Ryman Hospitality Properties, Inc. (NYSE: RHP), a lodging real
estate investment trust (“REIT”) specializing in group-oriented,
destination hotel assets in urban and resort markets, today
reported financial results for the third quarter ended September
30, 2021.
Third Quarter 2021 Highlights and Recent
Developments:
- Compared to second quarter 2021, Net Loss in the third quarter
improved sequentially to $(8.6) million from $(63.0) million on
79.6% revenue growth.
- Consolidated Adjusted EBITDAre for the third quarter was $86.0
million, and consolidated Adjusted EBITDAre margin was 28.0%,
driven by strength in group occupancy coupled with strong rate
performance.
- Despite the Delta-related impact, the Company generated
positive cash flow1 (as defined) for the quarter, near the top of
our expectations.
- Funds From Operations Available to Common Shareholders and Unit
Holders increased sequentially from second quarter 2021 of $(6.8)
million to approximately $47.5 million, and Adjusted Funds From
Operations Available to Common Shareholders and Unit Holders
improved from second quarter 2021 of $(1.6) million to over $52.1
million for the third quarter 2021.
- Continued strong rate performance as ADR across our five
Gaylord hotels reached almost $217 per night in the quarter, an
increase of 15% compared to ADR in the third quarter of 2019.
- Subsequent to quarter’s end, the Company announced its
intention to acquire Block 21, a mixed-use complex in the heart of
downtown Austin and home of the iconic Moody Theater; closing
expected near the end of the fourth quarter of 2021.
Colin Reed, Chairman and Chief Executive Officer of Ryman
Hospitality Properties, said, “I’m especially pleased with our
performance this quarter, which demonstrated the continued strength
and resilience of our business as we move closer to a post-pandemic
environment and the realization of the full potential of the
capital investments we have made over the past several years. While
we were impacted in the third quarter by Delta-related
cancellations, our hotels serviced over 307,000 group room nights,
which is more than double the total number delivered in all of the
first half of 2021. Leisure demand remained strong throughout the
quarter, and we delivered Adjusted EBITDAre margins across our
hotels that approached levels achieved in the third quarter of 2019
despite revenue and occupancy rates ranging between 70-80% of these
prior period levels. I am pleased that our businesses delivered a
solid third quarter in terms of Adjusted EBITDAre, generating
meaningful positive cash flow. With Delta’s recent retreat over the
past few weeks, we anticipate our core group business to rebound as
we look to 2022. We also believe the strong leisure demand we have
experienced throughout the year will continue into the fourth
quarter as we ramp up our seasonal holiday offerings.
Revenue and Adjusted EBITDAre results in our Entertainment
segment also approached levels seen in the third quarter of 2019 as
more people returned to their pre-pandemic enthusiasm for live
entertainment experiences. With our core businesses on the rebound,
we remained focused on future growth opportunities for this segment
in the third quarter. Subsequent to the end of the quarter, we
announced an agreement to acquire Block 21 in Austin, Texas, with
an anticipated closing near the end of the fourth quarter of 2021.
This transaction will expand the geographic reach of our
entertainment portfolio and will allow us to form new relationships
with music lovers through a one-of-a-kind entertainment asset in
the heart of one of the most exciting music cities in the
country.”
_______________1 We define monthly cash
burn/cash flow as Adjusted EBITDAre less cash interest expense and
debt service. For third quarter 2021, consolidated Adjusted
EBITDAre was $86.0 million, cash interest expense was $30.3
million, and debt service was $1.3 million. For a reconciliation of
the non-GAAP financial measure Adjusted EBITDAre to Net
Income/(Loss), see “Supplemental Financial Results” below.
Third Quarter 2021 Results (As Compared
to Third Quarter 2020):
Consolidated
Results |
($ in thousands, except per
share amounts) |
Three Months Ended |
|
Nine Months Ended |
|
September 30, |
|
September 30, |
|
2021 |
|
|
2020 |
|
|
% ∆ |
|
|
2021 |
|
|
2020 |
|
|
% ∆ |
|
Total Revenue |
$306,906 |
|
|
$70,249 |
|
|
336.9 |
% |
|
$561,942 |
|
|
$397,960 |
|
|
41.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
(loss)(1) |
$25,695 |
|
|
($103,166 |
) |
|
124.9 |
% |
|
($84,809 |
) |
|
($239,151 |
) |
|
64.5 |
% |
Operating income (loss)
margin |
8.4 |
% |
|
-146.9 |
% |
|
155.3 |
pt |
|
-15.1 |
% |
|
-60.1 |
% |
|
45.0 |
pt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss available to common
shareholders (1) (2) (3) |
($8,546 |
) |
|
($117,659 |
) |
|
92.7 |
% |
|
($170,986 |
) |
|
($337,667 |
) |
|
49.4 |
% |
Net loss available to common
shareholders margin |
-2.8 |
% |
|
-167.5 |
% |
|
164.7 |
pt |
|
-30.4 |
% |
|
-84.8 |
% |
|
54.4 |
pt |
Net loss available to common
shareholders per diluted share |
($0.16 |
) |
|
($2.14 |
) |
|
92.5 |
% |
|
($3.11 |
) |
|
($6.14 |
) |
|
49.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDAre |
$85,992 |
|
|
($35,280 |
) |
|
343.7 |
% |
|
$91,698 |
|
|
($33,646 |
) |
|
372.5 |
% |
Adjusted EBITDAre
margin |
28.0 |
% |
|
-50.2 |
% |
|
78.2 |
pt |
|
16.3 |
% |
|
-8.5 |
% |
|
24.8 |
pt |
Adjusted EBITDAre, excluding
noncontrolling interest in consolidated joint venture |
$85,992 |
|
|
($34,790 |
) |
|
347.2 |
% |
|
$92,715 |
|
|
($38,734 |
) |
|
339.4 |
% |
Adjusted EBITDAre, excluding
noncontrolling interest in consolidated joint venture
margin |
28.0 |
% |
|
-49.5 |
% |
|
77.5 |
pt |
|
16.5 |
% |
|
-9.7 |
% |
|
26.2 |
pt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Funds From Operations (FFO)
available to common shareholders and unit holders (1) (2) (3) |
$47,467 |
|
|
($72,303 |
) |
|
165.7 |
% |
|
($19,323 |
) |
|
($202,156 |
) |
|
90.4 |
% |
FFO available to common
shareholders and unit holders per diluted share/unit |
$0.86 |
|
|
($1.31 |
) |
|
165.6 |
% |
|
($0.35 |
) |
|
($3.68 |
) |
|
90.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted FFO available to
common shareholders and unit holders |
$52,113 |
|
|
($60,284 |
) |
|
186.4 |
% |
|
($39 |
) |
|
($118,556 |
) |
|
100.0 |
% |
Adjusted FFO available to
common shareholders and unit holders per diluted share/unit |
$0.94 |
|
|
($1.09 |
) |
|
186.2 |
% |
|
($0.00 |
) |
|
($2.16 |
) |
|
100.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) For the three
and nine months ended September 30, 2020, includes approximately
$7.8 million and $32.8 million, respectively, in credit losses on
held-to-maturity securities. |
(2) For the nine
months ended September 30, 2020, includes $26.7 million for income
tax valuation
allowances. |
(3) For the nine months ended September 30, 2020, includes $15.0
million of expense related to the forfeiture of the earnest money
deposit associated with the previously terminated potential
acquisition of Block 21. |
Note: For the Company’s definitions of Adjusted EBITDAre,
Adjusted EBITDAre margin, Adjusted EBITDAre, excluding
noncontrolling interest in consolidated joint venture, Adjusted
EBITDAre, excluding noncontrolling interest in consolidated joint
venture margin, FFO available to common shareholders and unit
holders, and Adjusted FFO available to common shareholders and unit
holders, as well as a reconciliation of the non-GAAP financial
measure Adjusted EBITDAre to Net Income/(Loss) and a reconciliation
of the non-GAAP financial measure Adjusted FFO available to common
shareholders and unit holders to Net Income/(Loss), see “Non-GAAP
Financial Measures,” “EBITDAre, Adjusted EBITDAre and Adjusted
EBITDAre, Excluding Noncontrolling Interest in Consolidated Joint
Ventures Definition,” “Adjusted EBITDAre, Excluding Noncontrolling
Interest in Consolidated Joint Venture Margin Definition” “FFO,
Adjusted FFO, and Adjusted FFO available to common shareholders and
unit holders Definition” and “Supplemental Financial Results”
below.
Hospitality Segment
($ in thousands,
except ADR, RevPAR, and Total RevPAR) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
September 30, |
|
September 30, |
|
2021 |
|
|
2020 |
|
|
% ∆ |
|
|
2021 |
|
|
2020 |
|
|
% ∆ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hospitality Revenue (1) |
$257,853 |
|
|
$57,978 |
|
|
344.7 |
% |
|
$463,343 |
|
|
$353,954 |
|
|
30.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hospitality Operating income
(loss) (1) (2) (5) |
$24,600 |
|
|
($86,212 |
) |
|
128.5 |
% |
|
($66,260 |
) |
|
($186,401 |
) |
|
64.5 |
% |
Hospitality Operating
income/(loss) margin (1) (2) (5) |
9.5 |
% |
|
-148.7 |
% |
|
158.2 |
pt |
|
-14.3 |
% |
|
-52.7 |
% |
|
38.4 |
pt |
Hospitality Adjusted EBITDAre
(1) (5) |
$79,226 |
|
|
($23,565 |
) |
|
436.2 |
% |
|
$93,305 |
|
|
$4,910 |
|
|
1800.3 |
% |
Hospitality Adjusted EBITDAre
margin (1) (5) |
30.7 |
% |
|
-40.6 |
% |
|
71.3 |
pt |
|
20.1 |
% |
|
1.4 |
% |
|
18.7 |
pt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hospitality Performance
Metrics (1) (3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
54.5 |
% |
|
14.6 |
% |
|
39.9 |
pt |
|
34.9 |
% |
|
24.4 |
% |
|
10.5 |
pt |
Average Daily Rate (ADR) |
$216.79 |
|
|
$180.89 |
|
|
19.8 |
% |
|
$208.02 |
|
|
$197.38 |
|
|
5.4 |
% |
RevPAR |
$118.17 |
|
|
$26.33 |
|
|
348.8 |
% |
|
$72.65 |
|
|
$48.16 |
|
|
50.9 |
% |
Total RevPAR |
$269.19 |
|
|
$62.33 |
|
|
331.9 |
% |
|
$165.51 |
|
|
$127.77 |
|
|
29.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Definite Rooms Nights Booked |
410,793 |
|
|
668,803 |
|
|
-38.6 |
% |
|
1,511,432 |
|
|
1,690,783 |
|
|
-10.6 |
% |
Net Definite Rooms Nights Booked |
134,717 |
|
|
(70,572) |
|
|
290.9 |
% |
|
472,548 |
|
|
(692,844 |
) |
|
168.2 |
% |
Group Attrition (as % of contracted block) |
30.1 |
% |
|
61.4 |
% |
|
-31.3 |
pt |
|
28.7 |
% |
|
39.8 |
% |
|
-11.1 |
pt |
Cancellations ITYFTY (4) |
126,608 |
|
|
300,867 |
|
|
-57.9 |
% |
|
543,592 |
|
|
1,519,432 |
|
|
-64.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Gaylord
National closed on March 25, 2020 and remained closed until July 1,
2021. |
(2) For the
three and nine months ended September 30, 2020, includes
approximately $7.8 million and $32.8 million, respectively, in
credit losses on held-to-maturity securities. |
(3)
Calculation of hospitality performance metrics includes closed
hotel room nights available; includes 302 expansion rooms completed
at the Gaylord Palms in second quarter 2021. ADR is for occupied
rooms. |
(4)
"ITYFTY" represents In The Year For The Year. |
(5) For the
three and nine months ended September 30, 2021, includes
approximately $0.3 million in expense and $2.7 million in credits,
respectively, which are net of $0.1 million and $3.9 million of
payroll tax credits afforded under the 2020 Coronavirus Aid,
Relief, and Economic Security Act (the "CARES" Act). For the three
and nine months ended September 30, 2020, includes approximately
$14.4 million and $34.9 million, respectively, in COVID-19 related
costs. |
Note: For the Company’s definitions of Revenue
Per Available Room (RevPAR) and Total Revenue Per Available Room
(Total RevPAR), see “Calculation of RevPAR, Total RevPAR, and
Occupancy” below. Property-level results and operating metrics for
third quarter 2021 are presented in greater detail below and under
“Supplemental Financial Results—Hospitality Segment Adjusted
EBITDAre Reconciliations and Operating Metrics,” which includes a
reconciliation of the non-GAAP financial measures Hospitality
Adjusted EBITDAre to Hospitality Operating Income/(Loss), and
property-level Adjusted EBITDAre to property-level Operating
Income/(Loss) for each of the hotel properties.
Hospitality Segment Highlights
- Occupancy was 54.5% in the third quarter of 2021, with peak
occupancy for the quarter in July reaching 63.4% and 67.9%,
excluding Gaylord National, which reopened in July 2021.
- Gaylord Texan led the brand in occupancy, generating 66.9%
occupancy in the third quarter of 2021.
- Gaylord Rockies achieved 61.9% occupancy for the quarter, aided
by solid demand across numerous weekends in the quarter when
occupancy levels ran between 80-90%.
- Serviced approximately 307,000 group room nights in the third
quarter of 2021.
- Achieved record ADR of approximately $217 in the quarter, a 15%
increase over ADR achieved in the third quarter of 2019.
- Collected approximately $10.2 million in attrition and
cancellation fees in third quarter 2021, with a year-to-date total
of $27.9 million, eclipsing the total annual fees collected during
the great financial crisis of 2009.
Gaylord Opryland
($ in thousands,
except ADR, RevPAR, and Total RevPAR) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
September 30, |
|
September 30, |
|
2021 |
|
|
2020 |
|
|
% ∆ |
|
|
2021 |
|
|
2020 |
|
|
% ∆ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$75,483 |
|
|
$17,514 |
|
|
331.0 |
% |
|
$142,244 |
|
|
$94,961 |
|
|
49.8 |
% |
Operating income (loss) |
$19,514 |
|
|
($15,403 |
) |
|
226.7 |
% |
|
$10,965 |
|
|
($24,402 |
) |
|
144.9 |
% |
Operating income (loss)
margin |
25.9 |
% |
|
-87.9 |
% |
|
113.8 |
pt |
|
7.7 |
% |
|
-25.7 |
% |
|
33.4pt |
pt |
Adjusted EBITDAre |
$28,021 |
|
|
($6,632 |
) |
|
522.5 |
% |
|
$36,294 |
|
|
$684 |
|
|
5206.1 |
% |
Adjusted EBITDAre margin |
37.1 |
% |
|
-37.9 |
% |
|
75.0 |
pt |
|
25.5 |
% |
|
0.7 |
% |
|
24.8 |
pt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy (1) |
56.3 |
% |
|
13.8 |
% |
|
42.5 |
pt |
|
38.4 |
% |
|
25.0 |
% |
|
13.4 |
pt |
Average daily rate (ADR) |
$232.49 |
|
|
$193.58 |
|
|
20.1 |
% |
|
$223.24 |
|
|
$194.10 |
|
|
15.0 |
% |
RevPAR (1) |
$130.85 |
|
|
$26.76 |
|
|
389.0 |
% |
|
$85.71 |
|
|
$48.51 |
|
|
76.7 |
% |
Total RevPAR (1) |
$284.10 |
|
|
$65.92 |
|
|
331.0 |
% |
|
$180.42 |
|
|
$120.00 |
|
|
50.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Calculation
of hospitality performance metrics includes closed hotel room
nights available. |
Gaylord Palms
($ in thousands,
except ADR, RevPAR, and Total RevPAR) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
September 30, |
|
September 30, |
|
2021 |
|
|
2020 |
|
|
% ∆ |
|
|
2021 |
|
|
2020 |
|
|
% ∆ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$34,476 |
|
|
$7,658 |
|
|
350.2 |
% |
|
$82,295 |
|
|
$53,847 |
|
|
52.8 |
% |
Operating loss |
($877 |
) |
|
($12,394 |
) |
|
92.9 |
% |
|
($4,514 |
) |
|
($19,123 |
) |
|
76.4 |
% |
Operating loss margin |
-2.5 |
% |
|
-161.8 |
% |
|
159.3 |
pt |
|
-5.5 |
% |
|
-35.5 |
% |
|
30.0 |
pt |
Adjusted EBITDAre |
$6,192 |
|
|
($7,138 |
) |
|
186.7 |
% |
|
$14,800 |
|
|
($3,020 |
) |
|
590.1 |
% |
Adjusted EBITDAre margin |
18.0 |
% |
|
-93.2 |
% |
|
111.2 |
pt |
|
18.0 |
% |
|
-5.6 |
% |
|
23.6pt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy (1) |
44.7 |
% |
|
14.7 |
% |
|
30.0 |
pt |
|
41.1 |
% |
|
26.0 |
% |
|
15.1 |
pt |
Average daily rate (ADR) |
$201.18 |
|
|
$168.83 |
|
|
19.2 |
% |
|
$198.85 |
|
|
$206.72 |
|
|
-3.8 |
% |
RevPAR (1) |
$89.99 |
|
|
$24.76 |
|
|
263.4 |
% |
|
$81.71 |
|
|
$53.67 |
|
|
52.2 |
% |
Total RevPAR (1) |
$218.13 |
|
|
$58.79 |
|
|
271.0 |
% |
|
$193.15 |
|
|
$138.79 |
|
|
39.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Calculation
of hospitality performance metrics includes closed hotel room
nights available; includes 302 expansion rooms completed. |
beginning in
April 2021. |
Gaylord Texan
($ in thousands,
except ADR, RevPAR, and Total
RevPAR) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
|
Nine Months Ended |
|
September 30, |
|
|
|
September 30, |
|
2021 |
|
|
2020 |
|
|
% ∆ |
|
|
2021 |
|
|
2020 |
|
|
% ∆ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$56,041 |
|
|
$19,651 |
|
|
185.2 |
% |
|
$108,468 |
|
|
$81,119 |
|
|
33.7 |
% |
Operating income (loss) |
$12,640 |
|
|
($5,981 |
) |
|
311.3 |
% |
|
$11,137 |
|
|
($4,699 |
) |
|
337.0 |
% |
Operating income (loss)
margin |
22.6 |
% |
|
-30.4 |
% |
|
53.0 |
pt |
|
10.3 |
% |
|
-5.8 |
% |
|
16.1 |
pt |
Adjusted EBITDAre |
$18,786 |
|
|
$346 |
|
|
5329.5 |
% |
|
$29,706 |
|
|
$14,485 |
|
|
105.1 |
% |
Adjusted EBITDAre
margin |
33.5 |
% |
|
1.8 |
% |
|
31.7 |
pt |
|
27.4 |
% |
|
17.9 |
% |
|
9.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy (1) |
66.9 |
% |
|
27.3 |
% |
|
39.6 |
pt |
|
44.6 |
% |
|
29.5 |
% |
|
15.1 |
pt |
Average daily rate (ADR) |
$215.42 |
|
|
$190.80 |
|
|
12.9 |
% |
|
$207.21 |
|
|
$199.31 |
|
|
4.0 |
% |
RevPAR (1) |
$144.08 |
|
|
$52.09 |
|
|
176.6 |
% |
|
$92.35 |
|
|
$58.82 |
|
|
57.0 |
% |
Total RevPAR (1) |
$335.80 |
|
|
$117.75 |
|
|
185.2 |
% |
|
$219.03 |
|
|
$163.21 |
|
|
34.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Calculation
of hospitality performance metrics includes closed hotel room
nights available. |
Gaylord National
($ in thousands,
except ADR, RevPAR, and Total
RevPAR) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
September 30, |
|
September 30, |
|
2021 |
|
|
2020 |
|
|
% ∆ |
|
|
2021 |
|
|
2020 |
|
|
% ∆ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue (1) |
$36,008 |
|
|
$133 |
|
|
26973.7 |
% |
|
$39,576 |
|
|
$50,056 |
|
|
-20.9 |
% |
Operating loss |
($8,534 |
) |
|
($26,814 |
) |
|
68.2 |
% |
|
($38,108 |
) |
|
($79,798 |
) |
|
52.2 |
% |
Operating loss margin |
-23.7 |
% |
|
-20160.9 |
% |
|
20,137.2 |
pt |
|
-96.3 |
% |
|
-159.4 |
% |
|
63.1 |
pt |
Adjusted EBITDAre |
$1,061 |
|
|
($7,787 |
) |
|
113.6 |
% |
|
($11,749 |
) |
|
($18,734 |
) |
|
37.3 |
% |
Adjusted EBITDAre
margin |
2.9 |
% |
|
-5854.9 |
% |
|
5,857.8 |
pt |
|
-29.7 |
% |
|
-37.4 |
% |
|
7.7 |
pt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy (2) |
44.1 |
% |
|
0.0 |
% |
|
44.1 |
pt |
|
14.9 |
% |
|
17.2 |
% |
|
-2.3 |
pt |
Average daily rate (ADR) |
$209.77 |
|
|
$0.00 |
|
|
NA |
|
|
$209.77 |
|
|
$207.13 |
|
|
1.3 |
% |
RevPAR (2) |
$92.52 |
|
|
$0.00 |
|
|
NA |
|
|
$31.18 |
|
|
$35.71 |
|
|
-12.7 |
% |
Total RevPAR (2) |
$196.09 |
|
|
$0.73 |
|
|
26761.6 |
% |
|
$72.63 |
|
|
$91.53 |
|
|
-20.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Revenue for
the three months ended September 30, 2020 consisted primarily of
attrition and cancellation fees. |
|
(2) Calculation
of hospitality performance metrics includes closed hotel room
nights available. |
Gaylord Rockies
($ in thousands,
except ADR, RevPAR, and Total RevPAR) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
Nine Months Ended |
|
September 30, |
|
|
|
September 30, |
|
2021 |
|
|
2020 |
|
|
% ∆ |
|
|
2021 |
|
|
2020 |
|
|
% ∆ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$51,209 |
|
|
$11,931 |
|
|
329.2 |
% |
|
$81,517 |
|
|
$68,335 |
|
|
19.3 |
% |
Operating income (loss)
(1) |
$1,595 |
|
|
($23,846 |
) |
|
106.7 |
% |
|
($43,700 |
) |
|
($53,854 |
) |
|
18.9 |
% |
Operating income (loss)
margin |
3.1 |
% |
|
-199.9 |
% |
|
203.0 |
pt |
|
-53.6 |
% |
|
-78.8 |
% |
|
25.2 |
pt |
Adjusted EBITDAre (1) |
$24,265 |
|
|
($1,230 |
) |
|
2072.8 |
% |
|
$24,278 |
|
|
$14,043 |
|
|
72.9 |
% |
Adjusted EBITDAre
margin |
47.4 |
% |
|
-10.3 |
% |
|
57.7 |
pt |
|
29.8 |
% |
|
20.6 |
% |
|
9.2 |
pt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy (2) |
61.9 |
% |
|
19.3 |
% |
|
42.6 |
pt |
|
35.2 |
% |
|
25.8 |
% |
|
9.4 |
pt |
Average daily rate (ADR) |
$224.67 |
|
|
$169.43 |
|
|
32.6 |
% |
|
$210.54 |
|
|
$196.84 |
|
|
7.0 |
% |
RevPAR (2) |
$139.10 |
|
|
$32.78 |
|
|
324.3 |
% |
|
$74.05 |
|
|
$50.83 |
|
|
45.7 |
% |
Total RevPAR (2) |
$370.84 |
|
|
$86.39 |
|
|
329.3 |
% |
|
$198.93 |
|
|
$166.15 |
|
|
19.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Operating
loss and Adjusted EBITDAre for Gaylord Rockies for the nine months
ended September 30, 2021 exclude forgiven asset management
fees previously owed to RHP of $0.3 million. Operating Loss and
Adjusted EBITDAre for Gaylord Rockies for the three and nine
months ended September 30, 2020 exclude asset management fees owed
to RHP of $0.1 and $0.7 million, respectively. |
|
(2) Calculation
of hospitality performance metrics includes closed hotel room
nights available. |
Entertainment Segment
For the three and nine months ended September
30, 2021, and 2020, the Company reported the following:
($ in thousands) |
Three Months Ended |
|
Nine Months Ended |
|
September 30, |
|
September 30, |
|
2021 |
|
|
2020 |
|
|
% ∆ |
|
|
2021 |
|
|
2020 |
|
|
% ∆ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$49,053 |
|
|
$12,271 |
|
|
299.7 |
% |
|
$98,599 |
|
|
$44,006 |
|
|
124.1 |
% |
Operating income
(loss)(1) |
$12,078 |
|
|
($9,074 |
) |
|
233.1 |
% |
|
$10,071 |
|
|
($27,984 |
) |
|
136.0 |
% |
Operating income (loss)
margin |
24.6 |
% |
|
-73.9 |
% |
|
98.5 |
pt |
|
10.2 |
% |
|
-63.6 |
% |
|
73.8 |
pt |
Adjusted EBITDAre(1) |
$14,079 |
|
|
($6,463 |
) |
|
317.8 |
% |
|
$16,908 |
|
|
($20,085 |
) |
|
184.2 |
% |
Adjusted EBITDAre margin |
28.7 |
% |
|
-52.7 |
% |
|
81.4 |
pt |
|
17.1 |
% |
|
-45.6 |
% |
|
62.7 |
pt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Total
COVID-19 related costs were approximately $0.5 million and $4.6
million during the three and nine months ended September 30,
2020, respectively, and consisted primarily of wages and benefits
costs for furloughed employees. |
Reed continued, “Our expansion of the Ole Red brand continued
this quarter as we moved forward with plans for a location in the
Nashville International Airport. This location will act as a
marketing opportunity for this growing brand as we continue to
create high-quality music-focused touchpoints with country
consumers.”
Corporate and Other Segment
For the three and nine months ended September
30, 2021, and 2020, the Company reported the following:
($ in thousands) |
Three Months Ended |
|
Nine Months Ended |
|
September 30, |
|
September 30, |
|
2021 |
|
|
2020 |
|
|
% ∆ |
|
|
2021 |
|
|
2020 |
|
|
% ∆ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating loss(1) |
($10,983 |
) |
|
($7,880 |
) |
|
-39.4 |
% |
|
($28,620 |
) |
|
($24,766 |
) |
|
-15.6 |
% |
Adjusted EBITDAre(1) |
($7,313 |
) |
|
($5,252 |
) |
|
-39.2 |
% |
|
($18,515 |
) |
|
($18,471 |
) |
|
-0.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Total
COVID-19 related costs were approximately $0.1 million and $0.6
million during the three and nine months end September 30, 2020,
respectively, and consisted primarily of wages and benefits costs
for furloughed employees. |
Reed concluded, “As we move toward the end of
what has been a challenging but nonetheless encouraging year, we
are firmly focused on the future. Our continued focus on organic
and acquisitive growth across our portfolio has put us in a strong
position to realize substantial upside in the post-pandemic era. I
want to again express my tremendous gratitude for, and pride in,
the efforts our employees continue to make every day across our
operating businesses. More than ever, I am excited today about the
long-term opportunities for our business, and I remain confident in
our team, our business model, and the long-term strength of our
Company.”
Dividend UpdateThe Company
suspended its regular quarterly dividend payments following the
payment of the first quarter 2020 dividend payment, which was made
in April 2020. The Board has not reinstituted the
dividend.
Balance Sheet/Liquidity
UpdateAs of September 30, 2021, the Company had total debt
outstanding of $2,926.0 million, net of unamortized deferred
financing costs, and unrestricted cash of $53.2 million. As of
September 30, 2021, $180.0 million was drawn under the revolving
credit line of the Company’s credit facility, and the lending banks
had issued $0.3 million in letters of credit, which left $519.7
million of availability for borrowing under the credit
facility.
On May 27, 2021, the Company entered into an
at-the-market (ATM) equity distribution agreement that allows the
Company to issue and sell up to 4 million shares of stock through
sales agents. No shares were issued under the ATM agreement during
the three and nine months ended September 30, 2021.
Subsequent EventsOn October 26,
2021 the Company announced that it had reached an agreement with
Stratus Properties Inc. (NASDAQ: STRS) to acquire Block 21, a
mixed-use complex in downtown Austin, Texas, for a total purchase
price of approximately $260.0 million, which includes the
assumption of approximately $138.0 million of existing mortgage
debt. In addition, the Company will receive approximately $11
million of existing cash reserves attributable to the assets
bringing the net investment to $249.0 million. The net investment
represents approximately a 12.0x forward EBITDA multiple for 2023.
In connection with this transaction, the Company also amended its
credit agreement with its lenders to allow for the acquisition and
the use of borrowings under its revolving credit line to fund the
acquisition, so long as after such borrowings the balance of the
revolving credit line is at or below $400 million. The acquisition
is expected to close near the end of the fourth quarter of 2021,
subject to customary closing conditions including, but not limited
to, consent to the Company’s assumption of the existing mortgage
loan by the loan servicer and consent of the property manager, an
affiliate of Marriott, to the Company’s assignment and assumption
of the existing management agreement.
Additional information regarding this
acquisition is posted to Ryman’s investor relations website. Visit
http://ir.rymanhp.com and click News & Events / Presentations
& Transcripts.
Earnings Call InformationRyman
Hospitality Properties will hold a conference call to discuss this
release tomorrow, November 2, 2021 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
leading lodging and hospitality real estate investment trust that
specializes in upscale convention center resorts and country music
entertainment experiences. The Company’s core holdings, Gaylord
Opryland Resort & Convention Center, Gaylord Palms Resort &
Convention Center, Gaylord Texan Resort & Convention Center,
Gaylord National Resort & Convention Center, and Gaylord
Rockies Resort & Convention Center, are five of the top 10
largest non-gaming convention center hotels in the United States
based on total indoor meeting space. These convention center
resorts operate under the Gaylord Hotels brand and are managed by
Marriott International. The Company also owns two adjacent
ancillary hotels and a small number of attractions managed by
Marriott International for a combined total of 10,412 rooms and
more than 2.7 million square feet of total indoor and outdoor
meeting space in top convention and leisure destinations across the
country. The Company’s Entertainment segment includes a growing
collection of iconic and emerging country music brands, including
the Grand Ole Opry; Ryman Auditorium; WSM 650 AM; Ole Red and
Circle, a country lifestyle media network the Company owns in a
joint-venture with Gray Television. The Company operates its
Entertainment segment as part of a taxable REIT subsidiary. Visit
RymanHP.com for more information.
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, the impact of COVID-19 on
travel, transient and group demand, the effects of COVID-19 on our
results of operations, rebooking efforts, our liquidity, monthly
cash expenses and cash flow, recovery of group business to
pre-pandemic levels, anticipated business levels and anticipated
financial results for the Company during future periods, the
pending acquisition of Block 21, the Company’s expectations for
Block 21 upon the closing of the transaction, 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 the COVID-19 pandemic, including the
effects of the COVID-19 pandemic on us and the hospitality and
entertainment industries generally, the effects of the COVID-19
pandemic on the demand for travel, transient and group business
(including government-imposed restrictions), levels of consumer
confidence in the safety of travel and group gathering as a result
of COVID-19, the duration and severity of the COVID-19 pandemic in
the United States and the pace of recovery following the COVID-19
pandemic, the duration and severity of the COVID-19 pandemic in the
markets where our assets are located, governmental restrictions on
our businesses, economic conditions affecting the hospitality
business generally, the geographic concentration of the Company’s
hotel properties, business levels at the Company’s hotels, the
Company’s ability to remain qualified as a REIT for federal income
tax purposes, the Company’s ability to execute its strategic goals
as a REIT, the Company’s ability to generate cash flows to support
dividends, the suspension of our dividend and our dividend policy,
including the frequency and amount of any dividend we may pay, the
Company’s ability to borrow funds pursuant to its credit agreement,
the occurrence of any event, change or other circumstance that
could delay the closing of the Block 21 acquisition, or result in
the termination of the agreement for the Block 21 acquisition,
adverse effects on the Company’s common stock because of the
failure to complete the Block 21 acquisition, and the Company’s
ability to otherwise obtain cash to fund the Block 21 acquisition.
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, 2020 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, Total RevPAR, and
OccupancyWe calculate revenue per available room
(“RevPAR”) for our hotels by dividing room revenue by room nights
available to guests for the period. Room nights available to guests
include nights the hotels are closed. 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.
Rooms out of service for renovation are included in room nights
available. For the three and nine months ended September 30, 2021
and 2020, the calculation of RevPAR and Total RevPAR in our tabular
presentations has not been changed as a result of the COVID-19
pandemic and the resulting hotel closures and is consistent with
prior periods. The closure of our Gaylord Hotel properties,
including Gaylord National, which reopened July 1, 2021, and
reopening under capacity restrictions has resulted in the
significant decrease in performance reflected in these metrics for
the three and nine months ended September 30, 2021. Occupancy
figures reflect an additional 302 rooms available at Gaylord Palms
beginning in April 2021.
Calculation of GAAP Margin
FiguresWe calculate Net Income available to common
shareholders margin by dividing GAAP consolidated Net Income
available to common shareholders 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:
EBITDAre,
Adjusted EBITDAre and Adjusted
EBITDAre, Excluding
Noncontrolling Interest in Consolidated Joint Ventures
DefinitionWe calculate EBITDAre, which is defined by
the National Association of Real Estate Investment Trusts
(“NAREIT”) in its September 2017 white paper as net income
(calculated in accordance with GAAP) plus interest expense, income
tax expense, depreciation and amortization, gains or losses on the
disposition of depreciated property (including gains or losses on
change in control), impairment write-downs of depreciated property
and of investments in unconsolidated affiliates caused by a
decrease in the value of depreciated property or the affiliate, and
adjustments to reflect the entity’s share of EBITDAre of
unconsolidated affiliates. Adjusted EBITDAre is then calculated as
EBITDAre, plus to the extent the following adjustments occurred
during the periods presented:
- preopening costs;
- non-cash lease expense;
- equity-based compensation expense;
- impairment charges that do not meet the NAREIT definition
above;
- credit losses on held-to-maturity securities;
- any transaction costs of acquisitions;
- interest income on bonds;
- loss on extinguishment of debt;
- pension settlement charges;
- pro rata Adjusted EBITDAre from unconsolidated joint
ventures; and
- any other adjustments we have identified herein.
We then exclude noncontrolling interests in consolidated joint
ventures to calculate Adjusted EBITDAre, Excluding Noncontrolling
Interest in Consolidated Joint Venture.
We use EBITDAre, Adjusted EBITDAre and Adjusted EBITDAre,
Excluding Noncontrolling Interest in Consolidated Joint Venture to
evaluate our operating performance. We believe that the
presentation of these non-GAAP metrics provides useful information
to investors regarding our operating performance and debt leverage
metrics, and that the presentation of these non-GAAP metrics, when
combined with the primary GAAP presentation of net income, is
beneficial to an investor’s complete understanding of our operating
performance. We make additional adjustments to EBITDAre when
evaluating our performance because we believe that presenting
Adjusted EBITDAre and Adjusted EBITDAre, Excluding
Noncontrolling Interest in Consolidated Joint Venture provides
useful information to investors regarding our operating performance
and debt leverage metrics.
Adjusted EBITDAre, Excluding
Noncontrolling Interest in Consolidated Joint Venture Margin
DefinitionWe calculate consolidated Adjusted EBITDAre,
Excluding Noncontrolling Interest in Consolidated Joint Venture
Margin by dividing consolidated Adjusted EBITDAre, Excluding
Noncontrolling Interest in Consolidated Joint Venture by GAAP
consolidated Total Revenue. We calculate consolidated, segment or
property-level Adjusted EBITDAre Margin by dividing consolidated,
segment-, or property-level Adjusted EBITDAre by consolidated,
segment-, or property-level GAAP Revenue. We believe Adjusted
EBITDAre, Excluding Noncontrolling Interest in Consolidated Joint
Venture 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 EBITDAre, Excluding Noncontrolling Interest in
Consolidated Joint Venture and GAAP consolidated Total Revenue or
segment or property-level GAAP Revenue, as applicable.
FFO, Adjusted FFO, and Adjusted FFO
available to common shareholders and unit holders
DefinitionWe calculate FFO, which definition is
clarified by NAREIT in its December 2018 white paper as net
income (calculated in accordance with GAAP) excluding depreciation
and amortization (excluding amortization of deferred financing
costs and debt discounts), gains and losses from the sale of
certain real estate assets, gains and losses from a change in
control, impairment write-downs of certain real estate assets and
investments in entities when the impairment is directly
attributable to decreases in the value of depreciated real estate
held by the entity, income (loss) from consolidated joint ventures
attributable to noncontrolling interest, and pro rata adjustments
for unconsolidated joint ventures.
To calculate Adjusted FFO available to common
shareholders and unit holders, we then exclude, to the extent the
following adjustments occurred during the periods presented:
- right-of-use asset amortization;
- impairment charges that do not meet the NAREIT definition
above;
- write-offs of deferred financing costs;
- amortization of debt discounts or premiums and amortization of
deferred financing costs;
- (gains) losses on extinguishment of debt
- non-cash lease expense;
- credit loss on held-to-maturity securities;
- pension settlement charges;
- additional pro rata adjustments from unconsolidated joint
ventures;
- (gains) losses on other assets;
- transaction costs on acquisitions;
- deferred income tax expense (benefit); and
- any other adjustments we have identified herein.
To calculate adjusted FFO available to common shareholders and
unit holders (excluding maintenance capex), we then exclude
FF&E reserve for managed properties and maintenance capital
expenditures for non-managed properties. FFO available to common
shareholders and unit holders and Adjusted FFO available to common
shareholders and unit holders and Adjusted FFO available to common
shareholders and unit holders (excluding maintenance capex) exclude
the ownership portion of Gaylord Rockies joint venture not
controlled or owned by the Company.
Beginning in the third quarter of 2020, we refer to unitholders
in these measures, reflecting outstanding OP units issued to
noncontrolling interests for the first time during third quarter
2020.
We believe that the presentation of these non-GAAP financial
measures provides useful information to investors regarding the
performance of our ongoing operations because each presents 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 these
non-GAAP financial measures as measures in determining our results
after considering the impact of our capital structure.We caution
investors that non-GAAP financial measures we present may not be
comparable to similar measures disclosed by other companies,
because not all companies calculate these non-GAAP measures in the
same manner. The non-GAAP financial measures we present, and any
related per share measures, should not be considered as alternative
measures of our Net Income (Loss), operating performance, cash flow
or liquidity. These non-GAAP financial measures 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 these non-GAAP financial measures 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), Operating Income (Loss), or
cash flow from operations.
|
|
|
|
|
|
|
|
RYMAN
HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES |
|
|
|
|
|
|
|
|
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS |
Unaudited |
(In thousands,
except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
Nine Months
Ended |
|
Sept. 30 |
|
Sept. 30 |
|
|
2021 |
|
|
|
2020 |
|
|
|
2021 |
|
|
|
2020 |
|
Revenues
: |
|
|
|
|
|
|
|
Rooms |
$ |
113,192 |
|
|
$ |
24,487 |
|
|
$ |
203,391 |
|
|
$ |
133,417 |
|
Food and beverage |
|
105,803 |
|
|
|
16,217 |
|
|
|
169,597 |
|
|
|
163,477 |
|
Other hotel revenue |
|
38,858 |
|
|
|
17,274 |
|
|
|
90,355 |
|
|
|
57,060 |
|
Entertainment |
|
49,053 |
|
|
|
12,271 |
|
|
|
98,599 |
|
|
|
44,006 |
|
Total revenues |
|
306,906 |
|
|
|
70,249 |
|
|
|
561,942 |
|
|
|
397,960 |
|
|
|
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
|
|
|
Rooms |
|
30,802 |
|
|
|
10,280 |
|
|
|
55,318 |
|
|
|
47,060 |
|
Food and beverage |
|
65,205 |
|
|
|
19,233 |
|
|
|
118,282 |
|
|
|
114,935 |
|
Other hotel expenses |
|
80,203 |
|
|
|
56,961 |
|
|
|
196,125 |
|
|
|
192,480 |
|
Management fees |
|
4,907 |
|
|
|
516 |
|
|
|
7,809 |
|
|
|
5,445 |
|
Total hotel operating expenses |
|
181,117 |
|
|
|
86,990 |
|
|
|
377,534 |
|
|
|
359,920 |
|
Entertainment |
|
33,467 |
|
|
|
17,343 |
|
|
|
77,797 |
|
|
|
60,146 |
|
Corporate |
|
10,416 |
|
|
|
7,299 |
|
|
|
26,922 |
|
|
|
22,693 |
|
Preopening costs |
|
118 |
|
|
|
96 |
|
|
|
734 |
|
|
|
1,597 |
|
Gain on sale of assets |
|
- |
|
|
|
- |
|
|
|
(317 |
) |
|
|
(1,261 |
) |
Credit loss on held-to-maturity securities |
|
- |
|
|
|
7,811 |
|
|
|
- |
|
|
|
32,784 |
|
Depreciation and amortization |
|
56,093 |
|
|
|
53,876 |
|
|
|
164,081 |
|
|
|
161,232 |
|
Total operating expenses |
|
281,211 |
|
|
|
173,415 |
|
|
|
646,751 |
|
|
|
637,111 |
|
|
|
|
|
|
|
|
|
Operating
income (loss) |
|
25,695 |
|
|
|
(103,166 |
) |
|
|
(84,809 |
) |
|
|
(239,151 |
) |
|
|
|
|
|
|
|
|
Interest
expense, net of amounts capitalized |
|
(32,413 |
) |
|
|
(28,127 |
) |
|
|
(93,056 |
) |
|
|
(87,527 |
) |
Interest
income |
|
1,433 |
|
|
|
1,540 |
|
|
|
4,254 |
|
|
|
5,765 |
|
Loss on
extinguishment of debt |
|
- |
|
|
|
- |
|
|
|
(2,949 |
) |
|
|
- |
|
Loss from
consolidated joint ventures |
|
(2,312 |
) |
|
|
(1,767 |
) |
|
|
(5,831 |
) |
|
|
(5,482 |
) |
Other gains
and (losses), net |
|
53 |
|
|
|
1,729 |
|
|
|
254 |
|
|
|
(14,831 |
) |
Loss before
income taxes |
|
(7,544 |
) |
|
|
(129,791 |
) |
|
|
(182,137 |
) |
|
|
(341,226 |
) |
|
|
|
|
|
|
|
|
Provision
for income taxes |
|
(1,063 |
) |
|
|
(86 |
) |
|
|
(6,640 |
) |
|
|
(27,046 |
) |
Net
loss |
|
(8,607 |
) |
|
|
(129,877 |
) |
|
|
(188,777 |
) |
|
|
(368,272 |
) |
|
|
|
|
|
|
|
|
Net loss
attributable to noncontrolling interest in consolidated joint
venture |
|
- |
|
|
|
11,893 |
|
|
|
16,501 |
|
|
|
30,280 |
|
Net loss
attributable to noncontrolling interest in Operating
Partnership |
|
61 |
|
|
|
325 |
|
|
|
1,290 |
|
|
|
325 |
|
Net loss
available to common shareholders |
$ |
(8,546 |
) |
|
$ |
(117,659 |
) |
|
$ |
(170,986 |
) |
|
$ |
(337,667 |
) |
|
|
|
|
|
|
|
|
Basic loss
per share available to common shareholders |
$ |
(0.16 |
) |
|
$ |
(2.14 |
) |
|
$ |
(3.11 |
) |
|
$ |
(6.14 |
) |
Diluted loss
per share available to common shareholders |
$ |
(0.16 |
) |
|
$ |
(2.14 |
) |
|
$ |
(3.11 |
) |
|
$ |
(6.14 |
) |
|
|
|
|
|
|
|
|
Weighted
average common shares for the period: |
|
|
|
|
|
|
|
Basic |
|
55,065 |
|
|
|
54,980 |
|
|
|
55,040 |
|
|
|
54,955 |
|
Diluted |
|
55,065 |
|
|
|
54,980 |
|
|
|
55,040 |
|
|
|
54,955 |
|
|
|
|
|
|
|
|
|
RYMAN
HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES |
|
|
|
|
|
|
|
CONDENSED
CONSOLIDATED BALANCE SHEETS |
|
Unaudited |
|
(In thousands) |
|
|
|
|
|
|
|
|
|
Sept.
30 |
|
Dec.
31, |
|
|
|
|
2021 |
|
|
|
2020 |
|
|
|
|
|
|
|
ASSETS: |
|
|
|
|
Property and equipment, net of accumulated depreciation |
$ |
3,066,335 |
|
|
$ |
3,117,247 |
|
Cash and cash equivalents - unrestricted |
|
53,155 |
|
|
|
56,697 |
|
Cash and cash equivalents - restricted |
|
25,348 |
|
|
|
23,057 |
|
Notes receivable |
|
69,788 |
|
|
|
71,923 |
|
Trade receivables, net |
|
73,036 |
|
|
|
20,106 |
|
Prepaid expenses and other assets |
|
113,308 |
|
|
|
100,494 |
|
Intangible assets |
|
136,850 |
|
|
|
166,971 |
|
Total assets |
$ |
3,537,820 |
|
|
$ |
3,556,495 |
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND EQUITY: |
|
|
|
|
Debt and finance lease obligations |
$ |
2,925,968 |
|
|
$ |
2,658,008 |
|
Accounts payable and accrued liabilities |
|
271,060 |
|
|
|
203,121 |
|
Dividends payable |
|
323 |
|
|
|
843 |
|
Deferred management rights proceeds |
|
171,393 |
|
|
|
172,724 |
|
Operating lease liabilities |
|
110,573 |
|
|
|
107,569 |
|
Deferred income tax liabilities, net |
|
6,656 |
|
|
|
665 |
|
Other liabilities |
|
78,939 |
|
|
|
92,779 |
|
Noncontrolling interest in consolidated joint venture |
|
- |
|
|
|
100,969 |
|
Total equity (deficit) |
|
(27,092 |
) |
|
|
219,817 |
|
Total liabilities and equity |
$ |
3,537,820 |
|
|
$ |
3,556,495 |
|
|
|
|
|
|
|
RYMAN
HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES |
|
SUPPLEMENTAL
FINANCIAL RESULTS |
|
ADJUSTED
EBITDAre
RECONCILIATION |
|
Unaudited |
|
(in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended Sept. 30, |
|
Nine Months
Ended Sept. 30, |
|
|
|
2021 |
|
|
|
2020 |
|
|
|
2021 |
|
|
|
2020 |
|
|
|
$ |
Margin |
|
$ |
Margin |
|
$ |
Margin |
|
$ |
Margin |
|
Consolidated |
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
306,906 |
|
|
|
$ |
70,249 |
|
|
|
$ |
561,942 |
|
|
|
$ |
397,960 |
|
|
|
Net loss |
$ |
(8,607 |
) |
-2.8 |
% |
|
$ |
(129,877 |
) |
-184.9 |
% |
|
$ |
(188,777 |
) |
-33.6 |
% |
|
$ |
(368,272 |
) |
-92.5 |
% |
|
Interest expense, net |
|
30,980 |
|
|
|
|
26,587 |
|
|
|
|
88,802 |
|
|
|
|
81,762 |
|
|
|
Provision for income taxes |
|
1,063 |
|
|
|
|
86 |
|
|
|
|
6,640 |
|
|
|
|
27,046 |
|
|
|
Depreciation & amortization |
|
56,093 |
|
|
|
|
53,876 |
|
|
|
|
164,081 |
|
|
|
|
161,232 |
|
|
|
(Gain) loss on sale of assets |
|
2 |
|
|
|
|
- |
|
|
|
|
(315 |
) |
|
|
|
(1,255 |
) |
|
|
Pro rata EBITDAre from unconsolidated joint ventures |
|
19 |
|
|
|
|
7 |
|
|
|
|
53 |
|
|
|
|
16 |
|
|
|
EBITDAre |
|
79,550 |
|
25.9 |
% |
|
|
(49,321 |
) |
-70.2 |
% |
|
|
70,484 |
|
12.5 |
% |
|
|
(99,471 |
) |
-25.0 |
% |
|
Preopening costs |
|
118 |
|
|
|
|
96 |
|
|
|
|
734 |
|
|
|
|
1,597 |
|
|
|
Non-cash lease expense |
|
1,081 |
|
|
|
|
1,100 |
|
|
|
|
3,254 |
|
|
|
|
3,358 |
|
|
|
Equity-based compensation expense |
|
3,276 |
|
|
|
|
2,204 |
|
|
|
|
8,944 |
|
|
|
|
6,623 |
|
|
|
Pension settlement charge |
|
443 |
|
|
|
|
1,343 |
|
|
|
|
1,009 |
|
|
|
|
1,343 |
|
|
|
Credit loss on held-to-maturity securities |
|
- |
|
|
|
|
7,811 |
|
|
|
|
- |
|
|
|
|
32,784 |
|
|
|
Interest income on Gaylord National bonds |
|
1,389 |
|
|
|
|
1,485 |
|
|
|
|
4,114 |
|
|
|
|
4,683 |
|
|
|
Loss on extinguishment of debt |
|
- |
|
|
|
|
- |
|
|
|
|
2,949 |
|
|
|
|
- |
|
|
|
Transaction costs of acquisitions |
|
135 |
|
|
|
|
2 |
|
|
|
|
210 |
|
|
|
|
15,437 |
|
|
|
Adjusted EBITDAre |
$ |
85,992 |
|
28.0 |
% |
|
$ |
(35,280 |
) |
-50.2 |
% |
|
$ |
91,698 |
|
16.3 |
% |
|
$ |
(33,646 |
) |
-8.5 |
% |
|
Adjusted EBITDAre of noncontrolling interest in consolidated joint
venture |
|
- |
|
|
|
|
490 |
|
|
|
|
1,017 |
|
|
|
$ |
(5,088 |
) |
|
|
Adjusted EBITDAre,
excluding noncontrolling interest in consolidated
joint venture |
$ |
85,992 |
|
28.0 |
% |
|
$ |
(34,790 |
) |
-49.5 |
% |
|
$ |
92,715 |
|
16.5 |
% |
|
$ |
(38,734 |
) |
-9.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hospitality
segment |
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
257,853 |
|
|
|
$ |
57,978 |
|
|
|
$ |
463,343 |
|
|
|
$ |
353,954 |
|
|
|
Operating income (loss) |
$ |
24,600 |
|
9.5 |
% |
|
$ |
(86,212 |
) |
-148.7 |
% |
|
$ |
(66,260 |
) |
-14.3 |
% |
|
$ |
(186,401 |
) |
-52.7 |
% |
|
Depreciation & amortization |
|
52,020 |
|
|
|
|
49,310 |
|
|
|
|
151,655 |
|
|
|
|
148,667 |
|
|
|
Gain on sale of assets |
|
- |
|
|
|
|
- |
|
|
|
|
(317 |
) |
|
|
|
(1,261 |
) |
|
|
Preopening costs |
|
116 |
|
|
|
|
79 |
|
|
|
|
731 |
|
|
|
|
245 |
|
|
|
Non-cash lease expense |
|
1,101 |
|
|
|
|
1,116 |
|
|
|
|
3,307 |
|
|
|
|
3,347 |
|
|
|
Credit loss on held-to-maturity securities |
|
- |
|
|
|
|
7,811 |
|
|
|
|
- |
|
|
|
|
32,784 |
|
|
|
Interest income on Gaylord National bonds |
|
1,389 |
|
|
|
|
1,485 |
|
|
|
|
4,114 |
|
|
|
|
4,683 |
|
|
|
Transaction costs of acquisitions |
|
- |
|
|
|
|
- |
|
|
|
|
75 |
|
|
|
|
- |
|
|
|
Other gains and (losses), net |
|
- |
|
|
|
|
2,846 |
|
|
|
|
- |
|
|
|
|
2,846 |
|
|
|
Adjusted EBITDAre |
$ |
79,226 |
|
30.7 |
% |
|
$ |
(23,565 |
) |
-40.6 |
% |
|
$ |
93,305 |
|
20.1 |
% |
|
$ |
4,910 |
|
1.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Entertainment segment |
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
49,053 |
|
|
|
$ |
12,271 |
|
|
|
$ |
98,599 |
|
|
|
$ |
44,006 |
|
|
|
Operating income (loss) |
$ |
12,078 |
|
24.6 |
% |
|
$ |
(9,074 |
) |
-73.9 |
% |
|
$ |
10,071 |
|
10.2 |
% |
|
$ |
(27,984 |
) |
-63.6 |
% |
|
Depreciation & amortization |
|
3,506 |
|
|
|
|
3,985 |
|
|
|
|
10,728 |
|
|
|
|
10,492 |
|
|
|
Preopening costs |
|
2 |
|
|
|
|
17 |
|
|
|
|
3 |
|
|
|
|
1,352 |
|
|
|
Non-cash lease (revenue) expense |
|
(20 |
) |
|
|
|
(16 |
) |
|
|
|
(53 |
) |
|
|
|
11 |
|
|
|
Equity-based compensation |
|
671 |
|
|
|
|
383 |
|
|
|
|
1,802 |
|
|
|
|
1,073 |
|
|
|
Transaction costs of acquisitions |
|
135 |
|
|
|
|
2 |
|
|
|
|
135 |
|
|
|
|
437 |
|
|
|
Pro rata adjusted EBITDAre from unconsolidated joint ventures |
|
(2,293 |
) |
|
|
|
(1,760 |
) |
|
|
|
(5,778 |
) |
|
|
|
(5,466 |
) |
|
|
Adjusted EBITDAre |
$ |
14,079 |
|
28.7 |
% |
|
$ |
(6,463 |
) |
-52.7 |
% |
|
$ |
16,908 |
|
17.1 |
% |
|
$ |
(20,085 |
) |
-45.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate
and Other segment |
|
|
|
|
|
|
|
|
|
|
|
|
Operating loss |
$ |
(10,983 |
) |
|
|
$ |
(7,880 |
) |
|
|
$ |
(28,620 |
) |
|
|
$ |
(24,766 |
) |
|
|
Depreciation & amortization |
|
567 |
|
|
|
|
581 |
|
|
|
|
1,698 |
|
|
|
|
2,073 |
|
|
|
Other gains and (losses), net |
|
55 |
|
|
|
|
(1,117 |
) |
|
|
|
256 |
|
|
|
|
(2,671 |
) |
|
|
Equity-based compensation |
|
2,605 |
|
|
|
|
1,821 |
|
|
|
|
7,142 |
|
|
|
|
5,550 |
|
|
|
Pension settlement charge |
|
443 |
|
|
|
|
1,343 |
|
|
|
|
1,009 |
|
|
|
|
1,343 |
|
|
|
Adjusted EBITDAre |
$ |
(7,313 |
) |
|
|
$ |
(5,252 |
) |
|
|
$ |
(18,515 |
) |
|
|
$ |
(18,471 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 Sept. 30, |
|
Nine Months
Ended Sept. 30, |
|
|
2021 |
|
|
|
2020 |
|
|
|
2021 |
|
|
|
2020 |
|
Consolidated |
|
|
|
|
|
|
|
Net loss |
$ |
(8,607 |
) |
|
$ |
(129,877 |
) |
|
$ |
(188,777 |
) |
|
$ |
(368,272 |
) |
Noncontrolling interest in consolidated joint venture |
|
- |
|
|
|
11,893 |
|
|
|
16,501 |
|
|
|
30,280 |
|
Net loss available to common shareholders and unit
holders |
|
(8,607 |
) |
|
|
(117,984 |
) |
|
|
(172,276 |
) |
|
|
(337,992 |
) |
Depreciation & amortization |
|
56,055 |
|
|
|
53,838 |
|
|
|
163,969 |
|
|
|
161,120 |
|
Adjustments for noncontrolling interest |
|
- |
|
|
|
(8,164 |
) |
|
|
(11,069 |
) |
|
|
(25,302 |
) |
Pro rata adjustments from joint ventures |
|
19 |
|
|
|
7 |
|
|
|
53 |
|
|
|
18 |
|
FFO available to common shareholders and unit
holders |
|
47,467 |
|
|
|
(72,303 |
) |
|
|
(19,323 |
) |
|
|
(202,156 |
) |
|
|
|
|
|
|
|
|
Right-of-use asset amortization |
|
38 |
|
|
|
38 |
|
|
|
112 |
|
|
|
112 |
|
Non-cash lease expense |
|
1,081 |
|
|
|
1,100 |
|
|
|
3,254 |
|
|
|
3,358 |
|
Pension settlement charge |
|
443 |
|
|
|
1,343 |
|
|
|
1,009 |
|
|
|
1,343 |
|
Credit loss on held-to-maturity securities |
|
- |
|
|
|
7,811 |
|
|
|
- |
|
|
|
32,784 |
|
Gain on other assets |
|
- |
|
|
|
- |
|
|
|
(317 |
) |
|
|
(1,261 |
) |
Write-off of deferred financing costs |
|
- |
|
|
|
11 |
|
|
|
- |
|
|
|
246 |
|
Amortization of deferred financing costs |
|
2,200 |
|
|
|
2,038 |
|
|
|
6,579 |
|
|
|
5,889 |
|
Amortization of debt premiums |
|
(69 |
) |
|
|
(66 |
) |
|
|
(209 |
) |
|
|
(200 |
) |
Loss on extinguishment of debt |
|
- |
|
|
|
- |
|
|
|
2,949 |
|
|
|
- |
|
Adjustments for noncontrolling interest |
|
- |
|
|
|
(224 |
) |
|
|
(294 |
) |
|
|
(715 |
) |
Transaction costs of acquisitions |
|
135 |
|
|
|
2 |
|
|
|
210 |
|
|
|
15,437 |
|
Deferred tax (benefit) expense |
|
818 |
|
|
|
(34 |
) |
|
|
5,991 |
|
|
|
26,607 |
|
Adjusted FFO available to common shareholders and unit
holders |
$ |
52,113 |
|
|
$ |
(60,284 |
) |
|
$ |
(39 |
) |
|
$ |
(118,556 |
) |
Capital expenditures (1) |
|
(14,047 |
) |
|
|
(1,247 |
) |
|
|
(30,634 |
) |
|
|
(16,744 |
) |
Adjusted FFO available to common shareholders and unit
holders (ex. maintenance capex) |
$ |
38,066 |
|
|
$ |
(61,531 |
) |
|
$ |
(30,673 |
) |
|
$ |
(135,300 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net loss per share |
$ |
(0.16 |
) |
|
$ |
(2.14 |
) |
|
$ |
(3.11 |
) |
|
$ |
(6.14 |
) |
Diluted net loss per share |
$ |
(0.16 |
) |
|
$ |
(2.14 |
) |
|
$ |
(3.11 |
) |
|
$ |
(6.14 |
) |
|
|
|
|
|
|
|
|
FFO available to common shareholders and unit holders per basic
share/unit |
$ |
0.86 |
|
|
$ |
(1.31 |
) |
|
$ |
(0.35 |
) |
|
$ |
(3.68 |
) |
Adjusted FFO available to common shareholders and unit holders per
basic share/unit |
$ |
0.94 |
|
|
$ |
(1.09 |
) |
|
$ |
(0.00 |
) |
|
$ |
(2.16 |
) |
|
|
|
|
|
|
|
|
FFO available to common shareholders and unit holders per diluted
share/unit |
$ |
0.86 |
|
|
$ |
(1.31 |
) |
|
$ |
(0.35 |
) |
|
$ |
(3.68 |
) |
Adjusted FFO available to common shareholders and unit holders per
diluted share/unit |
$ |
0.94 |
|
|
$ |
(1.09 |
) |
|
$ |
(0.00 |
) |
|
$ |
(2.16 |
) |
|
|
|
|
|
|
|
|
Weighted
average common shares and OP units for the period: |
|
|
|
|
|
|
|
Basic |
|
55,466 |
|
|
|
55,126 |
|
|
|
55,449 |
|
|
|
55,004 |
|
Diluted |
|
55,466 |
|
|
|
55,126 |
|
|
|
55,449 |
|
|
|
55,004 |
|
|
|
|
|
|
|
|
|
(1) Represents
FF&E reserve contribution for managed properties and
maintenance capital expenditures for non-managed properties. Note
that beginning in March 2020, as a result of the COVID-19
pandemic, contributions to the FF&E reserve for managed
properties have been temporarily suspended, although we have
made voluntary contributions to fund various maintenance capital
expenditures, including the rooms renovation at Gaylord
National. |
|
|
|
|
|
|
|
|
|
|
|
|
RYMAN
HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES |
SUPPLEMENTAL
FINANCIAL RESULTS |
HOSPITALITY
SEGMENT ADJUSTED EBITDAre
RECONCILIATIONS AND OPERATING METRICS |
Unaudited |
(in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended Sept. 30, |
|
Nine Months Ended Sept. 30, |
|
|
2021 |
|
|
|
2020 |
|
|
|
2021 |
|
|
|
2020 |
|
|
$ |
Margin |
|
$ |
Margin |
|
$ |
Margin |
|
$ |
Margin |
Hospitality segment |
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
257,853 |
|
|
|
$ |
57,978 |
|
|
|
$ |
463,343 |
|
|
|
$ |
353,954 |
|
|
Operating income (loss) |
$ |
24,600 |
|
9.5 |
% |
|
$ |
(86,212 |
) |
-148.7 |
% |
|
$ |
(66,260 |
) |
-14.3 |
% |
|
$ |
(186,401 |
) |
-52.7 |
% |
Depreciation & amortization |
|
52,020 |
|
|
|
|
49,310 |
|
|
|
|
151,655 |
|
|
|
|
148,667 |
|
|
Gain on sale of assets |
|
- |
|
|
|
|
- |
|
|
|
|
(317 |
) |
|
|
|
(1,261 |
) |
|
Preopening costs |
|
116 |
|
|
|
|
79 |
|
|
|
|
731 |
|
|
|
|
245 |
|
|
Non-cash lease expense |
|
1,101 |
|
|
|
|
1,116 |
|
|
|
|
3,307 |
|
|
|
|
3,347 |
|
|
Credit loss on held-to-maturity securities |
|
- |
|
|
|
|
7,811 |
|
|
|
|
- |
|
|
|
|
32,784 |
|
|
Interest income on Gaylord National bonds |
|
1,389 |
|
|
|
|
1,485 |
|
|
|
|
4,114 |
|
|
|
|
4,683 |
|
|
Transaction costs of acquisitions |
|
- |
|
|
|
|
- |
|
|
|
|
75 |
|
|
|
|
- |
|
|
Other gains and (losses), net |
|
- |
|
|
|
|
2,846 |
|
|
|
|
- |
|
|
|
|
2,846 |
|
|
Adjusted EBITDAre |
$ |
79,226 |
|
30.7 |
% |
|
$ |
(23,565 |
) |
-40.6 |
% |
|
$ |
93,305 |
|
20.1 |
% |
|
$ |
4,910 |
|
1.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
54.5 |
% |
|
|
|
14.6 |
% |
|
|
|
34.9 |
% |
|
|
|
24.4 |
% |
|
Average daily rate (ADR) |
$ |
216.79 |
|
|
|
$ |
180.89 |
|
|
|
$ |
208.02 |
|
|
|
$ |
197.38 |
|
|
RevPAR |
$ |
118.17 |
|
|
|
$ |
26.33 |
|
|
|
$ |
72.65 |
|
|
|
$ |
48.16 |
|
|
OtherPAR |
$ |
151.02 |
|
|
|
$ |
36.00 |
|
|
|
$ |
92.86 |
|
|
|
$ |
79.61 |
|
|
Total RevPAR |
$ |
269.19 |
|
|
|
$ |
62.33 |
|
|
|
$ |
165.51 |
|
|
|
$ |
127.77 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaylord Opryland |
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
75,483 |
|
|
|
$ |
17,514 |
|
|
|
$ |
142,244 |
|
|
|
$ |
94,961 |
|
|
Operating income (loss) |
$ |
19,514 |
|
25.9 |
% |
|
$ |
(15,403 |
) |
-87.9 |
% |
|
$ |
10,965 |
|
7.7 |
% |
|
$ |
(24,402 |
) |
-25.7 |
% |
Depreciation & amortization |
|
8,507 |
|
|
|
|
8,790 |
|
|
|
|
25,644 |
|
|
|
|
26,406 |
|
|
Gain on sale of assets |
|
- |
|
|
|
|
- |
|
|
|
|
(317 |
) |
|
|
|
(1,261 |
) |
|
Non-cash lease (revenue) expense |
|
- |
|
|
|
|
(19 |
) |
|
|
|
2 |
|
|
|
|
(59 |
) |
|
Adjusted EBITDAre |
$ |
28,021 |
|
37.1 |
% |
|
$ |
(6,632 |
) |
-37.9 |
% |
|
$ |
36,294 |
|
25.5 |
% |
|
$ |
684 |
|
0.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
56.3 |
% |
|
|
|
13.8 |
% |
|
|
|
38.4 |
% |
|
|
|
25.0 |
% |
|
Average daily rate (ADR) |
$ |
232.49 |
|
|
|
$ |
193.58 |
|
|
|
$ |
223.24 |
|
|
|
$ |
194.10 |
|
|
RevPAR |
$ |
130.85 |
|
|
|
$ |
26.76 |
|
|
|
$ |
85.71 |
|
|
|
$ |
48.51 |
|
|
OtherPAR |
$ |
153.25 |
|
|
|
$ |
39.16 |
|
|
|
$ |
94.71 |
|
|
|
$ |
71.49 |
|
|
Total RevPAR |
$ |
284.10 |
|
|
|
$ |
65.92 |
|
|
|
$ |
180.42 |
|
|
|
$ |
120.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaylord Palms |
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
34,476 |
|
|
|
$ |
7,658 |
|
|
|
$ |
82,295 |
|
|
|
$ |
53,847 |
|
|
Operating loss |
$ |
(877 |
) |
-2.5 |
% |
|
$ |
(12,394 |
) |
-161.8 |
% |
|
$ |
(4,514 |
) |
-5.5 |
% |
|
$ |
(19,123 |
) |
-35.5 |
% |
Depreciation & amortization |
|
5,852 |
|
|
|
|
4,042 |
|
|
|
|
15,278 |
|
|
|
|
12,452 |
|
|
Preopening costs |
|
116 |
|
|
|
|
79 |
|
|
|
|
731 |
|
|
|
|
245 |
|
|
Non-cash lease expense |
|
1,101 |
|
|
|
|
1,135 |
|
|
|
|
3,305 |
|
|
|
|
3,406 |
|
|
Adjusted EBITDAre |
$ |
6,192 |
|
18.0 |
% |
|
$ |
(7,138 |
) |
-93.2 |
% |
|
$ |
14,800 |
|
18.0 |
% |
|
$ |
(3,020 |
) |
-5.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
44.7 |
% |
|
|
|
14.7 |
% |
|
|
|
41.1 |
% |
|
|
|
26.0 |
% |
|
Average daily rate (ADR) |
$ |
201.18 |
|
|
|
$ |
168.83 |
|
|
|
$ |
198.85 |
|
|
|
$ |
206.72 |
|
|
RevPAR |
$ |
89.99 |
|
|
|
$ |
24.76 |
|
|
|
$ |
81.71 |
|
|
|
$ |
53.67 |
|
|
OtherPAR |
$ |
128.14 |
|
|
|
$ |
34.03 |
|
|
|
$ |
111.44 |
|
|
|
$ |
85.12 |
|
|
Total RevPAR |
$ |
218.13 |
|
|
|
$ |
58.79 |
|
|
|
$ |
193.15 |
|
|
|
$ |
138.79 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaylord Texan |
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
56,041 |
|
|
|
$ |
19,651 |
|
|
|
$ |
108,468 |
|
|
|
$ |
81,119 |
|
|
Operating income (loss) |
$ |
12,640 |
|
22.6 |
% |
|
$ |
(5,981 |
) |
-30.4 |
% |
|
$ |
11,137 |
|
10.3 |
% |
|
$ |
(4,699 |
) |
-5.8 |
% |
Depreciation & amortization |
|
6,146 |
|
|
|
|
6,327 |
|
|
|
|
18,569 |
|
|
|
|
19,184 |
|
|
Adjusted EBITDAre |
$ |
18,786 |
|
33.5 |
% |
|
$ |
346 |
|
1.8 |
% |
|
$ |
29,706 |
|
27.4 |
% |
|
$ |
14,485 |
|
17.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
66.9 |
% |
|
|
|
27.3 |
% |
|
|
|
44.6 |
% |
|
|
|
29.5 |
% |
|
Average daily rate (ADR) |
$ |
215.42 |
|
|
|
$ |
190.80 |
|
|
|
$ |
207.21 |
|
|
|
$ |
199.31 |
|
|
RevPAR |
$ |
144.08 |
|
|
|
$ |
52.09 |
|
|
|
$ |
92.35 |
|
|
|
$ |
58.82 |
|
|
OtherPAR |
$ |
191.72 |
|
|
|
$ |
65.66 |
|
|
|
$ |
126.68 |
|
|
|
$ |
104.39 |
|
|
Total RevPAR |
$ |
335.80 |
|
|
|
$ |
117.75 |
|
|
|
$ |
219.03 |
|
|
|
$ |
163.21 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaylord National |
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
36,008 |
|
|
|
$ |
133 |
|
|
|
$ |
39,576 |
|
|
|
$ |
50,056 |
|
|
Operating loss |
$ |
(8,534 |
) |
-23.7 |
% |
|
$ |
(26,814 |
) |
-20160.9 |
% |
|
$ |
(38,108 |
) |
-96.3 |
% |
|
$ |
(79,798 |
) |
-159.4 |
% |
Depreciation & amortization |
|
8,206 |
|
|
|
|
6,885 |
|
|
|
|
22,245 |
|
|
|
|
20,751 |
|
|
Credit loss on held-to-maturity securities |
|
- |
|
|
|
|
7,811 |
|
|
|
|
- |
|
|
|
|
32,784 |
|
|
Interest income on Gaylord National bonds |
|
1,389 |
|
|
|
|
1,485 |
|
|
|
|
4,114 |
|
|
|
|
4,683 |
|
|
Other gains and (losses), net |
|
- |
|
|
|
|
2,846 |
|
|
|
|
- |
|
|
|
|
2,846 |
|
|
Adjusted EBITDAre |
$ |
1,061 |
|
2.9 |
% |
|
$ |
(7,787 |
) |
-5854.9 |
% |
|
$ |
(11,749 |
) |
-29.7 |
% |
|
$ |
(18,734 |
) |
-37.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
44.1 |
% |
|
|
|
0.0 |
% |
|
|
|
14.9 |
% |
|
|
|
17.2 |
% |
|
Average daily rate (ADR) |
$ |
209.77 |
|
|
|
$ |
- |
|
|
|
$ |
209.77 |
|
|
|
$ |
207.13 |
|
|
RevPAR |
$ |
92.52 |
|
|
|
$ |
- |
|
|
|
$ |
31.18 |
|
|
|
$ |
35.71 |
|
|
OtherPAR |
$ |
103.57 |
|
|
|
$ |
0.73 |
|
|
|
$ |
41.45 |
|
|
|
$ |
55.82 |
|
|
Total RevPAR |
$ |
196.09 |
|
|
|
$ |
0.73 |
|
|
|
$ |
72.63 |
|
|
|
$ |
91.53 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaylord Rockies |
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
51,209 |
|
|
|
$ |
11,931 |
|
|
|
$ |
81,517 |
|
|
|
$ |
68,335 |
|
|
Operating income (loss) (1) |
$ |
1,595 |
|
3.1 |
% |
|
$ |
(23,846 |
) |
-199.9 |
% |
|
$ |
(43,700 |
) |
-53.6 |
% |
|
$ |
(53,854 |
) |
-78.8 |
% |
Depreciation & amortization |
|
22,670 |
|
|
|
|
22,616 |
|
|
|
|
67,978 |
|
|
|
|
67,897 |
|
|
Adjusted EBITDAre
(1) |
$ |
24,265 |
|
47.4 |
% |
|
$ |
(1,230 |
) |
-10.3 |
% |
|
$ |
24,278 |
|
29.8 |
% |
|
$ |
14,043 |
|
20.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
61.9 |
% |
|
|
|
19.3 |
% |
|
|
|
35.2 |
% |
|
|
|
25.8 |
% |
|
Average daily rate (ADR) |
$ |
224.67 |
|
|
|
$ |
169.43 |
|
|
|
$ |
210.54 |
|
|
|
$ |
196.84 |
|
|
RevPAR |
$ |
139.10 |
|
|
|
$ |
32.78 |
|
|
|
$ |
74.05 |
|
|
|
$ |
50.83 |
|
|
OtherPAR |
$ |
231.74 |
|
|
|
$ |
53.61 |
|
|
|
$ |
124.88 |
|
|
|
$ |
115.32 |
|
|
Total RevPAR |
$ |
370.84 |
|
|
|
$ |
86.39 |
|
|
|
$ |
198.93 |
|
|
|
$ |
166.15 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The
AC Hotel at National Harbor |
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
1,846 |
|
|
|
$ |
735 |
|
|
|
$ |
4,110 |
|
|
|
$ |
2,730 |
|
|
Operating loss |
$ |
(141 |
) |
-7.6 |
% |
|
$ |
(704 |
) |
-95.8 |
% |
|
$ |
(1,282 |
) |
-31.2 |
% |
|
$ |
(1,999 |
) |
-73.2 |
% |
Depreciation & amortization |
|
329 |
|
|
|
|
329 |
|
|
|
|
986 |
|
|
|
|
994 |
|
|
Adjusted EBITDAre |
$ |
188 |
|
10.2 |
% |
|
$ |
(375 |
) |
-51.0 |
% |
|
$ |
(296 |
) |
-7.2 |
% |
|
$ |
(1,005 |
) |
-36.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
46.7 |
% |
|
|
|
27.0 |
% |
|
|
|
43.3 |
% |
|
|
|
26.2 |
% |
|
Average daily rate (ADR) |
$ |
201.38 |
|
|
|
$ |
146.70 |
|
|
|
$ |
163.95 |
|
|
|
$ |
176.69 |
|
|
RevPAR |
$ |
94.11 |
|
|
|
$ |
39.65 |
|
|
|
$ |
70.96 |
|
|
|
$ |
46.21 |
|
|
OtherPAR |
$ |
10.45 |
|
|
|
$ |
1.99 |
|
|
|
$ |
7.46 |
|
|
|
$ |
5.69 |
|
|
Total RevPAR |
$ |
104.56 |
|
|
|
$ |
41.64 |
|
|
|
$ |
78.42 |
|
|
|
$ |
51.90 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The
Inn at Opryland (2) |
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
2,790 |
|
|
|
$ |
356 |
|
|
|
$ |
5,133 |
|
|
|
$ |
2,906 |
|
|
Operating income (loss) |
$ |
403 |
|
14.4 |
% |
|
$ |
(1,070 |
) |
-300.6 |
% |
|
$ |
(758 |
) |
-14.8 |
% |
|
$ |
(2,526 |
) |
-86.9 |
% |
Depreciation & amortization |
|
310 |
|
|
|
|
321 |
|
|
|
|
955 |
|
|
|
|
983 |
|
|
Transaction costs of acquisitions |
|
- |
|
|
|
|
- |
|
|
|
|
75 |
|
|
|
|
- |
|
|
Adjusted EBITDAre |
$ |
713 |
|
25.6 |
% |
|
$ |
(749 |
) |
-210.4 |
% |
|
$ |
272 |
|
5.3 |
% |
|
$ |
(1,543 |
) |
-53.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
55.7 |
% |
|
|
|
8.9 |
% |
|
|
|
38.1 |
% |
|
|
|
19.9 |
% |
|
Average daily rate (ADR) |
$ |
147.81 |
|
|
|
$ |
93.65 |
|
|
|
$ |
133.94 |
|
|
|
$ |
127.42 |
|
|
RevPAR |
$ |
82.35 |
|
|
|
$ |
8.37 |
|
|
|
$ |
51.00 |
|
|
|
$ |
25.30 |
|
|
OtherPAR |
$ |
17.67 |
|
|
|
$ |
4.35 |
|
|
|
$ |
11.05 |
|
|
|
$ |
9.70 |
|
|
Total RevPAR |
$ |
100.02 |
|
|
|
$ |
12.72 |
|
|
|
$ |
62.05 |
|
|
|
$ |
35.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Operating loss and
Adjusted EBITDAre for Gaylord Rockies for the nine months ended
September 30, 2021 exclude forgiven asset management fees
previously owed to RHP of $0.3 million. Operating loss and
Adjusted EBITDAre for Gaylord Rockies for the three months and nine
months ended September 30, 2020 exclude asset management fees owed
to RHP of $0.1 million and $0.7 million, respectively. |
(2) Includes
other hospitality revenue and expense |
|
|
|
|
|
|
|
|
|
|
|
Investor Relations Contacts:
Mark Fioravanti, President & Chief Financial Officer
Ryman Hospitality Properties, Inc.
(615) 316-6588
mfioravanti@rymanhp.com
~or~
Todd Siefert, Senior Vice President Corporate Finance & Treasurer
Ryman Hospitality Properties, Inc.
(615) 316-6344
tsiefert@rymanhp.com
Media Contacts:
Shannon Sullivan, Vice President Corporate and Brand Communications
Ryman Hospitality Properties, Inc.
(615) 316-6725
ssullivan@rymanhp.com
~or~
Robert Winters
Alpha IR Group
(929) 266-6315
robert.winters@alpha-ir.com
Ryman Hospitality Proper... (NYSE:RHP)
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