– First Quarter Net Income of $26.3 Million
–
– Total Adjusted EBITDA of $73.4 Million –
– First Quarter Gross Room Nights Booked For
All Future Years Increases 12.6 Percent –
Ryman Hospitality Properties, Inc. (NYSE:RHP), a lodging
real estate investment trust ("REIT") specializing in
group-oriented, destination hotel assets in urban and resort
markets, today reported financial results for the first quarter
ended March 31, 2016.
Colin Reed, chairman and chief executive officer of Ryman
Hospitality Properties, said, “As we noted during our Investor and
Analyst Day on March 10, our first quarter 2016 results were in
line with our 2015 results despite a confluence of unfavorable
events that included a shift of the Easter holiday into the first
quarter and an impact from winter storm Jonas. We are pleased with
how our hotels responded to these events, both anticipated and
unforeseen, to deliver a quarter that was in line with our
profitability expectations going into the year.
“Our bookings activity for first quarter 2016 was strong,
particularly considering the record fourth quarter and full year
bookings we had in 2015. The group segment continues to perform
well, and we remain enthusiastic about the demand we are seeing for
future years.”
First Quarter 2016 Results (As Compared to First Quarter
2015) Included the Following:
($ in thousands, except per share amounts, RevPAR and Total
RevPAR)
Three Months EndedMarch 31, 2016
2015 % ∆ Total Revenue
$261,497 $253,148 3.3% Same-Store Hospitality Revenue (1)
$242,379 $236,454 2.5% Same-Store RevPAR (1) $129.50 $129.96
-0.4% Same-Store Total RevPAR (1) $328.91 $324.43 1.4%
Adjusted EBITDA $73,416 $73,826 -0.6% Adjusted EBITDA Margin 28.1%
29.2% -1.1pt Same-Store Hospitality Adjusted EBITDA (1)
$75,954 $75,844 0.1% Same-Store Hospitality Adjusted EBITDA Margin
(1) 31.3% 32.1% -0.8pt Adjusted FFO (2) $56,550 $58,674
-3.6% Adjusted FFO per diluted share $1.10 $1.14 -3.5%
Operating income $38,794 $35,890 8.1% Net income (3) $26,346
$4,532 481.3% Net income per diluted share (3) $0.51 $0.09 466.7%
(1)
Same-Store excludes the AC Hotel at
National Harbor, which opened in April 2015.
(2)
Adjusted FFO for both periods is presented
using the 2016 definition of Adjusted FFO contained in this
release.
(3)
Net income for first quarter 2015 includes
a loss of $20.2 million on warrant settlements associated with our
previous convertible notes.
For the Company’s definitions of RevPAR, Total RevPAR, Adjusted
EBITDA and Adjusted FFO, as well as a reconciliation of the
non-GAAP financial measure Adjusted EBITDA to Net Income and a
reconciliation of the non-GAAP financial measure Adjusted FFO to
Net Income, see “Calculation of RevPAR and Total RevPAR,” “Non-GAAP
Financial Measures,” “Revised Adjusted FFO Definition” and
“Supplemental Financial Results” below. Adjusted FFO for 2015
presented herein also reflects the revised Adjusted FFO definition
used for 2016.
Operating Results
Hospitality Segment
For the three months ended March 31, 2016 and 2015, the Company
reported the following:
($ in thousands, except for ADR, RevPAR and Total RevPAR)
Three Months EndedMarch 31, 2016
2015 % ∆
Hospitality
Results
Hospitality Revenue $244,191 $236,454 3.3% Hospitality
Adjusted EBITDA $76,341 $75,844 0.7% Hospitality Adjusted EBITDA
Margin 31.3% 32.1% -0.8pt Hospitality Performance Metrics
Occupancy 70.2% 71.0% -0.8pt Average Daily Rate (ADR) $183.21
$183.13 0.0% RevPAR $128.54 $129.96 -1.1% Total RevPAR $323.69
$324.43 -0.2% Gross Definite Rooms Nights Booked 386,566
343,265 12.6% Net Definite Rooms Nights Booked 319,015 263,055
21.3% Group Attrition (as % of contracted block) 11.0% 11.3% -0.3pt
Cancellations ITYFTY (1) 15,773 12,019 31.2%
Same-Store
Hospitality Results (2)
Same-Store Hospitality Revenue $242,379 $236,454 2.5%
Same-Store Hospitality Adjusted EBITDA $75,954 $75,844 0.1%
Same-Store Hospitality Adjusted EBITDA Margin 31.3% 32.1% -0.8pt
Same-Store Hospitality Performance Metrics Occupancy 70.7%
71.0% -0.3pt Average Daily Rate (ADR) $183.26 $183.13 0.1% RevPAR
$129.50 $129.96 -0.4% Total RevPAR $328.91 $324.43 1.4%
(1)
"ITYFTY" represents In The Year For The
Year.
(2)
Same-Store excludes the AC Hotel at
National Harbor, which opened in April 2015.
Property-level results and operating metrics for first quarter
2016 are presented in greater detail below and under “Supplemental
Financial Results.” Highlights for first quarter 2016 for the
Hospitality segment and at each property include:
- Hospitality Segment (Same
Store): Total revenue increased 2.5 percent to $242.4 million
in first quarter 2016 compared to first quarter 2015. Group
performance was tempered in the first quarter of 2016 compared to
2015 due to a shift in the timing of the Easter holiday into the
first quarter coupled with the impact of winter storm Jonas at
Gaylord National and Gaylord Opryland. Adjusted EBITDA was flat at
$76.0 million compared to first quarter 2015, and Adjusted EBITDA
Margin decreased by 80 basis points. Adjusted EBITDA margin in
first quarter 2015 was positively impacted by the collection of a
portion of insurance proceeds related to the norovirus event at
Gaylord Opryland, which made for a challenging comparison. In
addition, Adjusted EBITDA for first quarter 2016 includes the
accrual of approximately $1 million in additional incentive
management fees payable to our operator based on full year 2016
performance expectations.
- Gaylord Opryland: Total revenue
increased 12.0 percent to $75.6 million in first quarter 2016
compared to first quarter 2015, driven by a 6.4 point occupancy
increase and strong banquet performance. In first quarter 2015, a
norovirus outbreak unfavorably impacted revenue, occupancy and
banquet performance. Adjusted EBITDA increased 10.7 percent to
$24.1 million compared to first quarter 2015. Adjusted EBITDA was
unfavorably impacted by the norovirus outbreak in first quarter
2015, and $1.2 million in insurance proceeds in the first quarter
of 2015 related to the norovirus disruptions partially offset that
impact.
- Gaylord Palms: Total revenue
increased 4.5 percent to $55.8 million in first quarter 2016
compared to first quarter 2015, due primarily to an increase in
catering revenue and higher attrition and cancellation fee
collections. Adjusted EBITDA increased 4.1 percent to $20.9 million
compared to first quarter 2015.
- Gaylord Texan: Total revenue
decreased 3.0 percent to $53.7 million in first quarter 2016
compared to first quarter 2015 due to an occupancy decrease of 3.1
points and a 5.3 percent reduction in ADR due to a mix shift to
fewer premium corporate groups. Adjusted EBITDA decreased 7.3
percent to $19.4 million compared to first quarter 2015.
- Gaylord National: Total revenue
decreased 5.9 percent to $54.2 million in first quarter 2016
compared to first quarter 2015, driven by a 7.9 point decline in
occupancy and reduced banquets spending, primarily attributable to
winter storm Jonas and a shift of the Easter holiday into the first
quarter impacting group bookings. Adjusted EBITDA decreased 13.4
percent to $10.9 million compared to first quarter 2015.
Reed continued, “Notwithstanding the challenges of the first
quarter, our Hospitality segment profitability was right where we
expected it to be. Our outlook for the remainder of the year has
not changed, and we believe our hotels are on pace for another
record year. Given this level of expected annual performance, we
anticipated that profitability would be impacted this quarter and
through the remainder of the year due to the accrual of our
incentive management fee, which is based on our full year
outlook.”
Entertainment Segment
For the three months ended March 31, 2016 and 2015, the Company
reported the following:
Three Months EndedMarch 31, ($ in
thousands)
2016
2015 % ∆
Revenue $17,306 $16,694 3.7% Operating Income $963 $2,120
-54.6% Adjusted EBITDA $2,772 $3,743 -25.9% Adjusted EBITDA Margin
16.0% 22.4% -6.4pt
Reed continued, “Our planned investments in the Entertainment
segment impacted our first quarter 2016 results. Specifically, we
are investing in our people as well as dedicating more resources to
areas such as social media, e-commerce, and content development so
that we are able to execute on the strategies and initiatives that
lay before us.
In addition, we announced in February an $8.6 million renovation
project for the Wildhorse Saloon as part of our Nashville
attractions strategy. The Wildhorse Saloon’s opening more than 20
years ago was a catalyst for much of the redevelopment in the
downtown entertainment district, and we are excited to unveil the
improvements we are making to this unique piece of Nashville
history. While the Wildhorse Saloon has remained open during
construction, the renovation did impact the venue’s ability to
service large groups, which had a year-over-year impact on the
Entertainment segment’s results. We are on track to complete this
project in time for the summer tourist season.”
Corporate and Other Segment Results
For the three months ended March 31, 2016 and 2015, the Company
reported the following:
Corporate Segment Results
Three Months EndedMarch
31, ($ in thousands)
2016
2015 % ∆ Operating
Loss ($7,628) ($7,809) 2.3% Adjusted EBITDA ($5,697) ($5,761) 1.1%
Development Update
On March 9, 2016, Ryman Hospitality Properties announced that it
had acquired a 35 percent equity ownership stake in the Gaylord
Rockies Resort and Convention Center project in Aurora, Colorado,
with an expected aggregate investment of approximately $86 million,
which will be funded with cash on hand and borrowings under the
Company’s credit facility. The Company will have asset management
responsibilities, and Marriott International will manage the hotel
and convention center. Gaylord Rockies is currently under
construction and is expected to open in late 2018.
Reed continued, “We are thrilled to be a part of this milestone
expansion of the Gaylord Hotels brand. This hotel represents the
first western destination for the Gaylord Hotels model, and we
believe from our extensive research that it is something our key
group customers and meeting planners have been anxious to see come
to fruition. We believe this hotel will serve existing customers
who are presently rotating outside of the brand when they plan
their western meetings and also induce new demand into our existing
properties from western-based groups. Combined with our
previously-announced expansion at Gaylord Texan, we believe our
Company is in an ideal position to capitalize on the future demand
we are seeing in the group segment.”
Dividend Update
The Company paid its first quarter 2016 cash dividend
of $0.75 per share of common stock on April 15,
2016 to stockholders of record on March 31, 2016. It is
the Company’s current plan to distribute total 2016 annual
dividends of approximately $3.00 per share in cash in
equal quarterly payments with the remaining payments occurring in
July and October of 2016 and January of 2017. Any future dividend
is subject to the Board of Director’s determinations as to the
amount of quarterly distributions and the timing thereof.
Balance Sheet/Liquidity Update
As of March 31, 2016, the Company had total debt outstanding of
$1,480.9 million, net of unamortized deferred financing costs, and
unrestricted cash of $57.2 million. As of March 31, 2016, $361.4
million of borrowings were drawn under the revolving credit line of
the Company’s credit facility, and the lending banks had issued
$2.1 million in letters of credit, which left $336.5 million of
availability for borrowing under the credit facility.
Share Repurchase Update
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 March
31, 2016, the Company had repurchased and cancelled approximately
538,700 shares of its common stock during the first quarter of 2016
for an aggregate purchase price of approximately $24.8 million,
which the Company funded using cash on hand and borrowings under
the revolving credit line of its credit facility.
Guidance
The Company is reaffirming its 2016 guidance provided on
February 26, 2016 on a consolidated as well as on a segment basis.
The Company does not expect to update the guidance 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 first quarter performance expectations were
factored in the guidance we issued in February. Given that the
quarter was in line with those expectations and that the pace of
our in the year for the year group bookings for the rest of 2016 is
also aligning with our expectations, we believe the guidance range
we issued at the outset of the year remains an accurate reflection
of our anticipated full year performance.”
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, 2015 and its Quarterly
Reports on Form 10-Q and subsequent filings. The Company does not
undertake any obligation to release publicly any revisions to
forward-looking statements made by it to reflect events or
circumstances occurring after the date hereof or the occurrence of
unanticipated events.
Additional Information
This release should be read in conjunction with the consolidated
financial statements and notes thereto included in our most recent
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 joint ventures; 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.” Hospitality Adjusted EBITDA—Same-Store excludes the AC
Hotel at National Harbor.
Revised 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, pro rata adjustments from joint ventures, amortization of
debt discounts and amortization of deferred financing cost, pension
settlement charges and (gains) losses on extinguishment of debt and
warrant settlements. Beginning in 2016, we are excluding the impact
of deferred income tax expense (benefit). 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.”
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 EndedMar. 31, 2016
2015
Revenues:
Rooms $ 96,969 $ 94,721 Food and beverage 122,233 118,331 Other
hotel revenue 24,989 23,402 Entertainment 17,306
16,694
Total revenues
261,497 253,148
Operating expenses: Rooms 25,981 26,067 Food and beverage 68,257
65,075 Other hotel expenses 72,688 70,296 Management fees
5,337 3,512 Total hotel
operating expenses 172,263 164,950 Entertainment 14,696 13,162
Corporate 6,971 7,094 Preopening costs - 592 Impairment and other
charges - 2,890 Depreciation and amortization 28,773
28,570 Total operating expenses
222,703 217,258 Operating
income 38,794 35,890 Interest expense, net of amounts
capitalized (16,039 ) (13,813 ) Interest income 3,143 3,008 Loss
from joint ventures (390 ) - Other gains and (losses), net
(47 ) (20,232 ) Income before income taxes
25,461 4,853 Benefit (provision) for income taxes 885
(321 ) Net income $ 26,346
$ 4,532 Basic net
income per share $ 0.52 $ 0.09 Fully
diluted net income per share $ 0.51 $ 0.09
Weighted average
common shares for the period:
Basic 51,046 51,123 Diluted 51,398 51,521
RYMAN HOSPITALITY PROPERTIES, INC. AND
SUBSIDIARIESCONDENSED CONSOLIDATED BALANCE
SHEETSUnaudited(In thousands)
Mar. 31,2016 Dec.
31,2015 ASSETS: Property and equipment, net of
accumulated depreciation $ 1,967,549 $ 1,982,816 Cash and cash
equivalents - unrestricted 57,150 56,291 Cash and cash equivalents
- restricted 29,958 22,355 Notes receivable 152,365 152,560 Trade
receivables, net 61,307 55,033 Deferred income taxes, net 344 -
Prepaid expenses and other assets 74,749 62,379 Total
assets $ 2,343,422 $ 2,331,434 LIABILITIES AND
STOCKHOLDERS' EQUITY: Debt and capital lease obligations $
1,480,921 $ 1,431,710 Accounts payable and accrued liabilities
152,779 153,383 Dividends payable 38,778 36,868 Deferred management
rights proceeds 182,361 183,119 Deferred income taxes, net - 1,163
Other liabilities 146,288 145,629 Stockholders' equity
342,295 379,562 Total liabilities and stockholders' equity $
2,343,422 $ 2,331,434
RYMAN HOSPITALITY PROPERTIES, INC.
AND SUBSIDIARIES SUPPLEMENTAL FINANCIAL RESULTS
ADJUSTED EBITDA RECONCILIATION Unaudited (in thousands)
Three Months Ended Mar. 31, 2016
2015 $
Margin $ Margin
Consolidated
Revenue $ 261,497 $ 253,148
Net income $ 26,346 $
4,532 (Benefit) provision for income taxes (885 ) 321 Other (gains)
and losses, net 47 20,232 Loss from joint ventures 390 - Interest
expense, net 12,896 10,805 Depreciation & amortization
28,773 28,570
EBITDA 67,567 25.8 %
64,460 25.5 % Preopening costs - 592 Non-cash lease expense 1,311
1,341 Equity-based compensation 1,549 1,590 Impairment charges -
2,890 Interest income on Gaylord National bonds 3,102 2,999 Other
gains and (losses), net (47 ) (20,232 ) Loss on warrant settlements
- 20,186 Gain on disposal of assets (66 )
-
Adjusted EBITDA
$ 73,416 28.1 % $ 73,826
29.2 %
Hospitality
segment
Revenue $ 244,191 $ 236,454
Operating income $ 45,459
$ 41,579 Depreciation & amortization 26,469 26,443 Preopening
costs - 592 Non-cash lease expense 1,311 1,341 Impairment charges -
2,890 Interest income on Gaylord National bonds 3,102
2,999
Adjusted EBITDA $ 76,341 31.3 % $
75,844 32.1 %
Entertainment
segment
Revenue $ 17,306 $ 16,694
Operating income $ 963 $
2,120 Depreciation & amortization 1,647 1,412 Equity-based
compensation 162 211
Adjusted EBITDA $ 2,772
16.0 % $ 3,743 22.4 %
Corporate and Other
segment
Operating loss $ (7,628 ) $ (7,809 ) Depreciation &
amortization 657 715 Equity-based compensation 1,387 1,379 Other
gains and (losses), net (47 ) (20,232 ) Loss on warrant settlements
- 20,186 Gain on disposal of assets (66 ) -
Adjusted EBITDA $ (5,697 ) $ (5,761 )
RYMAN
HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIESSUPPLEMENTAL
FINANCIAL RESULTSFUNDS FROM OPERATIONS ("FFO") AND ADJUSTED
FFO RECONCILIATIONUnaudited(in thousands, except per share
data)
Three Months Ended Mar.
31, 2016 2015
Consolidated
Net income $ 26,346 $ 4,532 Depreciation & amortization
28,773 28,570 Pro rata adjustments from joint ventures 5
-
FFO 55,124 33,102 Non-cash
lease expense 1,311 1,341 Impairment charges - 2,890 Pro rata
adjustments from joint ventures 394 - Loss on warrant settlements -
20,186 Gain on other assets (34 ) - Amortization of deferred
financing costs 1,216 1,396 Deferred tax benefit (1,461 )
(241 )
Adjusted FFO (1) $ 56,550 $ 58,674
Capital expenditures (2) (13,696 ) (12,435 )
Adjusted FFO less maintenance capital expenditures $ 42,854
$ 46,239 FFO per basic share $ 1.08 $
0.65 Adjusted FFO per basic share $ 1.11 $ 1.15 FFO per
diluted share $ 1.07 $ 0.64 Adjusted FFO per diluted share $ 1.10 $
1.14
(1)
Adjusted FFO for both periods is presented
using the 2016 definition of Adjusted FFO contained in this
release.
(2)
Represents FF&E reserve for managed
properties and maintenance capital expenditures for non-managed
properties.
RYMAN HOSPITALITY PROPERTIES, INC. AND
SUBSIDIARIESSUPPLEMENTAL FINANCIAL RESULTSUnaudited(in
thousands, except operating metrics)
Three Months Ended Mar. 31,
2016 2015 HOSPITALITY OPERATING
METRICS:
Hospitality
Segment
Occupancy 70.2 % 71.0 % Average daily rate (ADR) $ 183.21 $
183.13 RevPAR $ 128.54 $ 129.96 OtherPAR $ 195.15 $ 194.47 Total
RevPAR $ 323.69 $ 324.43 Revenue $ 244,191 $ 236,454
Adjusted EBITDA $ 76,341 $ 75,844 Adjusted EBITDA Margin 31.3 %
32.1 %
Same-Store
Hospitality Segment (1)
Occupancy 70.7 % 71.0 % Average daily rate (ADR) $ 183.26 $
183.13 RevPAR $ 129.50 $ 129.96 OtherPAR $ 199.41 $ 194.47 Total
RevPAR $ 328.91 $ 324.43 Revenue $ 242,379 $ 236,454
Adjusted EBITDA $ 75,954 $ 75,844 Adjusted EBITDA Margin 31.3 %
32.1 %
Gaylord
Opryland
Occupancy 71.5 % 65.1 % Average daily rate (ADR) $ 165.88 $
163.59 RevPAR $ 118.59 $ 106.51 OtherPAR $ 169.82 $ 153.91 Total
RevPAR $ 288.41 $ 260.42 Revenue $ 75,640 $ 67,547 Adjusted
EBITDA $ 24,089 $ 21,766 Adjusted EBITDA Margin 31.8 % 32.2 %
Gaylord
Palms
Occupancy 81.8 % 82.9 % Average daily rate (ADR) $ 194.37 $
194.57 RevPAR $ 159.05 $ 161.20 OtherPAR $ 276.75 $ 260.64 Total
RevPAR $ 435.80 $ 421.84 Revenue $ 55,759 $ 53,380 Adjusted
EBITDA $ 20,898 $ 20,074 Adjusted EBITDA Margin 37.5 % 37.6 %
Gaylord
Texan
Occupancy 73.0 % 76.1 % Average daily rate (ADR) $ 185.47 $
195.94 RevPAR $ 135.39 $ 149.10 OtherPAR $ 254.94 $ 257.66 Total
RevPAR $ 390.33 $ 406.76 Revenue $ 53,671 $ 55,315 Adjusted
EBITDA $ 19,352 $ 20,881 Adjusted EBITDA Margin 36.1 % 37.7 %
Gaylord
National
Occupancy 60.5 % 68.4 % Average daily rate (ADR) $ 210.06 $
198.89 RevPAR $ 127.00 $ 136.08 OtherPAR $ 171.15 $ 184.35 Total
RevPAR $ 298.15 $ 320.43 Revenue $ 54,155 $ 57,562 Adjusted
EBITDA $ 10,911 $ 12,606 Adjusted EBITDA Margin 20.1 % 21.9 %
The AC Hotel at
National Harbor (2)
Occupancy 48.9 % n/a Average daily rate (ADR) $ 180.26 n/a
RevPAR $ 88.12 n/a OtherPAR $ 15.57 n/a Total RevPAR $ 103.69 n/a
Revenue $ 1,812 n/a Adjusted EBITDA $ 387 n/a Adjusted
EBITDA Margin 21.4 % n/a
The Inn at
Opryland (3)
Occupancy 66.6 % 62.9 % Average daily rate (ADR) $ 124.98 $
115.16 RevPAR $ 83.21 $ 72.38 OtherPAR $ 31.21 $ 24.75 Total RevPAR
$ 114.42 $ 97.13 Revenue $ 3,154 $ 2,650 Adjusted EBITDA $
704 $ 517 Adjusted EBITDA Margin 22.3 % 19.5 %
(1)
Same-store excludes the AC Hotel at
National Harbor.
(2)
The AC Hotel at National Harbor opened in
April 2015.
(3)
Includes other hospitality revenue and
expense.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160503006147/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 Zacchei212-446-1892 or
212-446-1882jhochberg@sloanepr.com;
dzacchei@sloanepr.com
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