– Third Quarter Net Income of $26.7 Million
–
– Total Adjusted EBITDA Increase of 8.9 Percent
to $71.2 Million –
– Third Quarter FFO of $55.2 Million; Adjusted
FFO of $59.4 Million –
– Third Quarter Gross Advanced Group Bookings
Increase of 24.1 Percent –
Ryman Hospitality Properties, Inc. (NYSE:RHP), a lodging
real estate investment trust ("REIT") specializing in
group-oriented, destination hotel assets in urban and resort
markets, today reported financial results for the third quarter
ended September 30, 2015.
Colin Reed, chairman and chief executive officer of Ryman
Hospitality Properties, said, “Our businesses had a record third
quarter performance in terms of revenue and profitability despite
some occupancy-related challenges from the unfavorable shift in the
holiday calendar and our accelerated room renovation program at
Opryland.
“We are pleased with how our hotels are managing their expense
structure. The healthy same-store Hospitality Adjusted EBITDA
margin improvement we have seen this year again demonstrates the
operating leverage associated with our group-centric model.
“We are similarly pleased with the robust 24.1 percent
year-over-year increase in our gross advanced group bookings during
the third quarter of 2015. This production growth was within the
range we thought it would be going into the quarter, and we are on
pace to meet our 2015 production goals that will position us for a
very good 2016.”
The Company’s results include the following:
Consolidated Results
($ in thousands, except per share amounts, RevPAR and Total
RevPAR)
Three Months Ended Nine Months Ended September
30, September 30, As Reported Pro
Forma As Reported Pro Forma
2015 (2)
2014 % ∆
2014 (1)
% ∆
2015
2014 % ∆
2014(1)
% ∆ Total Revenue $ 252,820 $ 245,015 3.2% $ 243,490 3.8% $
780,004 $ 749,379 4.1% $ 745,175 4.7% Same-Store Hospitality
Revenue (3) $ 222,335 $ 219,102 1.5% $ 217,577 2.2% $ 702,311 $
684,235 2.6% $ 680,031 3.3% Same-Store RevPAR (3) $ 121.72 $
123.99 -1.8% $ 130.22 $ 127.94 1.8% Same-Store Total RevPAR (3) $
298.43 $ 294.09 1.5% $ 292.04 2.2% $ 317.68 $ 309.50 2.6% $ 307.60
3.3% Adjusted EBITDA $ 71,193 $ 65,353 8.9% $ 236,770 $
213,397 11.0% Adjusted EBITDA Margin 28.2% 26.7% 1.5pt 26.8% 1.4pt
30.4% 28.5% 1.9pt 28.6% 1.8pt Same-Store Hospitality
Adjusted EBITDA (3) $ 66,235 $ 61,458 7.8% $ 226,114 $ 207,980 8.7%
Same-Store Hospitality Adjusted EBITDA Margin(3) 29.8% 28.0% 1.8pt
28.2% 1.6pt 32.2% 30.4% 1.8pt 30.6% 1.6pt Adjusted FFO $
59,361 $ 51,613 15.0% $ 193,078 $ 174,741 10.5% Adjusted FFO per
diluted share $ 1.15 $ 0.84 36.9% $ 3.74 $ 2.89 29.4%
Operating income (4) $ 32,768 $ 29,083 12.7% $ 125,673 $ 109,366
14.9% Net income available to common shareholders (4) (5) $
26,691 $ 15,130 76.4% $ 72,612 $ 58,822 23.4% Net income per
diluted share available to common shareholders (4) (5) $ 0.52 $
0.25 108.0% $ 1.41 $ 0.97 45.4%
(1) Shown pro forma to present 2014
results with an accounting change related to parking fees as
stipulated by the hospitality industry's Uniform System of Accounts
for the Lodging Industry, Eleventh Revised Edition, which became
effective in January 2015. Prior to 2015, all revenue and expense
associated with managed parking services at our hotels were
reported on a gross basis. Beginning in 2015, only the net fee
received from the parking manager is recorded as revenue.
(2) Includes impact of business interruption claim proceeds
of $2.4M collected in Q3 2015, except for RevPAR. (3)
Same-Store excludes the AC Hotel at National Harbor, which opened
in April 2015.
(4) Operating income and Net income for
the three months and nine months ended September 30, 2015 include a
non-cash net settlement charge of $1.6 million for the Company's
grandfathered defined benefit pension plan, which was a result of
increased lump sum distributions in 2015.
(5) Net income for the three months and
nine months ended September 30, 2014 was impacted by a $1.6 million
and $6.1 million loss on warrant settlements, respectively. Net
income for the nine months ended September 30, 2015 was impacted by
a $20.2 million loss on warrant settlements.
For the Company’s definitions of RevPAR, Total RevPAR, Adjusted
EBITDA and Adjusted FFO, as well as a reconciliation of the
non-GAAP financial measure Adjusted EBITDA to Net Income and a
reconciliation of the non-GAAP financial measure Adjusted FFO to
Net Income, see “Calculation of RevPAR and Total RevPAR,” “Non-GAAP
Financial Measures,” “Adjusted FFO Definition” and “Supplemental
Financial Results” below.
Operating Results
Hospitality Segment
For the three months and nine months ended September 30, 2015
and 2014, the Company reported the following:
Hospitality Segment
Results
($ in thousands, except for ADR, RevPAR and Total RevPAR)
Three Months Ended Nine Months Ended September
30, September 30, As Reported Pro
Forma As Reported Pro Forma
2015 (2)
2014 % ∆
2014 (1)
% ∆
2015
2014 % ∆
2014 (1)
% ∆
Hospitality
Results
Hospitality Revenue (3) $ 224,842 $ 219,102 2.6% $ 217,577 3.3% $
707,131 $ 684,235 3.3% $ 680,031 4.0% Hospitality Adjusted
EBITDA $ 67,140 $ 61,458 9.2% $ 228,050 $ 207,980 9.6% Hospitality
Adjusted EBITDA Margin 29.9% 28.0% 1.9pt 28.2% 1.7pt 32.3% 30.4%
1.9pt 30.6% 1.7pt Hospitality Performance Metrics (3)
Occupancy 71.9% 74.2% -2.3pt 72.7% 73.0% -0.3pt Average Daily Rate
(ADR) $ 169.24 $ 167.03 1.3% $ 178.88 $ 175.23 2.1% RevPAR $ 121.71
$ 123.99 -1.8% $ 130.07 $ 127.94 1.7% Total RevPAR $ 294.81 $
294.09 0.2% $ 292.04 0.9% $ 314.88 $ 309.50 1.7% $ 307.60 2.4%
Gross Definite Rooms Nights Booked 484,143 390,098 24.1%
1,359,678 1,402,485 (3.1%) Net Definite Rooms Nights Booked 396,810
313,385 26.6% 1,062,298 1,039,279 2.2% Group Attrition (as % of
contracted block) 13.7% 9.7% (4.0pt) 12.8% 10.4% (2.4pt)
Cancellations ITYFTY (4) 9,186 7,837 (17.2%) 27,262 24,368 (11.9%)
Same-Store
Hospitality Results (5)
Same-Store Hospitality Revenue (3) $ 222,335 $ 219,102 1.5% $
217,577 2.2% $ 702,311 $ 684,235 2.6% $ 680,031 3.3%
Same-Store Hospitality Adjusted EBITDA $ 66,235 $ 61,458 7.8% $
226,114 $ 207,980 8.7% Same-Store Hospitality Adjusted EBITDA
Margin 29.8% 28.0% 1.8pt 28.2% 1.6pt 32.2% 30.4% 1.8pt 30.6% 1.6pt
Same-Store Hospitality Performance Metrics (3) Occupancy
72.1% 74.2% -2.1pt 72.9% 73.0% -0.1pt Average Daily Rate (ADR) $
168.83 $ 167.03 1.1% $ 178.61 $ 175.23 1.9% RevPAR $ 121.72 $
123.99 -1.8% $ 130.22 $ 127.94 1.8% Total RevPAR $ 298.43 $ 294.09
1.5% $ 292.04 2.2% $ 317.68 $ 309.50 2.6% $ 307.60 3.3%
(1) Shown pro forma to present 2014
results with an accounting change related to parking fees as
stipulated by the hospitality industry's Uniform System of Accounts
for the Lodging Industry, Eleventh Revised Edition, which became
effective in January 2015. Prior to 2015, all revenue and expense
associated with managed parking services at our hotels were
reported on a gross basis. Beginning in 2015, only the net fee
received from the parking manager is recorded as revenue.
(2) Includes impact of business interruption claim proceeds
of $2.4M collected in Q3 2015, except for Occupancy, ADR, RevPAR,
Room Nights Booked, Attrition and Cancellations
(3) During the three months and nine
months ended September 30, 2015, Gaylord Opryland had approximately
18,000 room nights out of service due to a room renovation project
that was completed in September 2015. During the three months and
nine months ended September 30, 2014, Gaylord Texan had
approximately 9,600 and 36,000 room nights out of service,
respectively, due to a room renovation project that was completed
in August 2014. Out of service rooms do not impact total available
room count for calculating hotel metrics (e.g., Occupancy, RevPAR,
and Total RevPAR).
(4) "ITYFTY" represents In The Year For The Year. (5)
Same-Store excludes the AC Hotel at National Harbor, which opened
in April 2015.
Property-level results and operating metrics for third quarter
2015 are presented in greater detail below and under “Supplemental
Financial Results.” Highlights for third quarter 2015 for the
Hospitality segment and at each property include:
- Hospitality Segment
(Same-Store): Total revenue increased 1.5 percent to $222.3
million in third quarter 2015 compared to third quarter 2014.
RevPAR decreased 1.8 percent compared to third quarter 2014 due to
lower levels of occupancy. The drop in overall occupancy during
third quarter 2015 was primarily due to a drop in small and
medium-sized group room nights as compared to third quarter 2014.
Total RevPAR increased 1.5 percent compared to third quarter 2014,
driven by strong group-related food and beverage revenue. Adjusted
EBITDA increased 7.8 percent, as compared to third quarter 2014, to
$66.2 million. Adjusted EBITDA margin grew by 180 basis points
compared to the prior-year quarter. $2.4 million in insurance
proceeds received in the third quarter 2015 related to the
norovirus disruptions that occurred during first quarter 2015
favorably impacted Revenue, Adjusted EBITDA, and Adjusted EBITDA
margin in third quarter 2015.
- Gaylord Opryland: Total revenue
for third quarter 2015 was flat at $76.4 million, driven by a 6.1
point decline in occupancy in third quarter 2015, compared to third
quarter 2014, which was partially offset by strong banquet revenue.
There were approximately 18,000 room nights out of service in third
quarter 2015 due to a room renovation that was completed in
September. Adjusted EBITDA decreased 2.1 percent, as compared to
third quarter 2014, to $24.8 million due to the decline in
occupancy and a non-recurring linen charge related to the rooms
renovation. Adjusted EBITDA Margin was flat compared to the same
period in 2014. A non-recurring $0.6 million charge related to an
FCC settlement in September 2014 unfavorably impacted Adjusted
EBITDA margin in the third quarter of 2014, while $2.4 million in
insurance proceeds received in the third quarter 2015 related to
the norovirus disruptions that occurred during first quarter 2015
favorably impacted Revenue, Adjusted EBITDA, and Adjusted EBITDA
margin in third quarter 2015.
- Gaylord Palms: Total revenue for
third quarter 2015 was $31.7 million, a 16.7 percent decrease from
the 2014 period, as a result of lower occupancy due to a decrease
in group room nights driven by a shift in the holiday schedule when
compared to the same period in 2014. Adjusted EBITDA decreased 38.7
percent, as compared to third quarter 2014, to $5.2 million, and
Adjusted EBITDA margin decreased by 590 basis points from the same
period in 2014 to 16.4 percent, primarily due to the adverse impact
of the property’s operating leverage when occupancy levels
decline.
- Gaylord Texan: Total revenue for
third quarter 2015 was $50.2 million, a 12.1 percent increase from
the 2014 period, driven by an occupancy increase of 2.2 points as
well as a 6.8 percent increase in ADR that resulted from a
favorable shift to corporate group rooms and higher-rated transient
rooms compared to third quarter 2014. During the third quarter of
2014, the hotel had approximately 9,600 room nights out of service
due to the room renovation project that was completed in August
2014. Adjusted EBITDA increased 26.1 percent, as compared to third
quarter 2014, to $16.5 million. Adjusted EBITDA margin increased by
370 basis points over the same period in 2014 to 32.9 percent.
- Gaylord National: Total revenue
for third quarter 2015 was $60.3 million, a 7.0 percent increase
from the 2014 period, driven primarily by strong banquet revenue
growth resulting from an increase in corporate group occupancy.
Adjusted EBITDA increased 34.6 percent, as compared to third
quarter 2014, to $18.7 million, and Adjusted EBITDA margin
increased by 640 basis points to 31.0 percent.
Reed continued, “Our Hospitality segment performance this
quarter was led by Gaylord Texan and Gaylord National, both of
which enjoyed strong top- and bottom-line gains over the third
quarter of 2014. Gaylord Texan continues to have a stellar year by
all measures, and we remain optimistic that Gaylord National will
continue to perform well for the remainder of this year and in the
years to come as the momentum in National Harbor builds.”
Entertainment Segment
For the three months and nine months ended September 30, 2015
and 2014, the Company reported the following:
Three Months Ended
Nine Months Ended ($ in thousands)
September 30,
September 30, 2015
2014 % ∆
2015 2014 %
∆ Revenue $ 27,978 $ 25,913 8.0% $ 72,873 $
65,144 11.9% Operating Income $ 7,563 $ 8,029 -5.8% $ 19,841 $
16,922 17.2% Adjusted EBITDA $ 9,165 $ 9,485 -3.4% $ 24,582 $
21,291 15.5% Adjusted EBITDA Margin 32.8% 36.6% -3.8pt 33.7% 32.7%
1.0pt
Reed continued, “Our Entertainment segment ended the third
quarter of 2015 on the eve of the Grand Ole Opry’s 90th birthday
celebration with a solid 8.0 percent revenue gain when compared to
third quarter 2014. As we reflect on this birthday milestone, we
are excited for the future and continue to make investments to
amplify the growth we have enjoyed in recent years. To that end,
our third quarter 2015 Adjusted EBITDA was negatively impacted by
roughly $1 million in costs related to ongoing work with business
strategy advisors and consultants. Absent these costs, the
Entertainment segment would have shown a 7.9 percent increase in
Adjusted EBITDA for the quarter as compared to third quarter
2014.”
Corporate and Other Segment Results
For the three months and nine months ended September 30, 2015
and 2014, the Company reported the following:
Three Months Ended Nine
Months Ended ($ in thousands)
September 30, September
30, 2015 2014
% ∆ 2015
2014 % ∆
Operating Loss (1) ($8,698) ($7,772) (11.9%) ($23,477) ($22,589)
(3.9%) Adjusted EBITDA ($5,112) ($5,590) 8.6% ($15,862) ($15,874)
0.1%
(1) Corporate operating loss for the three
months and nine months ended September 30, 2015 includes a non-cash
net settlement charge of $1.6 million for the Company’s
grandfathered defined benefit pension plan, which was a result of
increased lump sum distributions in 2015.
Dividend Update
The Company paid its third quarter 2015 cash dividend
of $0.70 per share of common stock on October 15,
2015 to stockholders of record on September 30, 2015. It
is the Company’s current plan to distribute total annual dividends
of approximately $2.70 per share for 2015, with the
remaining fourth quarter payment of $0.70 per share of common stock
occurring in January 2016. If expected regular quarterly dividends
for 2015 do not satisfy the Company’s annual distribution
requirements, the Company would satisfy the annual distribution
requirement by paying a “catch up” dividend in January 2016. Any
future dividend is subject to the board’s future determinations as
to the amount of quarterly distributions and the timing
thereof.
Balance Sheet/Liquidity Update
As of September 30, 2015, the Company had total debt outstanding
of $1,469.6 million and unrestricted cash of $40.3 million. As
of September 30, 2015, $317.9 million of borrowings were drawn
under the revolving credit line of the Company’s credit facility,
and the lending banks had issued $2.0 million in letters of credit,
which left $380.1 million of availability for borrowing under the
credit facility.
Share Repurchase Authorization
On August 20, 2015, the Board of Directors authorized a share
repurchase program for up to $100 million of the Company’s common
stock using cash on hand and borrowings under its revolving credit
line. 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 repurchase authorization extends until December 31, 2016. 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. As of
November 3, 2015, the Company has not repurchased any shares under
this repurchase authorization.
Guidance
The Company is updating its 2015 guidance provided on August 4,
2015 to reflect its expectations for the full year. The following
business performance outlook is based on current information as of
November 3, 2015. The Company does not expect to update the
guidance provided below before next quarter’s earnings release.
However, the Company may update its full business outlook or any
portion thereof at any time for any reason.
Reed continued, “Our Hospitality segment remains on pace to have
its best year ever in terms of revenue and profitability, and we
remain encouraged by the strength of our business as we enter the
fourth quarter and our business on the books for 2016. Based on the
year-to-date performance in our hotels and our outlook for the
remaining two months of the year, we are modestly reducing the top
end of our Hospitality RevPAR, Total RevPAR, and Hospitality
Adjusted EBITDA. This slight reduction in the Hospitality segment
is primarily attributable to the elevated attrition level we
experienced late in the third quarter and additional renovation
disruption related to the accelerated room renovation project at
Gaylord Opryland this quarter. Our Entertainment segment continues
to strengthen and the AC Hotel is ramping better than anticipated.
As such, we are increasing the low end of the Entertainment segment
to $30.0 million while maintaining the top end of $32.0 million in
Adjusted EBITDA and increasing the AC Hotel Adjusted EBITDA
guidance range to $2.5 million to $3.5 million. In total,
Consolidated Adjusted EBITDA guidance range will now be $319.5
million to $333.5 million. Additionally, the guidance range for
Adjusted FFO will narrow to $252.0 million to $266.0 million.”
$ in millions, except per share figures
Prior Guidance Updated Guidance Full Year 2015
Full Year 2015 Low High Low
High Hospitality RevPAR (1) (2) 3.5 % 4.5 %
3.5 % 4.0 % Hospitality Total RevPAR (1) (2) 3.0 % 4.5 % 3.0 % 4.0
% Hospitality Adjusted EBITDA Margin Change + 150 bps + 260 bps +
150 bps + 230 bps
Adjusted
EBITDA
Hospitality (3) (4) $ 310.0 $ 325.0 $ 310.0 $ 320.0 AC Hotel 2.0
3.0 2.5 3.5 Entertainment (Opry and Attractions) 29.0 32.0 30.0
32.0 Corporate and Other (23.0 ) (22.0 ) (23.0
) (22.0 ) Consolidated Adjusted EBITDA $ 318.0 $
338.0 $ 319.5 $ 333.5 Adjusted FFO $
250.5 $ 270.5 $ 252.0 $ 266.0 Adjusted FFO per Diluted Share $ 4.86
$ 5.25 $ 4.89 $ 5.16 Estimated Diluted Shares Outstanding
51.5 51.5 51.5 51.5 1. Hospitality segment guidance
for RevPAR and Total RevPAR does not include the AC Hotel. 2.
Includes impact of various accounting
changes as stipulated by the industry’s Uniform System of Accounts
for the Lodging Industry, Eleventh Revised Edition, which became
effective January 2015.
3. Estimated interest income of $12.0 million from Gaylord National
bonds reported in Hospitality segment guidance in 2015 and
historical results in 2014. 4. Hospitality segment guidance assumes
approximately 18,100 room nights out of service in 2015 due to the
renovation of rooms at Gaylord Opryland. The out of service rooms
do not impact total available room count for calculating hotel
metrics (e.g., RevPAR and Total RevPAR).
Earnings Call Information
Ryman Hospitality Properties will hold a conference call to
discuss this release today at 10 a.m. ET. Investors can listen to
the conference call over the Internet at www.rymanhp.com. To listen
to the live call, please go to the Investor Relations section of
the website (Investor Relations/Presentations, Earnings and
Webcasts) at least 15 minutes prior to the call to register and
download any necessary audio software. For those who cannot listen
to the live broadcast, a replay will be available shortly after the
call and will be available for at least 30 days.
About Ryman Hospitality Properties, Inc.
Ryman Hospitality Properties, Inc. (NYSE: RHP) is a 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 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, The Inn at Opryland, a 303-room overflow hotel
adjacent to Gaylord Opryland and AC Hotel Washington, DC at
National Harbor, a 192-room hotel near Gaylord National. The
Company also owns and operates media and entertainment assets,
including the Grand Ole Opry (opry.com), the legendary weekly
showcase of country music’s finest performers for 90 years; the
Ryman Auditorium, the storied former home of the Grand Ole Opry
located in downtown Nashville; and 650 AM WSM, 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,
estimated capital expenditures, out-of-service rooms, plans to
engage in common stock repurchase transactions and the timing and
form of such transactions, 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 commencing with the year ended 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
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 agreement. Other factors that could cause operating and
financial results to differ are described in the filings made from
time to time by the Company with the U.S. Securities and Exchange
Commission (SEC) and include the risk factors and other risks and
uncertainties described in the Company’s Annual Report on Form 10-K
for the fiscal year ended December 31, 2014 and its Quarterly
Reports on Form 10-Q. 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.
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.
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:
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; loss on
extinguishment of debt; (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); (gains) and losses on warrant settlements;
pension settlement charges; 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.” The losses on the call spread and warrant
modifications related to our convertible notes and warrant
repurchases do not result in a charge to net income; therefore,
Adjusted EBITDA does not reflect the impact of these losses.
Hospitality Adjusted EBITDA—Same Store excludes the AC Hotel at
National Harbor.
Adjusted FFO Definition
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 cost, pension settlement charges, and gains
(losses) on extinguishment of debt and warrant settlements. For
periods prior to 2015, we also deducted certain capital
expenditures. 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.” The losses on the
call spread and warrant modifications related to our convertible
notes and warrant repurchases do not result in a charge to net
income; therefore, Adjusted FFO does not reflect the impact of
these losses.
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 Ended
Nine Months Ended Sep. 30, Sep. 30,
2015 2014 2015 2014
Revenues:
Rooms $ 92,828 $ 92,378 $ 292,089 $ 282,836 Food and beverage
108,558 104,175 345,931 331,378 Other hotel revenue 23,456 22,549
69,111 70,021 Entertainment (previously Opry and Attractions)
27,978 25,913 72,873
65,144 Total revenues 252,820
245,015 780,004
749,379 Operating expenses: Rooms 27,347
28,397 80,216 82,778 Food and beverage 63,797 60,508 193,661
184,748 Other hotel expenses 70,108 71,863 210,513 212,788
Management fees 3,213 3,622
10,516 11,485 Total hotel
operating expenses 164,465 164,390 494,906 491,799 Entertainment
(previously Opry and Attractions) 18,954 16,557 48,775 44,239
Corporate 8,017 6,952 21,384 19,707 Preopening costs 118 - 909 -
Impairment and other charges - - 2,890 - Depreciation and
amortization 28,498 28,033
85,467 84,268 Total operating
expenses 220,052 215,932
654,331 640,013 Operating income
32,768 29,083 125,673 109,366 Interest expense, net of
amounts capitalized (16,138 ) (17,135 ) (47,765 ) (48,277 )
Interest income 2,982 3,001 9,383 9,070 Loss on extinguishment of
debt - - - (2,148 ) Other gains and (losses), net 2,467
(282 ) (18,104 ) (4,608 )
Income before income taxes 22,079 14,667 69,187 63,403
Benefit for income taxes 4,612 463
3,425 371 Net income
26,691 15,130 72,612 63,774 Loss on call spread and warrant
modifications related to convertible notes -
- - (4,952 ) Net income
available to common shareholders $ 26,691 $ 15,130
$ 72,612 $ 58,822
Basic net income per share available to common
shareholders $ 0.52 $ 0.30 $ 1.42
$ 1.16 Fully diluted net income per share available
to common shareholders $ 0.52 $ 0.25 $ 1.41
$ 0.97
Weighted average
common shares for the period:
Basic 51,283 50,975 51,226 50,805 Diluted (1) 51,630 61,159 51,587
60,402
(1)
Represents GAAP calculation of diluted
shares and does not consider anti-dilutive effect of the Company's
purchased call options associated with its previously outstanding
convertible notes. For the three months and nine months ended
September 30, 2014, the purchased call options effectively reduce
dilution by approximately 6.3 million and 5.9 million shares of
common stock, respectively.
RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS Unaudited (In
thousands)
Sep. 30, Dec.
31, 2015 2014 ASSETS: Property and
equipment, net of accumulated depreciation $ 2,011,381 $ 2,036,261
Cash and cash equivalents - unrestricted 40,340 76,408 Cash and
cash equivalents - restricted 21,854 17,410 Notes receivable
149,569 149,612 Trade receivables, net 63,807 45,188 Deferred
financing costs 26,688 21,646 Prepaid expenses and other assets
67,677 66,621 Total assets $ 2,381,316 $ 2,413,146
LIABILITIES AND STOCKHOLDERS' EQUITY: Debt and
capital lease obligations $ 1,469,582 $ 1,341,555 Accounts payable
and accrued liabilities 163,498 166,848 Deferred income taxes 8,876
14,284 Deferred management rights proceeds 183,877 183,423
Dividends payable 36,616 29,133 Derivative liabilities - 134,477
Other liabilities 145,473 142,019 Stockholders' equity
373,394 401,407 Total liabilities and stockholders' equity $
2,381,316 $ 2,413,146
RYMAN
HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES SUPPLEMENTAL
FINANCIAL RESULTS ADJUSTED EBITDA RECONCILIATION
Unaudited (in thousands)
Three Months Ended Sep. 30, Nine Months Ended Sep.
30, 2015 2014 2015 2014 $
Margin $ Margin $ Margin
$ Margin
Consolidated
Revenue $ 252,820 $ 245,015 $ 780,004 $ 749,379
Net
income $ 26,691 $ 15,130 $ 72,612 $ 63,774 Benefit for income
taxes (4,612 ) (463 ) (3,425 ) (371 ) Other (gains) and losses, net
(2,467 ) 282 18,104 4,608 Net loss on the extinguishment of debt -
- - 2,148 Interest expense, net 13,156 14,134 38,382 39,207
Depreciation & amortization 28,498 28,033
85,467 84,268
EBITDA
61,266 24.2 % 57,116 23.3 % 211,140 27.1 % 193,634 25.8 %
Preopening costs 118 - 909 - Non-cash lease expense 1,341 1,370
4,023 4,111 Equity-based compensation 1,525 1,491 4,582 4,219
Pension settlement charge 1,593 - 1,593 - Impairment charges - -
2,890 - Interest income on Gaylord National bonds 2,967 2,994 9,347
9,056 Other gains and (losses), net 2,467 (282 ) (18,104 ) (4,608 )
Loss on warrant settlements - 1,569 20,246 6,065 (Gain) loss on
disposal of assets (84 ) 1,095
144 920
Adjusted EBITDA $ 71,193 28.2 %
$ 65,353 26.7 % $ 236,770 30.4 % $
213,397 28.5 %
Hospitality
segment
Revenue $ 224,842 $ 219,102 $ 707,131 $ 684,235
Operating
income $ 33,903 $ 28,826 $ 129,309 $ 115,033 Depreciation &
amortization 26,383 25,886 79,175 77,403 Preopening costs 91 - 851
- Non-cash lease expense 1,341 1,370 4,023 4,111 Impairment charges
- - 2,890 - Interest income on Gaylord National bonds 2,967 2,994
9,347 9,056 Other gains and (losses), net 2,539 2,382 2,317 2,377
(Gain) loss on disposal of assets (84 )
- 138 -
Adjusted EBITDA $ 67,140
29.9 % $ 61,458 28.0 % $ 228,050 32.3 %
$ 207,980 30.4 %
Entertainment
segment (previously Opry and Attractions)
Revenue $ 27,978 $ 25,913 $ 72,873 $ 65,144
Operating
income $ 7,563 $ 8,029 $ 19,841 $ 16,922 Depreciation &
amortization 1,434 1,327 4,199 3,983 Preopening costs 27 - 58 -
Equity-based compensation 141 129 484 386 Other gains and (losses),
net - - - 152 Gain on disposal of assets -
- -
(152 )
Adjusted EBITDA $ 9,165
32.8 % $ 9,485 36.6 % $ 24,582
33.7 % $ 21,291 32.7 %
Corporate and Other
segment
Operating loss $ (8,698 ) $ (7,772 ) $ (23,477 ) $ (22,589 )
Depreciation & amortization 681 820 2,093 2,882 Equity-based
compensation 1,384 1,362 4,098 3,833 Pension settlement charge
1,593 - 1,593 - Other gains and (losses), net (72 ) (2,664 )
(20,421 ) (7,137 ) Loss on warrant settlements - 1,569 20,246 6,065
Loss on disposal of assets - 1,095
6 1,072
Adjusted EBITDA $ (5,112
) $ (5,590 ) $ (15,862 ) $ (15,874 )
RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES
SUPPLEMENTAL FINANCIAL RESULTS FUNDS FROM OPERATIONS
("FFO") AND ADJUSTED FFO RECONCILIATION Unaudited (in
thousands, except per share data)
Three Months Ended Sep. 30, Nine Months Ended Sep.
30, 2015 2014 2015 2014
Consolidated
Net income $ 26,691 $ 15,130 $ 72,612 $ 63,774 Depreciation
& amortization 28,498 28,033
85,467 84,268
FFO 55,189 43,163 158,079
148,042 Non-cash lease expense 1,341 1,370 4,023 4,111
Pension settlement charge 1,593 - 1,593 - Impairment charges - -
2,890 - Loss on extinguishment of debt - - - 2,148 Loss on warrant
settlements - 1,569 20,246 6,065 (Gain) loss on other assets (84 )
1,108 144 1,108 Write-off of deferred financing costs - - 1,926 -
Amortization of deferred financing costs 1,322 1,696 4,177 4,532
Amortization of debt discounts - 2,707
- 8,735
Adjusted FFO $ 59,361
$ 51,613 $ 193,078 $ 174,741 Capital
expenditures (1) (11,195 ) (9,526 ) (35,987 )
(28,919 )
Adjusted FFO less maintenance capital
expenditures $ 48,166 $ 42,087 $ 157,091 $
145,822 FFO per basic share $ 1.08 $ 0.85 $
3.09 $ 2.91 Adjusted FFO per basic share $ 1.16 $ 1.01 $ 3.77 $
3.44 FFO per diluted share (2) $ 1.07 $ 0.71 $ 3.06 $ 2.45
Adjusted FFO per diluted share (2) $ 1.15 $ 0.84 $ 3.74 $ 2.89
(1)
Represents FF&E reserve for managed
properties and maintenance capital expenditures for non-managed
properties.
(2)
The GAAP calculation of diluted shares
does not consider anti-dilutive effect of the Company's purchased
call options associated with its previously outstanding convertible
notes. For the three months and nine months ended September 30,
2014, the purchased call options effectively reduce dilution by
approximately 6.3 million and 5.9 million shares of common stock,
respectively.
RYMAN HOSPITALITY PROPERTIES, INC. AND
SUBSIDIARIES SUPPLEMENTAL FINANCIAL RESULTS Unaudited
(in thousands, except operating metrics)
Three Months Ended Sep. 30, Nine
Months Ended Sep. 30, 2015 2014 2014 (1)
2015 2014
2014 (1)
HOSPITALITY OPERATING METRICS:
Hospitality
Segment
Occupancy 71.9 % 74.2 % 74.2 % 72.7 % 73.0 % 73.0 % Average
daily rate (ADR) $ 169.24 $ 167.03 $ 167.03 $ 178.88 $ 175.23 $
175.23 RevPAR $ 121.71 $ 123.99 $ 123.99 $ 130.07 $ 127.94 $ 127.94
OtherPAR $ 173.10 $ 170.10 $ 168.05 $ 184.81 $ 181.56 $ 179.66
Total RevPAR $ 294.81 $ 294.09 $ 292.04 $ 314.88 $ 309.50 $ 307.60
Revenue $ 224,842 $ 219,102 $ 217,577 $ 707,131 $ 684,235 $
680,031 Adjusted EBITDA $ 67,140 $ 61,458 $ 61,458 $ 228,050 $
207,980 $ 207,980 Adjusted EBITDA Margin 29.9 % 28.0 % 28.2 % 32.3
% 30.4 % 30.6 %
Same-Store
Hospitality Segment (2)
Occupancy 72.1 % 74.2 % 74.2 % 72.9 % 73.0 % 73.0 % Average
daily rate (ADR) $ 168.83 $ 167.03 $ 167.03 $ 178.61 $ 175.23 $
175.23 RevPAR $ 121.72 $ 123.99 $ 123.99 $ 130.22 $ 127.94 $ 127.94
OtherPAR $ 176.71 $ 170.10 $ 168.05 $ 187.46 $ 181.56 $ 179.66
Total RevPAR $ 298.43 $ 294.09 $ 292.04 $ 317.68 $ 309.50 $ 307.60
Revenue $ 222,335 $ 219,102 $ 217,577 $ 702,311 $ 684,235 $
680,031 Adjusted EBITDA $ 66,235 $ 61,458 $ 61,458 $ 226,114 $
207,980 $ 207,980 Adjusted EBITDA Margin 29.8 % 28.0 % 28.2 % 32.2
% 30.4 % 30.6 %
Gaylord
Opryland
Occupancy 73.4 % 79.5 % 79.5 % 72.7 % 74.8 % 74.8 % Average
daily rate (ADR) $ 158.38 $ 159.11 $ 159.11 $ 164.46 $ 164.85 $
164.85 RevPAR $ 116.27 $ 126.46 $ 126.46 $ 119.55 $ 123.36 $ 123.36
OtherPAR $ 171.86 $ 163.18 $ 161.29 $ 163.02 $ 157.55 $ 155.75
Total RevPAR $ 288.13 $ 289.64 $ 287.75 $ 282.57 $ 280.91 $ 279.11
Revenue $ 76,396 $ 76,795 $ 76,297 $ 222,325 $ 221,015 $
219,601 Adjusted EBITDA $ 24,809 $ 25,349 $ 25,349 $ 76,276 $
73,642 $ 73,642 Adjusted EBITDA Margin 32.5 % 33.0 % 33.2 % 34.3 %
33.3 % 33.5 %
Gaylord
Palms
Occupancy 64.7 % 72.4 % 72.4 % 73.0 % 76.2 % 76.2 % Average
daily rate (ADR) $ 142.29 $ 153.51 $ 153.51 $ 169.18 $ 169.18 $
169.18 RevPAR $ 92.08 $ 111.22 $ 111.22 $ 123.58 $ 128.88 $ 128.88
OtherPAR $ 152.78 $ 182.65 $ 180.35 $ 204.65 $ 211.95 $ 209.54
Total RevPAR $ 244.86 $ 293.87 $ 291.57 $ 328.23 $ 340.83 $ 338.42
Revenue $ 31,672 $ 38,013 $ 37,715 $ 125,988 $ 130,822 $
129,898 Adjusted EBITDA $ 5,187 $ 8,459 $ 8,459 $ 36,393 $ 37,407 $
37,407 Adjusted EBITDA Margin 16.4 % 22.3 % 22.4 % 28.9 % 28.6 %
28.8 %
Gaylord
Texan
Occupancy 77.1 % 74.9 % 74.9 % 75.6 % 70.4 % 70.4 % Average
daily rate (ADR) $ 186.01 $ 174.22 $ 174.22 $ 189.64 $ 179.78 $
179.78 RevPAR $ 143.48 $ 130.41 $ 130.41 $ 143.42 $ 126.51 $ 126.51
OtherPAR $ 217.98 $ 192.14 $ 190.14 $ 233.57 $ 212.00 $ 210.23
Total RevPAR $ 361.46 $ 322.55 $ 320.55 $ 376.99 $ 338.51 $ 336.74
Revenue $ 50,246 $ 44,838 $ 44,560 $ 155,511 $ 139,637 $
138,905 Adjusted EBITDA $ 16,511 $ 13,092 $ 13,092 $ 54,495 $
42,130 $ 42,130 Adjusted EBITDA Margin 32.9 % 29.2 % 29.4 % 35.0 %
30.2 % 30.3 %
Gaylord
National
Occupancy 70.6 % 68.1 % 68.1 % 71.0 % 70.5 % 70.5 % Average
daily rate (ADR) $ 195.38 $ 193.16 $ 193.16 $ 206.32 $ 201.98 $
201.98 RevPAR $ 138.03 $ 131.46 $ 131.46 $ 146.42 $ 142.42 $ 142.42
OtherPAR $ 190.41 $ 175.49 $ 173.03 $ 199.30 $ 194.62 $ 192.53
Total RevPAR $ 328.44 $ 306.95 $ 304.49 $ 345.72 $ 337.04 $ 334.95
Revenue $ 60,312 $ 56,365 $ 55,914 $ 188,384 $ 183,653 $
182,519 Adjusted EBITDA $ 18,680 $ 13,882 $ 13,882 $ 56,154 $
52,475 $ 52,475 Adjusted EBITDA Margin 31.0 % 24.6 % 24.8 % 29.8 %
28.6 % 28.8 %
The AC Hotel at
National Harbor (3)
Occupancy 64.3 % n/a n/a 60.3 % n/a n/a Average daily rate
(ADR) $ 188.84 n/a n/a $ 199.49 n/a n/a RevPAR $ 121.47 n/a n/a $
120.33 n/a n/a OtherPAR $ 20.47 n/a n/a $ 17.60 n/a n/a Total
RevPAR $ 141.94 n/a n/a $ 137.93 n/a n/a Revenue $ 2,507 n/a
n/a $ 4,820 n/a n/a Adjusted EBITDA $ 905 n/a n/a $ 1,936 n/a n/a
Adjusted EBITDA Margin 36.1 % n/a n/a 40.2 % n/a n/a
The Inn at
Opryland (4)
Occupancy 78.3 % 70.3 % 70.3 % 73.6 % 70.6 % 70.6 % Average
daily rate (ADR) $ 121.55 $ 111.95 $ 111.95 $ 122.30 $ 111.50 $
111.50 RevPAR $ 95.12 $ 78.74 $ 78.74 $ 89.96 $ 78.75 $ 78.75
OtherPAR $ 37.87 $ 32.15 $ 32.15 $ 32.15 $ 31.36 $ 31.36 Total
RevPAR $ 132.99 $ 110.89 $ 110.89 $ 122.11 $ 110.11 $ 110.11
Revenue $ 3,709 $ 3,091 $ 3,091 $ 10,103 $ 9,108 $ 9,108 Adjusted
EBITDA $ 1,048 $ 676 $ 676 $ 2,796 $ 2,326 $ 2,326 Adjusted EBITDA
Margin 28.3 % 21.9 % 21.9 % 27.7 % 25.5 % 25.5 % (1) Shown
pro forma to present 2014 results with an accounting change related
to parking fees as stipulated by the hospitality industry's Uniform
System of Accounts for the Lodging Industry, Eleventh Revised
Edition, which became effective in January 2015. Prior to 2015, all
revenue and expense associated with managed parking services at our
hotels were reported on a gross basis. Beginning in 2015, only the
net fee received from the parking manager is recorded as revenue.
(2) Same-store excludes the AC Hotel at National Harbor. (3) The AC
Hotel at National Harbor opened in April 2015. (4) Includes other
hospitality revenue and expense.
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:
GUIDANCE RANGE NEW GUIDANCE
RANGE FOR FULL YEAR 2015 FOR FULL YEAR 2015
Low High Low High
Ryman Hospitality
Properties, Inc.
Net Income $ 99,100 $ 119,100
$ 100,600 $ 114,600 Provision (benefit)
for income taxes 6,500 6,500 6,500 6,500 Other (gains) and losses,
net (2,500 ) (2,500 ) (2,500 ) (2,500 ) Loss on warrant settlements
20,000 20,000 20,000 20,000 Interest expense 60,000 60,000 60,000
60,000 Interest income (12,000 ) (12,000 )
(12,000 ) (12,000 )
Operating Income 171,100
191,100 172,600 186,600 Depreciation and
amortization 117,000 117,000
117,000 117,000
EBITDA 288,100
308,100 289,600 303,600 Non-cash lease expense
5,500 5,500 5,500 5,500 Preopening expense 1,000 1,000 1,000 1,000
Equity based compensation 6,000 6,000 6,000 6,000 Other gains and
(losses), net 2,500 2,500 2,500 2,500 Impairment charges 2,900
2,900 2,900 2,900 Interest income 12,000
12,000 12,000 12,000
Adjusted
EBITDA $ 318,000 $ 338,000
$ 319,500 $ 333,500
Hospitality
Segment 1
Operating Income $ 180,600 $
196,600 $ 181,100 $ 192,100
Depreciation and amortization 107,500 107,500
107,500 107,500
EBITDA
288,100 304,100 288,600 299,600
Non-cash lease expense 5,500 5,500 5,500 5,500 Preopening expense
1,000 1,000 1,000 1,000 Equity based compensation - - - - Other
gains and (losses), net 2,500 2,500 2,500 2,500 Impairment charges
2,900 2,900 2,900 2,900 Interest income 12,000
12,000 12,000 12,000
Adjusted
EBITDA $ 312,000 $ 328,000
$ 312,500 $ 323,500
Entertainment
(Opry and Attractions) Segment
Operating Income $ 23,000 $
26,000 $ 24,000 $ 26,000
Depreciation and amortization 5,500 5,500
5,500 5,500
EBITDA
28,500 31,500 29,500 31,500 Equity
based compensation 500 500 500
500
Adjusted EBITDA $
29,000 $ 32,000 $
30,000 $ 32,000
Corporate and
Other Segment
Operating Income $ (32,500 ) $
(31,500 ) $ (32,500 ) $
(31,500 ) Depreciation and amortization 4,000
4,000 4,000 4,000
EBITDA (28,500 ) (27,500 )
(28,500 ) (27,500 ) Other gains and
(losses), net (20,000 ) (20,000 ) (20,000 ) (20,000 ) Loss on
warrant settlements 20,000 20,000 20,000 20,000 Equity based
compensation 5,500 5,500 5,500
5,500
Adjusted EBITDA $
(23,000 ) $ (22,000 ) $
(23,000 ) $ (22,000 )
Ryman Hospitality
Properties, Inc.
Net income $ 99,100 $ 119,100
$ 100,600 $ 114,600 Depreciation &
amortization 117,000 117,000 117,000 117,000 Non-cash lease expense
5,500 5,500 5,500 5,500 Impairment charges 2,900 2,900 2,900 2,900
Amortization of DFC 6,000 6,000 6,000 6,000 Loss on warrant
settlements 20,000 20,000
20,000 20,000
Adjusted FFO
$ 250,500 $ 270,500
$ 252,000 $ 266,000
1
Hospitality includes AC Hotel
View source
version on businesswire.com: http://www.businesswire.com/news/home/20151103006066/en/
Investor Relations:Ryman Hospitality Properties, Inc.Mark
Fioravanti, (615) 316-6588President and Chief Financial
Officermfioravanti@rymanhp.com~or~Ryman Hospitality
Properties, Inc.Todd Siefert, (615) 316-6344Vice President of
Corporate Finance &
Treasurertsiefert@rymanhp.comorMedia:Ryman Hospitality
Properties, Inc.Brian Abrahamson, (615) 316-6302Vice President of
Corporate Communicationsbabrahamson@rymanhp.com~or~Sloane
& CompanyJosh Hochberg or Dan Zacchei(212) 446-1892 or (212)
446-1882jhochberg@sloanepr.com;
dzacchei@sloanepr.com
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