CORRECTION — Ryman Hospitality Properties, Inc. Reports Second Quarter 2024 Results

This press release corrects a clerical error regarding the omission of pro rata adjustments from joint ventures and loss on extinguishment of debt in the reconciliation to net income of funds from operations and adjusted funds from operations in the prior version of the press release issued on July 31, 2024. There are no other changes to the prior version of the press release, and the amount of funds from operations and adjusted funds from operations for the periods presented remains unchanged from the prior version of the press release. The updated release reads:

NASHVILLE, Tenn., Aug. 01, 2024 (GLOBE NEWSWIRE) — 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 three and six months ended June 30, 2024.

Second Quarter 2024 Highlights and Recent Developments:

  • The Company generated record second quarter net income of $104.7 million and record second quarter net income available to common stockholders of $100.8 million, which were records even without the impact of the Tennessee franchise tax refunds for prior years of approximately $9.1 million.1
  • Reported record second quarter consolidated revenue of $613.3 million, including record second quarter same-store Hospitality revenue of $456.2 million. 2
  • Achieved all-time record consolidated operating income of $168.1 million and all-time record consolidated Adjusted EBITDAre of $233.2 million, which were records even without the impact of the Tennessee franchise tax refunds.
  • During the second quarter, the Company booked over 781,000 same-store Gross Definite Room Nights for all future years, at a record future estimated average daily rate (ADR) of $284, an increase of 7.3% over Q2 2023 estimated ADR for future bookings.
  • The Company refinanced Opry Entertainment Group’s term loan B and revolving credit facility with a new $300 million term loan B and $80 million revolving credit facility. The refinanced credit facility and term loan B also reduce the applicable interest rate spread on SOFR loans and extend the applicable maturity dates by two years.
  • The Company is raising its full year 2024 outlook for consolidated net income, operating income, Adjusted EBITDAre and adjusted funds from operations (AFFO), primarily to reflect Tennessee franchise tax savings and estimated cash interest expense savings from the OEG refinancing. The Company is lowering its outlook for same-store Hospitality RevPAR and Total RevPAR growth to account for continued leisure transient softness.

________________________
1 In May 2024, Tennessee amended its franchise tax law, making the Company eligible for refunds for the prior tax years of 2020 through 2023. The Company’s aggregate eligible refunds total approximately $9.1 million (reflected as a reduction in operating expenses), which is allocated by segment in the following approximate amounts in second quarter 2024: $5.6 million (Hospitality), $3.4 million (Entertainment) and $0.1 million (Corporate & Other).
2 Same-store Hospitality portfolio excludes JW Marriott Hill Country, which was acquired June 30, 2023.

Mark Fioravanti, President and Chief Executive Officer of Ryman Hospitality Properties, said, “Our second quarter results continue to demonstrate the strength of both business segments, delivering record second quarter net income, and all-time records for consolidated operating income and consolidated Adjusted EBITDAre despite some expected construction disruption and continued leisure transient softness. Projected rooms revenue from second quarter bookings production for all future years set a second quarter record for the same-store portfolio, which together with all-time record banquet and AV results indicate our core group customer demand remains strong.”

Second Quarter 2024 Results (as compared to second quarter 2023):

($ in thousands, except per share amounts) Three Months Ended   Six Months Ended
  June 30,   June 30,
    2024       2023     % ∆     2024       2023     % ∆
Total Revenue $ 613,290     $ 504,843     21.5%   $ 1,141,635     $ 996,562     14.6%
                       
Operating income $ 168,071     $ 122,240     37.5%   $ 264,452     $ 227,890     16.0%
Operating income margin   27.4%       24.2%     3.2pt     23.2%       22.9%     0.3pt
                       
Net income $ 104,740     $ 70,143     49.3%   $ 147,501     $ 131,137     12.5%
Net income margin   17.1%       13.9%     3.2pt     12.9%       13.2%     -0.3pt
                       
Net income available to common stockholders $ 100,805     $ 66,543     51.5%   $ 143,861     $ 127,863     12.5%
Net income available to common stockholders margin   16.4%       13.2%     3.2pt     12.6%       12.8%     -0.2pt
Net income available to common stockholders per diluted share (1) $ 1.65     $ 1.15     43.5%   $ 2.31     $ 2.17     6.5%
                       
Adjusted EBITDAre $ 233,195     $ 174,702     33.5%   $ 394,260     $ 332,377     18.6%
Adjusted EBITDAre margin   38.0%       34.6%     3.4pt     34.5%       33.4%     1.1pt
Adjusted EBITDAre, excluding noncontrolling interest in consolidated joint venture $ 222,473     $ 165,883     34.1%   $ 378,876     $ 319,262     18.7%
Adjusted EBITDAre, excluding noncontrolling interest in consolidated joint venture margin   36.3%       32.9%     3.4pt     33.2%       32.0%     1.2pt
                       
Funds From Operations (FFO) available to common stockholders and unit holders $ 157,647     $ 113,639     38.7%   $ 256,120     $ 222,165     15.3%
FFO available to common stockholders and unit holders per diluted share/unit (1) $ 2.53     $ 1.92     31.8%   $ 4.05     $ 3.72     8.9%
                       
Adjusted FFO available to common stockholders and unit holders $ 173,432     $ 122,392     41.7%   $ 276,126     $ 235,985     17.0%
Adjusted FFO available to common stockholders and unit holders per diluted share/unit (1) $ 2.78     $ 2.06     35.0%   $ 4.37     $ 3.95     10.6%
                       

(1) Diluted weighted average common shares for the three months ended June 30, 2024 and 2023 include 3.1 million and 3.9 million, respectively, and the six months ended June 30, 2024 and 2023 include 3.3 million and 4.0 million, respectively, in 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.

Note: Consolidated second quarter 2024 results reflect franchise tax refunds for prior tax periods of 2020 through 2023 totaling approximately $9.1 million. Excluding the franchise tax refund related to prior years, for the three and six months ended June 30, 2024, net income was approximately $97.9 million and $140.6 million, respectively; operating income was approximately $159.0 million and $255.4 million, respectively; operating income margin was approximately 25.9% and 22.4%, respectively; Adjusted EBITDAre was approximately $224.1 million and $385.2 million, respectively; and Adjusted EBITDAre margin was approximately 36.5% and 33.7%, respectively.

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 stockholders and unit holders, and Adjusted FFO available to common stockholders and unit holders, as well as a reconciliation of the non-GAAP financial measure Adjusted EBITDAre to Net Income and a reconciliation of the non-GAAP financial measures FFO available to common stockholders and unit holders and Adjusted FFO available to common stockholders and unit holders to Net Income, see “Non-GAAP Financial Measures,” “EBITDAre, Adjusted EBITDAre and Adjusted EBITDAre, Excluding Noncontrolling Interest in Consolidated Joint Venture Definition,” “Adjusted EBITDAre, Excluding Noncontrolling Interest in Consolidated Joint Venture Margin Definition” “FFO, Adjusted FFO, and Adjusted FFO available to common stockholders and unit holders Definition” and “Supplemental Financial Results” below.

Hospitality Segment

($ in thousands, except ADR, RevPAR, and Total RevPAR)                      
                       
  Three Months Ended   Six Months Ended
  June 30,   June 30,
    2024       2023     % ∆     2024       2023     % ∆
                       
Hospitality Revenue $519,087     $417,685     24.3%   $980,557     $842,124     16.4%
Same-Store Hospitality Revenue (1) $456,237     $417,685     9.2%   $867,766     $842,124     3.0%
                       
Hospitality operating income $151,885     $107,733     41.0%   $254,070     $213,803     18.8%
Hospitality operating income margin   29.3%       25.8%     3.5pt     25.9%       25.4%     0.5pt
Hospitality Adjusted EBITDAre $204,615     $152,667     34.0%   $359,208     $303,902     18.2%
Hospitality Adjusted EBITDAre margin   39.4%       36.6%     2.8pt     36.6%       36.1%     0.5pt
                       
Same-Store Hospitality operating income (1) $136,447     $107,733     26.7%   $229,498     $213,803     7.3%
Same-Store Hospitality operating income margin (1)   29.9%       25.8%     4.1pt     26.4%       25.4%     1.0pt
Same-Store Hospitality Adjusted EBITDAre (1) $181,706     $152,667     19.0%   $319,768     $303,902     5.2%
Same-Store Hospitality Adjusted EBITDAre margin (1)   39.8%       36.6%     3.2pt     36.8%       36.1%     0.7pt
                       
Hospitality Performance Metrics                      
Occupancy   73.7%       72.7%     1.0pt     70.2%       72.5%     -2.3pt
Average Daily Rate (ADR) $260.76     $244.77     6.5%   $255.87     $241.38     6.0%
RevPAR $192.12     $177.83     8.0%   $179.64     $174.97     2.7%
Total RevPAR $499.90     $440.12     13.6%   $472.09     $446.49     5.7%
                       
Same-Store Hospitality Performance Metrics (1)                      
Occupancy   73.2%       72.7%     0.5pt     70.1%       72.5%     -2.4pt
Average Daily Rate (ADR) $254.16     $244.77     3.8%   $249.71     $241.38     3.5%
RevPAR $185.95     $177.83     4.6%   $175.06     $174.97     0.1%
Total RevPAR $481.67     $440.12     9.4%   $458.00     $446.49     2.6%
                       
Gross Definite Rooms Nights Booked   781,235       651,507     19.9%     1,069,187       1,000,155     6.9%
Net Definite Rooms Nights Booked   596,661       450,269     32.5%     748,337       700,587     6.8%
Group Attrition (as % of contracted block)   15.2%       16.3%     -1.1pt     15.0%       15.9%     -0.9pt
Cancellations ITYFTY (2)   13,961       21,748     -35.8     26,151       53,968     -51.5
                       

(1) Same-Store Hospitality segment excludes JW Marriott Hill Country, which was acquired June 30, 2023.

(2) “ITYFTY” represents In The Year For The Year.

Note: Hospitality segment and the Same-Store Hospitality portfolio second quarter 2024 results reflect franchise tax refunds for prior tax periods of 2020 through 2023 totaling approximately $5.6 million. Excluding the franchise tax refund related to prior years, for the three and six months ended June 30, 2024, Hospitality operating income was approximately $146.3 million and $248.5 million, respectively; Hospitality operating income margin was approximately 28.2% and 25.3%, respectively; Hospitality Adjusted EBITDAre was approximately $199.0 million and $353.6 million, respectively; Hospitality Adjusted EBITDAre margin was approximately 38.3% and 36.1%, respectively; same-store Hospitality operating income was approximately $130.9 million and $223.9 million, respectively; same-store Hospitality operating income margin was approximately 28.7% and 25.8%, respectively; same-store Hospitality Adjusted EBITDAre was approximately $176.1 million and $314.2 million, respectively; and same-store Hospitality Adjusted EBITDAre margin was approximately 38.6% and 36.2%, respectively.

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 Second quarter 2024 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, and property-level Adjusted EBITDAre to property-level Operating Income for each of the hotel properties.

Hospitality Segment Highlights

  • Same-store Hospitality portfolio achieved all-time record operating income of $136.4 million and record Adjusted EBITDAre of $181.7 million for the quarter, which were records even without the impact of the Tennessee franchise tax refunds.
  • Banquet and AV revenue set an all-time record for the same-store Hospitality portfolio, reflecting the strength of our core group business.
  • The same-store Hospitality portfolio achieved a second quarter record ADR of $254, an increase of 3.8% from Q2 2023, maintaining our continued rate growth.
  • On a same-store basis, cancellations in the year for the year decreased by 36% in Q2 2024 compared to Q2 2023, and attrition and cancellation fee collections declined to $9.3 million in Q2 2024 from $10.3 million in Q2 2023.
  • Successfully completed the first phase of the Gaylord Rockies Grand Lodge repositioning and the development of a new group pavilion.

Gaylord Opryland

($ in thousands, except ADR, RevPAR, and Total RevPAR)                
                       
  Three Months Ended   Six Months Ended
  June 30,   June 30,
    2024       2023     % ∆     2024       2023     % ∆
                       
Revenue $130,352     $110,475     18.0%   $234,187     $222,281     5.4%
Operating income $50,642     $32,011     58.2%   $75,467     $63,706     18.5%
Operating income margin   38.9%       29.0%     9.9pt     32.2%       28.7%     3.5pt
Adjusted EBITDAre $58,830     $40,511     45.2%   $91,777     $80,748     13.7%
Adjusted EBITDAre margin   45.1%       36.7%     8.4pt     39.2%       36.3%     2.9pt
                       
Occupancy   75.4%       71.2%     4.2pt     70.2%       71.9%     -1.7pt
Average daily rate (ADR) $260.98     $252.01     3.6%   $253.71     $246.07     3.1%
RevPAR $196.85     $179.38     9.7%   $178.23     $176.90     0.8%
Total RevPAR $496.00     $420.36     18.0%   $445.55     $425.23     4.8%
                       

Note: Gaylord Opryland second quarter 2024 results reflect franchise tax refunds for prior tax periods of 2020 through 2023 totaling approximately $5.4 million. Excluding the franchise tax refund related to prior years, for the three and six months ended June 30, 2024, operating income was approximately $45.3 million and $70.1 million, respectively; operating income margin was approximately 34.7% and 29.9%, respectively; Adjusted EBITDAre was approximately $53.5 million and $86.4 million, respectively; and Adjusted EBITDAre margin was approximately 41.0% and 36.9%, respectively.

Gaylord Palms

($ in thousands, except ADR, RevPAR, and Total RevPAR)                
                       
  Three Months Ended   Six Months Ended
  June 30,   June 30,
    2024       2023     % ∆     2024       2023     % ∆
                       
Revenue $68,799     $73,829     -6.8%   $154,262     $158,375     -2.6%
Operating income $13,479     $18,322     -26.4%   $38,485     $45,956     -16.3%
Operating income margin   19.6%       24.8%     -5.2pt     24.9%       29.0%     -4.1pt
Adjusted EBITDAre $20,361     $24,895     -18.2%   $52,232     $59,170     -11.7%
Adjusted EBITDAre margin   29.6%       33.7%     -4.1pt     33.9%       37.4%     -3.5pt
                       
Occupancy   62.5%       75.8%     -13.3pt     68.5%       77.6%     -9.1pt
Average daily rate (ADR) $235.54     $243.55     -3.3%   $253.19     $250.74     1.0%
RevPAR $147.22     $184.58     -20.2%   $173.55     $194.62     -10.8%
Total RevPAR $440.07     $472.24     -6.8%   $493.36     $509.31     -3.1%
                                       

Gaylord Texan

($ in thousands, except ADR, RevPAR, and Total RevPAR)                
                       
  Three Months Ended   Six Months Ended
  June 30,   June 30,
    2024       2023     % ∆     2024       2023     % ∆
                       
Revenue $83,897     $81,479     3.0%   $168,799     $167,877     0.5%
Operating income $26,314     $26,105     0.8%   $52,346     $54,193     -3.4%
Operating income margin   31.4%       32.0%     -0.6pt     31.0%       32.3%     -1.3pt
Adjusted EBITDAre $32,058     $31,823     0.7%   $63,981     $65,677     -2.6%
Adjusted EBITDAre margin   38.2%       39.1%     -0.9pt     37.9%       39.1%     -1.2pt
                       
Occupancy   78.8%       75.1%     3.7pt     76.0%       76.1%     -0.1pt
Average daily rate (ADR) $252.61     $234.86     7.6%   $246.43     $232.83     5.8%
RevPAR $199.18     $176.49     12.9%   $187.36     $177.19     5.7%
Total RevPAR $508.24     $493.59     3.0%   $511.28     $511.30     -0.0%
                       

Gaylord National

($ in thousands, except ADR, RevPAR, and Total RevPAR)                
                       
  Three Months Ended   Six Months Ended
  June 30,   June 30,
    2024       2023     % ∆     2024       2023     % ∆
                       
Revenue $88,369     $77,014     14.7%   $156,643     $149,786     4.6%
Operating income $22,321     $14,926     49.5%   $27,544     $22,981     19.9%
Operating income margin   25.3%       19.4%     5.9pt     17.6%       15.3%     2.3pt
Adjusted EBITDAre $31,921     $24,453     30.5%   $46,740     $42,073     11.1%
Adjusted EBITDAre margin   36.1%       31.8%     4.3pt     29.8%       28.1%     1.7pt
                       
Occupancy   70.8%       67.8%     3.0pt     67.6%       67.6%     0.0pt
Average daily rate (ADR) $263.88     $251.80     4.8%   $250.67     $245.80     2.0%
RevPAR $186.90     $170.65     9.5%   $169.54     $166.06     2.1%
Total RevPAR $486.52     $424.00     14.7%   $431.20     $414.60     4.0%
                                       

Gaylord Rockies

($ in thousands, except ADR, RevPAR, and Total RevPAR)                
                       
  Three Months Ended   Six Months Ended
  June 30,   June 30,
    2024       2023     % ∆     2024       2023     % ∆
                       
Revenue $76,836     $67,127     14.5%   $140,658     $131,174     7.2%
Operating income $21,436     $14,691     45.9%   $33,433     $25,559     30.8%
Operating income margin   27.9%       21.9%     6.0pt     23.8%       19.5%     4.3pt
Adjusted EBITDAre $35,574     $28,815     23.5%   $61,412     $53,728     14.3%
Adjusted EBITDAre margin   46.3%       42.9%     3.4pt     43.7%       41.0%     2.7pt
                       
Occupancy   80.4%       77.8%     2.6pt     72.4%       73.9%     -1.5pt
Average daily rate (ADR) $255.44     $247.92     3.0%   $249.55     $240.94     3.6%
RevPAR $205.25     $192.84     6.4%   $180.77     $177.98     1.6%
Total RevPAR $562.53     $491.45     14.5%   $514.89     $482.82     6.6%
                       

JW Marriott Hill Country(1)

($ in thousands, except ADR, RevPAR, and Total RevPAR)
       
  Three Months Ended Six Months Ended
  June 30,   June 30,
    2024       2024  
       
Revenue $62,850     $112,791  
Operating income $15,438     $24,572  
Operating income margin   24.6%       21.8%  
Adjusted EBITDAre $22,909     $39,440  
Adjusted EBITDAre margin   36.5%       35.0%  
       
Occupancy   79.0%       71.3%  
Average daily rate (ADR) $324.18     $318.83  
RevPAR $256.23     $227.31  
Total RevPAR $689.28     $618.50  
       

(1) JW Marriott Hill Country was acquired by the Company on June 30, 2023, therefore there are no comparison figures.

Entertainment Segment

($ in thousands)              
               
  Three Months Ended   Six Months Ended
  June 30,   June 30,
    2024       2023     % ∆     2024       2023     % ∆
               
Revenue $94,203     $87,158     8.1%   $161,078     $154,438     4.3%
Operating income $25,822     $24,601     5.0%   $31,934     $34,992     -8.7%
Operating income margin   27.4%       28.2%     -0.8pt     19.8%       22.7%     -2.9pt
Adjusted EBITDAre $35,744     $29,416     21.5%   $51,283     $43,762     17.2%
Adjusted EBITDAre margin   37.9%       33.8%     4.1pt     31.8%       28.3%     3.5pt
               

Note: Entertainment segment second quarter 2024 results reflect franchise tax refunds for prior tax periods of 2020 through 2023 totaling approximately $3.4 million. Excluding the franchise tax refund related to prior years, for the three and six months ended June 30, 2024, operating income was approximately $22.4 million and $28.6 million, respectively; operating income margin was approximately 23.8% and 17.7%, respectively; Adjusted EBITDAre was approximately $32.4 million and $47.9 million, respectively; and Adjusted EBITDAre margin was approximately 34.4% and 29.7%, respectively.

Fioravanti continued, “Our Entertainment business delivered solid performance, including an all-time quarterly record for revenue led by the Grand Ole Opry and our Ole Red brand. We are particularly pleased with these results given the planned construction-related disruption at Category 10 and the W Austin Hotel at Block 21. We look forward to their enhanced contribution in 2025.”

Corporate and Other Segment

($ in thousands)              
  Three Months Ended   Six Months Ended
  June 30,   June 30,
    2024       2023     % ∆     2024       2023     % ∆
               
Operating loss   ($9,636 )     ($10,094 )   4.5%     ($21,552 )     ($20,905 )   -3.1%
Adjusted EBITDAre   ($7,164 )     ($7,381 )   2.9%     ($16,231 )     ($15,287 )   -6.2%
               

Note: Corporate and Other segment second quarter 2024 results reflect franchise tax refunds for prior tax periods of 2020 through 2023 totaling approximately $0.1 million.

2024 Guidance

Fioravanti concluded, “We are pleased to increase our full year 2024 outlook for consolidated net income, operating income, Adjusted EBITDAre and Adjusted FFO, to reflect the change in Tennessee franchise tax law and estimated cash interest expense savings from the OEG refinancing. Our outlook assumes continued strength in our group business and our anticipated strong operating expense discipline, which we believe will offset the profitability impact of continued leisure transient softness. We remain confident in our group-centric model and the investments we are making across our portfolio to continue to create value for our guests and shareholders.”

The Company is updating its 2024 business performance outlook based on current information as of July 31, 2024. The Company does not expect to update the guidance provided below before next quarter’s earnings release. However, the Company may update its full business outlook or any portion thereof at any time for any reason.

                           
($ in millions, except per share figures) New Guidance   New FY   Prior Guidance   Prior FY   Change (1)
  Full Year 2024 (1)   2024 Guidance (1)   Full Year 2024 (1)   2024 Guidance (1)  
  Low   High   Midpoint   Low   High   Midpoint   Midpoint
                           
Consolidated Hospitality RevPAR growth (same-store) (2)   1.00 %     3.00 %     2.00 %     3.50 %     5.50 %     4.50 %     -2.50 %
Consolidated Hospitality Total RevPAR growth (same-store) (2)   2.75 %     4.75 %     3.75 %     3.25 %     5.25 %     4.25 %     -0.50 %
                           
Operating Income                          
Hospitality (same-store) (2) $ 447.5     $ 456.0     $ 451.8     $ 434.5     $ 450.5     $ 442.5     $ 9.3  
JW Marriott Hill Country   37.0       38.0       37.5       35.0       40.0       37.5        
Entertainment   70.5       73.5       72.0       65.5       71.5       68.5       3.5  
Corporate and Other   (44.8 )     (43.0 )     (43.9 )     (44.8 )     (43.0 )     (43.9 )      
Consolidated Operating Income   510.2       524.5       517.4       490.2       519.0       504.6       12.8  
                           
Adjusted EBITDAre                          
Hospitality (same-store) (2) $ 625.5     $ 640.5     $ 633.0     $ 612.5     $ 635.0     $ 623.8     $ 9.3  
JW Marriott Hill Country   65.0       70.0       67.5       63.0       72.0       67.5        
Entertainment   105.0       112.0       108.5       100.0       110.0       105.0       3.5  
Corporate and Other   (35.0 )     (32.0 )     (33.5 )     (35.0 )     (32.0 )     (33.5 )      
Consolidated Adjusted EBITDAre   760.5       790.5       775.5       740.5       785.0       762.8       12.8  
                           
Net Income $ 281.0     $ 287.5     $ 284.3     $ 259.0     $ 280.0     $ 269.5     $ 14.8  
Net Income available to common stockholders $ 271.0     $ 281.5     $ 276.3     $ 249.0     $ 274.0     $ 261.5     $ 14.8  
                           
Funds from Operations (FFO) available to common stockholders and unit holders $ 485.3     $ 508.0     $ 496.6     $ 463.3     $ 500.5     $ 481.9     $ 14.8  
Adjusted FFO available to common stockholders and unit holders $ 511.8     $ 543.0     $ 527.4     $ 489.8     $ 535.5     $ 512.6     $ 14.8  
                           
Diluted income per share available to common stockholders $ 4.38     $ 4.49     $ 4.44     $ 4.01     $ 4.33     $ 4.17     $ 0.27  
Adjusted FFO available to common stockholders and unit holders per diluted share $ 8.09     $ 8.51     $ 8.30     $ 7.69     $ 8.33     $ 8.01     $ 0.29  
                           
Estimated diluted shares outstanding to common stockholders (3)   64.1       64.1       64.1       64.6       64.6       64.6       (0.5 )
Estimated diluted shares outstanding to common stockholders and unit holders (3)   64.5       64.5       64.5       65.0       65.0       65.0       (0.5 )

     

(1) Includes JW Marriott Hill Country, except as otherwise noted. Amounts are calculated based on unrounded numbers.
(2) Same-store excludes JW Marriott Hill Country.
(3) Includes 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.
   

Note: For reconciliations of Consolidated Adjusted EBITDAre guidance to Net Income, segment-level Adjusted EBITDAre to segment-level Operating Income, property-level Adjusted EBITDAre for JW Marriott Hill Country to property-level Operating Income, and FFO and Adjusted FFO available to common stockholders and unitholders to Net Income, see “Reconciliation of Forward-Looking Statements” below.

Capital Expenditures Update
As of June 30, 2024, full year 2024 capital expenditures are estimated to be $375 million to $425 million, unchanged at the midpoint of $400 million.

Dividend Update
On July 15, 2024, the Company paid the previously declared second quarter 2024 cash dividend of $1.10 per share of common stock, to stockholders of record as of June 28, 2024. The Company’s dividend policy provides that it will distribute minimum dividends of 100% of REIT taxable income annually. It is the Company’s current plan to distribute aggregate minimum dividends for 2024 of $4.40 per share in cash. Future dividends are subject to the Board’s future determinations as to amount and timing.

Balance Sheet/Liquidity Update
As of June 30, 2024, the Company had total debt outstanding of $3,373.4 million, net of unamortized deferred financing costs, and unrestricted cash of $498.4 million. As of June 30, 2024, there were no amounts drawn under the Company’s revolving credit facility, $17.0 million was drawn under OEG’s revolving credit facility, and the lending banks had issued $4.3 million in letters of credit under the Company’s revolving credit facility, which left $758.7 million of aggregate borrowing availability under the Company’s revolving credit facility and OEG’s revolving credit facility.

Earnings Call Information
Ryman Hospitality Properties will hold a conference call to discuss this release tomorrow, August 1, 2024, at 11:00 a.m. ET. Investors can listen to the conference call over the Internet at www.rymanhp.com. To listen to the live call, please go to the Investor Relations section of the website (Investor Relations/News & Events/Events & Presentation) 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 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 Statements
This press release contains statements as to the Company’s beliefs and expectations of the outcome of future events that are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. You can identify these statements by the fact that they do not relate strictly to historical or current facts. Examples of these statements include, but are not limited to, statements regarding the future performance of the Company’s business, anticipated business levels and anticipated financial results for the Company during future periods, the Company’s expected cash dividend, and other business or operational issues. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the statements made. These include the risks and uncertainties associated with economic conditions affecting the hospitality business generally, the geographic concentration of the Company’s hotel properties, business levels at the Company’s hotels, the 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 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, and changes in interest rates. 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, 2023, and subsequent filings. The Company does not undertake any obligation to release publicly any revisions to forward-looking statements made by it to reflect events or circumstances occurring after the date hereof or the occurrence of unanticipated events.

Additional Information
This release should be read in conjunction with the consolidated financial statements and notes thereto included in our most recent Annual Report on Form 10-K. Copies of our reports are available on our website at no expense at www.rymanhp.com and through the SEC’s Electronic Data Gathering Analysis and Retrieval System (“EDGAR”) at www.sec.gov

Calculation of RevPAR and Total 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.

Calculation of GAAP Margin Figures
We calculate Net Income available to common stockholders margin by dividing GAAP consolidated Net Income available to common stockholders 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 Measures
We 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 Venture 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, 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 then exclude the pro rata share of Adjusted EBITDAre related to 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 and segment or property-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 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 Margin and Adjusted EBITDAre, Excluding Noncontrolling Interest in Consolidated Joint Venture Margin Definition
We 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 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.

We present Adjusted FFO available to common stockholders and unit holders per diluted share as a non-GAAP measure of our performance in addition to our net income available to common stockholders per diluted share (calculated in accordance with GAAP). We calculate Adjusted FFO available to common stockholders and unit holders 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 diluted shares and units 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 (Loss), 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
[email protected] [email protected]
~or~  
Jennifer Hutcheson, Chief Financial Officer  
Ryman Hospitality Properties, Inc.  
(615) 316-6320  
[email protected]  
~or~  
Sarah Martin, Vice President Investor Relations  
Ryman Hospitality Properties, Inc.  
(615) 316-6011  
[email protected]  
                 
RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES
 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Unaudited
(In thousands, except per share data)
                 
    Three Months Ended   Six Months Ended
    Jun. 30,   Jun. 30,
      2024       2023       2024       2023  
Revenues :              
  Rooms $ 199,497     $ 168,492     $ 373,130     $ 329,743  
  Food and beverage   259,386       197,908       494,469       413,712  
  Other hotel revenue   60,204       51,285       112,958       98,669  
  Entertainment   94,203       87,158       161,078       154,438  
      Total revenues   613,290       504,843       1,141,635       996,562  
                 
Operating expenses:              
  Rooms   45,062       40,272       89,163       82,331  
  Food and beverage   132,369       107,026       260,548       222,207  
  Other hotel expenses   117,769       104,590       236,582       207,649  
  Management fees   21,449       15,418       39,411       30,613  
      Total hotel operating expenses   316,649       267,306       625,704       542,800  
  Entertainment   59,560       57,088       112,147       108,522  
  Corporate   9,402       9,885       21,356       20,479  
  Preopening costs   1,055       67       2,491       257  
  Gain on sale of assets               (270 )      
  Depreciation and amortization   58,553       48,257       115,755       96,614  
      Total operating expenses   445,219       382,603       877,183       768,672  
                 
Operating income   168,071       122,240       264,452       227,890  
                 
Interest expense, net of amounts capitalized   (56,577 )     (49,179 )     (117,020 )     (91,707 )
Interest income   7,064       5,318       14,586       7,865  
Loss on extinguishment of debt   (1,797 )     (2,252 )     (2,319 )     (2,252 )
Income (loss) from unconsolidated joint ventures   183       (2,153 )     215       (4,959 )
Other gains and (losses), net   (4 )     (287 )     317       (523 )
Income before income taxes   116,940       73,687       160,231       136,314  
                 
Provision for income taxes   (12,200 )     (3,544 )     (12,730 )     (5,177 )
Net income   104,740       70,143       147,501       131,137  
                 
Net income attributable to noncontrolling interest in consolidated joint venture   (3,270 )     (3,134 )     (2,691 )     (2,371 )
Net income attributable to noncontrolling interest in Operating Partnership   (665 )     (466 )     (949 )     (903 )
Net income available to common stockholders $ 100,805     $ 66,543     $ 143,861     $ 127,863  
                 
Basic income per share available to common stockholders $ 1.68     $ 1.18     $ 2.41     $ 2.29  
Diluted income per share available to common stockholders (1) $ 1.65     $ 1.15     $ 2.31     $ 2.17  
                 
Weighted average common shares for the period:              
  Basic   59,895       56,329       59,817       55,759  
  Diluted (1)   63,223       60,489       63,446       59,973  
                 
(1) Diluted weighted average common shares for the three and six months ended June 30, 2024 include 3.1 million and 3.3 million, respectively, and the three and six months ended June 30, 2023 include 3.9 million and 4.0 million, respectively, in 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.
                 
RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
Unaudited
(In thousands)
             
        Jun. 30,   Dec. 31,
        2024   2023
             
ASSETS:      
  Property and equipment, net of accumulated depreciation $ 4,045,466   $ 3,955,586
  Cash and cash equivalents – unrestricted   498,371     591,833
  Cash and cash equivalents – restricted   51,908     108,608
  Notes receivable   61,892     61,760
  Trade receivables, net   127,281     110,029
  Deferred income tax assets, net   71,023     81,624
  Prepaid expenses and other assets   163,786     154,810
  Intangible assets   120,231     124,287
    Total assets $ 5,139,958   $ 5,188,537
             
             
LIABILITIES AND EQUITY:      
  Debt and finance lease obligations $ 3,373,383   $ 3,377,028
  Accounts payable and accrued liabilities   406,245     464,720
  Dividends payable   67,734     67,932
  Deferred management rights proceeds   165,121     165,174
  Operating lease liabilities   130,411     129,122
  Other liabilities   68,140     66,658
  Noncontrolling interest in consolidated joint venture   362,603     345,126
  Total equity   566,321     572,777
    Total liabilities and equity $ 5,139,958   $ 5,188,537
             
RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES
SUPPLEMENTAL FINANCIAL RESULTS
ADJUSTED EBITDAre RECONCILIATION
Unaudited
(in thousands)
                         
    Three Months Ended Jun. 30,   Six Months Ended Jun. 30,
      2024       2023       2024       2023  
    $ Margin   $ Margin   $ Margin   $ Margin
  Consolidated                      
  Revenue $ 613,290         $ 504,843         $ 1,141,635           $ 996,562        
  Net income $ 104,740     17.1 %   $ 70,143     13.9 %   $ 147,501     12.9 %   $ 131,137     13.2 %
  Interest expense, net   49,513           43,861           102,434           83,842      
  Provision for income taxes   12,200           3,544           12,730           5,177      
  Depreciation & amortization   58,553           48,257           115,755           96,614      
  Gain on sale of assets                       (270 )              
  Pro rata EBITDAre from unconsolidated joint ventures   2           8           4           17      
  EBITDAre   225,008     36.7 %     165,813     32.8 %     378,154     33.1 %     316,787     31.8 %
  Preopening costs   1,055           67           2,491           257      
  Non-cash lease expense   933           1,499           1,858           3,000      
  Equity-based compensation expense   3,383           3,801           7,245           7,540      
  Interest income on Gaylord National bonds   1,195           1,270           2,390           2,541      
  Loss on extinguishment of debt   1,797           2,252           2,319           2,252      
  Pro rata adjusted EBITDAre from unconsolidated joint ventures   (176 )                   (197 )              
  Adjusted EBITDAre $ 233,195     38.0 %   $ 174,702     34.6 %   $ 394,260     34.5 %   $ 332,377     33.4 %
  Adjusted EBITDAre of noncontrolling interest in consolidated joint venture $ (10,722 )       $ (8,819 )       $ (15,384 )       $ (13,115 )      
  Adjusted EBITDAre, excluding noncontrolling interest in consolidated joint venture $ 222,473     36.3 %   $ 165,883     32.9 %   $ 378,876     33.2 %   $ 319,262     32.0 %
                         
  Hospitality segment                      
  Revenue $ 519,087         $ 417,685         $ 980,557         $ 842,124        
  Operating income $ 151,885     29.3 %   $ 107,733     25.8 %   $ 254,070     25.9 %   $ 213,803     25.4 %
  Depreciation & amortization   50,553           42,646           100,783           85,521      
  Non-cash lease expense   982           1,018           1,965           2,037      
  Interest income on Gaylord National bonds   1,195           1,270           2,390           2,541      
  Adjusted EBITDAre $ 204,615     39.4 %   $ 152,667     36.6 %   $ 359,208     36.6 %   $ 303,902     36.1 %
                         
  Same-Store Hospitality segment (1)                      
  Revenue $ 456,237         $ 417,685         $ 867,766         $ 842,124        
  Operating income $ 136,447     29.9 %   $ 107,733     25.8 %   $ 229,498     26.4 %   $ 213,803     25.4 %
  Depreciation & amortization   43,082           42,646           85,915           85,521      
  Non-cash lease expense   982           1,018           1,965           2,037      
  Interest income on Gaylord National bonds   1,195           1,270           2,390           2,541      
  Adjusted EBITDAre $ 181,706     39.8 %   $ 152,667     36.6 %   $ 319,768     36.8 %   $ 303,902     36.1 %
                         
  Entertainment segment                      
  Revenue $ 94,203         $ 87,158         $ 161,078         $ 154,438        
  Operating income $ 25,822     27.4 %   $ 24,601     28.2 %   $ 31,934     19.8 %   $ 34,992     22.7 %
  Depreciation & amortization   7,766           5,402           14,506           10,667      
  Preopening costs   1,055           67           2,491           257      
  Non-cash lease (revenue) expense   (49 )         481           (107 )         963      
  Equity-based compensation   1,005           1,010           1,893           1,826      
  Other gains and (losses), net   137                     545                
  Pro rata adjusted EBITDAre from unconsolidated joint ventures   8           (2,145 )         21           (4,943 )    
  Adjusted EBITDAre $ 35,744     37.9 %   $ 29,416     33.8 %   $ 51,283     31.8 %   $ 43,762     28.3 %
                         
  Corporate and Other segment                      
  Operating loss $ (9,636 )       $ (10,094 )       $ (21,552 )       $ (20,905 )      
  Depreciation & amortization   234           209           466           426      
  Other gains and (losses), net   (140 )         (287 )         (227 )         (522 )    
  Equity-based compensation   2,378           2,791           5,352           5,714      
  Gain on sale of assets                       (270 )              
  Adjusted EBITDAre $ (7,164 )       $ (7,381 )       $ (16,231 )       $ (15,287 )      
                         
(1)  Same-Store Hospitality segment excludes JW Marriott Hill Country, which was acquired on June 30, 2023.                  
                         
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 Jun. 30,   Six Months Ended Jun. 30,
      2024       2023       2024       2023  
  Consolidated              
  Net income $ 104,740     $ 70,143     $ 147,501     $ 131,137  
  Noncontrolling interest in consolidated joint venture   (3,270 )     (3,134 )     (2,691 )     (2,371 )
  Net income available to common stockholders and unit holders   101,470       67,009       144,810       128,766  
  Depreciation & amortization   58,506       48,227       115,660       96,553  
  Adjustments for noncontrolling interest   (2,331 )     (1,620 )     (4,352 )     (3,200 )
  Pro rata adjustments from joint ventures   2       23       2       46  
  FFO available to common stockholders and unit holders   157,647       113,639       256,120       222,165  
                 
  Right-of-use asset amortization   47       30       95       61  
  Non-cash lease expense   933       1,499       1,858       3,000  
  Pro rata adjustments from joint ventures   (176 )           (197 )      
  Gain on other assets               (270 )      
  Amortization of deferred financing costs   2,627       2,633       5,348       5,307  
  Amortization of debt discounts and premiums   658       545       1,307       1,051  
  Loss on extinguishment of debt   1,797       2,252       2,319       2,252  
  Adjustments for noncontrolling interest   (1,253 )     (870 )     (1,118 )     (1,282 )
  Deferred tax provision (benefit)   11,152       2,664       10,664       3,431  
  Adjusted FFO available to common stockholders and unit holders $ 173,432     $ 122,392     $ 276,126     $ 235,985  
                 
                 
  Basic net income per share $ 1.68     $ 1.18     $ 2.41     $ 2.29  
  Diluted net income per share $ 1.65     $ 1.15     $ 2.31     $ 2.17  
                 
  FFO available to common stockholders and unit holders per basic share/unit $ 2.61     $ 2.00     $ 4.25     $ 3.96  
  Adjusted FFO available to common stockholders and unit holders per basic share/unit $ 2.88     $ 2.16     $ 4.59     $ 4.20  
                 
  FFO available to common stockholders and unit holders per diluted share/unit (1) $ 2.53     $ 1.92     $ 4.05     $ 3.72  
  Adjusted FFO available to common stockholders and unit holders per diluted share/unit (1) $ 2.78     $ 2.06     $ 4.37     $ 3.95  
                 
  Weighted average common shares and OP units for the period:              
  Basic   60,290       56,724       60,212       56,154  
  Diluted (1)   63,618       60,884       63,841       60,368  
                 
(1) Diluted weighted average common shares and OP units for the three and six months ended June 30, 2024 include 3.1 million and 3.3 million, respectively, and the three and six months ended June 30, 2023 include 3.9 million and 4.0 million, respectively, in 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.
                 
RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES
SUPPLEMENTAL FINANCIAL RESULTS
HOSPITALITY SEGMENT ADJUSTED EBITDAre RECONCILIATIONS AND OPERATING METRICS
Unaudited
(in thousands)
                         
                 
    Three Months Ended Jun. 30,   Six Months Ended Jun. 30,
      2024       2023       2024       2023  
    $ Margin   $ Margin   $ Margin   $ Margin
  Hospitality segment                      
  Revenue $ 519,087           $ 417,685           $ 980,557           $ 842,124        
  Operating income $ 151,885     29.3 %   $ 107,733     25.8 %   $ 254,070     25.9 %   $ 213,803     25.4 %
  Depreciation & amortization   50,553           42,646           100,783           85,521      
  Non-cash lease expense   982           1,018           1,965           2,037      
  Interest income on Gaylord National bonds   1,195           1,270           2,390           2,541      
  Adjusted EBITDAre $ 204,615     39.4 %   $ 152,667     36.6 %   $ 359,208     36.6 %   $ 303,902     36.1 %
                         
  Occupancy   73.7%           72.7%           70.2%           72.5%      
  Average daily rate (ADR) $ 260.76         $ 244.77         $ 255.87         $ 241.38      
  RevPAR $ 192.12         $ 177.83         $ 179.64         $ 174.97      
  OtherPAR $ 307.78         $ 262.29         $ 292.45         $ 271.52      
  Total RevPAR $ 499.90         $ 440.12         $ 472.09         $ 446.49      
                         
                         
                         
  Same-Store Hospitality segment (1)                      
  Revenue $ 456,237           $ 417,685           $ 867,766           $ 842,124        
  Operating income $ 136,447     29.9 %   $ 107,733     25.8 %   $ 229,498     26.4 %   $ 213,803     25.4 %
  Depreciation & amortization   43,082           42,646           85,915           85,521      
  Non-cash lease expense   982           1,018           1,965           2,037      
  Interest income on Gaylord National bonds   1,195           1,270           2,390           2,541      
  Adjusted EBITDAre $ 181,706     39.8 %   $ 152,667     36.6 %   $ 319,768     36.8 %   $ 303,902     36.1 %
                         
  Occupancy   73.2%           72.7%           70.1%           72.5%      
  Average daily rate (ADR) $ 254.16         $ 244.77         $ 249.71         $ 241.38      
  RevPAR $ 185.95         $ 177.83         $ 175.06         $ 174.97      
  OtherPAR $ 295.72         $ 262.29         $ 282.94         $ 271.52      
  Total RevPAR $ 481.67         $ 440.12         $ 458.00         $ 446.49      
                         
                         
                         
  Gaylord Opryland                      
  Revenue $ 130,352           $ 110,475           $ 234,187           $ 222,281        
  Operating income $ 50,642     38.9 %   $ 32,011     29.0 %   $ 75,467     32.2 %   $ 63,706     28.7 %
  Depreciation & amortization   8,199           8,512           16,332           17,066      
  Non-cash lease revenue   (11 )         (12 )         (22 )         (24 )    
  Adjusted EBITDAre $ 58,830     45.1 %   $ 40,511     36.7 %   $ 91,777     39.2 %   $ 80,748     36.3 %
                         
  Occupancy   75.4%           71.2%           70.2%           71.9%      
  Average daily rate (ADR) $ 260.98         $ 252.01         $ 253.71         $ 246.07      
  RevPAR $ 196.85         $ 179.38         $ 178.23         $ 176.90      
  OtherPAR $ 299.15         $ 240.98         $ 267.32         $ 248.33      
  Total RevPAR $ 496.00         $ 420.36         $ 445.55         $ 425.23      
                         
                         
                         
  Gaylord Palms                      
  Revenue $ 68,799         $ 73,829         $ 154,262           $ 158,375        
  Operating income $ 13,479     19.6 %   $ 18,322     24.8 %   $ 38,485     24.9 %   $ 45,956     29.0 %
  Depreciation & amortization   5,889           5,543           11,760           11,153      
  Non-cash lease expense   993           1,030           1,987           2,061      
  Adjusted EBITDAre $ 20,361     29.6 %   $ 24,895     33.7 %   $ 52,232     33.9 %   $ 59,170     37.4 %
                         
  Occupancy   62.5%           75.8%         $ 0.69         $ 0.78      
  Average daily rate (ADR) $ 235.54         $ 243.55         $ 253.19         $ 250.74      
  RevPAR $ 147.22         $ 184.58         $ 173.55         $ 194.62      
  OtherPAR $ 292.85         $ 287.66         $ 319.81         $ 314.69      
  Total RevPAR $ 440.07         $ 472.24         $ 493         $ 509      
                         
                         
                         
  Gaylord Texan                      
  Revenue $ 83,897         $ 81,479         $ 168,799           $ 167,877        
  Operating income $ 26,314     31.4 %   $ 26,105     32.0 %   $ 52,346     31.0 %   $ 54,193     32.3 %
  Depreciation & amortization   5,744           5,718           11,635           11,484      
  Adjusted EBITDAre $ 32,058     38.2 %   $ 31,823     39.1 %   $ 63,981     37.9 %   $ 65,677     39.1 %
                         
  Occupancy   78.8%           75.1%           76.0%           76.1%      
  Average daily rate (ADR) $ 252.61         $ 234.86         $ 246.43         $ 232.83      
  RevPAR $ 199.18         $ 176.49         $ 187.36         $ 177.19      
  OtherPAR $ 309.06         $ 317.10         $ 323.92         $ 334.11      
  Total RevPAR $ 508.24         $ 493.59         $ 511.28         $ 511.30      
                         
(1)  Same-Store Hospitality segment excludes JW Marriott Hill Country, which was acquired on June 30, 2023.            
                         
RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES
SUPPLEMENTAL FINANCIAL RESULTS
HOSPITALITY SEGMENT ADJUSTED EBITDAre RECONCILIATIONS AND OPERATING METRICS
Unaudited
(in thousands)
                         
                         
    Three Months Ended Jun. 30,   Six Months Ended Jun. 30,
      2024       2023       2024       2023  
    $ Margin   $ Margin   $ Margin   $ Margin
  Gaylord National                      
  Revenue $ 88,369         $ 77,014         $ 156,643           $ 149,786        
  Operating income $ 22,321     25.3 %   $ 14,926     19.4 %   $ 27,544     17.6 %   $ 22,981     15.3 %
  Depreciation & amortization   8,405           8,257           16,806           16,551      
  Interest income on Gaylord National bonds   1,195           1,270           2,390           2,541      
  Adjusted EBITDAre $ 31,921     36.1 %   $ 24,453     31.8 %   $ 46,740     29.8 %   $ 42,073     28.1 %
                         
  Occupancy   70.8%           67.8%           67.6%           67.6%      
  Average daily rate (ADR) $ 263.88         $ 251.80         $ 250.67         $ 245.80      
  RevPAR $ 186.90         $ 170.65         $ 169.54         $ 166.06      
  OtherPAR $ 299.62         $ 253.35         $ 261.66         $ 248.54      
  Total RevPAR $ 486.52         $ 424.00         $ 431.20         $ 414.60      
                         
                         
                         
  Gaylord Rockies                      
  Revenue $ 76,836         $ 67,127         $ 140,658           $ 131,174        
  Operating income $ 21,436     27.9 %   $ 14,691     21.9 %   $ 33,433     23.8 %   $ 25,559     19.5 %
  Depreciation & amortization   14,138           14,124           27,979           28,169      
  Adjusted EBITDAre $ 35,574     46.3 %   $ 28,815     42.9 %   $ 61,412     43.7 %   $ 53,728     41.0 %
                         
  Occupancy   80.4%           77.8%           72.4%           73.9%      
  Average daily rate (ADR) $ 255.44         $ 247.92         $ 249.55         $ 240.94      
  RevPAR $ 205.25         $ 192.84         $ 180.77         $ 177.98      
  OtherPAR $ 357.28         $ 298.61         $ 334.12         $ 304.84      
  Total RevPAR $ 562.53         $ 491.45         $ 514.89         $ 482.82      
                         
                         
                         
  JW Marriott Hill Country (2)                      
  Revenue $ 62,850         $         $ 112,791           $      
  Operating income $ 15,438     24.6 %   $         $ 24,572     21.8 %   $      
  Depreciation & amortization   7,471                     14,868                
  Adjusted EBITDAre $ 22,909     36.5 %   $         $ 39,440     35.0 %   $      
                         
  Occupancy   79.0%         n/a       71.3%         n/a  
  Average daily rate (ADR) $ 324.18         n/a     $ 318.83         n/a  
  RevPAR $ 256.23         n/a     $ 227.31         n/a  
  OtherPAR $ 433.05         n/a     $ 391.19         n/a  
  Total RevPAR $ 689.28         n/a     $ 618.50         n/a  
                         
                         
                         
  The AC Hotel at National Harbor                      
  Revenue $ 4,107         $ 3,401         $ 6,929         $ 5,612      
  Operating income (loss) $ 1,404     34.2 %   $ 923     27.1 %   $ 1,731     25.0 %   $ 745     13.3 %
  Depreciation & amortization   218           171           468           452      
  Adjusted EBITDAre $ 1,622     39.5 %   $ 1,094     32.2 %   $ 2,199     31.7 %   $ 1,197     21.3 %
                         
  Occupancy   66.9%           64.0%           61.9%           59.1%      
  Average daily rate (ADR) $ 299.54         $ 277.86         $ 276.78         $ 250.79      
  RevPAR $ 200.39         $ 177.77         $ 171.32         $ 148.32      
  OtherPAR $ 34.67         $ 16.91         $ 26.97         $ 13.17      
  Total RevPAR $ 235.06         $ 194.68         $ 198.29         $ 161.49      
                         
                         
                         
  The Inn at Opryland (3)                      
  Revenue $ 3,877         $ 4,360         $ 6,288         $ 7,019      
  Operating loss $ 851     21.9 %   $ 755     17.3 %   $ 492     7.8 %   $ 663     9.4 %
  Depreciation & amortization   489           321           935           646      
  Adjusted EBITDAre $ 1,340     34.6 %   $ 1,076     24.7 %   $ 1,427     22.7 %   $ 1,309     18.6 %
                         
  Occupancy   61.6%           66.3%           51.9%           61.5%      
  Average daily rate (ADR) $ 179.80         $ 159.71         $ 172.78         $ 150.36      
  RevPAR $ 110.78         $ 105.84         $ 89.65         $ 92.43      
  OtherPAR $ 31.35         $ 26.08         $ 24.99         $ 22.39      
  Total RevPAR $ 142.13         $ 131.92         $ 114.64         $ 114.82      
                         
(1)  Same-Store Hospitality segment excludes JW Marriott Hill Country, which was acquired on June 30, 2023.
(2)  JW Marriott Hill Country was acquired by the Company on June 30, 2023, therefore there are no comparison figures.
(3)  Includes other hospitality revenue and expense.
                         
RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES
SUPPLEMENTAL FINANCIAL RESULTS
EARNINGS PER SHARE, FFO PER SHARE AND ADJUSTED FFO PER SHARE CALCULATIONS
Unaudited
(In thousands, except per share data)
                 
                 
    Three Months Ended   Six Months Ended
    Jun. 30,   Jun. 30,
      2024     2023     2024     2023
Earnings per share:              
                 
Numerator:              
Net income available to common stockholders $ 100,805   $ 66,543   $ 143,861   $ 127,863
Net loss attributable to noncontrolling interest in consolidated joint venture   3,270     3,134     2,691     2,371
Net income available to common stockholders – if-converted method $ 104,075   $ 69,677   $ 146,552   $ 130,234
                 
Denominator:              
Weighted average shares outstanding – basic   59,895     56,329     59,817     55,759
Effect of dilutive stock-based compensation   206     232     314     256
Effect of dilutive put rights (1)   3,122     3,928     3,315     3,958
Weighted average shares outstanding – diluted   63,223     60,489     63,446     59,973
                 
Basic income per share available to common stockholders $ 1.68   $ 1.18   $ 2.41   $ 2.29
Diluted income per share available to common stockholders $ 1.65   $ 1.15   $ 2.31   $ 2.17
                 
                 
FFO and Adjusted FFO per share:              
                 
Numerator – FFO:              
FFO available to common stockholders and unit holders $ 157,647   $ 113,639   $ 256,120   $ 222,165
Net loss attributable to noncontrolling interest in consolidated joint venture   3,270     3,134     2,691     2,371
FFO available to common stockholders and unit holders- if-converted method $ 160,917   $ 116,773   $ 258,811   $ 224,536
                 
Numerator – Adjusted FFO:              
Adjusted FFO available to common stockholders and unit holders $ 173,432   $ 122,392   $ 276,126   $ 235,985
Net loss attributable to noncontrolling interest in consolidated joint venture   3,270     3,134     2,691     2,371
Adjusted FFO available to common stockholders and unit holders – if-converted method $ 176,702   $ 125,526   $ 278,817   $ 238,356
                 
Denominator:              
Weighted average shares and OP units outstanding – basic   60,290     56,724     60,212     56,154
Effect of dilutive stock-based compensation   206     232     314     256
Effect of dilutive put rights (1)   3,122     3,928     3,315     3,958
Weighted average shares and OP units outstanding – diluted   63,618     60,884     63,841     60,368
                 
FFO available to common stockholders and unit holders per basic share/unit $ 2.61   $ 2.00   $ 4.25   $ 3.96
Adjusted FFO available to common stockholders and unit holders per basic share/unit $ 2.88   $ 2.16   $ 4.59   $ 4.20
                 
FFO available to common stockholders and unit holders per diluted share/unit (1) $ 2.53   $ 1.92   $ 4.05   $ 3.72
Adjusted FFO available to common stockholders and unit holders per diluted share/unit (1)   $ 2.78   $ 2.06   $ 4.37   $ 3.95
                 
                 
(1) Represents 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.    
               
  Ryman Hospitality Properties, Inc. and Subsidiaries
  Reconciliation of Forward-Looking Statements
  Unaudited
  (dollars in thousands, except per share data)
  Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (“Adjusted EBITDAre”)
  Funds From Operations (“FFO”) and Adjusted FFO Reconciliation
                 
        New Guidance Range
        For Full Year 2024
        Low   High   Midpoint
  Ryman Hospitality Properties, Inc.            
    Net Income   $ 281,000     $ 287,500     $ 284,250  
    Provision for income taxes     15,250       17,000       16,125  
    Interest Expense, net     214,775       221,275       218,025  
    Depreciation and amortization     224,250       234,500       229,375  
    (Gain) / Loss on disposal of fixed assets     (275 )     (275 )     (275 )
    EBITDAre   $ 735,000     $ 760,000     $ 747,500  
    Non-cash lease expense     3,500       4,500       4,000  
    Preopening expense     3,000       3,500       3,250  
    Equity-based compensation     12,500       13,500       13,000  
    Pension settlement charge     1,500       1,750       1,625  
    Interest income on Gaylord National bonds     4,500       5,500       5,000  
    Other gains and (losses), net     500       1,750       1,125  
    Adjusted EBITDAre   $ 760,500     $ 790,500     $ 775,500  
                 
  Hospitality Segment            
    Operating Income   $ 484,500     $ 494,000     $ 489,250  
    Depreciation and amortization     195,000       202,500       198,750  
    Non-cash lease expense     3,500       4,500       4,000  
    Interest income on Gaylord National Bonds     4,500       5,500       5,000  
    Other gains and (losses), net     3,000       4,000       3,500  
    Loss (gain) on extinguishment of debt                  
    Adjusted EBITDAre   $ 690,500     $ 710,500     $ 700,500  
                 
  Hospitality Segment (same-store)            
    Operating Income   $ 447,500     $ 456,000     $ 451,750  
    Depreciation and amortization     167,000       170,500       168,750  
    Non-cash lease expense     3,500       4,500       4,000  
    Interest income on Gaylord National Bonds     4,500       5,500       5,000  
    Other gains and (losses), net     3,000       4,000       3,500  
    Loss (gain) on extinguishment of debt                  
    Adjusted EBITDAre   $ 625,500     $ 640,500     $ 633,000  
                 
  JW Marriott Hill Country            
    Operating Income   $ 37,000     $ 38,000     $ 37,500  
    Depreciation and amortization     28,000       32,000       30,000  
    Adjusted EBITDAre   $ 65,000     $ 70,000     $ 67,500  
                 
  Ryman Hospitality Properties, Inc. and Subsidiaries
  Reconciliation of Forward-Looking Statements
  Unaudited
  (dollars in thousands, except per share data)
  Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (“Adjusted EBITDAre”)
  Funds From Operations (“FFO”) and Adjusted FFO Reconciliation
                 
        New Guidance Range
        For Full Year 2024
        Low   High   Midpoint
  Entertainment Segment            
    Operating Income   $ 70,500     $ 73,500     $ 72,000  
    Depreciation and amortization     27,500       30,000       28,750  
    Preopening expense     3,000       3,500       3,250  
    Equity-based compensation     3,500       4,000       3,750  
    Pro rata adjusted EBITDAre from unconsolidated joint ventures     500       1,000       750  
    Adjusted EBITDAre   $ 105,000     $ 112,000     $ 108,500  
                 
  Corporate and Other Segment            
    Operating Loss   $ (44,750 )   $ (43,000 )   $ (43,875 )
    Depreciation and amortization     1,750       2,000       1,875  
    Equity-based compensation     9,000       9,500       9,250  
    Pension settlement charge     1,500       1,750       1,625  
    Other gains and (losses), net     (2,500 )     (2,250 )     (2,375 )
    Adjusted EBITDAre   $ (35,000 )   $ (32,000 )   $ (33,500 )
                 
  Ryman Hospitality Properties, Inc.            
    Net Income   $ 281,000     $ 287,500     $ 284,250  
    Noncontrolling interest in consolidated joint venture     (10,000 )     (6,000 )     (8,000 )
    Net Income available to common stockholders and unit holders   $ 271,000     $ 281,500     $ 276,250  
    Depreciation and amortization     224,250       234,500       229,375  
    Adjustments for noncontrolling interest     (10,000 )     (8,000 )     (9,000 )
    FFO available to common stockholders and unit holders   $ 485,250     $ 508,000     $ 496,625  
    Right of use amortization           500       250  
    Non-cash lease expense     3,500       4,500       4,000  
    Pension settlement charge     1,500       1,750       1,625  
    Other gains and (losses), net     500       1,750       1,125  
    Loss (gain) on extinguishment of debt                  
    Adjustments for noncontrolling interest     (3,000 )     (2,000 )     (2,500 )
    Amortization of deferred financing costs     9,500       11,500       10,500  
    Amortization of debt discounts and premiums     2,500       3,500       3,000  
    Deferred Taxes     12,000       13,500       12,750  
    Adjusted FFO available to common stockholders and unit holders   $ 511,750     $ 543,000     $ 527,375  
                 
    Diluted income per share available to common stockholders   $ 4.38     $ 4.49     $ 4.44  
    Adjusted FFO available to common stockholders and unit holders per diluted share   $ 8.09     $ 8.51     $ 8.30  
                 
    Estimated diluted shares outstanding to common stockholders (in millions)     64.1       64.1       64.1  
    Estimated diluted shares outstanding to common stockholders and unit holders (in millions)     64.5       64.5       64.5  
                             
  Ryman Hospitality Properties, Inc. and Subsidiaries
  Reconciliation of Forward-Looking Statements
  Unaudited
  (dollars in thousands, except per share data)
  Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (“Adjusted EBITDAre”)
  Funds From Operations (“FFO”) and Adjusted FFO Reconciliation
                 
        Prior Guidance Range
        For Full Year 2024
        Low   High   Midpoint
  Ryman Hospitality Properties, Inc.            
    Net Income   $ 259,000   $ 280,000   $ 269,500
    Provision for income taxes     15,250     17,000     16,125
    Interest Expense, net     216,775     223,275     220,025
    Depreciation and amortization     224,250     234,500     229,375
    (Gain) / Loss on disposal of fixed assets     (275)     (275)     (275)
    EBITDAre   $ 715,000   $ 754,500   $ 734,750
    Non-cash lease expense     3,500     4,500     4,000
    Preopening expense     3,000     3,500     3,250
    Equity-based compensation     12,500     13,500     13,000
    Pension settlement charge     1,500     1,750     1,625
    Interest income on Gaylord National bonds     4,500     5,500     5,000
    Other gains and (losses), net     500     1,750     1,125
    Adjusted EBITDAre   $ 740,500   $ 785,000   $ 762,750
                 
  Hospitality Segment            
    Operating Income   $ 469,500   $ 490,500   $ 480,000
    Depreciation and amortization     195,000     202,500     198,750
    Non-cash lease expense     3,500     4,500     4,000
    Interest income on Gaylord National Bonds     4,500     5,500     5,000
    Other gains and (losses), net     3,000     4,000     3,500
    Adjusted EBITDAre   $ 675,500   $ 707,000   $ 691,250
                 
  Hospitality Segment (same-store)            
    Operating Income   $ 434,500   $ 450,500   $ 442,500
    Depreciation and amortization     167,000     170,500     168,750
    Non-cash lease expense     3,500     4,500     4,000
    Interest income on Gaylord National Bonds     4,500     5,500     5,000
    Other gains and (losses), net     3,000     4,000     3,500
    Adjusted EBITDAre   $ 612,500   $ 635,000   $ 623,750
                 
  JW Marriott Hill Country            
    Operating Income   $ 35,000   $ 40,000   $ 37,500
    Depreciation and amortization     28,000     32,000     30,000
    Adjusted EBITDAre   $ 63,000   $ 72,000   $ 67,500
                 
  Ryman Hospitality Properties, Inc. and Subsidiaries
  Reconciliation of Forward-Looking Statements
  Unaudited
  (dollars in thousands, except per share data)
  Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (“Adjusted EBITDAre”)
  Funds From Operations (“FFO”) and Adjusted FFO Reconciliation
                 
        Prior Guidance Range
        For Full Year 2024
        Low   High   Midpoint
  Entertainment Segment            
    Operating Income   $ 65,500     $ 71,500     $ 68,500  
    Depreciation and amortization     27,500       30,000       28,750  
    Preopening expense     3,000       3,500       3,250  
    Equity-based compensation     3,500       4,000       3,750  
    Pro rata adjusted EBITDAre from unconsolidated joint ventures     500       1,000       750  
    Adjusted EBITDAre   $ 100,000     $ 110,000     $ 105,000  
                 
  Corporate and Other Segment            
    Operating Loss   $ (44,750 )   $ (43,000 )   $ (43,875 )
    Depreciation and amortization     1,750       2,000       1,875  
    Equity-based compensation     9,000       9,500       9,250  
    Pension settlement charge     1,500       1,750       1,625  
    Other gains and (losses), net     (2,500 )     (2,250 )     (2,375 )
    Adjusted EBITDAre   $ (35,000 )   $ (32,000 )   $ (33,500 )
                 
  Ryman Hospitality Properties, Inc.            
    Net Income   $ 259,000     $ 280,000     $ 269,500  
    Noncontrolling interest in consolidated joint venture     (10,000 )     (6,000 )     (8,000 )
    Net Income available to common stockholders and unit holders   $ 249,000     $ 274,000     $ 261,500  
    Depreciation and amortization     224,250       234,500       229,375  
    Adjustments for noncontrolling interest     (10,000 )     (8,000 )     (9,000 )
    FFO available to common stockholders and unit holders   $ 463,250     $ 500,500     $ 481,875  
    Right of use amortization           500       250  
    Non-cash lease expense     3,500       4,500       4,000  
    Pension settlement charge     1,500       1,750       1,625  
    Other gains and (losses), net     500       1,750       1,125  
    Adjustments for noncontrolling interest     (3,000 )     (2,000 )     (2,500 )
    Amortization of deferred financing costs     9,500       11,500       10,500  
    Amortization of debt discounts and premiums     2,500       3,500       3,000  
    Deferred Taxes     12,000       13,500       12,750  
    Adjusted FFO available to common stockholders and unit holders   $ 489,750     $ 535,500     $ 512,625  
                 
    Diluted income per share available to common stockholders   $ 4.01     $ 4.33     $ 4.17  
    Adjusted FFO available to common stockholders and unit holders per diluted share   $ 7.69     $ 8.33     $ 8.01  
                 
    Estimated diluted shares outstanding to common stockholders (in millions)     64.6       64.6       64.6  
    Estimated diluted shares outstanding to common stockholders and unit holders (in millions)     65.0       65.0       65.0  
                             


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