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Ryman Hospitality Properties, Inc. Reports Third Quarter 2023 Results

Nov 6, 2023

NASHVILLE, Tenn., Nov. 06, 2023 (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 ended September 30, 2023.

Third Quarter 2023 Highlights and Recent Developments:

  • The Company generated record third quarter consolidated revenue of $528.5 million, solid consolidated net income of $40.8 million and record third quarter consolidated Adjusted EBITDAre of $170.9 million.
  • Same-store Hospitality segment achieved record third quarter revenue of $396.2 million, driven by record third quarter ADR.1
  • During the quarter, the Company booked over 695,000 gross advanced group room nights for the same-store Hospitality portfolio for all future years, at a record ADR of $268, an increase of 6.3% over the ADR achieved in Q3 2022 for all future year bookings.
  • Opry Entertainment Group (OEG), our Entertainment segment, delivered another strong quarter, setting third quarter records for revenue, operating income, and Adjusted EBITDAre, led by the strength of our Nashville assets.
  • The Company is updating its full year 2023 guidance to reflect strong year-to-date financial results and sustained confidence in the remainder of 2023.

________________
1
 Same-store Hospitality segment excludes JW Marriott San Antonio Hill Country Resort & Spa (“JW Marriott Hill Country”), which was acquired June 30, 2023.

Mark Fioravanti, President and Chief Executive Officer of Ryman Hospitality Properties, said, “We are pleased to deliver another strong quarter marked by numerous quarterly and all-time records. Our financial performance is a testament to the underlying strength of our businesses and the successful execution of our growth strategy. In our Hospitality segment, we continued to add meaningfully to our healthy forward book of business, as we had one of our strongest quarters ever in terms of rooms revenue production and ADR growth for all future periods. Additionally, this quarter marked the first quarter of our ownership of the JW Marriott Hill Country in San Antonio, Texas. We are pleased with its performance this quarter and remain excited about the growth opportunities for this asset. The demand for our Entertainment business remains strong, as this segment delivered record third quarter revenue, operating income and Adjusted EBITDAre. We are updating our full year 2023 guidance as a result of our strong third quarter financial performance.”

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

($ in thousands, except per share amounts) Three Months Ended     Nine Months Ended
  September 30,     September 30,
    2023       2022     % ∆       2023       2022     % ∆
Total Revenue $ 528,511     $ 467,755     13.0%       $ 1,525,073     $ 1,237,094     23.3%  
                         
Operating income $ 101,923     $ 97,005     5.1%       $ 329,813     $ 210,847     56.4%  
Operating income margin   19.3%       20.7%     -1.4pt         21.6%       17.0%     4.6pt  
                         
Net income (1) $ 40,785     $ 47,451     -14.0%       $ 171,922     $ 73,578     133.7%  
Net income margin (1)   7.7%       10.1%     -2.4pt         11.3%       5.9%     5.4pt  
                         
Net income available to common stockholders (1) $ 41,227     $ 45,241     -8.9%       $ 169,090     $ 70,904     138.5%  
Net income available to common stockholders margin (1)   7.8%       9.7%     -1.9pt         11.1%       5.7%     5.4pt  
Net income available to common stockholders per diluted share (1) $ 0.64     $ 0.79     -19.0%       $ 2.78     $ 1.28     117.2%  
                         
Adjusted EBITDAre $ 170,874     $ 151,125     13.1%       $ 503,251     $ 387,744     29.8%  
Adjusted EBITDAre margin   32.3%       32.3%     0.0pt         33.0%       31.3%     1.7pt  
Adjusted EBITDAre, excluding noncontrolling interest in consolidated joint venture $ 163,188     $ 144,780     12.7%       $ 482,450     $ 380,268     26.9%  
Adjusted EBITDAre, excluding noncontrolling interest in consolidated joint venture margin   30.9%       31.0%     -0.1pt         31.6%       30.7%     0.9pt  
                         
Funds From Operations (FFO) available to common stockholders and unit holders $ 97,931     $ 91,951     6.5%       $ 320,096     $ 230,292     39.0%  
FFO available to common stockholders and unit holders per diluted share/unit $ 1.52     $ 1.57     -3.2%       $ 5.21     $ 4.13     26.2%  
                         
Adjusted FFO available to common stockholders and unit holders $ 111,279     $ 100,773     10.4%       $ 347,264     $ 250,462     38.6%  
Adjusted FFO available to common stockholders and unit holders per diluted share/unit $ 1.73     $ 1.72     0.6%       $ 5.65     $ 4.49     25.8%  
                         
(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 expected to cease December 31, 2023. As a result, we incurred a loss related to Circle of approximately $10.6 million in the three and nine months ended September 30, 2023.

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 shareholders and unit holders, and Adjusted FFO available to common shareholders 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 shareholders 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 shareholders and unit holders Definition” and “Supplemental Financial Results” below.

Hospitality Segment

($ in thousands, except ADR, RevPAR, and Total RevPAR)
                         
  Three Months Ended     Nine Months Ended
  September 30,     September 30,
    2023       2022     % ∆       2023       2022     % ∆
                         
Hospitality Revenue $ 446,198     $ 390,602     14.2%       $ 1,288,322     $ 1,053,515     22.3%  
Same-Store Hospitality Revenue (1) $ 396,172     $ 390,602     1.4%       $ 1,237,575     $ 1,053,515     17.5%  
                         
Hospitality operating income $ 91,723     $ 88,901     3.2%       $ 305,526     $ 205,142     48.9%  
Hospitality operating income margin   20.6%       22.8%     -2.2pt         23.7%       19.5%     4.2pt  
Hospitality Adjusted EBITDAre $ 152,544     $ 136,710     11.6%       $ 456,446     $ 362,025     26.1%  
Hospitality Adjusted EBITDAre margin   34.2%       35.0%     -0.8pt         35.4%       34.4%     1.0pt  
                         
Same-Store Hospitality operating income (1) $ 83,847     $ 88,901     -5.7 %     $ 297,422     $ 205,142     45.0%  
Same-Store Hospitality operating income margin (1)   21.2%       22.8%     -1.6pt         24.0%       19.5%     4.5pt  
Same-Store Hospitality Adjusted EBITDAre (1) $ 135,167     $ 136,710     -1.1 %     $ 438,841     $ 362,025     21.2%  
Same-Store Hospitality Adjusted EBITDAre margin (1)   34.1%       35.0%     -0.9pt         35.5%       34.4%     1.1pt  
                         
Hospitality Performance Metrics                        
Occupancy   71.8%       71.5%     0.3pt         72.3%       63.9%     8.4pt  
Average Daily Rate (ADR) $ 239.00     $ 226.20     5.7%       $ 240.53     $ 230.07     4.5%  
RevPAR $ 171.71     $ 161.75     6.2%       $ 173.80     $ 147.07     18.2%  
Total RevPAR $ 424.91     $ 407.77     4.2%       $ 439.00     $ 370.63     18.4%  
                         
Same-Store Hospitality Performance Metrics (1)                        
Occupancy   71.8%       71.5%     0.3pt         72.3%       63.9%     8.4pt  
Average Daily Rate (ADR) $ 230.50     $ 226.20     1.9%       $ 237.74     $ 230.07     3.3%  
RevPAR $ 165.58     $ 161.75     2.4%       $ 171.80     $ 147.07     16.8%  
Total RevPAR $ 413.58     $ 407.77     1.4%       $ 435.39     $ 370.63     17.5%  
                         
Gross Definite Rooms Nights Booked   695,423       614,346     13.2%         1,695,578       1,637,571     3.5%  
Net Definite Rooms Nights Booked   546,724       416,128     31.4%         1,247,311       994,838     25.4%  
Group Attrition (as % of contracted block)   14.7%       19.2%     -4.5pt         15.5%       22.2%     -6.7pt  
Cancellations ITYFTY (2)   11,219       21,063     -46.7 %       65,187       203,129     -67.9 %
                         
(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 third 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.

Third Quarter 2023 Hospitality Segment Highlights

  • Same-store Hospitality portfolio achieved third quarter record revenue of $396.2 million, driven by third quarter record ADR of nearly $231, an increase of 1.9% from Q3 2022.
  • Same-store Hospitality portfolio achieved occupancy levels of 71.8%, up 30 basis points from Q3 2022, supported by over 513,000 group room nights traveled, a 3.1% increase over group room nights traveled in Q3 2022.
  • Same-store RevPAR and Total RevPAR for the quarter increased by 2.4% and 1.4%, respectively, compared to Q3 2022.
  • Room revenues production for all future years remained strong, marking an all-time third quarter record for the same-store portfolio.
  • Actualized cancellations in the year for the year declined from Q3 2022 and continue to normalize in the post pandemic environment.
  • Same-store incentive management fee expense increased to $7.1 million in the quarter, up from $3.4 million in Q3 2022.

Gaylord Opryland

($ in thousands, except ADR, RevPAR, and Total RevPAR)           
                             
    Three Months Ended     Nine Months Ended  
    September 30,     September 30,  
      2023       2022     % ∆       2023       2022     % ∆  
                             
Revenue   $ 111,939     $ 106,819     4.8%       $ 334,220     $ 285,835     16.9%    
Operating income   $ 29,549     $ 29,488     0.2%       $ 93,255     $ 76,914     21.2%    
Operating income margin   26.4%       27.6%     -1.2pt         27.9%       26.9%     1.0pt    
Adjusted EBITDAre   $ 38,022     $ 38,149     -0.3%       $ 118,770     $ 102,696     15.7%    
Adjusted EBITDAre margin   34.0%       35.7%     -1.7pt         35.5%       35.9%     -0.4pt    
                               
Occupancy     72.7%       73.0%     -0.3pt         72.2%       65.7%     6.5pt    
Average daily rate (ADR) $ 242.37     $ 236.83     2.3%       $ 244.82     $ 236.35     3.6%    
RevPAR   $ 176.18     $ 172.98     1.8%       $ 176.66     $ 155.36     13.7%    
Total RevPAR   $ 421.30     $ 402.04     4.8%       $ 423.91     $ 362.54     16.9%    
                             

Gaylord Palms

($ in thousands, except ADR, RevPAR, and Total RevPAR)           
                             
    Three Months Ended     Nine Months Ended  
    September 30,     September 30,  
      2023       2022     % ∆       2023       2022     % ∆  
                             
Revenue   $ 63,885     $ 60,516     5.6%       $ 222,260     $ 188,653     17.8%    
Operating income   $ 9,249     $ 9,611     -3.8%       $ 55,205     $ 43,687     26.4%    
Operating income margin   14.5%       15.9%     -1.4pt         24.8%       23.2%     1.6pt    
Adjusted EBITDAre   $ 15,930     $ 16,204     -1.7%       $ 75,100     $ 63,531     18.2%    
Adjusted EBITDAre margin   24.9%       26.8%     -1.9pt         33.8%       33.7%     0.1pt    
                               
Occupancy     67.4%       65.2%     2.2pt         74.2%       65.2%     9.0pt    
Average daily rate (ADR) $ 214.22     $ 213.17     0.5%       $ 239.56     $ 232.26     3.1%    
RevPAR   $ 144.33     $ 139.08     3.8%       $ 177.67     $ 151.39     17.4%    
Total RevPAR   $ 404.19     $ 382.88     5.6%       $ 473.89     $ 402.23     17.8%    
                             

Gaylord Texan

($ in thousands, except ADR, RevPAR, and Total RevPAR)                  
                           
    Three Months Ended   Nine Months Ended
    September 30,   September 30,
      2023       2022     % ∆       2023       2022     % ∆
                           
Revenue   $ 73,991     $ 70,734     4.6%       $ 241,868     $ 205,035     18.0%  
Operating income   $ 19,555     $ 18,873     3.6%       $ 73,748     $ 57,523     28.2%  
Operating income margin   26.4%       26.7%     -0.3pt         30.5%       28.1%     2.4pt  
Adjusted EBITDAre   $ 25,225     $ 24,577     2.6%       $ 90,902     $ 75,667     20.1%  
Adjusted EBITDAre margin   34.1%       34.7%     -0.6pt         37.6%       36.9%     0.7pt  
                               
Occupancy     73.0%       70.6%     2.4pt         75.0%       67.6%     7.4pt  
Average daily rate (ADR) $ 233.92     $ 227.40     2.9%       $ 233.19     $ 227.10     2.7%  
RevPAR   $ 170.68     $ 160.63     6.3%       $ 175.00     $ 153.60     13.9%  
Total RevPAR   $ 443.36     $ 423.84     4.6%       $ 488.40     $ 414.03     18.0%  
                                               

Gaylord National

($ in thousands, except ADR, RevPAR, and Total RevPAR)                  
                           
    Three Months Ended     Nine Months Ended
    September 30,     September 30,
      2023       2022     % ∆       2023       2022     % ∆
                           
Revenue   $ 72,124     $ 68,925     4.6%       $ 221,910     $ 173,735     27.7%  
Operating income   $ 9,855     $ 9,044     9.0%       $ 32,836     $ 10,593     210.0%  
Operating income margin   13.7%       13.1%     0.6pt         14.8%       6.1%     8.7pt  
Adjusted EBITDAre   $ 25,605     $ 21,550     18.8%       $ 67,678     $ 42,777     58.2%  
Adjusted EBITDAre margin   35.5%       31.3%     4.2pt         30.5%       24.6%     5.9pt  
                               
Occupancy     71.5%       65.4%     6.1pt         68.9%       55.1%     13.8pt  
Average daily rate (ADR) $ 216.85     $ 220.25     -1.5 %     $ 235.67     $ 232.23     1.5%  
RevPAR   $ 155.12     $ 144.11     7.6%       $ 162.38     $ 127.99     26.9%  
Total RevPAR   $ 392.76     $ 375.35     4.6%       $ 407.24     $ 318.83     27.7%  
                           

Gaylord Rockies

($ in thousands, except ADR, RevPAR, and Total RevPAR)           
                             
    Three Months Ended   Nine Months Ended  
    September 30,   September 30,  
      2023       2022     % ∆       2023       2022     % ∆  
                             
Revenue   $ 68,203     $ 77,346     -11.8%       $ 199,377     $ 182,888     9.0%    
Operating income   $ 14,970     $ 20,967     -28.6%       $ 40,529     $ 14,398     181.5%    
Operating income margin   21.9%       27.1%     -5.2pt         20.3%       7.9%     12.4pt    
Adjusted EBITDAre   $ 29,171     $ 34,670     -15.9%       $ 82,899     $ 73,399     12.9%    
Adjusted EBITDAre margin   42.8%       44.8%     -2.0pt         41.6%       40.1%     1.5pt    
                                 
Occupancy     79.9%       86.9%     -7.0pt         75.9%       67.7%     8.2pt    
Average daily rate (ADR) $ 245.52     $ 237.69     3.3%       $ 242.57     $ 232.32     4.4%    
RevPAR   $ 196.19     $ 206.65     -5.1%       $ 184.12     $ 157.35     17.0%    
Total RevPAR   $ 493.90     $ 560.11     -11.8%       $ 486.56     $ 446.32     9.0%    
                             

JW Marriott Hill Country1

($ in thousands, except ADR, RevPAR, and Total RevPAR)         
             
  Three Months Ended     Nine Months Ended
  September 30,     September 30,
    2023           2023    
             
Revenue $ 50,026         $ 50,747    
Operating income $ 7,876         $ 8,104    
Operating income margin   15.7%           16.0%    
Adjusted EBITDAre $ 17,377         $ 17,605    
Adjusted EBITDAre margin   34.7%           34.7%    
             
Occupancy   72.0%           72.0%    
Average daily rate (ADR) $ 327.17         $ 327.17    
RevPAR $ 235.43         $ 235.43    
Total RevPAR $ 542.67         $ 550.50    
             
             

JW Marriott Hill Country was acquired by the Company on June 30, 2023, therefore there are no comparison figures. Third quarter 2023 represents the first full period of operations for the hotel under the Company’s ownership.


Entertainment Segment

For the three and nine months ended September 30, 2023, and 2022, the Company reported the following:

($ in thousands) Three Months Ended   Nine Months Ended  
  September 30,   September 30,  
    2023     2022   % ∆     2023     2022   % ∆  
                 
Revenue $ 82,313   $ 77,153   6.7%     $ 236,751   $ 183,579   29.0%    
Operating income $ 20,523   $ 17,756   15.6%     $ 55,515   $ 38,212   45.3%    
Operating income margin   24.9%     23.0%   1.9pt       23.4%     20.8%   2.6pt    
Adjusted EBITDAre $ 25,618   $ 21,174   21.0%     $ 69,380   $ 48,037   44.4%    
Adjusted EBITDAre margin   31.1%     27.4%   3.7pt       29.3%     26.2%   3.1pt    
                 

Fioravanti continued, “Our Entertainment segment delivered another solid quarter, as we continue to see strong demand for live entertainment. We are particularly excited for the next addition to OEG’s Ole Red brand in early 2024 with the opening of Ole Red Las Vegas. In addition, we recently announced value-enhancing investments for our Block 21 asset in Austin, Texas, and to reposition the Wildhorse Saloon in Nashville, which will create additional growth opportunities going forward.”


Corporate and Other Segment

For the three and nine months ended September 30, 2023, and 2022, the Company reported the following:

($ in thousands) Three Months Ended   Nine Months Ended  
  September 30,   September 30,  
    2023     2022   % ∆     2023     2022   % ∆  
                 
Operating loss ($10,323)   ($9,652)   -7.0%     ($31,228)   ($32,507)   3.9%    
Adjusted EBITDAre ($7,288)   ($6,759)   -7.8%     ($22,575)   ($22,318)   -1.2%    
   

Fioravanti concluded, “The continued strength of our businesses and the robust bookings from our group customers across all future periods gives us confidence to continue to invest across our hospitality and entertainment businesses to drive growth and value creation for our stakeholders.”

2023 Guidance

The Company is updating its 2023 business performance outlook based on current information as of November 6, 2023. The Company does not expect to update the guidance provided below before next quarter’s earnings release. However, the Company may update its full business outlook or any portion thereof at any time for any reason.

($ in millions, except per share figures) New Guidance   New FY     Prior Guidance   Prior FY     Change  
  Full Year 2023(1)   2023 Guidance(1)     Full Year 2023   2023 Guidance        
  Low      High     Midpoint     Low      High     Midpoint     Midpoint  
                                         
Consolidated Hospitality RevPAR growth (same-store)(2) 11.5%     13.0%     12.3%     11.0%     13.5%     12.3%     0.0%  
Consolidated Hospitality Total RevPAR growth (same-store)(2) 11.5%     12.5%     12.0%     8.5%     10.5%     9.5%     2.5%  
                                         
Operating Income                                        
Hospitality $    413.0     $    427.5     $                     420.3     $    405.5     $    427.5     $                     416.5     $          3.8  
Entertainment  77.5     79.0     78.3     76.0     80.5     78.3     -  
Corporate and Other (44.0 )   (43.5 )   (43.8 )   (44.0 )   (43.0 )   (43.5 )   (0.3 )
Consolidated Operating Income      446.5          463.0                          454.8          437.5          465.0                          451.3                 3.5  
                                         
Adjusted EBITDAre                                        
Hospitality $    607.0     $    629.0     $                     618.0     $    597.0     $    629.0     $                     613.0     $          5.0  
Entertainment  97.0     101.0     99.0     94.0     104.0     99.0     -  
Corporate and Other (32.0 )   (30.0 )   (31.0 )   (32.0 )   (29.0 )   (30.5 )   (0.5 )
Consolidated Adjusted EBITDAre      672.0          700.0                          686.0          659.0          704.0                          681.5                 4.5  
                                         
Net Income $    231.0     $    240.3     $                     235.6     $    223.5     $    243.5     $                     233.5     $          2.1  
Net Income available to common shareholders $    224.8     $    236.0     $                     230.4     $    222.5     $    232.5     $                     227.5     $          2.9  
                                         
Funds from Operations (FFO) available to common shareholders $    420.5     $    440.3     $                     430.4     $    415.8     $    438.0     $                     426.9     $          3.5  
Adjusted FFO available to common shareholders $    448.5     $    474.5     $                     461.5     $    437.0     $    466.0     $                     451.5     $        10.0  
                                         
Net Income available to common shareholders per diluted share $      3.70     $      3.87     $                       3.79     $      3.69     $      3.82     $                       3.76     $        0.03  
                                         
Estimated Diluted Shares Outstanding (in millions) 62.2     62.2     62.2     62.4     62.4     62.4     (0.2 )
                                         
(1) Includes JW Marriott Hill Country, except as otherwise noted                        
(2) Same-store excludes JW Marriott Hill Country                        

Note: For reconciliations of Consolidated Adjusted EBITDAre guidance to Net Income, segment-level Adjusted EBITDAre to segment-level Operating Income, and FFO and Adjusted FFO available to common shareholders to Net Income available to common shareholders per diluted share, see “Reconciliation of Forward-Looking Statements” below.

Dividend Update
On October 16, 2023, the Company paid the previously announced quarterly cash dividend of $1.00 per common share, which was paid to stockholders of record as of September 29, 2023.

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 2023 of $3.75 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 September 30, 2023, the Company had total debt outstanding of $3,374.8 million, net of unamortized deferred financing costs, and unrestricted cash of $543.1 million. As of September 30, 2023, there were no amounts drawn under the revolving credit lines of the Company’s credit facility or the OEG credit facility, and the lending banks had issued $14.6 million in letters of credit under the Company’s revolving credit facility, which left $750.4 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, November 7, 2023, at 10:00 a.m. ET. Investors can listen to the conference call over the Internet at www.rymanhp.com. To listen to the live call, please go to the Investor Relations section of the website (Investor Relations/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, statements regarding the Company’s integration of the JW Marriott Hill Country and the Company’s pursuit of additional value creation opportunities at the JW Marriott Hill Country 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, any effects of COVID-19 on the Company’s and the hospitality and entertainment industries generally, 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 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. 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 in 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 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   Nine Months Ended
    Sep. 30,   Sep. 30,
      2023       2022       2023       2022  
Revenues :              
  Rooms $ 180,309     $ 154,940     $ 510,052     $ 418,039  
  Food and beverage   202,850       186,188       616,562       486,387  
  Other hotel revenue   63,039       49,474       161,708       149,089  
  Entertainment   82,313       77,153       236,751       183,579  
      Total revenues   528,511       467,755       1,525,073       1,237,094  
                 
Operating expenses:              
  Rooms   45,879       41,366       128,210       112,740  
  Food and beverage   117,435       103,221       339,642       272,039  
  Other hotel expenses   122,748       103,321       330,397       289,248  
  Management fees   15,947       11,276       46,560       27,542  
      Total hotel operating expenses   302,009       259,184       844,809       701,569  
  Entertainment   56,222       54,148       164,744       131,549  
  Corporate   10,103       9,449       30,582       31,423  
  Preopening costs   168       -       425       525  
  Loss on sale of assets   -       -       -       469  
  Depreciation and amortization   58,086       47,969       154,700       160,712  
      Total operating expenses   426,588       370,750       1,195,260       1,026,247  
                 
Operating income   101,923       97,005       329,813       210,847  
                 
Interest expense, net of amounts capitalized   (58,521 )     (40,092 )     (150,228 )     (105,987 )
Interest income   6,112       1,378       13,977       4,138  
Loss on extinguishment of debt   -       -       (2,252 )     (1,547 )
Loss from unconsolidated joint ventures (1)   (12,566 )     (2,720 )     (17,525 )     (8,348 )
Other gains and (losses), net   5,993       2,058       5,470       2,222  
Income before income taxes   42,941       57,629       179,255       101,325  
                 
Provision for income taxes   (2,156 )     (10,178 )     (7,333 )     (27,747 )
Net income   40,785       47,451       171,922       73,578  
                 
Net (income) loss attributable to noncontrolling interest in consolidated joint venture    715       (1,887 )     (1,656 )     (2,167 )
Net income attributable to noncontrolling interest in Operating Partnership   (273 )     (323 )     (1,176 )     (507 )
Net income available to common stockholders $ 41,227     $ 45,241     $ 169,090     $ 70,904  
                 
Basic income per share available to common stockholders $ 0.69     $ 0.82     $ 2.96     $ 1.29  
Diluted income per share available to common stockholders (2) $ 0.64     $ 0.79     $ 2.78     $ 1.28  
                 
Weighted average common shares for the period:              
  Basic   59,707       55,159       57,089       55,132  
  Diluted (2)   63,620       59,315       61,391       55,329  
                 
(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 expected to cease December 31, 2023. As a result, we incurred a loss related to Circle of approximately $10.6 million in the three and nine months ended September 30, 2023.
(2) Diluted weighted average common shares for the three months and nine months ended September 30, 2023 include 3.7 million and 4.1 million, respectively, and the three months ended September 30, 2022 includes 4.0 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)
           
      Sep. 30,   Dec. 31,
      2023   2022
           
ASSETS:      
  Property and equipment, net of accumulated depreciation $ 3,928,921   $ 3,171,708
  Cash and cash equivalents - unrestricted   543,076     334,194
  Cash and cash equivalents - restricted   112,904     110,136
  Notes receivable   60,512     67,628
  Trade receivables, net   118,345     116,836
  Prepaid expenses and other assets   173,642     134,170
  Intangible assets   126,433     105,951
    Total assets $ 5,063,833   $ 4,040,623
           
           
LIABILITIES AND EQUITY:      
  Debt and finance lease obligations $ 3,374,787   $ 2,862,592
  Accounts payable and accrued liabilities   438,265     385,159
  Dividends payable   61,381     14,121
  Deferred management rights proceeds   165,632     167,495
  Operating lease liabilities   129,037     125,759
  Deferred income tax liabilities, net   17,810     12,915
  Other liabilities   66,474     64,824
  Noncontrolling interest in consolidated joint venture   336,388     311,857
  Total equity   474,059     95,901
    Total liabilities and equity $ 5,063,833   $ 4,040,623
           


                       
RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES
SUPPLEMENTAL FINANCIAL RESULTS
ADJUSTED EBITDAre RECONCILIATION
Unaudited
(in thousands)
                       
                       
  Three Months Ended Sep. 30,   Nine Months Ended Sep. 30,
    2023       2022       2023       2022  
  $ Margin   $ Margin   $ Margin   $ Margin
Consolidated                      
Revenue $ 528,511       $ 467,755       $ 1,525,073       $ 1,237,094    
Net income $ 40,785   7.7 %   $ 47,451   10.1 %   $ 171,922   11.3 %   $ 73,578   5.9 %
Interest expense, net   52,409         38,714         136,251         101,849    
Provision for income taxes   2,156         10,178         7,333         27,747    
Depreciation & amortization   58,086         47,969         154,700         160,712    
Loss on sale of assets   -         -         -         327    
Pro rata EBITDAre from unconsolidated joint ventures   5         23         22         68    
EBITDAre   153,441   29.0 %     144,335   30.9 %     470,228   30.8 %     364,281   29.4 %
Preopening costs   168         -         425         525    
Non-cash lease expense   1,495         1,059         4,495         3,340    
Equity-based compensation expense   3,940         3,694         11,480         11,134    
Pension settlement charge   -         723         -         1,576    
Interest income on Gaylord National bonds   1,201         1,314         3,742         3,993    
Loss on extinguishment of debt   -         -         2,252         1,547    
Transaction costs of acquisitions   -         -         -         1,348    
Pro rata adjusted EBITDAre from unconsolidated joint ventures (1)   10,629         -         10,629         -    
Adjusted EBITDAre $ 170,874   32.3 %   $ 151,125   32.3 %   $ 503,251   33.0 %   $ 387,744   31.3 %
Adjusted EBITDAre of noncontrolling interest in consolidated joint venture $ (7,686 )     $ (6,345 )     $ (20,801 )     $ (7,476 )  
Adjusted EBITDAre, excluding noncontrolling interest in consolidated joint venture $ 163,188   30.9 %   $ 144,780   31.0 %   $ 482,450   31.6 %   $ 380,268   30.7 %
                       
Hospitality segment                      
Revenue $ 446,198       $ 390,602       $ 1,288,322       $ 1,053,515    
Operating income $ 91,723   20.6 %   $ 88,901   22.8 %   $ 305,526   23.7 %   $ 205,142   19.5 %
Depreciation & amortization   52,466         42,517         137,987         146,804    
Non-cash lease expense   1,020         1,054         3,057         3,162    
Interest income on Gaylord National bonds   1,201         1,314         3,742         3,993    
Other gains and (losses), net   6,134         2,924         6,134         2,924    
Adjusted EBITDAre $ 152,544   34.2 %   $ 136,710   35.0 %   $ 456,446   35.4 %   $ 362,025   34.4 %
                       
Same-Store Hospitality segment (2)                      
Revenue $ 396,172       $ 390,602       $ 1,237,575       $ 1,053,515    
Operating income $ 83,847   21.2 %   $ 88,901   22.8 %   $ 297,422   24.0 %   $ 205,142   19.5 %
Depreciation & amortization   42,965         42,517         128,486         146,804    
Non-cash lease expense   1,020         1,054         3,057         3,162    
Interest income on Gaylord National bonds   1,201         1,314         3,742         3,993    
Other gains and (losses), net   6,134         2,924         6,134         2,924    
Adjusted EBITDAre $ 135,167   34.1 %   $ 136,710   35.0 %   $ 438,841   35.5 %   $ 362,025   34.4 %
                       
Entertainment segment                      
Revenue $ 82,313       $ 77,153       $ 236,751       $ 183,579    
Operating income $ 20,523   24.9 %   $ 17,756   23.0 %   $ 55,515   23.4 %   $ 38,212   20.8 %
Depreciation & amortization   5,400         5,249         16,067         13,293    
Preopening costs   168         -         425         525    
Non-cash lease expense   475         5         1,438         178    
Equity-based compensation   984         860         2,810         2,761    
Transaction costs of acquisitions   -         -         -         1,348    
Pro rata adjusted EBITDAre from unconsolidated joint ventures   (1,932 )       (2,696 )       (6,875 )       (8,280 )  
Adjusted EBITDAre $ 25,618   31.1 %   $ 21,174   27.4 %   $ 69,380   29.3 %   $ 48,037   26.2 %
                       
Corporate and Other segment                      
Operating loss $ (10,323 )     $ (9,652 )     $ (31,228 )     $ (32,507 )  
Depreciation & amortization   220         203         646         615    
Other gains and (losses), net   (141 )       (867 )       (663 )       (375 )  
Equity-based compensation   2,956         2,834         8,670         8,373    
Pension settlement charge   -         723         -         1,576    
Adjusted EBITDAre $ (7,288 )     $ (6,759 )     $ (22,575 )     $ (22,318 )  
                       
(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 expected  to cease December 31, 2023. As a result, we incurred a loss related to Circle of approximately $10.6 million in the three and nine months ended September 30, 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 Sep. 30,   Nine Months Ended Sep. 30,
    2023       2022       2023       2022  
Consolidated              
Net income $ 40,785     $ 47,451     $ 171,922     $ 73,578  
Noncontrolling interest in consolidated joint venture   715       (1,887 )     (1,656 )     (2,167 )
Net income available to common stockholders and unit holders   41,500       45,564       170,266       71,411  
Depreciation & amortization   58,028       47,938       154,581       160,620  
Adjustments for noncontrolling interest   (1,620 )     (1,575 )     (4,820 )     (1,808 )
Pro rata adjustments from joint ventures   23       24       69       69  
FFO available to common stockholders and unit holders   97,931       91,951       320,096       230,292  
               
Right-of-use asset amortization   58       31       119       92  
Non-cash lease expense   1,495       1,059       4,495       3,340  
Pension settlement charge   -       723       -       1,576  
Pro rata adjustments from joint ventures (1)   10,629       -       10,629       -  
Loss on other assets   -       -       -       469  
Amortization of deferred financing costs   2,682       2,640       7,989       7,178  
Amortization of debt discounts and premiums   637       501       1,688       489  
Loss on extinguishment of debt   -       -       2,252       1,547  
Adjustments for noncontrolling interest   (3,616 )     (382 )     (4,898 )     (414 )
Transaction costs of acquisitions   -       -       -       1,348  
Deferred tax provision   1,463       4,250       4,894       4,545  
Adjusted FFO available to common stockholders and unit holders $ 111,279     $ 100,773     $ 347,264     $ 250,462  
Capital expenditures (2)   (52,867 )     (22,879 )     (100,088 )     (55,114 )
Adjusted FFO available to common stockholders and unit holders (ex. maintenance capex) $ 58,412     $ 77,894     $ 247,176     $ 195,348  
               
               
Basic net income per share $ 0.69     $ 0.82     $ 2.96     $ 1.29  
Diluted net income per share $ 0.64     $ 0.79     $ 2.78     $ 1.28  
               
FFO available to common stockholders and unit holders per basic share/unit $ 1.63     $ 1.66     $ 5.57     $ 4.15  
Adjusted FFO available to common stockholders and unit holders per basic share/unit $ 1.85     $ 1.81     $ 6.04     $ 4.51  
               
FFO available to common stockholders and unit holders per diluted share/unit (3) $ 1.52     $ 1.57     $ 5.21     $ 4.13  
Adjusted FFO available to common stockholders and unit holders per diluted share/unit (3) $ 1.73     $ 1.72     $ 5.65     $ 4.49  
               
Weighted average common shares and OP units for the period:              
Basic   60,102       55,554       57,484       55,527  
Diluted (3)   64,015       59,710       61,787       55,724  
               
(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 expected to cease December 31, 2023. As a result, we incurred a loss related to Circle of approximately $10.6 million in the three and nine months ended September 30, 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 and nine months ended September 30, 2023 include 3.7 million and 4.1 million, respectively, and the three months ended September 30, 2022 includes 4.0 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 Sep. 30,   Nine Months Ended Sep. 30,
    2023       2022       2023       2022  
  $ Margin   $ Margin   $ Margin   $ Margin
Hospitality segment                      
Revenue $ 446,198       $ 390,602       $ 1,288,322       $ 1,053,515    
Operating income $ 91,723   20.6 %   $ 88,901   22.8 %   $ 305,526   23.7 %   $ 205,142   19.5 %
Depreciation & amortization   52,466         42,517         137,987         146,804    
Non-cash lease expense   1,020         1,054         3,057         3,162    
Interest income on Gaylord National bonds   1,201         1,314         3,742         3,993    
Other gains and (losses), net   6,134         2,924         6,134         2,924    
Adjusted EBITDAre $ 152,544   34.2 %   $ 136,710   35.0 %   $ 456,446   35.4 %   $ 362,025   34.4 %
                       
Occupancy   71.8 %       71.5 %       72.3 %       63.9 %  
Average daily rate (ADR) $ 239.00       $ 226.20       $ 240.53       $ 230.07    
RevPAR $ 171.71       $ 161.75       $ 173.80       $ 147.07    
OtherPAR $ 253.20       $ 246.02       $ 265.20       $ 223.56    
Total RevPAR $ 424.91       $ 407.77       $ 439.00       $ 370.63    
                       
                       
                       
Same-Store Hospitality segment (1)                      
Revenue $ 396,172       $ 390,602       $ 1,237,575       $ 1,053,515    
Operating income $ 83,847   21.2 %   $ 88,901   22.8 %   $ 297,422   24.0 %   $ 205,142   19.5 %
Depreciation & amortization   42,965         42,517         128,486         146,804    
Non-cash lease expense   1,020         1,054         3,057         3,162    
Interest income on Gaylord National bonds   1,201         1,314         3,742         3,993    
Other gains and (losses), net   6,134         2,924         6,134         2,924    
Adjusted EBITDAre $ 135,167   34.1 %   $ 136,710   35.0 %   $ 438,841   35.5 %   $ 362,025   34.4 %
                       
Occupancy   71.8 %       71.5 %       72.3 %       63.9 %  
Average daily rate (ADR) $ 230.50       $ 226.20       $ 237.74       $ 230.07    
RevPAR $ 165.58       $ 161.75       $ 171.80       $ 147.07    
OtherPAR $ 248.00       $ 246.02       $ 263.59       $ 223.56    
Total RevPAR $ 413.58       $ 407.77       $ 435.39       $ 370.63    
                       
                       
                       
Gaylord Opryland                      
Revenue $ 111,939       $ 106,819       $ 334,220       $ 285,835    
Operating income $ 29,549   26.4 %   $ 29,488   27.6 %   $ 93,255   27.9 %   $ 76,914   26.9 %
Depreciation & amortization   8,484         8,674         25,550         25,820    
Non-cash lease revenue   (11 )       (13 )       (35 )       (38 )  
Adjusted EBITDAre $ 38,022   34.0 %   $ 38,149   35.7 %   $ 118,770   35.5 %   $ 102,696   35.9 %
                       
Occupancy   72.7 %       73.0 %       72.2 %       65.7 %  
Average daily rate (ADR) $ 242.37       $ 236.83       $ 244.82       $ 236.35    
RevPAR $ 176.18       $ 172.98       $ 176.66       $ 155.36    
OtherPAR $ 245.12       $ 229.06       $ 247.25       $ 207.18    
Total RevPAR $ 421.30       $ 402.04       $ 423.91       $ 362.54    
                       
                       
                       
Gaylord Palms                      
Revenue $ 63,885       $ 60,516       $ 222,260       $ 188,653    
Operating income $ 9,249   14.5 %   $ 9,611   15.9 %   $ 55,205   24.8 %   $ 43,687   23.2 %
Depreciation & amortization   5,650         5,526         16,803         16,644    
Non-cash lease expense   1,031         1,067         3,092         3,200    
Adjusted EBITDAre $ 15,930   24.9 %   $ 16,204   26.8 %   $ 75,100   33.8 %   $ 63,531   33.7 %
                       
Occupancy   67.4 %       65.2 %       74.2 %       65.2 %  
Average daily rate (ADR) $ 214.22       $ 213.17       $ 239.56       $ 232.26    
RevPAR $ 144.33       $ 139.08       $ 177.67       $ 151.39    
OtherPAR $ 259.86       $ 243.80       $ 296.22       $ 250.84    
Total RevPAR $ 404.19       $ 382.88       $ 473.89       $ 402.23    
                       
                       
                       
Gaylord Texan                      
Revenue $ 73,991       $ 70,734       $ 241,868       $ 205,035    
Operating income $ 19,555   26.4 %   $ 18,873   26.7 %   $ 73,748   30.5 %   $ 57,523   28.1 %
Depreciation & amortization   5,670         5,704         17,154         18,144    
Adjusted EBITDAre $ 25,225   34.1 %   $ 24,577   34.7 %   $ 90,902   37.6 %   $ 75,667   36.9 %
                       
Occupancy   73.0 %       70.6 %       75.0 %       67.6 %  
Average daily rate (ADR) $ 233.92       $ 227.40       $ 233.19       $ 227.10    
RevPAR $ 170.68       $ 160.63       $ 175.00       $ 153.60    
OtherPAR $ 272.68       $ 263.21       $ 313.40       $ 260.43    
Total RevPAR $ 443.36       $ 423.84       $ 488.40       $ 414.03    
                       


                       
RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES
SUPPLEMENTAL FINANCIAL RESULTS
HOSPITALITY SEGMENT ADJUSTED EBITDAre RECONCILIATIONS AND OPERATING METRICS
Unaudited
(in thousands)
                       
       
  Three Months Ended Sep. 30,   Nine Months Ended Sep. 30,
    2023       2022       2023       2022  
  $ Margin   $ Margin   $ Margin   $ Margin
Gaylord National                      
Revenue $ 72,124       $ 68,925       $ 221,910       $ 173,735    
Operating income $ 9,855   13.7 %   $ 9,044   13.1 %   $ 32,836   14.8 %   $ 10,593   6.1 %
Depreciation & amortization   8,415         8,268         24,966         25,267    
Interest income on Gaylord National bonds   1,201         1,314         3,742         3,993    
Other gains and (losses), net   6,134         2,924         6,134         2,924    
Adjusted EBITDAre $ 25,605   35.5 %   $ 21,550   31.3 %   $ 67,678   30.5 %   $ 42,777   24.6 %
                       
Occupancy   71.5 %       65.4 %       68.9 %       55.1 %  
Average daily rate (ADR) $ 216.85       $ 220.25       $ 235.67       $ 232.23    
RevPAR $ 155.12       $ 144.11       $ 162.38       $ 127.99    
OtherPAR $ 237.64       $ 231.24       $ 244.86       $ 190.84    
Total RevPAR $ 392.76       $ 375.35       $ 407.24       $ 318.83    
                       
                       
                       
Gaylord Rockies                      
Revenue $ 68,203       $ 77,346       $ 199,377       $ 182,888    
Operating income $ 14,970   21.9 %   $ 20,967   27.1 %   $ 40,529   20.3 %   $ 14,398   7.9 %
Depreciation & amortization   14,201         13,703         42,370         59,001    
Adjusted EBITDAre $ 29,171   42.8 %   $ 34,670   44.8 %   $ 82,899   41.6 %   $ 73,399   40.1 %
                       
Occupancy   79.9 %       86.9 %       75.9 %       67.7 %  
Average daily rate (ADR) $ 245.52       $ 237.69       $ 242.57       $ 232.32    
RevPAR $ 196.19       $ 206.65       $ 184.12       $ 157.35    
OtherPAR $ 297.71       $ 353.46       $ 302.44       $ 288.97    
Total RevPAR $ 493.90       $ 560.11       $ 486.56       $ 446.32    
                       
                       
                       
JW Marriott Hill Country (2)                      
Revenue $ 50,026       $ -       $ 50,747       $ -    
Operating income $ 7,876   15.7 %   $ -       $ 8,104   16.0 %   $ -    
Depreciation & amortization   9,501         -         9,501         -    
Adjusted EBITDAre $ 17,377   34.7 %   $ -       $ 17,605   34.7 %   $ -    
                       
Occupancy   72.0 %     n/a       72.0 %     n/a  
Average daily rate (ADR) $ 327.17       n/a     $ 327.17       n/a  
RevPAR $ 235.43       n/a     $ 235.43       n/a  
OtherPAR $ 307.24       n/a     $ 315.07       n/a  
Total RevPAR $ 542.67       n/a     $ 550.50       n/a  
                       
                       
                       
The AC Hotel at National Harbor                      
Revenue $ 3,244       $ 2,932       $ 8,856