net Income (loss) available to common shareholders to Adjusted FFO available to common shareholders and Adjusted FFO available to common shareholders (excluding maintenance capex) is set forth below under “Supplemental Financial Results.”  

We caution investors that amounts presented in accordance with our definitions of Adjusted EBITDAre, Adjusted EBITDAre, Excluding Noncontrolling Interest, Adjusted EBITDAre, Excluding Noncontrolling Interest Margin, FFO available to common shareholders, Adjusted FFO available to common shareholders and Adjusted FFO available to common shareholders (excluding maintenance capex) may not be comparable to similar measures disclosed by other companies, because not all companies calculate these non-GAAP measures in the same manner. Adjusted EBITDAre, Adjusted EBITDAre, Excluding Noncontrolling Interest, Adjusted EBITDAre, Excluding Noncontrolling Interest Margin, FFO available to common shareholders, Adjusted FFO available to common shareholders, and Adjusted FFO available to common shareholders (excluding maintenance capex), and any related per share measures, should not be considered as alternative measures of our Net Income (loss), operating performance, cash flow or liquidity. Adjusted EBITDAre, Adjusted EBITDAre, Excluding Noncontrolling Interest, FFO available to common shareholders, Adjusted FFO available to common shareholders, and Adjusted FFO available to common shareholders (excluding maintenance capex) may include funds that may not be available for our discretionary use due to functional requirements to conserve funds for capital expenditures and property acquisitions and other commitments and uncertainties. Although we believe that Adjusted EBITDAre, Adjusted EBITDAre, Excluding Noncontrolling Interest, Adjusted EBITDAre, Excluding Noncontrolling Interest Margin, FFO available to common shareholders, Adjusted FFO available to common shareholders, and Adjusted FFO available to common shareholders (excluding maintenance capex) can enhance an investor’s understanding of our results of operations, these non-GAAP financial measures, when viewed individually, are not necessarily better indicators of any trend as compared to GAAP measures such as Net Income (loss), Net Income Margin, Operating Income (loss), Operating Income Margin, or cash flow from operations. In addition, you should be aware that adverse economic and market and other conditions may harm our cash flow.  

Investor Relations Contacts: Media Contacts:
Mark Fioravanti, President & Chief Financial Officer Shannon Sullivan, Vice President Corporate and Brand Communications
Ryman Hospitality Properties, Inc. Ryman Hospitality Properties, Inc.
(615) 316-6588 (615) 316-6725
mfioravanti@rymanhp.com ssullivan@rymanhp.com
~or~ ~or~
Todd Siefert, Senior Vice President Corporate Finance & Treasurer Robert Winters
Ryman Hospitality Properties, Inc. Alpha IR Group
(615) 316-6344 (929) 266-6315
tsiefert@rymanhp.com robert.winters@alpha-ir.com



           
RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES
           
 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Unaudited
(In thousands, except per share data)
           
           
           
    Three Months Ended  
    Mar. 31  
      2020       2019    
Revenues :        
  Rooms $ 106,128     $ 132,212    
  Food and beverage   145,750       171,143    
  Other hotel revenue   33,793       34,155    
  Entertainment   27,359       33,265    
    Total revenues   313,030       370,775    
           
Operating expenses:        
  Rooms   32,308       34,969    
  Food and beverage   83,811       91,359    
  Other hotel expenses   90,474       90,939    
  Management fees   5,492       9,756    
    Total hotel operating expenses   212,085       227,023    
  Entertainment   29,346       25,641    
  Corporate   8,136       9,004    
  Preopening costs   801       2,134    
  Gain on sale of assets   (1,261 )     -    
  Credit loss on held-to-maturity securities   5,828       -    
  Depreciation and amortization   53,345       53,009    
    Total operating expenses   308,280       316,811    
           
Operating income   4,750       53,964    
           
Interest expense, net of amounts capitalized   (29,358 )     (32,087 )  
Interest income   2,371       2,908    
Loss from joint ventures   (1,895 )     -    
Other gains and (losses), net   195       (141 )  
Income (loss) before income taxes   (23,937 )     24,644    
           
Provision for income taxes   (26,799 )     (1,974 )  
Net income (Loss)   (50,736 )     22,670    
           
Net loss attributable to noncontrolling interest in consolidated joint venture   4,220       6,738    
Net income (loss) available to common shareholders $ (46,516 )   $ 29,408    
           
Basic income (loss) per share available to common shareholders $ (0.85 )   $ 0.57    
Diluted income (loss) per share available to common shareholders $ (0.85 )   $ 0.57    
           
Weighted average common shares for the period:        
  Basic   54,911       51,349    
  Diluted   54,911       51,949    
           



RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES  
               
CONDENSED CONSOLIDATED BALANCE SHEETS  
Unaudited  
(In thousands)  
               
        Mar. 31   Dec. 31,  
         2020   2019  
               
ASSETS:        
  Property and equipment, net of accumulated depreciation $ 3,129,977   $ 3,130,252  
  Cash and cash equivalents - unrestricted   662,156     362,430  
  Cash and cash equivalents - restricted   64,501     57,966  
  Notes receivable   99,900     110,135  
  Trade receivables, net   78,952     70,768  
  Deferred income tax assets, net   -     25,959  
  Prepaid expenses and other assets   112,236     123,845  
  Intangible assets   197,080     207,113  
    Total assets $ 4,344,802   $ 4,088,468  
               
               
LIABILITIES AND EQUITY:        
  Debt and finance lease obligations $ 2,951,888   $ 2,559,968  
  Accounts payable and accrued liabilities   240,313     264,915  
  Dividends payable   53,037     50,711  
  Deferred management rights proceeds   174,558     175,332  
  Operating lease liabilities   106,925     106,331  
  Deferred income tax liabilities, net   600     -  
  Other liabilities   94,434     64,971  
  Noncontrolling interest in consolidated joint venture   163,026     221,511  
  Stockholders' equity   560,021     644,729  
    Total liabilities and equity $ 4,344,802   $ 4,088,468  
               



               
RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES
SUPPLEMENTAL FINANCIAL RESULTS
ADJUSTED EBITDAre RECONCILIATION
Unaudited
(in thousands)
               
               
    Three Months Ended Mar. 31,  
     2020     2019   
    $ Margin   $ Margin  
  Consolidated            
  Revenue $ 313,030       $ 370,775      
  Net income (loss) $ (50,736 ) -16.2 %   $ 22,670   6.1 %  
  Interest expense, net   26,987         29,179      
  Provision for income taxes   26,799         1,974      
  Depreciation & amortization   53,345         53,009      
  Gain on disposal of assets   (1,261 )       -      
  Pro rata EBITDAre from unconsolidated joint ventures   3         -      
  EBITDAre   55,137   17.6 %     106,832   28.8 %  
  Preopening costs   801         2,134      
  Non-cash ground lease expense   1,117         1,223      
  Equity-based compensation expense   2,230         2,026      
  Credit loss on held-to-maturity securities   5,828         -      
  Interest income on Gaylord National & Gaylord Rockies bonds   1,465         2,642      
  Transaction costs of acquisitions   297         -      
  Adjusted EBITDAre $ 66,875   21.4 %   $ 114,857   31.0 %  
  Adjusted EBITDAre of noncontrolling interest   (7,706 )     $ (5,598 )    
  Adjusted EBITDAre, excluding noncontrolling interest $ 59,169   18.9 %   $ 109,259   29.5 %  
               
  Hospitality segment            
  Revenue $ 285,671       $ 337,510      
  Operating income $ 19,143   6.7 %   $ 59,629   17.7 %  
  Depreciation & amortization   49,769         50,133      
  Gain on disposal of assets   (1,261 )       -      
  Preopening costs   107         725      
  Non-cash lease expense   1,113         1,168      
  Credit loss on held-to-maturity securities   5,828         -      
  Interest income on Gaylord National & Gaylord Rockies bonds   1,465         2,642      
  Adjusted EBITDAre $ 76,164   26.7 %   $ 114,297   33.9 %  
               
  Entertainment segment            
  Revenue $ 27,359       $ 33,265      
  Operating income (loss) $ (5,786 ) -21.1 %   $ 3,736   11.2 %  
  Depreciation & amortization   3,105         2,479      
  Preopening costs   694         1,409      
  Non-cash lease expense   4         55      
  Equity-based compensation   298         204      
  Transaction costs of acquisitions   297         -      
  Pro rata adjusted EBITDAre from unconsolidated joint ventures   (1,892 )       -      
  Adjusted EBITDAre $ (3,280 ) -12.0 %   $ 7,883   23.7 %  
               
  Corporate and Other segment            
  Operating loss $ (8,607 )     $ (9,401 )    
  Depreciation & amortization   471         397      
  Other gains and (losses), net   195         (141 )    
  Equity-based compensation   1,932         1,822      
  Adjusted EBITDAre $ (6,009 )     $ (7,323 )    
               



         
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 Mar. 31,
     2020     2019 
  Consolidated      
  Net income (loss) $ (50,736 )   $ 22,670  
  Noncontrolling interest   4,220       6,738  
  Net income (loss) available to common shareholders   (46,516 )     29,408  
  Depreciation & amortization   53,308       52,968  
  Adjustments for noncontrolling interest   (8,557 )     (8,697 )
  Pro rata adjustments from joint ventures   5       -  
  FFO available to common shareholders   (1,760 )     73,679  
         
  Right-of-use asset amortization   37       41  
  Non-cash lease expense   1,117       1,223  
  Credit loss on held-to-maturity securities   5,828       -  
  Gain on other assets   (1,261 )     -  
  Amortization of deferred financing costs   1,894       1,927  
  Amortization of debt premiums   (67 )     -  
  Adjustments for noncontrolling interest   (214 )     (213 )
  Transaction costs of acquisitions   297       -  
  Deferred tax expense   26,559       1,100  
  Adjusted FFO available to common shareholders $ 32,430     $ 77,757  
  Capital expenditures (1)   (13,719 )     (15,329 )
  Adjusted FFO available to common shareholders (ex. maintenance capex) $ 18,711     $ 62,428  
         
         
  Basic net income (loss) per share $ (0.85 )   $ 0.57  
  Diluted net income (loss) per share $ (0.85 )   $ 0.57  
         
  FFO available to common shareholders per basic share $ (0.03 )   $ 1.43  
  Adjusted FFO available to common shareholders per basic share $ 0.59     $ 1.51  
         
  FFO available to common shareholders per diluted share $ (0.03205 )   $ 1.41829  
  Adjusted FFO available to common shareholders per diluted share $ 0.59     $ 1.50  
         
    (1) Represents FF&E reserve for managed properties and maintenance capital expenditures for non-managed properties. Note that beginning in
    March 2020, as a result of the COVID-19 pandemic, contributions to the FF&E reserve for managed properties have been temporarily suspended
         



               
RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES
SUPPLEMENTAL FINANCIAL RESULTS
HOSPITALITY SEGMENT ADJUSTED EBITDAre RECONCILIATIONS AND OPERATING METRICS
Unaudited
(in thousands)
               
       
    Three Months Ended Mar. 31,  
     2020     2019   
    $ Margin   $ Margin  
  Hospitality segment            
  Revenue $ 285,671       $ 337,510      
  Operating income $ 19,143   6.7 %   $ 59,629   17.7 %  
  Depreciation & amortization   49,769         50,133      
  Gain on disposal of assets   (1,261 )       -      
  Preopening costs   107         725      
  Non-cash lease expense   1,113         1,168      
  Credit loss on held-to-maturity securities   5,828         -      
  Interest income on Gaylord National and Gaylord Rockies bonds   1,465         2,642      
  Adjusted EBITDAre $ 76,164   26.7 %   $ 114,297   33.9 %  
               
  Occupancy   57.1%         72.3%      
  Average daily rate (ADR) $ 202.09       $ 201.07      
  RevPAR $ 115.36       $ 145.30      
  OtherPAR $ 195.15       $ 225.63      
  Total RevPAR $ 310.51       $ 370.93      
               
               
               
  Gaylord Opryland            
  Revenue $ 76,127       $ 88,958      
  Operating income $ 14,005   18.4 %   $ 21,746   24.4 %  
  Depreciation & amortization   8,798         8,442      
  Gain on disposal of assets   (1,261 )       -      
  Preopening costs   -         55      
  Non-cash lease revenue   (22 )       -      
  Adjusted EBITDAre $ 21,520   28.3 %   $ 30,243   34.0 %  
               
  Occupancy   60.4%         74.2%      
  Average daily rate (ADR) $ 194.54       $ 191.53      
  RevPAR $ 117.46       $ 142.10      
  OtherPAR $ 172.21       $ 200.15      
  Total RevPAR $ 289.67       $ 342.25      
               
               
               
  Gaylord Palms            
  Revenue $ 45,375       $ 59,916      
  Operating income $ 7,072   15.6 %   $ 17,600   29.4 %  
  Depreciation & amortization   4,284         4,851      
  Preopening costs   107         -      
  Non-cash lease expense   1,135         1,168      
  Adjusted EBITDAre $ 12,598   27.8 %   $ 23,619   39.4 %  
               
  Occupancy   62.6%         82.8%      
  Average daily rate (ADR) $ 216.67       $ 213.38      
  RevPAR $ 135.56       $ 176.57      
  OtherPAR $ 216.58       $ 293.59      
  Total RevPAR $ 352.14       $ 470.16      
               
               
               
  Gaylord Texan            
  Revenue $ 55,996       $ 72,039      
  Operating income $ 13,379   23.9 %   $ 22,354   31.0 %  
  Depreciation & amortization   6,463         6,644      
  Adjusted EBITDAre $ 19,842   35.4 %   $ 28,998   40.3 %  
               
  Occupancy   56.3%         77.9%      
  Average daily rate (ADR) $ 204.70       $ 198.23      
  RevPAR $ 115.26       $ 154.39      
  OtherPAR $ 223.96       $ 286.86      
  Total RevPAR $ 339.22       $ 441.25      
               
               
               
  Gaylord National            
  Revenue $ 49,394       $ 65,630      
  Operating income (loss) $ (12,921 ) -26.2 %   $ 6,234   9.5 %  
  Depreciation & amortization   6,941         6,983      
  Credit loss on held-to-maturity securities   5,828         -      
  Interest income on Gaylord National bonds   1,465         2,576      
  Adjusted EBITDAre $ 1,313   2.7 %   $ 15,793   24.1 %  
               
  Occupancy   51.9%         72.0%      
  Average daily rate (ADR) $ 207.08       $ 218.38      
  RevPAR $ 107.51       $ 157.12      
  OtherPAR $ 164.43       $ 208.22      
  Total RevPAR $ 271.94       $ 365.34      
               
               
               
  Gaylord Rockies            
  Revenue $ 54,598       $ 45,243      
  Operating loss (1) $ (1,739 ) -3.2 %   $ (8,770 ) -19.4 %  
  Depreciation & amortization   22,609         22,461      
  Preopening costs   -         670      
  Interest income on Gaylord Rockies bonds   -         66      
  Adjusted EBITDAre (1) $ 20,870   38.2 %   $ 14,427   31.9 %  
               
  Occupancy   57.4%         55.4%      
  Average daily rate (ADR) $ 203.31       $ 196.81      
  RevPAR $ 116.63       $ 109.13      
  OtherPAR $ 283.09       $ 225.78      
  Total RevPAR $ 399.72       $ 334.91      
               
               
               
  The AC Hotel at National Harbor            
  Revenue $ 1,849       $ 2,435      
  Operating income (loss) $ (317 ) -17.1 %   $ 221   9.1 %  
  Depreciation & amortization   336         335      
  Adjusted EBITDAre $ 19   1.0 %   $ 556   22.8 %  
               
  Occupancy   43.6%         59.0%      
  Average daily rate (ADR) $ 206.29       $ 206.65      
  RevPAR $ 90.00       $ 121.97      
  OtherPAR $ 15.83       $ 18.95      
  Total RevPAR $ 105.83       $ 140.92      
               
               
               
  The Inn at Opryland (2)            
  Revenue $ 2,332       $ 3,289      
  Operating income (loss) $ (336 ) -14.4 %   $ 244   7.4 %  
  Depreciation & amortization   338         417      
  Adjusted EBITDAre $ 2   0.1 %   $ 661   20.1 %  
               
  Occupancy   45.8%         65.0%      
  Average daily rate (ADR) $ 137.36       $ 140.69      
  RevPAR $ 62.90       $ 91.44      
  OtherPAR $ 21.69       $ 29.12      
  Total RevPAR $ 84.59       $ 120.56      
               
  (1) Operating loss and Adjusted EBITDAre for Gaylord Rockies exclude asset management fees paid to RHP of $0.5 million
  during each of the three months ended March 31, 2020 and 2019.          
  (2) Includes other hospitality revenue and expense            
               

Ryman Hospitality Group logo.jpg

Source: Ryman Hospitality Properties, Inc.

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