Financial Data and Key Metrics Changes - For Q4 2024, consolidated revenue increased by 2% year-over-year, while consolidated adjusted EBITDAre grew by 1% and AFFO increased by 4% [17][18][38] - Full-year 2024 results showed consolidated revenue growth of 8%, adjusted EBITDAre growth of 10%, and AFFO growth of 12% [14][38] Business Line Data and Key Metrics Changes - The same-store hospitality business generated approximately $496 million in revenue for Q4, marking the second-best quarter ever [21] - ADR (Average Daily Rate) increased by approximately 2% to a new record of $260, with strong performance in both group and leisure rates [22] - The entertainment segment reported record revenue of $98 million for Q4, a 12% increase year-over-year, with adjusted EBITDAre increasing by approximately 6% despite construction disruptions [30] Market Data and Key Metrics Changes - Leisure room nights at Gaylord Texan decreased by 19% and at Gaylord Opryland by 6% during the last two weeks of December, which is a critical period accounting for nearly 40% of leisure room nights [19][20] - The JW Hill Country achieved RevPAR growth of 14% and total RevPAR growth of 27%, driven by successful live programming [24] Company Strategy and Development Direction - The company is focused on long-term positioning of hotel assets to capture premium group customer bases, with significant investments in Gaylord Opryland and Gaylord Rockies [9][10] - A strategic investment in Southern Entertainment was made to enhance live music experiences and connect with more country music fans [11] - The company aims to achieve adjusted EBITDAre in the range of $900 million to $1 billion by 2027, despite current macroeconomic challenges [15] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the pace of bookings and the response from the meeting community to capital plans, resulting in a record number of group room nights booked for future years [13] - The company anticipates RevPAR growth of 2.25% to 4.75% for 2025, with adjusted EBITDAre expected to be between $675 million and $715 million [35][38] Other Important Information - The company ended the year with $478 million in unrestricted cash and a total available liquidity of approximately $1.2 billion [42] - A first-quarter dividend of $1.15 was declared, payable on April 15, 2025 [44] Q&A Session Summary Question: Can you discuss the renovations planned beyond the current ones and their timing? - Management indicated ongoing renovations at Gaylord Opryland, with completion expected in June 2025, and room renovations at Gaylord Texan starting in Q2 2025 [49][51] Question: What are the expected labor and wage cost increases for 2025? - Wage costs increased by about 3.3% in 2024, with a similar increase expected for 2025 [65][68] Question: How is the mix of bookings changing? - There is a higher mix of corporate bookings, with efforts to attract premium corporate groups while still valuing association business [71][72] Question: What is the outlook for the Gaylord National property? - Management expressed minimal reliance on the local DC market and is focusing on increasing association business to mitigate potential risks [112][113] Question: How does the company manage expense structures in light of lower out-of-room spending? - The company has various levers to manage expenses and maintain margins, even with shifts in group mix [118][120]

Hospitality Segment - Ryman's Gaylord Hotels properties include five upscale resorts totaling 9,917 rooms, managed by Marriott, focusing on group-oriented meetings and leisure markets [27]. - The Hospitality segment generated approximately 85% of total revenues for the fiscal year ended December 31, 2024, while the Entertainment segment contributed about 15% [29]. - Ryman plans to invest over $1 billion in capital improvements across its hotel portfolio through 2027, including a $225 million expansion at Gaylord Opryland [31]. - Ryman's Gaylord Hotels properties were recognized as the 2023 and 2024 STELLA Award Gold Winner for best hotel chain by Northstar Meetings Group [33]. - Gaylord Opryland Resort & Convention Center has a total meeting, exhibit, and pre-function space of approximately 640,000 square feet, with plans for an expansion of 108,000 square feet as part of a nearly $225 million capital improvement plan [36]. - Gaylord Palms Resort & Convention Center features a total meeting, exhibit, and pre-function space of approximately 467,000 square feet, located near Walt Disney World [37]. - Gaylord Texan Resort & Convention Center offers approximately 488,000 square feet of total meeting, exhibit, and pre-function space, situated on 85 acres near Dallas/Fort Worth International Airport [40]. - Gaylord National Resort & Convention Center has a total meeting, exhibit, and pre-function space of approximately 501,000 square feet, located on the Potomac River [41]. - Gaylord Rockies Resort & Convention Center includes approximately 409,000 square feet of indoor meeting, exhibit, and pre-function space, with an additional 76,000 square feet of outdoor meeting space [42]. - JW Marriott San Antonio Hill Country Resort & Spa, acquired on June 30, 2023, features approximately 268,000 square feet of indoor and outdoor meeting and event space [43]. Entertainment Segment - Ryman's Entertainment segment includes a controlling 70% equity interest in Opry Entertainment Group, which encompasses various entertainment assets [28]. - The company operates six Ole Red locations, multi-level entertainment venues showcasing country music talent [50]. - The Grand Ole Opry, celebrating its 100th anniversary in 2025, is a significant entertainment asset with a capacity of approximately 4,400 [45]. - The company completed a $98 million enhancement project at Gaylord Rockies to better position the property for group customers [42]. - The company owns Block 21, a mixed-use complex in Austin, Texas, which includes a 2,750-seat entertainment venue and 251-room hotel [49]. Financial Performance and Strategy - The company has a dividend policy to distribute a minimum of 100% of REIT taxable income annually, subject to board determinations [31]. - The company faces risks related to inflation, capital-intensive operations, and potential legal claims, which could adversely affect financial performance [22]. - At December 31, 2024, borrowings outstanding under the Term Loan B were $292.8 million, with an annual interest rate of SOFR plus 2.0%, meaning a potential increase of approximately $2.9 million in annual interest cost if SOFR rises by 100 basis points [386]. - At December 31, 2024, the value of the investments in the pension fund was $51.0 million, with a potential decrease of approximately $5.1 million if the value of the investments drops by 10% [389]. - The company has hedged interest rate exposure on $100.0 million of borrowings under the OEG Term Loan, fixing the SOFR portion of interest payments through December 2025 [387]. - The company’s overall market risk exposures related to interest rates and asset values could materially affect its consolidated financial position and results of operations [390]. Employee and Corporate Culture - As of December 31, 2024, the company employed 1,929 people, with 1,047 full-time and 882 part-time employees, and 53% of the workforce were female [64]. - The company has maintained employee healthcare premium increases at or below 5% over the last three years, capping this year's increase at 2.5% [66]. - The company has a commitment to pay equity, conducting regular compensation studies to ensure competitive pay across genders and minority groups [67]. - The company offers a comprehensive benefits package, including a competitive 401(k) plan with employer match and paid parental leave of four weeks at full pay for eligible employees [72]. - The company has a people-first culture, focusing on employee engagement through regular updates and recognition programs [72]. - The company emphasizes training and development through Ryman Hospitality University, offering various professional skills and personal development courses [72]. - The company has established the RHP Foundation to formalize charitable commitments and strengthen local communities since 2005 [70]. Management Agreements and Fees - The management agreements with Marriott for Gaylord Hotels properties require a base management fee of approximately 2% to 3.5% of gross revenues, with additional incentive fees based on available cash flow [78][81][82]. - The management agreement for Gaylord Rockies requires a base management fee of approximately 3% of gross revenues and an incentive fee of 20% of available cash flow [81]. - The management agreement with Marriott requires a base management fee of 3.5% of gross revenues for the first year post-sale, increasing to 3.75% in the second year, and 4.0% thereafter, expiring in 2030 [86]. - Total Marriott base management fees incurred for 2024, 2023, and 2022 were $48.0 million, $42.8 million, and $35.1 million, respectively, reflecting a year-over-year increase of 2.8% from 2023 to 2024 [88]. - Total incentive fees incurred during 2024, 2023, and 2022 were $30.0 million, $28.5 million, and $13.5 million, respectively, indicating a significant increase of 5.3% from 2023 to 2024 [88]. Regulatory and Compliance - The company is subject to various federal, state, and local regulations, including health and safety laws, which may require capital expenditures to comply [90]. - The company’s entertainment attractions are also subject to the Americans with Disabilities Act and similar state laws, with compliance relying on Marriott under management agreements [92]. - The group convention business at Gaylord Hotels properties experiences seasonal demand fluctuations, particularly during year-end holiday periods [89].

Financial Performance - The company reported a record consolidated revenue of $647.6 million for Q4 2024, an increase of 2.3% compared to $633.1 million in Q4 2023[6] - Full year 2024 consolidated revenue reached $2.3 billion, representing an 8.4% growth from $2.16 billion in 2023[6] - The company generated net income of $72.3 million in Q4 2024, a decrease of 57.4% from $169.9 million in Q4 2023[6] - Adjusted EBITDAre for Q4 2024 was $188.6 million, a slight increase of 0.6% from $187.5 million in Q4 2023[6] - Net income available to common stockholders for the year ended December 31, 2024, was $271.6 million, a decrease of 12.7% from $311.2 million in 2023[64] - Adjusted EBITDAre for the year ended December 31, 2024, was not explicitly stated but is calculated as net income plus interest, taxes, depreciation, and amortization, providing a clearer view of operational performance[51] - Basic net income per share for the year ended December 31, 2024, was $4.54, down from $5.39 in 2023[64] - Adjusted EBITDAre for the year ended December 31, 2024, was $684,049, up from $623,160 in 2023, representing a growth of 9.8%[72] - Earnings per share for the three months ended December 31, 2024, was $1.15, down from $2.38 in the same period of 2023[76] Revenue Breakdown - Same-store Hospitality revenue for Q4 2024 was $496 million, down 1.4% from $503.1 million in Q4 2023[12] - Gaylord Opryland reported a revenue of $138.7 million for Q4 2024, a decrease of 1.4% compared to Q4 2023, but a full-year revenue increase of 4.4% to $495.6 million[17] - Gaylord Palms experienced an 8.6% decline in Q4 revenue to $79.9 million, with a full-year revenue decrease of 2.3% to $302.4 million[20] - Gaylord Texan's Q4 revenue was $109.3 million, down 6.2% year-over-year, while the full-year revenue decreased by 2.0% to $351.2 million[21] - Gaylord Rockies achieved a revenue increase of 14.1% in Q4 2024 to $76.8 million, with a full-year revenue growth of 8.8% to $290.1 million[24] - The Entertainment segment reported a revenue increase of 11.7% in Q4 2024 to $98.2 million, with a full-year revenue growth of 5.4% to $342.2 million[26] - Hospitality segment revenue for the year ended December 31, 2024, reached $1,997,050,000, up from $1,833,478,000 in 2023, marking an increase of 8.9%[68] - Same-store hospitality segment revenue for the year ended December 31, 2024, was $1,776,526,000, compared to $1,740,665,000 in 2023, indicating a growth of 2.1%[68] Dividends and Shareholder Returns - The company declared a cash dividend of $1.15 per share for Q1 2025, payable on April 15, 2025[5] - Total dividends declared for 2024 were $4.45 per share, a 15.6% increase from 2023, with a minimum dividend target of $4.60 per share for 2025[5] - The Company declared a quarterly cash dividend of $1.15 per common share, payable on April 15, 2025[40] Capital Expenditures and Investments - Capital expenditures for 2024 totaled approximately $408 million, with $301 million allocated to the Hospitality segment and $107 million to the Entertainment and Corporate & Other segments[29] - The Company expects capital expenditures for 2025 to be between $400 million and $500 million, primarily focused on the Hospitality business[29] - The company opened a new Ole Red location in Las Vegas and made a strategic investment in Southern Entertainment, indicating ongoing market expansion efforts[27] Operational Challenges - The company estimates that construction disruptions impacted same-store Hospitality RevPAR growth by approximately 320 basis points in 2024[5] - The estimated impact of construction disruption on the Hospitality business in 2024 was approximately 320 basis points to RevPAR growth and $27 million to operating income and Adjusted EBITDAre[32] - For 2025, the Company estimates the impact of construction disruption to be 250 to 350 basis points to RevPAR and $30 to $35 million to operating income and Adjusted EBITDAre[35] Future Guidance - The guidance for consolidated Hospitality RevPAR growth in 2025 is projected to be between 2.25% and 4.75%, with a midpoint of 3.50%[37] - The company does not expect to update its 2025 guidance before the next quarter's earnings release, but may do so at any time[36] - For the full year 2025, consolidated net income is projected to be between $245,250,000 and $261,000,000, with a midpoint of $253,125,000[79] - Adjusted EBITDAre for the full year 2025 is expected to range from $749,000,000 to $801,000,000, with a midpoint of $775,000,000[79] - Funds From Operations (FFO) available to common stockholders and unit holders is forecasted to be between $487,375,000 and $524,500,000, with a midpoint of $505,938,000 for 2025[81] - Adjusted FFO available to common stockholders and unit holders is anticipated to be between $510,000,000 and $555,000,000, with a midpoint of $532,500,000 for 2025[81] - The diluted income per share available to common stockholders is projected to be between $3.80 and $4.05, with a midpoint of $3.93 for 2025[83] - Adjusted FFO per share is expected to range from $8.24 to $8.86, with a midpoint of $8.55 for 2025[83] Debt and Liquidity - As of December 31, 2024, the Company had unrestricted cash of $477.7 million and total debt outstanding of $3,378.4 million[41] - Total assets increased to $5.22 billion as of December 31, 2024, compared to $5.19 billion in 2023[66] - Debt and finance lease obligations remained stable at approximately $3.38 billion as of December 31, 2024, compared to $3.38 billion in 2023[66] - Cash and cash equivalents decreased to $477.7 million in 2024 from $591.8 million in 2023, indicating a reduction in liquidity[66] - Interest expense for the year ended December 31, 2024, was $225.4 million, compared to $211.4 million in 2023, reflecting increased borrowing costs[64] Operational Metrics - The company operates a portfolio of 11,414 rooms across its hotel properties, which include five of the top seven largest non-gaming convention center hotels in the U.S.[43] - The occupancy rate for Q4 2024 was 66.7%, a decrease from 69.8% in Q4 2023[72] - Total RevPAR for Q4 2024 was $523.24, compared to $519.15 in Q4 2023, showing a marginal increase[72] - The occupancy rate for Gaylord National decreased to 60.4% in Q4 2024 from 66.8% in Q4 2023, while Gaylord Rockies improved to 71.5% from 66.1%[74] - The total revenue per available room (Total RevPAR) for Gaylord Rockies increased to $556.33 in Q4 2024 from $487.79 in Q4 2023[74]

Core Insights - Ryman Hospitality Properties (RHP) reported revenue of $647.63 million for the quarter ended December 2024, reflecting a 2.3% increase year-over-year, but fell short of the Zacks Consensus Estimate of $657.3 million by 1.47% [1] - The company's EPS was $2.15, down from $2.37 in the same quarter last year, and also missed the consensus estimate of $2.20 by 2.27% [1] Financial Performance Metrics - Same-Store Total RevPAR Growth was -1.4%, better than the estimated -2.7% [4] - Same-Store RevPAR Growth was -3.4%, compared to the average estimate of -2.4% [4] - Hospitality revenues were $549.45 million, below the estimated $562.66 million, but showed a year-over-year increase of 0.8% [4] - Entertainment revenues reached $98.18 million, exceeding the estimated $92.59 million, with an 11.7% year-over-year increase [4] - Room revenues were $187.30 million, slightly below the estimated $191.35 million, representing a 2% decrease year-over-year [4] - Food and beverage revenues were $221.52 million, compared to the estimated $231.43 million, reflecting a 2.9% year-over-year increase [4] - Other hotel revenue was $140.62 million, slightly below the estimated $141.35 million, with a year-over-year increase of 1.3% [4] - Net Earnings Per Share (Diluted) was $1.13, compared to the average estimate of $1.15 [4] Stock Performance - Ryman Hospitality Properties' shares returned -0.3% over the past month, while the Zacks S&P 500 composite increased by 2.6% [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the broader market in the near term [3]

Core Viewpoint - Ryman Hospitality Properties reported quarterly funds from operations (FFO) of $2.15 per share, missing the Zacks Consensus Estimate of $2.20 per share, but showing an increase from $2.08 per share a year ago [1][2]. Financial Performance - The FFO surprise for the quarter was -2.27%, while the previous quarter saw a positive surprise of 9.04% with an actual FFO of $1.93 compared to an expected $1.77 [2]. - Revenues for the quarter were $647.63 million, missing the Zacks Consensus Estimate by 1.47%, but up from $633.06 million year-over-year [3]. - Over the last four quarters, the company has surpassed consensus FFO estimates two times and revenue estimates two times [2][3]. Stock Performance - Ryman Hospitality Properties shares have declined approximately 0.8% since the beginning of the year, contrasting with the S&P 500's gain of 4.5% [4]. - The current Zacks Rank for the stock is 3 (Hold), indicating expected performance in line with the market in the near future [7]. Future Outlook - The consensus FFO estimate for the upcoming quarter is $1.77 on revenues of $544.38 million, and for the current fiscal year, it is $8.84 on revenues of $2.42 billion [8]. - The estimate revisions trend for Ryman Hospitality Properties is mixed, which could change following the recent earnings report [7]. Industry Context - The REIT and Equity Trust - Other industry is currently in the bottom 33% of over 250 Zacks industries, suggesting potential challenges for stock performance [9].

NASHVILLE, Tenn., Feb. 20, 2025 (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 twelve months ended December 31, 2024. Fourth Quarter 2024 Highlights and Recent Developments: The Company reported all-time quarterly record consolidated revenue of $647.6 million, driven by all-time quarterly record Hospitali ...

NASHVILLE, Tenn., Jan. 23, 2025 (GLOBE NEWSWIRE) -- Ryman Hospitality Properties, Inc. (NYSE: RHP) (the “Company”) today announced the 2024 tax classification of the dividend distributions made to the Company’s shareholders. The income tax classification as expected to be reported on Form 1099-DIV is as follows: Record DatePayment DateTotal DistributionTotal Taxable in 2024Ordinary Non-Qualifying DividendLong-term Capital Gain (20%)Nondividend Dist (Return of Capital)Eligible Sec. 199A DividendTaxable in 20 ...

The Iconic Downtown Destination is Reimagined with Polished Design, Elevated Guest Rooms, a Vibrant New Bar, and Bold Restaurant Concepts Inspired by the Brand's Revitalized Culinary VisionBETHESDA, Md., Jan. 23, 2025 /PRNewswire/ -- W Hotels, part of Marriott Bonvoy's portfolio of over 30 hotel brands, and Opry Entertainment Group, a subsidiary of Ryman Hospitality Properties, Inc., proudly announces the completion of a multi-million-dollar transformation of W Austin, the city's cultural hub for curious an ...

Expansion Adds Approximately 108,000 Square Feet of Premium, Carpeted Meeting SpaceNASHVILLE, Tenn., Jan. 23, 2025 (GLOBE NEWSWIRE) -- Ryman Hospitality Properties, Inc. (NYSE: RHP) (the “Company” or “RHP”), a lodging real estate investment trust (“REIT”) specializing in group-oriented, destination hotel assets in urban and resort markets, announced plans to add approximately 108,000 square feet of premium, carpeted meeting space to its flagship Gaylord Opryland Resort & Convention Center in Nashville, Tenn ...

- Investment Strengthens Opry Entertainment Group’s Position as a Leader for Live Events and Experiences -NASHVILLE, Tenn., Jan. 14, 2025 (GLOBE NEWSWIRE) -- Opry Entertainment Group (“OEG”), a subsidiary of Ryman Hospitality Properties, Inc. (NYSE: RHP) (“Ryman”), announced that it has acquired a majority interest in Southern Entertainment, a live events, hospitality, and production company based in Charlotte, N.C. Southern Entertainment’s portfolio of owned or promoted music festivals includes Carolina Co ...