Ryman Hospitality Properties, Inc. Reports Fourth Quarter and Full Year 2023 Results

February 22, 2024

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 margin 12.1%     14.2%
Adjusted EBITDAre   $10,296     $27,901
Adjusted EBITDAre margin 24.5%     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) 2 3.50%   5.50%   4.50%
Consolidated Hospitality Total RevPAR growth (same-store) 2 3.25%   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 EBITDAre and Adjusted EBITDAre, Excluding Noncontrolling Interest in Consolidated Joint Venture Definition
We calculate EBITDAre, which is defined by the National Association of Real Estate Investment Trusts (“NAREIT”) in its September 2017 white paper as Net Income (calculated in accordance with GAAP) plus interest expense, income tax expense, depreciation and amortization, gains or losses on the disposition of depreciated property (including gains or losses on change in control), impairment write-downs of depreciated property and of investments in unconsolidated affiliates caused by a decrease in the value of depreciated property of the affiliate, and adjustments to reflect the entity’s share of EBITDAre of unconsolidated affiliates.

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

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

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

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

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

FFO, Adjusted FFO, and Adjusted FFO available to common stockholders and unit holders Definition
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 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~
Jennifer Hutcheson, Chief Financial Officer Robert Winters
Ryman Hospitality Properties, Inc. Alpha IR Group
(615) 316-6320 (929) 266-6315
jhutcheson@rymanhp.com robert.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