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 ChangeTotal 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% 0.3pts 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% 1.0pts 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% 0.9ptsNet 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% 0.6ptsAdjusted 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% 0.7pts 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 I
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