Ryman Hospitality Properties, Inc. Reports Fourth Quarter and Full Year 2023 Results
NASHVILLE, Tenn., Feb. 22, 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 months and year ended December 31, 2023.*Fourth Quarter 2023 Highlights and Recent Developments:*
· The Company generated net income of $169.9 million and net income available to common stockholders of $142.1 million or $2.37 per diluted share.
· Reported all-time quarterly record consolidated revenue of $633.1 million, led by quarterly records in both our same-store Hospitality segment (Hospitality segment excluding JW Marriott San Antonio Hill Country Resort & Spa (“JW Marriott Hill Country”)) and Entertainment segment.
· Same-store Hospitality segment achieved all-time quarterly record operating income of $110.7 million and Adjusted EBITDAre of $156.4 million.
· Entertainment segment achieved operating income of $20.6 million and Adjusted EBITDAre of $30.3 million.
· During the fourth quarter, the Company booked over 1.2 million same-store Gross Definite Room Nights for all future years, at a record average daily rate (ADR) of over $275, an increase of 8.5% over Q4 2022 ADR for future bookings.
· The Company declared a cash dividend of $1.10 per share for the first quarter of 2024.
*Full Year 2023 Highlights:*
· Reported consolidated revenue of $2.2 billion, an annual record for the Company.
· The Company reported a full year record in operating income of $453.7 million and reported full year record operating income margin of 21.0% for 2023.
· The Company reported record net income of $341.8 million and record Adjusted EBITDAre of $690.7 million.
· Same-store Gross Definite Room Nights Booked in full year 2023 of nearly 2.9 million room nights for all future years, represents a 9.6% increase over 2022.
· The Company declared total 2023 dividends of $3.85 per share; intends to pay aggregate minimum dividends for 2024 of $4.40 per share, subject to the Board’s future determinations.Mark Fioravanti, President and Chief Executive Officer of Ryman Hospitality Properties, said, “We finished 2023 on a strong note, with numerous records achieved in the fourth quarter and for the full year across our Hospitality and Entertainment businesses. Lead volumes, bookings, and ADR all reached new highs, building on the strong group momentum we have created across our Hospitality business. Our operating results and forward group booking pace support the continued capital investments we are making across our portfolio.”
*Fourth Quarter 2023 Results (as compared to Fourth Quarter 2022):*
($ in thousands, except per share amounts) *Three Months Ended* *Twelve Months Ended* *December 31,* *December 31,* *2023* *2022* *% ∆* *2023* *2022* *% ∆*
Total Revenue $ 633,063 $ 568,875 11.3% $ 2,158,136 $ 1,805,969 19.5%
Operating income $ 123,871 $ 116,303 6.5% $ 453,684 $ 327,150 38.7%
Operating income margin 19.6% 20.4% -0.8pt 21.0% 18.1% 2.9pt
Net income^ (1) (2) $ 169,878 $ 61,370 176.8% $ 341,800 $ 134,948 153.3%
Net income margin^ (1) (2) 26.8% 10.8% 16.0pt 15.8% 7.5% 8.3pt
Net income available to common stockholders^ (1) (2) $ 142,127 $ 58,089 144.7% $ 311,217 $ 128,993 141.3%
Net income available to common stockholders margin^ (1) (2) 22.5% 10.2% 12.3pt 14.4% 7.1% 7.3pt
Net income available to common stockholders per diluted share^ (1) (2) (3) $ 2.37 $ 1.03 130.1% $ 5.36 $ 2.33 130.0%
Adjusted EBITDAre $ 187,494 $ 168,110 11.5% $ 690,745 $ 555,854 24.3%
Adjusted EBITDAre margin 29.6% 29.6% 0.0pt 32.0% 30.8% 1.2pt
Adjusted EBITDAre, excluding noncontrolling interest in consolidated joint venture $ 178,411 $ 160,277 11.3% $ 660,861 $ 540,545 22.3%
Adjusted EBITDAre, excluding noncontrolling interest in consolidated joint venture margin 28.2% 28.2% 0.0pt 30.6% 29.9% 0.7pt
Funds From Operations (FFO) available to common stockholders and unit holders ^(2) $ 197,293 $ 104,864 88.1% $ 517,389 $ 335,156 54.4%
FFO available to common stockholders and unit holders per diluted share/unit^ (2) (3) $ 3.26 $ 1.80 81.1% $ 8.85 $ 6.01 47.3%
Adjusted FFO available to common stockholders and unit holders $ 125,869 $ 113,039 11.4% $ 473,133 $ 363,501 30.2%
Adjusted FFO available to common stockholders and unit holders per diluted share/unit^ (3) $ 2.08 $ 1.94 7.2% $ 8.09 $ 6.52 24.1%
(1) In September 2023, we determined to pivot from television network ownership in favor of a distribution approach. Therefore, we and our joint venture partner agreed to wind down the Circle joint venture, with operations ceasing December 31, 2023. As a result, we incurred a loss related to Circle of approximately $10.5 million in the twelve months ended December 31, 2023.
(2) The Company recorded a $112.5 million deferred tax benefit in the fourth quarter of 2023 for the release of income tax valuation allowance.
(3) Diluted weighted average common shares for the three months ended December 31, 2022 includes 3.9 million in equivalent shares related to the currently unexercisable investor put rights associated with the noncontrolling interest in the Company's OEG business, which may be settled in cash or shares at the Company's option.
Note: For the Company’s definitions of Adjusted EBITDAre, Adjusted EBITDAre margin, Adjusted EBITDAre, excluding noncontrolling interest in consolidated joint venture, Adjusted EBITDAre, excluding noncontrolling interest in consolidated joint venture margin, FFO available to common stockholders and unit holders, and Adjusted FFO available to common stockholders and unit holders, as well as a reconciliation of the non-GAAP financial measure Adjusted EBITDAre to Net Income and a reconciliation of the non-GAAP financial measure Adjusted FFO available to common stockholders and unit holders to Net Income, see “Non-GAAP Financial Measures,” “EBITDAre, Adjusted EBITDAre and Adjusted EBITDAre, Excluding Noncontrolling Interest in Consolidated Joint Venture Definition,” “Adjusted EBITDAre, Excluding Noncontrolling Interest in Consolidated Joint Venture Margin Definition” “FFO, Adjusted FFO, and Adjusted FFO available to common stockholders and unit holders Definition” and “Supplemental Financial Results” below.
*Hospitality Segment*
($ in thousands, except ADR, RevPAR, and Total RevPAR) *Three Months Ended* *Twelve Months Ended* *December 31,* *December 31,* *2023* *2022* *% ∆* *2023* *2022* *% ∆*
Hospitality Revenue $545,156 $484,459 12.5% $1,833,478 $1,537,974 19.2%
Same-Store Hospitality Revenue ^(1) $503,090 $484,459 3.8% $1,740,665 $1,537,974 13.2%
Hospitality operating income $115,738 $105,782 9.4% $421,264 $310,924 35.5%
Hospitality operating income margin 21.2% 21.8% -0.6pt 23.0% 20.2% 2.8pt
Hospitality Adjusted EBITDAre $166,714 $150,720 10.6% $623,160 $512,745 21.5%
Hospitality Adjusted EBITDAre margin 30.6% 31.1% -0.5pt 34.0% 33.3% 0.7pt
Same-Store Hospitality operating income^ (1) $110,659 $105,782 4.6% $408,081 $310,924 31.2%
Same-Store Hospitality operating income margin^ (1) 22.0% 21.8% 0.2pt 23.4% 20.2% 3.2pt
Same-Store Hospitality Adjusted EBITDAre ^(1) $156,418 $150,720 3.8% $595,259 $512,745 16.1%
Same-Store Hospitality Adjusted EBITDAre margin ^(1) 31.1% 31.1% 0.0pt 34.2% 33.3% 0.9pt
Hospitality Performance Metrics
Occupancy 69.8% 72.8% -3.0pt 71.6% 66.2% 5.4pt
Average Daily Rate (ADR) $260.81 $254.57 2.5% $245.74 $236.86 3.7%
RevPAR $181.97 $185.31 -1.8% $175.96 $156.71 12.3%
Total RevPAR $519.15 $505.75 2.6% $460.12 $404.69 13.7%
Same-Store Hospitality Performance Metrics ^(1)
Occupancy 70.9% 72.8% -1.9pt 71.9% 66.2% 5.7pt
Average Daily Rate (ADR) $259.67 $254.57 2.0% $243.19 $236.86 2.7%
RevPAR $184.17 $185.31 -0.6% $174.92 $156.71 11.6%
Total RevPAR $525.20 $505.75 3.8% $458.02 $404.69 13.2%
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%
(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: 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 fourth quarter 2023 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*
· In the fourth quarter, same-store Hospitality portfolio achieved a record total RevPAR of $525, a 3.8% increase over Q4 2022, driven by record ADR of nearly $260, an increase of 2.0% from Q4 2022.
· In the fourth quarter, Gaylord Opryland set an all-time portfolio total revenue record and Gaylord Texan set an all-time portfolio total RevPAR record for any quarter.
· ICE! programming generated strong results, with over 1.2 million tickets sold.
· Projected room revenues from bookings production for all future years set a fourth quarter and full year record for the same-store portfolio.
· On a same-store basis, cancellations in the year for the year for 2023 decreased by 67% compared to 2022, and attrition and cancellation fee collections for 2023 declined to $42.7 million from $57.3 million in 2022.
· Same-store incentive management fee expense increased to $8.3 million in the quarter and $29.1 million for the year, up from $6.2 million in Q4 2022 and $12.8 million in full year 2022.
*Gaylord Opryland*
($ in thousands, except ADR, RevPAR, and Total RevPAR) *Three Months Ended* *Twelve Months Ended* *December 31,* *December 31,* *2023* *2022* *% ∆* *2023* *2022* *% ∆*
Revenue $140,664 $138,353 1.7% $474,884 $424,188 12.0%
Operating income $42,299 $41,981 0.8% $135,554 $118,895 14.0%
Operating income margin 30.1% 30.3% -0.2pt 28.5% 28.0% 0.5pt
Adjusted EBITDAre $50,248 $50,554 -0.6% $169,018 $153,250 10.3%
Adjusted EBITDAre margin 35.7% 36.5% -0.8pt 35.6% 36.1% -0.5pt
Occupancy 75.5% 80.7% -5.2pt 73.0% 69.5% 3.5pt
Average daily rate (ADR) $268.39 $258.08 4.0% $250.96 $242.71 3.4%
RevPAR $202.70 $208.39 -2.7% $183.22 $168.73 8.6%
Total RevPAR $529.42 $520.72 1.7% $450.50 $402.41 12.0%
*Gaylord Palms*
($ in thousands, except ADR, RevPAR, and Total RevPAR) *Three Months Ended* *Twelve Months Ended* *December 31,* *December 31,* *2023* *2022* *% ∆* *2023* *2022* *% ∆*
Revenue $87,356 $90,925 -3.9% $309,616 $279,578 10.7%
Operating income $16,194 $20,514 -21.1% $71,399 $64,201 11.2%
Operating income margin 18.5% 22.6% -4.1pt 23.1% 23.0% 0.1pt
Adjusted EBITDAre $23,062 $27,204 -15.2% $98,162 $90,735 8.2%
Adjusted EBITDAre margin 26.4% 29.9% -3.5pt 31.7% 32.5% -0.8pt
Occupancy 72.3% 77.9% -5.6pt 73.7% 68.4% 5.3pt
Average daily rate (ADR) $261.71 $265.66 -1.5% $245.04 $241.85 1.3%
RevPAR $189.19 $206.94 -8.6% $180.58 $165.40 9.2%
Total RevPAR $552.69 $575.27 -3.9% $493.75 $445.85 10.7%
*Gaylord Texan*
($ in thousands, except ADR, RevPAR, and Total RevPAR) *Three Months Ended**
* *Twelve Months Ended* *December 31,**
* *December 31,* *2023* *2022* *% ∆* *2023* *2022* *% ∆*
Revenue $116,531 $102,283 13.9% $358,399 $307,318 16.6%
Operating income $37,955 $30,631 23.9% $111,703 $88,154 26.7%
Operating income margin 32.6% 29.9% 2.7pt 31.2% 28.7% 2.5pt
Adjusted EBITDAre $43,748 $36,287 20.6% $134,650 $111,954 20.3%
Adjusted EBITDAre margin 37.5% 35.5% 2.0pt 37.6% 36.4% 1.2pt
Occupancy 74.6% 72.9% 1.7pt 74.9% 69.0% 5.9pt
Average daily rate (ADR) $277.12 $270.93 2.3% $244.21 $238.77 2.3%
RevPAR $206.82 $197.44 4.8% $183.02 $164.65 11.2%
Total RevPAR $698.26 $612.88 13.9% $541.30 $464.15 16.6%
*Gaylord National*
($ in thousands, except ADR, RevPAR, and Total RevPAR) *Three Months Ended* *Twelve Months Ended* *December 31,* *December 31,* *2023* *2022* *% ∆* *2023* *2022* *% ∆*
Revenue $85,229 $76,114 12.0% $307,139 $249,849 22.9%
Operating income $9,841 $9,016 9.2% $42,677 $19,609 117.6%
Operating income margin 11.5% 11.8% -0.3pt 13.9% 7.8% 6.1pt
Adjusted EBITDAre $19,426 $18,625 4.3% $87,104 $61,402 41.9%
Adjusted EBITDAre margin 22.8% 24.5% -1.7pt 28.4% 24.6% 3.8pt
Occupancy 66.8% 60.5% 6.3pt 68.4% 56.5% 11.9pt
Average daily rate (ADR) $254.45 $254.09 0.1% $240.30 $238.13 0.9%
RevPAR $170.01 $153.60 10.7% $164.30 $134.45 22.2%
Total RevPAR $464.13 $414.49 12.0% $421.58 $342.94 22.9%
*Gaylord Rockies*
($ in thousands, except ADR, RevPAR, and Total RevPAR) *Three Months Ended**
* *Twelve Months Ended* *December 31,**
* *December 31,* *2023* *2022* *% ∆* *2023* *2022* *% ∆*
Revenue $67,360 $70,438 -4.4% $266,737 $253,326 5.3%
Operating income $4,325 $2,780 55.6% $44,854 $17,178 161.1%
Operating income margin 6.4% 3.9% 2.5pt 16.8% 6.8% 10.0pt
Adjusted EBITDAre $18,798 $16,556 13.5% $101,697 $89,955 13.1%
Adjusted EBITDAre margin 27.9% 23.5% 4.4pt 38.1% 35.5% 2.6pt
Occupancy 66.1% 69.9% -3.8pt 73.4% 68.3% 5.1pt
Average daily rate (ADR) $241.79 $239.57 0.9% $242.39 $234.19 3.5%
RevPAR $159.91 $167.35 -4.4% $178.02 $159.87 11.4%
Total RevPAR $487.79 $510.08 -4.4% $486.87 $462.39 5.3%
*JW Marriott Hill Country**^*1**
($ in thousands, except ADR, RevPAR, and Total RevPAR) *Three Months Ended* *Period Ended* *December 31,* *December 31,* *2023* *2023*
Revenue $42,066 $92,813
Operating income $5,079 $13,183
Operating income margin 12.1% 14.2%
Adjusted EBITDAre $10,296 $27,901
Adjusted EBITDAre margin 24.5% 30.1%
Occupancy 57.8% 64.9%
Average daily rate (ADR) $275.32 $304.07
RevPAR $159.17 $197.30
Total RevPAR $456.32 $503.41
(1) JW Marriott Hill Country was acquired by the Company on June 30, 2023, therefore there are no comparison figures. Fourth quarter 2023 represents the second full quarter of operations for the hotel under the Company’s ownership, and the period ended December 31, 2023, represents two full quarters of operations for the hotel under the Company’s ownership.
*Entertainment Segment*
For the three and twelve months ended December 31, 2023, and 2022, the Company reported the following:
($ in thousands) *Three Months Ended* *Twelve Months Ended* *December 31,* *December 31,* *2023* *2022* *% ∆* *2023* *2022*
*% ∆*
Revenue $87,907 $84,416 4.1% $324,658 $267,995 21.1%
Operating income $20,561 $22,286 -7.7% $76,076 $60,498 25.7%
Operating income margin 23.4% 26.4% -3.0pt 23.4% 22.6% 0.8pt
Adjusted EBITDAre $30,278 $26,136 15.8% $99,658 $74,173 34.4%
Adjusted EBITDAre margin 34.4% 31.0% 3.4pt 30.7% 27.7% 3.0pt
Fioravanti continued, “Our Entertainment segment delivered another record performance in 2023. Ole Red Las Vegas opened its doors in mid-January 2024 to strong demand, and we are enthusiastic about the potential of this asset in the Las Vegas market. We were also pleased to unveil, as part of our January 2024 Investor Day, the reimagination of the Wildhorse Saloon as Category 10 in collaboration with country music superstar, Luke Combs. We have already started construction on this multi-use venue and anticipate a phased reopening beginning in the third quarter of 2024.”
*Corporate and Other Segment *
For the three and twelve months ended December 31, 2023, and 2022, the Company reported the following:
($ in thousands) *Three Months Ended* *Twelve Months Ended* *December 31,* *December 31,* *2023* *2022* *% ∆* *2023* *2022* *% ∆*
Operating loss ($12,428) ($11,765) -5.6% ($43,656) ($44,272) 1.4%
Adjusted EBITDAre ($9,498) ($8,746) -8.6% ($32,073) ($31,064) -3.2%
Fioravanti concluded, “We enter 2024 with considerable momentum and strength across both our Hospitality and Entertainment segments. As we recently outlined at our January 2024 Investor Day, over the past 20 years our management team has built valuable long-standing relationships with our group customers and an industry-leading portfolio of hotels and iconic entertainment brands. The value proposition we have created, and continue to enhance, garners strong demand and pricing power, as evidenced in our forward book of group hotel business. Furthermore, we believe the high-return investments we are pursuing across our Hospitality and Entertainment assets will create value for our stakeholders in the years to come.”
*2024 Guidance*
The Company is reiterating its 2024 business performance outlook based on current information as of February 22, 2024. The Company does not expect to update the guidance provided 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.
Current full year 2024 guidance is inclusive of the following assumptions:
· Disruption from planned capital investments is estimated to result in a negative impact of approximately 215 basis points to same-store Hospitality RevPAR growth and approximately 160 basis points to same-store Hospitality Total RevPAR growth. In addition, the Company expects disruption to result in a negative impact of approximately $18 million to $21 million to Consolidated Adjusted EBITDAre, including $10 million to $11 million to same-store Hospitality Adjusted EBITDAre and $8 million to $10 million to Entertainment Adjusted EBITDAre.
· Capital expenditures are estimated to be $360 million to $440 million.
($ in millions, except per share figures) *Full Year* *Full Year* *2024 Guidance*^* 1* *2024 Guidance*^* 1* *Low * *High* *Midpoint*
Consolidated Hospitality RevPAR growth (same-store)^ 2 3.50% 5.50% 4.50%
Consolidated Hospitality Total RevPAR growth (same-store)^ 2 3.25% 5.25% 4.25%
Operating Income
Hospitality (same-store) ^2 $ 434.5 $ 450.5 $ 442.5
JW Marriott Hill Country 35.0 40.0 37.5
Entertainment 65.5 71.5 68.5
Corporate and Other (44.8 ) (43.0 ) (43.9 )
*Consolidated Operating Income* *490.2* *519.0* *504.6*
Adjusted EBITDAre
Hospitality (same-store) ^2 $ 612.5 $ 635.0 $ 623.8
JW Marriott Hill Country 63.0 72.0 67.5
Entertainment 100.0 110.0 105.0
Corporate and Other (35.0 ) (32.0 ) (33.5 )
*Consolidated Adjusted EBITDAre* *740.5* *785.0* *762.8*
Net Income $ 253.0 $ 272.0 $ 262.5
Net Income available to common stockholders $ 243.0 $ 266.0 $ 254.5
Funds from Operations (FFO) available to common stockholders and unit holders $ 457.3 $ 492.5 $ 474.9
Adjusted FFO available to common stockholders and unit holders $ 484.3 $ 527.0 $ 505.6
Diluted income per share available to common stockholders $ 3.92 $ 4.21 $ 4.06
Adjusted FFO available to common stockholders and unit holders per diluted share $ 7.60 $ 8.20 $ 7.90
Estimated diluted shares outstanding to common stockholders^ 3 64.6 64.6 64.6
Estimated diluted shares outstanding to common stockholders and unit holders^ 3 65.0 65.0 65.0
(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.
*Dividend Update*
On January 16, 2024, the Company paid the previously announced quarterly cash dividend of $1.10 per common share, which was paid to stockholders of record as of December 29, 2023.
Today, the Company declared its first quarter 2024 cash dividend of $1.10 per share of common stock, payable on April 15, 2024, to stockholders of record as of March 29, 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 December 31, 2023, the Company had total debt outstanding of $3,377.0 million, net of unamortized deferred financing costs, and unrestricted cash of $591.8 million. As of December 31, 2023, there were no amounts drawn under the Company’s revolving credit facility, $5.0 million was drawn under OEG’s revolving credit facility, and the lending banks had issued $14.6 million in letters of credit under the Company’s revolving credit facility, which left $745.4 million of aggregate borrowing availability for borrowing 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, February 23, 2024, at 12:00 p.m. ET. Investors can listen to the conference call over the Internet at www.rymanhp.com. To listen to the live call, please go to the Investor Relations section of the website (Investor Relations/Presentations, Earnings and Webcasts) at least 15 minutes prior to the call to register and download any necessary audio software. For those who cannot listen to the live broadcast, a replay will be available shortly after the call and will be available for at least 30 days.
*About Ryman Hospitality Properties, Inc.*
Ryman Hospitality Properties, Inc. (NYSE: RHP) is a leading lodging and hospitality real estate investment trust that specializes in upscale convention center resorts and 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, changes in interest rates, 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 or other assets 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 or other assets. 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 its Quarterly Reports on Form 10-Q and subsequent filings. The Company does not undertake any obligation to release publicly any revisions to forward-looking statements made by it to reflect events or circumstances occurring after the date hereof or the occurrence of unanticipated events.
*Additional 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.To calculate Adjusted FFO available to common stockholders and unit holders (excluding maintenance capex), we then exclude FF&E reserve contributions for managed properties and maintenance capital expenditures for non-managed properties. FFO available to common stockholders and unit holders, Adjusted FFO available to common stockholders and unit holders and Adjusted FFO available to common stockholders and unit holders (excluding maintenance capex) exclude the ownership portion of joint ventures not controlled or owned by the Company.
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
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*
* CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS*
Unaudited
(In thousands, except per share data) *Three Months Ended* *Twelve Months Ended* *Dec. 31,* *Dec. 31,* *2023* *2022* *2023* *2022*
Revenues : Rooms $ 191,086 $ 177,505 $ 701,138 $ 595,544 Food and beverage 215,234 180,622 831,796 667,009 Other hotel revenue 138,836 126,332 300,544 275,421 Entertainment 87,907 84,416 324,658 267,995 Total revenues 633,063 568,875 2,158,136 1,805,969
Operating expenses: Rooms 45,539 43,077 173,749 155,817 Food and beverage 126,321 109,103 465,963 381,142 Other hotel expenses 188,931 168,043 519,328 457,291 Management fees 19,865 15,883 66,425 43,425 Total hotel operating expenses 380,656 336,106 1,225,465 1,037,675 Entertainment 58,919 56,996 223,663 188,545 Corporate 12,207 11,559 42,789 42,982 Preopening costs 883 7 1,308 532 Loss on sale of assets - - - 469 Depreciation and amortization 56,527 47,904 211,227 208,616 Total operating expenses 509,192 452,572 1,704,452 1,478,819
Operating income 123,871 116,303 453,684 327,150
Interest expense, net of amounts capitalized (61,142 ) (42,419 ) (211,370 ) (148,406 )
Interest income 7,446 1,612 21,423 5,750
Loss on extinguishment of debt - - (2,252 ) (1,547 )
Income (loss) from unconsolidated joint ventures ^(1) 217 (2,619 ) (17,308 ) (10,967 )
Other gains and (losses), net (1,549 ) (479 ) 3,921 1,743
Income before income taxes 68,843 72,398 248,098 173,723
(Provision) benefit for income taxes 101,035 (11,028 ) 93,702 (38,775 )
Net income 169,878 61,370 341,800 134,948
Net income attributable to noncontrolling interest in consolidated joint venture (26,809 ) (2,865 ) (28,465 ) (5,032 )
Net income attributable to noncontrolling interest in Operating Partnership (942 ) (416 ) (2,118 ) (923 )
Net income available to common stockholders $ 142,127 $ 58,089 $ 311,217 $ 128,993
Basic income per share available to common stockholders $ 2.38 $ 1.05 $ 5.39 $ 2.34
Diluted income per share available to common stockholders ^(2) $ 2.37 $ 1.03 $ 5.36 $ 2.33
Weighted average common shares for the period: Basic 59,710 55,165 57,750 55,140 Diluted ^(2) 60,058 59,368 58,061 55,377
(1) In September 2023, we determined to pivot from television network ownership in favor of a distribution approach. Therefore, we and our joint venture partner agreed to wind down the Circle joint venture, with operations ceasing December 31, 2023. As a result, we incurred a loss related to Circle of approximately $10.5 million in the twelve months ended December 31, 2023.
(2) Diluted weighted average common shares for the three months ended December 31, 2022 includes 3.9 million 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) *Dec. 31,* *Dec. 31,* *2023* *2022*
ASSETS: Property and equipment, net of accumulated depreciation $ 3,955,586 $ 3,171,708 Cash and cash equivalents - unrestricted 591,833 334,194 Cash and cash equivalents - restricted 108,608 110,136 Notes receivable 61,760 67,628 Trade receivables, net 110,029 116,836 Deferred income tax assets, net 81,624 - Prepaid expenses and other assets 154,810 134,170 Intangible assets 124,287 105,951 Total assets $ 5,188,537 $ 4,040,623
LIABILITIES AND EQUITY: Debt and finance lease obligations $ 3,377,028 $ 2,862,592 Accounts payable and accrued liabilities 464,719 385,159 Dividends payable 67,933 14,121 Deferred management rights proceeds 165,174 167,495 Operating lease liabilities 129,122 125,759 Deferred income tax liabilities, net - 12,915 Other liabilities 66,658 64,824 Noncontrolling interest in consolidated joint venture 345,126 311,857 Total equity 572,777 95,901 Total liabilities and equity $ 5,188,537 $ 4,040,623
*RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES*
*SUPPLEMENTAL FINANCIAL RESULTS*
*ADJUSTED EBITDAre RECONCILIATION*
Unaudited
(in thousands) *Three Months Ended Dec. 31,* *Twelve Months Ended Dec. 31,* *2023* *2022*
*2023*
*2022*
*$* *Margin* *$* *Margin* *$* *Margin* *$* *Margin* Consolidated *Revenue* $ 633,063 $ 568,875 $ 2,158,136 $ 1,805,969 *Net income* $ 169,878 26.8% $ 61,370 10.8% $ 341,800 15.8% $ 134,948 7.5% Interest expense, net 53,696 40,807 189,947 142,656 Provision (benefit) for income taxes (101,035 ) 11,028 (93,702 ) 38,775 Depreciation & amortization 56,527 47,904 211,227 208,616 Loss on sale of assets - - - 327 Pro rata EBITDAre from unconsolidated joint ventures 3 21 25 89 *EBITDAre* 179,069 28.3% 161,130 28.3% 649,297 30.1% 525,411 29.1% Preopening costs 883 7 1,308 532 Non-cash lease expense 1,215 1,491 5,710 4,831 Equity-based compensation expense 3,941 3,851 15,421 14,985 Pension settlement charge 1,313 318 1,313 1,894 Interest income on Gaylord National bonds 1,194 1,313 4,936 5,306 Loss on extinguishment of debt - - 2,252 1,547 Transaction costs of acquisitions - - - 1,348 Pro rata adjusted EBITDAre from unconsolidated joint ventures^ (1) (121 ) - 10,508 - *Adjusted EBITDAre* $ 187,494 29.6% $ 168,110 29.6% $ 690,745 32.0% $ 555,854 30.8% Adjusted EBITDAre of noncontrolling interest in consolidated joint venture $ (9,083 ) $ (7,833 ) $ (29,884 ) $ (15,309 ) *Adjusted EBITDAre, excluding noncontrolling interest in consolidated joint venture* $ 178,411 28.2% $ 160,277 28.2% $ 660,861 30.6% $ 540,545 29.9% Hospitality segment *Revenue* $ 545,156 $ 484,459 $ 1,833,478 $ 1,537,974 *Operating income* $ 115,738 21.2% $ 105,782 21.8% $ 421,264 23.0% $ 310,924 20.2% Depreciation & amortization 48,762 42,571 186,749 189,375 Non-cash lease expense 1,020 1,054 4,077 4,216 Interest income on Gaylord National bonds 1,194 1,313 4,936 5,306 Other gains and (losses), net - - 6,134 2,924 *Adjusted EBITDAre* $ 166,714 30.6% $ 150,720 31.1% $ 623,160 34.0% $ 512,745 33.3% Same-Store Hospitality segment^ (2) *Revenue* $ 503,090 $ 484,459 $ 1,740,665 $ 1,537,974 *Operating income* $ 110,659 22.0% $ 105,782 21.8% $ 408,081 23.4% $ 310,924 20.2% Depreciation & amortization 43,545 42,571 172,031 189,375 Non-cash lease expense 1,020 1,054 4,077 4,216 Interest income on Gaylord National bonds 1,194 1,313 4,936 5,306 Other gains and (losses), net - - 6,134 2,924 *Adjusted EBITDAre* $ 156,418 31.1% $ 150,720 31.1% $ 595,259 34.2% $ 512,745 33.3% Entertainment segment *Revenue* $ 87,907 84,416 $ 324,658 267,995 *Operating income* $ 20,561 23.4% 22,286 26.4% $ 76,076 23.4% 60,498 22.6% Depreciation & amortization 7,544 5,127 23,611 18,420 Preopening costs 883 7 1,308 532 Non-cash lease expense 195 437 1,633 615 Equity-based compensation 995 876 3,805 3,637 Transaction costs of acquisitions - - - 1,348 Pro rata adjusted EBITDAre from unconsolidated joint ventures 100 (2,597 ) (6,775 ) (10,877 ) *Adjusted EBITDAre* $ 30,278 34.4% $ 26,136 31.0% $ 99,658 30.7% $ 74,173 27.7% Corporate and Other segment *Operating loss* $ (12,428 ) $ (11,765 ) $ (43,656 ) $ (44,272 ) Depreciation & amortization 221 206 867 821 Other gains and (losses), net (1,550 ) (480 ) (2,213 ) (855 ) Equity-based compensation 2,946 2,975 11,616 11,348 Pension settlement charge 1,313 318 1,313 1,894 *Adjusted EBITDAre* $ (9,498 ) $ (8,746 ) $ (32,073 ) $ (31,064 ) (1) In September 2023, we determined to pivot from television network ownership in favor of a distribution approach. Therefore, we and our joint venture partner agreed to wind down the Circle joint venture, with operations ceasing December 31, 2023. As a result, we incurred a loss related to Circle of approximately $10.5 million in the twelve months ended December 31, 2023. (2) 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 thousands, except per share data) *Three Months Ended Dec. 31,* *Twelve Months Ended Dec. 31,* *2023* *2022* *2023* *2022* Consolidated *Net income* $ 169,878 $ 61,370 $ 341,800 $ 134,948 Noncontrolling interest in consolidated joint venture (26,809 ) (2,865 ) (28,465 ) (5,032 ) *Net income available to common stockholders and unit holders* 143,069 58,505 313,335 129,916 Depreciation & amortization 56,483 47,874 211,064 208,494 Adjustments for noncontrolling interest (2,263 ) (1,538 ) (7,083 ) (3,346 ) Pro rata adjustments from joint ventures 4 23 73 92 *FFO available to common stockholders and unit holders* 197,293 104,864 517,389 335,156 Right-of-use asset amortization 44 30 163 122 Non-cash lease expense 1,215 1,491 5,710 4,831 Pension settlement charge 1,313 318 1,313 1,894 Pro rata adjustments from joint ventures^ (1) (121 ) - 10,508 - Loss on other assets - - - 469 Amortization of deferred financing costs 2,674 2,651 10,663 9,829 Amortization of debt discounts and premiums 637 500 2,325 989 Loss on extinguishment of debt - - 2,252 1,547 Adjustments for noncontrolling interest 23,533 (514 ) 18,635 (928 ) Transaction costs of acquisitions - - - 1,348 Deferred tax provision (benefit) (100,719 ) 3,699 (95,825 ) 8,244 *Adjusted FFO available to common stockholders and unit holders* $ 125,869 $ 113,039 $ 473,133 $ 363,501 Capital expenditures^ (2) (27,923 ) (27,149 ) (128,011 ) (82,263 ) *Adjusted FFO available to common stockholders and unit holders (ex. maintenance capex)* $ 97,946 $ 85,890 $ 345,122 $ 281,238 Basic net income per share $ 2.38 $ 1.05 $ 5.39 $ 2.34 Diluted net income per share $ 2.37 $ 1.03 $ 5.36 $ 2.33 FFO available to common stockholders and unit holders per basic share/unit $ 3.28 $ 1.89 $ 8.90 $ 6.04 Adjusted FFO available to common stockholders and unit holders per basic share/unit $ 2.09 $ 2.03 $ 8.14 $ 6.55 FFO available to common stockholders and unit holders per diluted share/unit ^(3) $ 3.26 $ 1.80 $ 8.85 $ 6.01 Adjusted FFO available to common stockholders and unit holders per diluted share/unit^ (3) $ 2.08 $ 1.94 $ 8.09 $ 6.52 Weighted average common shares and OP units for the period: Basic 60,105 55,560 58,145 55,535 Diluted^ (3) 60,453 59,763 58,456 55,772 (1) In September 2023, we determined to pivot from television network ownership in favor of a distribution approach. Therefore, we and our joint venture partner agreed to wind down the Circle joint venture, with operations ceasing December 31, 2023. As a result, we incurred a loss related to Circle of approximately $10.5 million in the twelve months ended December 31, 2023. (2) Represents FF&E reserve contribution for managed properties and maintenance capital expenditures for non-managed properties. (3) Diluted weighted average common shares and OP units for the three months ended December 31, 2022 includes 3.9 million in equivalent shares related to the currently unexercisable investor put rights associated with the noncontrolling interest in the Company's OEG business, which may be settled in cash or shares at the Company's option.
*RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES*
*SUPPLEMENTAL FINANCIAL RESULTS*
*HOSPITALITY SEGMENT ADJUSTED EBITDAre RECONCILIATIONS AND OPERATING METRICS*
Unaudited
(in thousands) *Three Months Ended Dec. 31,* *Twelve Months Ended Dec. 31,* *2023**
* *2022**
* *2023**
* *2022**
* *$* *Margin* *$* *Margin* *$* *Margin* *$* *Margin* *Hospitality segment* *Revenue* $ 545,156 $ 484,459 $ 1,833,478 $ 1,537,974 *Operating income* $ 115,738 21.2% $ 105,782 21.8% $ 421,264 23.0% $ 310,924 20.2% Depreciation & amortization 48,762 42,571 186,749 189,375 Non-cash lease expense 1,020 1,054 4,077 4,216 Interest income on Gaylord National bonds 1,194 1,313 4,936 5,306 Other gains and (losses), net - - 6,134 2,924 *Adjusted EBITDAre* $ 166,714 30.6% $ 150,720 31.1% $ 623,160 34.0% $ 512,745 33.3% Occupancy 69.8% 72.8% 71.6% 66.2% Average daily rate (ADR) $ 260.81 $ 254.57 $ 245.74 $ 236.86 RevPAR $ 181.97 $ 185.31 $ 175.96 $ 156.71 OtherPAR $ 337.18 $ 320.44 $ 284.16 $ 247.98 Total RevPAR $ 519.15 $ 505.75 $ 460.12 $ 404.69 *Same-Store Hospitality segment (1)* *Revenue* $ 503,090 $ 484,459 $ 1,740,665 $ 1,537,974 *Operating income* $ 110,659 22.0% $ 105,782 21.8% $ 408,081 23.4% $ 310,924 20.2% Depreciation & amortization 43,545 42,571 172,031 189,375 Non-cash lease expense 1,020 1,054 4,077 4,216 Interest income on Gaylord National bonds 1,194 1,313 4,936 5,306 Other gains and (losses), net - - 6,134 2,924 *Adjusted EBITDAre* $ 156,418 31.1% $ 150,720 31.1% $ 595,259 34.2% $ 512,745 33.3% Occupancy 70.9% 72.8% 71.9% 66.2% Average daily rate (ADR) $ 259.67 $ 254.57 $ 243.19 $ 236.86 RevPAR $ 184.17 $ 185.31 $ 174.92 $ 156.71 OtherPAR $ 341.03 $ 320.44 $ 283.10 $ 247.98 Total RevPAR $ 525.20 $ 505.75 $ 458.02 $ 404.69
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