Ryman Hospitality Properties, Inc. Reports Fourth Quarter and Full Year 2022 Results
02/23/2023 - 04:15 PM
NASHVILLE, Tenn., Feb. 23, 2023 (GLOBE NEWSWIRE) -- Ryman Hospitality Properties, Inc. (NYSE: RHP), a leading lodging and hospitality real estate investment trust (“REIT”) that specializes in upscale convention center resorts and leading entertainment experiences, today reported financial results for the three months and year ended December 31, 2022.
Fourth Quarter 2022 Highlights and Recent Developments:
The Company generated net income of $61.4 million and net income available to common shareholders of $58.1 million or $1.03 per diluted share, which represents an increase of 28.4% compared to net income available to common shareholders for Q3 2022, achieving three consecutive quarters of profitability. Despite 3.0 fewer points of occupancy compared to Q4 2019, the Company’s Hospitality segment achieved revenue of $484.5 million , a record for any quarter, driven by continued strength in leisure room rate, which was aided by the return of holiday ICE! programming. The Hospitality segment reported a record for any fourth quarter in operating income of $105.8 million and Adjusted EBITDAre of $150.7 million . Achieved an all-time record in total RevPAR of almost $506 , an increase of 49.9% compared to Q4 2021. During the fourth quarter, the Company booked over 1 million Gross Definite Room Nights for all future years, at an ADR of nearly $254 , an increase of 11.0% over Q4 2021 ADR for future bookings. The Company declared its first quarter 2023 dividend of $0.75 per share; intends to pay aggregate minimum dividends for 2023 of $3.00 per share subject to the Board’s future determinations. Full Year 2022 Highlights:
Reported consolidated revenue of $1.8 billion , an all-time record for the Company. The Company reported a full year record in operating income of $327.2 million and reported operating income margin of 18.1% in 2022. Net income available to common shareholders was $129.0 million in 2022, as compared to a net loss available to common shareholders of $177.0 million in 2021. The Company reported healthy net income of $134.9 million in 2022, and a record Adjusted EBITDAre of $555.9 million . Gross Definite Room Nights Booked in full year 2022 of nearly 2.7 million room nights for all future years, represents a 6.8% increase over 2021. Colin Reed, Executive Chairman of Ryman Hospitality Properties, said, “In the early days of the pandemic we signaled that we would act as we have in the past when faced with unexpected challenges – by investing in our people and our business. Since the beginning of 2020, we have strategically invested over half a billion dollars to expand the Gaylord Palms, renovate the rooms and upgrade the food & beverage outlets at the Gaylord National, fully acquire Gaylord Rockies, broaden our reach on the entertainment side of our business and upgrade the guest experience across our portfolio. The strength of our fourth quarter and full year 2022 results supports our investment thesis and underscores the power of these unique assets to attract and retain loyal customers.”
Mark Fioravanti, President and Chief Executive Officer of the Company, added, “Our strong full year results were achieved despite the omicron variant’s impact on our financial results in the first quarter of 2022. The robust return of our core convention customers and the continued strength in our leisure business during the remaining three quarters drove healthy net income and generated record revenue, operating income and Adjusted EBITDAre for the year. Our Gaylord Hotels delivered a tremendous holiday season, aided by the return of ICE! programming for the first time since 2019. We continue to believe that our hotels offer a one-of-a-kind holiday experience through our exclusive programming and amenities, setting us apart from our competition and ensuring a more memorable and enjoyable stay for our leisure guests, which contributed to all-time total revenue, operating income, and Adjusted EBITDAre records in the fourth quarter for the brand.”
Fourth Quarter and Full Year 2022 Results (as compared to Fourth Quarter and Full Year 2021):
($ in thousands, except per share amounts) Three Months Ended Twelve Months Ended December 31, December 31, 2022 2021 % ∆ 2022 2021 % ∆ Total Revenue $568,875 $377,431 50.7% $1,805,969 $939,373 92.3% Operating income (loss) $116,303 $26,134 345.0% $327,150 ($58,675) 657.6% Operating income (loss) margin 20.4% 6.9% 13.5pt 18.1% -6.2% 24.3pt Net income (loss) $61,370 ($6,024) 1118.8% $134,948 ($194,801) 169.3% Net income (loss) margin 10.8% -1.6% 12.4pt 7.5% -20.7% 28.2pt Net income (loss) available to common shareholders $58,089 ($5,980) 1071.4% $128,993 ($176,966) 172.9% Net income (loss) available to common shareholders margin 10.2% -1.6% 11.8pt 7.1% -18.8% 25.9pt Net income (loss) available to common shareholders per diluted share $1.03 ($0.11) 1036.4% $2.33 ($3.21) 172.6% Adjusted EBITDAre $168,110 $85,641 96.3% $555,854 $177,339 213.4% Adjusted EBITDAre margin 29.6% 22.7% 6.9pt 30.8% 18.9% 11.9pt Adjusted EBITDAre, excluding noncontrolling interest in consolidated joint venture $160,277 $85,641 87.1% $540,545 $178,356 203.1% Adjusted EBITDAre, excluding noncontrolling interest in consolidated joint venture margin 28.2% 22.7% 5.5pt 29.9% 19.0% 10.9pt Funds From Operations (FFO) available to common shareholders and unit holders $104,864 $50,238 108.7% $335,156 $30,915 984.1% FFO available to common shareholders and unit holders per diluted share/unit $1.80 $0.91 97.8% $6.01 $0.56 973.2% Adjusted FFO available to common shareholders and unit holders $113,039 $52,069 117.1% $363,501 $52,030 598.6% Adjusted FFO available to common shareholders and unit holders per diluted share/unit $1.94 $0.94 106.4% $6.52 $0.94 593.6%
Note: For the Company’s definitions of Adjusted EBITDAre , Adjusted EBITDAre margin, Adjusted EBITDAre , excluding noncontrolling interest in consolidated joint venture, Adjusted EBITDAre , excluding noncontrolling interest in consolidated joint venture margin, FFO available to common shareholders and unit holders, and Adjusted FFO available to common shareholders and unit holders, as well as a reconciliation of the non-GAAP financial measure Adjusted EBITDAre to Net Income/(Loss) and a reconciliation of the non-GAAP financial measure Adjusted FFO available to common shareholders and unit holders to Net Income/(Loss), see “Non-GAAP Financial Measures,” “EBITDAre , Adjusted EBITDAre and Adjusted EBITDAre , Excluding Noncontrolling Interest in Consolidated Joint Venture Definition,” “Adjusted EBITDAre , Excluding Noncontrolling Interest in Consolidated Joint Venture Margin Definition” “FFO, Adjusted FFO, and Adjusted FFO available to common shareholders and unit holders Definition” and “Supplemental Financial Results” below.
Hospitality Segment
($ in thousands, except ADR, RevPAR, and Total RevPAR) Three Months Ended Twelve Months Ended December 31, December 31, 2022 2021 % ∆ 2022 2021 % ∆ Hospitality Revenue (1) $484,459 $323,240 49.9% $1,537,974 $786,583 95.5% Hospitality operating income (loss) (1) $105,782 $27,833 280.1% $310,924 ($38,427) 909.1% Hospitality operating income (loss) margin (1) 21.8% 8.6% 13.2pt 20.2% -4.9% 25.1pt Hospitality Adjusted EBITDAre (1) $150,720 $82,343 83.0% $512,745 $175,648 191.9% Hospitality Adjusted EBITDAre margin (1) 31.1% 25.5% 5.6pt 33.3% 22.3% 11.0pt Hospitality Performance Metrics (1) (2) Occupancy 72.8% 53.0% 19.8pt 66.2% 39.5% 26.7pt Average Daily Rate (ADR) $254.57 $246.96 3.1% $236.86 $221.33 7.0% RevPAR $185.31 $131.00 41.5% $156.71 $87.53 79.0% Total RevPAR $505.75 $337.44 49.9% $404.69 $209.34 93.3% Gross Definite Rooms Nights Booked 1,037,603 993,543 4.4% 2,675,174 2,504,975 6.8% Net Definite Rooms Nights Booked 810,760 728,720 11.3% 1,805,598 1,201,268 50.3% Group Attrition (as % of contracted block) 15.5% 23.2% -7.7pt 20.6% 26.9% -6.3pt Cancellations ITYFTY (3) 2,533 28,071 -91.0% 205,662 571,663 -64.0% (1) Gaylord National closed on March 25, 2020 and remained closed until July 1, 2021. (2) Calculation of hospitality performance metrics includes closed hotel room nights available; includes the addition of 302 additional guest rooms due to Gaylord Palms expansion beginning June 1, 2021. ADR is for occupied rooms. (3) "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 2022 are presented in greater detail below and under “Supplemental Financial Results—Hospitality Segment Adjusted EBITDAre Reconciliations and Operating Metrics,” which includes a reconciliation of the non-GAAP financial measures Hospitality Adjusted EBITDAre to Hospitality Operating Income/(Loss), and property-level Adjusted EBITDAre to property-level Operating Income/(Loss) for each of the hotel properties.
Hospitality Segment Highlights
Hotel occupancy reached 72.8% in Q4 2022, compared to 53.0% in Q4 2021 and 75.8% in Q4 2019 as occupancy nears pre-pandemic levels. Four Gaylord Hotels generated strong operating income and set fourth quarter revenue and Adjusted EBITDAre records, which was aided by leisure travel and the strength of our ICE! programming, which had a record attendance of over 1 million ticketed customers. Strength in leisure demand supported an all-time record leisure ADR of $317 in Q4 2022, helping strong total ADR performance across our hotels of almost $255 in Q4 2022, an increase of 3.1% compared to Q4 2021 and 23.3% compared to Q4 2019. Gaylord Opryland led the portfolio in occupancy with 80.7% occupancy for the quarter, on notable leisure transient demand over the holidays. Gaylord Palms and Gaylord Rockies reported occupancy for the quarter of 77.9% and 69.9% , respectively, both above Q4 2019 levels. Despite occupancy of 60.5% , Gaylord National delivered operating income margin of 11.8% , with Adjusted EBITDAre margin in line with Q4 2019, as the reconcepting of food and beverage continues to drive operating efficiencies. Gaylord Opryland
($ in thousands, except ADR, RevPAR, and Total RevPAR) Three Months Ended Twelve Months Ended December 31, December 31, 2022 2021 % ∆ 2022 2021 % ∆ Revenue $138,353 $96,323 43.6% $424,188 $238,567 77.8% Operating income $41,981 $23,764 76.7% $118,895 $34,729 242.4% Operating income margin 30.3% 24.7% 5.6pt 28.0% 14.6% 13.4pt Adjusted EBITDAre $50,554 $32,237 56.8% $153,250 $68,531 123.6% Adjusted EBITDAre margin 36.5% 33.5% 3.0pt 36.1% 28.7% 7.4pt Occupancy 80.7% 61.4% 19.3pt 69.5% 44.2% 25.3pt Average daily rate (ADR) $258.08 $254.37 1.5% $242.71 $234.15 3.7% RevPAR $208.39 $156.17 33.4% $168.73 $103.47 63.1% Total RevPAR $520.72 $362.53 43.6% $402.41 $226.32 77.8%
Gaylord Palms
($ in thousands, except ADR, RevPAR, and Total RevPAR) Three Months Ended Twelve Months Ended December 31, December 31, 2022 2021 % ∆ 2022 2021 % ∆ Revenue $90,925 $56,835 60.0% $279,578 $139,130 100.9% Operating income $20,514 $8,053 154.7% $64,201 $3,539 1714.1% Operating income margin 22.6% 14.2% 8.4pt 23.0% 2.5% 20.5pt Adjusted EBITDAre $27,204 $14,989 81.5% $90,735 $29,789 204.6% Adjusted EBITDAre margin 29.9% 26.4% 3.5pt 32.5% 21.4% 11.1pt Occupancy (1) 77.9% 54.0% 23.9pt 68.4% 44.6% 23.8pt Average daily rate (ADR) $265.66 $266.16 -0.2% $241.85 $220.90 9.5% RevPAR (1) $206.94 $143.60 44.1% $165.40 $98.46 68.0% Total RevPAR (1) $575.27 $359.57 60.0% $445.85 $238.19 87.2% (1) Calculation of hospitality performance metrics includes 302 expansion rooms beginning June 1, 2021.
Gaylord Texan
($ in thousands, except ADR, RevPAR, and Total RevPAR) Three Months Ended Twelve Months Ended December 31, December 31, 2022 2021 % ∆ 2022 2021 % ∆ Revenue $102,283 $71,563 42.9% $307,318 $180,031 70.7% Operating income $30,631 $17,811 72.0% $88,154 $28,948 204.5% Operating income margin 29.9% 24.9% 5.0pt 28.7% 16.1% 12.6pt Adjusted EBITDAre $36,287 $23,954 51.5% $111,954 $53,660 108.6% Adjusted EBITDAre margin 35.5% 33.5% 2.0pt 36.4% 29.8% 6.6pt Occupancy 72.9% 62.6% 10.3pt 69.0% 49.1% 19.9pt Average daily rate (ADR) $270.93 $250.13 8.3% $238.77 $221.00 8.0% RevPAR $197.44 $156.51 26.2% $164.65 $108.52 51.7% Total RevPAR $612.88 $428.81 42.9% $464.15 $271.91 70.7%
Gaylord National
($ in thousands, except ADR, RevPAR, and Total RevPAR) Three Months Ended Twelve Months Ended December 31, December 31, 2022 2021 % ∆ 2022 2021 % ∆ Revenue $76,114 $39,843 91.0% $249,849 $79,419 214.6% Operating income (loss) $9,016 ($9,340) 196.5% $19,609 ($47,448) 141.3% Operating income (loss) margin 11.8% -23.4% 35.2pt 7.8% -59.7% 67.5pt Adjusted EBITDAre $18,625 $265 6928.3% $61,402 ($11,484) 634.7% Adjusted EBITDAre margin 24.5% 0.7% 23.8pt 24.6% -14.5% 39.1pt Occupancy (1) (2) 60.5% 31.6% 28.9pt 56.5% 19.1% 37.4pt Average daily rate (ADR) $254.09 $258.49 -1.7% $238.13 $230.12 3.5% RevPAR (1) (2) $153.60 $81.76 87.9% $134.45 $43.93 206.1% Total RevPAR (1) (2) $414.49 $216.98 91.0% $342.94 $109.01 214.6% (1) Calculation of hospitality performance metrics includes closed hotel room nights available. (2) Gaylord National closed on March 25, 2020 and remained closed until July 1, 2021.
Gaylord Rockies
($ in thousands, except ADR, RevPAR, and Total RevPAR) Three Months Ended Twelve Months Ended December 31, December 31, 2022 2021 % ∆ 2022 2021 % ∆ Revenue $70,438 $54,425 29.4% $253,326 $135,942 86.3% Operating income (loss) $2,780 ($12,334) 122.5% $17,178 ($56,034) 130.7% Operating income (loss) margin 3.9% -22.7% 26.6pt 6.8% -41.2% 48.0pt Adjusted EBITDAre $16,556 $10,375 59.6% $89,955 $34,728 159.0% Adjusted EBITDAre margin 23.5% 19.1% 4.4pt 35.5% 25.5% 10.0pt Occupancy 69.9% 54.0% 15.9pt 68.3% 39.9% 28.4pt Average daily rate (ADR) $239.57 $224.13 6.9% $234.19 $215.17 8.8% RevPAR $167.35 $121.06 38.2% $159.87 $85.90 86.1% Total RevPAR $510.08 $394.12 29.4% $462.39 $248.13 86.3%
Entertainment Segment
For the three and twelve months ended December 31, 2022, and 2021, the Company reported the following:
($ in thousands) Three Months Ended Twelve Months Ended December 31, December 31, 2022 2021 % ∆ 2022 2021 % ∆ Revenue $84,416 $54,191 55.8% $267,995 $152,790 75.4% Operating income $22,286 $10,305 116.3% $60,498 $20,376 196.9% Operating income margin 26.4% 19.0% 7.4pt 22.6% 13.3% 9.3pt Adjusted EBITDAre $26,136 $11,946 118.8% $74,173 $28,854 157.1% Adjusted EBITDAre margin 31.0% 22.0% 9.0pt 27.7% 18.9% 8.8pt
Fioravanti continued, “Our Entertainment segment continued to deliver strong results in 2022, including record-setting full year revenue, operating income and Adjusted EBITDAre . We remain excited about the integration of Block 21 into our entertainment portfolio, which we look to position as a destination for music lovers across the globe as part of Austin’s rich music environment. We have also broken ground on our latest Ole Red location in the heart of the Las Vegas Strip, which will be the largest Ole Red asset to date. We look forward to collaborating with our partners, Atairos and NBCUniversal, on the next phase of growth for our portfolio of unique entertainment assets.”
Corporate and Other Segment
For the three and twelve months ended December 31, 2022, and 2021, the Company reported the following:
($ in thousands) Three Months Ended Twelve Months Ended December 31, December 31, 2022 2021 % ∆ 2022 2021 % ∆ Operating loss ($11,765) ($12,004) 2.0% ($44,272) ($40,624) -9.0% Adjusted EBITDAre ($8,746) ($8,648) -1.1% ($31,064) ($27,163) -14.4%
The primary factor in the increase in operating loss and decrease in Adjusted EBITDAre for the Corporate and Other segment for the full year as compared to the prior year was an increase in 2022 in administrative and employment costs associated with the hiring of additional employees and increased wages to support the Company’s growth.
Fioravanti concluded, “We entered 2023 in great shape despite continued macroeconomic uncertainty. We remain excited about the strength of our businesses and our unique portfolio of assets and believe we are well positioned to advance the strategic priorities we have set for the Hospitality and Entertainment segments. I am honored to be named as CEO of this truly one-of-a-kind business, and I look forward to working with Colin in his role as Executive Chairman, our capable and seasoned management team, and our dedicated employees to deliver value to our stakeholders.”
2023 Guidance
($ in millions, except per share figures) Current Guidance Full Year Full Year 2023 2023 Guidance Low High Midpoint Consolidated Hospitality RevPAR growth 9.0 % 12.0 % 10.5 % Consolidated Hospitality Total RevPAR growth 6.5 % 9.5 % 8.0 % Net Income $ 199.8 $ 216.0 $ 207.9 Operating Income Hospitality $ 371.5 $ 391.5 $ 381.5 Entertainment 69.0 73.5 71.3 Corporate and Other (44.0 ) (43.0 ) (43.5 ) Consolidated Operating Income 396.5 422.0 409.3 Adjusted EBITDAre Hospitality $ 550.0 $ 580.0 $ 565.0 Entertainment 87.0 97.0 92.0 Corporate and Other (32.0 ) (29.0 ) (30.5 ) Consolidated Adjusted EBITDAre 605.0 648.0 626.5 Net Income available to common shareholders $ 200.0 $ 212.5 $ 206.3 Funds from Operations (FFO) available to common shareholders $ 381.3 $ 406.0 $ 393.6 Adjusted FFO available to common shareholders $ 392.5 $ 424.0 $ 408.3 Net Income available to common shareholders per diluted share $ 3.35 $ 3.56 $ 3.45 Estimated Diluted Shares Outstanding 59.7 59.7 59.7
Note: For reconciliations of Consolidated Adjusted EBITDAre guidance to Net Income and reconciliation of FFO available to common shareholders, and Adjusted FFO available to common shareholders guidance to Net Income available to common shareholders and reconciliations of segment Adjusted EBITDAre guidance to segment Operating Income, see “Reconciliations of Forward-Looking Statements,” below.
Dividend Update $0.25 per common share, which was paid on January 17, 2023, to stockholders of record as of December 30, 2022. Including the fourth quarter cash dividend payment, the Company paid a total of $0.35 per share of dividends to its common shareholders for the full year 2022.
Today, the Company declared its first quarter 2023 cash dividend of $0.75 per share of common stock, payable on April 17, 2023, to stockholders of record on March 31, 2023. The Company’s interim dividend policy provides that we will make minimum dividends of 100% of REIT taxable income annually. It is the Company’s current plan to distribute aggregate minimum dividends for 2023 of $3.00 per share in cash, with quarterly dividends anticipated to be paid in April, July, and October of 2023 and in January of 2024. Future dividends are subject to the Board’s future determinations as to amount and timing.
Balance Sheet/Liquidity Update $2,862.6 million , net of unamortized deferred financing costs, and unrestricted cash of $334.2 million . As of December 31, 2022, there were no amounts drawn under the revolving credit lines of the Company’s credit facility or the OEG credit facility, and the lending banks had issued $10.4 million in letters of credit, which left $754.6 million of availability for borrowing under the facilities.
On May 27, 2021, the Company entered into an at-the-market (ATM) equity distribution agreement that allows the Company to issue and sell up to 4 million shares of stock through sales agents. No shares were issued under the ATM agreement during the three and twelve months ended December 31, 2022.
Earnings Call Information
About Ryman Hospitality Properties, Inc. 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 and Circle, a country lifestyle media network RHP owns in a joint venture with Gray Television, 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 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. Visit RymanHP.com for more information.
Cautionary Note Regarding Forward-Looking Statements
Additional Information
Calculation of RevPAR, Total RevPAR, and Occupancy
Calculation of GAAP Margin Figures
Non-GAAP Financial Measures
EBITDAre , Adjusted EBITDAre and Adjusted EBITDAre , Excluding Noncontrolling Interest in Consolidated Joint Venture Definition re, which is defined by the National Association of Real Estate Investment Trusts (“NAREIT”) in its September 2017 white paper as Net Income (calculated in accordance with GAAP) plus interest expense, income tax expense, depreciation and amortization, gains or losses on the disposition of depreciated property (including gains or losses on change in control), impairment write-downs of depreciated property and of investments in unconsolidated affiliates caused by a decrease in the value of depreciated property or the affiliate, and adjustments to reflect the entity’s share of EBITDAre of unconsolidated affiliates.
Adjusted EBITDAre is then calculated as EBITDAre , plus to the extent the following adjustments occurred during the periods presented:
preopening costs; non-cash lease expense; equity-based compensation expense; impairment charges that do not meet the NAREIT definition above; credit losses on held-to-maturity securities; any transaction costs of acquisitions; interest income on bonds; loss on extinguishment of debt; pension settlement charges; pro rata Adjusted EBITDAre from unconsolidated joint venture; and any other adjustments we have identified herein. We then exclude noncontrolling interests in consolidated joint venture 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 metrics provides useful information to investors regarding our operating performance and debt leverage metrics, and that the presentation of these non-GAAP metrics, when combined with the primary GAAP presentation of Net Income 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 re , Excluding Noncontrolling Interest in Consolidated Joint Venture Margin by dividing consolidated Adjusted EBITDAre , Excluding Noncontrolling Interest in Consolidated Joint Venture by GAAP consolidated Total Revenue. We calculate consolidated, segment or property-level Adjusted EBITDAre Margin by dividing consolidated, segment-, or property-level Adjusted EBITDAre by consolidated, segment-, or property-level GAAP Revenue. We believe Adjusted EBITDAre , Excluding Noncontrolling Interest in Consolidated Joint Venture Margin is useful to investors in evaluating our operating performance because this non-GAAP financial measure helps investors evaluate and compare the results of our operations from period to period by presenting a ratio showing the quantitative relationship between Adjusted EBITDAre , Excluding Noncontrolling Interest in Consolidated Joint Venture and GAAP consolidated Total Revenue or segment or property-level GAAP Revenue, as applicable.
FFO, Adjusted FFO, and Adjusted FFO available to common shareholders and unit holders Definition
To calculate Adjusted FFO available to common shareholders and unit holders, we then exclude, to the extent the following adjustments occurred during the periods presented:
right-of-use asset amortization; impairment charges that do not meet the NAREIT definition above; write-offs of deferred financing costs; amortization of debt discounts or premiums and amortization of deferred financing costs; (gains) losses on extinguishment of debt non-cash lease expense; credit loss on held-to-maturity securities; pension settlement charges; additional pro rata adjustments from unconsolidated joint venture; (gains) losses on other assets; transaction costs on acquisitions; deferred income tax expense (benefit); and any other adjustments we have identified herein. To calculate Adjusted FFO available to common shareholders and unit holders (excluding maintenance capex), we then exclude FF&E reserve for managed properties and maintenance capital expenditures for non-managed properties. FFO available to common shareholders and unit holders and Adjusted FFO available to common shareholders and unit holders and Adjusted FFO available to common shareholders and unit holders (excluding maintenance capex) exclude the ownership portion joint ventures not controlled or owned by the Company.
We believe that the presentation of these non-GAAP financial measures provides useful information to investors regarding the performance of our ongoing operations because each presents a measure of our operations without regard to specified non-cash items such as real estate depreciation and amortization, gain or loss on sale of assets and certain other items, which we believe are not indicative of the performance of our underlying hotel properties. We believe that these items are more representative of our asset base than our ongoing operations. We also use these non-GAAP financial measures as measures in determining our results after considering the impact of our capital structure.
We caution investors that non-GAAP financial measures we present may not be comparable to similar measures disclosed by other companies, because not all companies calculate these non-GAAP measures in the same manner. The non-GAAP financial measures we present, and any related per share measures, should not be considered as alternative measures of our Net Income (Loss), operating performance, cash flow or liquidity. These non-GAAP financial measures may include funds that may not be available for our discretionary use due to functional requirements to conserve funds for capital expenditures and property acquisitions and other commitments and uncertainties. Although we believe that these non-GAAP financial measures can enhance an investor’s understanding of our results of operations, these non-GAAP financial measures, when viewed individually, are not necessarily better indicators of any trend as compared to GAAP measures such as Net Income (Loss), Operating Income (Loss), or cash flow from operations.
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~ Todd Siefert, Senior Vice President Corporate Finance & Treasurer Ryman Hospitality Properties, Inc. (615) 316-6344 tsiefert@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 2022 2021 2022 2021 Revenues: Rooms $ 177,505 $ 125,483 $ 595,544 $ 328,874 Food and beverage 180,622 109,892 667,009 279,489 Other hotel revenue 126,332 87,865 275,421 178,220 Entertainment 84,416 54,191 267,995 152,790 Total revenues 568,875 377,431 1,805,969 939,373 Operating expenses: Rooms 43,077 32,926 155,817 88,244 Food and beverage 109,103 72,573 381,142 190,855 Other hotel expenses 168,043 131,666 457,291 327,791 Management fees 15,883 6,222 43,425 14,031 Total hotel operating expenses 336,106 243,387 1,037,675 620,921 Entertainment 56,996 39,956 188,545 117,753 Corporate 11,559 11,675 42,982 38,597 Preopening costs 7 3 532 737 (Gain) loss on sale of assets — — 469 (317 ) Depreciation and amortization 47,904 56,276 208,616 220,357 Total operating expenses 452,572 351,297 1,478,819 998,048 Operating income (loss) 116,303 26,134 327,150 (58,675 ) Interest expense, net of amounts capitalized (42,419 ) (32,291 ) (148,406 ) (125,347 ) Interest income 1,612 1,431 5,750 5,685 Loss on extinguishment of debt — — (1,547 ) (2,949 ) Loss from consolidated joint ventures (2,619 ) (3,132 ) (10,967 ) (8,963 ) Other gains and (losses), net (479 ) 151 1,743 405 Income (loss) before income taxes 72,398 (7,707 ) 173,723 (189,844 ) (Provision) benefit for income taxes (11,028 ) 1,683 (38,775 ) (4,957 ) Net income (loss) 61,370 (6,024 ) 134,948 (194,801 ) Net (income) loss attributable to noncontrolling interest in consolidated joint venture (2,865 ) — (5,032 ) 16,501 Net (income) loss attributable to noncontrolling interest in Operating Partnership (416 ) 44 (923 ) 1,334 Net income (loss) available to common shareholders $ 58,089 $ (5,980 ) $ 128,993 $ (176,966 ) Basic income (loss) per share available to common shareholders $ 1.05 $ (0.11 ) $ 2.34 $ (3.21 ) Diluted income (loss) per share available to common shareholders(1) $ 1.03 $ (0.11 ) $ 2.33 $ (3.21 ) Weighted average common shares for the period: Basic 55,165 55,068 55,140 55,047 Diluted(1) 59,368 55,068 55,377 55,047 (1) Diluted weighted average common shares for the three months ended December 31, 2022 include 3.9 million equivalent shares related to the currently unexercisable 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, 2022 2021 ASSETS: Property and equipment, net of accumulated depreciation $ 3,171,708 $ 3,031,844 Cash and cash equivalents - unrestricted 334,194 140,688 Cash and cash equivalents - restricted 110,136 22,312 Notes receivable 67,628 71,228 Trade receivables, net 116,836 74,745 Prepaid expenses and other assets 134,170 112,904 Intangible assets 105,951 126,804 Total assets $ 4,040,623 $ 3,580,525 LIABILITIES AND EQUITY: Debt and finance lease obligations $ 2,862,592 $ 2,936,819 Accounts payable and accrued liabilities 385,159 304,719 Dividends payable 14,121 386 Deferred management rights proceeds 167,495 170,614 Operating lease liabilities 125,759 113,770 Deferred income tax liabilities, net 12,915 4,671 Other liabilities 64,824 71,939 Noncontrolling interest in consolidated joint venture 311,857 — Total equity (deficit) 95,901 (22,393 ) Total liabilities and equity (deficit) $ 4,040,623 $ 3,580,525
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, 2022 2021 2022 2021 $ Margin $ Margin $ Margin $ Margin Consolidated Revenue $ 568,875 $ 377,431 $ 1,805,969 $ 939,373 Net income (loss) $ 61,370 10.8 % $ (6,024 ) -1.6 % $ 134,948 7.5 % $ (194,801 ) -20.7 % Interest expense, net 40,807 30,860 142,656 119,662 Provision (benefit) for income taxes 11,028 (1,683 ) 38,775 4,957 Depreciation & amortization 47,904 56,276 208,616 220,357 (Gain) loss on sale of assets - - 327 (315 ) Pro rata EBITDAre from unconsolidated joint ventures 21 20 89 73 EBITDAre 161,130 28.3 % 79,449 21.0 % 525,411 29.1 % 149,933 16.0 % Preopening costs 7 3 532 737 Non-cash lease expense 1,491 1,121 4,831 4,375 Equity-based compensation expense 3,851 3,160 14,985 12,104 Pension settlement charge 318 370 1,894 1,379 Interest income on Gaylord National bonds 1,313 1,388 5,306 5,502 Loss on extinguishment of debt - - 1,547 2,949 Transaction costs of acquisitions - 150 1,348 360 Adjusted EBITDAre $ 168,110 29.6 % $ 85,641 22.7 % $ 555,854 30.8 % $ 177,339 18.9 % Adjusted EBITDAre of noncontrolling interest in consolidated joint venture $ (7,833 ) - $ (15,309 ) 1,017 Adjusted EBITDAre, excluding noncontrolling interest in consolidated joint venture $ 160,277 28.2 % $ 85,641 22.7 % $ 540,545 29.9 % $ 178,356 19.0 % Hospitality segment Revenue $ 484,459 $ 323,240 $ 1,537,974 $ 786,583 Operating income (loss) $ 105,782 21.8 % $ 27,833 8.6 % $ 310,924 20.2 % $ (38,427 ) -4.9 % Depreciation & amortization 42,571 52,020 189,375 203,675 Gain on sale of assets - - - (317 ) Preopening costs - - - 731 Non-cash lease expense 1,054 1,102 4,216 4,409 Interest income on Gaylord National bonds 1,313 1,388 5,306 5,502 Transaction costs of acquisitions - - - 75 Other gains and (losses), net - - 2,924 - Adjusted EBITDAre $ 150,720 31.1 % $ 82,343 25.5 % $ 512,745 33.3 % $ 175,648 22.3 % Entertainment segment Revenue $ 84,416 $ 54,191 $ 267,995 $ 152,790 Operating income $ 22,286 26.4 % $ 10,305 19.0 % $ 60,498 22.6 % $ 20,376 13.3 % Depreciation & amortization 5,127 3,927 18,420 14,655 Preopening costs 7 3 532 6 Non-cash lease (revenue) expense 437 19 615 (34 ) Equity-based compensation 876 654 3,637 2,456 Transaction costs of acquisitions - 150 1,348 285 Pro rata adjusted EBITDAre from unconsolidated joint ventures (2,597 ) (3,112 ) (10,877 ) (8,890 ) Adjusted EBITDAre $ 26,136 31.0 % $ 11,946 22.0 % $ 74,173 27.7 % $ 28,854 18.9 % Corporate and Other segment Operating loss $ (11,765 ) $ (12,004 ) $ (44,272 ) $ (40,624 ) Depreciation & amortization 206 329 821 2,027 Other gains and (losses), net (480 ) 151 (855 ) 407 Equity-based compensation 2,975 2,506 11,348 9,648 Pension settlement charge 318 370 1,894 1,379 Adjusted EBITDAre $ (8,746 ) $ (8,648 ) $ (31,064 ) $ (27,163 )
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, 2022 2021 2022 2021 Consolidated Net income (loss) $ 61,370 $ (6,024 ) $ 134,948 $ (194,801 ) Noncontrolling interest in consolidated joint venture (2,865 ) — (5,032 ) 16,501 Net income (loss) available to common shareholders and unit holders 58,505 (6,024 ) 129,916 (178,300 ) Depreciation & amortization 47,874 56,242 208,494 220,211 Adjustments for noncontrolling interest (1,538 ) — (3,346 ) (11,069 ) Pro rata adjustments from joint ventures 23 20 92 73 FFO available to common shareholders and unit holders 104,864 50,238 335,156 30,915 Right-of-use asset amortization 30 34 122 146 Non-cash lease expense 1,491 1,121 4,831 4,375 Pension settlement charge 318 370 1,894 1,379 (Gain) loss on other assets — — 469 (317 ) Amortization of deferred financing costs 2,651 2,211 9,829 8,790 Amortization of debt discounts and premiums 500 (70 ) 989 (279 ) Loss on extinguishment of debt — — 1,547 2,949 Adjustments for noncontrolling interest (514 ) — (928 ) (294 ) Transaction costs of acquisitions — 150 1,348 360 Deferred tax expense (benefit) 3,699 (1,985 ) 8,244 4,006 Adjusted FFO available to common shareholders and unit holders $ 113,039 $ 52,069 $ 363,501 $ 52,030 Capital expenditures (1) (27,149 ) (7,817 ) (82,263 ) (38,451 ) Adjusted FFO available to common shareholders and unit holders (ex. maintenance capex) $ 85,890 $ 44,252 $ 281,238 $ 13,579 Basic net income (loss) per share $ 1.05 $ (0.11 ) $ 2.34 $ (3.21 ) Diluted net income (loss) per share $ 1.03 $ (0.11 ) $ 2.33 $ (3.21 ) FFO available to common shareholders and unit holders per basic share/unit $ 1.89 $ 0.91 $ 6.04 $ 0.56 Adjusted FFO available to common shareholders and unit holders per basic share/unit $ 2.03 $ 0.94 $ 6.55 $ 0.94 FFO available to common shareholders and unit holders per diluted share/unit (2) $ 1.80 $ 0.91 $ 6.01 $ 0.56 Adjusted FFO available to common shareholders and unit holders per diluted share/unit (2) $ 1.94 $ 0.94 $ 6.52 $ 0.94 Weighted average common shares and OP units for the period: Basic 55,560 55,467 55,535 55,454 Diluted (2) 59,763 55,467 55,772 55,454 (1) Represents FF&E reserve contribution for managed properties and maintenance capital expenditures for non-managed properties. Note that during 2021, as a result of the COVID-19 pandemic, contributions to the FF&E reserve for managed properties were suspended, although we did make voluntary contributions to fund the rooms renovation at Gaylord National. (2) Diluted weighted average common shares and OP units for the three months ended December 31, 2022 include 3.9 million equivalent shares related to the currently unexercisable 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, 2022 2021 2022 2021 $ Margin $ Margin $ Margin $ Margin Hospitality segment Revenue $ 484,459 $ 323,240 $ 1,537,974 $ 786,583 Operating income (loss) $ 105,782 21.8 % $ 27,833 8.6 % $ 310,924 20.2 % $ (38,427 ) -4.9 % Depreciation & amortization 42,571 52,020 189,375 203,675 Gain on sale of assets - - - (317 ) Preopening costs - - - 731 Non-cash lease expense 1,054 1,102 4,216 4,409 Interest income on Gaylord National bonds 1,313 1,388 5,306 5,502 Transaction costs of acquisitions - - - 75 Other gains and (losses), net - - 2,924 - Adjusted EBITDAre $ 150,720 31.1 % $ 82,343 25.5 % $ 512,745 33.3 % $ 175,648 22.3 % Occupancy 72.8 % 53.0 % 66.2 % 39.5 % Average daily rate (ADR) $ 254.57 $ 246.96 $ 236.86 $ 221.33 RevPAR $ 185.31 $ 131.00 $ 156.71 $ 87.53 OtherPAR $ 320.44 $ 206.44 $ 247.98 $ 121.81 Total RevPAR $ 505.75 $ 337.44 $ 404.69 $ 209.34 Gaylord Opryland Revenue $ 138,353 $ 96,323 $ 424,188 $ 238,567 Operating income $ 41,981 30.3 % $ 23,764 24.7 % $ 118,895 28.0 % $ 34,729 14.6 % Depreciation & amortization 8,586 8,473 34,406 34,117 Gain on sale of assets - - - (317 ) Non-cash lease (revenue) expense (13 ) - (51 ) 2 Adjusted EBITDAre $ 50,554 36.5 % $ 32,237 33.5 % $ 153,250 36.1 % $ 68,531 28.7 % Occupancy 80.7 % 61.4 % 69.5 % 44.2 % Average daily rate (ADR) $ 258.08 $ 254.37 $ 242.71 $ 234.15 RevPAR $ 208.39 $ 156.17 $ 168.73 $ 103.47 OtherPAR $ 312.33 $ 206.36 $ 233.68 $ 122.85 Total RevPAR $ 520.72 $ 362.53 $ 402.41 $ 226.32 Gaylord Palms Revenue $ 90,925 $ 56,835 $ 279,578 $ 139,130 Operating income $ 20,514 22.6 % $ 8,053 14.2 % $ 64,201 23.0 % $ 3,539 2.5 % Depreciation & amortization 5,623 5,834 22,267 21,112 Preopening costs - - - 731 Non-cash lease expense 1,067 1,102 4,267 4,407 Adjusted EBITDAre $ 27,204 29.9 % $ 14,989 26.4 % $ 90,735 32.5 % $ 29,789 21.4 % Occupancy 77.9 % 54.0 % 68.4 % 44.6 % Average daily rate (ADR) $ 265.66 $ 266.16 $ 241.85 $ 220.90 RevPAR $ 206.94 $ 143.60 $ 165.40 $ 98.46 OtherPAR $ 368.33 $ 215.97 $ 280.45 $ 139.73 Total RevPAR $ 575.27 $ 359.57 $ 445.85 $ 238.19 Gaylord Texan Revenue $ 102,283 $ 71,563 $ 307,318 $ 180,031 Operating income $ 30,631 29.9 % $ 17,811 24.9 % $ 88,154 28.7 % $ 28,948 16.1 % Depreciation & amortization 5,656 6,143 23,800 24,712 Adjusted EBITDAre $ 36,287 35.5 % $ 23,954 33.5 % $ 111,954 36.4 % $ 53,660 29.8 % Occupancy 72.9 % 62.6 % 69.0 % 49.1 % Average daily rate (ADR) $ 270.93 $ 250.13 $ 238.77 $ 221.00 RevPAR $ 197.44 $ 156.51 $ 164.65 $ 108.52 OtherPAR $ 415.44 $ 272.30 $ 299.50 $ 163.39 Total RevPAR $ 612.88 $ 428.81 $ 464.15 $ 271.91
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, 2022 2021 2022 2021 $ Margin $ Margin $ Margin $ Margin Gaylord National Revenue $ 76,114 $ 39,843 $ 249,849 $ 79,419 Operating income (loss) $ 9,016 11.8 % $ (9,340 ) -23.4 % $ 19,609 7.8 % $ (47,448 ) -59.7 % Depreciation & amortization 8,296 8,217 33,563 30,462 Interest income on Gaylord National bonds 1,313 1,388 5,306 5,502 Other gains and (losses), net - - 2,924 - Adjusted EBITDAre $ 18,625 24.5 % $ 265 0.7 % $ 61,402 24.6 % $ (11,484 ) -14.5 % Occupancy 60.5 % 31.6 % 56.5 % 19.1 % Average daily rate (ADR) $ 254.09 $ 258.49 $ 238.13 $ 230.12 RevPAR $ 153.60 $ 81.76 $ 134.45 $ 43.93 OtherPAR $ 260.89 $ 135.22 $ 208.49 $ 65.08 Total RevPAR $ 414.49 $ 216.98 $ 342.94 $ 109.01 Gaylord Rockies Revenue $ 70,438 $ 54,425 $ 253,326 $ 135,942 Operating income (loss) (1) $ 2,780 3.9 % $ (12,334 ) -22.7 % $ 17,178 6.8 % $ (56,034 ) -41.2 % Depreciation & amortization 13,776 22,709 72,777 90,687 Transaction costs on acquisitions - - - 75 Adjusted EBITDAre (1) $ 16,556 23.5 % $ 10,375 19.1 % $ 89,955 35.5 % $ 34,728 25.5 % Occupancy 69.9 % 54.0 % 68.3 % 39.9 % Average daily rate (ADR) $ 239.57 $ 224.13 $ 234.19 $ 215.17 RevPAR $ 167.35 $ 121.06 $ 159.87 $ 85.90 OtherPAR $ 342.73 $ 273.06 $ 302.52 $ 162.23 Total RevPAR $ 510.08 $ 394.12 $ 462.39 $ 248.13 The AC Hotel at National Harbor Revenue $ 2,619 $ 1,728 $ 10,419 $ 5,838 Operating income (loss) $ 192 7.3 % $ (349 ) -20.2 % $ 793 7.6 % $ (1,631 ) -27.9 % Depreciation & amortization 311 327 1,293 1,313 Adjusted EBITDAre $ 503 19.2 % $ (22 ) -1.3 % $ 2,086 20.0 % $ (318 ) -5.4 % Occupancy 62.3 % 48.3 % 62.9 % 44.5 % Average daily rate (ADR) $ 203.03 $ 177.93 $ 207.70 $ 167.77 RevPAR $ 126.55 $ 85.92 $ 130.71 $ 74.73 OtherPAR $ 21.73 $ 11.90 $ 17.96 $ 8.58 Total RevPAR $ 148.28 $ 97.82 $ 148.67 $ 83.31 The Inn at Opryland (2) Revenue $ 3,727 $ 2,523 $ 13,296 $ 7,656 Operating income (loss) $ 668 17.9 % $ 228 9.0 % $ 2,094 15.7 % $ (530 ) -6.9 % Depreciation & amortization 323 317 1,269 1,272 Adjusted EBITDAre $ 991 26.6 % $ 545 21.6 % $ 3,363 25.3 % $ 742 9.7 % Occupancy 70.0 % 50.6 % 60.3 % 41.2 % Average daily rate (ADR) $ 149.94 $ 136.40 $ 153.87 $ 134.70 RevPAR $ 104.90 $ 68.95 $ 92.73 $ 55.53 OtherPAR $ 28.87 $ 21.52 $ 27.50 $ 13.69 Total RevPAR $ 133.77 $ 90.47 $ 120.23 $ 69.22 (1) Operating loss and Adjusted EBITDAre for Gaylord Rockies for the twelve months ended December 31, 2021 exclude forgiven asset management fees previously owed to RHP of $0.3 million . (2) Includes other hospitality revenue and expense.
Ryman Hospitality Properties, Inc. and Subsidiaries Reconciliation of Forward-Looking Statements Unaudited (in thousands) Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate ("Adjusted EBITDAre") GUIDANCE RANGE FOR FULL YEAR 2023 Low High Midpoint Ryman Hospitality Properties, Inc. Net Income $ 199,750 $ 216,000 $ 207,875 Provision for income taxes 6,000 7,000 6,500 Interest Expense, net 182,500 193,000 187,750 Depreciation and amortization 189,250 199,500 194,375 EBITDAre $ 577,500 $ 615,500 $ 596,500 Non-cash lease expense 4,500 6,000 5,250 Preopening expense 2,000 2,750 2,375 Equity-based compensation 15,000 16,250 15,625 Pension settlement charge 1,500 2,000 1,750 Interest income on Bonds 4,500 5,500 5,000 Adjusted EBITDAre $ 605,000 $ 648,000 $ 626,500 Hospitality Segment Operating Income $ 371,500 $ 391,500 $ 381,500 Depreciation and amortization 167,500 175,000 171,250 Non-cash lease expense 3,500 4,500 4,000 Interest income on Bonds 4,500 5,500 5,000 Other gains and (losses), net 3,000 3,500 3,250 Adjusted EBITDAre $ 550,000 $ 580,000 $ 565,000 Entertainment Segment Operating Income $ 69,000 $ 73,500 $ 71,250 Depreciation and amortization 20,000 22,500 21,250 Non-cash lease expense 1,000 1,500 1,250 Preopening expense 2,000 2,750 2,375 Equity-based compensation 3,500 4,250 3,875 Loss from unconsolidated companies (8,500 ) (7,500 ) (8,000 ) Adjusted EBITDAre $ 87,000 $ 97,000 $ 92,000 Corporate and Other Segment Operating Loss $ (44,000 ) $ (43,000 ) $ (43,500 ) Depreciation and amortization 1,750 2,000 1,875 Equity-based compensation 11,500 12,000 11,750 Pension settlement charge 1,500 2,000 1,750 Other gains and (losses), net (2,750 ) (2,000 ) (2,375 ) Adjusted EBITDAre $ (32,000 ) $ (29,000 ) $ (30,500 ) Ryman Hospitality Properties, Inc. Net Income available to common shareholders 200,000 212,500 $ 206,250 Depreciation and amortization 189,250 199,500 194,375 Adjustments for noncontrolling interest (8,000 ) (6,000 ) (7,000 ) Funds from Operations (FFO) available to common shareholders $ 381,250 $ 406,000 $ 393,625 Right of use amortization — 500 250 Non-cash lease expense 4,500 6,000 5,250 Pension settlement charge 1,500 2,000 1,750 Other gains and (losses), net 1,250 1,500 1,375 Adjustments for noncontrolling interest (1,500 ) (1,000 ) (1,250 ) Amortization of deferred financing costs 10,000 12,000 11,000 Amortization of debt discounts and premiums 500 1,000 750 Deferred Taxes (5,000 ) (4,000 ) (4,500 ) Adjusted FFO available to common shareholders $ 392,500 $ 424,000 $ 408,250
