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Ryman Hospitality Properties, Inc. Reports Second Quarter 2024 Results

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Ryman Hospitality Properties (NYSE: RHP) reported record second quarter 2024 financial results. Key highlights include:

  • Net income of $104.7 million, up 49.3% YoY.
  • Record consolidated revenue of $613.3 million, a 21.5% increase YoY.
  • Adjusted EBITDAre of $233.2 million, up 33.5% YoY.

The company booked over 781,000 same-store Gross Definite Room Nights at a record ADR of $284, a 7.3% increase from Q2 2023. It refinanced Opry Entertainment Group’s loans, saving on interest expenses. Guidance for 2024 was raised, reflecting tax savings and refinancing benefits, with projected net income between $284.3 million to $287.5 million and Adjusted EBITDAre between $775.5 million to $790.5 million.

Ryman Hospitality Properties (NYSE: RHP) ha riportato risultati finanziari record per il secondo trimestre del 2024. I principali punti salienti includono:

  • Utile netto di 104,7 milioni di dollari, in aumento del 49,3% rispetto all'anno precedente.
  • Entrate consolidate record di 613,3 milioni di dollari, un aumento del 21,5% rispetto all'anno precedente.
  • EBITDAre rettificato di 233,2 milioni di dollari, in aumento del 33,5% rispetto all'anno precedente.

La compagnia ha registrato oltre 781.000 camere definite nello stesso esercizio a un ADR record di 284 dollari, un aumento del 7,3% rispetto al secondo trimestre del 2023. Ha rifinanziato i prestiti del Opry Entertainment Group, risparmiando sulle spese per interessi. La guida per il 2024 è stata aumentata, riflettendo i risparmi fiscali e i benefici del rifinanziamento, con un utile netto previsto tra 284,3 milioni di dollari e 287,5 milioni di dollari e un EBITDAre rettificato tra 775,5 milioni di dollari e 790,5 milioni di dollari.

Ryman Hospitality Properties (NYSE: RHP) reportó resultados financieros récord para el segundo trimestre de 2024. Los aspectos más destacados incluyen:

  • Ingreso neto de 104,7 millones de dólares, un aumento del 49,3% interanual.
  • Ingresos consolidados récord de 613,3 millones de dólares, un aumento del 21,5% interanual.
  • EBITDAre ajustado de 233,2 millones de dólares, un incremento del 33,5% interanual.

La empresa registró más de 781.000 habitaciones definidas en la misma tienda a un ADR récord de 284 dólares, un aumento del 7,3% respecto al segundo trimestre de 2023. Refinanció los préstamos del Opry Entertainment Group, ahorrando en gastos de intereses. La guía para 2024 fue elevada, reflejando ahorros fiscales y beneficios de refinanciamiento, con un ingreso neto proyectado entre 284,3 millones de dólares y 287,5 millones de dólares y un EBITDAre ajustado entre 775,5 millones de dólares y 790,5 millones de dólares.

라이먼 호스피탈리티 프로퍼티즈 (NYSE: RHP)는 2024년 2분기 재무 결과에서 기록적인 실적을 보고했습니다. 주요 하이라이트는 다음과 같습니다:

  • 순이익 1억 4백 70만 달러로, 전년 대비 49.3% 증가했습니다.
  • 기록적인 consolidated revenue 6억 1천 33백만 달러로, 전년 대비 21.5% 증가했습니다.
  • 조정된 EBITDAre는 2억 3천 32백만 달러로, 전년 대비 33.5% 증가했습니다.

회사는 2023년 2분기 대비 7.3% 증가한 기록적인 ADR 284달러에서 동일 매출점에서 78만 1천 객실 밤을 기록했습니다. Opry Entertainment Group의 대출을 재융자하며 이자 비용을 절감했습니다. 2024년 가이던스는 세금 절감 및 재융자 혜택을 반영하여 조정되었으며, 예상순이익은 2억 8천 43백만 달러에서 2억 8천 75백만 달러, 조정 EBITDAre는 7억 7천 55백만 달러에서 7억 9천 5백만 달러 사이로 예상됩니다.

Ryman Hospitality Properties (NYSE: RHP) a annoncé des résultats financiers records pour le deuxième trimestre de 2024. Les points clés comprennent :

  • Un bénéfice net de 104,7 millions de dollars, en hausse de 49,3 % par rapport à l'année précédente.
  • Des revenus consolidés record de 613,3 millions de dollars, en augmentation de 21,5 % par rapport à l'année précédente.
  • Un EBITDAre ajusté de 233,2 millions de dollars, en hausse de 33,5 % par rapport à l'année précédente.

L'entreprise a enregistré plus de 781 000 nuits de chambres définies à un ADR record de 284 dollars, soit une augmentation de 7,3 % par rapport au deuxième trimestre 2023. Elle a refinancé les prêts du Opry Entertainment Group, générant des économies sur les charges d'intérêts. Les prévisions pour 2024 ont été rehaussées, reflétant des économies fiscales et des avantages liés au refinancement, avec un bénéfice net projeté entre 284,3 millions de dollars et 287,5 millions de dollars et un EBITDAre ajusté entre 775,5 millions de dollars et 790,5 millions de dollars.

Ryman Hospitality Properties (NYSE: RHP) hat rekordverdächtige Finanzergebnisse für das zweite Quartal 2024 bekannt gegeben. Die wichtigsten Highlights sind:

  • Nettoeinkommen von 104,7 Millionen US-Dollar, ein Anstieg von 49,3% im Jahresvergleich.
  • Rekordumsatz von 613,3 Millionen US-Dollar, ein Anstieg von 21,5% im Jahresvergleich.
  • Bereinigtes EBITDAre von 233,2 Millionen US-Dollar, ein Anstieg von 33,5% im Jahresvergleich.

Das Unternehmen verzeichnete über 781.000 gleiche Hotelzimmernächte zu einem rekordverdächtigen ADR von 284 US-Dollar, ein Anstieg von 7,3% gegenüber dem 2. Quartal 2023. Es hat die Kredite der Opry Entertainment Group refinanziert und dadurch Zinskosten gespart. Die Prognose für 2024 wurde angehoben, was sich in Steuerersparnissen und Refinanzierungsvorteilen widerspiegelt, mit einem projected Nettoeinkommen zwischen 284,3 Millionen US-Dollar und 287,5 Millionen US-Dollar sowie einem bereinigten EBITDAre zwischen 775,5 Millionen US-Dollar und 790,5 Millionen US-Dollar.

Positive
  • Record Q2 net income of $104.7 million, up 49.3%.
  • Record consolidated revenue of $613.3 million, a 21.5% YoY increase.
  • Adjusted EBITDAre of $233.2 million, up 33.5% YoY.
  • Refinancing of OEG’s term loan B and revolving credit facility, reducing interest expenses.
  • Increased full-year 2024 guidance for net income and Adjusted EBITDAre.
Negative
  • Lowered outlook for same-store Hospitality RevPAR and Total RevPAR due to continued leisure transient softness.
  • Gaylord Palms reported a 26.4% decline in operating income and a 20.2% drop in RevPAR.
  • Gaylord Texan showed no significant growth in revenue and a slight decrease in operating income margin.

Insights

Ryman Hospitality Properties delivered an impressive second quarter, setting multiple records across key financial metrics. The company reported record Q2 net income of $104.7 million, up 49.3% year-over-year and record consolidated revenue of $613.3 million, a 21.5% increase. Adjusted EBITDAre reached an all-time high of $233.2 million, up 33.5%.

Several factors contributed to this strong performance:

  • Robust group demand, with over 781,000 room nights booked for future periods at a record ADR of $284
  • Record banquet and AV revenue in the Hospitality segment
  • Continued ADR growth, with same-store ADR up 3.8% to $254
  • Strong performance in the Entertainment segment, which set an all-time quarterly revenue record

The company also benefited from Tennessee franchise tax refunds totaling $9.1 million. Even excluding this one-time benefit, results were still record-setting across multiple metrics.

Based on these strong results, Ryman raised its full-year 2024 guidance for key metrics including net income, operating income, Adjusted EBITDAre and Adjusted FFO. This demonstrates management's confidence in the company's near-term outlook despite some headwinds in the leisure transient market.

Overall, Ryman's Q2 results and improved guidance paint a picture of a company executing well in its core group-oriented hospitality business while also driving growth in its entertainment segment. The raised outlook suggests potential for continued outperformance through the rest of 2024.

Ryman's Q2 results provide valuable insights into current trends in the hospitality and entertainment industries:

  • Group demand remains robust, with strong booking trends for future periods. This suggests corporate and association events are continuing to recover post-pandemic.
  • ADR growth is outpacing occupancy gains, indicating pricing power remains strong despite some economic uncertainty.
  • Banquet and AV revenue hit record levels, pointing to increased spending on ancillary services by group customers.
  • The entertainment segment's record revenue highlights the strength of live events and experiences in the current market.

However, there are some potential headwinds to monitor:

  • Management noted "continued leisure transient softness," suggesting some pressure on non-group bookings.
  • The company lowered its full-year RevPAR growth guidance, indicating expectations for slower growth in the back half of the year.
  • Planned construction and renovations at some properties may create short-term disruptions.

Overall, Ryman's results suggest the group-oriented hospitality and live entertainment markets remain healthy, but there are some signs of potential moderation in growth rates. The company's strong group booking trends provide a solid foundation, but investors should monitor leisure demand and broader economic conditions for potential impacts on future results.

NASHVILLE, Tenn., July 31, 2024 (GLOBE NEWSWIRE) -- Ryman Hospitality Properties, Inc. (NYSE: RHP), a lodging real estate investment trust (“REIT”) specializing in group-oriented, destination hotel assets in urban and resort markets, today reported financial results for the three and six months ended June 30, 2024.

Second Quarter 2024 Highlights and Recent Developments:

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

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


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

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

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

(1) Diluted weighted average common shares for the three months ended June 30, 2024 and 2023 include 3.1 million and 3.9 million, respectively, and the six months ended June 30, 2024 and 2023 include 3.3 million and 4.0 million, respectively, in equivalent shares related to the currently unexercisable investor put rights associated with the noncontrolling interest in the Company's OEG business, which may be settled in cash or shares at the Company's option.

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

Note: For the Company’s definitions of Adjusted EBITDAre, Adjusted EBITDAre margin, Adjusted EBITDAre, excluding noncontrolling interest in consolidated joint venture, Adjusted EBITDAre, excluding noncontrolling interest in consolidated joint venture margin, FFO available to common stockholders and unit holders, and Adjusted FFO available to common stockholders and unit holders, as well as a reconciliation of the non-GAAP financial measure Adjusted EBITDAre to Net Income and a reconciliation of the non-GAAP financial measures FFO available to common stockholders and unit holders and Adjusted FFO available to common stockholders and unit holders to Net Income, see “Non-GAAP Financial Measures,” “EBITDAre, Adjusted EBITDAre and Adjusted EBITDAre, Excluding Noncontrolling Interest in Consolidated Joint Venture Definition,” “Adjusted EBITDAre, Excluding Noncontrolling Interest in Consolidated Joint Venture Margin Definition” “FFO, Adjusted FFO, and Adjusted FFO available to common stockholders and unit holders Definition” and “Supplemental Financial Results” below.

Hospitality Segment

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

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

(2) "ITYFTY" represents In The Year For The Year.

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

Note: For the Company’s definitions of Revenue Per Available Room (RevPAR) and Total Revenue Per Available Room (Total RevPAR), see “Calculation of RevPAR, Total RevPAR, and Occupancy” below. Property-level results and operating metrics for Second quarter 2024 are presented in greater detail below and under “Supplemental Financial Results—Hospitality Segment Adjusted EBITDAre Reconciliations and Operating Metrics,” which includes a reconciliation of the non-GAAP financial measures Hospitality Adjusted EBITDAre to Hospitality Operating Income, and property-level Adjusted EBITDAre to property-level Operating Income for each of the hotel properties.

Hospitality Segment Highlights

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

Gaylord Opryland

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

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

Gaylord Palms

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

Gaylord Texan

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

Gaylord National

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

Gaylord Rockies

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

JW Marriott Hill Country(1)

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

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

Entertainment Segment

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

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

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

Corporate and Other Segment

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

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

2024 Guidance

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

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

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

     

(1)Includes JW Marriott Hill Country, except as otherwise noted. Amounts are calculated based on unrounded numbers.
(2)Same-store excludes JW Marriott Hill Country.
(3)Includes shares related to the currently unexercisable investor put rights associated with the noncontrolling interest in the Company’s OEG business, which may be settled in cash or shares at the Company’s option.
  

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

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

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

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

Earnings Call Information
Ryman Hospitality Properties will hold a conference call to discuss this release tomorrow, August 1, 2024, at 11:00 a.m. ET. Investors can listen to the conference call over the Internet at www.rymanhp.com. To listen to the live call, please go to the Investor Relations section of the website (Investor Relations/News & Events/Events & Presentation) at least 15 minutes prior to the call to register and download any necessary audio software. For those who cannot listen to the live broadcast, a replay will be available shortly after the call and will be available for at least 30 days.

About Ryman Hospitality Properties, Inc.
Ryman Hospitality Properties, Inc. (NYSE: RHP) is a leading lodging and hospitality real estate investment trust that specializes in upscale convention center resorts and entertainment experiences. The Company’s holdings include Gaylord Opryland Resort & Convention Center; Gaylord Palms Resort & Convention Center; Gaylord Texan Resort & Convention Center; Gaylord National Resort & Convention Center; and Gaylord Rockies Resort & Convention Center, five of the top seven largest non-gaming convention center hotels in the United States based on total indoor meeting space. The Company also owns the JW Marriott San Antonio Hill Country Resort & Spa as well as two ancillary hotels adjacent to our Gaylord Hotels properties. The Company’s hotel portfolio is managed by Marriott International and includes a combined total of 11,414 rooms as well as more than 3 million square feet of total indoor and outdoor meeting space in top convention and leisure destinations across the country. RHP also owns a 70% controlling ownership interest in Opry Entertainment Group (OEG), which is composed of entities owning a growing collection of iconic and emerging country music brands, including the Grand Ole Opry, Ryman Auditorium, WSM 650 AM, Ole Red, Nashville-area attractions, and Block 21, a mixed-use entertainment, lodging, office and retail complex, including the W Austin Hotel and the ACL Live at the Moody Theater, located in downtown Austin, Texas. RHP operates OEG as its Entertainment segment in a taxable REIT subsidiary, and its results are consolidated in the Company’s financial results.

Cautionary Note Regarding Forward-Looking Statements
This press release contains statements as to the Company’s beliefs and expectations of the outcome of future events that are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. You can identify these statements by the fact that they do not relate strictly to historical or current facts. Examples of these statements include, but are not limited to, statements regarding the future performance of the Company’s business, anticipated business levels and anticipated financial results for the Company during future periods, the Company’s expected cash dividend, and other business or operational issues. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the statements made. These include the risks and uncertainties associated with economic conditions affecting the hospitality business generally, the geographic concentration of the Company’s hotel properties, business levels at the Company’s hotels, the effects of inflation on the Company’s business, including the effects on costs of labor and supplies and effects on group customers at the Company’s hotels and customers in OEG’s businesses, the Company’s ability to remain qualified as a REIT, the Company’s ability to execute our strategic goals as a REIT, the Company’s ability to generate cash flows to support dividends, future board determinations regarding the timing and amount of dividends and changes to the dividend policy, the Company’s ability to borrow funds pursuant to its credit agreements and to refinance indebtedness and/or to successfully amend the agreements governing its indebtedness in the future, and changes in interest rates. Other factors that could cause operating and financial results to differ are described in the filings made from time to time by the Company with the U.S. Securities and Exchange Commission (SEC) and include the risk factors and other risks and uncertainties described in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, and subsequent filings. The Company does not undertake any obligation to release publicly any revisions to forward-looking statements made by it to reflect events or circumstances occurring after the date hereof or the occurrence of unanticipated events.

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

Calculation of RevPAR and Total RevPAR
We calculate revenue per available room (“RevPAR”) for our hotels by dividing room revenue by room nights available to guests for the period. We calculate total revenue per available room (“Total RevPAR”) for our hotels by dividing the sum of room revenue, food & beverage, and other ancillary services revenue by room nights available to guests for the period. Hospitality metrics do not include the results of the W Austin, which is included in the Entertainment segment.

Calculation of GAAP Margin Figures
We calculate Net Income available to common stockholders margin by dividing GAAP consolidated Net Income available to common stockholders by GAAP consolidated Total Revenue. We calculate consolidated, segment or property-level Operating Income Margin by dividing consolidated, segment or property-level GAAP Operating Income by consolidated, segment or property-level GAAP Revenue.

Non-GAAP Financial Measures
We present the following non-GAAP financial measures we believe are useful to investors as key measures of our operating performance:

EBITDAre, Adjusted EBITDAre and Adjusted EBITDAre, Excluding Noncontrolling Interest in Consolidated Joint Venture Definition
We calculate EBITDAre, which is defined by the National Association of Real Estate Investment Trusts (“NAREIT”) in its September 2017 white paper as Net Income (calculated in accordance with GAAP) plus interest expense, income tax expense, depreciation and amortization, gains or losses on the disposition of depreciated property (including gains or losses on change in control), impairment write-downs of depreciated property and of investments in unconsolidated affiliates caused by a decrease in the value of depreciated property of the affiliate, and adjustments to reflect the entity’s share of EBITDAre of unconsolidated affiliates.

Adjusted EBITDAre is then calculated as EBITDAre, plus to the extent the following adjustments occurred during the periods presented:

  • preopening costs;
  • non-cash lease expense;
  • equity-based compensation expense;
  • impairment charges that do not meet the NAREIT definition above;
  • credit losses on held-to-maturity securities;
  • transaction costs of acquisitions;
  • interest income on bonds;
  • loss on extinguishment of debt;
  • pension settlement charges;
  • pro rata Adjusted EBITDAre from unconsolidated joint ventures; and
  • any other adjustments we have identified herein.

We then exclude the pro rata share of Adjusted EBITDAre related to noncontrolling interests in consolidated joint ventures to calculate Adjusted EBITDAre, Excluding Noncontrolling Interest in Consolidated Joint Venture.

We use EBITDAre, Adjusted EBITDAre and Adjusted EBITDAre, Excluding Noncontrolling Interest in Consolidated Joint Venture and segment or property-level EBITDAre and Adjusted EBITDAre to evaluate our operating performance. We believe that the presentation of these non-GAAP financial measures provides useful information to investors regarding our operating performance and debt leverage metrics, and that the presentation of these non-GAAP financial measures, when combined with the primary GAAP presentation of Net Income or Operating Income, as applicable, is beneficial to an investor’s complete understanding of our operating performance. We make additional adjustments to EBITDAre when evaluating our performance because we believe that presenting Adjusted EBITDAre and Adjusted EBITDAre, Excluding Noncontrolling Interest in Consolidated Joint Venture provides useful information to investors regarding our operating performance and debt leverage metrics.

Adjusted EBITDAre Margin and Adjusted EBITDAre, Excluding Noncontrolling Interest in Consolidated Joint Venture Margin Definition
We calculate consolidated Adjusted EBITDAre, Excluding Noncontrolling Interest in Consolidated Joint Venture Margin by dividing consolidated Adjusted EBITDAre, Excluding Noncontrolling Interest in Consolidated Joint Venture by GAAP consolidated Total Revenue. We calculate consolidated, segment or property-level Adjusted EBITDAre Margin by dividing consolidated, segment-, or property-level Adjusted EBITDAre by consolidated, segment-, or property-level GAAP Revenue. We believe Adjusted EBITDAre, Excluding Noncontrolling Interest in Consolidated Joint Venture Margin is useful to investors in evaluating our operating performance because this non-GAAP financial measure helps investors evaluate and compare the results of our operations from period to period by presenting a ratio showing the quantitative relationship between Adjusted EBITDAre, Excluding Noncontrolling Interest in Consolidated Joint Venture and GAAP consolidated Total Revenue or segment or property-level GAAP Revenue, as applicable.

FFO, Adjusted FFO, and Adjusted FFO available to common stockholders and unit holders Definition
We calculate FFO, which definition is clarified by NAREIT in its December 2018 white paper as Net Income (calculated in accordance with GAAP) excluding depreciation and amortization (excluding amortization of deferred financing costs and debt discounts), gains and losses from the sale of certain real estate assets, gains and losses from a change in control, impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciated real estate held by the entity, income (loss) from consolidated joint ventures attributable to noncontrolling interest, and pro rata adjustments for unconsolidated joint ventures.
To calculate Adjusted FFO available to common stockholders and unit holders, we then exclude, to the extent the following adjustments occurred during the periods presented:

  • right-of-use asset amortization;
  • impairment charges that do not meet the NAREIT definition above;
  • write-offs of deferred financing costs;
  • amortization of debt discounts or premiums and amortization of deferred financing costs;
  • loss on extinguishment of debt;
  • non-cash lease expense;
  • credit loss on held-to-maturity securities;
  • pension settlement charges;
  • additional pro rata adjustments from unconsolidated joint ventures;
  • (gains) losses on other assets;
  • transaction costs on acquisitions;
  • deferred income tax expense (benefit); and
  • any other adjustments we have identified herein.

We present Adjusted FFO available to common stockholders and unit holders per diluted share as a non-GAAP measure of our performance in addition to our net income available to common stockholders per diluted share (calculated in accordance with GAAP). We calculate Adjusted FFO available to common stockholders and unit holders per diluted share as our Adjusted FFO (defined as set forth above) for a given operating period, as adjusted for the effect of dilutive securities, divided by the number of diluted shares and units outstanding during such period.

We believe that the presentation of these non-GAAP financial measures provides useful information to investors regarding the performance of our ongoing operations because each presents a measure of our operations without regard to specified non-cash items such as real estate depreciation and amortization, gain or loss on sale of assets and certain other items, which we believe are not indicative of the performance of our underlying hotel properties. We believe that these items are more representative of our asset base than our ongoing operations. We also use these non-GAAP financial measures as measures in determining our results after considering the impact of our capital structure.

We caution investors that non-GAAP financial measures we present may not be comparable to similar measures disclosed by other companies, because not all companies calculate these non-GAAP measures in the same manner. The non-GAAP financial measures we present, and any related per share measures, should not be considered as alternative measures of our Net Income, operating performance, cash flow or liquidity. These non-GAAP financial measures may include funds that may not be available for our discretionary use due to functional requirements to conserve funds for capital expenditures and property acquisitions and other commitments and uncertainties. Although we believe that these non-GAAP financial measures can enhance an investor’s understanding of our results of operations, these non-GAAP financial measures, when viewed individually, are not necessarily better indicators of any trend as compared to GAAP measures such as Net Income (Loss), Operating Income (Loss), or cash flow from operations.

Investor Relations Contacts:Media Contacts:
Mark Fioravanti, President and Chief Executive OfficerShannon Sullivan, Vice President Corporate and Brand Communications
Ryman Hospitality Properties, Inc.Ryman Hospitality Properties, Inc.
(615) 316-6588(615) 316-6725
mfioravanti@rymanhp.comssullivan@rymanhp.com
~or~ 
Jennifer Hutcheson, Chief Financial Officer 
Ryman Hospitality Properties, Inc. 
(615) 316-6320 
jhutcheson@rymanhp.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 Six Months Ended
  Jun. 30, Jun. 30,
   2024   2023   2024   2023 
Revenues :       
 Rooms$199,497  $168,492  $373,130  $329,743 
 Food and beverage 259,386   197,908   494,469   413,712 
 Other hotel revenue 60,204   51,285   112,958   98,669 
 Entertainment 94,203   87,158   161,078   154,438 
     Total revenues 613,290   504,843   1,141,635   996,562 
         
Operating expenses:       
 Rooms 45,062   40,272   89,163   82,331 
 Food and beverage 132,369   107,026   260,548   222,207 
 Other hotel expenses 117,769   104,590   236,582   207,649 
 Management fees 21,449   15,418   39,411   30,613 
     Total hotel operating expenses 316,649   267,306   625,704   542,800 
 Entertainment 59,560   57,088   112,147   108,522 
 Corporate 9,402   9,885   21,356   20,479 
 Preopening costs 1,055   67   2,491   257 
 Gain on sale of assets -   -   (270)  - 
 Depreciation and amortization 58,553   48,257   115,755   96,614 
     Total operating expenses 445,219   382,603   877,183   768,672 
         
Operating income 168,071   122,240   264,452   227,890 
         
Interest expense, net of amounts capitalized (56,577)  (49,179)  (117,020)  (91,707)
Interest income 7,064   5,318   14,586   7,865 
Loss on extinguishment of debt (1,797)  (2,252)  (2,319)  (2,252)
Income (loss) from unconsolidated joint ventures 183   (2,153)  215   (4,959)
Other gains and (losses), net (4)  (287)  317   (523)
Income before income taxes 116,940   73,687   160,231   136,314 
         
Provision for income taxes (12,200)  (3,544)  (12,730)  (5,177)
Net income 104,740   70,143   147,501   131,137 
         
Net income attributable to noncontrolling interest in consolidated joint venture (3,270)  (3,134)  (2,691)  (2,371)
Net income attributable to noncontrolling interest in Operating Partnership (665)  (466)  (949)  (903)
Net income available to common stockholders$100,805  $66,543  $143,861  $127,863 
         
Basic income per share available to common stockholders$1.68  $1.18  $2.41  $2.29 
Diluted income per share available to common stockholders (1)$1.65  $1.15  $2.31  $2.17 
         
Weighted average common shares for the period:       
 Basic 59,895   56,329   59,817   55,759 
 Diluted (1) 63,223   60,489   63,446   59,973 
         
(1)Diluted weighted average common shares for the three and six months ended June 30, 2024 include 3.1 million and 3.3 million, respectively, and the three and six months ended June 30, 2023 include 3.9 million and 4.0 million, respectively, in equivalent shares related to the currently unexercisable investor put rights associated with the noncontrolling interest in the Company's OEG business, which may be settled in cash or shares at the Company's option.
         


RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
Unaudited
(In thousands)
       
    Jun. 30, Dec. 31,
    2024 2023
       
ASSETS:   
 Property and equipment, net of accumulated depreciation$4,045,466 $3,955,586
 Cash and cash equivalents - unrestricted 498,371  591,833
 Cash and cash equivalents - restricted 51,908  108,608
 Notes receivable 61,892  61,760
 Trade receivables, net 127,281  110,029
 Deferred income tax assets, net 71,023  81,624
 Prepaid expenses and other assets 163,786  154,810
 Intangible assets 120,231  124,287
  Total assets$5,139,958 $5,188,537
       
       
LIABILITIES AND EQUITY:   
 Debt and finance lease obligations$3,373,383 $3,377,028
 Accounts payable and accrued liabilities 406,245  464,720
 Dividends payable 67,734  67,932
 Deferred management rights proceeds 165,121  165,174
 Operating lease liabilities 130,411  129,122
 Other liabilities 68,140  66,658
 Noncontrolling interest in consolidated joint venture 362,603  345,126
 Total equity 566,321  572,777
  Total liabilities and equity$5,139,958 $5,188,537
       


RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES
SUPPLEMENTAL FINANCIAL RESULTS
ADJUSTED EBITDAre RECONCILIATION
Unaudited
(in thousands)
             
  Three Months Ended Jun. 30, Six Months Ended Jun. 30,
   2024   2023   2024   2023 
  $Margin $Margin $Margin $Margin
 Consolidated           
 Revenue$613,290    $504,843    $1,141,635     $996,562    
 Net income$104,740  17.1% $70,143  13.9% $147,501  12.9% $131,137  13.2%
 Interest expense, net 49,513     43,861     102,434     83,842   
 Provision for income taxes 12,200     3,544     12,730     5,177   
 Depreciation & amortization 58,553     48,257     115,755     96,614   
 Gain on sale of assets -     -     (270)    -   
 Pro rata EBITDAre from unconsolidated joint ventures 2     8     4     17   
 EBITDAre 225,008  36.7%  165,813  32.8%  378,154  33.1%  316,787  31.8%
 Preopening costs 1,055     67     2,491     257   
 Non-cash lease expense 933     1,499     1,858     3,000   
 Equity-based compensation expense 3,383     3,801     7,245     7,540   
 Interest income on Gaylord National bonds 1,195     1,270     2,390     2,541   
 Loss on extinguishment of debt 1,797     2,252     2,319     2,252   
 Pro rata adjusted EBITDAre from unconsolidated joint ventures (176)    -     (197)    -   
 Adjusted EBITDAre$233,195  38.0% $174,702  34.6% $394,260  34.5% $332,377  33.4%
 Adjusted EBITDAre of noncontrolling interest in consolidated joint venture$(10,722)   $(8,819)   $(15,384)   $(13,115)   
 Adjusted EBITDAre, excluding noncontrolling interest in consolidated joint venture$222,473  36.3% $165,883  32.9% $378,876  33.2% $319,262  32.0%
             
 Hospitality segment           
 Revenue$519,087    $417,685    $980,557    $842,124    
 Operating income$151,885  29.3% $107,733  25.8% $254,070  25.9% $213,803  25.4%
 Depreciation & amortization 50,553     42,646     100,783     85,521   
 Non-cash lease expense 982     1,018     1,965     2,037   
 Interest income on Gaylord National bonds 1,195     1,270     2,390     2,541   
 Adjusted EBITDAre$204,615  39.4% $152,667  36.6% $359,208  36.6% $303,902  36.1%
             
 Same-Store Hospitality segment (1)           
 Revenue$456,237    $417,685    $867,766    $842,124    
 Operating income$136,447  29.9% $107,733  25.8% $229,498  26.4% $213,803  25.4%
 Depreciation & amortization 43,082     42,646     85,915     85,521   
 Non-cash lease expense 982     1,018     1,965     2,037   
 Interest income on Gaylord National bonds 1,195     1,270     2,390     2,541   
 Adjusted EBITDAre$181,706  39.8% $152,667  36.6% $319,768  36.8% $303,902  36.1%
             
 Entertainment segment           
 Revenue$94,203    $87,158    $161,078    $154,438    
 Operating income$25,822  27.4% $24,601  28.2% $31,934  19.8% $34,992  22.7%
 Depreciation & amortization 7,766     5,402     14,506     10,667   
 Preopening costs 1,055     67     2,491     257   
 Non-cash lease (revenue) expense (49)    481     (107)    963   
 Equity-based compensation 1,005     1,010     1,893     1,826   
 Other gains and (losses), net 137     -     545     -   
 Pro rata adjusted EBITDAre from unconsolidated joint ventures 8     (2,145)    21     (4,943)  
 Adjusted EBITDAre$35,744  37.9% $29,416  33.8% $51,283  31.8% $43,762  28.3%
             
 Corporate and Other segment           
 Operating loss$(9,636)   $(10,094)   $(21,552)   $(20,905)   
 Depreciation & amortization 234     209     466     426   
 Other gains and (losses), net (140)    (287)    (227)    (522)  
 Equity-based compensation 2,378     2,791     5,352     5,714   
 Gain on sale of assets -     -     (270)    -   
 Adjusted EBITDAre$(7,164)   $(7,381)   $(16,231)   $(15,287)   
             
(1) Same-Store Hospitality segment excludes JW Marriott Hill Country, which was acquired on June 30, 2023.         
             


RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES
SUPPLEMENTAL FINANCIAL RESULTS
FUNDS FROM OPERATIONS ("FFO") AND ADJUSTED FFO RECONCILIATION
Unaudited
(in thousands, except per share data)
         
         
  Three Months Ended Jun. 30, Six Months Ended Jun. 30,
   2024   2023   2024   2023 
 Consolidated       
 Net income$104,740  $70,143  $147,501  $131,137 
 Noncontrolling interest in consolidated joint venture (3,270)  (3,134)  (2,691)  (2,371)
 Net income available to common stockholders and unit holders 101,470   67,009   144,810   128,766 
 Depreciation & amortization 58,506   48,227   115,660   96,553 
 Adjustments for noncontrolling interest (2,331)  (1,620)  (4,352)  (3,200)
 FFO available to common stockholders and unit holders 157,647   113,639   256,120   222,165 
         
 Right-of-use asset amortization 47   30   95   61 
 Non-cash lease expense 933   1,499   1,858   3,000 
 Pro rata adjustments from joint ventures (176)  -   (197)  - 
 Gain on other assets -   -   (270)  - 
 Amortization of deferred financing costs 2,627   2,633   5,348   5,307 
 Amortization of debt discounts and premiums 658   545   1,307   1,051 
 Adjustments for noncontrolling interest (1,253)  (870)  (1,118)  (1,282)
 Deferred tax provision (benefit) 11,152   2,664   10,664   3,431 
 Adjusted FFO available to common stockholders and unit holders$173,432  $122,392  $276,126  $235,985 
         
         
 Basic net income per share$1.68  $1.18  $2.41  $2.29 
 Diluted net income per share$1.65  $1.15  $2.31  $2.17 
         
 FFO available to common stockholders and unit holders per basic share/unit$2.61  $2.00  $4.25  $3.96 
 Adjusted FFO available to common stockholders and unit holders per basic share/unit$2.88  $2.16  $4.59  $4.20 
         
 FFO available to common stockholders and unit holders per diluted share/unit (1)$2.53  $1.92  $4.05  $3.72 
 Adjusted FFO available to common stockholders and unit holders per diluted share/unit (1)$2.78  $2.06  $4.37  $3.95 
         
 Weighted average common shares and OP units for the period:       
 Basic 60,290   56,724   60,212   56,154 
 Diluted (1) 63,618   60,884   63,841   60,368 
         
(1)Diluted weighted average common shares and OP units for the three and six months ended June 30, 2024 include 3.1 million and 3.3 million, respectively, and the three and six months ended June 30, 2023 include 3.9 million and 4.0 million, respectively, in equivalent shares related to the currently unexercisable investor put rights associated with the noncontrolling interest in the Company's OEG business, which may be settled in cash or shares at the Company's option.
         


RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES
SUPPLEMENTAL FINANCIAL RESULTS
HOSPITALITY SEGMENT ADJUSTED EBITDAre RECONCILIATIONS AND OPERATING METRICS
Unaudited
(in thousands)
             
         
  Three Months Ended Jun. 30, Six Months Ended Jun. 30,
   2024   2023   2024   2023 
  $Margin $Margin $Margin $Margin
 Hospitality segment           
 Revenue$519,087     $417,685     $980,557     $842,124    
 Operating income$151,885  29.3% $107,733  25.8% $254,070  25.9% $213,803  25.4%
 Depreciation & amortization 50,553     42,646     100,783     85,521   
 Non-cash lease expense 982     1,018     1,965     2,037   
 Interest income on Gaylord National bonds 1,195     1,270     2,390     2,541   
 Adjusted EBITDAre$204,615  39.4% $152,667  36.6% $359,208  36.6% $303,902  36.1%
             
 Occupancy 73.7%     72.7%     70.2%     72.5%   
 Average daily rate (ADR)$260.76    $244.77    $255.87    $241.38   
 RevPAR$192.12    $177.83    $179.64    $174.97   
 OtherPAR$307.78    $262.29    $292.45    $271.52   
 Total RevPAR$499.90    $440.12    $472.09    $446.49   
             
             
             
 Same-Store Hospitality segment (1)           
 Revenue$456,237     $417,685     $867,766     $842,124    
 Operating income$136,447  29.9% $107,733  25.8% $229,498  26.4% $213,803  25.4%
 Depreciation & amortization 43,082     42,646     85,915     85,521   
 Non-cash lease expense 982     1,018     1,965     2,037   
 Interest income on Gaylord National bonds 1,195     1,270     2,390     2,541   
 Adjusted EBITDAre$181,706  39.8% $152,667  36.6% $319,768  36.8% $303,902  36.1%
             
 Occupancy 73.2%     72.7%     70.1%     72.5%   
 Average daily rate (ADR)$254.16    $244.77    $249.71    $241.38   
 RevPAR$185.95    $177.83    $175.06    $174.97   
 OtherPAR$295.72    $262.29    $282.94    $271.52   
 Total RevPAR$481.67    $440.12    $458.00    $446.49   
             
             
             
 Gaylord Opryland           
 Revenue$130,352     $110,475     $234,187     $222,281    
 Operating income $50,642  38.9% $32,011  29.0% $75,467  32.2% $63,706  28.7%
 Depreciation & amortization 8,199     8,512     16,332     17,066   
 Non-cash lease revenue (11)    (12)    (22)    (24)  
 Adjusted EBITDAre$58,830  45.1% $40,511  36.7% $91,777  39.2% $80,748  36.3%
             
 Occupancy 75.4%     71.2%     70.2%     71.9%   
 Average daily rate (ADR)$260.98    $252.01    $253.71    $246.07   
 RevPAR$196.85    $179.38    $178.23    $176.90   
 OtherPAR$299.15    $240.98    $267.32    $248.33   
 Total RevPAR$496.00    $420.36    $445.55    $425.23   
             
             
             
 Gaylord Palms           
 Revenue$68,799    $73,829    $154,262     $158,375    
 Operating income$13,479  19.6% $18,322  24.8% $38,485  24.9% $45,956  29.0%
 Depreciation & amortization 5,889     5,543     11,760     11,153   
 Non-cash lease expense 993     1,030     1,987     2,061   
 Adjusted EBITDAre$20,361  29.6% $24,895  33.7% $52,232  33.9% $59,170  37.4%
             
 Occupancy 62.5%     75.8%    $0.69    $0.78   
 Average daily rate (ADR)$235.54    $243.55    $253.19    $250.74   
 RevPAR$147.22    $184.58    $173.55    $194.62   
 OtherPAR$292.85    $287.66    $319.81    $314.69   
 Total RevPAR$440.07    $472.24    $493    $509   
             
             
             
 Gaylord Texan           
 Revenue$83,897    $81,479    $168,799     $167,877    
 Operating income$26,314  31.4% $26,105  32.0% $52,346  31.0% $54,193  32.3%
 Depreciation & amortization 5,744     5,718     11,635     11,484   
 Adjusted EBITDAre$32,058  38.2% $31,823  39.1% $63,981  37.9% $65,677  39.1%
             
 Occupancy 78.8%     75.1%     76.0%     76.1%   
 Average daily rate (ADR)$252.61    $234.86    $246.43    $232.83   
 RevPAR$199.18    $176.49    $187.36    $177.19   
 OtherPAR$309.06    $317.10    $323.92    $334.11   
 Total RevPAR$508.24    $493.59    $511.28    $511.30   
             
(1) Same-Store Hospitality segment excludes JW Marriott Hill Country, which was acquired on June 30, 2023.      
             


RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES
SUPPLEMENTAL FINANCIAL RESULTS
HOSPITALITY SEGMENT ADJUSTED EBITDAre RECONCILIATIONS AND OPERATING METRICS
Unaudited
(in thousands)
             
             
  Three Months Ended Jun. 30, Six Months Ended Jun. 30,
   2024   2023   2024   2023 
  $Margin $Margin $Margin $Margin
 Gaylord National           
 Revenue$88,369    $77,014    $156,643     $149,786    
 Operating income$22,321  25.3% $14,926  19.4% $27,544  17.6% $22,981  15.3%
 Depreciation & amortization 8,405     8,257     16,806     16,551   
 Interest income on Gaylord National bonds 1,195     1,270     2,390     2,541   
 Adjusted EBITDAre$31,921  36.1% $24,453  31.8% $46,740  29.8% $42,073  28.1%
             
 Occupancy 70.8%     67.8%     67.6%     67.6%   
 Average daily rate (ADR)$263.88    $251.80    $250.67    $245.80   
 RevPAR$186.90    $170.65    $169.54    $166.06   
 OtherPAR$299.62    $253.35    $261.66    $248.54   
 Total RevPAR$486.52    $424.00    $431.20    $414.60   
             
             
             
 Gaylord Rockies           
 Revenue$76,836    $67,127    $140,658     $131,174    
 Operating income$21,436  27.9% $14,691  21.9% $33,433  23.8% $25,559  19.5%
 Depreciation & amortization 14,138     14,124     27,979     28,169   
 Adjusted EBITDAre$35,574  46.3% $28,815  42.9% $61,412  43.7% $53,728  41.0%
             
 Occupancy 80.4%     77.8%     72.4%     73.9%   
 Average daily rate (ADR)$255.44    $247.92    $249.55    $240.94   
 RevPAR$205.25    $192.84    $180.77    $177.98   
 OtherPAR$357.28    $298.61    $334.12    $304.84   
 Total RevPAR$562.53    $491.45    $514.89    $482.82   
             
             
             
 JW Marriott Hill Country (2)           
 Revenue$62,850    $-    $112,791     $-   
 Operating income$15,438  24.6% $-    $24,572  21.8% $-   
 Depreciation & amortization 7,471     -     14,868     -   
 Adjusted EBITDAre$22,909  36.5% $-    $39,440  35.0% $-   
             
 Occupancy 79.0%    n/a   71.3%    n/a 
 Average daily rate (ADR)$324.18    n/a  $318.83    n/a 
 RevPAR$256.23    n/a  $227.31    n/a 
 OtherPAR$433.05    n/a  $391.19    n/a 
 Total RevPAR$689.28    n/a  $618.50    n/a 
             
             
             
 The AC Hotel at National Harbor           
 Revenue$4,107    $3,401    $6,929    $5,612   
 Operating income (loss)$1,404  34.2% $923  27.1% $1,731  25.0% $745  13.3%
 Depreciation & amortization 218     171     468     452   
 Adjusted EBITDAre$1,622  39.5% $1,094  32.2% $2,199  31.7% $1,197  21.3%
             
 Occupancy 66.9%     64.0%     61.9%     59.1%   
 Average daily rate (ADR)$299.54    $277.86    $276.78    $250.79   
 RevPAR$200.39    $177.77    $171.32    $148.32   
 OtherPAR$34.67    $16.91    $26.97    $13.17   
 Total RevPAR$235.06    $194.68    $198.29    $161.49   
             
             
             
 The Inn at Opryland (3)           
 Revenue$3,877    $4,360    $6,288    $7,019   
 Operating loss$851  21.9% $755  17.3% $492  7.8% $663  9.4%
 Depreciation & amortization 489     321     935     646   
 Adjusted EBITDAre$1,340  34.6% $1,076  24.7% $1,427  22.7% $1,309  18.6%
             
 Occupancy 61.6%     66.3%     51.9%     61.5%   
 Average daily rate (ADR)$179.80    $159.71    $172.78    $150.36   
 RevPAR$110.78    $105.84    $89.65    $92.43   
 OtherPAR$31.35    $26.08    $24.99    $22.39   
 Total RevPAR$142.13    $131.92    $114.64    $114.82   
             
(1) Same-Store Hospitality segment excludes JW Marriott Hill Country, which was acquired on June 30, 2023.
(2) JW Marriott Hill Country was acquired by the Company on June 30, 2023, therefore there are no comparison figures.
(3) Includes other hospitality revenue and expense.
             


RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES
SUPPLEMENTAL FINANCIAL RESULTS
EARNINGS PER SHARE, FFO PER SHARE AND ADJUSTED FFO PER SHARE CALCULATIONS
Unaudited
(In thousands, except per share data)
         
         
  Three Months Ended Six Months Ended
  Jun. 30, Jun. 30,
   2024  2023  2024  2023
Earnings per share:       
         
Numerator:       
Net income available to common stockholders$100,805 $66,543 $143,861 $127,863
Net loss attributable to noncontrolling interest in consolidated joint venture 3,270  3,134  2,691  2,371
Net income available to common stockholders - if-converted method$104,075 $69,677 $146,552 $130,234
         
Denominator:       
Weighted average shares outstanding - basic 59,895  56,329  59,817  55,759
Effect of dilutive stock-based compensation 206  232  314  256
Effect of dilutive put rights (1) 3,122  3,928  3,315  3,958
Weighted average shares outstanding - diluted 63,223  60,489  63,446  59,973
         
Basic income per share available to common stockholders$1.68 $1.18 $2.41 $2.29
Diluted income per share available to common stockholders$1.65 $1.15 $2.31 $2.17
         
         
FFO and Adjusted FFO per share:       
         
Numerator - FFO:       
FFO available to common stockholders and unit holders$157,647 $113,639 $256,120 $222,165
Net loss attributable to noncontrolling interest in consolidated joint venture 3,270  3,134  2,691  2,371
FFO available to common stockholders and unit holders- if-converted method$160,917 $116,773 $258,811 $224,536
         
Numerator - Adjusted FFO:       
Adjusted FFO available to common stockholders and unit holders$173,432 $122,392 $276,126 $235,985
Net loss attributable to noncontrolling interest in consolidated joint venture 3,270  3,134  2,691  2,371
Adjusted FFO available to common stockholders and unit holders - if-converted method$176,702 $125,526 $278,817 $238,356
         
Denominator:       
Weighted average shares and OP units outstanding - basic 60,290  56,724  60,212  56,154
Effect of dilutive stock-based compensation 206  232  314  256
Effect of dilutive put rights (1) 3,122  3,928  3,315  3,958
Weighted average shares and OP units outstanding - diluted 63,618  60,884  63,841  60,368
         
FFO available to common stockholders and unit holders per basic share/unit$2.61 $2.00 $4.25 $3.96
Adjusted FFO available to common stockholders and unit holders per basic share/unit$2.88 $2.16 $4.59 $4.20
         
FFO available to common stockholders and unit holders per diluted share/unit (1)$2.53 $1.92 $4.05 $3.72
Adjusted FFO available to common stockholders and unit holders per diluted share/unit (1) $2.78 $2.06 $4.37 $3.95
         
         
(1) Represents equivalent shares related to the currently unexercisable investor put rights associated with the noncontrolling interest in the Company's OEG business, which may be settled in cash or shares at the Company's option.  
        


 Ryman Hospitality Properties, Inc. and Subsidiaries
 Reconciliation of Forward-Looking Statements
 Unaudited
 (dollars in thousands, except per share data)
 Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate ("Adjusted EBITDAre")
 Funds From Operations ("FFO") and Adjusted FFO Reconciliation
         
    New Guidance Range
    For Full Year 2024
    Low  High Midpoint
 Ryman Hospitality Properties, Inc.      
  Net Income $ 281,000  $ 287,500  $ 284,250 
  Provision for income taxes  15,250   17,000   16,125 
  Interest Expense, net  214,775   221,275   218,025 
  Depreciation and amortization  224,250   234,500   229,375 
  (Gain) / Loss on disposal of fixed assets  (275)  (275)  (275)
  EBITDAre $ 735,000  $ 760,000  $ 747,500 
  Non-cash lease expense  3,500   4,500   4,000 
  Preopening expense  3,000   3,500   3,250 
  Equity-based compensation  12,500   13,500   13,000 
  Pension settlement charge  1,500   1,750   1,625 
  Interest income on Gaylord National bonds  4,500   5,500   5,000 
  Other gains and (losses), net  500   1,750   1,125 
  Adjusted EBITDAre $ 760,500  $ 790,500  $ 775,500 
         
 Hospitality Segment       
  Operating Income $ 484,500  $ 494,000  $ 489,250 
  Depreciation and amortization  195,000   202,500   198,750 
  Non-cash lease expense  3,500   4,500   4,000 
  Interest income on Gaylord National Bonds  4,500   5,500   5,000 
  Other gains and (losses), net  3,000   4,000   3,500 
  Loss (gain) on extinguishment of debt  -   -   - 
  Adjusted EBITDAre $ 690,500  $ 710,500  $ 700,500 
         
 Hospitality Segment (same-store)      
  Operating Income $ 447,500  $ 456,000  $ 451,750 
  Depreciation and amortization  167,000   170,500   168,750 
  Non-cash lease expense  3,500   4,500   4,000 
  Interest income on Gaylord National Bonds  4,500   5,500   5,000 
  Other gains and (losses), net  3,000   4,000   3,500 
  Loss (gain) on extinguishment of debt  -   -   - 
  Adjusted EBITDAre $ 625,500  $ 640,500  $ 633,000 
         
 JW Marriott Hill Country      
  Operating Income $ 37,000  $ 38,000  $ 37,500 
  Depreciation and amortization  28,000   32,000   30,000 
  Adjusted EBITDAre $ 65,000  $ 70,000  $ 67,500 
         


 Ryman Hospitality Properties, Inc. and Subsidiaries
 Reconciliation of Forward-Looking Statements
 Unaudited
 (dollars in thousands, except per share data)
 Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate ("Adjusted EBITDAre")
 Funds From Operations ("FFO") and Adjusted FFO Reconciliation
         
    New Guidance Range
    For Full Year 2024
    Low  High Midpoint
 Entertainment Segment      
  Operating Income $ 70,500  $ 73,500  $ 72,000 
  Depreciation and amortization  27,500   30,000   28,750 
  Preopening expense  3,000   3,500   3,250 
  Equity-based compensation  3,500   4,000   3,750 
  Pro rata adjusted EBITDAre from unconsolidated joint ventures  500   1,000   750 
  Adjusted EBITDAre $ 105,000  $ 112,000  $ 108,500 
         
 Corporate and Other Segment      
  Operating Loss $ (44,750) $ (43,000) $ (43,875)
  Depreciation and amortization  1,750   2,000   1,875 
  Equity-based compensation  9,000   9,500   9,250 
  Pension settlement charge  1,500   1,750   1,625 
  Other gains and (losses), net  (2,500)  (2,250)  (2,375)
  Adjusted EBITDAre $ (35,000) $ (32,000) $ (33,500)
         
 Ryman Hospitality Properties, Inc.      
  Net Income $ 281,000  $ 287,500  $ 284,250 
  Noncontrolling interest in consolidated joint venture  (10,000)  (6,000)  (8,000)
  Net Income available to common stockholders and unit holders $ 271,000  $ 281,500  $ 276,250 
  Depreciation and amortization  224,250   234,500   229,375 
  Adjustments for noncontrolling interest  (10,000)  (8,000)  (9,000)
  FFO available to common stockholders and unit holders $ 485,250  $ 508,000  $ 496,625 
  Right of use amortization  -   500   250 
  Non-cash lease expense  3,500   4,500   4,000 
  Pension settlement charge  1,500   1,750   1,625 
  Other gains and (losses), net  500   1,750   1,125 
  Loss (gain) on extinguishment of debt  -   -   - 
  Adjustments for noncontrolling interest  (3,000)  (2,000)  (2,500)
  Amortization of deferred financing costs  9,500   11,500   10,500 
  Amortization of debt discounts and premiums  2,500   3,500   3,000 
  Deferred Taxes  12,000   13,500   12,750 
  Adjusted FFO available to common stockholders and unit holders</