Ryman Hospitality Properties, Inc. (reit) · NYSE:RHP
Ryman Hospitality Properties, Inc. (reit) — Q3 2024 Earnings Presentation
16 slides from Ryman Hospitality Properties, Inc. (reit)'s earnings presentation, Nov 5, 2024
Slide 1: Ryman Hospitality Properties, Inc. Investor Presentation
RYMAN HOSPITALITY PROPERTIES, INC. INVESTOR PRESENTATION SEPTEMBER 2024
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: Recent Developments
RECENT DEVELOPMENTS RATE TAILWIND ▪ Record Q2 2024 same-store Hospitality Average Daily Rate (ADR) of $254, up 3.8% over Q2 20231 RESILIENT OUT-OF- ▪ All-time record same-store Hospitality banquet and AV revenue for any quarter in Q2 2024, with ROOM SPEND strong contribution per group room night ▪ F
Slide 5: Strong Second Quarter Results
STRONG SECOND QUARTER RESULTS SECOND QUARTER REVENUE NET INCOME & CONSOLIDATED ADJUSTED EBITDAre2 (DOLLARS IN MILLIONS) (DOLLARS IN MILLIONS) $233 4.6% $505 $613 $175 SAME-STORE REVPAR GROWTH YOY1 $105 $70 9.4% Q2 2023 Total Revenue Q2 2024 Q2 2023 Net Income Q2 2024 Adjusted EBITDAre SAME-STORE TOT
Slide 6: Continued Momentum in New Bookings Production
CONTINUED MOMENTUM IN NEW BOOKINGS PRODUCTION SAME-STORE ROOMS REVENUE ON THE BOOKS1 (DOLLARS IN MILLIONS) +13% VS. PRE-PANDEMIC +27% $427 VS. PRE-PANDEMIC $414 $386 +21% $379 VS. PRE-PANDEMIC $349 $305 $312 +18% $282 VS. PRE-PANDEMIC $257 +31% $211 $215 VS. PRE-PANDEMIC $182 $159 $121 $117 T+1 T+2
Slide 7: Quality Balance Sheet Supports Growth Priorities
QUALITY BALANCE SHEET SUPPORTS GROWTH PRIORITIES TOTAL AVAILABLE LIQUIDITY1 MATURITY LADDER2 KEY DEBT METRICS (AS OF JUNE 30, 2024) (DOLLARS IN MILLIONS) (AS OF JUNE 30, 2024) 5.4 WEIGHTED AVERAGE MATURITY (YEARS) $700 3 $1.3 BILLION $1,000 85% $80 4 FIXED RATE DEBT5 $700 (% OF TOTAL DEBT) $600 $400
Slide 8: Capital Deployment Updates
▪ CAPITAL DEPLOYMENT UPDATES 8
Slide 9: Timing Considerations for Near-Term Investment Opportunities Through 2027
TIMING CONSIDERATIONS FOR NEAR-TERM INVESTMENT OPPORTUNITIES THROUGH 2027 GAYLORD GAYLORD GAYLORD JW HILL GAYLORD GAYLORD OPRYLAND ROCKIES TEXAN COUNTRY PALMS NATIONAL 2024 MAJOR PROJECTS (COMPLETED OR IN PROGRESS) ▪ New sports bar, event ▪ New group pavilion ▪ F&B upgrades ▪ Master planning for ▪ L
Slide 10: 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 11: Investment Spotlight: Ole Red Las Vegas
INVESTMENT SPOTLIGHT: OLE RED LAS VEGAS Opportunity ▪ Based on market research, consumer demand for country lifestyle entertainment offerings in Las Vegas exceeds limited supply in the market Goal ▪ Broaden artist and fan reach and brand recognition in a premier live entertainment market ▪ Drive mid
Slide 12: Key Takeaways
KEY TAKEAWAYS ▪ 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 sustainable organic growth through informed invest
Slide 13: Appendix
APPENDIX ▪ 13
Slide 14: 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 15: Non-GAAP Definitions
NON-GAAP DEFINITIONS FFO and AFFO The Company calculates FFO, 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 costs and debt discounts), g
Slide 16: Reconciliations: Historical Consolidated Adjusted EBITDAre & AFFO
RECONCILIATIONS: HISTORICAL CONSOLIDATED ADJUSTED EBITDAre & AFFO 3 Months Ended June 30, In 000's, except for per-share metrics 2024 2023 Consolidated Net income $ 104,740 $ 70,143 Noncontrolling interest in consolidated joint venture (3,270) (3,134) Net income available to common stockholders and
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