Ryman Hospitality Properties, Inc. (reit) · NYSE:RHP
Ryman Hospitality Properties, Inc. (reit) — Q4 2024 Earnings Presentation
28 slides from Ryman Hospitality Properties, Inc. (reit)'s earnings presentation, Feb 21, 2025
Slide 1: Ryman Hospitality Properties Investor Presentation
RYMAN HOSPITALITY PROPERTIES, INC. INVESTOR PRESENTATION MARCH 3, 2025 GAYLORD ROCKIES, DENVER
Slide 2: Cautionary Note Regarding Forward-Looking Statements and Other Disclaimers
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS AND 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
Slide 3: A Unique Real Estate Platform for Large Group Meetings
A UNIQUE REAL ESTATE PLATFORM FOR LARGE GROUP MEETINGS… HOSPITALITY SEGMENT PORTFOLIO MAP AT A GLANCE1 Only publicly traded group hospitality-focused REIT LEGEND 11,414 keys and 5 of the top 10 largest U.S. non- Gaylord Hotels5 gaming hotels by meeting space2 Presence in 5 of the top 15 meetin
Slide 4: Value Creation Opportunity in Opry Entertainment Group
...WITH VALUE CREATION OPPORTUNITY IN OPRY ENTERTAINMENT GROUP OPRY ENTERTAINMENT GROUP PORTFOLIO MAP AT A GLANCE1 Opry Entertainment Group (OEG) is the preeminent live entertainment company with brands that reach country music and lifestyle fans globally WILDWOOD, NJ Demand for live entertainme
Slide 5: Investment Highlights – Recurring Revenue, Sustainable Earnings Growth and Capital Efficiency
INVESTMENT HIGHLIGHTS – RECURRING REVENUE, SUSTAINABLE EARNINGS GROWTH AND CAPITAL EFFICIENCY PROVEN TRACK Superior historical total shareholder return and earnings growth relative to full-service lodging REITs1 RECORD Focus on earnings growth and capital efficiency to drive future returns Nat
Slide 6: Proven Track Record of Superior Total Return and Growth
PROVEN TRACK RECORD OF SUPERIOR TOTAL RETURN AND GROWTH… AS OF DECEMBER 31, 2024 Total Return1 3 Year 5 Year 10 Year Since REIT RHP has generated an annualized Announcement2 total shareholder return of 14.1% since May 31, 20122 RHP 7.4% 6.2% 10.9% 14.1% Dividend and FFO/AFFO CAGR Full-Service Lo
Slide 7: Driven by Efficient Capital Allocation
…DRIVEN BY EFFICIENT CAPITAL ALLOCATION 1 Dividend policy based on 100% of REIT taxable income DIVIDEND Annualized dividend of $4.60 per share equates to a 4.7% dividend yield1 Dividends have grown at a 7.5% CAGR since 2013 2 Investment opportunities informed by customer research ENHANCEMENT
Slide 8: Attractive Group Customer Segment Provides Visibility and Downside Protection
THE ATTRACTIVE GROUP CUSTOMER SEGMENT PROVIDES VISIBILITY AND A MEASURE OF DOWNSIDE PROTECTION Group advance booking windows provide Attrition and cancellation fees help offset lost profitability from sector-leading visibility travel that actualizes below contractual expectations AVERAGE BOOKING WIN
Slide 9: Leading Indicators of Group Demand Remain Healthy
LEADING INDICATORS OF GROUP DEMAND REMAIN HEALTHY… LEADING INDICATORS 2024 METRICS1 OUTSIDE-THE-ROOM SPENDING Food and beverage revenue per occupied room (FBPOR) 12% 10% INCREASE YOY IN TOTAL INCREASE YOY IN SAME-STORE3 Banquet revenue PORTFOLIO FBPOR2 BANQUET REVENUE Attrition room nights as
Slide 10: Group Bookings Pacing Ahead of Same Time Last Year
…WITH GROUP BOOKINGS PACING AHEAD OF SAME TIME LAST YEAR… Drivers of group rooms revenue pace SAME-STORE PROJECTED ROOMS REVENUE ON THE BOOKS1 +3% +11% Group rooms revenue on the books increases approaching travel year T+0; $454 $465 +10% typically, the largest groups book farthest in $382 $425 $3
Slide 11: Competitive Supply Remains Limited Due to High Barriers to Entry
…AND COMPETITIVE SUPPLY REMAINS LIMITED DUE TO HIGH BARRIERS TO ENTRY Difficult-to-obtain public incentives, significant upfront investment and extended return timelines constrain development activity for non-gaming large group hotels U.S. LARGE NON-GAMING GROUP HOTEL SUPPLY1 Gaylord Texan $490M cos
Slide 12: Differentiated Group Hospitality-Focused Platform Competitive Advantages
DIFFERENTIATED GROUP HOSPITALITY-FOCUSED PLATFORM BENEFITS FROM DISTINCT COMPETITIVE ADVANTAGES… Purpose-built “All under one roof” destination assets in top meetings markets with industry-leading assets meetings capacity, expensive and challenging for competitors to replicate Retention- Geographic
Slide 13: Resulting in a Meaningful Recurring Revenue Stream
…RESULTING IN A MEANINGFUL RECURRING REVENUE STREAM Group customer rotation and retention, together with repeat leisure stays, create a recurring revenue model RHP TOTAL PORTFOLIO GAYLORD HOTELS PORTFOLIO NEW GROUP ROOM NIGHT NEW GROUP ROOM NIGHT RHP TOTAL PORTFOLIO PRODUCTION, 2024 PRODUCTION, 2024
Slide 14: Platform Enhancements Are Capital Efficient and Replicable
PLATFORM ENHANCEMENTS ARE CAPITAL EFFICIENT AND REPLICABLE, RESULTING IN ATTRACTIVE RETURNS GAYLORD OPRYLAND GAYLORD ROCKIES GAYLORD TEXAN JW HILL COUNTRY GAYLORD PALMS $224M ANNOUNCED $69M COMPLETED $140M ANNOUNCED $108M COMPLETED RESORT EXPANSIONS 2025-2027: $131M In Planning: 450-room resort
Slide 15: Gaylord Rockies Enhancements: Before and After
GAYLORD ROCKIES ENHANCEMENTS: BEFORE AND AFTER… REPOSITIONED GRAND LODGE, BEFORE NEW INDOOR/OUTDOOR GROUP PAVILION NEW INDOOR/OUTDOOR GROUP PAVILION AFTER 15
Slide 16: Outlet Repositionings That Increase Food and Beverage Capacity
…INCLUDING OUTLET REPOSITIONINGS THAT INCREASE FOOD AND BEVERAGE CAPACITY NEW FORTUNATE PROSPECTOR ENGLISH PUB REPOSITIONED OLD HICKORY STEAKHOUSE NEW GARDEN + GRAIN HEALTHY FARE NEW COPPER TABLE COLORADO FARE 16
Slide 17: Gaylord Palms Rooms and Lobby Renovations: Before and After
GAYLORD PALMS ROOMS AND LOBBY RENOVATIONS: BEFORE AND AFTER BEFORE AFTER LOBBY REPOSITIONING 17
Slide 18: Opportunistic Platform Expansion Through Acquisitions/Development
OPPORTUNISTIC PLATFORM EXPANSION THROUGH ACQUISITIONS/DEVELOPMENT BENEFITS FROM PORTFOLIO SYNERGIES AND ROTATIONAL CUSTOMER MODEL Successful “Ryman-ization” of JW Hill Country after 2023 acquisition serves as a model for future opportunities Accretive to AFFO per fully diluted share in first ful
Slide 19: OEG Is Accretive to Growth, with Eventual Separation Opportunity
OEG IS ACCRETIVE TO GROWTH, WITH INCREMENTAL VALUE CREATION OPPORTUNITY FROM EVENTUAL SEPARATION Preeminent live entertainment company for country music lifestyle fans globally Iconic venues and live Growth in country music is OEG platform offers Growth in digital content Eventual separation offers
Slide 20: Financial Position and 2025 Guidance
FINANCIAL POSITION AND 2025 GUIDANCE 20 CATEGORY 10, NASHVILLE
Slide 21: Flexible Balance Sheet Supports Growth Strategy
FLEXIBLE BALANCE SHEET SUPPORTS GROWTH STRATEGY TOTAL AVAILABLE LIQUIDITY1 MATURITY LADDER2 KEY METRICS AS OF DECEMBER 31, 2024 DOLLARS IN MILLIONS AS OF DECEMBER 31, 2024 4.9 WEIGHTED AVERAGE MATURITY (YEARS) $1.2 $700 85% BILLION $1,000 FIXED RATE DEBT $700 $80 (% OF TOTAL DEBT)4 $600 Unrestricted
Slide 22: 2025 Guidance, Inclusive of Disruption from Planned Capital Projects
2025 GUIDANCE, INCLUSIVE OF DISRUPTION FROM PLANNED CAPITAL PROJECTS1 CAPITAL EXPENDITURES & DISRUPTION ESTIMATES 2025 Guidance Low High Midpoint Hospitality $ 444.0 $ 468.0 $ 456.0 Entertainment Corporate and Other 65.8 (48.0) 69.8 (47.5) 67.8 (47.8) $400-500M +2.25-4.75% Consolidated operating inc
Slide 23: Key Takeaways
KEY TAKEAWAYS Differentiated REIT platform purpose-built for the attractive large group meetings segment, with distinct competitive advantages Customer-informed build/buy-hold-enhance investment strategy creates a tangible path to organic growth Favorable supply and demand tailwinds support pr
Slide 24: Appendix
APPENDIX 24 GAYLORD PALMS, ORLANDO
Slide 25: Non-GAAP Definitions: EBITDAre and Adjusted EBITDAre
NON-GAAP DEFINITIONS: EBITDAre AND 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 expens
Slide 26: Non-GAAP Definitions: FFO and AFFO
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),
Slide 27: Reconciliations: Historical FFO and AFFO per Diluted Share/Unit
RECONCILIATIONS: HISTORICAL FFO AND AFFO AVAILABLE TO COMMON STOCKHOLDERS AND UNITHOLDERS PER DILUTED SHARE/UNIT 12 Months Ended Dec. 31, In 000's, except for per-share metrics 2013 2024 Ryman Hospitality Properties, Inc. Net income $ 118,352 $ 280,190 Noncontrolling interest in consolidated JV - (6
Slide 28: Reconciliations: 2025 Guidance
RECONCILIATIONS: 2025 GUIDANCE 2025 Guidance 2025 Guidance In 000's Low High Midpoint In 000's, except for per-share metrics Low High Midpoint Ryman Hospitality Properties, Inc. Corporate and Other Net income $ 245,250 $ 261,000 $ 253,125 Operating loss $ (48,000) $ (47,500) $ (47,750) Provision for
Ryman Hospitality Properties, Inc. (REIT) — Q4 2024 Earnings Presentation on 6ix