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 second quarter ended June 30,
2013.
Colin V. Reed, chairman, chief executive officer and president
of Ryman Hospitality Properties, stated, “We continued to face
near-term challenges in the second quarter, as the headwinds
related to the management transition to Marriott, as well as
overall weakness in the group sector, impacted our results. As
communicated in June, lower than expected in-the-year, for-the-year
group bookings, cost synergies not being realized as quickly as
anticipated, and margin disruption related to the transition
adversely impacted this quarter.
“Frankly, we are disappointed in several elements of our hotel
results this quarter related to near-term group business as well as
management transition issues. However, we have been working
extremely closely with Marriott to manage these transition concerns
as rapidly and thoroughly as possible, and to ensure that the
challenges related to the transition are isolated to our 2013
performance. There is now a plan in place that we support that
focuses on specific actions to be taken to improve performance in
key areas. These efforts include supplementing resources to
accelerate the transition and drive short-term revenues. The plan
also includes tailoring the sales process to better align with the
dynamics of large group hotels such as ours and reducing expenses
to drive margin improvement at the property level.
Reed continued, “In terms of our performance, the strong level
of advanced group business on the books for future years, our solid
transient room night performance, which increased 22 percent in the
second quarter, and the steady realization of our corporate cost
synergies all support our confidence in the long-term value of our
REIT conversion and the performance of our hotel assets moving
forward.”
Arne Sorenson, Marriott International President and Chief
Executive Officer said, “We are disappointed with the results at
the Gaylord hotels in the second quarter and are working closely
with Ryman to achieve the revenue and cost synergies that both
companies expect. To improve the top line, we are increasing both
on-property and above-property group sales staff and increasing
incentives for group sales performance. On the cost side, we are
pursuing department by department cost saving initiatives to
improve margin performance while retaining the uniqueness and
strong customer preference for which the Gaylord brand is known. We
believe that the action plans we are implementing will improve
results, ensuring the long-term success of these hotels and the
brand.”
Second Quarter 2013 Results (as compared to Second Quarter
2012):
- Hospitality Revenue Per Available Room,
or RevPAR, decreased 3.9% to $130.37
- Hospitality Total RevPAR decreased 3.2%
to $302.29 compared to Hospitality Retail Adjusted Total RevPAR in
the second quarter 2012, or a decrease of 4.4% compared to
unadjusted Hospitality Total RevPAR in the second quarter 2012
- Total Revenue decreased 2.0% to $245.2
million compared to Total Retail Adjusted Revenue in the second
quarter 2012, or a decrease of 3.2% compared to unadjusted Total
Revenue in the second quarter 2012
- Hospitality Revenue decreased 3.2% to
$222.8 million compared to Hospitality Retail Adjusted Revenue in
the second quarter 2012, or a decrease of 4.4% compared to
unadjusted Hospitality Revenue in the second quarter 2012
- Net income was $16.4 million compared
to net income of $9.0 million in second quarter 2012
- Adjusted EBITDA on a consolidated basis
decreased 2.9% to $70.9 million
- Hospitality Adjusted EBITDA decreased
13.0% to $68.0 million
- Adjusted Funds from Operations, or
Adjusted FFO, was $48.8 million, an increase of 56.0% over the
prior-year quarter. Adjusted FFO excluding REIT conversion costs
was $51.5 million, an increase of 54.2% over prior-year
quarter.
- Gross advanced group bookings for all
future periods decreased 41.5% to 346,705 room nights; Net advanced
group bookings for all future periods decreased 60.9% to 189,894
room nights
- Transient room night bookings, aided by
the Marriott Rewards program and transient delivery channels,
increased by 23,961 room nights or 21.9 % and transient Average
Daily Rate, or ADR, grew by $4.89
- Cancellations in-the-year, for-the-year
included 21,415 group rooms compared to 14,997 group rooms in the
second quarter 2012
- Attrition for groups that traveled in
the second quarter of 2013 was 12.9% of the agreed-upon room block
compared to 6.7% in the same period in 2012; Attrition and
cancellation fees collected during the quarter were $1.3 million
compared to $1.7 million in the same period in 2012
For the Company’s definitions of RevPAR, Total RevPAR, Adjusted
EBITDA, Retail Adjusted Revenue, Retail Adjusted Total RevPAR, and
Adjusted FFO as well as a reconciliation of the non-GAAP financial
measure Adjusted EBITDA to Net Income, a reconciliation of the
non-GAAP financial measure Retail Adjusted Revenue to revenue, and
a reconciliation of the non-GAAP financial measure Adjusted FFO to
Net Income, see “Retail Adjusted Revenue”, “Calculation of RevPAR
and Total RevPAR”, “Non-GAAP Financial Measures”, and “Supplemental
Financial Results” below.
Hospitality
Property-level results and operating metrics for the second
quarter of 2013 and 2012 are presented in greater detail below and
under “Supplemental Financial Results.”
- Gaylord Opryland RevPAR decreased 12.7
percent to $112.12 compared to the second quarter of 2012. Total
RevPAR decreased 9.4 percent to $250.17 as compared to Retail
Adjusted Total RevPAR and margin declined 3.1 percentage points
compared to the same period last year. The decline in Total RevPAR
from the prior year was primarily related to a drop in group room
nights and related outside the room spending. This decline in group
rooms was partially offset by a 50.8% increase in transient room
nights. The property experienced its highest second quarter
attrition level on record.
- Gaylord Palms RevPAR decreased 5.8
percent to $129.18 compared to the second quarter of 2012. Total
RevPAR decreased 4.4 percent to $331.31 and margin declined 3.6
percentage points compared to the same period last year. The
decrease in RevPAR is primarily related to a decline in room nights
for the Association segment with a modest decline in ADR for that
particular group segment. This decline was partially offset by a
45.6% increase in transient room nights and a 13.2% increase in
transient ADR compared to the second quarter of 2012. The property
had a tough comparison to a strong second quarter 2012,
particularly June 2012.
- Gaylord Texan RevPAR increased 4.9
percent to $129.99 compared to the second quarter of 2012. Total
RevPAR increased slightly to $319.69 as compared to Retail Adjusted
Total RevPAR and margin declined 2.4 percentage points compared to
the same period last year. The increase in RevPAR was related to
both an increase in group room nights and group ADR; however, group
performance in the quarter was negatively impacted by high levels
of cancellation and attrition among large groups traveling to the
property. The property also experienced a 14.6 percent decline in
transient room nights compared to the same period last year. This
drop in transient room nights was primarily related to a number of
groups whose peak occupancy occurred over weekend patterns, which
are typically transient demand periods.
- Gaylord National RevPAR increased 1.4
percent to $165.28 compared to the second quarter of 2012. Total
RevPAR increased 1.8 percent to $372.87 as compared to Retail
Adjusted Total RevPAR and margin declined 3.4 percentage points
compared to the same period last year. The slight increase in
RevPAR compared to the prior year quarter was driven primarily by
an increase in ADR in all group and transient segments. In
addition, the property experienced high attrition during the
quarter, which was nearly twice as high as the same period last
year. The property continued to experience the effects from the
Federal budget sequestration and its negative impact on the
behavior of government-related groups during the quarter, as well
as general group softness. In spite of these headwinds, the
property’s year-over-year RevPAR increase for the quarter slightly
exceeded the greater Washington DC market.
Reed continued, “While we anticipated a challenging comparison
to the second quarter last year at our properties, largely due to
exceptional 2012 second quarter performances at Gaylord Opryland
and Gaylord Palms, the negative trends across the group sector were
more significant than expected. This resulted in elevated
cancellation and attrition levels at our properties.”
“At an operational level, there continues to be a learning curve
associated with the adoption of new Marriott systems and
procedures. However, we are confident that as we work with Marriott
our business will continue to make improvements in near-term group
bookings and occupancy, margin performance at the property level,
and overall profitability.”
Reed continued, “After a very strong sales production in the
first quarter, our overall year-to-date gross room night production
remains in-line with average production across our properties over
the past three years, despite a decline in gross group room night
production compared to the second quarter last year. We were
pleased with the 21.9 percent increase in transient room nights
resulting from Marriott’s strong transient delivery channels, which
we believe will only become more effective with the integration
completed.”
Opry and Attractions
Opry and Attractions segment had a record quarter in both
revenue and profitability. Revenue for the segment rose 10.8
percent to $22.4 million in the second quarter of 2013 from $20.2
million in the prior-year quarter. The segment’s Adjusted EBITDA
rose 27.0 percent to $7.9 million in the second quarter of 2013,
from $6.2 million in the prior-year quarter.
Corporate
Corporate and Other Adjusted EBITDA totaled a loss of $5.0
million in the second quarter of 2013 compared to a loss of $11.4
million in the same period last year. The reduction in costs at the
Corporate level is directly related to the transition of the
Company to a REIT and are in-line with previously discussed
estimated cost synergies.
Impact of July Water Outage on Gaylord National
Due to a water emergency in southern Prince George’s County, the
Gaylord National suspended operations on July 17, 2013, until July
18, 2013. According to the Company’s current analysis, this
incident resulted in an estimated loss of approximately $1.5
million in revenue and approximately $0.8 million in profitability,
which will be reflected in the Company’s third quarter 2013
results.
REIT Conversion Costs
The Company has segregated all conversion costs associated with
our conversion to a REIT and reported these amounts separately as
REIT conversion costs in the accompanying financial information.
During the second quarter of 2013, the Company incurred $5.4
million of costs associated with this conversion compared to $3.4
million in the second quarter of 2012.
Dividend Update
The Company paid its second quarter cash dividend
of $0.50 per share of common stock on July 15,
2013 to stockholders of record on June 26, 2013. It is
the Company’s current plan to distribute total annual dividends of
approximately $2.00 per share for 2013 in cash in equal
quarterly payments in April, July, October, and January, subject to
our board of directors’ future determinations as to the amount of
quarterly distributions and the timing thereof.
Balance Sheet/Liquidity Update
As of June 30, 2013, the Company had total debt outstanding of
$1,154.7 million and unrestricted cash of $44.4 million. At June
30, 2013, $463.0 million of borrowings were drawn under the
Company’s $1 billion credit facility, and the lending banks had
issued $6.9 million in letters of credit, which left $530.1 million
of availability for borrowing under the credit facility.
During the quarter, the Company successfully refinanced its $925
million credit facility that was scheduled to mature in August
2015. The increased and extended $1 billion credit facility will
mature in April 2017 and is comprised of a $700 million revolving
credit line and a fully funded $300 million term loan. The Company
was able to secure favorable pricing on the facility with initial
pricing set at LIBOR + 1.75%. Pricing is determined on a grid
pricing structure based on a consolidated funded indebtedness to
total asset value ratio. The extended facility reflects both a
reduction in the term loan and an increase in the revolving credit
line, as well as improved pricing.
During the quarter, the Company completed a private placement of
$350 million aggregate principal amount of 5.0% senior notes due
2021 (the “Notes”), which closed on April 3, 2013. The Notes are
senior unsecured obligations of the Company’s issuing subsidiaries
and are guaranteed by the Company and all of the Company’s
subsidiaries that guarantee its senior credit facility. Aggregate
net proceeds from the sale of the notes were approximately $342
million, after deducting the initial purchasers’ discounts and
commissions and estimated offering expenses. The Company used
substantially all of the net proceeds of the offering to repay
amounts outstanding under its revolving credit facility.
During the quarter, the Company repurchased and cancelled
approximately 1.0 million shares of its common stock for an
aggregate purchase price of $44.3 million, which the Company funded
using cash on hand and borrowings under the revolving credit line
of its credit facility.
Subsequent to the end of the quarter, the Company announced that
it repurchased in private transactions $54.7 million in principal
amount of its 3.75% convertible senior notes due 2014, which were
cancelled, and settled $1.2 million in principal amount of the
convertible notes that were converted by a holder. After these
transactions, $304.1 million in principal amount of the notes
remains outstanding. The repurchases were made for aggregate
consideration of $98.6 million funded by draws under the Company’s
revolving credit facility. The Company expects to record a loss on
extinguishment of debt of approximately $3 million in the third
quarter related to these repurchases.
In connection with the repurchase of notes, the Company
proportionately reduced the number of options and warrants
underlying the bond hedge transaction related to the convertible
notes. In consideration for these adjustments, the counterparties
to the bond hedge transactions paid the Company 157,886 shares of
the Company’s common stock, which were subsequently cancelled. The
adjustments to the options and warrants were considered
modifications to the terms of the agreements, and the Company
recognized a charge of $4.9 million in the second quarter, which
reduced net income available to common shareholders and earnings
per share available to common shareholders.
Guidance Update:
The Company is revising its 2013 guidance on a consolidated as
well as a segment basis. The revised guidance reflects lower than
anticipated actual performance for the hospitality segment during
the second quarter in May and June, continued softness in group
demand during the third quarter, lower than anticipated near-term
cost synergies at our properties, and steady, but slower, margin
recovery during the second half of 2013. Furthermore, the revised
guidance reflects better than expected performance in our Opry and
Attractions businesses, as well as refining our estimates of
corporate cost synergies.
Reed continued, “The fact is the management transition is not
going as smoothly as both Ryman and Marriott had planned, which
includes the ramping up of the regional sales office, and cost
synergy materialization. This, coupled with a weak group sector,
has put additional pressure on the second half of the year.
Therefore, we feel it is prudent to further adjust our guidance for
2013.”
Prior GuidanceFor Full Year 2013
Revised GuidanceFor Full Year 2013
Low High Low High
Hospitality RevPAR 1
-1.0%
2.0%
-1.5%
0.0%
Hospitality Total RevPAR 1
-2.0%
1.0%
-2.5%
0.0%
Hospitality $ 255.0 $ 270.0 $ 242.0 $ 250.0 Opry and
Attractions 15.0 17.0 19.0 20.0 Corporate and Other (24.0 ) (20.0 )
(23.0 ) (21.0 ) Gaylord National Bonds 2 12.0
12.0 12.0 12.0
Adjusted
EBITDA 3 $ 258.0 $
279.0 $ 250.0 $
261.0 Adjusted FFO 3,4 $ 194.5 $ 213.0 $ 187.5
$ 197.0 REIT conversion costs (tax effected) $ 19.0 $ 18.0 $ 19.0 $
18.0
Adjusted FFO after REIT conversion costs 3,4
$ 175.5 $ 195.0 $ 168.5 $ 179.0 Adjusted FFO per Share 3,4 $
3.81 $ 4.17 $ 3.65 $ 3.84
Adjusted FFO per Share after REIT conversion costs 3,4
$ 3.43 $ 3.82 $ 3.28 $ 3.49 Estimated Basic Shares Outstanding 51.1
51.1 51.3 51.3 1. Hospitality RevPAR estimated annual
changes are based on 2012 RevPAR of $123.36 (as adjusted to reflect
a change in room counting methods that does not exclude renovation
rooms from the calculation of rooms available, per Marriott room
counting methods), and Hospitality Total RevPAR estimated annual
changes are based on 2012 Retail Adjusted Total RevPAR of $306.41
(as adjusted to reflect the elimination from the first three
quarters of 2012 of revenues from retail operation that were
outsourced to a third-party retailer beginning in the fourth
quarter of 2012, as well as Marriott room counting methods). 2.
Interest income from Gaylord National bonds reported in estimated
hospitality segment results in 2013. 3. Does not include the impact
of the loss on the call spread settlement related to our
convertible notes repurchase. 4. Adjusted FFO guidance includes a
deduction for maintenance capital expenditures of $33.0 to $35.0
million.
For our definitions of RevPAR, Total RevPAR, Adjusted EBITDA,
and Adjusted FFO as well as a reconciliation of the non-GAAP
financial measure Adjusted EBITDA to Net Income, a reconciliation
of the non-GAAP financial measure Adjusted FFO to Net Income, and
2012 Retail Adjusted Revenue and Total RevPAR amounts, see
“Calculation of RevPAR and Total RevPAR”, “Non-GAAP Financial
Measures”, “Supplemental Financial Results” and “Reconciliation of
Forward-Looking Statements” below.
Earnings Call information
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 7,795 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 future performance of our business,
the effect of the Company’s election of REIT status, the amount of
REIT conversion or other costs relating to the restructuring
transactions, anticipated cost synergies and revenue enhancements
from the Marriott relationship, the effect of and degree of success
of the joint action plan to improve the performance of the
Hospitality segment, the expected approach to making dividend
payments, the board’s ability to alter the dividend policy at any
time, 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 FFO and REIT taxable income, and the
Company’s ability to borrow funds pursuant to its credit
agreements. 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, 2012 and its Quarterly Report on Form 10-Q for the
fiscal quarter ended March 31, 2013. 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
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.
Retail Adjusted Revenue
Under Marriott International, Inc.’s management of Gaylord
Opryland, Gaylord Texan, and Gaylord National, the retail
operations of such hotels were outsourced to a third party retailer
beginning 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 second
quarter of 2013 the change resulted in revenue decreases of
approximately $2.9 million (Gaylord Opryland–$1.8 million, Gaylord
Texan–$0.7 million, and Gaylord National–$0.5 million). The change
impacted consolidated revenue, Hospitality segment revenue,
property revenue, and Total RevPAR as explained below. To enable
period-over-period comparison, we have included adjusted 2012
revenue and 2012 Total RevPAR figures to reflect the elimination of
retail revenues from operations that have been outsourced in the
2013 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. A reconciliation of
actual revenue to Retail Adjusted Revenue for the 2012 period is
set forth below under “Supplemental Financial Results.”
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. We calculate
retail adjusted total revenue per available room (“Retail Adjusted
Total RevPAR”) for our hotels for 2012 by dividing the sum of room
revenue, food & beverage, and other ancillary services revenue
minus the retail inventory adjustment for the period by room nights
available to guests for the period.
Under Marriott International, Inc.’s management of Gaylord
Opryland, Gaylord Texan, and Gaylord National, the retail
operations of such hotels were outsourced to a third party retailer
beginning 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. To enable
period-over-period comparison, we have based 2013 Total RevPAR
guidance on 2012 Retail Adjusted Revenue and 2012 Retail Adjusted
Total RevPAR figures, which reflect the elimination from the 2012
figures of retail revenues from operations that have been
outsourced in the 2013 period. No adjustments were made to the
Gaylord Palms’ revenue due to the fact that during all periods
presented, retail operations were outsourced at that property. A
presentation of actual revenue and Retail Adjusted Revenue for the
2012 period is set forth below under “Supplemental Financial
Results.”
RevPAR estimated annual change included in our guidance is based
on 2012 RevPAR of $123.36 (as adjusted to reflect a change in room
counting methods that does not exclude renovation rooms from the
calculation of rooms available, per Marriott room counting
methods), and Total RevPAR estimated annual change is based on 2012
Retail Adjusted Total RevPAR of $306.41 (as adjusted to reflect the
elimination from the first three quarters of 2012 of revenues from
retail operations that were outsourced to a third-party retailer
beginning in the fourth quarter of 2012, as well as Marriott room
counting methods).
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: Adjusted EBITDA, Adjusted FFO and Retail Adjusted
Revenue, as described above.
To calculate Adjusted EBITDA, we determine EBITDA, which
represents net income (loss) determined in accordance with GAAP,
plus loss (income) from discontinued operations, net; provision
(benefit) for income taxes; other (gains) and losses, net; (income)
loss from unconsolidated entities; interest expense; and
depreciation and amortization, less interest income. Adjusted
EBITDA is calculated as EBITDA plus preopening costs; non-cash
ground lease expense; equity-based compensation expense; impairment
charges; any closing costs of completed acquisitions; interest
income on Gaylord National bonds; other gains (and losses); REIT
conversion costs and any other adjustments we have identified in
this release. We believe Adjusted EBITDA is useful to investors in
evaluating our operating performance because this measure helps
investors evaluate and compare the results of our operations from
period to period by removing the impact of our capital structure
(primarily interest expense) and our asset base (primarily
depreciation and amortization) from our operating results. A
reconciliation of net income (loss) to EBITDA and Adjusted EBITDA
and a reconciliation of segment operating income to segment
Adjusted EBITDA are set forth below under “Supplemental Financial
Results.” Our method of calculating Adjusted EBITDA as used herein
differs from the method we used to calculate Adjusted EBITDA as
presented in press releases covering periods prior to 2013. Our net
income and Adjusted EBITDA do not reflect the impact of the loss on
the call spread settlement related to our convertible notes
repurchase.
We calculate Adjusted FFO to mean net income (loss) (computed in
accordance with GAAP), excluding non-controlling interests, and
gains and losses from sales of property; plus depreciation and
amortization (excluding amortization of deferred financing costs
and debt discounts) and impairment losses; we also exclude
written-off deferred financing costs, non-cash ground lease
expense, amortization of debt discounts and amortization of
deferred financing costs; and gain (loss) on extinguishment of
debt, and subtract certain capital expenditures (the required
FF&E reserves for our managed properties plus maintenance
capital expenditures for our non-managed properties). We also
exclude the effect of the non-cash income tax benefit relating to
the REIT conversion. We have presented Adjusted FFO both excluding
and including REIT conversion costs. We believe that the
presentation of Adjusted FFO provides useful information to
investors regarding our operating performance because it is 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 Adjusted
FFO as one measure in determining our results after taking into
account the impact of our capital structure. A reconciliation of
net income (loss) to Adjusted FFO is set forth below under
“Supplemental Financial Results.” Our Adjusted FFO does not reflect
the impact of the loss on the call spread settlement related to our
convertible notes repurchase.
We caution investors that amounts presented in accordance with
our definitions of Adjusted EBITDA and Adjusted FFO may not be
comparable to similar measures disclosed by other companies,
because not all companies calculate these non-GAAP measures in the
same manner. Adjusted EBITDA and Adjusted FFO, and any related per
share measures, should not be considered as alternative measures of
our net income (loss), operating performance, cash flow or
liquidity. Adjusted EBITDA and Adjusted FFO 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 Adjusted EBITDA and Adjusted FFO 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) or cash flow from operations. In
addition, you should be aware that adverse economic and market and
other conditions may harm our cash flow.
RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS Unaudited
(In thousands, except per share data)
Three Months EndedJun. 30,
Six Months EndedJun. 30, 2013
2012 2013 2012 Revenues : Rooms $
96,073 $ 99,982 $ 181,582 $ 187,516 Food and beverage 99,309
101,224 197,497 209,300 Other hotel revenue 27,449 31,841 53,333
62,279 Opry and Attractions 22,352
20,182 34,884 33,049
Total revenues 245,183 253,229
467,296 492,144 Operating
expenses: Rooms 26,564 24,797 51,651 47,765 Food and beverage
60,406 60,644 121,654 122,258 Other hotel expenses 68,583 74,836
138,151 147,730 Management fees 3,724 -
7,193 - Total hotel
operating expenses 159,277 160,277 318,649 317,753 Opry and
Attractions 14,629 14,075 25,915 24,832 Corporate 6,636 13,260
13,302 26,266 REIT conversion costs 5,420 3,375 20,412 6,428
Casualty loss 17 372 49 546 Preopening costs - 8 - 339 Impairment
and other charges (non-REIT conversion costs) 1,247 - 1,247 -
Depreciation and amortization 29,054
30,254 61,063 62,688
Total operating expenses 216,280
221,621 440,637 438,852
Operating income 28,903 31,608 26,659 53,292 Interest
expense, net of amounts capitalized (17,424 ) (14,451 ) (30,747 )
(28,813 ) Interest income 3,052 3,021 6,103 6,175 Income from
unconsolidated companies - 109 - 109 Other gains and (losses), net
53 - 47
- Income before income taxes 14,584 20,287 2,062
30,763
(Provision) benefit for income taxes
1,784 (11,314 ) 68,076
(15,783 ) Income from continuing operations 16,368
8,973 70,138 14,980 Income (loss) from discontinued
operations, net of taxes 11 (19 )
21 2 Net income 16,379 8,954
70,159 14,982
Loss on call spread modification related
to convertible notes
(4,869 ) - (4,869 )
- Net income available to common shareholders $
11,510 $ 8,954 $ 65,290 $ 14,982
Basic net income per
share available to common shareholders:
Income from continuing operations $ 0.22 $ 0.18 $ 1.26 $ 0.31
Income from discontinued operations, net of taxes -
- - - Net
income $ 0.22 $ 0.18 $ 1.26 $
0.31
Fully diluted net
income per share available to common shareholders:
Income from continuing operations $ 0.18 $ 0.17 $ 0.99 $ 0.29
Income from discontinued operations, net of taxes -
- - - Net
income $ 0.18 $ 0.17 $ 0.99 $
0.29
Weighted average
common shares for the period:
Basic 51,244 48,974 51,832 48,844 Diluted (1) 64,890 53,174 65,987
51,402
(1) Represents GAAP calculation of diluted shares and does not
consider anti-dilutive effect of the Company's purchased call
options associated with its convertible notes. For the three months
ended June 30, 2013 and 2012, the purchased call options
effectively reduce dilution by approximately 7.5 million and 2.8
million shares of common stock, respectively. For the six months
ended June 30, 2013 and 2012, the purchased call options
effectively reduce dilution by approximately 7.7 million and 1.9
million shares of common stock, respectively.
RYMAN
HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES CONDENSED
CONSOLIDATED BALANCE SHEETS Unaudited (In thousands)
Jun. 30,2013 Dec.
31,2012 ASSETS: Property and equipment, net of
accumulated depreciation $ 2,103,975 $ 2,148,999 Cash and cash
equivalents - unrestricted 44,400 97,170 Cash and cash equivalents
- restricted 14,483 6,210 Notes receivable 151,978 149,400 Trade
receivables, net 74,450 55,343 Deferred financing costs 22,254
11,347 Prepaid expenses and other assets 55,345
63,982 Total assets $ 2,466,885 $ 2,532,451
LIABILITIES AND STOCKHOLDERS' EQUITY: Debt and capital lease
obligations $ 1,154,663 $ 1,031,863 Accounts payable and accrued
liabilities 147,438 218,461 Deferred income taxes 38,274 88,938
Deferred management rights proceeds 184,884 186,346 Dividends
payable 25,600 - Other liabilities 126,018 153,245 Stockholders'
equity 790,008 853,598 Total liabilities and
stockholders' equity $ 2,466,885 $ 2,532,451
RYMAN
HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES SUPPLEMENTAL
FINANCIAL RESULTS ADJUSTED EBITDA RECONCILIATION
Unaudited (in thousands)
Three
Months Ended Jun. 30, Six Months Ended Jun.
30, 2013 2012 2013
2012 $ Margin $
Margin $ Margin $
Margin
Consolidated
Revenue $ 245,183 $ 253,229 $ 467,296 $ 492,144
Net
income $ 16,379 $ 8,954 $ 70,159 $ 14,982
(Income) loss from discontinued
operations, net of taxes
(11 ) 19 (21 ) (2 ) Provision (benefit) for income taxes (1,784 )
11,314 (68,076 ) 15,783 Other (gains) and losses, net (53 ) - (47 )
- Income from unconsolidated companies - (109 ) - (109 ) Interest
expense, net 14,372 11,430 24,644 22,638 Depreciation &
amortization 29,054 30,254
61,063 62,688
EBITDA 57,957 23.6 %
61,862 24.4 % 87,722 18.8 % 115,980 23.6 % Preopening costs - 8 -
339 Non-cash lease expense 1,398 1,426 2,797 2,852 Equity-based
compensation 1,773 2,921 3,167 5,277 Impairment charges (non-REIT
conversion costs) 1,247 - 1,247 - Interest income on Gaylord
National bonds 3,051 3,018 6,099 6,168 Other gains and (losses),
net 53 - 47 - Gain on disposal of assets (53 ) - (52 ) - Casualty
loss 17 372 49 546 REIT conversion costs 5,420
3,375
20,412 6,428
Adjusted EBITDA $ 70,863
28.9 % $ 72,982 28.8 % $ 121,488
26.0 % $ 137,590 28.0 %
Hospitality
segment
Revenue $ 222,831 $ 233,047 $ 432,412 $ 459,095
Operating
income 35,542 46,415 53,203 86,120 Depreciation &
amortization 25,528 26,347 52,329 54,883 Preopening costs - 8 - 339
Non-cash lease expense 1,398 1,426 2,797 2,852 Equity-based
compensation - 944 - 1,727 Impairment charges (non-REIT conversion
costs) 1,247 - 1,247 - Interest income on Gaylord National bonds
3,051 3,018 6,099 6,168 Other gains and (losses), net 53 - 47 -
Gain on disposal of assets (53 ) - (52 ) - REIT conversion costs
1,237 -
6,984 -
Adjusted EBITDA $ 68,003
30.5 % $ 78,158 33.5 % $ 122,654
28.4 % $ 152,089 33.1 %
Opry and Attractions
segment
Revenue $ 22,352 $ 20,182 $ 34,884 $ 33,049
Operating
income 6,371 4,700 6,181 5,384 Depreciation & amortization
1,319 1,278 2,685 2,563 Equity-based compensation 133 81 262 144
Casualty loss - 129 - 270 REIT conversion costs 33
-
103 -
Adjusted EBITDA $ 7,856 35.1 % $
6,188 30.7 % $ 9,231 26.5
% $ 8,361 25.3 %
Corporate and Other
segment
Operating loss (13,010 ) (19,507 ) (32,725 ) (38,212 )
Depreciation & amortization 2,207 2,629 6,049 5,242
Equity-based compensation 1,640 1,896 2,905 3,406 Casualty loss 17
243 49 276 REIT conversion costs 4,150 3,375
13,325 6,428
Adjusted
EBITDA $ (4,996 ) $ (11,364 ) $ (10,397 ) $ (22,860 )
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, 2013 2012
2013 2012 $ $ $ $
Consolidated
Net income (1) $ 16,379 $ 8,954 $ 70,159 $ 14,982
Depreciation & amortization 29,054 30,254 61,063 62,688 (Gains)
losses on sale of real estate assets (53 ) -
(52 ) -
FFO 45,380 39,208 131,170
77,670 Capital expenditures (2) (7,126 ) (14,044 ) (14,873 )
(27,886 ) Non-cash lease expense 1,398 1,426 2,797 2,852 Impairment
charges 1,654 - 1,786 - Write-off of deferred financing costs 1,301
- 1,845 - Amortization of deferred financing costs 1,477 1,212
2,642 2,423 Amortization of debt discounts 3,744 3,447 7,337 6,754
Noncash tax benefit resulting from REIT conversion 923
- (60,417 ) -
Adjusted
FFO (1) $ 48,751 $ 31,249 $ 72,287 $
61,813 REIT conversion costs (tax effected) 2,749
2,144 14,087 4,088
Adjusted FFO excluding REIT conversion costs (1) $ 51,500
$ 33,393 $ 86,374 $ 65,901
FFO per basic share $ 0.89 $ 0.80 $ 2.53 $ 1.59 Adjusted FFO
per basic share $ 0.95 $ 0.64 $ 1.39 $ 1.27 Adjusted FFO (excl.
REIT conversion costs) per basic share $ 1.00 $ 0.68 $ 1.67 $ 1.35
FFO per diluted share (3) $ 0.70 $ 0.74 $ 1.99 $ 1.51
Adjusted FFO per diluted share (3) $ 0.75 $ 0.59 $ 1.10 $ 1.20
Adjusted FFO (excl. REIT conversion costs) per diluted share (3) $
0.79 $ 0.63 $ 1.31 $ 1.28
(1) As the impact of the loss on the call spread modification
related to the repurchase of our convertible notes repurchase does
not represent a charge to net income, net income, adjusted FFO and
adjusted FFO excluding REIT conversion costs do not include this
loss. (2) Represents FF&E reserve for managed properties
and maintenance capital expenditures for non-managed properties.
(3) The GAAP calculation of diluted shares does not consider
the anti-dilutive effect of the Company's purchased call options
associated with its convertible notes. For the three months ended
June 30, 2013 and 2012, the purchased call options effectively
reduce dilution by approximately 7.5 million and 2.8 million
shares, respectively. For the six months ended June 30, 2013 and
2012, the purchased call options effectively reduce dilution by
approximately 7.7 million and 1.9 million shares, respectively.
RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES
SUPPLEMENTAL FINANCIAL RESULTS Unaudited (in thousands,
except operating metrics)
Three Months Ended Jun. 30,
Six Months Ended Jun. 30, 2013 2012 (1)
2013 2012 (1)
HOSPITALITY OPERATING METRICS:
Hospitality
Segment
Occupancy
73.9%
76.8%
70.7%
72.8%
Average daily rate (ADR) $ 176.33 $ 176.60 $ 175.15 $ 174.81 RevPAR
$ 130.37 $ 135.68 $ 123.88 $ 127.23 OtherPAR $ 171.92 $ 180.57 $
171.05 $ 184.27 Total RevPAR $ 302.29 $ 316.25 $ 294.93 $ 311.50
Revenue $ 222,831 $ 233,047 $ 432,412 $ 459,095 Adjusted
EBITDA $ 68,003 $ 78,158 $ 122,654 $ 152,089 Adjusted EBITDA Margin
30.5%
33.5%
28.4%
33.1%
Gaylord
Opryland
Occupancy
70.6%
78.3%
70.5%
72.2%
Average daily rate (ADR) $ 158.78 $ 164.01 $ 158.06 $ 161.26 RevPAR
$ 112.12 $ 128.41 $ 111.44 $ 116.48 OtherPAR $ 138.05 $ 154.43 $
145.80 $ 159.67 Total RevPAR $ 250.17 $ 282.84 $ 257.24 $ 276.15
Revenue $ 65,707 $ 74,179 $ 134,315 $ 144,848 Adjusted
EBITDA $ 19,171 $ 23,979 $ 40,404 $ 46,874 Adjusted EBITDA Margin
29.2%
32.3%
30.1%
32.4%
Gaylord
Palms
Occupancy
78.3%
80.1%
79.1%
81.0%
Average daily rate (ADR) $ 165.06 $ 171.08 $ 171.71 $ 176.95 RevPAR
$ 129.18 $ 137.08 $ 135.79 $ 143.26 OtherPAR $ 202.13 $ 209.58 $
214.78 $ 231.45 Total RevPAR $ 331.31 $ 346.66 $ 350.57 $ 374.71
Revenue $ 42,389 $ 44,353 $ 88,831 $ 95,885 Adjusted EBITDA
$ 11,849 $ 13,997 $ 24,635 $ 34,209 Adjusted EBITDA Margin
28.0%
31.6%
27.7%
35.7%
Gaylord
Texan
Occupancy
73.4%
71.2%
70.8%
70.3%
Average daily rate (ADR) $ 177.18 $ 173.92 $ 176.20 $ 175.81 RevPAR
$ 129.99 $ 123.87 $ 124.75 $ 123.65 OtherPAR $ 189.70 $ 199.60 $
199.46 $ 213.63 Total RevPAR $ 319.69 $ 323.47 $ 324.21 $ 337.28
Revenue $ 43,934 $ 44,478 $ 88,615 $ 92,752 Adjusted EBITDA
$ 11,570 $ 12,758 $ 23,813 $ 29,367 Adjusted EBITDA Margin
26.3%
28.7%
26.9%
31.7%
Gaylord
National
Occupancy
75.9%
77.5%
65.8%
71.1%
Average daily rate (ADR) $ 217.66 $ 210.37 $ 213.74 $ 201.53 RevPAR
$ 165.28 $ 162.94 $ 140.73 $ 143.22 OtherPAR $ 207.59 $ 206.14 $
178.32 $ 188.35 Total RevPAR $ 372.87 $ 369.08 $ 319.05 $ 331.57
Revenue $ 67,726 $ 67,038 $ 115,262 $ 120,451 Adjusted
EBITDA $ 24,470 $ 26,466 $ 32,462 $ 40,265 Adjusted EBITDA Margin
36.1%
39.5%
28.2%
33.4%
The Inn at
Opryland (2)
Occupancy
75.1%
71.4%
65.9%
63.5%
Average daily rate (ADR) $ 108.50 $ 108.53 $ 108.75 $ 106.36 RevPAR
$ 81.47 $ 77.53 $ 71.66 $ 67.54 OtherPAR $ 30.10 $ 30.31 $ 26.64 $
27.42 Total RevPAR $ 111.57 $ 107.84 $ 98.30 $ 94.96 Revenue
$ 3,075 $ 2,999 $ 5,389 $ 5,159 Adjusted EBITDA $ 943 $ 958 $ 1,340
$ 1,374 Adjusted EBITDA Margin
30.7%
31.9%
24.9%
26.6%
(1) For purposes of comparability, both
2013 and 2012 occupancy, RevPAR, OtherPAR and Total RevPAR are
calculated using Marriott's method of calculating available rooms
and do not exclude renovation rooms from the calculation of rooms
available, which is different from how the Company has previously
accounted for renovation rooms prior to the Marriott transition. In
addition, both 2013 and 2012 occupancy and ADR do not include
complimentary room nights in the calculation of occupied rooms,
which is different from how the Company has previously accounted
for complimentary rooms.
(2) Includes other hospitality revenue and expense.
RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES
SUPPLEMENTAL FINANCIAL RESULTS RECONCILIATION OF ADJUSTED
RESULTS Unaudited (in thousands, except operating metrics)
Three
Months Ended Jun. 30,
Six Months Ended Jun. 30,
2013 2012 2013 2012
Consolidated: Revenue $ 245,183 $ 253,229 $
467,296 $ 492,144 Less: Retail Inventory Adjustment -
(2,929 ) - (5,134 ) Retail Adjusted
Revenue $ 245,183 $ 250,300 $ 467,296 $ 487,010
Hospitality Segment: Revenue $ 222,831 $ 233,047 $ 432,412 $
459,095 Less: Retail Inventory Adjustment -
(2,929 ) - (5,134 ) Retail Adjusted Revenue $
222,831 $ 230,118 $ 432,412 $ 453,961 Total RevPAR $ 302.29
$ 316.25 $ 294.93 $ 311.50 Retail Adjusted Total RevPAR $ 302.29 $
312.27 $ 294.93 $ 308.01
Gaylord Opryland: Revenue $
65,707 $ 74,179 $ 134,315 $ 144,848 Less: Retail Inventory
Adjustment - (1,758 ) -
(3,094 ) Retail Adjusted Revenue $ 65,707 $ 72,421 $ 134,315 $
141,754 Total RevPAR $ 250.17 $ 282.84 $ 257.24 $ 276.15
Retail Adjusted Total RevPAR $ 250.17 $ 276.14 $ 257.24 $ 270.25
Gaylord Palms: Revenue $ 42,389 $ 44,353 $ 88,831 $
95,885 Less: Retail Inventory Adjustment - -
- - Retail Adjusted Revenue $
42,389 $ 44,353 $ 88,831 $ 95,885 Total RevPAR $ 331.31 $
346.66 $ 350.57 $ 374.71 Retail Adjusted Total RevPAR $ 331.31 $
346.66 $ 350.57 $ 374.71 - - - -
Gaylord Texan: Revenue $
43,934 $ 44,478 $ 88,615 $ 92,752 Less: Retail Inventory Adjustment
- (650 ) - (1,124 )
Retail Adjusted Revenue $ 43,934 $ 43,828 $ 88,615 $ 91,628
Total RevPAR $ 319.69 $ 323.47 $ 324.21 $ 337.28 Retail Adjusted
Total RevPAR $ 319.69 $ 318.74 $ 324.21 $ 333.19
Gaylord
National: Revenue $ 67,726 $ 67,038 $ 115,262 $ 120,451 Less:
Retail Inventory Adjustment - (521 ) -
(916 ) Retail Adjusted Revenue $ 67,726 $ 66,517 $
115,262 $ 119,535 Total RevPAR $ 372.87 $ 369.08 $ 319.05 $
331.57 Retail Adjusted Total RevPAR $ 372.87 $ 366.21 $ 319.05 $
329.05
Inn at Opryland (and Other Hospitality):
Revenue $ 3,075 $ 2,999 $ 5,389 $ 5,159 Less: Retail Inventory
Adjustment - - - -
Retail Adjusted Revenue $ 3,075 $ 2,999 $ 5,389 $ 5,159
Total RevPAR $ 111.57 $ 107.84 $ 98.30 $ 94.96 Retail
Adjusted Total RevPAR $ 111.57 $ 107.84 $ 98.30 $ 94.96
Ryman Hospitality Properties, Inc. and Subsidiaries
Reconciliation of Forward-Looking Statements
Unaudited (in thousands)
Adjusted Earnings Before Interest,
Taxes, Depreciation and Amortization ("Adjusted EBITDA")and
Adjusted Funds From Operations ("AFFO") reconciliation:
PRIOR GUIDANCE RANGEFOR FULL
YEAR 2013
NEW GUIDANCE RANGEFOR FULL YEAR
2013
Low High Low High
Ryman Hospitality
Properties, Inc.
Net Income 1 $ 127,900 $ 140,400 $ 112,700 $ 116,200 Provision
(benefit) for income taxes (25,000 ) (24,000 ) (23,000 ) (22,000 )
Write off and Valuation Allowance (62,000 ) (62,000 ) (60,000 )
(60,000 ) Other (gains) and losses, net (2,300 ) (2,300 ) (2,300 )
(2,300 ) (Gain) Loss on debt extinguishment - - 3,000 3,000
Interest expense 60,000 63,000 61,000 63,000 Interest income
(12,000 ) (12,000 ) (12,000 ) (12,000 )
Operating Income 86,600 103,100 79,400 85,900 Depreciation and
amortization 120,000 125,000
118,000 123,000 EBITDA 206,600 228,100 197,400
208,900 Non-cash lease expense 5,600 5,600 5,600 5,600 Equity based
compensation 6,500 7,000 6,500 7,000 Impairment charges (non-REIT
conversion costs) - - 1,200 1,200 Other gains and (losses), net
2,300 2,300 2,300 2,300 Interest income 12,000 12,000 12,000 12,000
REIT conversion costs 25,000 24,000
25,000 24,000 Adjusted EBITDA $ 258,000
$ 279,000 $ 250,000 $ 261,000
Hospitality
Segment 2
Operating Income $ 133,800 $ 146,300 $ 123,600 $ 128,100
Depreciation and amortization 107,000 110,000
103,000 107,000 EBITDA 240,800
256,300 226,600 235,100 Non-cash lease expense 5,600 5,600 5,600
5,600 Equity based compensation - - - - Other gains and (losses),
net 2,300 2,300 2,300 2,300 Impairment - - 1,200 1,200 Interest
income 12,000 12,000 12,000 12,000 REIT conversion costs
6,300 5,800 6,300 5,800
Adjusted EBITDA $ 267,000 $ 282,000 $ 254,000
$ 262,000
Opry and
Attractions Segment
Operating Income $ 8,700 $ 9,600 $ 12,700 $ 13,600
Depreciation and amortization 5,500 6,500
5,500 5,500 EBITDA 14,200 16,100
18,200 19,100 Non-cash lease expense - - - - Equity based
compensation 600 700 600 700 Interest income - - - - REIT
conversion costs 200 200 200
200 Adjusted EBITDA $ 15,000 $ 17,000
$ 19,000 $ 20,000
Corporate and
Other Segment
Operating Income $ (55,900 ) $ (52,800 ) $ (56,900 ) $
(55,800 ) Depreciation and amortization 7,500
8,500 9,500 10,500 EBITDA
(48,400 ) (44,300 ) (47,400 ) (45,300 ) Non-cash lease expense - -
- - Equity based compensation 5,900 6,300 5,900 6,300 Interest
income - - - - REIT conversion costs 18,500
18,000 18,500 18,000 Adjusted
EBITDA $ (24,000 ) $ (20,000 ) $ (23,000 ) $ (21,000 )
Ryman Hospitality
Properties, Inc.
Net Income 1 $ 127,900 $ 140,400 $ 112,700 $ 116,200
Depreciation & amortization 120,000 125,000 118,000 123,000
Capital expenditures (38,000 ) (36,000 ) (35,000 ) (33,000 )
Impairments - - 1,200 1,200 Non-cash lease expense 5,600 5,600
5,600 5,600 Amortization of debt premiums/disc. 15,000 15,000
15,000 15,000 Amortization of DFC 7,000 7,000 6,000 6,000 Write-off
of DFC - - 2,000 2,000 Other non-recurring items (62,000 ) (62,000
) (60,000 ) (60,000 ) Loss (gain) on debt extinguishment -
- 3,000 3,000
Adjusted FFO 175,500 195,000 168,500 179,000 REIT conversion costs
(tax-effected) 19,000 18,000
19,000 18,000 Adjusted FFO excl. REIT
conversion costs $ 194,500 $ 213,000 $ 187,500
$ 197,000
1 Does not include the impact of the loss on the call spread
settlement related to the repurchase of a portion of the
convertible notes. 2 Hospitality segment includes interest income
from Gaylord National bonds.
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