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,
2018.
Colin Reed, chairman and chief executive officer of Ryman
Hospitality Properties, said, “Our businesses delivered a strong
start to the year on a consolidated basis compared to first quarter
2017, which was a particularly strong first quarter for us.
To that end, we are especially pleased with the RevPAR and Total
RevPAR growth we saw in the first quarter of 2018, compared to
first quarter 2017. The decrease in net income for the quarter was
primarily driven by increases in preopening expenses and interest
costs related to the capital investments we have made in our
business coupled with higher income taxes resulting from the
resetting of internal hotel lease agreements per our 5-year REIT
conversion anniversary.
Our first quarter gross group room night bookings, while down
slightly compared to first quarter 2017, were above our historical
first quarter averages and exceeded our expectations, particularly
as our available room night inventory becomes even further
constrained due to the tremendous group demand we are seeing for
the years ahead. With this demand in mind, our sales teams continue
to focus on rate growth as we move to fill key bookings
patterns.”
First Quarter 2018 Results (As Compared to First Quarter
2017) Included the Following:
Consolidated Results
|
Three Months Ended |
($ in thousands, except
per share amounts) |
March 31, |
|
|
2018 |
|
|
|
2017 |
|
|
% ∆ |
Total Revenue |
$ |
288,370 |
|
|
$ |
276,042 |
|
|
4.5 |
% |
|
|
|
|
|
|
Operating Income |
$ |
45,944 |
|
|
$ |
46,975 |
|
|
-2.2 |
% |
Operating Income
Margin |
|
15.9 |
% |
|
|
17.0 |
% |
|
-1.1pt |
|
|
|
|
|
|
|
Net Income |
$ |
27,339 |
|
|
$ |
32,620 |
|
|
-16.2 |
% |
Net Income Margin |
|
9.5 |
% |
|
|
11.8 |
% |
|
-2.3pt |
|
Net Income per diluted
share |
$ |
0.53 |
|
|
$ |
0.63 |
|
|
-15.9 |
% |
|
|
|
|
|
|
Adjusted EBITDA |
$ |
81,727 |
|
|
$ |
80,561 |
|
|
1.4 |
% |
Adjusted EBITDA
Margin |
|
28.3 |
% |
|
|
29.2 |
% |
|
-0.9pt |
|
|
|
|
|
|
|
Funds From Operations
(FFO) |
$ |
56,392 |
|
|
$ |
60,275 |
|
|
-6.4 |
% |
FFO per diluted
share |
$ |
1.10 |
|
|
$ |
1.17 |
|
|
-6.0 |
% |
|
|
|
|
|
|
Adjusted FFO |
$ |
60,887 |
|
|
$ |
62,753 |
|
|
-3.0 |
% |
Adjusted FFO per
diluted share |
$ |
1.18 |
|
|
$ |
1.22 |
|
|
-3.3 |
% |
|
|
|
|
|
|
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, 2018 and 2017, the Company
reported the following:
($ in thousands, except for ADR, RevPAR and Total RevPAR)
Hospitality
Segment Results |
|
|
|
|
|
|
Three Months Ended |
|
March 31, |
|
|
2018 |
|
|
|
2017 |
|
|
% ∆ |
|
|
|
|
|
|
Hospitality
Revenue |
$ |
265,111 |
|
|
$ |
254,154 |
|
|
4.3 |
% |
|
|
|
|
|
|
Hospitality Operating
Income |
$ |
53,499 |
|
|
$ |
51,967 |
|
|
2.9 |
% |
Hospitality Operating
Income Margin |
|
20.2 |
% |
|
|
20.4 |
% |
|
-0.2pt |
|
|
|
|
|
|
|
Hospitality Adjusted
EBITDA |
$ |
85,095 |
|
|
$ |
81,576 |
|
|
4.3 |
% |
Hospitality Adjusted
EBITDA Margin |
|
32.1 |
% |
|
|
32.1 |
% |
|
0.0pt |
|
|
|
|
|
|
|
Hospitality Performance
Metrics |
|
|
|
|
|
Occupancy |
|
73.8 |
% |
|
|
72.7 |
% |
|
1.1pt |
|
Average
Daily Rate (ADR) |
$ |
195.02 |
|
|
$ |
190.33 |
|
|
2.5 |
% |
RevPAR |
$ |
143.89 |
|
|
$ |
138.28 |
|
|
4.1 |
% |
Total
RevPAR |
$ |
354.64 |
|
|
$ |
339.99 |
|
|
4.3 |
% |
|
|
|
|
|
|
Gross
Definite Rooms Nights Booked |
|
471,736 |
|
|
|
481,793 |
|
|
-2.1 |
% |
Net
Definite Rooms Nights Booked |
|
344,640 |
|
|
|
387,724 |
|
|
-11.1 |
% |
Group
Attrition (as % of contracted block) |
|
13.4 |
% |
|
|
11.3 |
% |
|
2.1pt |
|
Cancellations ITYFTY (1) |
|
15,085 |
|
|
|
20,179 |
|
|
-25.2 |
% |
|
|
|
|
|
|
(1) "ITYFTY"
represents In The Year For The Year. |
|
|
|
|
|
|
|
|
|
|
|
Property-level results and operating metrics for
first quarter 2018 are presented in greater detail below and under
“Supplemental Financial Results—Hospitality Segment Adjusted EBITDA
Reconciliations and Operating Metrics,” 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 2018 for the
Hospitality segment and at each property include:
- Hospitality Segment: Total revenue increased
4.3 percent to $265.1 million in first quarter 2018 compared to
first quarter 2017. RevPAR increased 4.1 percent to $143.89
in first quarter 2018 compared to first quarter 2017, driven by
growth in Average Daily Rate (“ADR”) and occupancy.
Overall, the segment was led by strong financial performances
at both Gaylord Opryland and Gaylord Palms with Total RevPAR growth
of 10.4 percent and 6.8 percent, respectively. On a portfolio
basis, Corporate group room nights increased 6.8 percent, while
Transient room nights increased 3.4 percent as compared to first
quarter 2017. The shift in the Easter holiday, which fell on
the last weekend of the first quarter of 2018 as compared to the
second quarter of 2017, negatively impacted RevPAR by approximately
170 basis points. Total RevPAR increased 4.3 percent to
$354.64 in the first quarter of 2018 compared to first quarter 2017
as a mix shift from Association and Other group room nights to
Corporate room nights positively impacted outside the room spending
for banquets and catering. Flow through for incremental revenue on
rooms and food and beverage was strong in the quarter but was
partially offset by lower attrition and cancellation fee
collections and higher sales and marketing expenses.
Hospitality segment operating income for the quarter was $53.5
million, an increase of 2.9 percent over first quarter 2017.
Operating income margin declined by 20 basis points to 20.2
percent. Adjusted EBITDA increased 4.3 percent to $85.1
million in first quarter 2018, compared to first quarter 2017.
Adjusted EBITDA margin was flat at 32.1 percent.
($ in thousands, except for ADR, RevPAR and Total RevPAR)
Gaylord Opryland |
|
Three Months Ended |
|
|
|
March 31, |
|
|
|
|
2018 |
|
|
|
2017 |
|
|
% ∆ |
Revenue |
|
|
$ |
82,745 |
|
|
$ |
74,962 |
|
|
10.4 |
% |
Operating
Income |
|
$ |
19,795 |
|
|
$ |
15,477 |
|
|
27.9 |
% |
Operating
Income Margin |
|
23.9 |
% |
|
|
20.6 |
% |
|
3.3pt |
|
Adjusted
EBITDA |
|
$ |
28,552 |
|
|
$ |
23,739 |
|
|
20.3 |
% |
Adjusted
EBITDA Margin |
|
34.5 |
% |
|
|
31.7 |
% |
|
2.8pt |
|
|
|
|
|
|
|
|
|
Occupancy |
|
|
72.3 |
% |
|
|
68.4 |
% |
|
3.9pt |
|
Average daily rate (ADR) |
$ |
190.40 |
|
|
$ |
177.30 |
|
|
7.4 |
% |
RevPAR |
|
|
$ |
137.57 |
|
|
$ |
121.19 |
|
|
13.5 |
% |
Total RevPAR |
|
$ |
318.35 |
|
|
$ |
288.40 |
|
|
10.4 |
% |
- Gaylord Opryland: Total revenue increased 10.4
percent to $82.7 million in first quarter 2018 compared to first
quarter 2017, driven by a 3.9-point increase in occupancy.
This increased occupancy was partially due to the return to service
of approximately 18,000 room nights that were out of service during
the first quarter of 2017 due to a scheduled rooms renovation
project. Association room nights increased 42.3 percent in
the first quarter of 2018 compared to the first quarter of
2017. RevPAR increased 13.5 percent to $137.57 in first
quarter 2018 compared to first quarter 2017, driven by a 7.4
percent increase in ADR as compared to first quarter 2017.
Transient and Corporate ADR increased by 12.3 percent and 8.7
percent, respectively, in the first quarter of 2018 compared to the
first quarter of 2017, while Association ADR was up 2.3 percent as
compared to first quarter 2017. This performance resulted in
overall ADR increasing by over $13 for the first quarter of 2018
compared to the first quarter of 2017. Food and beverage
revenues were driven by strong banquet performance resulting from
increased group room nights. Profitability in the quarter was
impacted by lower attrition and cancellation fee collections, as
well as higher wages and other operating expenses, although these
negative impacts were mostly offset by the positive impact of lower
real estate taxes. Operating income increased by 27.9 percent to
$19.8 million compared to first quarter 2017. Adjusted EBITDA
increased by 20.3 percent to $28.6 million compared to first
quarter 2017.
($ in thousands, except for ADR, RevPAR and Total RevPAR)
Gaylord Palms |
|
Three Months Ended |
|
|
|
March 31, |
|
|
|
|
2018 |
|
|
|
2017 |
|
|
% ∆ |
Revenue |
|
|
$ |
57,896 |
|
|
$ |
54,197 |
|
|
6.8 |
% |
Operating
Income |
|
$ |
16,248 |
|
|
$ |
13,113 |
|
|
23.9 |
% |
Operating
Income Margin |
|
28.1 |
% |
|
|
24.2 |
% |
|
3.9pt |
|
Adjusted
EBITDA |
|
$ |
22,285 |
|
|
$ |
19,188 |
|
|
16.1 |
% |
Adjusted
EBITDA Margin |
|
38.5 |
% |
|
|
35.4 |
% |
|
3.1pt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
|
82.3 |
% |
|
|
79.8 |
% |
|
2.5pt |
|
Average daily rate (ADR) |
$ |
210.74 |
|
|
$ |
206.97 |
|
|
1.8 |
% |
RevPAR |
|
|
$ |
173.44 |
|
|
$ |
165.24 |
|
|
5.0 |
% |
Total RevPAR |
|
$ |
454.30 |
|
|
$ |
425.27 |
|
|
6.8 |
% |
- Gaylord Palms: Total revenue increased 6.8
percent to $57.9 million in first quarter 2018 compared to first
quarter 2017, led by strong occupancy, which increased 2.5 points
to 82.3 percent. Room night demand was driven by Transient,
Corporate and Other Group customers which saw increases of 22.0
percent, 11.2 percent and 35.0 percent, respectively, in the first
quarter of 2018 compared to the first quarter of 2017. RevPAR
and Total RevPAR increased by 5.0 percent and 6.8 percent,
respectively, in the first quarter of 2018 compared to the first
quarter of 2017, driven by the higher occupancy and ADR, as well as
a positive group mix shift. As a result of the strong group
room night performance during the quarter, outside the room
spending in food and beverage increased and contributed to
profitability. Other revenue was also favorable as compared to
first quarter 2017 as the hotel benefitted from six additional days
of ICE! holiday programming during the quarter, which more than
offset the quarter-over-quarter decline in attrition and
cancellation fee collections. Operating Income and Adjusted
EBITDA increased 23.9 percent and 16.1 percent to $16.2 million and
$22.3 million, respectively, compared to first quarter 2017.
($ in thousands, except for ADR, RevPAR and Total RevPAR)
Gaylord Texan |
|
Three Months Ended |
|
|
|
March 31, |
|
|
|
|
2018 |
|
|
|
2017 |
|
|
% ∆ |
Revenue |
|
|
$ |
58,357 |
|
|
$ |
56,745 |
|
|
2.8 |
% |
Operating
Income |
|
$ |
14,032 |
|
|
$ |
15,890 |
|
|
-11.7 |
% |
Operating
Income Margin |
|
24.0 |
% |
|
|
28.0 |
% |
|
-4.0pt |
|
Adjusted
EBITDA |
|
$ |
20,614 |
|
|
$ |
21,000 |
|
|
-1.8 |
% |
Adjusted
EBITDA Margin |
|
35.3 |
% |
|
|
37.0 |
% |
|
-1.7pt |
|
|
|
|
|
|
|
|
|
Occupancy |
|
|
76.5 |
% |
|
|
79.6 |
% |
|
-3.1pt |
|
Average daily rate (ADR) |
$ |
194.92 |
|
|
$ |
188.86 |
|
|
3.2 |
% |
RevPAR |
|
|
$ |
149.13 |
|
|
$ |
150.29 |
|
|
-0.8 |
% |
Total RevPAR |
|
$ |
429.13 |
|
|
$ |
417.28 |
|
|
2.8 |
% |
- Gaylord Texan: Total revenue increased
2.8 percent to $58.4 million in first quarter 2018 compared to
first quarter 2017. RevPAR was essentially flat
quarter-over-quarter, although ADR increased 3.2 percent on a
quarter-over-quarter basis. Occupancy decreased by 3.1 points
in the first quarter 2018 as Transient and Association room nights
declined 15.6 percent and 41.9 percent, respectively, in the first
quarter of 2018 compared to the first quarter of 2017, partially
offset by an increase in Corporate room nights of 18.5
percent. The absence of a Dallas Cowboys playoff game this
year, coupled with the shift in timing of the Cotton Bowl into the
fourth quarter of 2017, contributed to the 3.1-point drop in
occupancy this quarter compared to first quarter 2017.
Pre-opening expenses related to our rooms and meeting space
expansion negatively impacted Operating Income comparisons to first
quarter 2017. Operating Income and Adjusted EBITDA decreased by
11.7 percent and 1.8 percent to $14.0 million and $20.6 million,
respectively, compared to first quarter 2017. Lower attrition
and cancellation fees collected in the first quarter 2018
negatively impacted both Operating Income and Adjusted EBITDA
compared to the first quarter 2017. Property taxes for the
hotel were also higher in the first quarter of 2018 compared to
first quarter 2017, due to anticipated increased value related to
the property’s recent expansion.
($ in thousands, except for ADR, RevPAR and Total
RevPAR)
Gaylord National |
|
Three Months Ended |
|
|
|
March 31, |
|
|
|
|
2018 |
|
|
|
2017 |
|
|
% ∆ |
|
Revenue |
|
|
$ |
60,756 |
|
|
$ |
62,457 |
|
|
-2.7 |
% |
|
Operating
Income |
|
$ |
3,317 |
|
|
$ |
6,709 |
|
|
-50.6 |
% |
|
Operating
Income Margin |
|
5.5 |
% |
|
|
10.7 |
% |
|
-5.2pt |
|
|
Adjusted
EBITDA |
|
$ |
12,843 |
|
|
$ |
16,211 |
|
|
-20.8 |
% |
|
Adjusted
EBITDA Margin |
|
21.1 |
% |
|
|
26.0 |
% |
|
-4.9pt |
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
|
70.7 |
% |
|
|
69.7 |
% |
|
1.0pt |
|
|
Average daily rate (ADR) |
$ |
198.24 |
|
|
$ |
205.20 |
|
|
-3.4 |
% |
|
RevPAR |
|
|
$ |
140.24 |
|
|
$ |
142.93 |
|
|
-1.9 |
% |
|
Total RevPAR |
|
$ |
338.21 |
|
|
$ |
347.68 |
|
|
-2.7 |
% |
|
- Gaylord National: Total revenue decreased 2.7
percent to $60.8 million in first quarter 2018 compared to first
quarter 2017. RevPAR declined 1.9 percent to $140.24 in first
quarter 2018 compared to first quarter 2017, driven primarily by a
3.4 percent decrease in ADR. This was partially offset by
higher occupancy of 1.0 point. RevPAR for the Upper
Upscale/Luxury Segment of the Washington D.C. market declined 14.7
percent in the first quarter of 2018 compared to the first quarter
of 2017. Measured against these trends, Gaylord National
performed better than its local peers, as RevPAR for the hotel
declined only 1.9 percent in the first quarter of 2018 compared to
the first quarter of 2017. Total RevPAR decreased 2.7 percent
on a quarter-over-quarter basis, driven by lower ADR and lower food
and beverage revenue. The first quarter of 2017 benefitted
from Inauguration events and other election-related activity which
did not repeat this year, negatively impacting group mix and food
and beverage results for first quarter 2018 compared to first
quarter 2017. Revenue related to Inauguration and
election-related activities in the year-ago period were
approximately $1.1 million. Operating Income and Adjusted
EBITDA decreased 50.6 percent and 20.8 percent to $3.3 million and
$12.8 million, respectively, compared to first quarter 2017.
Reed continued, “As a portfolio, our hotels experienced a strong
first quarter, with Gaylord Opryland and Gaylord Palms delivering
especially standout results. Gaylord Texan also delivered
solid results despite some one-time costs related to the opening of
its rooms and meeting space expansion in May. We believe this
additional meeting space and room inventory is arriving at an ideal
time to satisfy increasing market demand as well as increasing
demand in the group segment overall.
Despite facing some difficult local market dynamics, Gaylord
National significantly outperformed its local peer group on a
number of important metrics in the first quarter of 2018. We
look forward to beginning a rooms renovation project at Gaylord
National in the fourth quarter of this year, which we believe will
strengthen the hotel’s competitiveness within the market. As a
result of the renovation, we anticipate approximately 14,600 room
nights will be out of service in the fourth quarter of 2018. We
expect that this project will carry through all of 2019.
Our SoundWaves project at Gaylord Opryland remains on target to
open in fourth quarter 2018.”
Entertainment Segment
For the three months ended March 31, 2018 and 2017, the Company
reported the following:
Entertainment
Segment Results |
|
|
|
|
Three Months Ended |
($ in thousands) |
March 31, |
|
|
2018 |
|
|
2017 |
|
% ∆ |
|
|
|
|
Revenue |
$ |
23,259 |
|
$ |
21,888 |
|
6.3 |
% |
Operating Income |
$ |
1,282 |
|
$ |
2,968 |
|
-56.8 |
% |
Operating Income
Margin |
|
5.5 |
% |
|
13.6 |
% |
-8.1pt |
|
Adjusted EBITDA |
$ |
3,173 |
|
$ |
5,226 |
|
-39.3 |
% |
Adjusted EBITDA
Margin |
|
13.6 |
% |
|
23.9 |
% |
-10.3pt |
|
The Company’s investment in its Entertainment
Segment continued during the first quarter of 2018, which included
additional employment costs related to its growth initiatives.
First quarter 2018 Adjusted EBITDA was also impacted by a slower
than anticipated ramp-up period and higher than anticipated
start-up costs related to the recent opening of Opry City Stage in
New York City and a shift in the mix of concert events at Ryman
Auditorium.
Subsequent to the end of first quarter 2018, the Company reached
an agreement with its joint venture partner in Opry City Stage to
acquire the partner’s 50 percent interest, which, once complete,
will give the Company full ownership and greater oversight of
operations.
Reed continued, “Growth in our core Entertainment segment
continued during the quarter, as evidenced by a 6.3 percent
increase in revenue compared to the first quarter of 2017.
Profitability was impacted by several factors, primarily attributed
to a slower than anticipated launch of our Opry City Stage concept.
We believe Opry City Stage remains a compelling long-term strategic
investment for the Entertainment segment and that owning all of
this venue will allow us to make the necessary investments to
improve its brand awareness, programming and street appeal as we
continue to ramp-up its operations this year.
In Nashville, our flagship Ole Red location is set to open its
doors the first week in May. We look forward to a busy summer
season at this property, which we believe will be unlike anything
else in downtown Nashville. We are also looking forward to
beginning construction on our recently-announced third Ole Red
location in the heart of Gatlinburg, Tennessee. We anticipate this
$9 million capital investment will open in the spring of 2019. We
remain excited for all of the opportunities we have to leverage our
unique position in the country music genre to meaningfully grow
this segment.”
Corporate and Other Segment Results
For the three months ended March 31, 2018 and 2017, the Company
reported the following:
Corporate and
Other Segment Results |
|
|
|
|
Three Months Ended |
($ in thousands) |
March 31, |
|
|
2018 |
|
|
2017 |
|
% ∆ |
|
|
|
|
Operating Loss |
($8,837 |
) |
($7,960 |
) |
-11.0 |
% |
Adjusted EBITDA |
($6,541 |
) |
($6,241 |
) |
-4.8 |
% |
Corporate and Other Segment Operating Loss and
Adjusted EBITDA for first quarter 2018 includes increases in
administrative and employment costs associated with supporting the
Company’s growth initiatives in its Hospitality and Entertainment
segments.
Dividend Update The Company paid its first
quarter 2018 cash dividend of $0.85 per share of common stock on
April 16, 2018 to stockholders of record on March 30, 2018.
It is the Company’s current plan to distribute total 2018
annual dividends of approximately $3.40 per share in cash in equal
quarterly payments with the remaining payments occurring in July
and October of 2018 and January of 2019. 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,
2018, the Company had total debt outstanding of $1,649.3 million,
net of unamortized deferred financing costs, and unrestricted cash
of $59.0 million. As of March 31, 2018, $227.5 million of
borrowings were drawn under the revolving credit line of the
Company’s credit facility, and the lending banks had issued $1.8
million in letters of credit, which left $470.7 million of
availability for borrowing under the credit facility.
Guidance The Company is affirming its 2018
guidance provided on February 23, 2018. 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 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/News & Events/Events & 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; 650 AM WSM, the
Opry’s radio home; and Ole Red, a country lifestyle and
entertainment brand. The Company also is a joint venture owner in
Opry City Stage, the Opry’s first home away from home,
in Times Square. 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,
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, 2017 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.
Investor Relations Contacts: |
Media Contacts: |
Mark Fioravanti, President and Chief Financial Officer |
Shannon Sullivan, Director Corporate Communications |
Ryman Hospitality Properties, Inc. |
Ryman Hospitality Properties, Inc. |
(615) 316-6588 |
(615) 316-6725 |
mfioravanti@rymanhp.com |
ssullivan@rymanhp.com |
~or~ |
~or~ |
Todd Siefert, Vice President Corporate Finance & Treasurer |
Robert Winters or Sam Gibbons |
Ryman Hospitality Properties, Inc. |
Alpha IR Group |
(615) 316-6344 |
(929) 266-6315 or (312) 445-2874 |
tsiefert@rymanhp.com |
robert.winters@alpha-ir.com; sam.gibbons@alpha-ir.com |
|
|
|
|
RYMAN HOSPITALITY
PROPERTIES, INC. AND
SUBSIDIARIES |
|
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS |
Unaudited |
(In thousands, except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Mar. 31, |
|
|
|
2018 |
|
|
2017 |
|
Revenues
: |
|
|
|
Rooms |
$ |
107,564 |
|
$ |
103,369 |
|
|
Food and
beverage |
|
132,939 |
|
|
126,169 |
|
|
Other
hotel revenue |
|
24,608 |
|
|
24,616 |
|
|
Entertainment |
|
23,259 |
|
|
21,888 |
|
|
Total
revenues |
|
288,370 |
|
|
276,042 |
|
|
|
|
|
Operating
expenses: |
|
|
|
Rooms |
|
28,928 |
|
|
28,028 |
|
|
Food and
beverage |
|
71,978 |
|
|
69,157 |
|
|
Other
hotel expenses |
|
75,882 |
|
|
74,238 |
|
|
Management fees |
|
7,130 |
|
|
5,531 |
|
|
Total
hotel operating expenses |
|
183,918 |
|
|
176,954 |
|
|
Entertainment |
|
19,366 |
|
|
16,851 |
|
|
Corporate |
|
8,329 |
|
|
7,409 |
|
|
Preopening costs |
|
2,147 |
|
|
216 |
|
|
Depreciation and amortization |
|
28,666 |
|
|
27,637 |
|
|
Total
operating expenses |
|
242,426 |
|
|
229,067 |
|
|
|
|
|
Operating
income |
|
45,944 |
|
|
46,975 |
|
|
|
|
|
Interest
expense, net of amounts capitalized |
|
(16,729 |
) |
|
(15,864 |
) |
Interest
income |
|
2,753 |
|
|
2,948 |
|
Loss from
joint ventures |
|
(2,588 |
) |
|
(774 |
) |
Other gains
and (losses), net |
|
168 |
|
|
(72 |
) |
Income
before income taxes |
|
29,548 |
|
|
33,213 |
|
|
|
|
|
Provision
for income taxes |
|
(2,209 |
) |
|
(593 |
) |
Net
income |
$ |
27,339 |
|
$ |
32,620 |
|
|
|
|
|
Basic net
income per share |
$ |
0.53 |
|
$ |
0.64 |
|
Fully
diluted net income per share |
$ |
0.53 |
|
$ |
0.63 |
|
|
|
|
|
Weighted
average common shares for the period: |
|
|
|
Basic |
|
51,214 |
|
|
51,045 |
|
|
Diluted |
|
51,473 |
|
|
51,373 |
|
|
|
|
|
RYMAN HOSPITALITY
PROPERTIES, INC. AND
SUBSIDIARIES |
|
CONDENSED CONSOLIDATED
BALANCE SHEETS |
Unaudited |
(In thousands) |
|
|
|
|
|
|
|
|
|
|
|
Mar. 31, |
|
Dec. 31, |
|
|
|
|
2018 |
|
2017 |
|
|
|
|
|
|
|
ASSETS: |
|
|
|
|
Property and equipment, net of accumulated depreciation |
$ |
2,085,187 |
|
$ |
2,065,657 |
|
Cash and cash equivalents - unrestricted |
|
59,040 |
|
|
57,557 |
|
Cash and cash equivalents - restricted |
|
26,687 |
|
|
21,153 |
|
Notes receivable |
|
111,046 |
|
|
111,423 |
|
Investment in Gaylord Rockies joint venture |
|
88,717 |
|
|
88,685 |
|
Trade receivables, net |
|
66,253 |
|
|
57,520 |
|
Deferred income taxes, net |
|
48,342 |
|
|
50,117 |
|
Prepaid expenses and other assets |
|
73,906 |
|
|
72,116 |
|
|
Total assets |
$ |
2,559,178 |
|
$ |
2,524,228 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
AND STOCKHOLDERS' EQUITY: |
|
|
|
|
Debt and capital lease obligations |
$ |
1,649,302 |
|
$ |
1,591,392 |
|
Accounts payable and accrued liabilities |
|
172,159 |
|
|
179,649 |
|
Dividends payable |
|
44,878 |
|
|
42,129 |
|
Deferred management rights proceeds |
|
176,299 |
|
|
177,057 |
|
Other liabilities |
|
156,617 |
|
|
155,845 |
|
Stockholders' equity |
|
359,923 |
|
|
378,156 |
|
|
Total liabilities and stockholders' equity |
$ |
2,559,178 |
|
$ |
2,524,228 |
|
|
|
|
|
|
|
RYMAN HOSPITALITY PROPERTIES, INC. AND
SUBSIDIARIES |
SUPPLEMENTAL FINANCIAL RESULTS |
ADJUSTED EBITDA RECONCILIATION |
Unaudited |
(in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended Mar. 31, |
|
|
|
|
|
2018 |
|
2017 |
|
|
$ |
Margin |
|
$ |
Margin |
|
Consolidated |
|
|
|
|
|
|
Revenue |
$ |
288,370 |
|
|
|
$ |
276,042 |
|
|
|
Net income |
$ |
27,339 |
|
9.5 |
% |
|
$ |
32,620 |
|
11.8 |
% |
|
Provision
for income taxes |
|
2,209 |
|
|
|
|
593 |
|
|
|
Other
(gains) and losses, net |
|
(168 |
) |
|
|
|
72 |
|
|
|
Loss from
joint ventures |
|
2,588 |
|
|
|
|
774 |
|
|
|
Interest
expense, net |
|
13,976 |
|
|
|
|
12,916 |
|
|
|
Operating Income |
|
45,944 |
|
15.9 |
% |
|
|
46,975 |
|
17.0 |
% |
|
Depreciation & amortization |
|
28,666 |
|
|
|
|
27,637 |
|
|
|
Preopening costs |
|
2,147 |
|
|
|
|
216 |
|
|
|
Non-cash
ground lease expense |
|
1,244 |
|
|
|
|
1,305 |
|
|
|
Equity-based compensation expense |
|
1,923 |
|
|
|
|
1,569 |
|
|
|
Interest
income on Gaylord National bonds |
|
2,654 |
|
|
|
|
2,931 |
|
|
|
Pro rata
adjusted EBITDA from joint ventures |
|
(1,019 |
) |
|
|
|
- |
|
|
|
Other
gains and (losses), net |
|
168 |
|
|
|
|
(72 |
) |
|
|
Adjusted EBITDA |
$ |
81,727 |
|
28.3 |
% |
|
$ |
80,561 |
|
29.2 |
% |
|
|
|
|
|
|
|
|
Hospitality
segment |
|
|
|
|
|
|
Revenue |
$ |
265,111 |
|
|
|
$ |
254,154 |
|
|
|
Operating income |
$ |
53,499 |
|
20.2 |
% |
|
$ |
51,967 |
|
20.4 |
% |
|
Depreciation & amortization |
|
26,200 |
|
|
|
|
25,178 |
|
|
|
Preopening costs |
|
1,494 |
|
|
|
|
55 |
|
|
|
Non-cash
lease expense |
|
1,248 |
|
|
|
|
1,280 |
|
|
|
Interest
income on Gaylord National bonds |
|
2,654 |
|
|
|
|
2,931 |
|
|
|
Other
gains and (losses), net |
|
- |
|
|
|
|
165 |
|
|
|
Adjusted EBITDA |
$ |
85,095 |
|
32.1 |
% |
|
$ |
81,576 |
|
32.1 |
% |
|
|
|
|
|
|
|
|
Entertainment
segment |
|
|
|
|
|
|
Revenue |
$ |
23,259 |
|
|
|
$ |
21,888 |
|
|
|
Operating income |
$ |
1,282 |
|
5.5 |
% |
|
$ |
2,968 |
|
13.6 |
% |
|
Depreciation & amortization |
|
1,957 |
|
|
|
|
1,908 |
|
|
|
Preopening costs |
|
653 |
|
|
|
|
161 |
|
|
|
Non-cash
lease expense |
|
(4 |
) |
|
|
|
25 |
|
|
|
Equity-based compensation |
|
304 |
|
|
|
|
137 |
|
|
|
Pro rata
adjusted EBITDA from joint ventures |
|
(1,019 |
) |
|
|
|
- |
|
|
|
Other
gains and (losses), net |
|
- |
|
|
|
|
27 |
|
|
|
Adjusted EBITDA |
$ |
3,173 |
|
13.6 |
% |
|
$ |
5,226 |
|
23.9 |
% |
|
|
|
|
|
|
|
|
Corporate and Other
segment |
|
|
|
|
|
|
Operating loss |
$ |
(8,837 |
) |
|
|
$ |
(7,960 |
) |
|
|
Depreciation & amortization |
|
509 |
|
|
|
|
551 |
|
|
|
Equity-based compensation |
|
1,619 |
|
|
|
|
1,432 |
|
|
|
Other
gains and (losses), net |
|
168 |
|
|
|
|
(264 |
) |
|
|
Adjusted EBITDA |
$ |
(6,541 |
) |
|
|
$ |
(6,241 |
) |
|
|
|
|
|
|
|
|
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, |
|
|
|
2018 |
|
|
|
2017 |
|
|
Consolidated |
|
|
|
|
Net income |
$ |
27,339 |
|
|
$ |
32,620 |
|
|
Depreciation & amortization |
|
28,666 |
|
|
|
27,637 |
|
|
Pro rata
adjustments from joint ventures |
|
387 |
|
|
|
18 |
|
|
FFO |
|
56,392 |
|
|
|
60,275 |
|
|
|
|
|
|
|
Non-cash
lease expense |
|
1,244 |
|
|
|
1,305 |
|
|
Pro rata
adjustments from joint ventures |
|
57 |
|
|
|
97 |
|
|
Amortization of deferred financing costs |
|
1,415 |
|
|
|
1,263 |
|
|
Deferred
tax (benefit) expense |
|
1,779 |
|
|
|
(187 |
) |
|
Adjusted FFO |
$ |
60,887 |
|
|
$ |
62,753 |
|
|
Capital
expenditures (1) |
|
(15,076 |
) |
|
|
(14,912 |
) |
|
Adjusted FFO less maintenance capital
expenditures |
$ |
45,811 |
|
|
$ |
47,841 |
|
|
|
|
|
|
|
|
|
|
|
|
Basic net
income per share |
$ |
0.53 |
|
|
$ |
0.64 |
|
|
Fully
diluted net income per share |
$ |
0.53 |
|
|
$ |
0.63 |
|
|
|
|
|
|
|
FFO per
basic share |
$ |
1.10 |
|
|
$ |
1.18 |
|
|
Adjusted
FFO per basic share |
$ |
1.19 |
|
|
$ |
1.23 |
|
|
|
|
|
|
|
FFO per
diluted share |
$ |
1.10 |
|
|
$ |
1.17 |
|
|
Adjusted
FFO per diluted share |
$ |
1.18 |
|
|
$ |
1.22 |
|
|
|
|
|
|
(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, |
|
|
2018 |
|
2017 |
|
|
$ |
Margin |
|
$ |
Margin |
|
Hospitality
segment |
|
|
|
|
|
|
Revenue |
$ |
265,111 |
|
|
|
$ |
254,154 |
|
|
|
Operating Income |
$ |
53,499 |
|
20.2 |
% |
|
$ |
51,967 |
|
20.4 |
% |
|
Depreciation & amortization |
|
26,200 |
|
|
|
|
25,178 |
|
|
|
Preopening costs |
|
1,494 |
|
|
|
|
55 |
|
|
|
Non-cash
lease expense |
|
1,248 |
|
|
|
|
1,280 |
|
|
|
Interest
income on Gaylord National bonds |
|
2,654 |
|
|
|
|
2,931 |
|
|
|
Other
gains and (losses), net |
|
- |
|
|
|
|
165 |
|
|
|
Adjusted EBITDA |
$ |
85,095 |
|
32.1 |
% |
|
$ |
81,576 |
|
32.1 |
% |
|
|
|
|
|
|
|
|
Occupancy |
|
73.8 |
% |
|
|
|
72.7 |
% |
|
|
Average
daily rate (ADR) |
$ |
195.02 |
|
|
|
$ |
190.33 |
|
|
|
RevPAR |
$ |
143.89 |
|
|
|
$ |
138.28 |
|
|
|
OtherPAR |
$ |
210.75 |
|
|
|
$ |
201.71 |
|
|
|
Total
RevPAR |
$ |
354.64 |
|
|
|
$ |
339.99 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaylord
Opryland |
|
|
|
|
|
|
Revenue |
$ |
82,745 |
|
|
|
$ |
74,962 |
|
|
|
Operating Income |
$ |
19,795 |
|
23.9 |
% |
|
$ |
15,477 |
|
20.6 |
% |
|
Depreciation & amortization |
|
8,678 |
|
|
|
|
8,097 |
|
|
|
Preopening costs |
|
79 |
|
|
|
|
- |
|
|
|
Other
gains and (losses), net |
|
- |
|
|
|
|
165 |
|
|
|
Adjusted EBITDA |
$ |
28,552 |
|
34.5 |
% |
|
$ |
23,739 |
|
31.7 |
% |
|
|
|
|
|
|
|
|
Occupancy |
|
72.3 |
% |
|
|
|
68.4 |
% |
|
|
Average
daily rate (ADR) |
$ |
190.40 |
|
|
|
$ |
177.30 |
|
|
|
RevPAR |
$ |
137.57 |
|
|
|
$ |
121.19 |
|
|
|
OtherPAR |
$ |
180.78 |
|
|
|
$ |
167.21 |
|
|
|
Total
RevPAR |
$ |
318.35 |
|
|
|
$ |
288.40 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaylord
Palms |
|
|
|
|
|
|
Revenue |
$ |
57,896 |
|
|
|
$ |
54,197 |
|
|
|
Operating Income |
$ |
16,248 |
|
28.1 |
% |
|
$ |
13,113 |
|
24.2 |
% |
|
Depreciation & amortization |
|
4,789 |
|
|
|
|
4,795 |
|
|
|
Non-cash
lease expense |
|
1,248 |
|
|
|
|
1,280 |
|
|
|
Adjusted EBITDA |
$ |
22,285 |
|
38.5 |
% |
|
$ |
19,188 |
|
35.4 |
% |
|
|
|
|
|
|
|
|
Occupancy |
|
82.3 |
% |
|
|
|
79.8 |
% |
|
|
Average
daily rate (ADR) |
$ |
210.74 |
|
|
|
$ |
206.97 |
|
|
|
RevPAR |
$ |
173.44 |
|
|
|
$ |
165.24 |
|
|
|
OtherPAR |
$ |
280.86 |
|
|
|
$ |
260.03 |
|
|
|
Total
RevPAR |
$ |
454.30 |
|
|
|
$ |
425.27 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaylord
Texan |
|
|
|
|
|
|
Revenue |
$ |
58,357 |
|
|
|
$ |
56,745 |
|
|
|
Operating Income |
$ |
14,032 |
|
24.0 |
% |
|
$ |
15,890 |
|
28.0 |
% |
|
Depreciation & amortization |
|
5,167 |
|
|
|
|
5,110 |
|
|
|
Preopening costs |
|
1,415 |
|
|
|
|
- |
|
|
|
Adjusted EBITDA |
$ |
20,614 |
|
35.3 |
% |
|
$ |
21,000 |
|
37.0 |
% |
|
|
|
|
|
|
|
|
Occupancy |
|
76.5 |
% |
|
|
|
79.6 |
% |
|
|
Average
daily rate (ADR) |
$ |
194.92 |
|
|
|
$ |
188.86 |
|
|
|
RevPAR |
$ |
149.13 |
|
|
|
$ |
150.29 |
|
|
|
OtherPAR |
$ |
280.00 |
|
|
|
$ |
266.99 |
|
|
|
Total
RevPAR |
$ |
429.13 |
|
|
|
$ |
417.28 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaylord
National |
|
|
|
|
|
|
Revenue |
$ |
60,756 |
|
|
|
$ |
62,457 |
|
|
|
Operating Income |
$ |
3,317 |
|
5.5 |
% |
|
$ |
6,709 |
|
10.7 |
% |
|
Depreciation & amortization |
|
6,872 |
|
|
|
|
6,516 |
|
|
|
Preopening costs |
|
- |
|
|
|
|
55 |
|
|
|
Interest
income on Gaylord National bonds |
|
2,654 |
|
|
|
|
2,931 |
|
|
|
Adjusted EBITDA |
$ |
12,843 |
|
21.1 |
% |
|
$ |
16,211 |
|
26.0 |
% |
|
|
|
|
|
|
|
|
Occupancy |
|
70.7 |
% |
|
|
|
69.7 |
% |
|
|
Average
daily rate (ADR) |
$ |
198.24 |
|
|
|
$ |
205.20 |
|
|
|
RevPAR |
$ |
140.24 |
|
|
|
$ |
142.93 |
|
|
|
OtherPAR |
$ |
197.97 |
|
|
|
$ |
204.75 |
|
|
|
Total
RevPAR |
$ |
338.21 |
|
|
|
$ |
347.68 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The AC Hotel at
National Harbor |
|
|
|
|
|
|
Revenue |
$ |
2,371 |
|
|
|
$ |
2,459 |
|
|
|
Operating Income |
$ |
131 |
|
5.5 |
% |
|
$ |
379 |
|
15.4 |
% |
|
Depreciation & amortization |
|
327 |
|
|
|
|
325 |
|
|
|
Adjusted EBITDA |
$ |
458 |
|
19.3 |
% |
|
$ |
704 |
|
28.6 |
% |
|
|
|
|
|
|
|
|
Occupancy |
|
60.6 |
% |
|
|
|
62.2 |
% |
|
|
Average
daily rate (ADR) |
$ |
191.04 |
|
|
|
$ |
200.54 |
|
|
|
RevPAR |
$ |
115.76 |
|
|
|
$ |
124.69 |
|
|
|
OtherPAR |
$ |
21.45 |
|
|
|
$ |
17.59 |
|
|
|
Total
RevPAR |
$ |
137.21 |
|
|
|
$ |
142.28 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Inn at
Opryland (1) |
|
|
|
|
|
|
Revenue |
$ |
2,986 |
|
|
|
$ |
3,334 |
|
|
|
Operating Income (Loss) |
$ |
(24 |
) |
-0.8 |
% |
|
$ |
399 |
|
12.0 |
% |
|
Depreciation & amortization |
|
367 |
|
|
|
|
335 |
|
|
|
Adjusted EBITDA |
$ |
343 |
|
11.5 |
% |
|
$ |
734 |
|
22.0 |
% |
|
|
|
|
|
|
|
|
Occupancy |
|
63.3 |
% |
|
|
|
71.9 |
% |
|
|
Average
daily rate (ADR) |
$ |
129.13 |
|
|
|
$ |
129.78 |
|
|
|
RevPAR |
$ |
81.73 |
|
|
|
$ |
93.28 |
|
|
|
OtherPAR |
$ |
27.79 |
|
|
|
$ |
28.94 |
|
|
|
Total
RevPAR |
$ |
109.52 |
|
|
|
$ |
122.22 |
|
|
|
|
|
|
|
|
|
|
(1)
Includes other hospitality revenue and expense |
|
|
|
|
|
|
|
|
|
|
|
|
Ryman Hospitality Proper... (NYSE:RHP)
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