– RevPAR Increased 7.6%, Total RevPAR Increased
5.0% Compared to First Quarter 2016 –
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,
2017.
Colin Reed, chairman and chief executive officer of Ryman
Hospitality Properties, said, “Our businesses delivered a solid
start to the year that was in line with our expectations. We are
delighted with our year-over-year RevPAR and Total RevPAR growth,
which our hotels translated into strong bottom-line performance in
the first quarter of 2017 through effective margin management.
“Bookings for all future periods in first quarter 2017 were also
strong and represented first quarter production levels that were
well above our historical average. This production continues to set
us up nicely for 2018 and beyond as we begin to reap the benefits
of the investments we are making to further increase our
competitive advantage.”
First Quarter 2017 Results (As Compared to First Quarter
2016) Included the Following:
Consolidated Results
($ in thousands, except per share amounts)
|
Three Months Ended |
|
|
March 31, |
|
|
|
2017 |
|
|
|
2016 |
|
|
% ∆ |
|
|
Total Revenue |
$ |
276,042 |
|
|
$ |
261,497 |
|
|
5.6 |
% |
|
|
|
|
|
|
|
|
|
|
Operating Income |
$ |
47,060 |
|
|
$ |
38,794 |
|
|
21.3 |
% |
|
|
Operating Income
Margin |
|
17.0 |
% |
|
|
14.8 |
% |
|
2.2pt |
|
|
|
|
|
|
|
|
|
|
Net Income |
$ |
32,620 |
|
|
$ |
26,346 |
|
|
23.8 |
% |
|
|
Net Income
Margin |
|
11.8 |
% |
|
|
10.1 |
% |
|
1.7pt |
|
|
Net Income per diluted
share |
$ |
0.63 |
|
|
$ |
0.51 |
|
|
23.5 |
% |
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA |
$ |
80,561 |
|
|
$ |
73,416 |
|
|
9.7 |
% |
|
|
Adjusted EBITDA
Margin |
|
29.2 |
% |
|
|
28.1 |
% |
|
1.1pt |
|
|
|
|
|
|
|
|
|
|
Funds From Operations
(FFO) |
$ |
60,275 |
|
|
$ |
55,124 |
|
|
9.3 |
% |
|
|
FFO per diluted
share |
$ |
1.17 |
|
|
$ |
1.07 |
|
|
9.3 |
% |
|
|
|
|
|
|
|
|
|
|
Adjusted FFO |
$ |
62,753 |
|
|
$ |
56,550 |
|
|
11.0 |
% |
|
|
Adjusted FFO per
diluted share |
$ |
1.22 |
|
|
$ |
1.10 |
|
|
10.9 |
% |
|
|
|
|
|
|
|
|
|
|
For the Company’s definitions of Revenue Per
Available Room (RevPAR), Total Revenue Per Available Room (Total
RevPAR), Operating Income Margin, Net Income Margin, Adjusted
EBITDA, Adjusted EBITDA Margin, FFO, 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,” “Calculation of GAAP Margin Figures,” “Non-GAAP Financial
Measures,” “Adjusted EBITDA Definition,” “Adjusted EBITDA Margin
Definition,” “Adjusted FFO Definition” and “Supplemental Financial
Results” below.
Operating Results Hospitality Segment For the
three months ended March 31, 2017 and 2016, the Company reported
the following:
($ in thousands, except for ADR, RevPAR and Total RevPAR)
|
|
|
|
|
|
|
|
Three Months Ended |
|
March 31, |
|
|
2017 |
|
|
|
2016 |
|
|
% ∆ |
|
|
|
|
|
|
|
|
Hospitality
Revenue |
$ |
254,154 |
|
|
$ |
244,191 |
|
|
4.1 |
% |
|
|
|
|
|
|
|
|
Hospitality Operating
Income |
$ |
52,132 |
|
|
$ |
45,459 |
|
|
14.7 |
% |
|
Hospitality Operating
Income Margin |
|
20.5 |
% |
|
|
18.6 |
% |
|
1.9pt |
|
|
|
|
|
|
|
|
Hospitality Adjusted
EBITDA |
$ |
81,576 |
|
|
$ |
76,341 |
|
|
6.9 |
% |
|
Hospitality Adjusted
EBITDA Margin |
|
32.1 |
% |
|
|
31.3 |
% |
|
0.8pt |
|
|
|
|
|
|
|
|
Hospitality
Performance Metrics |
|
|
|
|
Occupancy |
|
72.7 |
% |
|
|
70.2 |
% |
|
2.5pt |
|
Average
Daily Rate (ADR) |
$ |
190.33 |
|
|
$ |
183.21 |
|
|
3.9 |
% |
|
RevPAR |
$ |
138.28 |
|
|
$ |
128.54 |
|
|
7.6 |
% |
|
Total
RevPAR |
$ |
339.99 |
|
|
$ |
323.69 |
|
|
5.0 |
% |
|
|
|
|
|
|
|
|
Gross
Definite Rooms Nights Booked |
|
481,793 |
|
|
|
386,566 |
|
|
24.6 |
% |
|
Net
Definite Rooms Nights Booked |
|
387,724 |
|
|
|
319,015 |
|
|
21.5 |
% |
|
Group
Attrition (as % of contracted block) |
|
11.3 |
% |
|
|
11.0 |
% |
|
0.3pt |
|
Cancellations ITYFTY (1) |
|
20,179 |
|
|
|
15,773 |
|
|
27.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
"ITYFTY" represents In The Year For The Year. |
|
|
|
|
|
|
|
|
|
Property-level results and operating metrics for
first quarter 2017 are presented in greater detail below and under
“Supplemental Financial Results—Hospitality Segment Adjusted EBITDA
Reconciliations,” which includes a reconciliation of the non-GAAP
financial measures Hospitality Adjusted EBITDA to Hospitality
Operating Income, and property-level Adjusted EBITDA to
property-level Operating Income for each of the hotel properties.
Highlights for first quarter 2017 for the Hospitality segment and
at each property include:
- Hospitality Segment: Total revenue increased
4.1 percent to $254.2 million in first quarter 2017 compared to
first quarter 2016. RevPAR increased 7.6 percent to $138.28 in
first quarter 2017 compared to first quarter 2016. The RevPAR
increase was split between growth in occupancy and average daily
rate (“ADR”), with these increases primarily being driven by
increases in room nights and ADR in the Association and Other Group
category, which was offset by a decline in the Corporate group room
nights. Gaylord National and Gaylord Texan led the hotel portfolio
overall with RevPAR growth of 12.5 percent and 11.0 percent,
respectively, compared to first quarter 2016. As detailed below,
Gaylord Opryland was negatively impacted by room nights out of
service due to a rooms renovation project that began in the first
quarter of 2017. On a portfolio basis, the shift of the Easter
holiday into the second quarter of 2017 favorably impacted first
quarter 2017 RevPAR growth by approximately 380 basis points over
first quarter 2016. Total RevPAR increased 5.0 percent to $339.99
in the first quarter of 2017 compared to first quarter 2016. The
mix shift from Corporate group room nights to Association and Other
Group room nights negatively impacted outside the room spending for
banquets and catering during the first quarter 2017 compared to
first quarter 2016. As a result, the growth rate in Total RevPAR
trailed the corresponding growth rate in RevPAR. Also, as outlined
on the fourth quarter 2016 earnings call, increases in property tax
accruals, particularly at Gaylord Opryland and Gaylord Texan as
described below, negatively impacted the flow through of
incremental revenues to Operating Income and Adjusted EBITDA during
the first quarter of 2017.
($ in thousands, except for ADR, RevPAR and Total RevPAR)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
March 31, |
Gaylord Opryland |
|
|
2017 |
|
|
|
2016 |
|
|
% ∆ |
|
Revenue |
|
|
$ |
74,962 |
|
|
$ |
75,640 |
|
|
-0.9 |
% |
|
Operating
Income |
|
$ |
15,641 |
|
|
$ |
16,549 |
|
|
-5.5 |
% |
|
Operating
Income Margin |
|
20.9 |
% |
|
|
21.9 |
% |
|
-1.0pt |
|
Adjusted
EBITDA |
|
$ |
23,738 |
|
|
$ |
24,090 |
|
|
-1.5 |
% |
|
Adjusted
EBITDA Margin |
|
31.7 |
% |
|
|
31.8 |
% |
|
-0.1pt |
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
|
68.4 |
% |
|
|
71.5 |
% |
|
-3.1pt |
|
Average daily rate (ADR) |
$ |
177.30 |
|
|
$ |
165.88 |
|
|
6.9 |
% |
|
RevPAR |
|
|
$ |
121.19 |
|
|
$ |
118.59 |
|
|
2.2 |
% |
|
Total RevPAR |
|
$ |
288.40 |
|
|
$ |
288.41 |
|
|
0.0 |
% |
|
|
|
|
|
|
|
|
|
|
- Gaylord Opryland: Total revenue decreased 0.9
percent to $75.0 million in first quarter 2017 compared to first
quarter 2016, primarily due to a 3.1 percentage point decrease in
occupancy as a result of the approximately 18,000 room nights that
were out of service in the first quarter of 2017 due to the
scheduled rooms renovation project. RevPAR increased 2.2 percent to
$121.19 in first quarter 2017 compared to first quarter 2016,
driven by a 6.9 percent increase in ADR as compared to first
quarter 2016. Group ADR increased between approximately 7 and 12
percent across all group segments, while Transient ADR was up
modestly as compared to first quarter 2016. Operating Income
declined by 5.5% to $15.6 million compared to first quarter 2016.
Adjusted EBITDA declined by 1.5 percent to $23.7 million compared
to first quarter 2016, unfavorably impacted by a year-over-year
property tax increase, as well as higher utility rates that offset
strong cost performance in the quarter.
($ in thousands, except for ADR, RevPAR and Total RevPAR)
|
|
|
Three Months Ended |
|
|
|
March 31, |
Gaylord Palms |
|
|
2017 |
|
|
|
2016 |
|
|
% ∆ |
|
Revenue |
|
|
$ |
54,197 |
|
|
$ |
55,759 |
|
|
-2.8 |
% |
|
Operating
Income |
|
$ |
13,114 |
|
|
$ |
14,879 |
|
|
-11.9 |
% |
|
Operating
Income Margin |
|
24.2 |
% |
|
|
26.7 |
% |
|
-2.5pt |
|
Adjusted
EBITDA |
|
$ |
19,189 |
|
|
$ |
20,898 |
|
|
-8.2 |
% |
|
Adjusted
EBITDA Margin |
|
35.4 |
% |
|
|
37.5 |
% |
|
-2.1pt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
|
79.8 |
% |
|
|
81.8 |
% |
|
-2.0pt |
|
Average daily rate (ADR) |
$ |
206.97 |
|
|
$ |
194.37 |
|
|
6.5 |
% |
|
RevPAR |
|
|
$ |
165.24 |
|
|
$ |
159.05 |
|
|
3.9 |
% |
|
Total RevPAR |
|
$ |
425.27 |
|
|
$ |
435.80 |
|
|
-2.4 |
% |
|
|
|
|
|
|
|
|
|
|
- Gaylord Palms: Total revenue declined 2.8
percent to $54.2 million in first quarter 2017 compared to first
quarter 2016, driven by a decline in Corporate group room nights.
The decrease in Corporate group room nights also negatively
impacted banquet revenue. Operating Income and Adjusted EBITDA
decreased 11.9 percent and 8.2 percent to $13.1 million and $19.2
million, respectively, compared to first quarter 2016, driven by
lower food and beverage catering revenue. Overall, the property
operated at nearly 80 percent occupancy for the quarter and drove
solid Operating Income and Adjusted EBITDA Margins of 24.2 percent
and 35.4 percent, respectively.($ in thousands, except for ADR,
RevPAR and Total RevPAR)
|
|
|
Three Months Ended |
|
|
|
March 31, |
Gaylord Texan |
|
|
2017 |
|
|
|
2016 |
|
|
% ∆ |
|
Revenue |
|
|
$ |
56,745 |
|
|
$ |
53,671 |
|
|
5.7 |
% |
|
Operating
Income |
|
$ |
15,890 |
|
|
$ |
14,349 |
|
|
10.7 |
% |
|
Operating
Income Margin |
|
28.0 |
% |
|
|
26.7 |
% |
|
1.3pt |
|
Adjusted
EBITDA |
|
$ |
21,000 |
|
|
$ |
19,353 |
|
|
8.5 |
% |
|
Adjusted
EBITDA Margin |
|
37.0 |
% |
|
|
36.1 |
% |
|
0.9pt |
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
|
79.6 |
% |
|
|
73.0 |
% |
|
6.6pt |
|
Average daily rate (ADR) |
$ |
188.86 |
|
|
$ |
185.47 |
|
|
1.8 |
% |
|
RevPAR |
|
|
$ |
150.29 |
|
|
$ |
135.39 |
|
|
11.0 |
% |
|
Total RevPAR |
|
$ |
417.28 |
|
|
$ |
390.33 |
|
|
6.9 |
% |
|
|
|
|
|
|
|
|
|
|
- Gaylord Texan: Total revenue increased
5.7 percent to $56.7 million in first quarter 2017 compared to
first quarter 2016. RevPAR increased 11.0 percent to $150.29 in
first quarter 2017 compared to first quarter 2016, driven by a 6.6
percentage point growth in occupancy and a 1.8 percent growth in
ADR. The increase in occupancy was driven primarily by growth in
Association and Other Group room nights, partially offset by a
decline in Corporate group room nights. Total RevPAR increased 6.9
percent on a year-over-year basis driven by the increase in
Association and Other Group room nights and related spending in
food and beverage. Operating Income and Adjusted EBITDA increased
10.7 percent and 8.5 percent to $15.9 million and $21.0 million,
respectively, compared to first quarter 2016. Cancellation fees
collected in the first quarter positively impacted both Operating
Income and Adjusted EBITDA. Property taxes for the hotel were
higher in the first quarter 2017 compared to first quarter 2016,
due to a higher property tax accrual. Overall, the property drove
solid growth in overall revenue during the quarter, resulting in
Operating Income and Adjusted EBITDA Margins of 28 percent and 37
percent, respectively.($ in thousands, except for ADR, RevPAR and
Total RevPAR)
|
|
|
Three Months Ended |
|
|
|
March 31, |
Gaylord National |
|
|
2017 |
|
|
|
2016 |
|
|
% ∆ |
|
Revenue |
|
|
$ |
62,457 |
|
|
$ |
54,155 |
|
|
15.3 |
% |
|
Operating
Income (Loss) |
$ |
6,709 |
|
|
($ |
757 |
) |
|
986.3% |
|
Operating
Income Margin |
|
10.7 |
% |
|
|
-1.4 |
% |
|
12.1pt |
|
Adjusted
EBITDA |
|
$ |
16,211 |
|
|
$ |
10,911 |
|
|
48.6 |
% |
|
Adjusted
EBITDA Margin |
|
26.0 |
% |
|
|
20.1 |
% |
|
5.9pt |
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
|
69.7 |
% |
|
|
60.5 |
% |
|
9.2pt |
|
Average daily rate (ADR) |
$ |
205.20 |
|
|
$ |
210.06 |
|
|
-2.3 |
% |
|
RevPAR |
|
|
$ |
142.93 |
|
|
$ |
127.00 |
|
|
12.5 |
% |
|
Total RevPAR |
|
$ |
347.68 |
|
|
$ |
298.15 |
|
|
16.6 |
% |
|
|
|
|
|
|
|
|
|
|
- Gaylord National: Total revenue increased 15.3
percent to $62.5 million in first quarter 2017 compared to first
quarter 2016. RevPAR increased 12.5 percent to $142.93 in first
quarter 2017 compared to first quarter 2016, driven primarily by a
9.2 percentage point increase in occupancy to 69.7 percent. The
increase in occupancy was driven almost entirely by growth in
Association and Other Group room nights, partially offset by a
modest decline in the Corporate group segment. The impact of the
new MGM casino is estimated to have contributed approximately 1,900
incremental room nights during first quarter 2017. Weekend
availability for transient room nights at the hotel was negatively
impacted by the increase in overall group room nights during the
quarter, compared to the prior-year quarter. Total RevPAR increased
16.6 percent on a year-over-year basis because of the increase in
overall group occupancy as well as the positive contribution of
inauguration activities hosted at the hotel. The revenue impact of
the inauguration activities hosted at the Gaylord National is
approximately $1.1 million for the first quarter of 2017. Operating
Income and Adjusted EBITDA increased 986.3 percent and 48.6 percent
to $6.7 million and $16.2 million, respectively, compared to first
quarter 2016.
Reed continued, “We are very pleased with our hotels’ first
quarter performance and especially Gaylord National’s performance.
With the new riverfront ballroom set to open in May and the
expected positive impact of the MGM National Harbor’s recent
opening, we are excited about the future in this market. Gaylord
Texan continues to deliver solid results, and construction is well
underway on our previously-announced expansion for this hotel,
which sets us up well for the demand we are seeing in future years.
As we anticipated going into the quarter, Gaylord Opryland and
Gaylord Palms faced some difficult year-over-year revenue
comparisons; however, both properties executed well from an
operations standpoint and delivered strong cost performance.”
Entertainment Segment For the three months
ended March 31, 2017 and 2016, the Company reported the
following:
|
|
|
|
|
Three Months Ended |
($ in thousands) |
March 31, |
|
|
2017 |
|
|
2016 |
|
% ∆ |
|
|
|
|
Revenue |
$ |
21,888 |
|
$ |
17,306 |
|
26.5 |
% |
Operating Income |
$ |
2,994 |
|
$ |
963 |
|
210.9 |
% |
Operating Income
Margin |
|
13.7 |
% |
|
5.6 |
% |
8.1pt |
Adjusted EBITDA |
$ |
5,225 |
|
$ |
2,772 |
|
88.5 |
% |
Adjusted EBITDA
Margin |
|
23.9 |
% |
|
16.0 |
% |
7.9pt |
|
|
|
|
Reed continued, “Our Entertainment segment has
posted another strong growth quarter as we continue to execute on
the strategies and initiatives to create digital content, retail,
and entertainment venues that celebrate the country lifestyle and
resonate with this rapidly-growing consumer base. We are pleased
with the progress we have made to solidify a core leadership team
within this segment, and we are excited about the momentum behind
our brands and existing venues, which are continuing to benefit
from the recent renovations at Wildhorse Saloon and Ryman
Auditorium. We will continue maximizing the unique position these
assets hold within the country music landscape, and we look forward
to sharing the progress of our multi-concept retail, restaurant and
entertainment venues as the year unfolds.”
Corporate and Other Segment Results For the
three months ended March 31, 2017 and 2016, the Company reported
the following:
Corporate Segment Results |
|
|
Three Months Ended |
($ in thousands) |
March 31, |
|
|
2017 |
|
|
2016 |
|
% ∆ |
|
|
|
|
Operating Loss |
($ |
8,066 |
) |
($ |
7,628 |
) |
-5.7 |
% |
Adjusted EBITDA |
($ |
6,240 |
) |
($ |
5,697 |
) |
-9.5 |
% |
Corporate and Other Segment Operating Loss and
Adjusted EBITDA for first quarter 2017, as compared to first
quarter 2016, includes an increase in administrative and employment
costs associated with supporting the Company’s growth initiatives
in its Hospitality and Entertainment segments.
Dividend UpdateThe Company paid its first
quarter 2017 cash dividend of $0.80 per share of common stock on
April 14, 2017 to stockholders of record on March 31, 2017. It is
the Company’s current plan to distribute total 2017 annual
dividends of approximately $3.20 per share in cash in equal
quarterly payments with the remaining payments occurring in July
and October of 2017 and January of 2018. 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 UpdateAs of March 31,
2017, the Company had total debt outstanding of $1,536.8 million,
net of unamortized deferred financing costs, and unrestricted cash
of $34.0 million. As of March 31, 2017, $416.4 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 $281.5 million of
availability for borrowing under the credit facility.
Term Loan B Update and Credit Facility
AmendmentIn May, the Company intends to refinance and
upsize its senior secured Term Loan B to $500 million while
extending its maturity to 2024. The pricing on the Term Loan B is
expected to be 225 basis points over LIBOR, representing a 50 basis
points decrease in pricing from its current Term Loan B pricing,
and the Original Issue Discount (OID) will be at par. The Company
also intends to amend and extend its existing $700 million
revolving credit facility (due in 2021) and to add a new $200
million Term Loan A (due in 2022). The revolver and Term Loan A
pricing is expected to be based on a leverage-based pricing grid
ranging from 150 to 240 basis points over LIBOR, representing a
decrease in pricing of approximately 5 to 10 basis points. The net
proceeds from these leverage-neutral transactions will be used to
pay down a portion of the outstanding revolver balance. In addition
to lowering the Company’s average cost of capital, these
transactions are expected to create additional liquidity, extend
maturities, and provide flexibility to the Company to take
advantage of potential investment or acquisition opportunities that
may develop in the future. The Company’s existing lending group is
expected to participate and, subject to customary closing
conditions, we expect to close the Term Loan B in mid-May and the
revolver and Term Loan A in the second quarter.
GuidanceThe Company is reaffirming its 2017
guidance provided on February 28, 2017. First-quarter results were
in line with expectations, and the pace of bookings for the rest of
2017 is also progressing as planned; therefore, the Company
believes the guidance range issued previously remains an accurate
reflection of anticipated full-year performance. 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.
Earnings Call Information Ryman
Hospitality Properties will hold a conference call to discuss this
release today at 11 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 7,811 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 over 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 StatementsThis 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, new projects or investments, out-of-service rooms,
refinancing plans, 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, 2016 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 InformationThis
release should be read in conjunction with the consolidated
financial statements and notes thereto included in our most recent
annual report on Form 10-K. Copies of our reports are available on
our website at no expense at www.rymanhp.com and through the
SEC’s Electronic Data Gathering Analysis and Retrieval System
(“EDGAR”) at www.sec.gov.
Calculation of RevPAR and Total
RevPARWe 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.
Calculation of GAAP Margin FiguresWe calculate
Net Income Margin by dividing GAAP consolidated Net Income by GAAP
consolidated Total Revenue. We calculate consolidated, segment, or
property-level Operating Income Margin by dividing consolidated,
segment, or property-level GAAP Operating Income by consolidated,
segment, or property-level GAAP Revenue.
Non-GAAP Financial MeasuresWe present the
following non-GAAP financial measures we believe are useful to
investors as key measures of our operating performance:
Adjusted EBITDA DefinitionTo calculate Adjusted
EBITDA, we first determine Operating Income, which represents Net
Income (loss) determined in accordance with GAAP, plus, to the
extent the following adjustments occurred during the periods
presented: 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; and interest expense, net. Adjusted EBITDA is then
calculated as Operating Income, plus, to the extent the following
adjustments occurred during the periods presented: depreciation and
amortization; 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), net; (gains) losses on
warrant settlements; pension settlement charges; pro rata Adjusted
EBITDA from joint ventures, (gains) losses on the disposal of
assets, 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 Operating Income and
Adjusted EBITDA and a reconciliation of segment, and property-level
Operating Income to segment, and property-level Adjusted EBITDA are
set forth below under “Supplemental Financial Results.”
Adjusted EBITDA Margin DefinitionWe calculate
consolidated Adjusted EBITDA Margin by dividing consolidated
Adjusted EBITDA by GAAP consolidated Total Revenue. We calculate
segment, or property-level Adjusted EBITDA Margin by dividing
segment, or property-level Adjusted EBITDA by segment, or
property-level GAAP Revenue. We believe Adjusted EBITDA Margin is
useful to investors in evaluating our operating performance because
this non-GAAP financial measure helps investors evaluate and
compare the results of our operations from period to period by
presenting a ratio showing the quantitative relationship between
Adjusted EBITDA and GAAP consolidated Total Revenue or segment or
property-level GAAP Revenue, as applicable.
Adjusted FFO DefinitionWe calculate Adjusted
FFO to mean Net Income (loss) (computed in accordance with GAAP),
excluding, to the extent the following adjustments occurred during
the periods presented: non-controlling interests, and (gains) and
losses from sales of property; depreciation and amortization
(excluding amortization of deferred financing costs and debt
discounts) and certain pro rata adjustments from joint ventures
(which equals FFO). We then exclude, to the extent the following
adjustments occurred during the periods presented, impairment
charges; write-offs of deferred financing costs, non-cash ground
lease expense, amortization of debt discounts and amortization of
deferred financing cost, pension settlement charges, additional pro
rata adjustments from joint ventures, (gains) losses on other
assets, and (gains) losses on extinguishment of debt and warrant
settlements. Beginning in 2016, we exclude the impact of deferred
income tax expense (benefit). We believe that the presentation of
Adjusted FFO provides useful information to investors regarding the
performance of our ongoing operations 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, Adjusted EBITDA Margin, 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, Adjusted EBITDA
Margin, 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, Adjusted EBITDA Margin, 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), Net Income Margin, Operating
Income (loss), Operating Income Margin, 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 |
|
|
|
|
Mar. 31, |
|
|
|
|
|
2017 |
|
|
2016 |
|
|
|
Revenues
: |
|
|
|
|
|
Rooms |
$ |
103,369 |
|
$ |
96,969 |
|
|
|
|
Food and beverage |
|
126,169 |
|
|
122,233 |
|
|
|
|
Other hotel
revenue |
|
24,616 |
|
|
24,989 |
|
|
|
|
Entertainment |
|
21,888 |
|
|
17,306 |
|
|
|
|
Total
revenues |
|
276,042 |
|
|
261,497 |
|
|
|
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
|
Rooms |
|
28,028 |
|
|
25,981 |
|
|
|
|
Food and beverage |
|
69,157 |
|
|
68,257 |
|
|
|
|
Other hotel
expenses |
|
74,073 |
|
|
72,688 |
|
|
|
|
Management fees |
|
5,531 |
|
|
5,337 |
|
|
|
|
Total hotel
operating expenses |
|
176,789 |
|
|
172,263 |
|
|
|
|
Entertainment |
|
16,825 |
|
|
14,696 |
|
|
|
|
Corporate |
|
7,515 |
|
|
6,971 |
|
|
|
|
Preopening costs |
|
216 |
|
|
- |
|
|
|
|
Depreciation and
amortization |
|
27,637 |
|
|
28,773 |
|
|
|
|
Total operating
expenses |
|
228,982 |
|
|
222,703 |
|
|
|
|
|
|
|
|
|
Operating
income |
|
47,060 |
|
|
38,794 |
|
|
|
|
|
|
|
|
|
Interest
expense, net of amounts capitalized |
|
(15,864 |
) |
|
(16,039 |
) |
|
|
Interest
income |
|
2,948 |
|
|
3,143 |
|
|
|
Loss from
joint ventures |
|
(774 |
) |
|
(390 |
) |
|
|
Other gains
and (losses), net |
|
(157 |
) |
|
(47 |
) |
|
|
Income
before income taxes |
|
33,213 |
|
|
25,461 |
|
|
|
|
|
|
|
|
|
(Provision)
benefit for income taxes |
|
(593 |
) |
|
885 |
|
|
|
Net
income |
$ |
32,620 |
|
$ |
26,346 |
|
|
|
|
|
|
|
|
|
Basic net
income per share |
$ |
0.64 |
|
$ |
0.52 |
|
|
|
Fully
diluted net income per share |
$ |
0.63 |
|
$ |
0.51 |
|
|
|
|
|
|
|
|
|
Weighted
average common shares for the period: |
|
|
|
|
|
Basic |
|
51,045 |
|
|
51,046 |
|
|
|
|
Diluted |
|
51,373 |
|
|
51,398 |
|
|
|
|
|
|
|
|
|
RYMAN HOSPITALITY
PROPERTIES, INC. AND
SUBSIDIARIES |
|
|
|
|
|
|
|
CONDENSED CONSOLIDATED
BALANCE SHEETS |
Unaudited |
(In thousands) |
|
|
|
|
|
|
|
|
|
|
|
Mar. 31, |
|
Dec. 31, |
|
|
|
|
2017 |
|
2016 |
|
|
|
|
|
|
|
ASSETS: |
|
|
|
|
Property and equipment, net of accumulated
depreciation |
$ |
2,007,773 |
|
$ |
1,998,012 |
|
Cash
and cash equivalents - unrestricted |
|
33,979 |
|
|
59,128 |
|
Cash
and cash equivalents - restricted |
|
19,204 |
|
|
22,062 |
|
Notes
receivable |
|
152,604 |
|
|
152,882 |
|
Investment in Gaylord Rockies joint venture |
|
87,235 |
|
|
70,440 |
|
Trade
receivables, net |
|
66,834 |
|
|
47,818 |
|
Prepaid expenses and other assets |
|
56,179 |
|
|
55,411 |
|
|
Total
assets |
$ |
2,423,808 |
|
$ |
2,405,753 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY: |
|
|
|
|
Debt
and capital lease obligations |
$ |
1,536,812 |
|
$ |
1,502,554 |
|
Accounts payable and accrued liabilities |
|
154,730 |
|
|
163,205 |
|
Dividends payable |
|
41,511 |
|
|
39,404 |
|
Deferred management rights proceeds |
|
179,330 |
|
|
180,088 |
|
Deferred income taxes, net |
|
1,282 |
|
|
1,469 |
|
Other
liabilities |
|
152,662 |
|
|
151,036 |
|
Stockholders' equity |
|
357,481 |
|
|
367,997 |
|
|
Total
liabilities and stockholders' equity |
$ |
2,423,808 |
|
$ |
2,405,753 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RYMAN HOSPITALITY PROPERTIES, INC. AND
SUBSIDIARIES |
|
SUPPLEMENTAL FINANCIAL RESULTS |
|
ADJUSTED EBITDA RECONCILIATION |
|
Unaudited |
|
(in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended Mar. 31, |
|
|
|
|
|
2017 |
|
|
|
2016 |
|
|
|
|
|
$ |
Margin |
|
$ |
Margin |
|
|
|
Consolidated |
|
|
|
|
|
|
|
|
Revenue |
$ |
276,042 |
|
|
|
$ |
261,497 |
|
|
|
|
|
Net income |
$ |
32,620 |
|
11.8 |
% |
|
$ |
26,346 |
|
10.1 |
% |
|
|
|
Provision
(benefit) for income taxes |
|
593 |
|
|
|
|
(885 |
) |
|
|
|
|
Other
(gains) and losses, net |
|
157 |
|
|
|
|
47 |
|
|
|
|
|
Loss from
joint ventures |
|
774 |
|
|
|
|
390 |
|
|
|
|
|
Interest
expense, net |
|
12,916 |
|
|
|
|
12,896 |
|
|
|
|
|
Operating Income |
|
47,060 |
|
17.0 |
% |
|
|
38,794 |
|
14.8 |
% |
|
|
|
Depreciation & amortization |
|
27,637 |
|
|
|
|
28,773 |
|
|
|
|
|
Preopening costs |
|
216 |
|
|
|
|
- |
|
|
|
|
|
Non-cash
ground lease expense |
|
1,305 |
|
|
|
|
1,311 |
|
|
|
|
|
Equity-based compensation expense |
|
1,569 |
|
|
|
|
1,549 |
|
|
|
|
|
Interest
income on Gaylord National bonds |
|
2,931 |
|
|
|
|
3,102 |
|
|
|
|
|
Other
gains and (losses), net |
|
(157 |
) |
|
|
|
(47 |
) |
|
|
|
|
Gain on
disposal of assets |
|
- |
|
|
|
|
(66 |
) |
|
|
|
|
Adjusted EBITDA |
$ |
80,561 |
|
29.2 |
% |
|
$ |
73,416 |
|
28.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Hospitality
segment |
|
|
|
|
|
|
|
|
Revenue |
$ |
254,154 |
|
|
|
$ |
244,191 |
|
|
|
|
|
Operating income |
$ |
52,132 |
|
20.5 |
% |
|
$ |
45,459 |
|
18.6 |
% |
|
|
|
Depreciation & amortization |
|
25,178 |
|
|
|
|
26,469 |
|
|
|
|
|
Preopening costs |
|
55 |
|
|
|
|
- |
|
|
|
|
|
Non-cash
lease expense |
|
1,280 |
|
|
|
|
1,311 |
|
|
|
|
|
Interest
income on Gaylord National bonds |
|
2,931 |
|
|
|
|
3,102 |
|
|
|
|
|
Adjusted EBITDA |
$ |
81,576 |
|
32.1 |
% |
|
$ |
76,341 |
|
31.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Entertainment
segment |
|
|
|
|
|
|
|
|
Revenue |
$ |
21,888 |
|
|
|
$ |
17,306 |
|
|
|
|
|
Operating income |
$ |
2,994 |
|
13.7 |
% |
|
$ |
963 |
|
5.6 |
% |
|
|
|
Depreciation & amortization |
|
1,908 |
|
|
|
|
1,647 |
|
|
|
|
|
Preopening costs |
|
161 |
|
|
|
|
- |
|
|
|
|
|
Non-cash
lease expense |
|
25 |
|
|
|
|
- |
|
|
|
|
|
Equity-based compensation |
|
137 |
|
|
|
|
162 |
|
|
|
|
|
Adjusted EBITDA |
$ |
5,225 |
|
23.9 |
% |
|
$ |
2,772 |
|
16.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Corporate and Other
segment |
|
|
|
|
|
|
|
|
Operating loss |
$ |
(8,066 |
) |
|
|
$ |
(7,628 |
) |
|
|
|
|
Depreciation & amortization |
|
551 |
|
|
|
|
657 |
|
|
|
|
|
Equity-based compensation |
|
1,432 |
|
|
|
|
1,387 |
|
|
|
|
|
Other
gains and (losses), net |
|
(157 |
) |
|
|
|
(47 |
) |
|
|
|
|
Gain on
disposal of assets |
|
- |
|
|
|
|
(66 |
) |
|
|
|
|
Adjusted EBITDA |
$ |
(6,240 |
) |
|
|
$ |
(5,697 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 Mar. 31, |
|
|
|
|
|
2017 |
|
|
|
2016 |
|
|
|
|
Consolidated |
|
|
|
|
|
|
Net income |
$ |
32,620 |
|
|
$ |
26,346 |
|
|
|
|
Depreciation & amortization |
|
27,637 |
|
|
|
28,773 |
|
|
|
|
Pro rata
adjustments from joint ventures |
|
18 |
|
|
|
5 |
|
|
|
|
FFO |
|
60,275 |
|
|
|
55,124 |
|
|
|
|
|
|
|
|
|
|
|
Non-cash
lease expense |
|
1,305 |
|
|
|
1,311 |
|
|
|
|
Pro rata
adjustments from joint ventures |
|
97 |
|
|
|
394 |
|
|
|
|
Gain on
other assets |
|
- |
|
|
|
(34 |
) |
|
|
|
Amortization of deferred financing costs |
|
1,263 |
|
|
|
1,216 |
|
|
|
|
Deferred
tax benefit |
|
(187 |
) |
|
|
(1,461 |
) |
|
|
|
Adjusted FFO |
$ |
62,753 |
|
|
$ |
56,550 |
|
|
|
|
Capital
expenditures (1) |
|
(14,912 |
) |
|
|
(13,696 |
) |
|
|
|
Adjusted FFO less maintenance capital
expenditures |
$ |
47,841 |
|
|
$ |
42,854 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net
income per share |
$ |
0.64 |
|
|
$ |
0.52 |
|
|
|
|
Fully
diluted net income per share |
$ |
0.63 |
|
|
$ |
0.51 |
|
|
|
|
|
|
|
|
|
|
|
FFO per
basic share |
$ |
1.18 |
|
|
$ |
1.08 |
|
|
|
|
Adjusted
FFO per basic share |
$ |
1.23 |
|
|
$ |
1.11 |
|
|
|
|
|
|
|
|
|
|
|
FFO per
diluted share |
$ |
1.17 |
|
|
$ |
1.07 |
|
|
|
|
Adjusted
FFO per diluted share |
$ |
1.22 |
|
|
$ |
1.10 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
Represents FF&E reserve for managed properties and maintenance
capital expenditures for non-managed properties. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RYMAN HOSPITALITY PROPERTIES, INC. AND
SUBSIDIARIES |
|
SUPPLEMENTAL FINANCIAL RESULTS |
|
HOSPITALITY SEGMENT ADJUSTED EBITDA
RECONCILIATIONS AND OPERATING METRICS |
|
Unaudited |
|
(in thousands) |
|
|
|
|
|
|
|
|
Three Months Ended Mar. 31, |
|
|
|
|
|
2017 |
|
|
|
2016 |
|
|
|
|
|
$ |
Margin |
|
$ |
Margin |
|
|
|
Hospitality
segment |
|
|
|
|
|
|
|
|
Revenue |
$ |
254,154 |
|
|
|
$ |
244,191 |
|
|
|
|
|
Operating Income |
$ |
52,132 |
|
20.5 |
% |
|
$ |
45,459 |
|
18.6 |
% |
|
|
|
Depreciation & amortization |
|
25,178 |
|
|
|
|
26,469 |
|
|
|
|
|
Preopening costs |
|
55 |
|
|
|
|
- |
|
|
|
|
|
Non-cash
lease expense |
|
1,280 |
|
|
|
|
1,311 |
|
|
|
|
|
Interest
income on Gaylord National bonds |
|
2,931 |
|
|
|
|
3,102 |
|
|
|
|
|
Adjusted EBITDA |
$ |
81,576 |
|
32.1 |
% |
|
$ |
76,341 |
|
31.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
72.7 |
% |
|
|
|
70.2 |
% |
|
|
|
|
Average
daily rate (ADR) |
$ |
190.33 |
|
|
|
$ |
183.21 |
|
|
|
|
|
RevPAR |
$ |
138.28 |
|
|
|
$ |
128.54 |
|
|
|
|
|
OtherPAR |
$ |
201.71 |
|
|
|
$ |
195.15 |
|
|
|
|
|
Total
RevPAR |
$ |
339.99 |
|
|
|
$ |
323.69 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaylord
Opryland |
|
|
|
|
|
|
|
|
Revenue |
$ |
74,962 |
|
|
|
$ |
75,640 |
|
|
|
|
|
Operating Income |
$ |
15,641 |
|
20.9 |
% |
|
$ |
16,549 |
|
21.9 |
% |
|
|
|
Depreciation & amortization |
|
8,097 |
|
|
|
|
7,541 |
|
|
|
|
|
Adjusted EBITDA |
$ |
23,738 |
|
31.7 |
% |
|
$ |
24,090 |
|
31.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
68.4 |
% |
|
|
|
71.5 |
% |
|
|
|
|
Average
daily rate (ADR) |
$ |
177.30 |
|
|
|
$ |
165.88 |
|
|
|
|
|
RevPAR |
$ |
121.19 |
|
|
|
$ |
118.59 |
|
|
|
|
|
OtherPAR |
$ |
167.21 |
|
|
|
$ |
169.82 |
|
|
|
|
|
Total
RevPAR |
$ |
288.40 |
|
|
|
$ |
288.41 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaylord
Palms |
|
|
|
|
|
|
|
|
Revenue |
$ |
54,197 |
|
|
|
$ |
55,759 |
|
|
|
|
|
Operating Income |
$ |
13,114 |
|
24.2 |
% |
|
$ |
14,879 |
|
26.7 |
% |
|
|
|
Depreciation & amortization |
|
4,795 |
|
|
|
|
4,708 |
|
|
|
|
|
Non-cash
lease expense |
|
1,280 |
|
|
|
|
1,311 |
|
|
|
|
|
Adjusted EBITDA |
$ |
19,189 |
|
35.4 |
% |
|
$ |
20,898 |
|
37.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
79.8 |
% |
|
|
|
81.8 |
% |
|
|
|
|
Average
daily rate (ADR) |
$ |
206.97 |
|
|
|
$ |
194.37 |
|
|
|
|
|
RevPAR |
$ |
165.24 |
|
|
|
$ |
159.05 |
|
|
|
|
|
OtherPAR |
$ |
260.03 |
|
|
|
$ |
276.75 |
|
|
|
|
|
Total
RevPAR |
$ |
425.27 |
|
|
|
$ |
435.80 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaylord
Texan |
|
|
|
|
|
|
|
|
Revenue |
$ |
56,745 |
|
|
|
$ |
53,671 |
|
|
|
|
|
Operating Income |
$ |
15,890 |
|
28.0 |
% |
|
$ |
14,349 |
|
26.7 |
% |
|
|
|
Depreciation & amortization |
|
5,110 |
|
|
|
|
5,004 |
|
|
|
|
|
Adjusted EBITDA |
$ |
21,000 |
|
37.0 |
% |
|
$ |
19,353 |
|
36.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
79.6 |
% |
|
|
|
73.0 |
% |
|
|
|
|
Average
daily rate (ADR) |
$ |
188.86 |
|
|
|
$ |
185.47 |
|
|
|
|
|
RevPAR |
$ |
150.29 |
|
|
|
$ |
135.39 |
|
|
|
|
|
OtherPAR |
$ |
266.99 |
|
|
|
$ |
254.94 |
|
|
|
|
|
Total
RevPAR |
$ |
417.28 |
|
|
|
$ |
390.33 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaylord
National |
|
|
|
|
|
|
|
|
Revenue |
$ |
62,457 |
|
|
|
$ |
54,155 |
|
|
|
|
|
Operating Income (Loss) |
$ |
6,709 |
|
10.7 |
% |
|
$ |
(757 |
) |
-1.4 |
% |
|
|
|
Depreciation & amortization |
|
6,516 |
|
|
|
|
8,566 |
|
|
|
|
|
Preopening costs |
|
55 |
|
|
|
|
- |
|
|
|
|
|
Interest
income on Gaylord National bonds |
|
2,931 |
|
|
|
|
3,102 |
|
|
|
|
|
Adjusted EBITDA |
$ |
16,211 |
|
26.0 |
% |
|
$ |
10,911 |
|
20.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
69.7 |
% |
|
|
|
60.5 |
% |
|
|
|
|
Average
daily rate (ADR) |
$ |
205.20 |
|
|
|
$ |
210.06 |
|
|
|
|
|
RevPAR |
$ |
142.93 |
|
|
|
$ |
127.00 |
|
|
|
|
|
OtherPAR |
$ |
204.75 |
|
|
|
$ |
171.15 |
|
|
|
|
|
Total
RevPAR |
$ |
347.68 |
|
|
|
$ |
298.15 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The AC Hotel at
National Harbor |
|
|
|
|
|
|
|
|
Revenue |
$ |
2,459 |
|
|
|
$ |
1,812 |
|
|
|
|
|
Operating Income |
$ |
379 |
|
15.4 |
% |
|
$ |
71 |
|
3.9 |
% |
|
|
|
Depreciation & amortization |
|
325 |
|
|
|
|
316 |
|
|
|
|
|
Adjusted EBITDA |
$ |
704 |
|
28.6 |
% |
|
$ |
387 |
|
21.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
62.2 |
% |
|
|
|
48.9 |
% |
|
|
|
|
Average
daily rate (ADR) |
$ |
200.54 |
|
|
|
$ |
180.26 |
|
|
|
|
|
RevPAR |
$ |
124.69 |
|
|
|
$ |
88.12 |
|
|
|
|
|
OtherPAR |
$ |
17.59 |
|
|
|
$ |
15.57 |
|
|
|
|
|
Total
RevPAR |
$ |
142.28 |
|
|
|
$ |
103.69 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Inn at
Opryland (1) |
|
|
|
|
|
|
|
|
Revenue |
$ |
3,334 |
|
|
|
$ |
3,154 |
|
|
|
|
|
Operating Income |
$ |
399 |
|
12.0 |
% |
|
$ |
368 |
|
11.7 |
% |
|
|
|
Depreciation & amortization |
|
335 |
|
|
|
|
334 |
|
|
|
|
|
Adjusted EBITDA |
$ |
734 |
|
22.0 |
% |
|
$ |
702 |
|
22.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
71.9 |
% |
|
|
|
66.6 |
% |
|
|
|
|
Average
daily rate (ADR) |
$ |
129.78 |
|
|
|
$ |
124.98 |
|
|
|
|
|
RevPAR |
$ |
93.28 |
|
|
|
$ |
83.21 |
|
|
|
|
|
OtherPAR |
$ |
28.94 |
|
|
|
$ |
31.21 |
|
|
|
|
|
Total
RevPAR |
$ |
122.22 |
|
|
|
$ |
114.42 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
Includes other hospitality revenue and expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investor Relations Contacts:
Mark Fioravanti, President and Chief Financial Officer
Ryman Hospitality Properties, Inc.
(615) 316-6588
mfioravanti@rymanhp.com
~or~
Todd Siefert, Vice President of Corporate Finance & Treasurer
Ryman Hospitality Properties, Inc.
(615) 316-6344
tsiefert@rymanhp.com
Media Contacts:
Brian Abrahamson, Vice President of Corporate Communications
Ryman Hospitality Properties, Inc.
(615) 316-6302
babrahamson@rymanhp.com
~or~
Robert Winters or Sam Gibbons
Alpha IR Group
(929) 266-6315 or (312) 445-2874
robert.winters@alpha-ir.com; sam.gibbons@alpha-ir.com
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