Ryman Hospitality Properties, Inc. (reit) · NYSE:RHP
Ryman Hospitality Properties, Inc. (reit) — Ryman Hospitality Properties — Corporate Update (January 2021)
13 slides from Ryman Hospitality Properties, Inc. (reit)'s corporate update, Jan 26, 2021
Slide 1: Investor Update January 26, 2021
Investor Update January 26, 2021
Slide 2: Forward-looking statements
This presentation contains “forward-looking statements” of Ryman Hospitality Properties, Inc. (the “Company”) that are subject to risks and uncertainties that could cause actual results to differ materially from the statements made. You can identify these statements by the fact that they do not rela
Slide 3: Q4 2020 highlights
◆ Hospitality portfolio was profitable at the property level in Q4 on 19.6% occupancy (24.5% excluding the closed Gaylord National) and $210 ADR1 ◆ Successful holiday programs drove transient demand, with over 1 million event tickets sold in Q4 ◆ Rebooked approximately 58% of cancelled room nights f
Slide 4: Group cancellations and rebooked room nights
◆ From March 2020 through January 21, 2021 a cumulative 2.4 million group room nights have cancelled due to COVID-19, representing $1.1 billion of projected group revenue1 ◆ Successfully rebooked approximately 58% of these into future periods, exceeding our target of 50% ◆ Cancellations to date conc
Slide 5: Group occupancy on the books by arrival year
◆ At year-end 2020, group occupancy on the books for the 2nd half of 2021 (T+1) is not very far below year ago levels ◆ For 2022 (T+2), group occupancy on-the-books of 41% is on par with T+2 position at year-end 2019, and at 1.6% higher ADR ◆ Group occupancy for T+3 and T+4 is only slightly below pr
Slide 6: Meeting planner survey on resuming in-person meetings
◆ The Gaylord Texan hosted a safe, well-attended gathering of Meeting Planners International (MPI) early in Q4 and we surveyed meeting planner attendees for their views of the post-COVID-19 outlook ◆ Over 75% of respondents indicated that if a vaccine were widely distributed by the end of Q1 2021, t
Slide 7: Marriott Connect with Confidence health protocols
◆ As part of its Connect with Confidence initiative, Marriott is introducing several optional health protocols that group meeting sponsors may select ◆ Gaylord Hotels will be the first brand to make these options available starting now, in late January ◆ New protocols are in addition to existing dis
Slide 8: Attrition and cancellation fee collections
◆ Q4 2020 saw collections increase substantially to approximately $16 million, or nearly $33 million for the year, surpassing the prior peak collections in 2009 $40 Attrition & Cancellation Fees vs Occupancy Annual and 2020 by Quarter $32.8 80% $30 $27.7 60% millions $16.0 40% $10 $5.6 $4.2 $7.0 20%
Slide 9: Gaylord Palms expansion project
◆ $158 million project ◆ Adds 302 guest rooms ◆ 96,000 square feet of meeting and pre-function space ◆ New resort pool complex amenities ◆ Construction began May 2018 ◆ On track for completion in April 2021 and on budget 9
Slide 10: Entertainment segment revenue and livestream viewership
◆ Entertainment segment revenue increased 17.5% sequentially in Q4 2020 from Q3 2020 despite continued capacity constraints on key venues Millions of views ◆ Circle / Opry Live livestream performances averaged over 800,000 viewers and was Pollstar’s number one livestreaming performer in 2020 1,400,0
Slide 11: Cash burn rate and liquidity
◆ Cash burn rate in Q4 2020 of $12 million per month (calculated as Adjusted EBITDAre loss plus cash interest expense and debt service) was substantially below our November forecast of $22-24 million per month for Q4 2020 ◆ Cash burn rate benefitted from cancellation and attrition fees, better trans
Slide 12: Conclusion
Conclusion ◆ Our hotels continue to perform efficiently and minimize cash burn as groups await the impact of successful vaccination efforts nationally ◆ We have a healthy book of business for the 2nd half of 2021 and FY 2022 that is currently comparable to pre-COVID-19 levels from year-end 2019 ◆ We
Slide 13: Appendix: Adjusted EBITDAre definition
Appendix: Adjusted EBITDAre definition Adjusted EBITDAre Definition 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, in
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