Ryman Hospitality Properties(RHP) - 2025 Q3 - Quarterly Results

Financial Performance - The company reported consolidated revenue of $592.5 million for Q3 2025, a 7.7% increase from $549.9 million in Q3 2024[4] - Consolidated net income decreased by 43.8% to $34.0 million compared to $60.4 million in the same quarter last year[5] - Adjusted EBITDAre for Q3 2025 was $173.1 million, a slight decrease of 1.0% from $174.8 million in Q3 2024[5] - The company is narrowing its full year 2025 outlook, resulting in slightly lower midpoints for operating income and Adjusted EBITDAre[4] - Total revenues for the three months ended September 30, 2025, were $592.5 million, an increase of 7.7% compared to $550.0 million for the same period in 2024[58] - Net income available to common stockholders for the three months ended September 30, 2025, was $34.9 million, a decrease of 40.5% from $59.0 million in the prior year[58] - Adjusted EBITDAre for the nine months ended September 30, 2025, was $344.2 million, compared to $370.3 million for the same period in 2024, reflecting a decrease of 7.0%[58] - The company reported a basic income per share available to common stockholders of $0.55 for the three months ended September 30, 2025, down from $0.99 in the same period of 2024[58] - Adjusted FFO available to common stockholders and unit holders for the three months ended September 30, 2025, was $106.352 million, compared to $120.235 million in 2024, indicating a decrease of 11.5%[64] Hospitality Segment Performance - Hospitality segment revenue increased by 7.2% to $500.9 million in Q3 2025, while same-store Hospitality revenue decreased by 0.5%[8] - Same-store Hospitality portfolio's operating income for Q3 2024 was $90.8 million, with Adjusted EBITDAre of $151.4 million, impacted by a shift in corporate group mix[13] - Same-store Hospitality segment revenue for the three months ended September 30, 2025, was $464.751 million, slightly down from $467.043 million in 2024[62] - Same-store hospitality segment revenue was $464.75 million in Q3 2025, slightly down from $467.04 million in Q3 2024, indicating a decrease of 0.5%[66] - Hospitality segment revenue for Q3 2025 reached $500.87 million, up from $467.04 million in Q3 2024, representing an increase of 7.9%[66] - Adjusted EBITDAre for the hospitality segment was $156.32 million with a margin of 31.2% in Q3 2025, compared to $159.57 million and 34.2% in Q3 2024[66] Individual Property Performance - Gaylord Opryland reported a revenue of $110,078,000 for Q3 2025, a decrease of 10.3% compared to Q3 2024, with a nine-month revenue of $336,721,000, down 5.6% year-over-year[12] - The operating income for Gaylord Opryland in Q3 2025 was $30,683,000, reflecting a 16.2% decline from the previous year, while the nine-month operating income was $95,925,000, down 14.4%[12] - The occupancy rate at Gaylord Opryland decreased to 64.0% in Q3 2025, down 7.8 percentage points from 71.8% in Q3 2024[12] - Gaylord Palms experienced a revenue of $66,745,000 in Q3 2025, a decline of 2.2% year-over-year, while the nine-month revenue increased by 2.6% to $228,251,000[14] - The operating income margin for Gaylord Palms fell to 12.0% in Q3 2025, down 6.1 percentage points from 18.1% in Q3 2024[14] - Gaylord Texan's revenue increased by 1.3% to $74,082,000 in Q3 2025, with a nine-month revenue of $242,953,000, up 0.4%[15] - Gaylord National reported a revenue increase of 12.0% in Q3 2025, reaching $78,098,000, with a nine-month revenue of $242,340,000, up 7.0%[16] - Gaylord Rockies achieved an occupancy rate of 83.6% in Q3 2025, up from 80.8% in Q3 2024[67] Capital Expenditures and Future Outlook - The Company expects to spend approximately $375 to $425 million on capital expenditures in 2025, with about $252 million already spent through September 30, 2025[25] - The total project cost for the Category 10 Las Vegas development is estimated to be approximately $35 million, with most cash spending occurring in 2026[26] - The Company anticipates a full-year impact of construction-related disruption to its same-store Hospitality segment of 250 to 350 basis points to RevPAR and $30 to $35 million to operating income and Adjusted EBITDAre in 2025[27] - The updated guidance for same-store Hospitality RevPAR growth for 2025 is between 1.00% and 3.50%, with a midpoint of 2.50%[30] - The Company has narrowed its 2025 operating income guidance for the Entertainment segment, now expecting $64.3 million to $65.3 million, down from a prior range of $65.8 million to $69.8 million[30] Debt and Cash Position - As of September 30, 2025, the Company had unrestricted cash of $483.3 million and total debt outstanding of $3,976.0 million[34] - Debt and finance lease obligations rose to $4.0 billion as of September 30, 2025, compared to $3.4 billion at the end of 2024, indicating an increase of 17.7%[60] - Cash and cash equivalents (unrestricted) were $483.3 million as of September 30, 2025, slightly up from $477.7 million at the end of 2024[60] Dividend and Shareholder Returns - The Company paid a quarterly cash dividend of $1.15 per common share on October 15, 2025, reflecting its policy to distribute a minimum of 100% of REIT taxable income annually[33] - Basic net income per share for the three months ended September 30, 2025, was $0.55, down from $0.99 in 2024[64] Guidance for 2025 - For Full Year 2025, the consolidated net income guidance is between $227,000 and $235,500, with a midpoint of $231,250[74] - Adjusted EBITDAre for the full year 2025 is projected to range from $772,000 to $802,000, with a midpoint of $787,000[74] - The hospitality segment's adjusted EBITDAre is expected to be between $698,000 and $722,000, with a midpoint of $710,000[74] - The entertainment segment's adjusted EBITDAre is forecasted to range from $110,000 to $114,000, with a midpoint of $112,000[74] - The corporate and other segment is projected to have an adjusted EBITDAre loss between $36,000 and $34,000, with a midpoint of $35,000[74]