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Ryman Hospitality Properties, Inc. Reports Second Quarter 2024 Results
ソース: Nasdaq GlobeNewswire / 31 7 2024 16:15:02 America/New_York
NASHVILLE, Tenn., July 31, 2024 (GLOBE NEWSWIRE) -- Ryman Hospitality Properties, Inc. (NYSE: RHP), a lodging real estate investment trust (“REIT”) specializing in group-oriented, destination hotel assets in urban and resort markets, today reported financial results for the three and six months ended June 30, 2024.
Second Quarter 2024 Highlights and Recent Developments:
- The Company generated record second quarter net income of $104.7 million and record second quarter net income available to common stockholders of $100.8 million, which were records even without the impact of the Tennessee franchise tax refunds for prior years of approximately $9.1 million.1
- Reported record second quarter consolidated revenue of $613.3 million, including record second quarter same-store Hospitality revenue of $456.2 million. 2
- Achieved all-time record consolidated operating income of $168.1 million and all-time record consolidated Adjusted EBITDAre of $233.2 million, which were records even without the impact of the Tennessee franchise tax refunds.
- During the second quarter, the Company booked over 781,000 same-store Gross Definite Room Nights for all future years, at a record future estimated average daily rate (ADR) of $284, an increase of 7.3% over Q2 2023 estimated ADR for future bookings.
- The Company refinanced Opry Entertainment Group’s term loan B and revolving credit facility with a new $300 million term loan B and $80 million revolving credit facility. The refinanced credit facility and term loan B also reduce the applicable interest rate spread on SOFR loans and extend the applicable maturity dates by two years.
- The Company is raising its full year 2024 outlook for consolidated net income, operating income, Adjusted EBITDAre and adjusted funds from operations (AFFO), primarily to reflect Tennessee franchise tax savings and estimated cash interest expense savings from the OEG refinancing. The Company is lowering its outlook for same-store Hospitality RevPAR and Total RevPAR growth to account for continued leisure transient softness.
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1 In May 2024, Tennessee amended its franchise tax law, making the Company eligible for refunds for the prior tax years of 2020 through 2023. The Company’s aggregate eligible refunds total approximately $9.1 million (reflected as a reduction in operating expenses), which is allocated by segment in the following approximate amounts in second quarter 2024: $5.6 million (Hospitality), $3.4 million (Entertainment) and $0.1 million (Corporate & Other).
2 Same-store Hospitality portfolio excludes JW Marriott Hill Country, which was acquired June 30, 2023.
Mark Fioravanti, President and Chief Executive Officer of Ryman Hospitality Properties, said, “Our second quarter results continue to demonstrate the strength of both business segments, delivering record second quarter net income, and all-time records for consolidated operating income and consolidated Adjusted EBITDAre despite some expected construction disruption and continued leisure transient softness. Projected rooms revenue from second quarter bookings production for all future years set a second quarter record for the same-store portfolio, which together with all-time record banquet and AV results indicate our core group customer demand remains strong.”Second Quarter 2024 Results (as compared to second quarter 2023):
($ in thousands, except per share amounts) Three Months Ended Six Months Ended June 30, June 30, 2024 2023 % ∆ 2024 2023 % ∆ Total Revenue $ 613,290 $ 504,843 21.5% $ 1,141,635 $ 996,562 14.6% Operating income $ 168,071 $ 122,240 37.5% $ 264,452 $ 227,890 16.0% Operating income margin 27.4% 24.2% 3.2pt 23.2% 22.9% 0.3pt Net income $ 104,740 $ 70,143 49.3% $ 147,501 $ 131,137 12.5% Net income margin 17.1% 13.9% 3.2pt 12.9% 13.2% -0.3pt Net income available to common stockholders $ 100,805 $ 66,543 51.5% $ 143,861 $ 127,863 12.5% Net income available to common stockholders margin 16.4% 13.2% 3.2pt 12.6% 12.8% -0.2pt Net income available to common stockholders per diluted share (1) $ 1.65 $ 1.15 43.5% $ 2.31 $ 2.17 6.5% Adjusted EBITDAre $ 233,195 $ 174,702 33.5% $ 394,260 $ 332,377 18.6% Adjusted EBITDAre margin 38.0% 34.6% 3.4pt 34.5% 33.4% 1.1pt Adjusted EBITDAre, excluding noncontrolling interest in consolidated joint venture $ 222,473 $ 165,883 34.1% $ 378,876 $ 319,262 18.7% Adjusted EBITDAre, excluding noncontrolling interest in consolidated joint venture margin 36.3% 32.9% 3.4pt 33.2% 32.0% 1.2pt Funds From Operations (FFO) available to common stockholders and unit holders $ 157,647 $ 113,639 38.7% $ 256,120 $ 222,165 15.3% FFO available to common stockholders and unit holders per diluted share/unit (1) $ 2.53 $ 1.92 31.8% $ 4.05 $ 3.72 8.9% Adjusted FFO available to common stockholders and unit holders $ 173,432 $ 122,392 41.7% $ 276,126 $ 235,985 17.0% Adjusted FFO available to common stockholders and unit holders per diluted share/unit (1) $ 2.78 $ 2.06 35.0% $ 4.37 $ 3.95 10.6% (1) Diluted weighted average common shares for the three months ended June 30, 2024 and 2023 include 3.1 million and 3.9 million, respectively, and the six months ended June 30, 2024 and 2023 include 3.3 million and 4.0 million, respectively, in equivalent shares related to the currently unexercisable investor put rights associated with the noncontrolling interest in the Company's OEG business, which may be settled in cash or shares at the Company's option.
Note: Consolidated second quarter 2024 results reflect franchise tax refunds for prior tax periods of 2020 through 2023 totaling approximately $9.1 million. Excluding the franchise tax refund related to prior years, for the three and six months ended June 30, 2024, net income was approximately $97.9 million and $140.6 million, respectively; operating income was approximately $159.0 million and $255.4 million, respectively; operating income margin was approximately 25.9% and 22.4%, respectively; Adjusted EBITDAre was approximately $224.1 million and $385.2 million, respectively; and Adjusted EBITDAre margin was approximately 36.5% and 33.7%, respectively.
Note: For the Company’s definitions of Adjusted EBITDAre, Adjusted EBITDAre margin, Adjusted EBITDAre, excluding noncontrolling interest in consolidated joint venture, Adjusted EBITDAre, excluding noncontrolling interest in consolidated joint venture margin, FFO available to common stockholders and unit holders, and Adjusted FFO available to common stockholders and unit holders, as well as a reconciliation of the non-GAAP financial measure Adjusted EBITDAre to Net Income and a reconciliation of the non-GAAP financial measures FFO available to common stockholders and unit holders and Adjusted FFO available to common stockholders and unit holders to Net Income, see “Non-GAAP Financial Measures,” “EBITDAre, Adjusted EBITDAre and Adjusted EBITDAre, Excluding Noncontrolling Interest in Consolidated Joint Venture Definition,” “Adjusted EBITDAre, Excluding Noncontrolling Interest in Consolidated Joint Venture Margin Definition” “FFO, Adjusted FFO, and Adjusted FFO available to common stockholders and unit holders Definition” and “Supplemental Financial Results” below.
Hospitality Segment
($ in thousands, except ADR, RevPAR, and Total RevPAR) Three Months Ended Six Months Ended June 30, June 30, 2024 2023 % ∆ 2024 2023 % ∆ Hospitality Revenue $519,087 $417,685 24.3% $980,557 $842,124 16.4% Same-Store Hospitality Revenue (1) $456,237 $417,685 9.2% $867,766 $842,124 3.0% Hospitality operating income $151,885 $107,733 41.0% $254,070 $213,803 18.8% Hospitality operating income margin 29.3% 25.8% 3.5pt 25.9% 25.4% 0.5pt Hospitality Adjusted EBITDAre $204,615 $152,667 34.0% $359,208 $303,902 18.2% Hospitality Adjusted EBITDAre margin 39.4% 36.6% 2.8pt 36.6% 36.1% 0.5pt Same-Store Hospitality operating income (1) $136,447 $107,733 26.7% $229,498 $213,803 7.3% Same-Store Hospitality operating income margin (1) 29.9% 25.8% 4.1pt 26.4% 25.4% 1.0pt Same-Store Hospitality Adjusted EBITDAre (1) $181,706 $152,667 19.0% $319,768 $303,902 5.2% Same-Store Hospitality Adjusted EBITDAre margin (1) 39.8% 36.6% 3.2pt 36.8% 36.1% 0.7pt Hospitality Performance Metrics Occupancy 73.7% 72.7% 1.0pt 70.2% 72.5% -2.3pt Average Daily Rate (ADR) $260.76 $244.77 6.5% $255.87 $241.38 6.0% RevPAR $192.12 $177.83 8.0% $179.64 $174.97 2.7% Total RevPAR $499.90 $440.12 13.6% $472.09 $446.49 5.7% Same-Store Hospitality Performance Metrics (1) Occupancy 73.2% 72.7% 0.5pt 70.1% 72.5% -2.4pt Average Daily Rate (ADR) $254.16 $244.77 3.8% $249.71 $241.38 3.5% RevPAR $185.95 $177.83 4.6% $175.06 $174.97 0.1% Total RevPAR $481.67 $440.12 9.4% $458.00 $446.49 2.6% Gross Definite Rooms Nights Booked 781,235 651,507 19.9% 1,069,187 1,000,155 6.9% Net Definite Rooms Nights Booked 596,661 450,269 32.5% 748,337 700,587 6.8% Group Attrition (as % of contracted block) 15.2% 16.3% -1.1pt 15.0% 15.9% -0.9pt Cancellations ITYFTY (2) 13,961 21,748 -35.8 26,151 53,968 -51.5 (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: Hospitality segment and the Same-Store Hospitality portfolio second quarter 2024 results reflect franchise tax refunds for prior tax periods of 2020 through 2023 totaling approximately $5.6 million. Excluding the franchise tax refund related to prior years, for the three and six months ended June 30, 2024, Hospitality operating income was approximately $146.3 million and $248.5 million, respectively; Hospitality operating income margin was approximately 28.2% and 25.3%, respectively; Hospitality Adjusted EBITDAre was approximately $199.0 million and $353.6 million, respectively; Hospitality Adjusted EBITDAre margin was approximately 38.3% and 36.1%, respectively; same-store Hospitality operating income was approximately $130.9 million and $223.9 million, respectively; same-store Hospitality operating income margin was approximately 28.7% and 25.8%, respectively; same-store Hospitality Adjusted EBITDAre was approximately $176.1 million and $314.2 million, respectively; and same-store Hospitality Adjusted EBITDAre margin was approximately 38.6% and 36.2%, respectively.
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 Second quarter 2024 are presented in greater detail below and under “Supplemental Financial Results—Hospitality Segment Adjusted EBITDAre Reconciliations and Operating Metrics,” which includes a reconciliation of the non-GAAP financial measures Hospitality Adjusted EBITDAre to Hospitality Operating Income, and property-level Adjusted EBITDAre to property-level Operating Income for each of the hotel properties.
Hospitality Segment Highlights
- Same-store Hospitality portfolio achieved all-time record operating income of $136.4 million and record Adjusted EBITDAre of $181.7 million for the quarter, which were records even without the impact of the Tennessee franchise tax refunds.
- Banquet and AV revenue set an all-time record for the same-store Hospitality portfolio, reflecting the strength of our core group business.
- The same-store Hospitality portfolio achieved a second quarter record ADR of $254, an increase of 3.8% from Q2 2023, maintaining our continued rate growth.
- On a same-store basis, cancellations in the year for the year decreased by 36% in Q2 2024 compared to Q2 2023, and attrition and cancellation fee collections declined to $9.3 million in Q2 2024 from $10.3 million in Q2 2023.
- Successfully completed the first phase of the Gaylord Rockies Grand Lodge repositioning and the development of a new group pavilion.
Gaylord Opryland
($ in thousands, except ADR, RevPAR, and Total RevPAR) Three Months Ended Six Months Ended June 30, June 30, 2024 2023 % ∆ 2024 2023 % ∆ Revenue $130,352 $110,475 18.0% $234,187 $222,281 5.4% Operating income $50,642 $32,011 58.2% $75,467 $63,706 18.5% Operating income margin 38.9% 29.0% 9.9pt 32.2% 28.7% 3.5pt Adjusted EBITDAre $58,830 $40,511 45.2% $91,777 $80,748 13.7% Adjusted EBITDAre margin 45.1% 36.7% 8.4pt 39.2% 36.3% 2.9pt Occupancy 75.4% 71.2% 4.2pt 70.2% 71.9% -1.7pt Average daily rate (ADR) $260.98 $252.01 3.6% $253.71 $246.07 3.1% RevPAR $196.85 $179.38 9.7% $178.23 $176.90 0.8% Total RevPAR $496.00 $420.36 18.0% $445.55 $425.23 4.8% Note: Gaylord Opryland second quarter 2024 results reflect franchise tax refunds for prior tax periods of 2020 through 2023 totaling approximately $5.4 million. Excluding the franchise tax refund related to prior years, for the three and six months ended June 30, 2024, operating income was approximately $45.3 million and $70.1 million, respectively; operating income margin was approximately 34.7% and 29.9%, respectively; Adjusted EBITDAre was approximately $53.5 million and $86.4 million, respectively; and Adjusted EBITDAre margin was approximately 41.0% and 36.9%, respectively.
Gaylord Palms
($ in thousands, except ADR, RevPAR, and Total RevPAR) Three Months Ended Six Months Ended June 30, June 30, 2024 2023 % ∆ 2024 2023 % ∆ Revenue $68,799 $73,829 -6.8% $154,262 $158,375 -2.6% Operating income $13,479 $18,322 -26.4% $38,485 $45,956 -16.3% Operating income margin 19.6% 24.8% -5.2pt 24.9% 29.0% -4.1pt Adjusted EBITDAre $20,361 $24,895 -18.2% $52,232 $59,170 -11.7% Adjusted EBITDAre margin 29.6% 33.7% -4.1pt 33.9% 37.4% -3.5pt Occupancy 62.5% 75.8% -13.3pt 68.5% 77.6% -9.1pt Average daily rate (ADR) $235.54 $243.55 -3.3% $253.19 $250.74 1.0% RevPAR $147.22 $184.58 -20.2% $173.55 $194.62 -10.8% Total RevPAR $440.07 $472.24 -6.8% $493.36 $509.31 -3.1% Gaylord Texan
($ in thousands, except ADR, RevPAR, and Total RevPAR) Three Months Ended Six Months Ended June 30, June 30, 2024 2023 % ∆ 2024 2023 % ∆ Revenue $83,897 $81,479 3.0% $168,799 $167,877 0.5% Operating income $26,314 $26,105 0.8% $52,346 $54,193 -3.4% Operating income margin 31.4% 32.0% -0.6pt 31.0% 32.3% -1.3pt Adjusted EBITDAre $32,058 $31,823 0.7% $63,981 $65,677 -2.6% Adjusted EBITDAre margin 38.2% 39.1% -0.9pt 37.9% 39.1% -1.2pt Occupancy 78.8% 75.1% 3.7pt 76.0% 76.1% -0.1pt Average daily rate (ADR) $252.61 $234.86 7.6% $246.43 $232.83 5.8% RevPAR $199.18 $176.49 12.9% $187.36 $177.19 5.7% Total RevPAR $508.24 $493.59 3.0% $511.28 $511.30 -0.0% Gaylord National
($ in thousands, except ADR, RevPAR, and Total RevPAR) Three Months Ended Six Months Ended June 30, June 30, 2024 2023 % ∆ 2024 2023 % ∆ Revenue $88,369 $77,014 14.7% $156,643 $149,786 4.6% Operating income $22,321 $14,926 49.5% $27,544 $22,981 19.9% Operating income margin 25.3% 19.4% 5.9pt 17.6% 15.3% 2.3pt Adjusted EBITDAre $31,921 $24,453 30.5% $46,740 $42,073 11.1% Adjusted EBITDAre margin 36.1% 31.8% 4.3pt 29.8% 28.1% 1.7pt Occupancy 70.8% 67.8% 3.0pt 67.6% 67.6% 0.0pt Average daily rate (ADR) $263.88 $251.80 4.8% $250.67 $245.80 2.0% RevPAR $186.90 $170.65 9.5% $169.54 $166.06 2.1% Total RevPAR $486.52 $424.00 14.7% $431.20 $414.60 4.0% Gaylord Rockies
($ in thousands, except ADR, RevPAR, and Total RevPAR) Three Months Ended Six Months Ended June 30, June 30, 2024 2023 % ∆ 2024 2023 % ∆ Revenue $76,836 $67,127 14.5% $140,658 $131,174 7.2% Operating income $21,436 $14,691 45.9% $33,433 $25,559 30.8% Operating income margin 27.9% 21.9% 6.0pt 23.8% 19.5% 4.3pt Adjusted EBITDAre $35,574 $28,815 23.5% $61,412 $53,728 14.3% Adjusted EBITDAre margin 46.3% 42.9% 3.4pt 43.7% 41.0% 2.7pt Occupancy 80.4% 77.8% 2.6pt 72.4% 73.9% -1.5pt Average daily rate (ADR) $255.44 $247.92 3.0% $249.55 $240.94 3.6% RevPAR $205.25 $192.84 6.4% $180.77 $177.98 1.6% Total RevPAR $562.53 $491.45 14.5% $514.89 $482.82 6.6% JW Marriott Hill Country(1)
($ in thousands, except ADR, RevPAR, and Total RevPAR) Three Months Ended Six Months Ended June 30, June 30, 2024 2024 Revenue $62,850 $112,791 Operating income $15,438 $24,572 Operating income margin 24.6% 21.8% Adjusted EBITDAre $22,909 $39,440 Adjusted EBITDAre margin 36.5% 35.0% Occupancy 79.0% 71.3% Average daily rate (ADR) $324.18 $318.83 RevPAR $256.23 $227.31 Total RevPAR $689.28 $618.50 (1) JW Marriott Hill Country was acquired by the Company on June 30, 2023, therefore there are no comparison figures.
Entertainment Segment
($ in thousands) Three Months Ended Six Months Ended June 30, June 30, 2024 2023 % ∆ 2024 2023 % ∆ Revenue $94,203 $87,158 8.1% $161,078 $154,438 4.3% Operating income $25,822 $24,601 5.0% $31,934 $34,992 -8.7% Operating income margin 27.4% 28.2% -0.8pt 19.8% 22.7% -2.9pt Adjusted EBITDAre $35,744 $29,416 21.5% $51,283 $43,762 17.2% Adjusted EBITDAre margin 37.9% 33.8% 4.1pt 31.8% 28.3% 3.5pt Note: Entertainment segment second quarter 2024 results reflect franchise tax refunds for prior tax periods of 2020 through 2023 totaling approximately $3.4 million. Excluding the franchise tax refund related to prior years, for the three and six months ended June 30, 2024, operating income was approximately $22.4 million and $28.6 million, respectively; operating income margin was approximately 23.8% and 17.7%, respectively; Adjusted EBITDAre was approximately $32.4 million and $47.9 million, respectively; and Adjusted EBITDAre margin was approximately 34.4% and 29.7%, respectively.
Fioravanti continued, “Our Entertainment business delivered solid performance, including an all-time quarterly record for revenue led by the Grand Ole Opry and our Ole Red brand. We are particularly pleased with these results given the planned construction-related disruption at Category 10 and the W Austin Hotel at Block 21. We look forward to their enhanced contribution in 2025.”
Corporate and Other Segment
($ in thousands) Three Months Ended Six Months Ended June 30, June 30, 2024 2023 % ∆ 2024 2023 % ∆ Operating loss ($9,636 ) ($10,094 ) 4.5% ($21,552 ) ($20,905 ) -3.1% Adjusted EBITDAre ($7,164 ) ($7,381 ) 2.9% ($16,231 ) ($15,287 ) -6.2% Note: Corporate and Other segment second quarter 2024 results reflect franchise tax refunds for prior tax periods of 2020 through 2023 totaling approximately $0.1 million.
2024 Guidance
Fioravanti concluded, “We are pleased to increase our full year 2024 outlook for consolidated net income, operating income, Adjusted EBITDAre and Adjusted FFO, to reflect the change in Tennessee franchise tax law and estimated cash interest expense savings from the OEG refinancing. Our outlook assumes continued strength in our group business and our anticipated strong operating expense discipline, which we believe will offset the profitability impact of continued leisure transient softness. We remain confident in our group-centric model and the investments we are making across our portfolio to continue to create value for our guests and shareholders.”
The Company is updating its 2024 business performance outlook based on current information as of July 31, 2024. The Company does not expect to update the guidance provided below before next quarter’s earnings release. However, the Company may update its full business outlook or any portion thereof at any time for any reason.
($ in millions, except per share figures) New Guidance New FY Prior Guidance Prior FY Change (1) Full Year 2024 (1) 2024 Guidance (1) Full Year 2024 (1) 2024 Guidance (1) Low High Midpoint Low High Midpoint Midpoint Consolidated Hospitality RevPAR growth (same-store) (2) 1.00 % 3.00 % 2.00 % 3.50 % 5.50 % 4.50 % -2.50 % Consolidated Hospitality Total RevPAR growth (same-store) (2) 2.75 % 4.75 % 3.75 % 3.25 % 5.25 % 4.25 % -0.50 % Operating Income Hospitality (same-store) (2) $ 447.5 $ 456.0 $ 451.8 $ 434.5 $ 450.5 $ 442.5 $ 9.3 JW Marriott Hill Country 37.0 38.0 37.5 35.0 40.0 37.5 - Entertainment 70.5 73.5 72.0 65.5 71.5 68.5 3.5 Corporate and Other (44.8 ) (43.0 ) (43.9 ) (44.8 ) (43.0 ) (43.9 ) - Consolidated Operating Income 510.2 524.5 517.4 490.2 519.0 504.6 12.8 Adjusted EBITDAre Hospitality (same-store) (2) $ 625.5 $ 640.5 $ 633.0 $ 612.5 $ 635.0 $ 623.8 $ 9.3 JW Marriott Hill Country 65.0 70.0 67.5 63.0 72.0 67.5 - Entertainment 105.0 112.0 108.5 100.0 110.0 105.0 3.5 Corporate and Other (35.0 ) (32.0 ) (33.5 ) (35.0 ) (32.0 ) (33.5 ) - Consolidated Adjusted EBITDAre 760.5 790.5 775.5 740.5 785.0 762.8 12.8 Net Income $ 281.0 $ 287.5 $ 284.3 $ 259.0 $ 280.0 $ 269.5 $ 14.8 Net Income available to common stockholders $ 271.0 $ 281.5 $ 276.3 $ 249.0 $ 274.0 $ 261.5 $ 14.8 Funds from Operations (FFO) available to common stockholders and unit holders $ 485.3 $ 508.0 $ 496.6 $ 463.3 $ 500.5 $ 481.9 $ 14.8 Adjusted FFO available to common stockholders and unit holders $ 511.8 $ 543.0 $ 527.4 $ 489.8 $ 535.5 $ 512.6 $ 14.8 Diluted income per share available to common stockholders $ 4.38 $ 4.49 $ 4.44 $ 4.01 $ 4.33 $ 4.17 $ 0.27 Adjusted FFO available to common stockholders and unit holders per diluted share $ 8.09 $ 8.51 $ 8.30 $ 7.69 $ 8.33 $ 8.01 $ 0.29 Estimated diluted shares outstanding to common stockholders (3) 64.1 64.1 64.1 64.6 64.6 64.6 (0.5 ) Estimated diluted shares outstanding to common stockholders and unit holders (3) 64.5 64.5 64.5 65.0 65.0 65.0 (0.5 ) (1) Includes JW Marriott Hill Country, except as otherwise noted. Amounts are calculated based on unrounded numbers. (2) Same-store excludes JW Marriott Hill Country. (3) Includes shares related to the currently unexercisable investor put rights associated with the noncontrolling interest in the Company’s OEG business, which may be settled in cash or shares at the Company’s option. Note: For reconciliations of Consolidated Adjusted EBITDAre guidance to Net Income, segment-level Adjusted EBITDAre to segment-level Operating Income, property-level Adjusted EBITDAre for JW Marriott Hill Country to property-level Operating Income, and FFO and Adjusted FFO available to common stockholders and unitholders to Net Income, see “Reconciliation of Forward-Looking Statements” below.
Capital Expenditures Update
As of June 30, 2024, full year 2024 capital expenditures are estimated to be $375 million to $425 million, unchanged at the midpoint of $400 million.Dividend Update
On July 15, 2024, the Company paid the previously declared second quarter 2024 cash dividend of $1.10 per share of common stock, to stockholders of record as of June 28, 2024. The Company’s dividend policy provides that it will distribute minimum dividends of 100% of REIT taxable income annually. It is the Company’s current plan to distribute aggregate minimum dividends for 2024 of $4.40 per share in cash. Future dividends are subject to the Board’s future determinations as to amount and timing.Balance Sheet/Liquidity Update
As of June 30, 2024, the Company had total debt outstanding of $3,373.4 million, net of unamortized deferred financing costs, and unrestricted cash of $498.4 million. As of June 30, 2024, there were no amounts drawn under the Company’s revolving credit facility, $17.0 million was drawn under OEG’s revolving credit facility, and the lending banks had issued $4.3 million in letters of credit under the Company’s revolving credit facility, which left $758.7 million of aggregate borrowing availability 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, August 1, 2024, at 11:00 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/News & Events/Events & Presentation) at least 15 minutes prior to the call to register and download any necessary audio software. For those who cannot listen to the live broadcast, a replay will be available shortly after the call and will be available for at least 30 days.About Ryman Hospitality Properties, Inc.
Ryman Hospitality Properties, Inc. (NYSE: RHP) is a leading lodging and hospitality real estate investment trust that specializes in upscale convention center resorts and entertainment experiences. The Company’s holdings include Gaylord Opryland Resort & Convention Center; Gaylord Palms Resort & Convention Center; Gaylord Texan Resort & Convention Center; Gaylord National Resort & Convention Center; and Gaylord Rockies Resort & Convention Center, five of the top seven largest non-gaming convention center hotels in the United States based on total indoor meeting space. The Company also owns the JW Marriott San Antonio Hill Country Resort & Spa as well as two ancillary hotels adjacent to our Gaylord Hotels properties. The Company’s hotel portfolio is managed by Marriott International and includes a combined total of 11,414 rooms as well as more than 3 million square feet of total indoor and outdoor meeting space in top convention and leisure destinations across the country. RHP also owns a 70% controlling ownership interest in Opry Entertainment Group (OEG), which is composed of entities owning a growing collection of iconic and emerging country music brands, including the Grand Ole Opry, Ryman Auditorium, WSM 650 AM, Ole Red, Nashville-area attractions, and Block 21, a mixed-use entertainment, lodging, office and retail complex, including the W Austin Hotel and the ACL Live at the Moody Theater, located in downtown Austin, Texas. RHP operates OEG as its Entertainment segment in a taxable REIT subsidiary, and its results are consolidated in the Company’s financial results.Cautionary Note Regarding Forward-Looking Statements
This press release contains statements as to the Company’s beliefs and expectations of the outcome of future events that are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. You can identify these statements by the fact that they do not relate strictly to historical or current facts. Examples of these statements include, but are not limited to, statements regarding the future performance of the Company’s business, anticipated business levels and anticipated financial results for the Company during future periods, the Company’s expected cash dividend, and other business or operational issues. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the statements made. These include the risks and uncertainties associated with economic conditions affecting the hospitality business generally, the geographic concentration of the Company’s hotel properties, business levels at the Company’s hotels, the effects of inflation on the Company’s business, including the effects on costs of labor and supplies and effects on group customers at the Company’s hotels and customers in OEG’s businesses, the Company’s ability to remain qualified as a REIT, the Company’s ability to execute our strategic goals as a REIT, the Company’s ability to generate cash flows to support dividends, future board determinations regarding the timing and amount of dividends and changes to the dividend policy, the Company’s ability to borrow funds pursuant to its credit agreements and to refinance indebtedness and/or to successfully amend the agreements governing its indebtedness in the future, and changes in interest rates. 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, 2023, and subsequent filings. The Company does not undertake any obligation to release publicly any revisions to forward-looking statements made by it to reflect events or circumstances occurring after the date hereof or the occurrence of unanticipated events.Additional Information
This release should be read in conjunction with the consolidated financial statements and notes thereto included in our most recent Annual Report on Form 10-K. Copies of our reports are available on our website at no expense at www.rymanhp.com and through the SEC’s Electronic Data Gathering Analysis and Retrieval System (“EDGAR”) at www.sec.gov.Calculation of RevPAR and Total RevPAR
We calculate revenue per available room (“RevPAR”) for our hotels by dividing room revenue by room nights available to guests for the period. We calculate total revenue per available room (“Total RevPAR”) for our hotels by dividing the sum of room revenue, food & beverage, and other ancillary services revenue by room nights available to guests for the period. Hospitality metrics do not include the results of the W Austin, which is included in the Entertainment segment.Calculation of GAAP Margin Figures
We calculate Net Income available to common stockholders margin by dividing GAAP consolidated Net Income available to common stockholders by GAAP consolidated Total Revenue. We calculate consolidated, segment or property-level Operating Income Margin by dividing consolidated, segment or property-level GAAP Operating Income by consolidated, segment or property-level GAAP Revenue.Non-GAAP Financial Measures
We present the following non-GAAP financial measures we believe are useful to investors as key measures of our operating performance:EBITDAre, Adjusted EBITDAre and Adjusted EBITDAre, Excluding Noncontrolling Interest in Consolidated Joint Venture Definition
We calculate EBITDAre, which is defined by the National Association of Real Estate Investment Trusts (“NAREIT”) in its September 2017 white paper as Net Income (calculated in accordance with GAAP) plus interest expense, income tax expense, depreciation and amortization, gains or losses on the disposition of depreciated property (including gains or losses on change in control), impairment write-downs of depreciated property and of investments in unconsolidated affiliates caused by a decrease in the value of depreciated property of the affiliate, and adjustments to reflect the entity’s share of EBITDAre of unconsolidated affiliates.Adjusted EBITDAre is then calculated as EBITDAre, plus to the extent the following adjustments occurred during the periods presented:
- preopening costs;
- non-cash lease expense;
- equity-based compensation expense;
- impairment charges that do not meet the NAREIT definition above;
- credit losses on held-to-maturity securities;
- transaction costs of acquisitions;
- interest income on bonds;
- loss on extinguishment of debt;
- pension settlement charges;
- pro rata Adjusted EBITDAre from unconsolidated joint ventures; and
- any other adjustments we have identified herein.
We then exclude the pro rata share of Adjusted EBITDAre related to noncontrolling interests in consolidated joint ventures to calculate Adjusted EBITDAre, Excluding Noncontrolling Interest in Consolidated Joint Venture.
We use EBITDAre, Adjusted EBITDAre and Adjusted EBITDAre, Excluding Noncontrolling Interest in Consolidated Joint Venture and segment or property-level EBITDAre and Adjusted EBITDAre to evaluate our operating performance. We believe that the presentation of these non-GAAP financial measures provides useful information to investors regarding our operating performance and debt leverage metrics, and that the presentation of these non-GAAP financial measures, when combined with the primary GAAP presentation of Net Income or Operating Income, as applicable, is beneficial to an investor’s complete understanding of our operating performance. We make additional adjustments to EBITDAre when evaluating our performance because we believe that presenting Adjusted EBITDAre and Adjusted EBITDAre, Excluding Noncontrolling Interest in Consolidated Joint Venture provides useful information to investors regarding our operating performance and debt leverage metrics.
Adjusted EBITDAre Margin and Adjusted EBITDAre, Excluding Noncontrolling Interest in Consolidated Joint Venture Margin Definition
We calculate consolidated Adjusted EBITDAre, Excluding Noncontrolling Interest in Consolidated Joint Venture Margin by dividing consolidated Adjusted EBITDAre, Excluding Noncontrolling Interest in Consolidated Joint Venture by GAAP consolidated Total Revenue. We calculate consolidated, segment or property-level Adjusted EBITDAre Margin by dividing consolidated, segment-, or property-level Adjusted EBITDAre by consolidated, segment-, or property-level GAAP Revenue. We believe Adjusted EBITDAre, Excluding Noncontrolling Interest in Consolidated Joint Venture Margin is useful to investors in evaluating our operating performance because this non-GAAP financial measure helps investors evaluate and compare the results of our operations from period to period by presenting a ratio showing the quantitative relationship between Adjusted EBITDAre, Excluding Noncontrolling Interest in Consolidated Joint Venture and GAAP consolidated Total Revenue or segment or property-level GAAP Revenue, as applicable.FFO, Adjusted FFO, and Adjusted FFO available to common stockholders and unit holders Definition
We calculate FFO, which definition is clarified by NAREIT in its December 2018 white paper as Net Income (calculated in accordance with GAAP) excluding depreciation and amortization (excluding amortization of deferred financing costs and debt discounts), gains and losses from the sale of certain real estate assets, gains and losses from a change in control, impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciated real estate held by the entity, income (loss) from consolidated joint ventures attributable to noncontrolling interest, and pro rata adjustments for unconsolidated joint ventures.
To calculate Adjusted FFO available to common stockholders and unit holders, we then exclude, to the extent the following adjustments occurred during the periods presented:- right-of-use asset amortization;
- impairment charges that do not meet the NAREIT definition above;
- write-offs of deferred financing costs;
- amortization of debt discounts or premiums and amortization of deferred financing costs;
- loss on extinguishment of debt;
- non-cash lease expense;
- credit loss on held-to-maturity securities;
- pension settlement charges;
- additional pro rata adjustments from unconsolidated joint ventures;
- (gains) losses on other assets;
- transaction costs on acquisitions;
- deferred income tax expense (benefit); and
- any other adjustments we have identified herein.
We present Adjusted FFO available to common stockholders and unit holders per diluted share as a non-GAAP measure of our performance in addition to our net income available to common stockholders per diluted share (calculated in accordance with GAAP). We calculate Adjusted FFO available to common stockholders and unit holders per diluted share as our Adjusted FFO (defined as set forth above) for a given operating period, as adjusted for the effect of dilutive securities, divided by the number of diluted shares and units outstanding during such period.
We believe that the presentation of these non-GAAP financial measures provides useful information to investors regarding the performance of our ongoing operations because each presents a measure of our operations without regard to specified non-cash items such as real estate depreciation and amortization, gain or loss on sale of assets and certain other items, which we believe are not indicative of the performance of our underlying hotel properties. We believe that these items are more representative of our asset base than our ongoing operations. We also use these non-GAAP financial measures as measures in determining our results after considering the impact of our capital structure.
We caution investors that non-GAAP financial measures we present may not be comparable to similar measures disclosed by other companies, because not all companies calculate these non-GAAP measures in the same manner. The non-GAAP financial measures we present, and any related per share measures, should not be considered as alternative measures of our Net Income, operating performance, cash flow or liquidity. These non-GAAP financial measures may include funds that may not be available for our discretionary use due to functional requirements to conserve funds for capital expenditures and property acquisitions and other commitments and uncertainties. Although we believe that these non-GAAP financial measures can enhance an investor’s understanding of our results of operations, these non-GAAP financial measures, when viewed individually, are not necessarily better indicators of any trend as compared to GAAP measures such as Net Income (Loss), Operating Income (Loss), or cash flow from operations.
Investor Relations Contacts: Media Contacts: Mark Fioravanti, President and Chief Executive Officer Shannon Sullivan, Vice President Corporate and Brand Communications Ryman Hospitality Properties, Inc. Ryman Hospitality Properties, Inc. (615) 316-6588 (615) 316-6725 mfioravanti@rymanhp.com ssullivan@rymanhp.com ~or~ Jennifer Hutcheson, Chief Financial Officer Ryman Hospitality Properties, Inc. (615) 316-6320 jhutcheson@rymanhp.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 Six Months Ended Jun. 30, Jun. 30, 2024 2023 2024 2023 Revenues : Rooms $ 199,497 $ 168,492 $ 373,130 $ 329,743 Food and beverage 259,386 197,908 494,469 413,712 Other hotel revenue 60,204 51,285 112,958 98,669 Entertainment 94,203 87,158 161,078 154,438 Total revenues 613,290 504,843 1,141,635 996,562 Operating expenses: Rooms 45,062 40,272 89,163 82,331 Food and beverage 132,369 107,026 260,548 222,207 Other hotel expenses 117,769 104,590 236,582 207,649 Management fees 21,449 15,418 39,411 30,613 Total hotel operating expenses 316,649 267,306 625,704 542,800 Entertainment 59,560 57,088 112,147 108,522 Corporate 9,402 9,885 21,356 20,479 Preopening costs 1,055 67 2,491 257 Gain on sale of assets - - (270 ) - Depreciation and amortization 58,553 48,257 115,755 96,614 Total operating expenses 445,219 382,603 877,183 768,672 Operating income 168,071 122,240 264,452 227,890 Interest expense, net of amounts capitalized (56,577 ) (49,179 ) (117,020 ) (91,707 ) Interest income 7,064 5,318 14,586 7,865 Loss on extinguishment of debt (1,797 ) (2,252 ) (2,319 ) (2,252 ) Income (loss) from unconsolidated joint ventures 183 (2,153 ) 215 (4,959 ) Other gains and (losses), net (4 ) (287 ) 317 (523 ) Income before income taxes 116,940 73,687 160,231 136,314 Provision for income taxes (12,200 ) (3,544 ) (12,730 ) (5,177 ) Net income 104,740 70,143 147,501 131,137 Net income attributable to noncontrolling interest in consolidated joint venture (3,270 ) (3,134 ) (2,691 ) (2,371 ) Net income attributable to noncontrolling interest in Operating Partnership (665 ) (466 ) (949 ) (903 ) Net income available to common stockholders $ 100,805 $ 66,543 $ 143,861 $ 127,863 Basic income per share available to common stockholders $ 1.68 $ 1.18 $ 2.41 $ 2.29 Diluted income per share available to common stockholders (1) $ 1.65 $ 1.15 $ 2.31 $ 2.17 Weighted average common shares for the period: Basic 59,895 56,329 59,817 55,759 Diluted (1) 63,223 60,489 63,446 59,973 (1) Diluted weighted average common shares for the three and six months ended June 30, 2024 include 3.1 million and 3.3 million, respectively, and the three and six months ended June 30, 2023 include 3.9 million and 4.0 million, respectively, 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) Jun. 30, Dec. 31, 2024 2023 ASSETS: Property and equipment, net of accumulated depreciation $ 4,045,466 $ 3,955,586 Cash and cash equivalents - unrestricted 498,371 591,833 Cash and cash equivalents - restricted 51,908 108,608 Notes receivable 61,892 61,760 Trade receivables, net 127,281 110,029 Deferred income tax assets, net 71,023 81,624 Prepaid expenses and other assets 163,786 154,810 Intangible assets 120,231 124,287 Total assets $ 5,139,958 $ 5,188,537 LIABILITIES AND EQUITY: Debt and finance lease obligations $ 3,373,383 $ 3,377,028 Accounts payable and accrued liabilities 406,245 464,720 Dividends payable 67,734 67,932 Deferred management rights proceeds 165,121 165,174 Operating lease liabilities 130,411 129,122 Other liabilities 68,140 66,658 Noncontrolling interest in consolidated joint venture 362,603 345,126 Total equity 566,321 572,777 Total liabilities and equity $ 5,139,958 $ 5,188,537 RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES SUPPLEMENTAL FINANCIAL RESULTS ADJUSTED EBITDAre RECONCILIATION Unaudited (in thousands) Three Months Ended Jun. 30, Six Months Ended Jun. 30, 2024 2023 2024 2023 $ Margin $ Margin $ Margin $ Margin Consolidated Revenue $ 613,290 $ 504,843 $ 1,141,635 $ 996,562 Net income $ 104,740 17.1 % $ 70,143 13.9 % $ 147,501 12.9 % $ 131,137 13.2 % Interest expense, net 49,513 43,861 102,434 83,842 Provision for income taxes 12,200 3,544 12,730 5,177 Depreciation & amortization 58,553 48,257 115,755 96,614 Gain on sale of assets - - (270 ) - Pro rata EBITDAre from unconsolidated joint ventures 2 8 4 17 EBITDAre 225,008 36.7 % 165,813 32.8 % 378,154 33.1 % 316,787 31.8 % Preopening costs 1,055 67 2,491 257 Non-cash lease expense 933 1,499 1,858 3,000 Equity-based compensation expense 3,383 3,801 7,245 7,540 Interest income on Gaylord National bonds 1,195 1,270 2,390 2,541 Loss on extinguishment of debt 1,797 2,252 2,319 2,252 Pro rata adjusted EBITDAre from unconsolidated joint ventures (176 ) - (197 ) - Adjusted EBITDAre $ 233,195 38.0 % $ 174,702 34.6 % $ 394,260 34.5 % $ 332,377 33.4 % Adjusted EBITDAre of noncontrolling interest in consolidated joint venture $ (10,722 ) $ (8,819 ) $ (15,384 ) $ (13,115 ) Adjusted EBITDAre, excluding noncontrolling interest in consolidated joint venture $ 222,473 36.3 % $ 165,883 32.9 % $ 378,876 33.2 % $ 319,262 32.0 % Hospitality segment Revenue $ 519,087 $ 417,685 $ 980,557 $ 842,124 Operating income $ 151,885 29.3 % $ 107,733 25.8 % $ 254,070 25.9 % $ 213,803 25.4 % Depreciation & amortization 50,553 42,646 100,783 85,521 Non-cash lease expense 982 1,018 1,965 2,037 Interest income on Gaylord National bonds 1,195 1,270 2,390 2,541 Adjusted EBITDAre $ 204,615 39.4 % $ 152,667 36.6 % $ 359,208 36.6 % $ 303,902 36.1 % Same-Store Hospitality segment (1) Revenue $ 456,237 $ 417,685 $ 867,766 $ 842,124 Operating income $ 136,447 29.9 % $ 107,733 25.8 % $ 229,498 26.4 % $ 213,803 25.4 % Depreciation & amortization 43,082 42,646 85,915 85,521 Non-cash lease expense 982 1,018 1,965 2,037 Interest income on Gaylord National bonds 1,195 1,270 2,390 2,541 Adjusted EBITDAre $ 181,706 39.8 % $ 152,667 36.6 % $ 319,768 36.8 % $ 303,902 36.1 % Entertainment segment Revenue $ 94,203 $ 87,158 $ 161,078 $ 154,438 Operating income $ 25,822 27.4 % $ 24,601 28.2 % $ 31,934 19.8 % $ 34,992 22.7 % Depreciation & amortization 7,766 5,402 14,506 10,667 Preopening costs 1,055 67 2,491 257 Non-cash lease (revenue) expense (49 ) 481 (107 ) 963 Equity-based compensation 1,005 1,010 1,893 1,826 Other gains and (losses), net 137 - 545 - Pro rata adjusted EBITDAre from unconsolidated joint ventures 8 (2,145 ) 21 (4,943 ) Adjusted EBITDAre $ 35,744 37.9 % $ 29,416 33.8 % $ 51,283 31.8 % $ 43,762 28.3 % Corporate and Other segment Operating loss $ (9,636 ) $ (10,094 ) $ (21,552 ) $ (20,905 ) Depreciation & amortization 234 209 466 426 Other gains and (losses), net (140 ) (287 ) (227 ) (522 ) Equity-based compensation 2,378 2,791 5,352 5,714 Gain on sale of assets - - (270 ) - Adjusted EBITDAre $ (7,164 ) $ (7,381 ) $ (16,231 ) $ (15,287 ) (1) Same-Store Hospitality segment excludes JW Marriott Hill Country, which was acquired on 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 Jun. 30, Six Months Ended Jun. 30, 2024 2023 2024 2023 Consolidated Net income $ 104,740 $ 70,143 $ 147,501 $ 131,137 Noncontrolling interest in consolidated joint venture (3,270 ) (3,134 ) (2,691 ) (2,371 ) Net income available to common stockholders and unit holders 101,470 67,009 144,810 128,766 Depreciation & amortization 58,506 48,227 115,660 96,553 Adjustments for noncontrolling interest (2,331 ) (1,620 ) (4,352 ) (3,200 ) FFO available to common stockholders and unit holders 157,647 113,639 256,120 222,165 Right-of-use asset amortization 47 30 95 61 Non-cash lease expense 933 1,499 1,858 3,000 Pro rata adjustments from joint ventures (176 ) - (197 ) - Gain on other assets - - (270 ) - Amortization of deferred financing costs 2,627 2,633 5,348 5,307 Amortization of debt discounts and premiums 658 545 1,307 1,051 Adjustments for noncontrolling interest (1,253 ) (870 ) (1,118 ) (1,282 ) Deferred tax provision (benefit) 11,152 2,664 10,664 3,431 Adjusted FFO available to common stockholders and unit holders $ 173,432 $ 122,392 $ 276,126 $ 235,985 Basic net income per share $ 1.68 $ 1.18 $ 2.41 $ 2.29 Diluted net income per share $ 1.65 $ 1.15 $ 2.31 $ 2.17 FFO available to common stockholders and unit holders per basic share/unit $ 2.61 $ 2.00 $ 4.25 $ 3.96 Adjusted FFO available to common stockholders and unit holders per basic share/unit $ 2.88 $ 2.16 $ 4.59 $ 4.20 FFO available to common stockholders and unit holders per diluted share/unit (1) $ 2.53 $ 1.92 $ 4.05 $ 3.72 Adjusted FFO available to common stockholders and unit holders per diluted share/unit (1) $ 2.78 $ 2.06 $ 4.37 $ 3.95 Weighted average common shares and OP units for the period: Basic 60,290 56,724 60,212 56,154 Diluted (1) 63,618 60,884 63,841 60,368 (1) Diluted weighted average common shares and OP units for the three and six months ended June 30, 2024 include 3.1 million and 3.3 million, respectively, and the three and six months ended June 30, 2023 include 3.9 million and 4.0 million, respectively, 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 Jun. 30, Six Months Ended Jun. 30, 2024 2023 2024 2023 $ Margin $ Margin $ Margin $ Margin Hospitality segment Revenue $ 519,087 $ 417,685 $ 980,557 $ 842,124 Operating income $ 151,885 29.3 % $ 107,733 25.8 % $ 254,070 25.9 % $ 213,803 25.4 % Depreciation & amortization 50,553 42,646 100,783 85,521 Non-cash lease expense 982 1,018 1,965 2,037 Interest income on Gaylord National bonds 1,195 1,270 2,390 2,541 Adjusted EBITDAre $ 204,615 39.4 % $ 152,667 36.6 % $ 359,208 36.6 % $ 303,902 36.1 % Occupancy 73.7% 72.7% 70.2% 72.5% Average daily rate (ADR) $ 260.76 $ 244.77 $ 255.87 $ 241.38 RevPAR $ 192.12 $ 177.83 $ 179.64 $ 174.97 OtherPAR $ 307.78 $ 262.29 $ 292.45 $ 271.52 Total RevPAR $ 499.90 $ 440.12 $ 472.09 $ 446.49 Same-Store Hospitality segment (1) Revenue $ 456,237 $ 417,685 $ 867,766 $ 842,124 Operating income $ 136,447 29.9 % $ 107,733 25.8 % $ 229,498 26.4 % $ 213,803 25.4 % Depreciation & amortization 43,082 42,646 85,915 85,521 Non-cash lease expense 982 1,018 1,965 2,037 Interest income on Gaylord National bonds 1,195 1,270 2,390 2,541 Adjusted EBITDAre $ 181,706 39.8 % $ 152,667 36.6 % $ 319,768 36.8 % $ 303,902 36.1 % Occupancy 73.2% 72.7% 70.1% 72.5% Average daily rate (ADR) $ 254.16 $ 244.77 $ 249.71 $ 241.38 RevPAR $ 185.95 $ 177.83 $ 175.06 $ 174.97 OtherPAR $ 295.72 $ 262.29 $ 282.94 $ 271.52 Total RevPAR $ 481.67 $ 440.12 $ 458.00 $ 446.49 Gaylord Opryland Revenue $ 130,352 $ 110,475 $ 234,187 $ 222,281 Operating income $ 50,642 38.9 % $ 32,011 29.0 % $ 75,467 32.2 % $ 63,706 28.7 % Depreciation & amortization 8,199 8,512 16,332 17,066 Non-cash lease revenue (11 ) (12 ) (22 ) (24 ) Adjusted EBITDAre $ 58,830 45.1 % $ 40,511 36.7 % $ 91,777 39.2 % $ 80,748 36.3 % Occupancy 75.4% 71.2% 70.2% 71.9% Average daily rate (ADR) $ 260.98 $ 252.01 $ 253.71 $ 246.07 RevPAR $ 196.85 $ 179.38 $ 178.23 $ 176.90 OtherPAR $ 299.15 $ 240.98 $ 267.32 $ 248.33 Total RevPAR $ 496.00 $ 420.36 $ 445.55 $ 425.23 Gaylord Palms Revenue $ 68,799 $ 73,829 $ 154,262 $ 158,375 Operating income $ 13,479 19.6 % $ 18,322 24.8 % $ 38,485 24.9 % $ 45,956 29.0 % Depreciation & amortization 5,889 5,543 11,760 11,153 Non-cash lease expense 993 1,030 1,987 2,061 Adjusted EBITDAre $ 20,361 29.6 % $ 24,895 33.7 % $ 52,232 33.9 % $ 59,170 37.4 % Occupancy 62.5% 75.8% $ 0.69 $ 0.78 Average daily rate (ADR) $ 235.54 $ 243.55 $ 253.19 $ 250.74 RevPAR $ 147.22 $ 184.58 $ 173.55 $ 194.62 OtherPAR $ 292.85 $ 287.66 $ 319.81 $ 314.69 Total RevPAR $ 440.07 $ 472.24 $ 493 $ 509 Gaylord Texan Revenue $ 83,897 $ 81,479 $ 168,799 $ 167,877 Operating income $ 26,314 31.4 % $ 26,105 32.0 % $ 52,346 31.0 % $ 54,193 32.3 % Depreciation & amortization 5,744 5,718 11,635 11,484 Adjusted EBITDAre $ 32,058 38.2 % $ 31,823 39.1 % $ 63,981 37.9 % $ 65,677 39.1 % Occupancy 78.8% 75.1% 76.0% 76.1% Average daily rate (ADR) $ 252.61 $ 234.86 $ 246.43 $ 232.83 RevPAR $ 199.18 $ 176.49 $ 187.36 $ 177.19 OtherPAR $ 309.06 $ 317.10 $ 323.92 $ 334.11 Total RevPAR $ 508.24 $ 493.59 $ 511.28 $ 511.30 (1) Same-Store Hospitality segment excludes JW Marriott Hill Country, which was acquired on June 30, 2023. RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES SUPPLEMENTAL FINANCIAL RESULTS HOSPITALITY SEGMENT ADJUSTED EBITDAre RECONCILIATIONS AND OPERATING METRICS Unaudited (in thousands) Three Months Ended Jun. 30, Six Months Ended Jun. 30, 2024 2023 2024 2023 $ Margin $ Margin $ Margin $ Margin Gaylord National Revenue $ 88,369 $ 77,014 $ 156,643 $ 149,786 Operating income $ 22,321 25.3 % $ 14,926 19.4 % $ 27,544 17.6 % $ 22,981 15.3 % Depreciation & amortization 8,405 8,257 16,806 16,551 Interest income on Gaylord National bonds 1,195 1,270 2,390 2,541 Adjusted EBITDAre $ 31,921 36.1 % $ 24,453 31.8 % $ 46,740 29.8 % $ 42,073 28.1 % Occupancy 70.8% 67.8% 67.6% 67.6% Average daily rate (ADR) $ 263.88 $ 251.80 $ 250.67 $ 245.80 RevPAR $ 186.90 $ 170.65 $ 169.54 $ 166.06 OtherPAR $ 299.62 $ 253.35 $ 261.66 $ 248.54 Total RevPAR $ 486.52 $ 424.00 $ 431.20 $ 414.60 Gaylord Rockies Revenue $ 76,836 $ 67,127 $ 140,658 $ 131,174 Operating income $ 21,436 27.9 % $ 14,691 21.9 % $ 33,433 23.8 % $ 25,559 19.5 % Depreciation & amortization 14,138 14,124 27,979 28,169 Adjusted EBITDAre $ 35,574 46.3 % $ 28,815 42.9 % $ 61,412 43.7 % $ 53,728 41.0 % Occupancy 80.4% 77.8% 72.4% 73.9% Average daily rate (ADR) $ 255.44 $ 247.92 $ 249.55 $ 240.94 RevPAR $ 205.25 $ 192.84 $ 180.77 $ 177.98 OtherPAR $ 357.28 $ 298.61 $ 334.12 $ 304.84 Total RevPAR $ 562.53 $ 491.45 $ 514.89 $ 482.82 JW Marriott Hill Country (2) Revenue $ 62,850 $ - $ 112,791 $ - Operating income $ 15,438 24.6 % $ - $ 24,572 21.8 % $ - Depreciation & amortization 7,471 - 14,868 - Adjusted EBITDAre $ 22,909 36.5 % $ - $ 39,440 35.0 % $ - Occupancy 79.0% n/a 71.3% n/a Average daily rate (ADR) $ 324.18 n/a $ 318.83 n/a RevPAR $ 256.23 n/a $ 227.31 n/a OtherPAR $ 433.05 n/a $ 391.19 n/a Total RevPAR $ 689.28 n/a $ 618.50 n/a The AC Hotel at National Harbor Revenue $ 4,107 $ 3,401 $ 6,929 $ 5,612 Operating income (loss) $ 1,404 34.2 % $ 923 27.1 % $ 1,731 25.0 % $ 745 13.3 % Depreciation & amortization 218 171 468 452 Adjusted EBITDAre $ 1,622 39.5 % $ 1,094 32.2 % $ 2,199 31.7 % $ 1,197 21.3 % Occupancy 66.9% 64.0% 61.9% 59.1% Average daily rate (ADR) $ 299.54 $ 277.86 $ 276.78 $ 250.79 RevPAR $ 200.39 $ 177.77 $ 171.32 $ 148.32 OtherPAR $ 34.67 $ 16.91 $ 26.97 $ 13.17 Total RevPAR $ 235.06 $ 194.68 $ 198.29 $ 161.49 The Inn at Opryland (3) Revenue $ 3,877 $ 4,360 $ 6,288 $ 7,019 Operating loss $ 851 21.9 % $ 755 17.3 % $ 492 7.8 % $ 663 9.4 % Depreciation & amortization 489 321 935 646 Adjusted EBITDAre $ 1,340 34.6 % $ 1,076 24.7 % $ 1,427 22.7 % $ 1,309 18.6 % Occupancy 61.6% 66.3% 51.9% 61.5% Average daily rate (ADR) $ 179.80 $ 159.71 $ 172.78 $ 150.36 RevPAR $ 110.78 $ 105.84 $ 89.65 $ 92.43 OtherPAR $ 31.35 $ 26.08 $ 24.99 $ 22.39 Total RevPAR $ 142.13 $ 131.92 $ 114.64 $ 114.82 (1) Same-Store Hospitality segment excludes JW Marriott Hill Country, which was acquired on June 30, 2023. (2) JW Marriott Hill Country was acquired by the Company on June 30, 2023, therefore there are no comparison figures. (3) Includes other hospitality revenue and expense. RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES SUPPLEMENTAL FINANCIAL RESULTS EARNINGS PER SHARE, FFO PER SHARE AND ADJUSTED FFO PER SHARE CALCULATIONS Unaudited (In thousands, except per share data) Three Months Ended Six Months Ended Jun. 30, Jun. 30, 2024 2023 2024 2023 Earnings per share: Numerator: Net income available to common stockholders $ 100,805 $ 66,543 $ 143,861 $ 127,863 Net loss attributable to noncontrolling interest in consolidated joint venture 3,270 3,134 2,691 2,371 Net income available to common stockholders - if-converted method $ 104,075 $ 69,677 $ 146,552 $ 130,234 Denominator: Weighted average shares outstanding - basic 59,895 56,329 59,817 55,759 Effect of dilutive stock-based compensation 206 232 314 256 Effect of dilutive put rights (1) 3,122 3,928 3,315 3,958 Weighted average shares outstanding - diluted 63,223 60,489 63,446 59,973 Basic income per share available to common stockholders $ 1.68 $ 1.18 $ 2.41 $ 2.29 Diluted income per share available to common stockholders $ 1.65 $ 1.15 $ 2.31 $ 2.17 FFO and Adjusted FFO per share: Numerator - FFO: FFO available to common stockholders and unit holders $ 157,647 $ 113,639 $ 256,120 $ 222,165 Net loss attributable to noncontrolling interest in consolidated joint venture 3,270 3,134 2,691 2,371 FFO available to common stockholders and unit holders- if-converted method $ 160,917 $ 116,773 $ 258,811 $ 224,536 Numerator - Adjusted FFO: Adjusted FFO available to common stockholders and unit holders $ 173,432 $ 122,392 $ 276,126 $ 235,985 Net loss attributable to noncontrolling interest in consolidated joint venture 3,270 3,134 2,691 2,371 Adjusted FFO available to common stockholders and unit holders - if-converted method $ 176,702 $ 125,526 $ 278,817 $ 238,356 Denominator: Weighted average shares and OP units outstanding - basic 60,290 56,724 60,212 56,154 Effect of dilutive stock-based compensation 206 232 314 256 Effect of dilutive put rights (1) 3,122 3,928 3,315 3,958 Weighted average shares and OP units outstanding - diluted 63,618 60,884 63,841 60,368 FFO available to common stockholders and unit holders per basic share/unit $ 2.61 $ 2.00 $ 4.25 $ 3.96 Adjusted FFO available to common stockholders and unit holders per basic share/unit $ 2.88 $ 2.16 $ 4.59 $ 4.20 FFO available to common stockholders and unit holders per diluted share/unit (1) $ 2.53 $ 1.92 $ 4.05 $ 3.72 Adjusted FFO available to common stockholders and unit holders per diluted share/unit (1) $ 2.78 $ 2.06 $ 4.37 $ 3.95 (1) Represents equivalent shares related to the currently unexercisable investor put rights associated with the noncontrolling interest in the Company's OEG business, which may be settled in cash or shares at the Company's option. Ryman Hospitality Properties, Inc. and Subsidiaries Reconciliation of Forward-Looking Statements Unaudited (dollars in thousands, except per share data) Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate ("Adjusted EBITDAre") Funds From Operations ("FFO") and Adjusted FFO Reconciliation New Guidance Range For Full Year 2024 Low High Midpoint Ryman Hospitality Properties, Inc. Net Income $ 281,000 $ 287,500 $ 284,250 Provision for income taxes 15,250 17,000 16,125 Interest Expense, net 214,775 221,275 218,025 Depreciation and amortization 224,250 234,500 229,375 (Gain) / Loss on disposal of fixed assets (275 ) (275 ) (275 ) EBITDAre $ 735,000 $ 760,000 $ 747,500 Non-cash lease expense 3,500 4,500 4,000 Preopening expense 3,000 3,500 3,250 Equity-based compensation 12,500 13,500 13,000 Pension settlement charge 1,500 1,750 1,625 Interest income on Gaylord National bonds 4,500 5,500 5,000 Other gains and (losses), net 500 1,750 1,125 Adjusted EBITDAre $ 760,500 $ 790,500 $ 775,500 Hospitality Segment Operating Income $ 484,500 $ 494,000 $ 489,250 Depreciation and amortization 195,000 202,500 198,750 Non-cash lease expense 3,500 4,500 4,000 Interest income on Gaylord National Bonds 4,500 5,500 5,000 Other gains and (losses), net 3,000 4,000 3,500 Loss (gain) on extinguishment of debt - - - Adjusted EBITDAre $ 690,500 $ 710,500 $ 700,500 Hospitality Segment (same-store) Operating Income $ 447,500 $ 456,000 $ 451,750 Depreciation and amortization 167,000 170,500 168,750 Non-cash lease expense 3,500 4,500 4,000 Interest income on Gaylord National Bonds 4,500 5,500 5,000 Other gains and (losses), net 3,000 4,000 3,500 Loss (gain) on extinguishment of debt - - - Adjusted EBITDAre $ 625,500 $ 640,500 $ 633,000 JW Marriott Hill Country Operating Income $ 37,000 $ 38,000 $ 37,500 Depreciation and amortization 28,000 32,000 30,000 Adjusted EBITDAre $ 65,000 $ 70,000 $ 67,500 Ryman Hospitality Properties, Inc. and Subsidiaries Reconciliation of Forward-Looking Statements Unaudited (dollars in thousands, except per share data) Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate ("Adjusted EBITDAre") Funds From Operations ("FFO") and Adjusted FFO Reconciliation New Guidance Range For Full Year 2024 Low High Midpoint Entertainment Segment Operating Income $ 70,500 $ 73,500 $ 72,000 Depreciation and amortization 27,500 30,000 28,750 Preopening expense 3,000 3,500 3,250 Equity-based compensation 3,500 4,000 3,750 Pro rata adjusted EBITDAre from unconsolidated joint ventures 500 1,000 750 Adjusted EBITDAre $ 105,000 $ 112,000 $ 108,500 Corporate and Other Segment Operating Loss $ (44,750 ) $ (43,000 ) $ (43,875 ) Depreciation and amortization 1,750 2,000 1,875 Equity-based compensation 9,000 9,500 9,250 Pension settlement charge 1,500 1,750 1,625 Other gains and (losses), net (2,500 ) (2,250 ) (2,375 ) Adjusted EBITDAre $ (35,000 ) $ (32,000 ) $ (33,500 ) Ryman Hospitality Properties, Inc. Net Income $ 281,000 $ 287,500 $ 284,250 Noncontrolling interest in consolidated joint venture (10,000 ) (6,000 ) (8,000 ) Net Income available to common stockholders and unit holders $ 271,000 $ 281,500 $ 276,250 Depreciation and amortization 224,250 234,500 229,375 Adjustments for noncontrolling interest (10,000 ) (8,000 ) (9,000 ) FFO available to common stockholders and unit holders $ 485,250 $ 508,000 $ 496,625 Right of use amortization - 500 250 Non-cash lease expense 3,500 4,500 4,000 Pension settlement charge 1,500 1,750 1,625 Other gains and (losses), net 500 1,750 1,125 Loss (gain) on extinguishment of debt - - - Adjustments for noncontrolling interest (3,000 ) (2,000 ) (2,500 ) Amortization of deferred financing costs 9,500 11,500 10,500 Amortization of debt discounts and premiums 2,500 3,500 3,000 Deferred Taxes 12,000 13,500 12,750 Adjusted FFO available to common stockholders and unit holders $ 511,750 $ 543,000 $ 527,375 Diluted income per share available to common stockholders $ 4.38 $ 4.49 $ 4.44 Adjusted FFO available to common stockholders and unit holders per diluted share $ 8.09 $ 8.51 $ 8.30 Estimated diluted shares outstanding to common stockholders (in millions) 64.1 64.1 64.1 Estimated diluted shares outstanding to common stockholders and unit holders (in millions) 64.5 64.5 64.5 Ryman Hospitality Properties, Inc. and Subsidiaries Reconciliation of Forward-Looking Statements Unaudited (dollars in thousands, except per share data) Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate ("Adjusted EBITDAre") Funds From Operations ("FFO") and Adjusted FFO Reconciliation Prior Guidance Range For Full Year 2024 Low High Midpoint Ryman Hospitality Properties, Inc. Net Income $ 259,000 $ 280,000 $ 269,500 Provision for income taxes 15,250 17,000 16,125 Interest Expense, net 216,775 223,275 220,025 Depreciation and amortization 224,250 234,500 229,375 (Gain) / Loss on disposal of fixed assets (275) (275) (275) EBITDAre $ 715,000 $ 754,500 $ 734,750 Non-cash lease expense 3,500 4,500 4,000 Preopening expense 3,000 3,500 3,250 Equity-based compensation 12,500 13,500 13,000 Pension settlement charge 1,500 1,750 1,625 Interest income on Gaylord National bonds 4,500 5,500 5,000 Other gains and (losses), net 500 1,750 1,125 Adjusted EBITDAre $ 740,500 $ 785,000 $ 762,750 Hospitality Segment Operating Income $ 469,500 $ 490,500 $ 480,000 Depreciation and amortization 195,000 202,500 198,750 Non-cash lease expense 3,500 4,500 4,000 Interest income on Gaylord National Bonds 4,500 5,500 5,000 Other gains and (losses), net 3,000 4,000 3,500 Adjusted EBITDAre $ 675,500 $ 707,000 $ 691,250 Hospitality Segment (same-store) Operating Income $ 434,500 $ 450,500 $ 442,500 Depreciation and amortization 167,000 170,500 168,750 Non-cash lease expense 3,500 4,500 4,000 Interest income on Gaylord National Bonds 4,500 5,500 5,000 Other gains and (losses), net 3,000 4,000 3,500 Adjusted EBITDAre $ 612,500 $ 635,000 $ 623,750 JW Marriott Hill Country Operating Income $ 35,000 $ 40,000 $ 37,500 Depreciation and amortization 28,000 32,000 30,000 Adjusted EBITDAre $ 63,000 $ 72,000 $ 67,500 Ryman Hospitality Properties, Inc. and Subsidiaries Reconciliation of Forward-Looking Statements Unaudited (dollars in thousands, except per share data) Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate ("Adjusted EBITDAre") Funds From Operations ("FFO") and Adjusted FFO Reconciliation Prior Guidance Range For Full Year 2024 Low High Midpoint Entertainment Segment Operating Income $ 65,500 $ 71,500 $ 68,500 Depreciation and amortization 27,500 30,000 28,750 Preopening expense 3,000 3,500 3,250 Equity-based compensation 3,500 4,000 3,750 Pro rata adjusted EBITDAre from unconsolidated joint ventures 500 1,000 750 Adjusted EBITDAre $ 100,000 $ 110,000 $ 105,000 Corporate and Other Segment Operating Loss $ (44,750 ) $ (43,000 ) $ (43,875 ) Depreciation and amortization 1,750 2,000 1,875 Equity-based compensation 9,000 9,500 9,250 Pension settlement charge 1,500 1,750 1,625 Other gains and (losses), net (2,500 ) (2,250 ) (2,375 ) Adjusted EBITDAre $ (35,000 ) $ (32,000 ) $ (33,500 ) Ryman Hospitality Properties, Inc. Net Income $ 259,000 $ 280,000 $ 269,500 Noncontrolling interest in consolidated joint venture (10,000 ) (6,000 ) (8,000 ) Net Income available to common stockholders and unit holders $ 249,000 $ 274,000 $ 261,500 Depreciation and amortization 224,250 234,500 229,375 Adjustments for noncontrolling interest (10,000 ) (8,000 ) (9,000 ) FFO available to common stockholders and unit holders $ 463,250 $ 500,500 $ 481,875 Right of use amortization - 500 250 Non-cash lease expense 3,500 4,500 4,000 Pension settlement charge 1,500 1,750 1,625 Other gains and (losses), net 500 1,750 1,125 Adjustments for noncontrolling interest (3,000 ) (2,000 ) (2,500 ) Amortization of deferred financing costs 9,500 11,500 10,500 Amortization of debt discounts and premiums 2,500 3,500 3,000 Deferred Taxes 12,000 13,500 12,750 Adjusted FFO available to common stockholders and unit holders $ 489,750 $ 535,500 $ 512,625 Diluted income per share available to common stockholders $ 4.01 $ 4.33 $ 4.17 Adjusted FFO available to common stockholders and unit holders per diluted share $ 7.69 $ 8.33 $ 8.01 Estimated diluted shares outstanding to common stockholders (in millions) 64.6 64.6 64.6 Estimated diluted shares outstanding to common stockholders and unit holders (in millions) 65.0 65.0 65.0 
