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
announced it is postponing its Investor Day due to inclement
Nashville winter weather causing hazardous travel conditions. The
Company’s Investor Day will now be held on January 30th, 2024, at
the Gaylord Opryland Resort & Convention Center in Nashville,
Tennessee and will be webcast live as described below.
The postponement is not related to any change in
the Company’s operations or financial results. The Company also
today provided the following preliminary financial results for the
three months and twelve months ended December 31, 2023.
Mark Fioravanti, President and Chief Executive
Officer of the Company said, “We regret to inform you that the
scheduled Investor Day has been postponed to January 30th, 2024.
The safety of our attendees and employees is our top priority, and
heavy snow and inclement weather conditions in Nashville have made
it unsafe to proceed with the event as previously planned.”
Regarding the Company's preliminary 2023
financial results, Fioravanti continued, “While we anticipated a
strong end to 2023, the results seen throughout our businesses
exceeded our expectations, with net income expected to be between
$336 million and $348 million, and expected consolidated Adjusted
EBITDAre of approximately $691 million, both representing annual
records. Our Hospitality segment and Entertainment segment each set
full-year operating income and Adjusted EBITDAre records.”
|
|
|
|
|
|
|
|
($ in
millions, except per share figures) |
Preliminary
Q4 2023 Results |
|
Preliminary
FY 2023 Results |
(unaudited,
subject to change) |
Low |
|
High |
|
Low |
|
High |
|
|
|
|
|
|
|
|
Operating Income |
$ |
125 |
|
|
$ |
125 |
|
|
$ |
453 |
|
|
$ |
453 |
|
|
|
|
|
|
|
|
|
Net
Income1 |
$ |
164 |
|
|
$ |
176 |
|
|
$ |
336 |
|
|
$ |
348 |
|
|
|
|
|
|
|
|
|
Net Income
Available to Common Stockholders1 |
$ |
138 |
|
|
$ |
150 |
|
|
$ |
308 |
|
|
$ |
320 |
|
Net Income
Available to Common Stockholders per Diluted Share1 |
$ |
2.30 |
|
|
$ |
2.44 |
|
|
$ |
5.29 |
|
|
$ |
5.43 |
|
|
|
|
|
|
|
|
|
Adjusted
EBITDAre2 |
$ |
187 |
|
|
$ |
187 |
|
|
$ |
691 |
|
|
$ |
691 |
|
|
|
|
|
|
|
|
|
Adjusted
Funds From Operations (AFFO)2 |
$ |
125 |
|
|
$ |
127 |
|
|
$ |
471 |
|
|
$ |
473 |
|
AFFO per
Diluted Share2 |
$ |
2.07 |
|
|
$ |
2.10 |
|
|
$ |
8.06 |
|
|
$ |
8.10 |
|
|
|
|
|
|
|
|
|
Weighted
Average Diluted Shares3 |
|
60,058 |
|
|
|
60,058 |
|
|
|
58,061 |
|
|
|
58,061 |
|
Weighted
Average Diluted Shares and OP units3 |
|
60,453 |
|
|
|
60,453 |
|
|
|
58,456 |
|
|
|
58,456 |
|
|
|
|
|
|
|
|
|
($ in
millions, except RevPAR and Total RevPAR) |
Preliminary
Q4 2023 Results |
|
Preliminary
FY 2023 Results |
(unaudited,
subject to change) |
Low |
|
High |
|
Low |
|
High |
|
|
|
|
|
|
|
|
Hospitality
RevPAR (Same-Store)4 |
$ |
184 |
|
|
$ |
184 |
|
|
$ |
175 |
|
|
$ |
175 |
|
Hospitality
Total RevPAR (Same-Store)4 |
$ |
525 |
|
|
$ |
525 |
|
|
$ |
458 |
|
|
$ |
458 |
|
|
|
|
|
|
|
|
|
Hospitality
Operating Income |
$ |
116 |
|
|
$ |
116 |
|
|
$ |
421 |
|
|
$ |
421 |
|
Hospitality
Adjusted EBITDAre2 |
$ |
167 |
|
|
$ |
167 |
|
|
$ |
623 |
|
|
$ |
623 |
|
|
|
|
|
|
|
|
|
Entertainment Operating Income |
$ |
21 |
|
|
$ |
21 |
|
|
$ |
76 |
|
|
$ |
76 |
|
Entertainment Adjusted EBITDAre2 |
$ |
31 |
|
|
$ |
31 |
|
|
$ |
100 |
|
|
$ |
100 |
|
|
|
|
|
|
|
|
|
Corporate
and Other Operating Loss |
$ |
(12 |
) |
|
$ |
(12 |
) |
|
$ |
(44 |
) |
|
$ |
(44 |
) |
Corporate
and Other Adjusted EBITDAre2 |
$ |
(10 |
) |
|
$ |
(10 |
) |
|
$ |
(32 |
) |
|
$ |
(32 |
) |
|
|
|
|
|
|
|
|
|
(1) |
The Company is expecting an income tax benefit between $95-$107
million in the fourth quarter, which relates primarily to the
release of valuation allowances. |
|
(2) |
For the
Company’s definitions of Adjusted EBITDAre, Adjusted FFO available
to common shareholders and unit holders, and Adjusted FFO available
to common shareholders and unit holders per diluted share, as well
as a reconciliation of these non-GAAP financial measures to the
most directly comparable GAAP financial measure, see “Non-GAAP
Financial Measures,” “EBITDAre and Adjusted EBITDAre Definition,”
“FFO, Adjusted FFO and Adjusted FFO available to common
stockholders and unit holders Definition” and “Supplemental
Financial Results” below. |
|
(3) |
Diluted
net income per share and adjusted FFO available to common
stockholders and unit holders per diluted share/unit does not
include the equivalent shares related to the currently
unexercisable investor put rights associated with the
noncontrolling interest in the Company's OEG business, which may be
settled in cash or shares at the Company's option, as these shares
are currently anti-dilutive. |
|
(4) |
Same-store Hospitality segment excludes JW Marriott San Antonio
Hill Country Resort & Spa (“JW Marriott Hill Country”), which
was acquired June 30, 2023. |
|
|
|
“Sales production finished strong in 2023, as
same-store new gross definite rooms revenue booked for all future
years set an all-time quarterly record in Q4 2023, an increase of
29% over Q4 2022, and an all-time yearly record in 2023, an
increase of 19% over 2022. In addition, same-store gross new
definite average daily rate (ADR) booked for all future years set
another all-time quarterly record in Q4 2023 at $275, up 8.5% over
Q4 2022, and an all-time yearly record in 2023 at $268, up 8.5%
over 2022.”
|
Same-Store
Hospitality Performance Metrics 1 |
|
Three Months
Ended |
|
Twelve
Months Ended |
|
December 31, |
|
December 31, |
|
|
2023 |
|
|
2022 |
|
% ∆ |
|
|
2023 |
|
|
2022 |
|
% ∆ |
Gross Definite Rooms Nights Booked |
|
1,235,718 |
|
|
1,037,603 |
|
|
19.1% |
|
|
2,931,296 |
|
|
2,675,174 |
|
|
9.6% |
Net Definite
Rooms Nights Booked |
|
1,055,406 |
|
|
810,760 |
|
|
30.2% |
|
|
2,302,717 |
|
|
1,805,598 |
|
|
27.5% |
Group
Attrition (as % of contracted block) |
|
14.0% |
|
|
15.5% |
|
|
-1.5pt |
|
|
15.2% |
|
|
20.6% |
|
|
-5.4pt |
Cancellations ITYFTY 2 |
|
3,249 |
|
|
2,533 |
|
|
28.3% |
|
|
68,436 |
|
|
205,662 |
|
|
-66.7% |
Gross
Definite ADR on Room Nights Booked |
$ |
275.18 |
|
$ |
253.57 |
|
|
8.5% |
|
$ |
268.43 |
|
$ |
247.32 |
|
|
8.5% |
|
(1) |
Same-store Hospitality segment excludes JW Marriott San Antonio
Hill Country Resort & Spa (“JW Marriott Hill Country”), which
was acquired June 30, 2023. |
|
(2) |
“ITYFTY”
represents In The Year For The Year. |
|
|
|
Fioravanti concluded “The continued strength of
our businesses and the robust bookings from our group customers
across all future periods gives us confidence in our long-term
growth plans. We look forward to sharing more information at our
rescheduled Investor Day.”
The Company will host an Investor Day on January
30th, 2024, in Nashville and will feature presentations and a
question-and-answer session with the Company’s senior management
team. Due to limited capacity, in-person attendance is by
invitation only. A link to the live webcast, and presentation
materials, will be available on the Investor Relations section of
the Company’s website at https://ir.rymanhp.com. The event will
begin at 9:00 a.m. ET and conclude at approximately 1:00 p.m. ET.
Questions for management may be submitted to
InvestorRelations@RymanHP.com at any time prior to, or during, the
event. Following the live event, a replay of the webcast will be
available on the Investor Relations section of the Company's
website.
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
entertainment experiences. The Company’s holdings include 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, five of the top seven
largest non-gaming convention center hotels in the United States
based on total indoor meeting space. The Company also owns the JW
Marriott San Antonio Hill Country Resort & Spa as well as two
ancillary hotels adjacent to our Gaylord Hotels properties. The
Company’s hotel portfolio is managed by Marriott International and
includes a combined total of 11,414 rooms as well as more than 3
million square feet of total indoor and outdoor meeting space in
top convention and leisure destinations across the country. RHP
also owns a 70% controlling ownership interest in Opry
Entertainment Group (OEG), which is composed of entities owning a
growing collection of iconic and emerging country music brands,
including the Grand Ole Opry, Ryman Auditorium, WSM 650 AM, Ole
Red, Nashville-area attractions, and Block 21, a mixed-use
entertainment, lodging, office and retail complex, including the W
Austin Hotel and the ACL Live at the Moody Theater, located in
downtown Austin, Texas. RHP operates OEG as its Entertainment
segment in a taxable REIT subsidiary, and its results are
consolidated in the Company’s financial results.
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 the Company’s business, anticipated
business levels, estimated financial results for the Company for
periods in which the Company’s financial results have not been
finalized 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 risks and uncertainties 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 effects of inflation on the Company’s business,
including the effects on costs of labor and supplies and effects on
group customers at the Company’s hotels and customers in OEG’s
businesses, the Company’s ability to remain qualified as a real
estate investment trust (“REIT”), the Company’s ability to execute
our 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, the Company’s ability to borrow funds pursuant to
its credit agreements and to refinance indebtedness and/or to
successfully amend the agreements governing its indebtedness in the
future, changes in interest rates, any effects of COVID-19 on the
Company’s and the hospitality and entertainment industries
generally, the Company’s integration of the JW Marriott Hill
Country, the Company’s ability to identify and capitalize on
additional value creation opportunities at the JW Marriott Hill
Country and the occurrence of any event, change or other
circumstance that could limit the Company’s ability to capitalize
on any additional value creation opportunities it identifies at the
JW Marriott Hill Country. 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, 2022, and
subsequent filings. Except as required by law, 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.
Preliminary Estimated Financial
ResultsThe Company is presenting preliminary estimates of
certain estimated financial and operating results as of and for the
three months and twelve months ended December 31, 2023, based upon
the information available to the Company as of the date of this
press release. These estimates for the periods ending December 31,
2023, are not a comprehensive statement of the Company’s results
for such periods, and the Company’s actual results may differ
materially from these preliminary estimated results. These
estimates are preliminary and are inherently uncertain and subject
to change as the Company completes the preparation of its
consolidated financial statements and related notes and completion
of its financial close procedures for the twelve months ended
December 31, 2023. Therefore, you should not place undue reliance
upon this information. The Company’s independent registered public
accounting firm has not audited, reviewed, compiled or performed
any procedures with respect to the preliminary estimated financial
information included in this presentation and, accordingly, does
not express an opinion or any other form of assurance with respect
thereto. The Company currently intends to release its finalized
fourth quarter and full year earnings results after the market
closes on February 22, 2024, and management will hold a conference
call to discuss the results at noon ET on February 23, 2024. In
addition, you should carefully review the Company’s consolidated
financial statements for the twelve months ended December 31, 2023,
when they become available.
Additional Information This
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 and subsequent filings. Copies of our
reports are available on our website at no expense at
www.rymanhp.com and through the SEC’s Electronic Data Gathering
Analysis and Retrieval System (“EDGAR”) at www.sec.gov.
Calculation of RevPAR and Total
RevPAR We calculate revenue per available room (“RevPAR”)
for our hotels by dividing room revenue by room nights available to
guests for the period. We calculate total revenue per available
room (“Total RevPAR”) for our hotels by dividing the sum of room
revenue, food & beverage, and other ancillary services revenue
by room nights available to guests for the period. Hospitality
metrics do not include the results of the W Austin, which is
included in the Entertainment segment.
Non-GAAP Financial Measures We
present the following non-GAAP financial measures we believe are
useful to investors as key measures of our operating
performance:
EBITDAre and Adjusted EBITDAre
Definition We 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
(benefit), 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 of 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;
- 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 use EBITDAre and Adjusted EBITDAre and
segment-level EBITDAre and Adjusted EBITDAre to evaluate our
operating performance. We believe that the presentation of these
non-GAAP financial measures provides useful information to
investors regarding our operating performance and debt leverage
metrics, and that the presentation of these non-GAAP financial
measures, when combined with the primary GAAP presentation of Net
Income or Operating Income, as applicable, 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
provides useful information to investors regarding our operating
performance and debt leverage metrics.
FFO, Adjusted FFO, and Adjusted FFO
available to common stockholders and unit holders
Definition We 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
stockholders 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;
- loss 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.
FFO available to common stockholders and unit
holders and Adjusted FFO available to common stockholders and unit
holders exclude the ownership portion of joint ventures not
controlled or owned by the Company.
We present Adjusted FFO per diluted share as
non-GAAP measures of our performance in addition to our net income
available to common shareholders per diluted share (calculated in
accordance with GAAP). We calculate Adjusted FFO per diluted share
as our Adjusted FFO (defined as set forth above) for a given
operating period, as adjusted for the effect of dilutive
securities, divided by the number of fully diluted shares
outstanding during such period.
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, 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,
Operating Income (Loss), or cash flow from operations.
Investor Relations Contacts: |
Media Contacts: |
Mark Fioravanti, President and Chief Executive Officer |
Shannon Sullivan, Vice President Corporate and Brand
Communications |
Ryman Hospitality Properties, Inc. |
Ryman Hospitality Properties, Inc. |
(615) 316-6588 |
(615) 316-6725 |
mfioravanti@rymanhp.com |
ssullivan@rymanhp.com |
~or~ |
~or~ |
Jennifer Hutcheson, Chief Financial Officer |
Robert Winters |
Ryman Hospitality Properties, Inc. |
Alpha IR Group |
(615) 316-6320 |
(929) 266-6315 |
jhutcheson@rymanhp.com |
robert.winters@alpha-ir.com |
~or~ |
|
Sarah Martin, Vice President Investor Relations |
|
Ryman Hospitality Properties, Inc. |
|
(615) 316-6011 |
|
sarah.martin@rymanhp.com |
|
RYMAN
HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES |
SUPPLEMENTAL
FINANCIAL RESULTS |
ADJUSTED
EBITDAre RECONCILIATION |
Unaudited |
(in millions) |
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
Twelve
Months Ended |
|
December 31,
2023 |
|
December 31,
2023 |
|
(Preliminary) |
|
(Preliminary) |
|
Low |
|
High |
|
Low |
|
High |
Consolidated |
|
|
|
|
|
|
|
Net income |
$ |
164 |
|
|
$ |
176 |
|
|
$ |
336 |
|
|
$ |
348 |
|
Interest expense, net |
|
54 |
|
|
|
54 |
|
|
|
190 |
|
|
|
190 |
|
Benefit for income taxes (1) |
|
(95 |
) |
|
|
(107 |
) |
|
|
(88 |
) |
|
|
(100 |
) |
Depreciation & amortization |
|
56 |
|
|
|
56 |
|
|
|
211 |
|
|
|
211 |
|
EBITDAre |
|
179 |
|
|
|
179 |
|
|
|
649 |
|
|
|
649 |
|
Equity-based compensation expense |
|
4 |
|
|
|
4 |
|
|
|
15 |
|
|
|
15 |
|
Pro rata adjusted EBITDAre from unconsolidated joint ventures |
|
- |
|
|
|
- |
|
|
|
11 |
|
|
|
11 |
|
Other (2) |
|
4 |
|
|
|
4 |
|
|
|
16 |
|
|
|
16 |
|
Adjusted EBITDAre |
$ |
187 |
|
|
$ |
187 |
|
|
$ |
691 |
|
|
$ |
691 |
|
|
|
|
|
|
|
|
|
Hospitality
segment |
|
|
|
|
|
|
|
Operating income |
$ |
116 |
|
|
$ |
116 |
|
|
$ |
421 |
|
|
$ |
421 |
|
Depreciation and amortization |
|
49 |
|
|
|
49 |
|
|
|
187 |
|
|
|
187 |
|
Other (2) |
|
2 |
|
|
|
2 |
|
|
|
15 |
|
|
|
15 |
|
Adjusted EBITDAre |
$ |
167 |
|
|
$ |
167 |
|
|
$ |
623 |
|
|
$ |
623 |
|
|
|
|
|
|
|
|
|
Same-Store
Hospitality segment (3) |
|
|
|
|
|
|
|
Operating income |
$ |
111 |
|
|
$ |
111 |
|
|
$ |
408 |
|
|
$ |
408 |
|
Depreciation and amortization |
|
44 |
|
|
|
44 |
|
|
|
172 |
|
|
|
172 |
|
Other (2) |
|
2 |
|
|
|
2 |
|
|
|
15 |
|
|
|
15 |
|
Adjusted EBITDAre |
$ |
157 |
|
|
$ |
157 |
|
|
$ |
595 |
|
|
$ |
595 |
|
|
|
|
|
|
|
|
|
Entertainment segment |
|
|
|
|
|
|
|
Operating income |
$ |
21 |
|
|
$ |
21 |
|
|
$ |
76 |
|
|
$ |
76 |
|
Depreciation and amortization |
|
8 |
|
|
|
8 |
|
|
|
24 |
|
|
|
24 |
|
Equity-based compensation |
|
1 |
|
|
|
1 |
|
|
|
4 |
|
|
|
4 |
|
Pro rata adjusted EBITDAre from unconsolidated joint ventures |
|
- |
|
|
|
- |
|
|
|
(7 |
) |
|
|
(7 |
) |
Other (2) |
|
1 |
|
|
|
1 |
|
|
|
3 |
|
|
|
3 |
|
Adjusted EBITDAre |
$ |
31 |
|
|
$ |
31 |
|
|
$ |
100 |
|
|
$ |
100 |
|
|
|
|
|
|
|
|
|
Corporate
segment |
|
|
|
|
|
|
|
Operating loss |
$ |
(12 |
) |
|
$ |
(12 |
) |
|
$ |
(44 |
) |
|
$ |
(44 |
) |
Depreciation and amortization |
|
- |
|
|
|
- |
|
|
|
1 |
|
|
|
1 |
|
Equity-based compensation expense |
|
3 |
|
|
|
3 |
|
|
|
12 |
|
|
|
12 |
|
Other (2) |
|
(1 |
) |
|
|
(1 |
) |
|
|
(1 |
) |
|
|
(1 |
) |
Adjusted EBITDAre |
$ |
(10 |
) |
|
$ |
(10 |
) |
|
$ |
(32 |
) |
|
$ |
(32 |
) |
|
(1) |
The Company's
income tax benefit for the three months and twelve months ended
December 31, 2023, primarily relates to the release
of valuation allowances. |
|
(2) |
Other includes preopening costs, non-cash lease expense,
pension settlement charge, interest income on Gaylord National
bonds and loss on extinguishment of debt. |
|
(3) |
Same-Store Hospitality segment excludes JW Marriott Hill
Country, which was acquired June 30, 2023. |
RYMAN
HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES |
SUPPLEMENTAL
FINANCIAL RESULTS |
FUNDS FROM
OPERATIONS ("FFO") AND ADJUSTED FFO RECONCILIATION |
Unaudited |
(in millions) |
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
Twelve
Months Ended |
|
December 31,
2023 |
|
December 31,
2023 |
|
(Preliminary) |
|
(Preliminary) |
|
Low |
|
High |
|
Low |
|
High |
Consolidated |
|
|
|
|
|
|
|
Net income |
$ |
164 |
|
|
$ |
176 |
|
|
$ |
336 |
|
|
$ |
348 |
|
Noncontrolling interest in consolidated joint venture |
|
(26 |
) |
|
|
(26 |
) |
|
|
(28 |
) |
|
|
(28 |
) |
Net
income available to common stockholders and unit
holders |
|
138 |
|
|
|
150 |
|
|
|
308 |
|
|
|
320 |
|
Depreciation & amortization |
|
57 |
|
|
|
57 |
|
|
|
211 |
|
|
|
211 |
|
Adjustments for noncontrolling interest |
|
(4 |
) |
|
|
(4 |
) |
|
|
(8 |
) |
|
|
(8 |
) |
FFO
available to common stockholders and unit holders |
|
191 |
|
|
|
203 |
|
|
|
511 |
|
|
|
523 |
|
|
|
|
|
|
|
|
|
Pro rata adjustments from joint ventures |
|
- |
|
|
|
- |
|
|
|
11 |
|
|
|
11 |
|
Deferred tax benefit(1) |
|
(96 |
) |
|
|
(106 |
) |
|
|
(91 |
) |
|
|
(101 |
) |
Other(2) |
|
30 |
|
|
|
30 |
|
|
|
40 |
|
|
|
40 |
|
Adjusted FFO available to common stockholders and unit
holders |
$ |
125 |
|
|
$ |
127 |
|
|
$ |
471 |
|
|
$ |
473 |
|
|
|
|
|
|
|
|
|
Diluted net
income available to common stockholders per share(3)(5) |
$ |
2.30 |
|
|
$ |
2.44 |
|
|
$ |
5.29 |
|
|
$ |
5.43 |
|
Adjusted FFO
available to common stockholders and unit holders per diluted
share/unit(4)(5) |
$ |
2.07 |
|
|
$ |
2.10 |
|
|
$ |
8.06 |
|
|
$ |
8.10 |
|
|
(1) |
The Company's
deferred tax benefit for the three months and twelve months ended
December 31 primarily relates to the release of valuation
allowances. |
|
(2) |
Other
includes right-of-use asset amortization; non-cash lease expense;
pension settlement charge; amortization of deferred financing
costs, discounts and premiums; loss on extinguishment of debt
and adjustments for noncontrolling interest. |
|
(3) |
Preliminary diluted net income per share calculated as preliminary
net income, divided by diluted shares outstanding for the
respective period. |
|
(4) |
Preliminary adjusted FFO available to common stockholders and unit
holders per diluted share/unit calculated as preliminary adjusted
FFO, divided by diluted shares/units outstanding for the respective
period. |
|
(5) |
Diluted
net income per share and adjusted FFO available to common
stockholders and unit holders per diluted share/unit does not
include the equivalent shares related to the currently
unexercisable investor put rights associated with the
noncontrolling interest in the Company's OEG business, which may be
settled in cash or shares at the Company's option, as these
shares are currently anti-dilutive. |
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