Ryman Hospitality Properties, Inc. Reports Third Quarter 2024 Results
NASHVILLE, Tenn., Nov. 04, 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 nine months ended September 30, 2024.
Third Quarter 2024 Highlights and Recent Developments:
The Company generated record third quarter net income of $60.4 million and record third quarter consolidated Adjusted EBITDAre of $174.8 million.
Reported record third quarter consolidated revenue of $550.0 million, driven by record third quarter Hospitality revenue and record third quarter Entertainment revenue.
Same-store1 Hospitality segment achieved record third quarter operating income of $92.8 million and record third quarter Adjusted EBITDAre of $142.0 million.
During the quarter, the Company booked over 581,000 same-store Gross Definite Room Nights for all future years, at an estimated average daily rate (ADR) for future bookings of $282, an increase of 5.2% over Q3 2023 estimated ADR for future bookings and a third quarter record.
The Company is revising its full year 2024 guidance, including lowering its same-store Hospitality RevPAR and Total RevPAR growth, as well as consolidated operating income and Adjusted EBITDAre, to account for continued leisure transient softness in Nashville and Orlando, disruption from Hurricane Milton and incremental disruption from capital investment projects underway. The Company is raising its full year 2024 outlook for adjusted funds from operations (AFFO) primarily to reflect lower expected cash interest expense.
The Company declared a cash dividend of $1.15 per share for the fourth quarter of 2024, a 4.5% increase from the third quarter dividend of $1.10. The dividend is payable on January 15, 2025, to stockholders of record as of December 31, 2024.
Mark Fioravanti, President and Chief Executive Officer of Ryman Hospitality Properties, said, "Building on our solid second quarter performance, we are pleased with our third quarter results in both of our businesses. We delivered record third quarter consolidated revenue, net income, operating income and Adjusted EBITDAre driven by record third quarter same-store ADR and Total RevPAR. Our outlook for group demand remains strong, evidenced by record projected group rooms revenue for all future years, which gives us the confidence to raise our dividend this quarter."
1 Same-Store Hospitality segment excludes JW Marriott Hill Country, which was acquired June 30, 2023.
Third Quarter 2024 Results (as compared to Third Quarter 2023):
Three Months Ended
Nine Months Ended
September 30,
September 30,
($ in thousands, except per share amounts)
%
%
2024
2023
Change
2024
2023
Change
Total revenue
$
549,958
$
528,511
4.1
%
$
1,691,593
$
1,525,073
10.9
%
Operating income
$
105,880
$
101,923
3.9
%
$
370,332
$
329,813
12.3
%
Operating income margin
19.3
%
19.3
%
—
pts
21.9
%
21.6
%
0.3
pts
Net income (1)
$
60,398
$
40,785
48.1
%
$
207,899
$
171,922
20.9
%
Net income margin (1)
11.0
%
7.7
%
3.3
pts
12.3
%
11.3
%
1.0
pts
Net income available to common stockholders (1)
$
59,011
$
41,227
43.1
%
$
202,872
$
169,090
20.0
%
Net income available to common stockholders margin (1)
10.7
%
7.8
%
2.9
pts
12.0
%
11.1
%
0.9
pts
Net income available to common stockholders per diluted share (1)(2)
$
0.94
$
0.64
46.9
%
$
3.25
$
2.78
16.9
%
Adjusted EBITDAre
$
174,803
$
170,874
2.3
%
$
569,063
$
503,251
13.1
%
Adjusted EBITDAre margin
31.8
%
32.3
%
(0.5
)
pts
33.6
%
33.0
%
0.6
pts
Adjusted EBITDAre, excluding noncontrolling interest in consolidated joint venture
$
168,068
$
163,188
3.0
%
$
546,944
$
482,450
13.4
%
Adjusted EBITDAre, excluding noncontrolling interest in consolidated joint venture margin
30.6
%
30.9
%
(0.3
)
pts
32.3
%
31.6
%
0.7
pts
Funds From Operations (FFO) available to common stockholders and unit holders
$
116,205
$
97,931
18.7
%
$
372,325
$
320,096
16.3
%
FFO available to common stockholders and unit holders per diluted share/unit (2)
$
1.86
$
1.54
20.8
%
$
5.98
$
5.29
13.0
%
Adjusted FFO available to common stockholders and unit holders
$
120,235
$
111,279
8.0
%
$
396,361
$
347,264
14.1
%
Adjusted FFO available to common stockholders and unit holders per diluted share/unit (2)
$
1.93
$
1.81
6.6
%
$
6.39
$
5.80
10.2
%
__________________________________1 The three and nine months ended September 30, 2023 include approximately $10.6 million in losses associated with our previous investment in Circle, a joint venture that we and our joint venture partner agreed to wind down at the end of 2023.
2 Diluted weighted average common shares for the three and nine months ended September 30, 2024 include 3.8 million and 3.4 million, respectively, and the three and nine months ended September 30, 2023 include 3.7 million and 4.1 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 year-to-date 2024 results reflect franchise tax refunds for prior tax periods of 2020 through 2023 totaling approximately $9.1 million, which were recognized in the second quarter of 2024.
Note: For the Company's definitions of Adjusted EBITDAre, Adjusted EBITDAre margin, Adjusted EBITDAre, excluding noncontrolling interest in consolidated joint venture, Adjusted EBITDAre, excluding noncontrolling interest in consolidated joint venture margin, FFO available to common stockholders and unit holders, and Adjusted FFO available to common stockholders and unit holders, as well as a reconciliation of the non-GAAP financial measure Adjusted EBITDAre to Net Income and a reconciliation of the non-GAAP financial measures FFO available to common stockholders and unit holders and Adjusted FFO available to common stockholders and unit holders to Net Income, see "Non-GAAP Financial Measures," "EBITDAre, Adjusted EBITDAre and Adjusted EBITDAre, Excluding Noncontrolling Interest in Consolidated Joint Venture Definition," "Adjusted EBITDAre, Excluding Noncontrolling Interest in Consolidated Joint Venture Margin Definition" "FFO, Adjusted FFO, and Adjusted FFO available to common stockholders and unit holders Definition" and "Supplemental Financial Results" below.
Hospitality Segment
Three Months Ended
Nine Months Ended
September 30,
September 30,
($ in thousands, except ADR, RevPAR, and Total RevPAR)
%
%
2024
2023
Change
2024
2023
Change
Hospitality revenue
$
467,043
$
446,198
4.7
%
$
1,447,600
$
1,288,322
12.4
%
Same-Store Hospitality revenue (1)
$
412,770
$
396,172
4.2
%
$
1,280,536
$
1,237,575
3.5
%
Hospitality operating income
$
102,781
$
91,723
12.1
%
$
356,851
$
305,526
16.8
%
Hospitality operating income margin
22.0
%
20.6
%
1.4
pts
24.7
%
23.7
%
1.0
pts
Hospitality Adjusted EBITDAre
$
159,569
$
152,544
4.6
%
$
518,777
$
456,446
13.7
%
Hospitality Adjusted EBITDAre margin
34.2
%
34.2
%
–
pts
35.8
%
35.4
%
0.4
pts
Same-Store Hospitality operating income (1)
$
92,805
$
83,847
10.7
%
$
322,303
$
297,422
8.4
%
Same-Store Hospitality operating income margin (1)
22.5
%
21.2
%
1.3
pts
25.2
%
24.0
%
1.2
pts
Same-Store Hospitality Adjusted EBITDAre (1)
$
142,020
$
135,167
5.1
%
$
461,788
$
438,841
5.2
%
Same-Store Hospitality Adjusted EBITDAre margin (1)
34.4
%
34.1
%
0.3
pts
36.1
%
35.5
%
0.6
pts
Hospitality performance metrics:
Occupancy
69.5
%
71.8
%
(2.3
)
pts
70.0
%
72.3
%
(2.3
)
pts
Average Daily Rate (ADR)
$
252.42
$
239.00
5.6
%
$
254.72
$
240.53
5.9
%
RevPAR
$
175.37
$
171.71
2.1
%
$
178.19
$
173.80
2.5
%
Total RevPAR
$
444.77
$
424.91
4.7
%
$
462.87
$
439.00
5.4
%
Same-store Hospitality performance metrics: (1)
Occupancy
69.1
%
71.8
%
(2.7
)
pts
69.7
%
72.3
%
(2.6
)
pts
ADR
$
244.71
$
230.50
6.2
%
$
248.05
$
237.74
4.3
%
RevPAR
$
168.99
$
165.58
2.1
%
$
173.00
$
171.80
0.7
%
Total RevPAR
$
430.91
$
413.58
4.2
%
$
448.86
$
435.39
3.1
%
Gross definite room nights booked
581,710
695,423
(16.4
)
%
1,650,897
1,695,578
(2.6
)
%
Net definite room nights booked
457,856
546,724
(16.3
)
%
1,206,193
1,247,311
(3.3
)
%
Group attrition (as % of contracted block)
16.1
%
14.7
%
1.4
pts
15.4
%
15.5
%
(0.1
)
pts
Cancellations ITYFTY (2)
11,594
11,219
3.3
%
37,745
65,187
(42.1
)
%
_____________________________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 year-to-date 2024 results reflect franchise tax refunds for prior tax periods of 2020 through 2023 totaling approximately $5.6 million, which were recognized in the second quarter of 2024.
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 third 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 record third quarter Total RevPAR of $431, a 4.2% increase over Q3 2023, driven by strong banquet and AV revenue, which increased 15.9% from the prior year quarter.
Same-store Hospitality portfolio also achieved record third quarter ADR of $245, an increase of 6.2% from Q3 2023.
In the year for the year cancellations for the same-store Hospitality portfolio decreased 42.1% year-to-date 2024 from the prior year period.
On a same-store basis, attrition and cancellation fee collections declined 35% to $7.4 million in Q3 2024 from $11.3 million in Q3 2023.
Gaylord Opryland
Three Months Ended
Nine Months Ended
September 30,
September 30,
($ in thousands, except ADR, RevPAR, and Total RevPAR)
%
%
2024
2023
Change
2024
2023
Change
Revenue
$
122,659
$
111,939
9.6
%
$
356,846
$
334,220
6.8
%
Operating income
$
36,622
$
29,549
23.9
%
$
112,089
$
93,255
20.2
%
Operating income margin
29.9
%
26.4
%
3.5
pts
31.4
%
27.9
%
3.5
pts
Adjusted EBITDAre
$
44,815
$
38,022
17.9
%
$
136,592
$
118,770
15.0
%
Adjusted EBITDAre margin
36.5
%
34.0
%
2.5
pts
38.3
%
35.5
%
2.8
pts
Performance metrics:
Occupancy
71.8
%
72.7
%
(0.9
)
pts
70.8
%
72.2
%
(1.4
)
pts
ADR
$
254.05
$
242.37
4.8
%
$
253.83
$
244.82
3.7
%
RevPAR
$
182.49
$
176.18
3.6
%
$
179.66
$
176.66
1.7
%
Total RevPAR
$
461.65
$
421.30
9.6
%
$
450.95
$
423.91
6.4
%
Note: Gaylord Opryland year-to-date 2024 results reflect franchise tax refunds for prior tax periods of 2020 through 2023 totaling approximately $5.4 million, which were recognized in the second quarter of 2024.
Gaylord Palms
Three Months Ended
Nine Months Ended
September 30,
September 30,
($ in thousands, except ADR, RevPAR, and Total RevPAR)
%
%
2024
2023
Change
2024
2023
Change
Revenue
$
68,242
$
63,885
6.8
%
$
222,504
$
222,260
0.1
%
Operating income
$
12,323
$
9,249
33.2
%
$
50,808
$
55,205
(8.0
)
%
Operating income margin
18.1
%
14.5
%
3.6
pts
22.8
%
24.8
%
(2.0
)
pts
Adjusted EBITDAre
$
19,635
$
15,930
23.3
%
$
71,867
$
75,100
(4.3
)
%
Adjusted EBITDAre margin
28.8
%
24.9
%
3.9
pts
32.3
%
33.8
%
(1.5
)
pts
Performance metrics:
Occupancy
61.0
%
67.4
%
(6.4
)
pts
66.0
%
74.2
%
(8.2
)
pts
ADR
$
223.10
$
214.22
4.1
%
$
243.86
$
239.56
1.8
%
RevPAR
$
136.09
$
144.33
(5.7
)
%
$
160.98
$
177.67
(9.4
)
%
Total RevPAR
$
431.76
$
404.19
6.8
%
$
472.68
$
473.89
(0.3
)
%
Gaylord Texan
Three Months Ended
Nine Months Ended
September 30,
September 30,
($ in thousands, except ADR, RevPAR, and Total RevPAR)
%
%
2024
2023
Change
2024
2023
Change
Revenue
$
73,096
$
73,991
(1.2
)
%
$
241,895
$
241,868
0.0
%
Operating income
$
18,697
$
19,555
(4.4
)
%
$
71,043
$
73,748
(3.7
)
%
Operating income margin
25.6
%
26.4
%
(0.8
)
pts
29.4
%
30.5
%
(1.1
)
pts
Adjusted EBITDAre
$
24,417
$
25,225
(3.2
)
%
$
88,398
$
90,902
(2.8
)
%
Adjusted EBITDAre margin
33.4
%
34.1
%
(0.7
)
pts
36.5
%
37.6
%
(1.1
)
pts
Performance metrics:
Occupancy
71.8
%
73.0
%
(1.2
)
pts
74.6
%
75.0
%
(0.4
)
pts
ADR
$
247.51
$
233.92
5.8
%
$
246.78
$
233.19
5.8
%
RevPAR
$
177.82
$
170.68
4.2
%
$
184.16
$
175.00
5.2
%
Total RevPAR
$
437.99
$
443.36
(1.2
)
%
$
486.68
$
488.40
(0.4
)
%
Gaylord National
Three Months Ended
Nine Months Ended
September 30,
September 30,
($ in thousands, except ADR, RevPAR, and Total RevPAR)
%
%
2024
2023
Change
2024
2023
Change
Revenue
$
69,751
$
72,124
(3.3
)
%
$
226,394
$
221,910
2.0
%
Operating income
$
8,493
$
9,855
(13.8
)
%
$
36,037
$
32,836
9.7
%
Operating income margin
12.2
%
13.7
%
(1.5
)
pts
15.9
%
14.8
%
1.1
pts
Adjusted EBITDAre
$
21,260
$
25,605
(17.0
)
%
$
68,000
$
67,678
0.5
%
Adjusted EBITDAre margin
30.5
%
35.5
%
(5.0
)
pts
30.0
%
30.5
%
(0.5
)
pts
Performance metrics:
Occupancy
63.5
%
71.5
%
(8.0
)
pts
66.3
%
68.9
%
(2.6
)
pts
ADR
$
240.73
$
216.85
11.0
%
$
247.47
$
235.67
5.0
%
RevPAR
$
152.98
$
155.12
(1.4
)
%
$
163.98
$
162.38
1.0
%
Total RevPAR
$
379.84
$
392.76
(3.3
)
%
$
413.96
$
407.24
1.7
%
Gaylord Rockies
Three Months Ended
Nine Months Ended
September 30,
September 30,
($ in thousands, except ADR, RevPAR, and Total RevPAR)
%
%
2024
2023
Change
2024
2023
Change
Revenue
$
72,658
$
68,203
6.5
%
$
213,316
$
199,377
7.0
%
Operating income
$
16,045
$
14,970
7.2
%
$
49,478
$
40,529
22.1
%
Operating income margin
22.1
%
21.9
%
0.2
pts
23.2
%
20.3
%
2.9
pts
Adjusted EBITDAre
$
30,520
$
29,171
4.6
%
$
91,932
$
82,899
10.9
%
Adjusted EBITDAre margin
42.0
%
42.8
%
(0.8
)
pts
43.1
%
41.6
%
1.5
pts
Performance metrics:
Occupancy
80.8
%
79.9
%
0.9
pts
75.2
%
75.9
%
(0.7
)
pts
ADR
$
259.76
$
245.52
5.8
%
$
253.23
$
242.57
4.4
%
RevPAR
$
209.86
$
196.19
7.0
%
$
190.54
$
184.12
3.5
%
Total RevPAR
$
526.16
$
493.90
6.5
%
$
518.67
$
486.56
6.6
%
JW Marriott Hill Country
Three Months Ended
Nine Months Ended
September 30,
September 30,
($ in thousands, except ADR, RevPAR, and Total RevPAR)
%
2024
2023
Change
2024
Revenue
$
54,273
$
50,026
8.5
%
$
167,064
Operating income
$
9,976
$
7,876
26.7
%
$
34,548
Operating income margin
18.4
%
15.7
%
2.7
pts
20.7
%
Adjusted EBITDAre
$
17,549
$
17,377
1.0
%
$
56,989
Adjusted EBITDAre margin
32.3
%
34.7
%
(2.4
)
pts
34.1
%
Performance metrics:
Occupancy
73.8
%
72.0
%
1.8
pts
72.2
%
ADR
$
327.27
$
327.17
0.0
%
$
321.73
RevPAR
$
241.68
$
235.43
2.7
%
$
232.14
Total RevPAR
$
588.74
$
542.67
8.5
%
$
608.50
Note: JW Marriott Hill Country was acquired by the Company on June 30, 2023, therefore there are no comparison figures for the nine-month period.
Entertainment Segment
Three Months Ended
Nine Months Ended
September 30,
September 30,
($ in thousands)
%
%
2024
2023
Change
2024
2023
Change
Revenue
$
82,915
$
82,313
0.7
%
$
243,993
$
236,751
3.1
%
Operating income
$
13,050
$
20,523
(36.4
)
%
$
44,984
$
55,515
(19.0
)
%
Operating income margin
15.7
%
24.9
%
(9.2
)
pts
18.4
%
23.4
%
(5.0
)
pts
Adjusted EBITDAre
$
22,451
$
25,618
(12.4
)
%
$
73,734
$
69,380
6.3
%
Adjusted EBITDAre margin
27.1
%
31.1
%
(4.0
)
pts
30.2
%
29.3
%
0.9
pts
Note: Entertainment segment year-to-date 2024 results reflect franchise tax refunds for prior tax periods of 2020 through 2023 totaling approximately $3.4 million, which were recognized in the second quarter of 2024.
Fioravanti continued, "Our major capital investment activity in our Entertainment segment is nearing completion: we opened Category 10 on November 2nd to a positive early reception, and we expect to complete the renovation of the W Austin Hotel at Block 21 by year-end. With the benefit of these investments, together with our exciting plans for "Opry 100," the year-long centennial celebration of the Grand Ole Opry, we believe OEG is poised to deliver strong results in 2025 and beyond."
Corporate and Other Segment
Three Months Ended
Nine Months Ended
September 30,
September 30,
($ in thousands)
%
%
2024
2023
Change
2024
2023
Change
Operating loss
$
(9,951
)
$
(10,323
)
3.6
%
$
(31,503
)
$
(31,228
)
(0.9
)
%
Adjusted EBITDAre
$
(7,217
)
$
(7,288
)
1.0
%
$
(23,448
)
$
(22,575
)
(3.9
)
%
Note: Corporate and Other segment year-to-date 2024 results reflect franchise tax refunds for prior tax periods of 2020 through 2023 totaling approximately $0.1 million, which were recognized in the second quarter of 2024.
2024 Guidance
Fioravanti concluded, "We are pleased to increase our full year 2024 outlook for AFFO, while adopting a more conservative outlook, including for same-store Hospitality RevPAR and Total RevPAR growth, consolidated operating income and Adjusted EBITDAre to account for continued leisure transient softness, disruption from Hurricane Milton and incremental disruption from our capital investment projects underway. We remain as confident as ever in the long-term strength of our businesses and the anticipated high-return investments we are making in our portfolio that we believe will generate meaningful value for our guests and shareholders in the years to come."
The Company is updating its 2024 business performance outlook based on current information as of November 4, 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.
New Guidance Range (1)
Prior Guidance Range (1)
(in millions, except per share figures)
Full Year 2024
Full Year 2024
Change (1)
Low
High
Midpoint
Low
High
Midpoint
Midpoint
Same-Store Hospitality RevPAR growth (2)
-
%
1.00
%
0.50
%
1.00
%
3.00
%
2.00
%
(1.50
)
%
Same-Store Hospitality Total RevPAR growth (2)
2.50
%
3.50
%
3.00
%
2.75
%
4.75
%
3.75
%
(0.75
)
%
Operating income:
Same-Store Hospitality (2)
$
442.0
$
445.0
$
443.5
$
447.5
$
456.0
$
451.8
$
(8.3
)
JW Marriott Hill Country
39.5
40.5
40.0
37.0
38.0
37.5
2.5
Entertainment
68.0
69.5
68.8
70.5
73.5
72.0
(3.3
)
Corporate and Other
(44.3
)
(43.0
)
(43.6
)
(44.8
)
(43.0
)
(43.9
)
0.3
Consolidated operating income
$
505.2
$
512.0
$
508.6
$
510.2
$
524.5
$
517.4
$
(8.8
)
Adjusted EBITDAre:
Same-Store Hospitality (2)
$
622.0
$
632.0
$
627.0
$
625.5
$
640.5
$
633.0
$
(6.0
)
JW Marriott Hill Country
69.5
71.5
70.5
65.0
70.0
67.5
3.0
Entertainment
104.0
108.0
106.0
105.0
112.0
108.5
(2.5
)
Corporate and Other
(34.0
)
(32.0
)
(33.0
)
(35.0
)
(32.0
)
(33.5
)
0.5
Consolidated Adjusted EBITDAre
$
761.5
$
779.5
$
770.5
$
760.5
$
790.5
$
775.5
$
(5.0
)
Net income
$
281.0
$
287.5
$
284.3
$
281.0
$
287.5
$
284.3
$
–
Net income available to common stockholders and unit holders
$
272.5
$
281.5
$
277.0
$
271.0
$
281.5
$
276.3
$
0.8
