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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 announced it is postponing its Investor Day due to inclement Nashville winter weather causing hazardous travel conditions. The Company's Investor Day will now be held on January 30th, 2024, at the Gaylord Opryland Resort & Convention Center in Nashville, Tennessee and will be webcast live as described below.
The postponement is not related to any change in the Company's operations or financial results. The Company also today provided the following preliminary financial results for the three months and twelve months ended December 31, 2023.
Mark Fioravanti, President and Chief Executive Officer of the Company said, "We regret to inform you that the scheduled Investor Day has been postponed to January 30th, 2024. The safety of our attendees and employees is our top priority, and heavy snow and inclement weather conditions in Nashville have made it unsafe to proceed with the event as previously planned."
Regarding the Company's preliminary 2023 financial results, Fioravanti continued, "While we anticipated a strong end to 2023, the results seen throughout our businesses exceeded our expectations, with net income expected to be between $336 million and $348 million, and expected consolidated Adjusted EBITDAre of approximately $691 million, both representing annual records. Our Hospitality segment and Entertainment segment each set full-year operating income and Adjusted EBITDAre records."
| ($ in millions, except per share figures) | Preliminary Q4 2023 Results | Preliminary FY 2023 Results | ||||||||||||
| (unaudited, subject to change) | Low | High | Low | High | ||||||||||
| Operating Income | $ | 125 | $ | 125 | $ | 453 | $ | 453 | ||||||
| Net Income1 | $ | 164 | $ | 176 | $ | 336 | $ | 348 | ||||||
| Net Income Available to Common Stockholders1 | $ | 138 | $ | 150 | $ | 308 | $ | 320 | ||||||
| Net Income Available to Common Stockholders per Diluted Share1 | $ | 2.30 | $ | 2.44 | $ | 5.29 | $ | 5.43 | ||||||
| Adjusted EBITDAre2 | $ | 187 | $ | 187 | $ | 691 | $ | 691 | ||||||
| Adjusted Funds From Operations (AFFO)2 | $ | 125 | $ | 127 | $ | 471 | $ | 473 | ||||||
| AFFO per Diluted Share2 | $ | 2.07 | $ | 2.10 | $ | 8.06 | $ | 8.10 | ||||||
| Weighted Average Diluted Shares3 | 60,058 | 60,058 | 58,061 | 58,061 | ||||||||||
| Weighted Average Diluted Shares and OP units3 | 60,453 | 60,453 | 58,456 | 58,456 | ||||||||||
| ($ in millions, except RevPAR and Total RevPAR) | Preliminary Q4 2023 Results | Preliminary FY 2023 Results | ||||||||||||
| (unaudited, subject to change) | Low | High | Low | High | ||||||||||
| Hospitality RevPAR (Same-Store)4 | $ | 184 | $ | 184 | $ | 175 | $ | 175 | ||||||
| Hospitality Total RevPAR (Same-Store)4 | $ | 525 | $ | 525 | $ | 458 | $ | 458 | ||||||
| Hospitality Operating Income | $ | 116 | $ | 116 | $ | 421 | $ | 421 | ||||||
| Hospitality Adjusted EBITDAre2 | $ | 167 | $ | 167 | $ | 623 | $ | 623 | ||||||
| Entertainment Operating Income | $ | 21 | $ | 21 | $ | 76 | $ | 76 | ||||||
| Entertainment Adjusted EBITDAre2 | $ | 31 | $ | 31 | $ | 100 | $ | 100 | ||||||
| Corporate and Other Operating Loss | $ | (12 | ) | $ | (12 | ) | $ | (44 | ) | $ | (44 | ) | ||
| Corporate and Other Adjusted EBITDAre2 | $ | (10 | ) | $ | (10 | ) | $ | (32 | ) | $ | (32 | ) | ||
| (1) | The Company is expecting an income tax benefit between $95-$107 million in the fourth quarter, which relates primarily to the release of valuation allowances. |
| (2) | For the Company's definitions of Adjusted EBITDAre, Adjusted FFO available to common shareholders and unit holders, and Adjusted FFO available to common shareholders and unit holders per diluted share, as well as a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measure, see "Non-GAAP Financial Measures," "EBITDAre and Adjusted EBITDAre Definition," "FFO, Adjusted FFO and Adjusted FFO available to common stockholders and unit holders Definition" and "Supplemental Financial Results" below. |
| (3) | Diluted net income per share and adjusted FFO available to common stockholders and unit holders per diluted share/unit does not include the 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, as these shares are currently anti-dilutive. |
| (4) | Same-store Hospitality segment excludes JW Marriott San Antonio Hill Country Resort & Spa ("JW Marriott Hill Country"), which was acquired June 30, 2023. |
"Sales production finished strong in 2023, as same-store new gross definite rooms revenue booked for all future years set an all-time quarterly record in Q4 2023, an increase of 29% over Q4 2022, and an all-time yearly record in 2023, an increase of 19% over 2022. In addition, same-store gross new definite average daily rate (ADR) booked for all future years set another all-time quarterly record in Q4 2023 at $275, up 8.5% over Q4 2022, and an all-time yearly record in 2023 at $268, up 8.5% over 2022."
| Same-Store Hospitality Performance Metrics 1 | ||||||||||||||||
| Three Months Ended | Twelve Months Ended | |||||||||||||||
| December 31, | December 31, | |||||||||||||||
| 2023 | 2022 | % ∆ | 2023 | 2022 | % ∆ | |||||||||||
| Gross Definite Rooms Nights Booked | 1,235,718 | 1,037,603 | 19.1% | 2,931,296 | 2,675,174 | 9.6% | ||||||||||
| Net Definite Rooms Nights Booked | 1,055,406 | 810,760 | 30.2% | 2,302,717 | 1,805,598 | 27.5% | ||||||||||
| Group Attrition (as % of contracted block) | 14.0% | 15.5% | -1.5pt | 15.2% | 20.6% | -5.4pt | ||||||||||
| Cancellations ITYFTY 2 | 3,249 | 2,533 | 28.3% | 68,436 | 205,662 | -66.7% | ||||||||||
| Gross Definite ADR on Room Nights Booked | $ | 275.18 | $ | 253.57 | 8.5% | $ | 268.43 | $ | 247.32 | 8.5% | ||||||
| (1) | Same-store Hospitality segment excludes JW Marriott San Antonio Hill Country Resort & Spa ("JW Marriott Hill Country"), which was acquired June 30, 2023. |
| (2) | "ITYFTY" represents In The Year For The Year. |
Fioravanti concluded "The continued strength of our businesses and the robust bookings from our group customers across all future periods gives us confidence in our long-term growth plans. We look forward to sharing more information at our rescheduled Investor Day."
The Company will host an Investor Day on January 30th, 2024, in Nashville and will feature presentations and a question-and-answer session with the Company's senior management team. Due to limited capacity, in-person attendance is by invitation only. A link to the live webcast, and presentation materials, will be available on the Investor Relations section of the Company's website at https://ir.rymanhp.com. The event will begin at 9:00 a.m. ET and conclude at approximately 1:00 p.m. ET. Questions for management may be submitted to InvestorRelations@RymanHP.com at any time prior to, or during, the event. Following the live event, a replay of the webcast will be available on the Investor Relations section of the Company's website.
Posted In: RHP
