Ryman Hospitality Properties, Inc. (reit) · NYSE:RHP
Ryman Hospitality Properties, Inc. (reit) — Ryman Hospitality Properties — Investor Presentation (March 2024)
28 slides from Ryman Hospitality Properties, Inc. (reit)'s investor presentation, March 2024
Slide 1: Ryman Hospitality Properties, Inc. Investor Presentation March 2024
RYMAN HOSPITALITY PROPERTIES, INC. INVESTOR PRESENTATION MARCH 2024 1
Slide 2: Cautionary Note Regarding Forward-Looking Statements & Other Disclaimers
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS & OTHER DISCLAIMERS This presentation contains “forward-looking statements” of Ryman Hospitality Properties, Inc. (“Ryman” or the “Company”) as defined in the Private Securities Litigation Reform Act of 1995. You can identify these statements by t
Slide 3: Investment Highlights
INVESTMENT HIGHLIGHTS Differentiated lodging REIT with a tangible path to sustainable organic growth and a proven track record of delivering superior shareholder returns PROVEN Long-tenured management team built Gaylord Hotels brand and led REIT conversion in 2013 MANAGEMENT TEAM Operational kno
Slide 4: Track Record of Delivering Superior Shareholder Returns
TRACK RECORD OF DELIVERING SUPERIOR SHAREHOLDER RETURNS TOTAL ANNUALIZED SHAREHOLDER RETURN1 (THROUGH DECEMBER 31, 2023) +1,650 +1,200 +1,140 +1,300 BASIS POINTS VS. BASIS POINTS VS. BASIS POINTS VS. BASIS POINTS VS. FTSE INDEX FTSE INDEX FTSE INDEX FTSE INDEX 40.4% 26.3% 23.9% 19.4% 15.9% 15.4% 13.
Slide 5: Proven Management Team Brings Extensive Experience in the Hospitality Business
PROVEN MANAGEMENT TEAM BRINGS EXTENSIVE EXPERIENCE IN THE HOSPITALITY BUSINESS COLIN REED MARK FIORAVANTI JENNIFER HUTCHESON SCOTT LYNN Executive Chairman President & CEO EVP & CFO EVP & General Counsel 22 years with GET/RHP 21 years with GET/RHP 19 years with GET/RHP 20 years with GET/RHP 24 years
Slide 6: Unique Operating Model Drives Superior Growth Through Customer Loyalty & Disciplined Capital Deployment
UNIQUE OPERATING MODEL DRIVES SUPERIOR GROWTH THROUGH CUSTOMER LOYALTY & DISCIPLINED CAPITAL DEPLOYMENT HOSPITALITY PORTFOLIO OPERATING MODEL Focus on the large group customer creates a “longer lease” model with superior visibility and lower volatility DISCIPLINED CAPITAL Purpose-built assets featur
Slide 7: Large Group Customer Dynamics Drive High Visibility & Low Volatility
LARGE GROUP CUSTOMER DYNAMICS DRIVE HIGH VISIBILITY & LOW VOLATILITY Group business generates Attrition & cancellation fees reduce longer booking windows volatility through the cycle GAYLORD HOTELS BRAND ROOM SAME-STORE HOSPITALITY PORTFOLIO2 ATTRITION NIGHT SEGMENTATION, 2023 & CANCELLATION FEES (D
Slide 8: Purpose-Built Assets Create Attractive Destinations & Feature Peer-Leading Group Capacity
PURPOSE-BUILT ASSETS CREATE ATTRACTIVE DESTINATIONS & FEATURE PEER-LEADING GROUP CAPACITY KEY GROUP FACTORS 6 of 15 TOP MEETINGS DESTINATIONS1 GAYLORD ROCKIES DENVER, CO OPENED IN 2018 GAYLORD NATIONAL WASHINGTON, D.C. OPENED IN 2008 254 S.F. MEETING SPACE-TO- 1,501 ROOMS 1,996 ROOMS ROOMS RATIO2 GA
Slide 9: Single Manager Approach Underpins a Recurring Revenue Model
SINGLE MANAGER APPROACH UNDERPINS A RECURRING REVENUE MODEL Nearly 30% of new group room night production rotates Group customer rotation and retention, within the brand, and nearly 70% has traveled within the together with repeat leisure stays, brand during the last 2 years create a recurring reven
Slide 10: Unique Business Model Drives Peer-Leading Financial Results
UNIQUE BUSINESS MODEL DRIVES PEER-LEADING FINANCIAL RESULTS RHP generates Total RevPAR more than 40% …and Adjusted EBITDA per room more than 75% above the lodging REIT peer group average1… above the lodging REIT peer group average1 TOTAL REVPAR COMPARISON, TTM Q4 2023 HOTEL ADJUSTED EBITDA COMPARISO
Slide 11: The Supply/Demand Backdrop Remains Favorable…
THE SUPPLY/DEMAND BACKDROP REMAINS FAVORABLE… Group demand has recovered from pandemic lows; projected rooms Competitive supply remains limited revenue on the books for future periods is meaningfully ahead of pre- pandemic levels Only 9 large group hotels have opened in the last 20 years and RHP o
Slide 12: …And a More Aggressive Group Rate Strategy Provides a Tailwind for Future Growth
…AND A MORE AGGRESSIVE GROUP RATE STRATEGY UNDERPINNED BY RECENT INVESTMENTS PROVIDES A TAILWIND FOR FUTURE GROWTH GAYLORD HOTELS NEW DEFINITE GROUP ADR1 INDEXED TO 2016 (2016 = 100) 136% Recent growth in group production ADR has yet to materially impact Hospitality financial results 125% 112% Gro
Slide 13: Disciplined Capital Deployment Drives Value Creation & Future Growth
DISCIPLINED CAPITAL DEPLOYMENT DRIVES VALUE CREATION & FUTURE GROWTH 1 2 3 Dividend Hospitality organic growth Hospitality new unit growth Enhancements & expansions Acquisitions & development Dividend policy based on 100% of REIT High-return investments that are Platform expansions : taxable income
Slide 14: Identified Investment Opportunities Through 2027 Create a Tangible Path to Sustainable Organic Growth
IDENTIFIED INVESTMENT OPPORTUNITIES THROUGH 2027 CREATE A TANGIBLE PATH TO SUSTAINABLE ORGANIC GROWTH GAYLORD GAYLORD GAYLORD JW HILL GAYLORD GAYLORD OPRYLAND ROCKIES TEXAN COUNTRY PALMS NATIONAL $360 MILLION $310 MILLION $210 MILLION $90 MILLION $120 MILLION $40 MILLION New sports bar New 450-r
Slide 15: Investment Spotlight: Gaylord Opryland Meeting Space Transformation
INVESTMENT SPOTLIGHT: GAYLORD OPRYLAND MEETING SPACE TRANSFORMATION EXISTING GROUP SEGMENTATION1 Opportunity Gaylord Opryland under indexes on corporate group mix, 56% which generates higher RevPAR and out-of-room spend 53% Based on primary meeting planner research and discussions with our large
Slide 16: Investment Spotlight: Gaylord Opryland Meeting Space Transformation
INVESTMENT SPOTLIGHT: GAYLORD OPRYLAND MEETING SPACE TRANSFORMATION GOVERNOR’S BALLROOM GARDEN ATRIUM DELTA ATRIUM BEFORE AFTER PRESIDENTIAL PRE-FUNCTION SPACE DELTA BALLROOM BEFORE AFTER GOVERNOR’S PRESIDENTIAL POTENTIAL CARPETED MEETING SPACE EXPANSION BALLROOM BALLROOM CONCEPTUAL OPENING IN 2027
Slide 17: Investment Spotlight: Gaylord Rockies Group Enhancements
INVESTMENT SPOTLIGHT: GAYLORD ROCKIES GROUP ENHANCEMENTS BEFORE Opportunity Based on primary meeting planner research and discussions with our largest group customers, expanded F&B options and elevated reception spaces also drive booking decisions Goal Maximize out-of-room spend by repositioning
Slide 18: Value Creation Opportunity in OEG Through Scale & Standalone Valuation
VALUE CREATION OPPORTUNITY IN OEG THROUGH SCALE & STANDALONE VALUATION 1 2 3 4 Leadership in Country Venues & Artist Partnerships Direct-to-Consumer Music & Lifestyle Live Experiences & Ventures & Content Country Music is capturing Iconic venues & brands are Opry membership High-growth conte
Slide 19: OEG Platform Connects the Country Music & Lifestyle Community
OEG PLATFORM CONNECTS THE COUNTRY MUSIC & LIFESTYLE COMMUNITY GRAND OLE OPRY THE SHOW THAT MADE COUNTRY MUSIC FAMOUS PERFORMED AT THE GRAND OLE OPRY HOUSE; NATIONAL DISTRIBUTION ON WSM-AM & SYNDICATED TV OLE RED LAS VEGAS OPENED IN RYMAN AUDITORIUM JANUARY 2024 THE MOTHER CHURCH OF COUNTRY MUSIC OLE
Slide 20: Strong 2023 Financial Results
STRONG 2023 FINANCIAL RESULTS REVENUE NET INCOME & CONSOLIDATED ADJUSTED EBITDAre2 (DOLLARS IN MILLIONS) (DOLLARS IN MILLIONS) 11.6% $2,158 $691 $1,806 $556 SAME-STORE REVPAR GROWTH YOY1 $342 $135 13.2% 2022 2023 2022 2023 Revenue Net Income Adjusted EBITDAre SAME-STORE TOTAL REVPAR NET INCOME AVAIL
Slide 21: 2024 Guidance, Inclusive of Disruption from Planned Capital Projects
2024 GUIDANCE, INCLUSIVE OF DISRUPTION FROM PLANNED CAPITAL PROJECTS1 CAPITAL EXPENDITURES & DISRUPTION ESTIMATES +3.5-5.5% 2024 Guidance In millions, except per-share figures Low High Midpoint 2 SAME-STORE HOSPITALITY:2 SAME-STORE REVPAR Same-store Hospitality $434.5 $450.5 $442.5 JW Marriott Hill
Slide 22: Quality Balance Sheet Supports Growth Priorities
QUALITY BALANCE SHEET SUPPORTS GROWTH PRIORITIES TOTAL AVAILABLE LIQUIDITY1 MATURITY LADDER2 KEY METRICS (AS OF DECEMBER 31, 2023) (DOLLARS IN MILLIONS) (AS OF DECEMBER 31, 2023) $65 $7003 4.3 WEIGHTED AVERAGE $932 $896 MATURITY4 (YEARS) $1.34 $132 $800 $296 $700 80% BILLION $600 $496 $400 FIXED RAT
Slide 23: Key Takeaways
KEY TAKEAWAYS Management team built the Gaylord Hotels brand Differentiated operating model focuses on long-term customer relationships Focus on the large group customer drives industry-leading growth & forward visibility Recurring revenue model reduces risk & volatility Tangible path to s
Slide 24: Appendix
APPENDIX 24 24 FINANCIAL APPENDIX & MANAGEMENT TEAM OPERATING MODEL SUPPLY & DEMAND GROWTH DRIVERS OEG VALUE CREATION HIGHLIGHTS RECONCILIATIONS
Slide 25: Non-GAAP Definitions
NON-GAAP DEFINITIONS Adjusted EBITDAre The Company calculates EBITDAre, which is defined by the National Association of Real Estate Investment Trusts (“NAREIT”) in its September 2017 white paper as Net Income (calculated in accordance with GAAP) plus interest expense, income tax expense, depreciatio
Slide 26: Non-GAAP Definitions
NON-GAAP DEFINITIONS FFO and AFFO The Company calculates FFO (Funds from Operations), which definition is clarified by NAREIT in its December 2018 white paper, as Net Income (calculated in accordance with GAAP) excluding depreciation and amortization (excluding amortization of deferred financing cos
Slide 27: Reconciliations: Historical Consolidated Adjusted EBITDAre & AFFO
RECONCILIATIONS: HISTORICAL CONSOLIDATED ADJUSTED EBITDAre & AFFO Twelve Months Ended Dec. 31, Twelve Months Ended Dec. 31, In 000's 2023 2022 In 000's, except for per-share metrics 2023 2022 Consolidated Consolidated Revenue $ 2,158,136 $ 1,805,969 Net income $ 341,800 $ 134,948 Net income 341,800
Slide 28: Reconciliations: 2024 Guidance
RECONCILIATIONS: 2024 GUIDANCE Full Year 2024 Guidance Full Year 2024 Guidance In 000's Low High Midpoint In 000's, except for per-share metrics Low High Midpoint Ryman Hospitality Properties, Inc. Entertainment Net income $ 253,000 $ 272,000 $ 262,500 Operating income $ 65,500 $ 71,500 $ 68,500 Pro
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