Ryman Hospitality Properties, Inc. (NYSE: RHP) today reported
financial results for the fourth quarter and full year ended
December 31, 2012. The Company completed the restructuring of its
assets and operations to facilitate its qualification as a real
estate investment trust (“REIT”) and is electing to be taxed as a
REIT for the year ending December 31, 2013. Beginning October 1,
2012, Marriott International, Inc. assumed the management of the
day-to-day operations of the Company’s Gaylord Hotels properties
and certain of the Company’s attractions.
Colin V. Reed, chairman, chief executive officer and president
of the Company, stated, “2012 was a transformative year for our
company, as we transferred the management of our hotel properties
and certain attractions, as well as their employees, to Marriott
and streamlined and positioned the Company to elect REIT status for
the year ending December 31, 2013. We are pleased with how these
processes unfolded, and particularly with how our partnership with
Marriott has progressed. Additionally, this quarter we established
an ongoing dividend policy and announced the approval of a share
repurchase program, which we believe is currently the appropriate
strategic use of capital for our business.”
Reed continued, “We are pleased with how our business performed,
especially in light of the massive changes that we drove in the
fourth quarter from both a systems and personnel perspective, and
the negative impact of Hurricane Sandy. In fact, after excluding
REIT conversion costs, 2012 was a record year in profitability for
our company, as measured by Consolidated Cash Flow, or CCF, as
defined below.”
Highlights include:
- Beginning in the fourth quarter of
2012, the retail operations at Gaylord Opryland, Gaylord National,
and Gaylord Texan were outsourced to a third party retailer. As a
result, the Company began receiving lease payments rather than full
retail revenue and associated expense, thus lowering revenues on a
consolidated basis and for each affected property.(1) Consolidated
revenue for the fourth quarter of 2012 of $266.3 million was
slightly favorable compared to the prior-year quarter consolidated
revenue of $265.5 million, as adjusted to reflect the elimination
of $3.9 million in retail revenues from the prior-year period from
functions that were outsourced in 2012, or a 1.1 percent decrease
from prior-year quarter consolidated revenue of $269.4 million
without such adjustment. Consolidated revenue for the full year
2012 was $986.6 million, an increase of 4.0 percent over $948.2
million of consolidated revenue in the prior year, as adjusted for
retail revenues, or a 3.6 percent increase over prior year
consolidated revenue of $952.1 million without such
adjustment.
- The Hospitality segment, which includes
Gaylord Opryland, Gaylord Palms, Gaylord Texan, Gaylord National
and the Inn at Opryland (formerly the Radisson Hotel at Opryland)
delivered total revenue of $249.0 million in the fourth quarter of
2012, an increase of 0.4 percent compared to $248.1 million of
total revenue in the prior-year quarter, adjusted for retail
revenues, or a decrease of 1.2 percent from the prior-year quarter
total revenue of $252.0 million without such adjustment. For the
full year 2012, total Hospitality segment revenue was $916.0
million, an increase of 3.8 percent from prior year total segment
revenue of $882.7 million, as adjusted for retail revenues, or an
increase of 3.3 percent from the prior year total segment revenue
of $886.6 million without such adjustment.
- Revenue per available room2 (“RevPAR”)
for the Hospitality segment during the fourth quarter of 2012 was
down 0.6 percent compared to RevPAR during the fourth quarter of
2011. Total revenue per available room3 (“Total RevPAR”) for the
fourth quarter of 2012 declined 3.5 percent compared to Total
RevPAR during the fourth quarter of 2011, or 2.0 percent adjusted
for retail revenues. For the full year 2012, Hospitality segment
RevPAR increased 2.5 percent over the prior year to $123.81. Total
RevPAR for the full year 2012 increased 1.8 percent compared to
Total RevPAR for the full year 2011, or 2.3 percent adjusted for
retail revenues. Total RevPAR for the Hospitality segment for the
fourth quarter of 2012 included attrition and cancellation fees of
$1.9 million collected during the quarter compared to $3.3 million
collected in the prior-year quarter. For the full year 2012
attrition and cancellation fee collections totaled $6.4 million
compared to $9.2 million in the prior year.
- Loss from continuing operations was
$14.9 million, or $0.32 per fully diluted share (based on 46.2
million weighted average shares outstanding) in the fourth quarter
of 2012 compared to income from continuing operations of $5.1
million, or $0.10 per fully diluted share, in the prior-year
quarter (based on 49.1 million weighted average shares
outstanding). Loss from continuing operations for the fourth
quarter of 2012 includes $44.2 million in pretax expenses related
to the Company’s conversion to a REIT and the impact of a $20
million pretax gain on the sale of brand rights to Marriott. Income
from continuing operations in the fourth quarter of 2011 included a
non-cash pre-tax charge of $4.7 million to dispose of fixed assets
related to the development of new resort pools and a room
renovation at Gaylord Palms. For the full year 2012, loss from
continuing operations including REIT conversion costs was $26.6
million, or $0.56 per diluted share (based on 47.6 million weighted
average shares outstanding), compared to income from continuing
operations of $10.1 million in the full year 2011, or $0.20 per
diluted share (based on 49.8 million weighted average shares
outstanding). REIT conversion costs for the full year 2012 were
$102.0 million. Income from continuing operations for the full year
2011 included a non-cash pre-tax charge of $8.2 million to dispose
of fixed assets related to the development of new resort pools and
a room renovation at Gaylord Palms.
- Adjusted EBITDA4 was $61.2 million in
the fourth quarter of 2012, excluding REIT conversion costs of
$44.2 million and base management fees of $4.3 million, compared to
$54.4 million in the prior-year quarter. For the full year 2012,
Adjusted EBITDA was $232.2 million, excluding REIT conversion costs
of $102.0 million and base management fees of $4.3 million,
compared to $204.8 million in the prior year.
- Consolidated Cash Flow5 (“CCF”) was
$63.0 million in the fourth quarter of 2012, adjusted to exclude
cash-based REIT conversion costs of $31.2 million and base
management fees of $4.3 million for the quarter. Including
cash-based REIT conversion costs and base management fees, CCF was
$27.5 million in the fourth quarter of 2012 compared to $59.6
million in the same period last year. CCF for the full year 2012,
excluding cash-based REIT conversion costs of $67.9 million and
base management fees of $4.3 million, was $243.0 million, which was
an increase of 11.9 percent over the prior year CCF of $217.2
million. CCF for the full year 2012, including cash-based REIT
conversion costs and base management fees, decreased by 21.4
percent to $170.7 million compared to $217.2 million in the same
period last year.
- Gross advance group bookings in the
fourth quarter of 2012 for all future periods were 640,831 room
nights, a decrease of 12.8 percent compared to the same period last
year. Net of attrition and cancellations, advance group bookings in
the fourth quarter of 2012 for all future periods were 463,884 room
nights, a decrease of 20.9 percent compared to the same period last
year. Net advance bookings for the fourth quarter of 2012 were
impacted by 8,397 room nights of cancellations directly attributed
to Hurricane Sandy.
Reed continued, “Despite the massive transformation our Company
went through we ended 2012 within our guidance range for CCF of
$235 - $245 million, which excluded REIT conversion expenses and
base management fees.
“In the fourth quarter we booked over 640,000 gross room nights,
and over 463,000 net room nights. Although these levels reflect a
decline compared to the fourth quarter of 2011, when considering
that last year’s comparable period was a record-setting bookings
quarter, as well as the continued disruption for our hotels’ sales
team as they integrated into the Marriott system, we were
encouraged by this production. For 2012 as a whole, we and Marriott
booked over 1,940,000 gross room nights, an improvement over a very
strong 2011, and a number we are very proud of given how much
change our company encountered during the second half of the
year.”
Segment Operating
Results
Hospitality
Key components of the Company’s hospitality segment performance
in the fourth quarter and full-year of 2012 include:
- RevPAR for the Hospitality segment
declined 0.6 percent to $123.40 in the fourth quarter of 2012
compared to $124.12 in the prior-year quarter. Total RevPAR for the
Hospitality segment decreased 3.5 percent to $334.28 in the fourth
quarter of 2012 compared to $346.50 in the prior-year quarter, or
2.0 percent compared to prior-year quarter Total RevPAR of $341.13
as adjusted for retail revenues as described above. Hospitality
segment RevPAR increased 2.5 percent to $123.81 for the full year
of 2012 compared to $120.77 for the full year of 2011. Hospitality
segment Total RevPAR increased 1.8 percent to $310.21 for the full
year of 2012 compared to $304.58 for the full year of 2011, or 2.3
percent compared to prior year Total RevPAR of $303.23 as adjusted
for retail revenues.
- Hospitality segment Adjusted CCF
increased 0.3 percent in the fourth quarter of 2012 to $67.8
million, excluding base management fees of $4.2 million, compared
to $67.6 million in the prior year quarter. Hospitality segment
Adjusted CCF Margin was flat at 27.2 percent in the fourth quarter
of 2012, excluding base management fees, compared to Hospitality
segment Adjusted CCF margin of 27.2 percent for the same period
last year, as adjusted for retail revenues. Full year 2012
Hospitality segment Adjusted CCF increased 8.8 percent to $270.2
million, excluding base management fees, compared to $248.3 million
for full year 2011. Hospitality segment Adjusted CCF Margin
increased 1.4 percentage points to 29.5 percent for the full year
of 2012, excluding base management fees, compared to Hospitality
segment Adjusted CCF Margin of 28.1 percent for the full year of
2011, as adjusted for retail revenues. Hospitality segment and
individual hotel properties’ CCF and CCF Margin figures are
presented in this release as adjusted to exclude the effect of base
management fees in the fourth quarter of 2012. Supplemental pages
present both the adjusted figures as well as CCF and CCF Margins
calculated without the adjustments for base management fees.
- Attrition for our Hospitality segment
that occurred for groups that traveled in the fourth quarter of
2012 was 12.5 percent of the agreed-upon room block, compared to
8.9 percent for the same period in 2011. In-the-year, for-the-year
cancellations in the fourth quarter of 2012 for the Hospitality
segment totaled 17,416 room nights (8,397 room nights of which are
attributed to Hurricane Sandy), compared to 9,738 in the same
period of 2011. Attrition and cancellation fee collections for the
Hospitality segment totaled $1.9 million in the fourth quarter of
2012, compared to $3.3 million for the same period in 2011.
Hospitality segment attrition that occurred for groups that
traveled in the full year 2012 was 8.3 percent of the agreed-upon
room block compared to 8.7 percent for the full year 2011.
Hospitality segment in-the-year, for-the-year cancellations for the
full year 2012 totaled 63,142 room nights (including 8,397 room
night impact from Hurricane Sandy) compared to 67,177 for the full
year 2011. Attrition and cancellation fee collections totaled $6.4
million for the full year of 2012, compared to $9.2 million for the
full year 2011.
At the property level, Gaylord Opryland generated revenue of
$80.4 million in the fourth quarter of 2012, a 6.6 percent decrease
compared to the prior-year quarter of $86.0 million, or a decrease
of 3.7 percent compared to $83.5 million of revenue in the
prior-year quarter after the adjustment to reflect the elimination
of $2.6 million of retail revenues at the hotel from the prior-year
period that were outsourced in 2012. This decrease was driven
primarily by a decline in corporate group business as compared to
2011. It is important to note that the fourth quarter of 2011
represented Gaylord Opryland’s best performance on record for both
CCF and CCF Margin driven by a very favorable corporate group mix.
In fact, October 2011 was the highest single month CCF performance
on record for the hotel. As such, fourth quarter 2012 had a very
difficult comparison. Occupancy for the fourth quarter of 2012
decreased 1.2 percentage points to 72.3 percent compared to 73.5
percent for the prior-year quarter. Average Daily Rate (“ADR”)
during the fourth quarter of 2012 increased 0.9 percent to $163.80,
compared to $162.38 in the prior-year quarter, as a result of
higher transient rates that offset the decline in corporate group
rooms for the quarter. RevPAR in the fourth quarter of 2012
decreased 0.8 percent to $118.40 compared to $119.31 in the
prior-year quarter. Total RevPAR decreased 6.6 percent for the
fourth quarter of 2012 from $324.57 to $303.21, or a decrease of
3.7 percent from $314.79 as adjusted for retail revenues. The
declines in outside the room spend on food and beverage resulted
from less corporate group business. The hotel’s Adjusted CCF for
the fourth quarter of 2012, excluding base management fees of $1.4
million, was $21.8 million a 6.6 percent decrease compared to $23.4
million in the prior-year quarter. Adjusted CCF Margin, excluding
base management fees, was 27.1 percent in the fourth quarter of
2012, a decrease of 0.9 percentage points from the prior-year
quarter, as adjusted for retail revenues. Full year 2012 revenue
was $288.7 million, a 1.1 percent decrease compared to prior year
revenue of $291.8 million, or a decrease of 0.2 percent compared to
prior year revenue of $289.2 million as adjusted for retail
revenues. Occupancy for the full year 2012 was 72.9 percent,
compared to 72.8 percent for the full year 2011. ADR for the full
year 2012 increased 1.7 percent to $156.18, compared to $153.54 in
the prior year. RevPAR for the full year 2012 increased 1.9 percent
to $113.83, compared to $111.76 in the prior year. Total RevPAR for
the full year 2012 decreased 1.4 percent from $277.61 to $273.69,
or a decrease of 0.5 percent from $275.14 as adjusted for retail
revenues. Full year 2012 Adjusted CCF, excluding base management
fees of $1.4 million, decreased 2.8 percent to $85.0 million,
compared to $87.4 million in the prior year, resulting in a 29.4
percent Adjusted CCF Margin, a 0.8 percentage point decrease
compared to the prior year, as adjusted for retail revenues.
Gaylord Palms posted revenue of $43.5 million in the fourth
quarter of 2012, an 8.9 percent increase compared to $39.9 million
in the prior-year quarter driven by an increase in ADR and food and
beverage revenue. Occupancy for the fourth quarter of 2012
decreased 9.6 percentage points from the prior-year quarter to 67.9
percent. Room nights in the fourth quarter of 2011 included 17,617
room nights out-of-service for renovations. ADR for the fourth
quarter of 2012 increased 11.4 percent to $171.21, compared to
$153.65 in the prior-year quarter, driven by an increase across all
customer segments. Fourth quarter 2012 RevPAR decreased 2.3 percent
to $116.27, compared to $119.03 in the prior-year quarter, driven
by the decrease in occupancy. Total RevPAR in the fourth quarter of
2012 decreased 5.9 percent to $336.27, compared to $357.23 in the
prior-year quarter. Adjusted CCF in the fourth quarter of 2012
increased 26.1 percent to $9.7 million, after excluding base
management fees of $0.7 million, compared to $7.7 million in the
prior-year quarter, despite an approximately $1.3 million negative
impact from Hurricane Sandy. Adjusted CCF Margin for the fourth
quarter of 2012, excluding base management fees, increased 3.1
percentage points to 22.3 percent, compared to 19.2 percent in the
prior-year quarter. Room nights for the full year 2012 include
10,934 room nights out-of-service for renovations, and full year
2011 included 23,960 room nights out-of-service for renovations.
For the full year, 2012 occupancy increased 3.7 percentage points
to 77.6 percent, compared to 73.9 percent in 2011, and ADR
increased to $166.67, compared to $155.09 for full year 2011. Full
year 2012 RevPAR increased 12.8 percent to $129.28, compared to
$114.58 in the full year of 2011, driven by the increase in ADR
across all customer segments. In the full year of 2012, Total
RevPAR increased 13.2 percent to $346.78, compared to $306.31 in
the full year 2011. Full year 2012 revenue of $174.7 million
represents a 16.6 percent increase compared to $149.9 million in
the prior year. Adjusted CCF increased 45.4 percent to $51.7
million for the full year 2012, after excluding base management
fees of $0.7 million, compared to $35.6 million in the prior year,
resulting in an Adjusted CCF Margin of 29.6 percent, a 5.9
percentage point increase compared to 23.7 percent in the full year
2011. The Gaylord Palms successful year is attributed to a
combination of an improving lodging market in Orlando and the
completed rooms renovation and enhanced amenities such as the
sports bar, new resort pool, and events lawn area.
Gaylord Texan posted revenue of $60.8 million in the fourth
quarter of 2012, a 3.7 percent increase compared to the prior-year
quarter of $58.7 million, or an increase of 5.0 percent compared to
$57.9 million of revenue in the prior-year quarter after the
adjustment to reflect the elimination of $0.7 million in retail
revenues from the prior-year period that were outsourced in 2012.
This increase was driven partially by an increase in food and
beverage revenue. Occupancy for the fourth quarter of 2012
increased by 3.7 percentage points to 78.1 percent compared to 74.4
percent in the fourth quarter of 2011. ADR decreased 4.2 percent to
$177.12 in the fourth quarter of 2012 compared to $184.89 in the
prior-year quarter, driven by an increase in lower-rated transient
room nights. RevPAR in the fourth quarter of 2012 increased 0.5
percent to $138.26 compared to $137.52 in the prior-year quarter.
Total RevPAR increased 3.7 percent in the fourth quarter of 2012
from $422.09 to $437.59, or an increase of 5.0 percent from $416.82
as adjusted for retail revenues. The increase was driven by an
increase in food and beverage revenue. Banquet revenue was strong
due to higher banquet spending by groups during the quarter and
favorable capture of local traffic to the property’s holiday
program offerings. The hotel’s Adjusted CCF in the fourth quarter
of 2012, excluding base management fees of $1.1 million, increased
to $20.2 million, compared to $19.4 million in the prior-year
quarter. Adjusted CCF Margin for the fourth quarter of 2012,
excluding base management fees, was 33.3 percent, a 0.2 percentage
point decrease from 33.5 percent in the prior-year quarter, as
adjusted for retail revenues. Full year 2012 revenue was $200.2
million, a 1.0 percent decrease compared to prior year revenue of
$202.3 million, or a decrease of 0.7 percent compared to prior year
revenue of $201.6 million as adjusted for retail revenues.
Occupancy for the full year 2012 was 74.8 percent and represented a
0.9 percentage point decline compared to 75.7 percent in 2011. ADR
for the full year 2012 decreased 2.9 percent to $173.06 from
$178.32 in 2011. RevPAR in the full year of 2012 decreased 4.2
percent to $129.38, compared to $135.03 in the prior year. Total
RevPAR for the full year 2012 decreased 1.3 percent from $366.89 to
$362.07, or a decrease of 1.0 percent from $365.56 as adjusted for
retail revenues. Full year 2012 Adjusted CCF, excluding base
management fees, decreased 5.6 percent to $63.5 million, compared
to $67.3 million in the prior year, resulting in a 31.7 percent
Adjusted CCF Margin, a 1.7 percentage point decrease compared to
the prior year, as adjusted for retail revenues. In 2011, the
Gaylord Texan recorded its best CCF and CCF Margin performance on
record as it benefited from the impact of the Super Bowl in
February 2011 and solid group performance throughout the year
driving increases in ADR, occupancy, and subsequent
outside-the-room spend, which made a particularly difficult
comparison.
Gaylord National generated revenue of $61.9 million in the
fourth quarter of 2012, a 4.7 percent decrease compared to the
prior-year quarter of $65.0 million, or a decrease of 3.8% compared
to $64.3 million of revenue in the prior-year quarter after the
adjustment to reflect the elimination of $0.6 million in retail
revenues from the prior-year period that were outsourced in 2012.
This decrease was driven by the decline in occupancy resulting from
lower group business and the impact of Hurricane Sandy. Occupancy
for the fourth quarter of 2012 was down 5.1 percentage points to
61.8 percent compared to the prior-year quarter, impacted by
Hurricane Sandy which ultimately resulted in approximately 4,000
room cancellations. ADR increased 8.6 percent in the fourth quarter
of 2012 to $216.73 compared to $199.65 in the prior year quarter.
RevPAR in the fourth quarter of 2012 was flat at $133.88 compared
to $133.54 in the prior-year quarter, as the increase in ADR offset
the occupancy decline. Total RevPAR declined 4.7 percent from
$353.78 to $337.21 in the fourth quarter of 2012, or a decrease of
3.8 percent from $350.42 as adjusted for retail revenues. The
decrease was driven by a decline in food and beverage particularly
in banquets due to a group mix shift to less association business
as compared to 2011. The hotel’s Adjusted CCF, excluding base
management fees of $1.0 million, decreased 7.2 percent to $14.9
million in the fourth quarter of 2012, compared to $16.0 million in
the prior-year quarter, driven by an approximately $1.5 million
negative impact from Hurricane Sandy. Adjusted CCF Margin,
excluding base management fees, decreased 0.8 percentage points to
24.1 percent in the fourth quarter of 2012 compared to 24.9 percent
in the prior-year quarter, as adjusted for retail revenues. Revenue
for the full year of 2012 was $242.4 million, a 3.1 percent
increase compared to prior year revenue of $235.1 million, or an
increase of 3.4 percent compared to prior year revenues of $234.5
million as adjusted for retail revenues. Occupancy for the full
year was 68.9 percent, which was flat compared to occupancy of 68.8
percent in 2011. Full year 2012 ADR increased 3.4 percent to
$202.24 compared to $195.66 in 2011. RevPAR in the full year 2012
increased 3.6 percent to $139.33 compared to $134.52 in the prior
year. Total RevPAR for the full year 2012 increased 2.8 percent
from $322.72 to $331.78, or an increase of 3.1 percent from $321.87
as adjusted for retail revenues. Total RevPAR for the full year
2012 was positively impacted by the increase in RevPAR and
outside-the-room spending. Full year 2012 Adjusted CCF, after
excluding base management fees of $1.0 million, increased 18.8
percent to $66.9 million, compared to $56.3 million in the prior
year, resulting in a 27.6 percent Adjusted CCF Margin, a 3.6
percentage point increase from the prior year, as adjusted for
retail revenues.
Reed continued, “This was a strong year across our properties,
as we delivered increases in RevPAR, Total RevPAR and ADR compared
to 2011. I am particularly proud of the record level of
profitability our Hospitality segment produced during this past
year. This performance is especially noteworthy given the time and
energy required at the property level to ensure a smooth transition
process over the past two quarters.
“In the fourth quarter our properties performed steadily, though
we felt the impact of Hurricane Sandy in the form of cancelled
group room nights and lost revenue. Gaylord Palms had a
particularly strong quarter, posting solid increases in revenue and
CCF in spite of an approximately $1.3 million profit impact as a
result of the storm. Gaylord Opryland and Gaylord National also
performed solidly, however each faced exceptionally difficult
comparisons to the fourth quarter in 2011. Gaylord Texan delivered
solid increases in revenue, occupancy and Total RevPAR in the
quarter.”
Opry and Attractions
Opry and Attractions segment revenue remained flat at $17.3
million in the fourth quarter of 2012. The segment’s CCF increased
to $4.3 million in the fourth quarter of 2012, from $3.7 million in
the prior-year quarter. For the full year of 2012, the segment’s
CCF increased to $18.5 million, from $14.5 million in the prior
year, which was its best performance on record.
Corporate and Other
Corporate and Other operating loss totaled $19.0 million in the
fourth quarter of 2012 compared to an operating loss of $16.0
million in the same period last year. Corporate and Other CCF in
the fourth quarter of 2012 was a loss of $9.1 million, compared to
a loss of $11.4 million in the same period last year as the Company
began to realize some of the cost benefits of a smaller corporate
organization. For the full year 2012, Corporate and Other CCF was a
loss of $44.9 million, compared to a loss of $44.7 million in
2011.
Real Estate Investment Trust (REIT)
Conversion
The Company has segregated all REIT conversion costs from normal
operations and reported these amounts as REIT conversion costs in
the accompanying financial information. During the fourth quarter
of 2012, the Company incurred $44.2 million of costs associated
with this conversion. These costs include noncash impairment
charges ($12.0 million), professional fees ($2.7 million),
employment and severance costs ($14.3 million), and various other
transition costs ($15.2 million). For the full-year 2012, the
Company incurred approximately $102.0 million in costs related to
the REIT conversion, including noncash impairment charges and stock
option expense. Excluding noncash impairment costs and stock option
expense related to the conversion, the Company incurred $31.2
million and $67.9 million in REIT conversion costs during the
fourth quarter and full year 2012, respectively.
On December 21, 2012, the Company paid a special dividend in the
amount of $6.84 per share of common stock, or an aggregate of
approximately $309.8 million in connection with its plan to qualify
as a REIT for federal income tax purposes effective as of January
1, 2013. Stockholders of record had the option to elect to receive
payment of the special dividend in cash or shares of common stock,
with the total amount of cash payable to stockholders limited to a
maximum of 20 percent, or approximately $62.0 million, of the
special dividend. Cash elections exceeded the amount of cash
available for distribution, and, therefore, the available cash was
prorated among those stockholders that elected to receive cash, and
the remainder of the special dividend was paid in shares of common
stock. The Company paid an aggregate of approximately $62.0 million
and issued approximately 6.7 million new shares of common stock in
connection with the payment of the special dividend.
The Company estimates that it will incur federal income taxes of
between $4 million to $7 million for tax year 2012. This estimate
includes the impact associated with the receipt of the $210 million
purchase price in the Marriott sale transaction and other
transactions related to the REIT conversion, net of remaining net
operating losses and credit carryforwards.
Development Update
As disclosed previously, the Company will no longer view
independent, large-scale development of resort and convention
hotels as a means of growth. As a result of its decision to convert
to a REIT, in connection with the preparation of its quarterly
financial statements, the Company recorded an impairment charge of
$6.9 million to write off capitalized costs associated with the
previous development project in Aurora, Colorado. While it
continues to view Aurora as a viable market, the Company has
concluded that if and when the Company’s participation in the
project moves forward, the project should proceed under the
direction and leadership of an unrelated third party who will most
likely use its own resources to complete the project. As such, the
Company does not believe that it will be able to realize its
previous investment in the project.
Dividend Policy and Share Repurchase
Program
On December 17, 2012, the Company announced that its Board of
Directors had approved its current dividend policy pursuant to
which the Company plans to pay a quarterly cash dividend to
stockholders in an amount equal to on an annualized basis at least
50% of Adjusted Funds from Operations (AFFO), as defined by the
Company or 100% of REIT taxable income on an annual basis,
whichever is greater. The declaration, timing and amount of
dividends will be determined by future action of the Company’s
Board of Directors, and the dividend policy may be altered at any
time by the Company’s Board of Directors.
The Company simultaneously announced that its Board of Directors
had authorized a share repurchase program for up to $100 million of
the Company's common stock using cash on hand and borrowings under
the revolving credit line of its $925 million credit facility. The
repurchases are intended to be implemented through open market
transactions on U.S. exchanges or in privately negotiated
transactions, in accordance with applicable securities laws, and
any market purchases will be made during open trading window
periods or pursuant to any applicable Rule 10b5-1 trading plans.
The timing, prices, and sizes of repurchases will depend upon
prevailing market prices, general economic and market conditions
and other considerations. The repurchase program does not obligate
the Company to acquire any particular amount of stock.
Liquidity
As of December 31, 2012, the Company had long-term debt
outstanding, including current portion, of $1,031.9 million and
unrestricted cash of $97.2 million. At December 31, 2012, $380.0
million of borrowings were undrawn under the Company’s $925.0
million credit facility, and the lending banks had issued $8.0
million in letters of credit, which left $372.0 million of
availability under the credit facility. On January 17, 2013, the
Company redeemed its remaining 6.75% senior notes at par at a cost
of $152.2 million, which was funded using operational cash flow and
borrowings under the revolving credit line of the Company’s $925
million credit facility.
Company to Provide Outlook at
Upcoming Investor and Analyst Day
The Company will provide its outlook for 2013 at its Investor
and Analyst Day on Friday, February 15th. The event will take place
at Gaylord National Resort and Convention Center, just outside of
Washington, DC in National Harbor, MD. The presentation portion of
the event will begin at 9 a.m. Eastern Standard Time (EST).
Investors can view and listen to the presentation over the Internet
at www.rymanhp.com. To listen to the live event, please go to the
Investor Relations section of the website (Investor
Relations/Presentations, Earnings, and Webcasts) at least 15
minutes prior to the call to register, download and install any
necessary audio software. For those who cannot listen to the live
broadcast, a replay will be available shortly after the call and
will run for at least 30 days.
Webcast and Replay
Ryman Hospitality Properties will hold a conference call to
discuss this release today at 10:00 a.m. ET. Investors can listen
to the conference call over the Internet at www.rymanhp.com. To
listen to the live call, please go to the Investor Relations
section of the website (Investor Relations/Presentations, Earnings,
and Webcasts) at least 15 minutes prior to the call to register,
download and install any necessary audio software. For those who
cannot listen to the live broadcast, a replay will be available
shortly after the call and will run for at least 30 days.
About Ryman Hospitality Properties,
Inc.:
Ryman Hospitality Properties, Inc. (NYSE: RHP), is a 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 four upscale, meetings-focused
resorts totaling 7,797 rooms that are managed by world-class
lodging operator Marriott International, Inc. under the Gaylord
Hotels brand. Other owned assets managed by Marriott International,
Inc. include Gaylord Springs Golf Links, the Wildhorse Saloon, the
General Jackson Showboat and The Inn at Opryland, a 303-room
overflow hotel adjacent to Gaylord Opryland. The Company also owns
and operates a number of media and entertainment assets, including
the Grand Ole Opry (opry.com), the legendary weekly showcase of
country music’s finest performers for nearly 90 years; the Ryman
Auditorium, the storied former home of the Grand Ole Opry located
in downtown Nashville; and WSM-AM, the Opry’s radio home. For
additional information about Ryman Hospitality Properties, visit
www.rymanhp.com.
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 effect of the Company’s election of
REIT status, the amount of conversion or other costs relating to
the restructuring transactions, the expected approach to making
dividend payments, the board’s ability to alter the dividend policy
at any time, plans to engage in common stock repurchase
transactions and the timing and form of such transactions,
development and acquisition plans 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
effect of the Company’s election to be taxed as a REIT for federal
income tax purposes effective for the year ending December 31,
2013, the Company’s ability to remain qualified as a REIT, the
Company’s ability to execute its strategic goals as a REIT, the
effects of business disruption related to the Marriott management
transition and the REIT conversion, the Company’s ability to
realize cost savings and revenue enhancements from the REIT
conversion and the Marriott transaction, the Company’s ability to
generate cash flows to support dividends, future board
determinations regarding the timing and amount of dividends and
changes to the dividend policy, which could be made at any time,
the determination of Adjusted Funds from Operations and REIT
taxable income, and the Company’s ability to borrow funds pursuant
to its credit agreements and to refinance indebtedness. 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 described in the Company’s Annual Report on Form
10-K for the fiscal year ended December 31, 2011 and our Quarterly
Reports on Form 10-Q for the fiscal quarters ended March 31, 2012,
June 30, 2012, and September 30, 2012. 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.
1Under Marriott International, Inc.’s management of Gaylord
Opryland, Gaylord Texan, and Gaylord National, the retail
operations of such hotels was outsourced to a third party retailer
in the fourth quarter of 2012. The properties now receive rental
lease payments rather than full retail revenue and associated
expense. The net impact of this change lowered overall retail
revenue for each affected property. During the fourth quarter of
2012 and full year 2012 the change resulted in revenue decreases of
approximately $3.6 million (Gaylord Opryland–$2.2 million, Gaylord
Texan–$0.7 million, and Gaylord National–$0.6 million). The change
impacted consolidated revenue and Hospitality segment and property
revenue and CCF Margin, which is computed based on revenue, but did
not significantly impact other measures (e.g., Adjusted EBITDA and
CCF). To enable period-over-period comparison, we have included
adjusted prior period revenue figures to reflect the elimination in
the fourth quarter of retail revenues from operations that have
been outsourced in the 2012 period. No adjustments were made to the
Gaylord Palms results due to the fact that during all periods
presented retail operations were outsourced at that property.
2The Company calculates revenue per available room (“RevPAR”)
for its hotels by dividing room revenue by room nights available to
guests for the period.
3The Company calculates total revenue per available room (“Total
RevPAR”) for its hotels by dividing the sum of room revenue, food
& beverage, and other ancillary services revenue by room nights
available to guests for the period. Total RevPAR for the fourth
quarter of 2012 and full year 2012 was impacted by outsourcing of
retail operations and resulting elimination of retail revenue as
explained in footnote 1 above.
4Adjusted EBITDA (defined as earnings before interest, taxes,
depreciation, amortization, as well as certain unusual items) is a
non-GAAP financial measure which is used herein because we believe
it allows for a more complete analysis of operating performance by
presenting an analysis of operations separate from the earnings
impact of capital transactions and without certain items that do
not impact our ongoing operations such as gains on the sale of
assets. In accordance with generally accepted accounting
principles, these items are not included in determining our
operating income. The information presented should not be
considered as an alternative to any measure of performance as
promulgated under accounting principles generally accepted in the
United States (such as operating income, net income, or cash from
operations), nor should it be considered as an indicator of overall
financial performance. Adjusted EBITDA does not fully consider the
impact of investing or financing transactions, as it specifically
excludes depreciation and interest charges, which should also be
considered in the overall evaluation of our results of operations.
Our method of calculating Adjusted EBITDA may be different from the
method used by other companies and therefore comparability may be
limited. A reconciliation of Adjusted EBITDA to net income (loss)
is presented in the Supplemental Financial Results contained in
this press release.
5As discussed in footnote 4 above, Adjusted EBITDA is used
herein as essentially operating income/(loss) plus depreciation and
amortization. Consolidated Cash Flow (which is used in this release
as that term is defined in the Indentures governing the Company’s
former 6.75 percent senior notes) is a non-GAAP financial measure
which also excludes the impact of impairment charges, preopening
costs, the non-cash portion of the Florida ground lease expense,
stock option expense, the non-cash gains and losses on the disposal
of certain fixed assets, and adds (subtracts) other gains (losses).
The Consolidated Cash Flow measure has been one of the principal
tools used by management in evaluating the operating performance of
the Company’s business. The calculation of these amounts as well as
a reconciliation of those amounts to net income (loss) or segment
operating income (loss) is included as part of the Supplemental
Financial Results contained in this press release. CCF Margin is
defined as CCF divided by revenue. Adjusted CCF has also been
presented, which excludes base management fees and, for the
consolidated CCF calculation, REIT conversion costs.
RYMAN HOSPITALITY PROPERTIES, INC. AND
SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS
Unaudited
(In thousands, except per share data)
Three Months Ended Twelve Months Ended
Dec. 31, Dec. 31, 2012
2011 2012 2011 Revenues $
266,321 $ 269,399 $ 986,594 $ 952,144 Operating expenses: Operating
costs 161,884 163,949 570,905 566,390 Selling, general and
administrative 43,091 50,471 182,253 179,301 Management fees 4,337
- 4,337 - REIT conversion costs 44,165 - 101,964 - Casualty loss
139 595 858 1,225 Preopening costs - 22 340 408 Depreciation and
amortization 37,302 34,594
130,691 125,289
Operating income (loss) (24,597 )
19,768 (4,754 ) 79,531
Interest expense, net of amounts capitalized (14,633 )
(14,412 ) (58,582 ) (74,673 ) Interest income 3,051 2,772 12,307
12,460 Income from unconsolidated companies - - 109 1,086 Other
gains and (losses), net 20,000
(422 ) 22,251 (916 )
Income (loss) before income taxes (16,179 ) 7,706 (28,669 ) 17,488
(Provision) benefit for income taxes and discontinued
operations 1,236 (2,651 )
2,034 (7,420 ) Income (loss)
from continuing operations (14,943 ) 5,055 (26,635 ) 10,068
Income (loss) from discontinued operations, net of taxes (9
) 48 (9 )
109 Net income (loss) $ (14,952 ) $
5,103 $ (26,644 ) $ 10,177
Basic net income
(loss) per share:
Income (loss) from continuing operations $ (0.32 ) $ 0.10 $ (0.56 )
$ 0.21 Income from discontinued operations, net of taxes -
0.01 -
- Net income (loss) $ (0.32 ) $
0.11 $ (0.56 ) $ 0.21
Fully diluted net
income (loss) per share:
Income (loss) from continuing operations $ (0.32 ) $ 0.10 $ (0.56 )
$ 0.20 Income from discontinued operations, net of taxes -
- -
- Net income (loss) $ (0.32 ) $ 0.10
$ (0.56 ) $ 0.20
Weighted average
common shares for the period:
Basic 46,201 48,411 47,602 48,351 Fully-diluted 46,201 49,127
47,602 49,783
RYMAN HOSPITALITY PROPERTIES, INC.
AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS Unaudited (In
thousands)
Dec. 31, Dec. 31, 2012
2011 ASSETS Current assets: Cash and cash equivalents -
unrestricted $ 97,170 $ 44,388 Cash and cash equivalents -
restricted 6,210 1,150 Trade receivables, net 55,343 41,939
Deferred income taxes 10,688 8,641 Other current assets
41,834 48,538 Total current assets 211,245 144,656
Property and equipment, net of accumulated depreciation 2,148,999
2,209,127 Notes receivable, net of current portion 138,975 142,567
Long-term deferred financing costs 11,347 15,947 Other long-term
assets 32,245 50,713 Long-term assets of discontinued operations
328 390
Total assets
$ 2,543,139 $ 2,563,400 LIABILITIES AND
STOCKHOLDERS' EQUITY Current liabilities: Current portion of
long-term debt and capital lease obligations (a) $ 130,358 $ 755
Accounts payable and accrued liabilities 218,224 168,975 Current
liabilities of discontinued operations 237 186 Total
current liabilities 348,819 169,916 Long-term debt and
capital lease obligations, net of current portion 901,505 1,073,070
Deferred income taxes 99,626 108,219 Deferred management rights
proceeds 186,346 - Other long-term liabilities 152,794 166,209
Long-term liabilities of discontinued operations 451 451
Stockholders' equity 853,598 1,045,535 Total
liabilities and stockholders' equity $ 2,543,139 $ 2,563,400
(a)
Reflects a portion of the Company's $360
million 3.75% Convertible Notes being classified as current at
December 31, 2012 as a result of their convertibility at that time.
These notes were not convertible at December 31, 2011.
RYMAN HOSPITALITY PROPERTIES, INC. AND
SUBSIDIARIES
SUPPLEMENTAL FINANCIAL RESULTS
Unaudited
(in thousands, except operating
metrics)
Adjusted Earnings Before Interest,
Taxes,
Depreciation and Amortization
("Adjusted EBITDA")
and Consolidated Cash Flow ("CCF")
reconciliation:
Three Months Ended Dec. 31, Twelve Months Ended Dec.
31, 2012 2011 2012 2011
$ Margin $
Margin $ Margin
$ Margin
Consolidated
Revenue (b) $ 266,321 100.0 % $ 269,399 100.0 % $ 986,594
100.0 % $ 952,144 100.0 %
Net income (loss) $ (14,952
) -5.6 % $ 5,103 1.9 % $ (26,644 ) -2.7 % $ 10,177 1.1 % (Income)
loss from discontinued operations, net of taxes 9 0.0 % (48 ) 0.0 %
9 0.0 % (109 ) 0.0 % Provision (benefit) for income taxes (1,236 )
-0.5 % 2,651 1.0 % (2,034 ) -0.2 % 7,420 0.8 % Other (gains) and
losses, net (20,000 ) -7.5 % 422 0.2 % (22,251 ) -2.3 % 916 0.1 %
Income from unconsolidated companies - 0.0 % - 0.0 % (109 ) 0.0 %
(1,086 ) -0.1 % Interest expense, net 11,582
4.3 % 11,640 4.3 % 46,275
4.7 % 62,213 6.5 %
Operating income
(loss) (24,597 ) -9.2 % 19,768 7.3 % (4,754 ) -0.5 % 79,531 8.4
% Depreciation & amortization 37,302 14.0
% 34,594 12.8 % 130,691
13.2 % 125,289 13.2 %
Adjusted EBITDA
12,705 4.8 % 54,362 20.2 % 125,937 12.8 % 204,820 21.5 % Preopening
costs - 0.0 % 22 0.0 % 340 0.0 % 408 0.0 % Impairment charges
12,004 4.5 % 332 0.1 % 33,291 3.4 % 332 0.0 % Other non-cash
expenses 1,427 0.5 % 4,050 1.5 % 5,706 0.6 % 8,409 0.9 % Stock
option expense 1,346 0.5 % 860 0.3 % 3,176 0.3 % 3,252 0.3 % Other
gains and (losses), net 20,000 7.5 % (422 ) -0.2 % 22,251 2.3 %
(916 ) -0.1 % (Gain) loss on sales of assets (20,000 )
-7.5 % 422 0.2 % (20,000 )
-2.0 % 917 0.1 %
CCF (b) $
27,482 10.3 % $ 59,626 22.1 % $ 170,701
17.3 % $ 217,222 22.8 %
Hospitality segment
(a)
Revenue (b) $ 249,005 100.0 % $ 252,027 100.0 % $ 916,041
100.0 % $ 886,634 100.0 %
Operating income 35,803 14.4 %
34,313 13.6 % 149,870 16.4 % 130,531 14.7 % Depreciation &
amortization 26,366 10.6 % 30,567 12.1 % 107,343 11.7 % 109,521
12.4 % Preopening costs - 0.0 % 22 0.0 % 340 0.0 % 408 0.0 % Other
non-cash expenses 1,427 0.6 % 2,407 1.0 % 5,706 0.6 % 6,766 0.8 %
Stock option expense - 0.0 % 264 0.1 % 461 0.1 % 1,040 0.1 % Other
gains and (losses), net - 0.0 % (206 ) -0.1 % 2,251 0.2 % (655 )
-0.1 % Loss on sales of assets - 0.0 %
206 0.1 % - 0.0 % 656
0.1 %
CCF (b) $ 63,596 25.5 % $
67,573 26.8 % $ 265,971 29.0 % $
248,267 28.0 %
Opry and Attractions
segment (a)
Revenue $ 17,309 100.0 % $ 17,342 100.0 % $ 70,463 100.0 % $
65,386 100.0 %
Operating income 2,935 17.0 % 2,039 11.8 %
13,215 18.8 % 8,760 13.4 % Depreciation & amortization 1,294
7.5 % 1,293 7.5 % 5,119 7.3 % 5,261 8.0 % Other non-cash expenses -
0.0 % 360 2.1 % - 0.0 % 360 0.6 % Stock option expense 35
0.2 % 48 0.3 % 126
0.2 % 167 0.3 %
CCF $ 4,264
24.6 % $ 3,740 21.6 % $ 18,460
26.2 % $ 14,548 22.2 %
Corporate and Other
segment (a)
Revenue $ 7 $ 30 $ 90 $ 124
Operating loss (19,031 )
(15,989 ) (65,017 ) (58,535 ) Depreciation & amortization 9,642
2,734 18,229 10,507 Other non-cash expenses - 1,283 - 1,283 Stock
option expense 338 548 1,842 2,045 Other gains and (losses), net
20,000 (216 ) 20,000 (261 ) (Gain) loss on sales of assets
(20,000 ) 216 (20,000 ) 261
CCF $ (9,051 ) $ (11,424 ) $ (44,946 ) $ (44,700 )
REIT Conversion
Costs (a)
Operating loss $ (44,165 ) $ - $ (101,964 ) $ - Impairment
charges 12,004 - 33,291 - Stock option expense 973
- 747 -
CCF $
(31,188 ) $ - $ (67,926 ) $ -
Casualty Loss
(a)
Casualty loss $ (139 ) $ (595 ) $ (858 ) $ (1,225 ) Insurance
proceeds - - - -
Operating loss (139 ) (595 ) (858 ) (1,225 )
Impairment charges - 332 -
332
CCF $ (139 ) $ (263 ) $ (858 ) $
(893 ) (a) Individual segments exclude effect of REIT
Conversion Costs and Casualty Loss, which is shown separately.
(b) For figures reflecting adjustments to retail revenue and
adjustments to CCF and CCF Margin to exclude base management fees,
as described in this release, see below under "Reconciliation of
Adjusted Results."
RYMAN HOSPITALITY PROPERTIES, INC. AND
SUBSIDIARIES SUPPLEMENTAL FINANCIAL RESULTS Unaudited
(in thousands, except operating metrics)
Three
Months Ended Dec. 31, Twelve Months Ended Dec. 31,
2012 2011 2012 2011
HOSPITALITY OPERATING METRICS:
Hospitality
Segment
Occupancy 69.5 % 72.2 % 72.6 % 72.2 % Average daily rate
(ADR) $ 177.48 $ 171.85 $ 170.48 $ 167.27 RevPAR $ 123.40 $ 124.12
$ 123.81 $ 120.77 OtherPAR $ 210.88 $ 222.38 $ 186.40 $ 183.81
Total RevPAR $ 334.28 $ 346.50 $ 310.21 $ 304.58 Revenue (a)
$ 249,005 $ 252,027 $ 916,041 $ 886,634 CCF (a) $ 63,596 $ 67,573 $
265,971 $ 248,267 CCF Margin (a) 25.5 % 26.8 % 29.0 % 28.0 %
Gaylord
Opryland
Occupancy 72.3 % 73.5 % 72.9 % 72.8 % Average daily rate
(ADR) $ 163.80 $ 162.38 $ 156.18 $ 153.54 RevPAR $ 118.40 $ 119.31
$ 113.83 $ 111.76 OtherPAR $ 184.81 $ 205.26 $ 159.86 $ 165.85
Total RevPAR $ 303.21 $ 324.57 $ 273.69 $ 277.61 Revenue (a)
$ 80,393 $ 86,043 $ 288,693 $ 291,781 CCF (a) $ 20,451 $ 23,376 $
83,581 $ 87,396 CCF Margin (a) 25.4 % 27.2 % 29.0 % 30.0 %
Gaylord Palms
(b)
Occupancy 67.9 % 77.5 % 77.6 % 73.9 % Average daily rate
(ADR) $ 171.21 $ 153.65 $ 166.67 $ 155.09 RevPAR $ 116.27 $ 119.03
$ 129.28 $ 114.58 OtherPAR $ 220.00 $ 238.20 $ 217.50 $ 191.73
Total RevPAR $ 336.27 $ 357.23 $ 346.78 $ 306.31 Revenue (a)
$ 43,455 $ 39,916 $ 174,662 $ 149,859 CCF (a) $ 8,938 $ 7,671 $
51,003 $ 35,590 CCF Margin (a) 20.6 % 19.2 % 29.2 % 23.7 %
Gaylord
Texan
Occupancy 78.1 % 74.4 % 74.8 % 75.7 % Average daily rate
(ADR) $ 177.12 $ 184.89 $ 173.06 $ 178.32 RevPAR $ 138.26 $ 137.52
$ 129.38 $ 135.03 OtherPAR $ 299.33 $ 284.57 $ 232.69 $ 231.86
Total RevPAR $ 437.59 $ 422.09 $ 362.07 $ 366.89 Revenue (a)
$ 60,830 $ 58,675 $ 200,235 $ 202,310 CCF (a) $ 19,194 $ 19,420 $
62,442 $ 67,268 CCF Margin (a) 31.6 % 33.1 % 31.2 % 33.2 %
Gaylord
National
Occupancy 61.8 % 66.9 % 68.9 % 68.8 % Average daily rate
(ADR) $ 216.73 $ 199.65 $ 202.24 $ 195.66 RevPAR $ 133.88 $ 133.54
$ 139.33 $ 134.52 OtherPAR $ 203.33 $ 220.24 $ 192.45 $ 188.20
Total RevPAR $ 337.21 $ 353.78 $ 331.78 $ 322.72 Revenue (a)
$ 61,922 $ 64,966 $ 242,379 $ 235,113 CCF (a) $ 13,861 $ 16,049 $
65,846 $ 56,292 CCF Margin (a) 22.4 % 24.7 % 27.2 % 23.9 %
The Inn at
Opryland (c)
Occupancy 59.4 % 63.7 % 61.7 % 62.6 % Average daily rate
(ADR) $ 102.67 $ 96.21 $ 103.70 $ 98.24 RevPAR $ 60.99 $ 61.31 $
63.99 $ 61.52 OtherPAR $ 25.28 $ 25.75 $ 26.83 $ 21.95 Total RevPAR
$ 86.27 $ 87.06 $ 90.82 $ 83.47 Revenue (a) $ 2,405 $ 2,427
$ 10,072 $ 7,571 CCF (a) $ 1,152 $ 1,057 $ 3,099 $ 1,721 CCF Margin
(a) 47.9 % 43.6 % 30.8 % 22.7 %
(a) For figures reflecting adjustments to
retail revenue and adjustments to CCF and CCF Margin to exclude
base management fees, as described in this release, see below under
"Reconciliation of Adjusted Results."
(b) Excludes 123 and 10,934 room nights
that were taken out of service during the three months and twelve
months ended December 31, 2012, respectively, and 17,617 and 23,960
room nights taken out of service during the three months and twelve
months ended December 31, 2011, respectively, as a result of a
rooms renovation program at Gaylord Palms.
(c) Includes other hospitality revenue and expense.
RYMAN
HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES RECONCILIATION
OF ADJUSTED RESULTS Unaudited (in thousands, except operating
metrics)
Three
Months Ended Dec. 31, Twelve Months Ended Dec. 31,
2012 2011 2012 2011
Consolidated: Revenue $ 266,321 $ 269,399 $ 986,594 $
952,144 Less: Retail Inventory Adjustment -
(3,940 ) - (3,940 ) Adjusted
Revenue $ 266,321 $ 265,459 $ 986,594 $ 948,204 Adjusted
EBITDA $ 12,705 $ 54,362 $ 125,937 $ 204,820 Add: Base Management
Fee 4,337 - 4,337 - Add: REIT Conversion Costs 44,165
- 101,964 - Revised
Adjusted EBITDA $ 61,207 $ 54,362 $ 232,238 $ 204,820 Total
CCF $ 27,482 $ 59,626 $ 170,701 $ 217,222 Add: Base Management Fee
4,337 - 4,337 - Add: REIT Conversion Costs 31,188
- 67,926 -
Adjusted CCF $ 63,007 $ 59,626 $ 242,964 $ 217,222
Hospitality Segment: Revenue $ 249,005 $ 252,027 $ 916,041 $
886,634 Less: Retail Inventory Adjustment -
(3,940 ) - (3,940 ) Adjusted
Revenue $ 249,005 $ 248,087 $ 916,041 $ 882,694 Available Room
Nights 744,893 727,246 2,952,934
2,910,959 Adjusted Total RevPAR $ 334.28 $
341.13 $ 310.21 $ 303.23 Total CCF $ 63,596 $ 67,573 $
265,971 $ 248,267 Add: Base Management Fee 4,208
- 4,208 - Adjusted CCF $
67,804 $ 67,573 $ 270,179 $ 248,267 CCF Margin 25.5 % 26.8 % 29.0 %
28.0 % Adjusted CCF Margin 27.2 % 27.2 % 29.5 % 28.1 %
Gaylord Opryland: Revenue $ 80,393 $ 86,043 $ 288,693 $
291,781 Less: Retail Inventory Adjustment -
(2,592 ) - (2,592 ) Adjusted
Revenue $ 80,393 $ 83,451 $ 288,693 $ 289,189 Available Room Nights
265,144 265,099 1,054,812 1,051,065 Adjusted Total RevPAR $ 303.21
$ 314.79 $ 273.69 $ 275.14 Total CCF $ 20,451 $ 23,376 $
83,581 $ 87,396 Add: Base Management Fee 1,375
- 1,375 - Adjusted CCF $ 21,826
$ 23,376 $ 84,956 $ 87,396 CCF Margin 25.4 % 27.2 % 29.0 % 30.0 %
Adjusted CCF Margin 27.1 % 28.0 % 29.4 % 30.2 %
Gaylord
Palms: Revenue $ 43,455 $ 39,916 $ 174,662 $ 149,859 Less:
Retail Inventory Adjustment - -
- - Adjusted Revenue $ 43,455 $
39,916 $ 174,662 $ 149,859 Available Room Nights 129,228 111,736
503,662 489,232 Adjusted Total RevPAR $ 336.27 $ 357.23 $ 346.78 $
306.31 Total CCF $ 8,938 $ 7,671 $ 51,003 $ 35,590 Add: Base
Management Fee 733 - 733
- Adjusted CCF $ 9,671 $ 7,671 $ 51,736 $ 35,590 CCF
Margin 20.6 % 19.2 % 29.2 % 23.7 % Adjusted CCF Margin 22.3 % 19.2
% 29.6 % 23.7 %
Gaylord Texan: Revenue $ 60,830 $
58,675 $ 200,235 $ 202,310 Less: Retail Inventory Adjustment
- (732 ) - (732 )
Adjusted Revenue $ 60,830 $ 57,943 $ 200,235 $ 201,578 Available
Room Nights 139,012 139,012 553,026 551,419 Adjusted Total RevPAR $
437.59 $ 416.82 $ 362.07 $ 365.56 Total CCF $ 19,194 $
19,420 $ 62,442 $ 67,268 Add: Base Management Fee 1,050
- 1,050 - Adjusted
CCF $ 20,244 $ 19,420 $ 63,492 $ 67,268 CCF Margin 31.6 % 33.1 %
31.2 % 33.2 % Adjusted CCF Margin 33.3 % 33.5 % 31.7 % 33.4 %
Gaylord National: Revenue $ 61,922 $ 64,966 $ 242,379
$ 235,113 Less: Retail Inventory Adjustment -
(617 ) - (617 ) Adjusted Revenue
$ 61,922 $ 64,349 $ 242,379 $ 234,496 Available Room Nights 183,632
183,632 730,536 728,540 Adjusted Total RevPAR $ 337.21 $ 350.42 $
331.78 $ 321.87 Total CCF $ 13,861 $ 16,049 $ 65,846 $
56,292 Add: Base Management Fee 1,037 -
1,037 - Adjusted CCF $ 14,898 $ 16,049
$ 66,883 $ 56,292 CCF Margin 22.4 % 24.7 % 27.2 % 23.9 % Adjusted
CCF Margin 24.1 % 24.9 % 27.6 % 24.0 %
Inn at Opryland
(and Other Hospitality): Revenue $ 2,405 $ 2,427 $ 10,072 $
7,571 Less: Retail Inventory Adjustment -
- - - Adjusted
Revenue $ 2,405 $ 2,427 $ 10,072 $ 7,571 Available Room Nights
27,876 27,876 110,898 90,705 Adjusted Total RevPAR $ 86.27 $ 87.06
$ 90.82 $ 83.47 Total CCF $ 1,152 $ 1,057 $ 3,099 $ 1,721
Add: Base Management Fee 14 - 14
- Adjusted CCF $ 1,166 $ 1,057 $ 3,113 $ 1,721
CCF Margin 47.9 % 43.6 % 30.8 % 22.7 % Adjusted CCF Margin 48.5 %
43.6 % 30.9 % 22.7 %
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