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Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2021

or

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission file number 1-13079

RYMAN HOSPITALITY PROPERTIES, INC.

(Exact Name of Registrant as Specified in its Charter)

Delaware

    

73-0664379

(State or Other Jurisdiction of

(I.R.S. Employer

Incorporation or Organization)

Identification No.)

One Gaylord Drive

Nashville, Tennessee 37214

(Address of Principal Executive Offices)

(Zip Code)

(615) 316-6000

(Registrant’s Telephone Number, Including Area Code)

Securities registered pursuant to Section 12(b) of the Act:

Name of Each Exchange on

Title of Each Class

Trading Symbol(s)

Which Registered

Common stock, par value $.01

RHP

New York Stock Exchange

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes  No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes  No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer  Accelerated filer  Non-accelerated filer  Smaller reporting company  Emerging growth company 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes  No

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

Class

    

Outstanding as of April 30, 2021

Common Stock, par value $.01

55,050,333 shares

Table of Contents

RYMAN HOSPITALITY PROPERTIES, INC.

FORM 10-Q

For the Quarter Ended March 31, 2021

INDEX

    

Page

Part I - Financial Information

3

Item 1. Financial Statements.

3

Condensed Consolidated Balance Sheets (Unaudited) –March 31, 2021 and December 31, 2020

3

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - For the Three Months Ended March 31, 2021 and 2020

4

Condensed Consolidated Statements of Cash Flows (Unaudited) - For the Three Months Ended March 31, 2021 and 2020

5

Condensed Consolidated Statements of Equity and Noncontrolling Interest (Unaudited) - For the Three Months Ended March 31, 2021 and 2020

6

Notes to Condensed Consolidated Financial Statements (Unaudited)

7

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

20

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

45

Item 4. Controls and Procedures.

46

Part II - Other Information

46

Item 1. Legal Proceedings.

46

Item 1A. Risk Factors.

46

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

47

Item 3. Defaults Upon Senior Securities.

47

Item 4. Mine Safety Disclosures.

47

Item 5. Other Information.

47

Item 6. Exhibits.

48

SIGNATURES

49

2

Table of Contents

Part I – FINANCIAL INFORMATION

Item 1. – FINANCIAL STATEMENTS.

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In thousands)

    

March 31, 

    

December 31, 

2021

2020

ASSETS:

 

  

 

  

Property and equipment, net (including $919,766 and $932,473 from VIEs, respectively)

$

3,102,335

$

3,117,247

Cash and cash equivalents - unrestricted (including $5,378 and $14,441 from VIEs, respectively)

 

67,138

 

56,697

Cash and cash equivalents - restricted (including $16,820 and $4,167 from VIEs, respectively)

 

20,657

 

23,057

Notes receivable, net

 

70,515

 

71,923

Trade receivables, net (including $2,279 and $2,184 from VIEs, respectively)

 

18,283

 

20,106

Prepaid expenses and other assets (including $26,547 and $32,966 from VIEs, respectively)

 

105,697

 

100,494

Intangible assets, net (including $152,366 and $162,366 from VIEs, respectively)

156,925

166,971

Total assets

$

3,541,550

$

3,556,495

LIABILITIES AND EQUITY:

 

  

 

  

Debt and finance lease obligations (including $794,953 and $794,416 from VIEs, respectively)

$

2,751,652

$

2,658,008

Accounts payable and accrued liabilities (including $54,566 and $59,573 from VIEs, respectively)

 

201,229

 

203,121

Dividends payable

 

344

 

843

Deferred management rights proceeds

 

171,948

 

172,724

Operating lease liabilities

 

108,057

 

107,569

Deferred income tax liabilities, net

4,446

665

Other liabilities (including $15,887 and $18,978 from VIEs, respectively)

 

92,945

 

92,779

Total liabilities

3,330,621

3,235,709

Commitments and contingencies

 

 

Noncontrolling interest in consolidated joint venture

93,601

100,969

Equity:

Preferred stock, $.01 par value, 100,000 shares authorized, no shares issued or outstanding

 

 

Common stock, $.01 par value, 400,000 shares authorized, 55,050 and 54,982 shares issued and outstanding, respectively

 

550

 

550

Additional paid-in capital

 

1,191,426

 

1,192,261

Treasury stock of 648 and 648 shares, at cost

 

(18,467)

 

(18,467)

Distributions in excess of retained earnings

 

(1,016,953)

 

(911,092)

Accumulated other comprehensive loss

 

(51,851)

 

(57,951)

Total stockholders' equity

 

104,705

 

205,301

Noncontrolling interest in Operating Partnership

12,623

14,516

Total equity

117,328

219,817

Total liabilities and equity

$

3,541,550

$

3,556,495

The accompanying notes are an integral part of these condensed consolidated financial statements.

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RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

AND COMPREHENSIVE LOSS

(Unaudited)

(In thousands, except per share data)

Three Months Ended

March 31, 

    

2021

    

2020

    

Revenues:

 

  

 

  

 

Rooms

$

28,228

$

106,128

Food and beverage

 

18,175

 

145,750

Other hotel revenue

 

23,399

 

33,793

Entertainment

 

14,373

 

27,359

Total revenues

 

84,175

 

313,030

Operating expenses:

 

  

 

  

Rooms

 

9,477

 

32,308

Food and beverage

 

19,329

 

83,811

Other hotel expenses

 

54,557

 

90,474

Management fees, net

 

753

 

5,492

Total hotel operating expenses

 

84,116

 

212,085

Entertainment

 

18,691

 

29,346

Corporate

 

7,528

 

8,136

Preopening costs

 

399

 

801

Gain on sale of assets

(317)

(1,261)

Credit loss on held-to-maturity securities

5,828

Depreciation and amortization

53,315

53,345

Total operating expenses

 

163,732

 

308,280

Operating income (loss)

 

(79,557)

 

4,750

Interest expense

 

(30,796)

 

(29,358)

Interest income

 

1,370

 

2,371

Loss on extinguishment of debt

(2,949)

Loss from unconsolidated joint ventures

 

(1,609)

 

(1,895)

Other gains and (losses), net

 

374

 

195

Loss before income taxes

 

(113,167)

 

(23,937)

Provision for income taxes

 

(3,954)

 

(26,799)

Net loss

(117,121)

(50,736)

Net loss attributable to noncontrolling interest in consolidated joint venture

11,793

4,220

Net loss attributable to noncontrolling interest in Operating Partnership

807

Net loss available to common stockholders

$

(104,521)

$

(46,516)

Basic loss per share available to common stockholders

$

(1.90)

$

(0.85)

Diluted loss per share available to common stockholders

$

(1.90)

$

(0.85)

Comprehensive loss, net of taxes

$

(111,021)

$

(88,173)

Comprehensive loss, net of taxes, attributable to noncontrolling interest in consolidated joint venture

10,711

12,829

Comprehensive loss, net of taxes, attributable to noncontrolling interest in Operating Partnership

763

Comprehensive loss, net of taxes, available to common stockholders

$

(99,547)

$

(75,344)

The accompanying notes are an integral part of these condensed consolidated financial statements.

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RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(In thousands)

Three Months Ended

March 31, 

    

2021

    

2020

    

Cash Flows from Operating Activities:

 

  

 

  

 

Net loss

$

(117,121)

$

(50,736)

Amounts to reconcile net loss to net cash flows provided by (used in) operating activities:

 

Provision for deferred income taxes

 

3,781

26,559

Depreciation and amortization

 

53,315

53,345

Amortization of deferred financing costs

 

2,209

1,894

Credit loss on held-to-maturity securities

5,828

Loss from unconsolidated joint ventures

1,609

1,895

Stock-based compensation expense

 

2,522

2,230

Changes in:

 

Trade receivables

 

1,823

(8,345)

Accounts payable and accrued liabilities

 

(4,785)

(26,297)

Other assets and liabilities

 

13,760

(1,702)

Net cash flows provided by (used in) operating activities

 

(42,887)

 

4,671

Cash Flows from Investing Activities:

 

  

 

  

Purchases of property and equipment

 

(25,831)

(43,168)

Investment in other joint ventures

 

(4,572)

(3,090)

Other investing activities, net

 

5,462

1,004

Net cash flows used in investing activities

 

(24,941)

 

(45,254)

Cash Flows from Financing Activities:

 

  

 

  

Net borrowings (repayments) under revolving credit facility

 

(106,000)

400,000

Repayments under term loan B

 

(1,250)

(1,250)

Issuance of senior notes

600,000

Redemption of senior notes

(400,000)

Deferred financing costs paid

 

(10,540)

(106)

Redemption of noncontrolling interest in Operating Partnership

(2,438)

Payment of dividends

 

(488)

(50,078)

Payment of tax withholdings for share-based compensation

 

(3,357)

(1,631)

Other financing activities, net

 

(58)

(91)

Net cash flows provided by financing activities

 

75,869

 

346,844

Net change in cash, cash equivalents, and restricted cash

 

8,041

 

306,261

Cash, cash equivalents, and restricted cash, beginning of period

 

79,754

 

420,396

Cash, cash equivalents, and restricted cash, end of period

$

87,795

$

726,657

Reconciliation of cash, cash equivalents, and restricted cash to balance sheet:

Cash and cash equivalents - unrestricted

$

67,138

$

662,156

Cash and cash equivalents - restricted

20,657

 

64,501

Cash, cash equivalents, and restricted cash, end of period

$

87,795

$

726,657

The accompanying notes are an integral part of these condensed consolidated financial statements.

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RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY AND NONCONTROLLING INTEREST

(Unaudited)

(In thousands)

    

    

    

    

Distributions

    

Accumulated

    

    

Noncontrolling

    

    

Noncontrolling

Additional

in Excess of

Other

Total

Interest in

Interest in

Common

Paid-in

Treasury

Retained

Comprehensive

Stockholders'

Operating

Total

Consolidated

Stock 

Capital 

Stock

Earnings

Loss

Equity

Partnership

Equity

Joint Venture

BALANCE, December 31, 2020

$

550

$

1,192,261

$

(18,467)

$

(911,092)

$

(57,951)

$

205,301

$

14,516

$

219,817

$

100,969

Net loss

 

 

 

 

(104,521)

 

 

(104,521)

 

(807)

 

(105,328)

 

(11,793)

Other comprehensive income, net of income taxes

 

 

 

 

 

6,100

 

6,100

 

 

6,100

 

Redemption of noncontrolling interest in Operating Partnership

(1,352)

(1,352)

(1,086)

(2,438)

Contribution to consolidated joint venture

4,425

Restricted stock units and stock options surrendered

 

(3,357)

 

 

12

 

 

(3,345)

 

 

(3,345)

 

Stock-based compensation expense

 

 

2,522

 

 

 

 

2,522

 

 

2,522

 

BALANCE, March 31, 2021

$

550

$

1,191,426

$

(18,467)

$

(1,016,953)

$

(51,851)

$

104,705

$

12,623

$

117,328

$

93,601

    

    

    

    

Distributions

    

Accumulated

    

    

Noncontrolling

    

    

Noncontrolling

Additional

in Excess of

Other

Total

Interest in

Interest in

Common

Paid-in

Treasury

Retained

Comprehensive

Stockholders'

Operating

Total

Consolidated

Stock 

Capital 

Stock

Earnings

Loss

Equity

Partnership

Equity

Joint Venture

BALANCE, December 31, 2019

$

549

$

1,185,168

$

(17,315)

$

(495,514)

$

(28,159)

$

644,729

$

$

644,729

$

221,511

Net loss

 

 

 

 

(46,516)

 

 

(46,516)

 

 

(46,516)

 

(4,220)

Adjustment of noncontrolling interest to redemption value

54,265

54,265

54,265

(54,265)

Transition adjustment related to adoption of ASU 2016-13

(5,343)

2,158

(3,185)

(3,185)

Other comprehensive loss, net of income taxes

 

 

 

 

 

(37,437)

 

(37,437)

 

 

(37,437)

 

Payment of dividends ($0.95 per share)

 

 

147

 

(557)

 

(51,996)

 

 

(52,406)

 

 

(52,406)

 

Restricted stock units and stock options surrendered

 

1

 

(1,660)

 

 

 

 

(1,659)

 

 

(1,659)

 

Stock-based compensation expense

 

 

2,230

 

 

 

 

2,230

 

 

2,230

 

BALANCE, March 31, 2020

$

550

$

1,185,885

$

(17,872)

$

(545,104)

$

(63,438)

$

560,021

$

$

560,021

$

163,026

The accompanying notes are an integral part of these condensed consolidated financial statements.

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RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

1. BASIS OF PRESENTATION:

On January 1, 2013, Ryman Hospitality Properties, Inc. (“Ryman”) and its subsidiaries (collectively with Ryman, the “Company”) began operating as a real estate investment trust (“REIT”) for federal income tax purposes, specializing in group-oriented, destination hotel assets in urban and resort markets. The Company’s owned assets include a network of upscale, meetings-focused resorts that are managed by Marriott International, Inc. (“Marriott”) under the Gaylord Hotels brand. These resorts, which the Company refers to as the Gaylord Hotels properties, consist of the Gaylord Opryland Resort & Convention Center in Nashville, Tennessee (“Gaylord Opryland”), the Gaylord Palms Resort & Convention Center near Orlando, Florida (“Gaylord Palms”), the Gaylord Texan Resort & Convention Center near Dallas, Texas (“Gaylord Texan”), the Gaylord National Resort & Convention Center near Washington D.C. (“Gaylord National”), and the Gaylord Rockies Resort & Convention Center near Denver, Colorado (“Gaylord Rockies”), which is owned by a joint venture (the “Gaylord Rockies joint venture”) in which the Company owned a 65% interest as of March 31, 2021. The Company’s other owned hotel assets managed by Marriott include the Inn at Opryland, an overflow hotel adjacent to Gaylord Opryland, and the AC Hotel at National Harbor, Washington D.C. (“AC Hotel”), an overflow hotel adjacent to Gaylord National.

As further discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, management has concluded that the Company is the primary beneficiary of the Gaylord Rockies joint venture, which is a variable interest entity. As such, the Company has consolidated the assets, liabilities and results of operations of the Gaylord Rockies joint venture in the accompanying condensed consolidated financial statements. The portion of the Gaylord Rockies joint venture that the Company does not own is recorded as noncontrolling interest in consolidated joint venture in the accompanying condensed consolidated balance sheet, and any adjustment necessary to reflect the noncontrolling interest at its redemption value is shown in the accompanying condensed consolidated statements of equity. Creditors of the Gaylord Rockies joint venture have no recourse to the general credit of the Company, except with respect to certain limited loan guarantees as discussed in Note 13, “Commitments and Contingencies” to the condensed consolidated financial statements included herein. See Note 17, “Subsequent Events,” for further disclosure.

The Company also owns a number of media and entertainment assets, including the Grand Ole Opry, the legendary weekly showcase of country music’s finest performers; the Ryman Auditorium, the storied live music venue and former home of the Grand Ole Opry; WSM-AM, the Opry’s radio home; Ole Red, a brand of Blake Shelton-themed bar, music venue and event spaces; and three Nashville-based assets managed by Marriott – Gaylord Springs Golf Links (“Gaylord Springs”), the Wildhorse Saloon, and the General Jackson Showboat. The Company also owns a 50% interest in a joint venture intended to create and distribute a linear multicast and over-the-top channel dedicated to the country music lifestyle (“Circle”), which launched its broadcast network on January 1, 2020. See Note 13, “Commitments and Contingencies” to the condensed consolidated financial statements included herein for further disclosure.

The condensed consolidated financial statements include the accounts of Ryman and its subsidiaries and have been prepared by the Company, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted from this report pursuant to such rules and regulations. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. In the opinion of management, all adjustments necessary for a fair statement of the results of operations for the interim periods have been included. All adjustments are of a normal, recurring nature. The results of operations for such interim periods are not necessarily indicative of the results for the full year because of seasonal and short-term variations.

The Company principally operates, through its subsidiaries and its property managers, as applicable, in the following business segments: Hospitality, Entertainment, and Corporate and Other.

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Impact of COVID-19 Pandemic

The novel coronavirus disease (COVID-19) pandemic has spread throughout the United States and continues to have an unprecedented impact on the U.S. economy. Due to the COVID-19 pandemic, the Company has experienced disruption of its business and in March 2020 temporarily suspended operations of most of its assets, as further described below. While the Company’s assets, other than Gaylord National, are now open and operating under recommended capacity guidelines, there is significant uncertainty surrounding the full extent of the impact of the COVID-19 pandemic on the Company’s future results of operations and financial position.

The Company, in consultation with local governmental authorities, first determined to close its Nashville-based entertainment venues in mid-March 2020. As cancellations at the Gaylord Hotels properties began to increase, the Company and its hotel manager, Marriott, implemented a series of operational changes, culminating with the suspension of operations at the Gaylord Hotels properties in late March 2020. Gaylord Texan reopened June 8, 2020, and Gaylord Opryland, Gaylord Palms and Gaylord Rockies reopened June 25, 2020. Gaylord National remains closed but is anticipated to reopen July 1, 2021.

In the Company’s Entertainment segment, in addition to the temporary closure of its entertainment assets, the Company took steps to reduce operating costs in all areas. Many of the Company’s attractions reopened at reduced capacities in May and June 2020. The Grand Ole Opry and Ryman Auditorium began offering limited-capacity tours in June 2020, and in September 2020, they reopened for limited-capacity publicly attended performances. After the April 2021 reopening of the Wildhorse Saloon, which was closed through March 2021 subsequent to the December 2020 downtown Nashville bombing, all of the Company’s entertainment assets are open.

The Company amended its credit facility on April 23, 2020, and again on December 22, 2020, as described in Note 5, “Debt,” to the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. The Company continues to pay all required debt service payments on its indebtedness, lease payments, taxes and other payables.

At March 31, 2021, the Company had $699.7 million available for borrowing under its revolving credit facility and $67.1 million in unrestricted cash on hand. The Company’s quarterly dividend is currently suspended. The Company’s board of directors will consider a future dividend as permitted by the Company’s credit agreement. The Company’s credit agreement permits payment of dividends as necessary to maintain the Company’s REIT status and permits the Company to pay a dividend of $0.01 per share each quarter. Any future dividend is subject to the Company’s board of director’s determinations as to the amount of distributions and timing thereof.

The Company has deferred substantially all non-essential capital projects, in addition to delaying the Gaylord Rockies expansion project, which was scheduled to begin construction in second quarter 2020. The Gaylord Palms expansion project was completed in April 2021, and the Company believes the expansion will allow Gaylord Palms to serve groups that have moved their meetings to later in 2021 and beyond.

Newly Issued Accounting Standards

In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2019-12, “Simplifying the Accounting for Income Taxes (Topic 740),” which is intended to simplify various aspects related to accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. The Company adopted this ASU in the first quarter of 2021, and this adoption did not have a material impact on the Company’s condensed consolidated financial statements.

In March 2020, the FASB issued ASU No. 2020-04, “Reference Rate Reform – Facilitation of the Effects of Reference Rate Reform on Financial Reporting,” which provides temporary optional expedients and exceptions to the existing guidance on contract modifications and hedge accounting to ease the financial reporting burdens of the expected market transition from the London Interbank Offered Rate (“LIBOR”) and other interbank offered rates to alternative reference rates, such as the Secured Overnight Financing Rate (“SOFR”). The guidance in ASU 2020-04 is optional, effective immediately, and may be elected over time as reference rate reform activities occur generally through December 31, 2022. During 2020, the Company elected to apply the hedge accounting expedients related to probability and the

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assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. The Company continues to evaluate the impact of this guidance and may apply other elections as applicable as additional market changes occur.

2. REVENUES:

Revenues from occupied hotel rooms are recognized over time as the daily hotel stay is provided to hotel groups and guests. Revenues from concessions, food and beverage sales, and group meeting services are recognized over the period or at the point in time those goods or services are delivered to the hotel group or guest. Revenues from ancillary services at the Company’s hotels, such as spa, parking, and transportation services, are generally recognized at the time the goods or services are provided. Cancellation fees and attrition fees, which are charged to groups when they do not fulfill the minimum number of room nights or minimum food and beverage spending requirements originally contracted for, are generally recognized as revenue in the period the Company determines it is probable that a significant reversal in the amount of revenue recognized will not occur, which is typically the period these fees are collected. The Company generally recognizes revenues from the Entertainment segment at the point in time that services are provided or goods are delivered or shipped to the customer, as applicable. Almost all of the Company’s revenues are either cash-based or, for meeting and convention groups who meet the Company’s credit criteria, billed and collected on a short-term receivables basis. The Company is required to collect certain taxes from customers on behalf of government agencies and remit these to the applicable governmental entity on a periodic basis. These taxes are collected from customers at the time of purchase but are not included in revenue. The Company records a liability upon collection of such taxes from the customer and relieves the liability when payments are remitted to the applicable governmental agency.

The Company’s revenues disaggregated by major source are as follows (in thousands):

Three Months Ended

March 31, 

    

2021

    

2020

Hotel group rooms

$

4,512

$

82,711

Hotel transient rooms

 

23,716

 

 

23,417

Hotel food and beverage - banquets

 

3,969

 

 

108,170

Hotel food and beverage - outlets

 

14,206

 

 

37,580

Hotel other

 

23,399

 

 

33,793

Entertainment admissions/ticketing

 

3,160

 

 

10,281

Entertainment food and beverage

 

4,796

 

 

10,027

Entertainment retail and other

 

6,417

 

 

7,051

Total revenues

 

$

84,175

 

$

313,030

The Company’s Hospitality segment revenues disaggregated by location are as follows (in thousands):

Three Months Ended

March 31, 

    

2021

    

2020

Gaylord Opryland

 

$

21,759

$

76,127

Gaylord Palms

 

15,117

 

45,375

Gaylord Texan

 

18,358

 

55,996

Gaylord National

 

1,257

 

49,394

Gaylord Rockies

11,970

54,598

AC Hotel

 

805

 

1,849

Inn at Opryland

 

536

 

2,332

Total Hospitality segment revenues

$

69,802

$

285,671

The majority of the Company’s Entertainment segment revenues are concentrated in Tennessee.

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The Company records deferred revenues when cash payments are received in advance of its performance obligations, primarily related to advanced deposits on hotel rooms in its Hospitality segment and advanced ticketing in its Entertainment segment. At March 31, 2021 and December 31, 2020, the Company had $79.9 million and $70.4 million, respectively, in deferred revenues, which are included in accounts payable and accrued liabilities in the accompanying condensed consolidated balance sheets. Of the amount outstanding at December 31, 2020, approximately $4.6 million was recognized in revenue during the three months ended March 31, 2021.

3. INCOME (LOSS) PER SHARE:

The weighted average number of common shares outstanding is calculated as follows (in thousands):

Three Months Ended

March 31, 

    

2021

    

2020

Weighted average shares outstanding - basic

54,995

54,911

Effect of dilutive stock-based compensation

Effect of dilutive put rights

 

 

Weighted average shares outstanding - diluted

 

54,995

 

54,911

For the three months ended March 31, 2021 and 2020, the effect of dilutive stock-based compensation was the equivalent of 0.2 and 0.1 million shares of common stock outstanding, respectively. Because the Company had a loss available to common stockholders in the three months ended March 31, 2021 and 2020, these incremental shares were excluded from the computation of dilutive earnings per share as the effect of their inclusion would have been anti-dilutive.

As more fully discussed in Note 4, “Investment in Gaylord Rockies Joint Venture,” to the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, certain affiliates of Ares Management, L.P. each had a put right to require the Company to purchase their joint venture interests in the Gaylord Rockies joint venture in consideration of cash or operating partnership units (“OP Units”) of RHP Hotel Properties, LP (the “Operating Partnership”). These put rights were exercised during 2020 and are excluded from the computation of dilutive earnings per share for the three months ended March 31, 2020 as the effect of their inclusion would have been anti-dilutive due to the Company’s loss available to common stockholders in that period. The OP Units held by the noncontrolling interest holders have been excluded from the denominator of the diluted loss per share calculation for the three months ended March 31, 2021 as there would be no effect on the calculation of diluted loss per share because the loss attributable to the OP Units held by the noncontrolling interest holders would also be subtracted to derive net loss available to common stockholders.

4. ACCUMULATED OTHER COMPREHENSIVE LOSS:

The Company’s balance in accumulated other comprehensive loss is comprised of amounts related to the Company’s minimum pension liability discussed in Note 11, “Pension Plans,” interest rate derivatives designated as cash flow hedges related to the Company’s and the Gaylord Rockies joint venture’s outstanding debt as discussed in Note 7, “Debt,” and amounts related to an other-than-temporary impairment of a held-to-maturity investment that existed prior to 2020 with respect to the notes receivable discussed in Note 6, “Notes Receivable,” to the condensed consolidated financial statements included herein, and Note 3, “Notes Receivable,” to the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. Changes in accumulated other

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comprehensive loss by component for the three months ended March 31, 2021 and 2020 consisted of the following (in thousands):

Other-Than-

Minimum

Temporary

Pension

Impairment of

Interest Rate

    

Liability

    

Investment

    

Derivatives

    

Total

Balance, December 31, 2020

$

(26,623)

$

(3,509)

$

(27,819)

$

(57,951)

Gains arising during period

1,436

602

2,038

Amounts reclassified from accumulated other comprehensive loss

8

 

53

 

4,001

 

4,062

Net other comprehensive income

 

1,444

 

53

 

4,603

 

6,100

Balance, March 31, 2021

$

(25,179)

$

(3,456)

$

(23,216)

$

(51,851)

Other-Than-

Minimum

Temporary

Pension

Impairment of

Interest Rate

    

Liability

    

Investment

    

Derivatives

    

Total

Balance, December 31, 2019

$

(23,916)

$

(5,877)

$

1,634

$

(28,159)

Losses arising during period

(1,107)

(35,947)

(37,054)

Amounts reclassified from accumulated other comprehensive loss

 

17

 

52

 

(452)

 

(383)

Net other comprehensive income (loss)

 

(1,090)

 

52

 

(36,399)

 

(37,437)

Transition adjustment related to adoption of ASU 2016-13

2,158

2,158

Balance, March 31, 2020

$

(25,006)

$

(3,667)

$

(34,765)

$

(63,438)

5. PROPERTY AND EQUIPMENT:

Property and equipment, including right-of-use finance lease assets, at March 31, 2021 and December 31, 2020 is recorded at cost (except for right-of-use finance lease assets) and summarized as follows (in thousands):

March 31, 

December 31, 

    

2021

    

2020

Land and land improvements

$

354,345

$

351,618

Buildings

 

3,464,497

 

3,462,218

Furniture, fixtures and equipment

 

961,819

 

960,666

Right-of-use finance lease assets

1,613

1,613

Construction-in-progress

 

186,505

 

166,084

 

4,968,779

 

4,942,199

Accumulated depreciation and amortization

 

(1,866,444)

 

(1,824,952)

Property and equipment, net

$

3,102,335

$

3,117,247

6. NOTES RECEIVABLE:

As further discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, in connection with the development of Gaylord National, the Company holds two issuances of governmental bonds (“Series A bond” and “Series B bond”) with a total carrying value and approximate fair value of $70.5 million and $71.9 million at March 31, 2021 and December 31, 2020, respectively, net of credit loss reserve of $38.0 million at each of March 31, 2021 and December 31, 2020. The Company receives debt service and principal payments thereon, payable from property tax increments, hotel taxes and special hotel rental taxes generated from Gaylord National through the maturity dates of July 1, 2034 and September 1, 2037, respectively. The Company records interest income over the life of the notes using the effective interest method.

The Company has the intent and ability to hold these bonds to maturity. The Company’s quarterly assessment of credit losses considers the estimate of projected tax revenues that will service the bonds over their remaining terms. These tax revenue projections are updated each quarter to reflect updated industry projections as to future anticipated operations of the hotel, including the current closure of Gaylord National. As a result of these reduced tax revenue projections over the remaining life of the bonds, the Company increased its credit loss reserve by $5.8 million in the three months ended

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March 31, 2020. As a result of additional credit loss reserves recorded in the year ended December 31, 2020, at March 31, 2021, the Series B bond is fully reserved. The Series A bond is of higher priority than other tranches which fall between the Company’s two issuances.

During the three months ended March 31, 2021 and 2020, the Company recorded interest income of $1.3 million and $1.5 million, respectively, on these bonds. The Company received payments of $2.8 million and $2.9 million during the three months ended March 31, 2021 and 2020, respectively, relating to these bonds. At March 31, 2021 and December 31, 2020, before consideration of the credit loss reserve, the Company had accrued interest receivable related to these bonds of $39.5 million and $40.9 million, respectively.

7. DEBT:

The Company’s debt and finance lease obligations at March 31, 2021 and December 31, 2020 consisted of (in thousands):

March 31, 

December 31, 

    

2021

    

2020

$700M Revolving Credit Facility, interest at LIBOR plus 1.95%, maturing March 31, 2024, less unamortized deferred financing costs of $0 and $7,579 (1)

$

$

98,421

$300M Term Loan A, interest at LIBOR plus 1.90%, maturing March 31, 2025, less unamortized deferred financing costs of $2,190 and $2,321

 

297,810

 

297,679

$500M Term Loan B, interest at LIBOR plus 2.00%, maturing May 11, 2024, less unamortized deferred financing costs of $3,274 and $3,524

 

376,726

 

377,726

$400M Senior Notes, interest at 5.0%, maturing April 15, 2023, less unamortized deferred financing costs of $0 and $2,301

 

 

397,699

$600M Senior Notes, interest at 4.50%, maturing February 15, 2029, less unamortized deferred financing costs of $10,168 and $0

 

589,832

 

$700M Senior Notes, interest at 4.75%, maturing October 15, 2027, less unamortized deferred financing costs of $10,336 and $10,676, plus unamortized premium of $2,097 and $2,167

 

691,761

 

691,491

$800M Term Loan (Gaylord Rockies JV), interest at LIBOR plus 2.50%, maturing July 2, 2023, less unamortized deferred financing costs of $5,515 and $6,103

 

794,485

 

793,897

Finance lease obligations

1,038

1,095

Total debt

$

2,751,652

$

2,658,008

(1)As the $700 Million Revolving Credit Facility has no outstanding borrowing at March 31, 2021, $7.2 million of unamortized deferred financing costs have been reclassified as prepaid expenses and other assets in the accompanying condensed consolidated balance sheet as of March 31, 2021.

Amounts due within one year consist of the amortization payments for the $500 million term loan B of 1.0% of the original principal balance, as described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020.

At March 31, 2021, there were no defaults under the covenants related to the Company’s outstanding debt based on the amended terms reached with the lenders in December 2020.

Tender Offer and Redemption of $400 Million 5% Senior Notes Due 2023

On February 9, 2021, the Company commenced a cash tender offer for any and all outstanding $400 million 5% senior notes due 2023 (the “$400 Million 5% Senior Notes”) at a redemption price of $1,005.00 per $1,000 principal amount. Pursuant to the tender offer, $161.9 million aggregate principal amount of the $400 Million 5% Senior Notes were validly tendered. The Company used a portion of the proceeds from the issuance of the $600 million 4.50% senior notes discussed below to fund the tender offer.

In accordance with the indenture governing the $400 Million 5% Senior Notes, subsequent to expiration of the tender offer, in February 2021 the Company gave irrevocable notice of the redemption of all remaining $400 Million 5% Senior

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Notes not tendered in the tender offer and irrevocably deposited with the trustee for the $400 Million 5% Senior Notes an amount sufficient to pay the redemption price of the remaining $400 Million 5% Senior Notes, including interest through April 15, 2021. Accordingly, the $400 Million 5% Senior Notes are no longer reflected in the accompanying condensed consolidated balance sheet at March 31, 2021. The redemption and cancellation of the $400 Million 5% Senior Notes was completed on April 15, 2021. The Company used a portion of the proceeds from the issuance of the $600 million 4.50% senior notes discussed below to fund the redemption.

As a result of the Company’s pur