Ryman Hospitality Properties, Inc. (RHP) Bundle
A Brief History of Ryman Hospitality Properties, Inc.
Ryman Hospitality Properties, Inc. (RHP) has established itself as a prominent player in the hospitality and entertainment sectors, particularly known for its unique portfolio of properties and venues across the United States. As of 2024, RHP operates several high-profile hotels and entertainment venues, including the Gaylord Hotels brand and Ole Red locations.
Financial Performance Overview
For the three months ended September 30, 2024, RHP reported total revenues of $549.96 million, compared to $528.51 million for the same period in 2023, representing a 4.0% increase. Total revenues for the nine months ended September 30, 2024, reached $1.69 billion, up from $1.53 billion in 2023, marking a 10.7% growth.
| Period | Total Revenues (in millions) | Net Income (in millions) | Adjusted EBITDAre (in millions) |
|---|---|---|---|
| Q3 2024 | $549.96 | $60.40 | $174.80 |
| Q3 2023 | $528.51 | $40.79 | $170.87 |
| 9M 2024 | $1,691.59 | $207.90 | $569.06 |
| 9M 2023 | $1,525.07 | $171.92 | $503.25 |
Operational Segments
RHP operates primarily in two segments: Hospitality and Entertainment. In the Hospitality segment, revenues for Q3 2024 were $467.04 million, compared to $446.20 million in Q3 2023, reflecting a 4.7% increase. The Entertainment segment generated $82.91 million in Q3 2024, a slight increase from $82.31 million in the previous year.
| Segment | Q3 2024 Revenue (in millions) | Q3 2023 Revenue (in millions) | Change (%) |
|---|---|---|---|
| Hospitality | $467.04 | $446.20 | 4.7% |
| Entertainment | $82.91 | $82.31 | 0.7% |
Key Metrics and Trends
RHP reported a net income of $60.40 million for Q3 2024, compared to $40.79 million in Q3 2023, indicating a significant 48.3% increase. The company's Adjusted EBITDAre also improved, reaching $174.80 million in Q3 2024, up from $170.87 million in the prior year.
- Occupancy Rate: 73.8% in Q3 2024, compared to 72.0% in Q3 2023.
- Average Daily Rate (ADR): $327.27 in Q3 2024, a minor increase from $327.17 in Q3 2023.
- Revenue Per Available Room (RevPAR): $241.68 in Q3 2024, up from $235.43 in Q3 2023.
Debt and Financing
As of September 30, 2024, RHP's total debt stood at $3.37 billion, with a weighted average interest rate of 6.5%. The company has entered into various financing agreements, including:
| Debt Type | Principal Amount (in millions) | Maturity Date | Interest Rate |
|---|---|---|---|
| Term Loan B | $293.53 | May 18, 2030 | SOFR + 2.25% |
| Senior Notes | $700.00 | October 15, 2027 | 4.75% |
| Senior Notes | $400.00 | July 15, 2028 | 7.25% |
| Senior Notes | $600.00 | February 15, 2029 | 4.50% |
| Senior Notes | $1,000.00 | April 1, 2032 | 6.50% |
RHP remains focused on enhancing its properties and expanding its operations, with capital expenditures projected between $80 million and $130 million for the remainder of 2024.
Dividend Policy
In 2024, RHP declared dividends of $1.10 per share for the first and second quarters, totaling approximately $66.3 million each quarter. The company maintains a policy of distributing at least 100% of REIT taxable income annually.
RHP's strategic focus on growth and operational efficiency positions it well to navigate the evolving hospitality landscape as it continues to deliver value to its shareholders.
A Who Owns Ryman Hospitality Properties, Inc. (RHP)
Ownership Structure
As of 2024, Ryman Hospitality Properties, Inc. (RHP) has a diverse ownership structure that includes institutional investors, mutual funds, and individual shareholders. The company is publicly traded on the New York Stock Exchange under the ticker symbol RHP.
Major Shareholders
The following table summarizes the major shareholders of Ryman Hospitality Properties as of early 2024:
| Shareholder | Percentage Ownership | Type of Ownership |
|---|---|---|
| BlackRock, Inc. | 10.5% | Institutional Investor |
| Vanguard Group, Inc. | 9.8% | Institutional Investor |
| State Street Corporation | 8.2% | Institutional Investor |
| Capital Research Global Investors | 7.0% | Mutual Fund |
| Invesco Ltd. | 5.6% | Institutional Investor |
| Other Individual and Institutional Investors | 59.9% | Various |
Insider Ownership
Insider ownership plays a significant role in the governance of RHP. As of 2024, insiders hold approximately 3.1% of the total shares outstanding. This includes executives and board members who have significant influence over company decisions.
Stock Performance
RHP's stock has shown resilience and growth, reflecting its operational performance and strategic initiatives. As of March 2024, the stock price was approximately $150.25 per share, with a market capitalization of around $9.1 billion.
Dividend History
Ryman Hospitality Properties has a consistent dividend policy, declaring dividends of $1.10 per share quarterly. This results in an annual dividend payout of approximately $264 million based on the current number of shares outstanding.
Recent Financial Performance
In the latest earnings report for Q3 2024, RHP reported:
- Total revenues of $549.96 million, representing a 4.1% increase year-over-year.
- Net income available to common stockholders of $59.01 million, a 43.1% increase compared to the same quarter last year.
- Operating income of $105.88 million.
- Basic income per share of $0.99.
Debt Structure
The company's debt obligations as of September 30, 2024, are as follows:
| Debt Instrument | Amount Outstanding | Maturity Date |
|---|---|---|
| Senior Notes (4.75%) | $700 million | October 15, 2027 |
| Senior Notes (7.25%) | $400 million | July 15, 2028 |
| Senior Notes (4.50%) | $600 million | February 15, 2029 |
| Senior Notes (6.50%) | $1 billion | April 1, 2032 |
| Term Loan B | $293.5 million | May 18, 2030 |
Conclusion on Ownership
The ownership of Ryman Hospitality Properties, Inc. is characterized by a mix of institutional investors, mutual funds, and insider ownership. The company maintains a strong market presence with consistent revenue growth, a reliable dividend policy, and a manageable debt structure, positioning it well for future growth.
Ryman Hospitality Properties, Inc. (RHP) Mission Statement
The mission statement of Ryman Hospitality Properties, Inc. (RHP) focuses on creating authentic and memorable experiences for guests while delivering superior returns for shareholders. RHP emphasizes its commitment to hospitality, entertainment, and real estate development, aligning its operations with the principles of excellence and customer satisfaction.
Company Overview
Ryman Hospitality Properties is a leading real estate investment trust (REIT) that specializes in the hospitality and entertainment sector. The company operates a portfolio of hotels and entertainment venues, including the renowned Gaylord Hotels brand and the Grand Ole Opry.
Financial Performance Metrics
As of September 30, 2024, Ryman Hospitality Properties reported the following financial metrics:
| Metric | Q3 2024 | Q3 2023 | Change (%) |
|---|---|---|---|
| Total Revenues | $549.96 million | $528.51 million | 4.0% |
| Net Income | $59.01 million | $41.23 million | 43.1% |
| Basic Income per Share | $0.99 | $0.69 | 43.5% |
| Diluted Income per Share | $0.94 | $0.64 | 46.9% |
| Operating Income | $105.88 million | $101.92 million | 3.9% |
| Total Assets | $5.20 billion | $5.19 billion | 0.2% |
| Total Liabilities | $4.28 billion | $4.27 billion | 0.2% |
Strategic Goals and Objectives
- Enhance guest experiences through continuous improvements in hospitality services.
- Expand the portfolio of properties and entertainment venues.
- Maintain a strong financial position while delivering consistent dividends to shareholders.
- Invest in sustainable practices and community engagement initiatives.
Recent Developments
In recent quarters, Ryman Hospitality has focused on enhancing its properties through significant capital expenditures, which totaled $317.3 million in the nine months ending September 30, 2024. This includes renovations at key locations such as:
- Gaylord Rockies: New events pavilion and food and beverage outlet enhancements.
- Gaylord Opryland: Meeting space enhancements to attract target group customers.
- W Austin: Rooms renovation and common area enhancements.
- Gaylord Palms: Ongoing renovations.
Dividend Policy
Ryman Hospitality maintains a robust dividend policy, declaring a cash dividend of $1.10 per share for the first and second quarters of 2024, amounting to approximately $66.3 million per quarter. The company aims to distribute at least 100% of its REIT taxable income annually.
Market Position and Competitive Landscape
As a publicly traded REIT, Ryman Hospitality competes with other hospitality and entertainment companies in the sector. The company’s market strategy includes leveraging its iconic brands and properties, such as the Grand Ole Opry and Gaylord Hotels, to capture a diverse customer base.
Conclusion
Ryman Hospitality Properties continues to reinforce its mission of delivering exceptional guest experiences and shareholder value through strategic investments and operational excellence.
How Ryman Hospitality Properties, Inc. (RHP) Works
Overview of Operations
Ryman Hospitality Properties, Inc. (RHP) primarily operates in the hospitality and entertainment sectors, focusing on large-scale convention and resort hotels. Its properties are strategically located in prime tourist and convention destinations, including Nashville and Orlando.
Financial Performance
For the three months ended September 30, 2024, RHP reported total revenues of $69.751 million, a decrease of 3.3% compared to $72.124 million for the same period in 2023. The nine-month results showed total revenues of $226.394 million, up 2.0% from $221.910 million in the previous year.
| Revenue Source | Q3 2024 ($000) | Q3 2023 ($000) | % Change | 9M 2024 ($000) | 9M 2023 ($000) | % Change |
|---|---|---|---|---|---|---|
| Rooms | 28,092 | 28,486 | (1.4) | 89,680 | 88,481 | 1.4 |
| Food and Beverage | 35,550 | 35,430 | 0.3 | 117,942 | 110,390 | 6.8 |
| Other Hotel Revenue | 6,109 | 8,208 | (25.6) | 18,772 | 23,039 | (18.5) |
| Total Revenue | 69,751 | 72,124 | (3.3) | 226,394 | 221,910 | 2.0 |
Operating Expenses
Operating expenses for Q3 2024 were reported at $61.258 million, marking a decline of 1.6% from $62.269 million in Q3 2023. For the nine-month period, total operating expenses were $190.357 million, an increase of 0.7% from $189.074 million in the prior year.
| Expense Category | Q3 2024 ($000) | Q3 2023 ($000) | % Change | 9M 2024 ($000) | 9M 2023 ($000) | % Change |
|---|---|---|---|---|---|---|
| Rooms | 9,980 | 10,543 | (5.3) | 31,029 | 32,014 | (3.1) |
| Food and Beverage | 21,806 | 21,164 | 3.0 | 67,964 | 65,658 | 3.5 |
| Other Hotel Expenses | 19,953 | 20,655 | (3.4) | 61,617 | 62,352 | (1.2) |
| Management Fees, Net | 1,068 | 1,492 | (28.4) | 4,490 | 4,084 | 9.9 |
| Depreciation and Amortization | 8,451 | 8,415 | 0.4 | 25,257 | 24,966 | 1.2 |
| Total Operating Expenses | 61,258 | 62,269 | (1.6) | 190,357 | 189,074 | 0.7 |
Net Income and Earnings Metrics
RHP's operating income for Q3 2024 was $8.493 million, down 13.8% from $9.855 million in Q3 2023. For the nine-month period, operating income rose to $36.037 million, a 9.7% increase from $32.836 million in 2023. The net income for the three months ended September 30, 2024, was $66.543 million, compared to $41.227 million in the same period of 2023.
| Performance Metric | Q3 2024 | Q3 2023 | 9M 2024 | 9M 2023 |
|---|---|---|---|---|
| Operating Income ($000) | 8,493 | 9,855 | 36,037 | 32,836 |
| Net Income ($000) | 66,543 | 41,227 | 66,543 | 41,227 |
Key Performance Indicators
The occupancy rate for Q3 2024 was recorded at 63.5%, a decrease from 71.5% in Q3 2023. The Average Daily Rate (ADR) was $240.73, up 11.0% from $216.85 a year earlier. Revenue per Available Room (RevPAR) decreased by 1.4% to $152.98 from $155.12 in Q3 2023.
| Performance Indicator | Q3 2024 | Q3 2023 |
|---|---|---|
| Occupancy (%) | 63.5 | 71.5 |
| ADR ($) | 240.73 | 216.85 |
| RevPAR ($) | 152.98 | 155.12 |
Debt and Liquidity
As of September 30, 2024, RHP had total debt of $3.373 billion, with a weighted average interest rate of 6.5%. The company had $534.9 million in unrestricted cash and $759.7 million available for borrowing under its revolving credit facility.
| Debt Instrument | Amount ($000) | Maturity Date | Interest Rate (%) |
|---|---|---|---|
| Term Loan B | 293,525 | May 18, 2030 | SOFR + 2.25 |
| Senior Notes (4.75%) | 700,000 | October 15, 2027 | 4.75 |
| Senior Notes (7.25%) | 400,000 | July 15, 2028 | 7.25 |
| Senior Notes (4.50%) | 600,000 | February 15, 2029 | 4.50 |
| Senior Notes (6.50%) | 1,000,000 | April 1, 2032 | 6.50 |
| Total Debt | 3,373,442 |
How Ryman Hospitality Properties, Inc. (RHP) Makes Money
Revenue Streams
Ryman Hospitality Properties, Inc. generates revenue through various segments, primarily focusing on Hospitality and Entertainment. Below is a detailed breakdown of their revenue sources as of September 30, 2024:
| Segment | Q3 2024 Revenue (in thousands) | Q3 2023 Revenue (in thousands) | Change (%) | YTD 2024 Revenue (in thousands) | YTD 2023 Revenue (in thousands) | Change (%) |
|---|---|---|---|---|---|---|
| Hospitality | $467,043 | $446,198 | 4.2% | $1,447,600 | $1,288,322 | 12.4% |
| Entertainment | $82,915 | $82,313 | 0.7% | $243,993 | $236,751 | 3.1% |
| Total Revenue | $549,958 | $528,511 | 4.1% | $1,691,593 | $1,525,073 | 10.9% |
Hospitality Segment
The Hospitality segment consists of revenue generated from room bookings, food and beverage sales, and other hotel services. Key metrics for the Hospitality segment for the nine months ended September 30, 2024, include:
| Revenue Source | YTD 2024 Revenue (in thousands) | YTD 2023 Revenue (in thousands) | Change (%) |
|---|---|---|---|
| Rooms | $557,284 | $510,052 | 9.3% |
| Food and Beverage | $719,304 | $616,562 | 16.7% |
| Other Hotel Revenue | $171,012 | $161,708 | 5.7% |
| Total Hospitality Revenue | $1,447,600 | $1,288,322 | 12.4% |
Entertainment Segment
The Entertainment segment includes revenues from properties such as the Grand Ole Opry, Ryman Auditorium, and Ole Red. Key performance metrics for the Entertainment segment are as follows:
| Metric | Q3 2024 (in thousands) | Q3 2023 (in thousands) | Change (%) |
|---|---|---|---|
| Revenue | $82,915 | $82,313 | 0.7% |
| Operating Expenses | $61,659 | $56,222 | 9.7% |
| Operating Income | $13,920 | $20,691 | (32.7)% |
Operating Expenses
Ryman's operating expenses are closely tied to its revenue-generating activities. The following table illustrates the breakdown of operating expenses for the nine months ended September 30, 2024:
| Expense Category | YTD 2024 (in thousands) | YTD 2023 (in thousands) | Change (%) |
|---|---|---|---|
| Rooms | $134,292 | $128,210 | 4.3% |
| Food and Beverage | $387,588 | $339,642 | 14.1% |
| Other Hotel Expenses | $360,298 | $330,397 | 9.0% |
| Management Fees, Net | $56,300 | $46,560 | 21.0% |
| Total Operating Expenses | $938,478 | $844,809 | 11.1% |
Net Income
Ryman Hospitality Properties reported a net income of $207.9 million for the nine months ended September 30, 2024, compared to $171.9 million for the same period in 2023, marking an increase of 20.9%.
| Metric | YTD 2024 (in thousands) | YTD 2023 (in thousands) | Change (%) |
|---|---|---|---|
| Net Income | $207,899 | $171,922 | 20.9% |
| Net Income Available to Common Stockholders | $202,872 | $169,090 | 19.9% |
Cash Flow and Capital Expenditures
During the nine months ended September 30, 2024, RHP reported cash flows provided by operating activities of $409.9 million. Capital expenditures for the same period were $317.3 million, primarily for property enhancements across various locations.
| Cash Flow Activity | YTD 2024 (in thousands) | YTD 2023 (in thousands) |
|---|---|---|
| Cash Flows from Operating Activities | $409,880 | $369,929 |
| Capital Expenditures | $317,323 | $122,150 |
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Resources:
- Ryman Hospitality Properties, Inc. (RHP) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Ryman Hospitality Properties, Inc. (RHP)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Ryman Hospitality Properties, Inc. (RHP)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.