• Ryman Hospitality Properties, Inc. Reports First Quarter 2022 Results

    المصدر: Nasdaq GlobeNewswire / 02 مايو 2022 17:00:01   America/New_York

    NASHVILLE, Tenn., May 02, 2022 (GLOBE NEWSWIRE) -- Ryman Hospitality Properties, Inc. (NYSE: RHP), a lodging real estate investment trust (“REIT”) specializing in group-oriented, destination hotel assets in urban and resort markets, today reported financial results for the three months ended March 31, 2022.

    First Quarter 2022 Highlights and Recent Developments:

    • Impacted by group cancellations early in the quarter due to the Omicron variant, the Company generated Q1 2022 Net Loss available to common shareholders of $(24.6) million and consolidated Adjusted EBITDAre of $69.0 million.
    • Driven by strong leisure ADR and occupancy and the rapid recovery in group travel from the Omicron variant, Hospitality occupancy reached 63.3% in March, compared to the month of January when occupancy was 32.8%.
    • Business levels rebounded quickly in the quarter, with Hospitality Operating Income/(Loss) and Hospitality Adjusted EBITDAre reaching $33.9 million and $52.5 million in March, respectively, compared to $(17.1) million and $0.9 million in January, respectively.
    • Strong ADR performance across all five Gaylord Hotels, with ADR reaching over $229 per night in Q1 2022, an increase of 21.0% compared to Q1 2021 and 14.0% compared to Q1 2019 ADR.
    • The Company recorded $19.6 million in cancellation and attrition fees in Q1 2022.
    • Gross Advanced Group Room Bookings in Q1 2022, exceeded Q1 2019 levels, with an increase in ADR of 7.5% on new bookings for all future years as compared to Q1 2021, and 12.7% above Q1 2019, ADR levels.
    • Subsequent to quarter end, the Company announced a strategic investment in the Company’s Opry Entertainment Group (OEG) by Atairos and NBCUniversal, which initially values the OEG business at $1.415 billion, inclusive of the pending acquisition of Block 21, and is expected to close in Q2 2022.
    • Company provides outlook for Q2 2022 consolidated Net Income of $28.5 to $32.0 million; FY 2022 consolidated Net Income of $60.0 to $75.0 million; Q2 2022 consolidated Adjusted EBITDAre of $135 to $145 million and FY 2022 consolidated Adjusted EBITDAre of $476 to $502 million.

    Colin Reed, Chairman and Chief Executive Officer of Ryman Hospitality Properties, said, “Our businesses delivered better than expected performance during the first quarter, and we are starting the second quarter with positive momentum heading into the rest of the year. The initial headwinds we faced from the Omicron variant early in the year were overcome by a rapid month-over-month improvement in group travel, continued strength in leisure demand, and a Q1 2022 ADR that surpassed our Q1 2019 ADR by 14.0 percent. Notably, we ended the quarter with significant acceleration across our business, delivering Hospitality Adjusted EBITDAre for March that exceeded comparable results for the pre-pandemic period of March 2019. This was achieved despite overall occupancy rates that were nearly sixteen points lower than the same period in 2019. The strong end to the quarter and confidence for the remainder of 2022, barring a new variant or other exogenous events, is allowing us to provide both Q2 and full year 2022 outlook for Net Income and consolidated Adjusted EBITDAre.

    In addition to strong financial performance at the end of the first quarter, we announced in early April a major step forward in our plans to expand the reach of our entertainment business, through a strategic partnership with Atairos and NBCUniversal. We believe this alliance will help accelerate the growth in this one-of-a-kind business while allowing us to deleverage and continue to strategically invest in our hospitality business. We look forward to closing this transaction in Q2 2022 and to what this partnership will bring in the months and years ahead.”

    First Quarter 2022 Results (as compared to First Quarter 2021):

         
    Consolidated Results    
    ($ in thousands, except per share amounts)Three Months Ended
     March 31,
     2022 2021 % ∆ 
    Total Revenue$299,135 $84,175 255.4% 
           
    Operating income (loss)$7,874 ($79,557) 109.9% 
    Operating income (loss) margin2.6% -94.5% 97.1pt 
           
    Net loss available to common shareholders($24,621) ($104,521) 76.4% 
    Net loss available to common shareholders margin-8.2% -124.2% 116.0pt 
    Net loss available to common shareholders per diluted share($0.45) ($1.90) 76.3% 
           
    Adjusted EBITDAre $68,994 ($22,449) 407.3% 
    Adjusted EBITDAre margin23.1% -26.7% 49.8pt 
    Adjusted EBITDAre, excluding noncontrolling interest in consolidated joint venture$68,994 ($21,705) 417.9% 
    Adjusted EBITDAre, excluding noncontrolling interest in consolidated joint venture margin23.1% -25.8% 48.9pt 
           
    Funds From Operations (FFO) available to common shareholders and unit holders$31,222 ($59,965) 152.1% 
    FFO available to common shareholders and unit holders per diluted share/unit$0.56 ($1.08) 151.9% 
           
    Adjusted FFO available to common shareholders and unit holders$34,814 ($50,505) 168.9% 
    Adjusted FFO available to common shareholders and unit holders per diluted share/unit$0.63 ($0.91) 169.2% 

    Note: For the Company’s definitions of Adjusted EBITDAre, Adjusted EBITDAre margin, Adjusted EBITDAre, excluding noncontrolling interest in consolidated joint venture, Adjusted EBITDAre, excluding noncontrolling interest in consolidated joint venture margin, FFO available to common shareholders and unit holders, and Adjusted FFO available to common shareholders and unit holders, as well as a reconciliation of the non-GAAP financial measure Adjusted EBITDAre to Net Income/(Loss) and a reconciliation of the non-GAAP financial measure Adjusted FFO available to common shareholders and unit holders to Net Income/(Loss), see “Non-GAAP Financial Measures,” “EBITDAre, Adjusted EBITDAre and Adjusted EBITDAre, Excluding Noncontrolling Interest in Consolidated Joint Venture Definition,” “Adjusted EBITDAre, Excluding Noncontrolling Interest in Consolidated Joint Venture Margin Definition” “FFO, Adjusted FFO, and Adjusted FFO available to common shareholders and unit holders Definition” and “Supplemental Financial Results” below.

           
    Hospitality Segment
    ($ in thousands, except ADR, RevPAR, and Total RevPAR)
           
     Three Months Ended
     March 31,
     2022 2021 % ∆ 
           
    Hospitality Revenue(1)$261,111 $69,802 274.1% 
           
    Hospitality Operating income (loss)(1)$15,668 ($63,543) 124.7% 
    Hospitality Operating income/(loss) margin(1)6.0% -91.0% 97.0pt 
    Hospitality Adjusted EBITDAre(1)$70,332 ($11,889) 691.6% 
    Hospitality Adjusted EBITDAre margin(1)26.9% -17.0% 43.9pt 
           
    Hospitality Performance Metrics(1)(2)      
    Occupancy47.3% 16.4% 30.9pt 
    Average Daily Rate (ADR)$229.17 $189.42 21.0% 
    RevPAR$108.41 $31.02 249.5% 
    Total RevPAR$278.64 $76.71 263.2% 
           
    Gross Definite Rooms Nights Booked422,045 441,170 -4.3% 
    Net Definite Rooms Nights Booked165,668 (33,709) 591.5% 
    Group Attrition (as % of contracted block)32.1% 42.1% -10.0pt 
    Cancellations ITYFTY(3)170,419 279,624 -39.1% 
           
    (1) Gaylord National closed on March 25, 2020 and remained closed until July 1, 2021.
    (2) Calculation of hospitality performance metrics includes closed hotel room nights available; includes the addition of 302 additional guest rooms due to Gaylord Palms expansion beginning June 1, 2021. ADR is for occupied rooms.
    (3) "ITYFTY" represents In The Year For The Year.
     

    Note: For the Company’s definitions of Revenue Per Available Room (RevPAR) and Total Revenue Per Available Room (Total RevPAR), see “Calculation of RevPAR, Total RevPAR, and Occupancy” below. Property-level results and operating metrics for first quarter 2022 are presented in greater detail below and under “Supplemental Financial Results—Hospitality Segment Adjusted EBITDAre Reconciliations and Operating Metrics,” which includes a reconciliation of the non-GAAP financial measures Hospitality Adjusted EBITDAre to Hospitality Operating Income/(Loss), and property-level Adjusted EBITDAre to property-level Operating Income/(Loss) for each of the hotel properties.

    Hospitality Segment Highlights

    • Hotel occupancy was 47.3% in Q1 2022, however, occupancy increased substantially month-by-month, rising from 32.8% in January to 63.3% in March as the Omicron variant subsided.
    • Gaylord Palms delivered the best Operating Income and Adjusted EBITDAre month on record for the hotel for the month of March, with occupancy levels near 80%, including the recently completed 302 room expansion.
    • Group sales production for the quarter totaled 422,000 gross room nights, with a 12.7% improvement in ADR for all future years over Q1 2019 group production.

     

    Gaylord Opryland       
    ($ in thousands, except ADR, RevPAR, and Total RevPAR)     
            
      Three Months Ended
      March 31,
      2022 2021 % ∆ 
            
    Revenue $73,519 $21,759 237.9% 
    Operating income (loss) $15,555 ($11,750) 232.4% 
    Operating income (loss) margin 21.2% -54.0% 75.2pt 
    Adjusted EBITDAre $24,131 ($3,482) 793.0% 
    Adjusted EBITDAre margin 32.8% -16.0% 48.8pt 
            
    Occupancy 48.8% 18.3% 30.5pt 
    Average daily rate (ADR) $239.77 $210.04 14.2% 
    RevPAR $116.98 $38.37 204.9% 
    Total RevPAR $282.85 $83.71 237.9% 
            
            
    Gaylord Palms       
    ($ in thousands, except ADR, RevPAR, and Total RevPAR)     
            
      Three Months Ended
      March 31,
      2022 2021 % ∆ 
            
    Revenue $59,848 $15,117 295.9% 
    Operating income (loss) $15,858 ($6,017) 363.6% 
    Operating income (loss) margin 26.5% -39.8% 66.3pt 
    Adjusted EBITDAre $22,476 ($393) 5,819.1% 
    Adjusted EBITDAre margin 37.6% -2.6% 40.2pt 
            
    Occupancy (1)  55.6% 24.3% 31.3pt 
    Average daily rate (ADR) $256.19 $191.71 33.6% 
    RevPAR (1)  $142.36 $46.66 205.1% 
    Total RevPAR (1)  $387.07 $118.62 226.3% 
            
    (1) Calculation of hospitality performance metrics includes 302 expansion rooms beginning June 1, 2021.   
            
            
    Gaylord Texan       
    ($ in thousands, except ADR, RevPAR, and Total RevPAR)     
            
      Three Months Ended
      March 31,
      2022 2021 % ∆ 
            
    Revenue $56,636 $18,358 208.5% 
    Operating income (loss) $12,916 ($4,781) 370.2% 
    Operating income (loss) margin 22.8% -26.0% 48.8pt 
    Adjusted EBITDAre $19,614 $1,448 1,254.6% 
    Adjusted EBITDAre margin 34.6% 7.9% 26.7pt 
            
    Occupancy 57.8% 22.6% 35.2pt 
    Average daily rate (ADR) $221.38 $189.83 16.6% 
    RevPAR $128.06 $42.99 197.9% 
    Total RevPAR $346.91 $112.45 208.5% 
            
            
    Gaylord National       
    ($ in thousands, except ADR, RevPAR, and Total RevPAR)     
            
      Three Months Ended
      March 31,
      2022 2021 % ∆ 
            
    Revenue (2) $32,587 $1,257 2,492.4% 
    Operating loss ($11,275) ($14,523) 22.4% 
    Operating loss margin -34.6% -1155.4% 1,120.8pt 
    Adjusted EBITDAre ($1,796) ($6,336) 71.7% 
    Adjusted EBITDAre margin -5.5% -504.1% 498.6pt 
            
    Occupancy (1) (2) 35.4% 0.0% 35.4pt 
    Average daily rate (ADR) $219.63 $0.00 NA 
    RevPAR (1) (2) $77.73 $0.00 NA 
    Total RevPAR (1) (2) $181.40 $7.00 2,491.4% 
            
    (1) Calculation of hospitality performance metrics includes closed hotel room nights available.   
    (2) Gaylord National closed on March 25, 2020 and remained closed until July 1, 2021.     
            
            
    Gaylord Rockies       
    ($ in thousands, except ADR, RevPAR, and Total RevPAR)     
            
      Three Months Ended
      March 31,
      2022 2021 % ∆ 
            
    Revenue $34,787 $11,970 190.6% 
    Operating loss ($16,784) ($24,699) 32.0% 
    Operating loss margin -48.2% -206.3% 158.1pt 
    Adjusted EBITDAre $5,864 ($2,008) 392.0% 
    Adjusted EBITDAre margin 16.9% -16.8% 33.7pt 
            
    Occupancy 39.2% 17.4% 21.8pt 
    Average daily rate (ADR) $213.46 $175.28 21.8% 
    RevPAR $83.61 $30.46 174.5% 
    Total RevPAR $257.51 $88.61 190.6% 
            

    Entertainment Segment

    For the three months ended March 31, 2022, and 2021, the Company reported the following:

         
    ($ in thousands)Three Months Ended
     March 31,
     2022 2021
     % ∆ 
         
    Revenue$38,024 $14,373 164.6% 
    Operating income (loss)$2,437 ($7,920) 130.8% 
    Operating income (loss) margin6.4% -55.1% 61.5pt 
    Adjusted EBITDAre$4,810 ($5,461) 188.1% 
    Adjusted EBITDAre margin12.6% -38.0% 50.6pt 
         
         

    Reed continued, “Despite some turbulence early in the quarter related to the Omicron variant, our entertainment business results exceeded our internal expectations as live entertainment and leisure travel continues to appeal to consumers across the country. Our previously announced growth projects remain on pace, and our Block 21 acquisition is expected to close prior to June 1, 2022. We are pleased with the recovery we have seen in this business and look forward to increased leisure demand for the remainder of the year.”

    Corporate and Other Segment

    For the three months ended March 31, 2022, and 2021, the Company reported the following: 

    Corporate and Other Segment Results
    ($ in thousands)Three Months Ended
     31-Mar
     2022 2021 % ∆
        
    Operating loss($10,231) ($8,094) -26.4% 
    Adjusted EBITDAre($6,148) ($5,099) -20.6% 
           

    The increase in Corporate and Other Segment Operating Loss and decrease in Adjusted EBITDAre for the 2022 period resulted from an increase in administrative and employment costs associated with the hiring of additional employees and increased wages to support the Company’s continued recovery and future growth.

    Reed concluded, “After two years of uncertainty, we are at last beginning to see familiar patterns emerge on both sides of our business. We have always taken pride in the unique visibility that the contractual nature of our core business provides, and we remain optimistic about our current trajectory and tremendously enthusiastic about our long-term prospects.”

    2022 Guidance

    The following business performance outlook for second quarter 2022 and full year 2022 is based on current information as of May 2, 2022. The Company does not expect to update the guidance provided below before next quarter’s earnings release. However, the Company may update its full business outlook or any portion thereof at any time for any reason. The guidance below contemplates the consummation of the planned Block 21 transaction and the Company’s pro-rata share of the Circle JV.

    ($ in millions)Guidance  2Q 2022
     2Q 2022  Guidance
     Low  High  Midpoint
           
    Net Income$             28.5 $             32.0  $             30.3
           
    Adjusted EBITDAre      
    Hospitality$           120.0 $           124.0  $           122.0
    Entertainment22.0 27.0  24.5
    Corporate and Other(7.0) (6.0)  (6.5)
    Consolidated Adjusted EBITDAre$            135.0 $            145.0  $            140.0
           
    ($ in millions)Guidance  Full Year 2022
     Full Year 2022  Guidance
     Low  High  Midpoint
           
    Net Income$             60.0 $             75.0  $             67.5
           
    Adjusted EBITDAre      
    Hospitality$           425.0 $           440.0  $           432.5
    Entertainment80.0 88.0  84.0
    Corporate and Other(29.0) (26.0)  (27.5)
    Consolidated Adjusted EBITDAre$            476.0 $            502.0  $            489.0
           

    Note: For reconciliations of Consolidated Adjusted EBITDAre guidance to Net Income and segment-level Adjusted EBITDAre to segment-level Operating Income, see “Reconciliation of Forward-Looking Statements” below.

    Development Update
    On March 28, 2022, the Company announced that the anticipated closing date for the previously announced sale of Block 21 by Stratus Properties, Inc. to the Company was extended, as the parties complete the process of obtaining the remaining required approvals of the assumption of the property’s existing mortgage loan by the purchaser. The acquisition is now expected to close prior to June 1, 2022, subject to the timely satisfaction or waiver of various closing conditions, including the final consent of the loan servicers to the assumption of the existing loan by the purchaser, the consent of the hotel operator, an affiliate of Marriott, to the assumption of the hotel operating agreement by the purchaser, the absence of a material adverse effect, and other customary closing conditions.

    On April 4, 2022, the Company announced that Atairos, along with Atairos’ long-term strategic partner NBCUniversal, will acquire a 30% minority ownership stake in RHP’s Opry Entertainment Group. Atairos’ investment values OEG at $1.415 billion, inclusive of OEG’s previously announced acquisition of Block 21. Atairos has agreed to make an additional $30 million investment in OEG, contingent on certain performance targets being achieved, which would bring OEG’s valuation to $1.515 billion. The initial $1.415 billion valuation includes a recapitalization of OEG with a new $300 million Term Loan B, a new revolving credit facility, and the assumption of a $137 million CMBS facility for Block 21 upon consummation of that transaction. Atairos’ and NBCUniversal’s initial 30% equity investment in OEG is approximately $293 million, of which NBCUniversal will indirectly invest up to approximately $15 million. The transaction, which is subject to customary conditions, is expected to close in Q2 2022. The Company expects to use the net proceeds of the $293 million investment and the OEG financing to pay transaction expenses, fully repay its $300 million Term Loan A and repay substantially all the borrowings outstanding under its revolving credit facility, thereby reducing leverage, and creating balance sheet flexibility to allow the Company to pursue continued reinvestment in its businesses.

    Balance Sheet/Liquidity Update
    As of March 31, 2022, the Company had total debt outstanding of $2,937.7 million, net of unamortized deferred financing costs, and unrestricted cash of $128.4 million. As of March 31, 2022, $190.0 million was drawn under the revolving credit line of the Company’s credit facility, and the lending banks had issued $0.1 million in letters of credit, which left $509.9 million of availability for borrowing under the credit facility.

    At the end of the first quarter, the Company effectively exited its covenant waiver period under its secured credit facility. Beginning with the second quarter, the Company now will once again be required to meet modified covenants related to its funded indebtedness to total asset value ratio, fixed charge coverage ratio, and implied debt service coverage ratio.

    Earnings Call Information
    Ryman Hospitality Properties will hold a conference call to discuss this release tomorrow, May 3, 2022, at 9:00 a.m. ET. Investors can listen to the conference call over the Internet at www.rymanhp.com. To listen to the live call, please go to the Investor Relations section of the website (Investor Relations/Presentations, Earnings and Webcasts) at least 15 minutes prior to the call to register and download any necessary audio software. For those who cannot listen to the live broadcast, a replay will be available shortly after the call and will be available for at least 30 days.

    About Ryman Hospitality Properties, Inc.
    Ryman Hospitality Properties, Inc. (NYSE: RHP) is a leading lodging and hospitality real estate investment trust that specializes in upscale convention center resorts and country music entertainment experiences. The Company’s core holdings, Gaylord Opryland Resort & Convention Center, Gaylord Palms Resort & Convention Center, Gaylord Texan Resort & Convention Center, Gaylord National Resort & Convention Center, and Gaylord Rockies Resort & Convention Center are five of the top 10 largest non-gaming convention center hotels in the United States based on total indoor meeting space. These convention center resorts operate under the Gaylord Hotels brand and are managed by Marriott International. The Company also owns two adjacent ancillary hotels and a small number of attractions managed by Marriott International for a combined total of 10,412 rooms and more than 2.8 million square feet of total indoor and outdoor meeting space in top convention and leisure destinations across the country. The Company’s Entertainment segment includes a growing collection of iconic and emerging country music brands operated by the Company, including the Grand Ole Opry; Ryman Auditorium; WSM 650 AM; Ole Red and a 50% interest in Circle, a country lifestyle media network the Company owns in a joint venture with Gray Television; as well as other Nashville-area attractions managed by Marriott. The Company operates its Entertainment segment as part of a taxable REIT subsidiary. Visit RymanHP.com for more information.

    Cautionary Note Regarding Forward-Looking Statements
    This press release contains statements as to the Company’s beliefs and expectations of the outcome of future events that are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. You can identify these statements by the fact that they do not relate strictly to historical or current facts. Examples of these statements include, but are not limited to, statements regarding the future performance of our business, the impact of COVID-19 on travel, leisure and group demand, the effects of COVID-19 on our results of operations, rebooking efforts, our liquidity, recovery of group business to pre-pandemic levels, anticipated business levels and anticipated financial results for the Company during future periods, the pending acquisition of Block 21, the Company’s expectations for Block 21 upon the closing of the transaction, the pending Atairos investment in OEG, the Company’s expectations for OEG upon the closing of the proposed investment in OEG, and other business or operational issues. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the statements made. These include the risks and uncertainties associated with the COVID-19 pandemic, including the effects of the COVID-19 pandemic on us and the hospitality and entertainment industries generally, the effects of the COVID-19 pandemic on the demand for travel, leisure and group business (including government-imposed restrictions), levels of consumer confidence in the safety of travel and group gathering as a result of COVID-19, the duration and severity of the COVID-19 pandemic in the United States and the pace of recovery following the COVID-19 pandemic, the duration and severity of the COVID-19 pandemic in the markets where our assets are located, governmental restrictions on our businesses, economic conditions affecting the hospitality business generally, the geographic concentration of the Company’s hotel properties, business levels at the Company’s hotels, the effects of inflation on the Company’s business and on its customers, including group business at its hotels, the Company’s ability to remain qualified as a REIT for federal income tax purposes, the Company’s ability to execute its strategic goals as a REIT, the Company’s ability to generate cash flows to support dividends, the suspension of our dividend and our dividend policy, including the frequency and amount of any dividend we may pay, the Company’s ability to borrow funds pursuant to its credit agreement, the occurrence of any event, change or other circumstance that could delay the closing of the Block 21 acquisition or the Atairos investment in OEG, or result in the termination of the agreement for the Block 21 acquisition or for the proposed investment in OEG, adverse effects on the Company’s common stock because of the failure to complete the Block 21 acquisition or the proposed investment in OEG, and the Company’s ability to otherwise obtain cash to fund the Block 21 acquisition. Other factors that could cause operating and financial results to differ are described in the filings made from time to time by the Company with the U.S. Securities and Exchange Commission (SEC) and include the risk factors and other risks and uncertainties described in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021, and its Quarterly Reports on Form 10-Q and subsequent filings. The Company does not undertake any obligation to release publicly any revisions to forward-looking statements made by it to reflect events or circumstances occurring after the date hereof or the occurrence of unanticipated events.

    Additional Information
    This release should be read in conjunction with the consolidated financial statements and notes thereto included in our most recent annual report on Form 10-K. Copies of our reports are available on our website at no expense at www.rymanhp.com and through the SEC’s Electronic Data Gathering Analysis and Retrieval System (“EDGAR”) at www.sec.gov.

    Calculation of RevPAR, Total RevPAR, and Occupancy
    We calculate revenue per available room (“RevPAR”) for our hotels by dividing room revenue by room nights available to guests for the period. Room nights available to guests include nights the hotels are closed. We calculate total revenue per available room (“Total RevPAR”) for our hotels by dividing the sum of room revenue, food & beverage, and other ancillary services revenue by room nights available to guests for the period. Rooms out of service for renovation are included in room nights available. For the three months ended March 31, 2022, and 2021, the calculation of RevPAR and Total RevPAR in our tabular presentations has not been changed as a result of the COVID-19 pandemic and the resulting hotel closures and is consistent with prior periods. The closure of Gaylord National, which reopened July 1, 2021, resulted in significantly lower performance reflected in these metrics for the three months ended March 31, 2021, as compared to the current period. Occupancy figures reflect an additional 302 rooms available at Gaylord Palms beginning in June 2021.

    Calculation of GAAP Margin Figures
    We calculate Net Income/(Loss) available to common shareholders margin by dividing GAAP consolidated Net Income available to common shareholders by GAAP consolidated Total Revenue. We calculate consolidated, segment or property-level Operating Income Margin by dividing consolidated, segment or property-level GAAP Operating Income/(Loss) by consolidated, segment or property-level GAAP Revenue.

    Non-GAAP Financial Measures
    We present the following non-GAAP financial measures we believe are useful to investors as key measures of our operating performance:

    EBITDAre, Adjusted EBITDAre and Adjusted EBITDAre, Excluding Noncontrolling Interest in Consolidated Joint Venture Definition
    We calculate 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, depreciation and amortization, gains or losses on the disposition of depreciated property (including gains or losses on change in control), impairment write-downs of depreciated property and of investments in unconsolidated affiliates caused by a decrease in the value of depreciated property or the affiliate, and adjustments to reflect the entity’s share of EBITDAre of unconsolidated affiliates.
    Adjusted EBITDAre is then calculated as EBITDAre, plus to the extent the following adjustments occurred during the periods presented:

    • preopening costs;
    • non-cash lease expense;
    • equity-based compensation expense;
    • impairment charges that do not meet the NAREIT definition above;
    • credit losses on held-to-maturity securities;
    • any transaction costs of acquisitions;
    • interest income on bonds;
    • loss on extinguishment of debt;
    • pension settlement charges;
    • pro rata Adjusted EBITDAre from unconsolidated joint venture; and
    • any other adjustments we have identified herein.

    We then exclude noncontrolling interests in consolidated joint venture to calculate Adjusted EBITDAre, Excluding Noncontrolling Interest in Consolidated Joint Venture.

    We use EBITDAre, Adjusted EBITDAre and Adjusted EBITDAre, Excluding Noncontrolling Interest in Consolidated Joint Venture and segment or property-level EBITDAre and Adjusted EBITDAre to evaluate our operating performance. We believe that the presentation of these non-GAAP metrics provides useful information to investors regarding our operating performance and debt leverage metrics, and that the presentation of these non-GAAP metrics, when combined with the primary GAAP presentation of Net Income or Operating Income, as applicable, is beneficial to an investor’s complete understanding of our operating performance. We make additional adjustments to EBITDAre when evaluating our performance because we believe that presenting Adjusted EBITDAre and Adjusted EBITDAre, Excluding Noncontrolling Interest in Consolidated Joint Venture provides useful information to investors regarding our operating performance and debt leverage metrics.

    Adjusted EBITDAre, Excluding Noncontrolling Interest in Consolidated Joint Venture Margin Definition
    We calculate consolidated Adjusted EBITDAre, Excluding Noncontrolling Interest in Consolidated Joint Venture Margin by dividing consolidated Adjusted EBITDAre, Excluding Noncontrolling Interest in Consolidated Joint Venture by GAAP consolidated Total Revenue. We calculate consolidated, segment or property-level Adjusted EBITDAre Margin by dividing consolidated, segment-, or property-level Adjusted EBITDAre by consolidated, segment-, or property-level GAAP Revenue. We believe Adjusted EBITDAre, Excluding Noncontrolling Interest in Consolidated Joint Venture Margin is useful to investors in evaluating our operating performance because this non-GAAP financial measure helps investors evaluate and compare the results of our operations from period to period by presenting a ratio showing the quantitative relationship between Adjusted EBITDAre, Excluding Noncontrolling Interest in Consolidated Joint Venture and GAAP consolidated Total Revenue or segment or property-level GAAP Revenue, as applicable.

    FFO, Adjusted FFO, and Adjusted FFO available to common shareholders and unit holders Definition
    We calculate 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), gains and losses from the sale of certain real estate assets, gains and losses from a change in control, impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciated real estate held by the entity, income (loss) from consolidated joint venture attributable to noncontrolling interest, and pro rata adjustments for unconsolidated joint venture.

    To calculate Adjusted FFO available to common shareholders and unit holders, we then exclude, to the extent the following adjustments occurred during the periods presented:

    • right-of-use asset amortization;
    • impairment charges that do not meet the NAREIT definition above;
    • write-offs of deferred financing costs;
    • amortization of debt discounts or premiums and amortization of deferred financing costs;
    • (gains) losses on extinguishment of debt
    • non-cash lease expense;
    • credit loss on held-to-maturity securities;
    • pension settlement charges;
    • additional pro rata adjustments from unconsolidated joint venture;
    • (gains) losses on other assets;
    • transaction costs on acquisitions;
    • deferred income tax expense (benefit); and
    • any other adjustments we have identified herein.

    To calculate Adjusted FFO available to common shareholders and unit holders (excluding maintenance capex), we then exclude FF&E reserve for managed properties and maintenance capital expenditures for non-managed properties. FFO available to common shareholders and unit holders and Adjusted FFO available to common shareholders and unit holders and Adjusted FFO available to common shareholders and unit holders (excluding maintenance capex) exclude the ownership portion of Gaylord Rockies joint venture not controlled or owned by the Company in prior periods.

    We believe that the presentation of these non-GAAP financial measures provides useful information to investors regarding the performance of our ongoing operations because each presents a measure of our operations without regard to specified non-cash items such as real estate depreciation and amortization, gain or loss on sale of assets and certain other items, which we believe are not indicative of the performance of our underlying hotel properties. We believe that these items are more representative of our asset base than our ongoing operations. We also use these non-GAAP financial measures as measures in determining our results after considering the impact of our capital structure.

    We caution investors that non-GAAP financial measures we present may not be comparable to similar measures disclosed by other companies, because not all companies calculate these non-GAAP measures in the same manner. The non-GAAP financial measures we present, and any related per share measures, should not be considered as alternative measures of our Net Income (Loss), operating performance, cash flow or liquidity. These non-GAAP financial measures may include funds that may not be available for our discretionary use due to functional requirements to conserve funds for capital expenditures and property acquisitions and other commitments and uncertainties. Although we believe that these non-GAAP financial measures can enhance an investor’s understanding of our results of operations, these non-GAAP financial measures, when viewed individually, are not necessarily better indicators of any trend as compared to GAAP measures such as Net Income (Loss), Operating Income (Loss), or cash flow from operations.

    Investor Relations Contacts:Media Contacts:
    Mark Fioravanti, PresidentShannon Sullivan, Vice President Corporate and Brand Communications
    Ryman Hospitality Properties, Inc.Ryman Hospitality Properties, Inc.
    (615) 316-6588(615) 316-6725
    mfioravanti@rymanhp.comssullivan@rymanhp.com
    ~or~~or~
    Jennifer Hutcheson, Chief Financial OfficerRobert Winters
    Ryman Hospitality Properties, Inc.Alpha IR Group
    (615) 316-6320(929) 266-6315
    jhutcheson@rymanhp.comrobert.winters@alpha-ir.com
    Todd Siefert, Senior Vice President Corporate Finance & Treasurer 
    Ryman Hospitality Properties, Inc. 
    (615) 316-6344 
    tsiefert@rymanhp.com 


    RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
    Unaudited
    (In thousands, except per share data)
         
         
         
      Three Months Ended
      Mar. 31
      2022 2021
    Revenues :   
     Rooms$101,593  $28,228 
     Food and beverage 112,116   18,175 
     Other hotel revenue 47,402   23,399 
     Entertainment 38,024   14,373 
     Total revenues 299,135   84,175 
         
    Operating expenses:   
     Rooms 30,136   9,477 
     Food and beverage 71,329   19,329 
     Other hotel expenses 86,643   54,557 
     Management fees 5,064   753 
     Total hotel operating expenses 193,172   84,116 
     Entertainment 31,731   18,691 
     Corporate 9,557   7,528 
     Preopening costs 304   399 
     (Gain) loss on sale of assets 469   (317)
     Depreciation and amortization 56,028   53,315 
     Total operating expenses 291,261   163,732 
         
    Operating income (loss) 7,874   (79,557)
         
    Interest expense, net of amounts capitalized (31,937)  (30,796)
    Interest income 1,381   1,370 
    Loss on extinguishment of debt -   (2,949)
    Loss from consolidated joint ventures (2,627)  (1,609)
    Other gains and (losses), net 447   374 
    Loss before income taxes (24,862)  (113,167)
         
    (Provision) benefit for income taxes 65   (3,954)
    Net loss (24,797)  (117,121)
         
    Net loss attributable to noncontrolling interest in consolidated joint venture -   11,793 
    Net loss attributable to noncontrolling interest in Operating Partnership 176   807 
    Net loss available to common shareholders$(24,621) $(104,521)
         
    Basic loss per share available to common shareholders$(0.45) $(1.90)
    Diluted loss per share available to common shareholders$(0.45) $(1.90)
         
    Weighted average common shares for the period:   
     Basic 55,086   54,995 
     Diluted 55,086   54,995 
         


    RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES
          
    CONDENSED CONSOLIDATED BALANCE SHEETS
    Unaudited
    (In thousands)
          
       Mar. 31 Dec. 31,
       2022 2021
          
    ASSETS:   
     Property and equipment, net of accumulated depreciation$2,994,541  $3,031,844 
     Cash and cash equivalents - unrestricted 128,436   140,688 
     Cash and cash equivalents - restricted 16,473   22,312 
     Notes receivable 67,493   71,228 
     Trade receivables, net 83,234   74,745 
     Prepaid expenses and other assets 132,879   112,904 
     Intangible assets 116,772   126,804 
      Total assets$3,539,828  $3,580,525 
          
          
    LIABILITIES AND EQUITY:   
     Debt and finance lease obligations$2,937,660  $2,936,819 
     Accounts payable and accrued liabilities 287,286   304,719 
     Dividends payable 110   386 
     Deferred management rights proceeds 169,834   170,614 
     Operating lease liabilities 114,981   113,770 
     Deferred income tax liabilities, net 4,256   4,671 
     Other liabilities 62,880   71,939 
     Total equity (deficit) (37,179)  (22,393)
      Total liabilities and equity (deficit)$3,539,828  $3,580,525 
          


    RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES
    SUPPLEMENTAL FINANCIAL RESULTS
    ADJUSTED EBITDAre RECONCILIATION
    Unaudited
    (in thousands)
          
          
     Three Months Ended Mar. 31,
     2022
     2021
     $Margin $Margin
    Consolidated     
    Revenue$299,135   $84,175  
    Net loss$(24,797)-8.3% $(117,121)-139.1%
    Interest expense, net 30,556    29,426  
    Provision (benefit) for income taxes (65)   3,954  
    Depreciation & amortization 56,028    53,315  
    (Gain) loss on sale of assets 469    (317) 
    Pro rata EBITDAre from unconsolidated joint ventures 22    15  
    EBITDAre 62,213 20.8%  (30,728)-36.5%
    Preopening costs 304    399  
    Non-cash lease expense 1,173    1,088  
    Equity-based compensation expense 3,786    2,522  
    Interest income on Gaylord National bonds 1,340    1,321  
    Loss on extinguishment of debt -    2,949  
    Transaction costs of acquisitions 178    -  
    Adjusted EBITDAre$68,994 23.1% $(22,449)-26.7%
    Adjusted EBITDAre of noncontrolling interest in consolidated joint venture -    744  
    Adjusted EBITDAre, excluding noncontrolling interest in consolidated joint venture$68,994 23.1% $(21,705)-25.8%
          
    Hospitality segment     
    Revenue$261,111   $69,802  
    Operating income (loss)$15,668 6.0% $(63,543)-91.0%
    Depreciation & amortization 52,271    49,148  
    Gain on sale of assets -    (317) 
    Preopening costs -    398  
    Non-cash lease expense 1,053    1,104  
    Interest income on Gaylord National bonds 1,340    1,321  
    Adjusted EBITDAre$70,332 26.9% $(11,889)-17.0%
          
    Entertainment segment     
    Revenue$38,024   $14,373  
    Operating income (loss)$2,437 6.4% $(7,920)-55.1%
    Depreciation & amortization 3,552    3,601  
    Preopening costs 304    1  
    Non-cash lease (revenue) expense 120    (16) 
    Equity-based compensation 824    467  
    Transaction costs of acquisitions 178    -  
    Pro rata adjusted EBITDAre from unconsolidated joint ventures (2,605)   (1,594) 
    Adjusted EBITDAre$4,810 12.6% $(5,461)-38.0%
          
    Corporate and Other segment     
    Operating loss$(10,231)  $(8,094) 
    Depreciation & amortization 205    566  
    Other gains and (losses), net 916    374  
    Equity-based compensation 2,962    2,055  
    Adjusted EBITDAre$(6,148)  $(5,099) 
          


    RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES
    SUPPLEMENTAL FINANCIAL RESULTS
    FUNDS FROM OPERATIONS ("FFO") AND ADJUSTED FFO RECONCILIATION
    Unaudited
    (in thousands, except per share data)
        
        
     Three Months Ended Mar. 31,
     2022 2021
    Consolidated   
    Net loss$(24,797) $(117,121)
    Noncontrolling interest in consolidated joint venture -   11,793 
    Net loss available to common shareholders and unit holders (24,797)  (105,328)
    Depreciation & amortization 55,997   53,278 
    Adjustments for noncontrolling interest -   (7,930)
    Pro rata adjustments from joint ventures 22   15 
    FFO available to common shareholders and unit holders 31,222   (59,965)
        
    Right-of-use asset amortization 31   37 
    Non-cash lease expense 1,173   1,088 
    (Gain) loss on other assets 469   (317)
    Amortization of deferred financing costs 2,229   2,209 
    Amortization of debt premiums (73)  (70)
    Loss on extinguishment of debt -   2,949 
    Adjustments for noncontrolling interest -   (217)
    Transaction costs of acquisitions 178   - 
    Deferred tax (benefit) expense (415)  3,781 
    Adjusted FFO available to common shareholders and unit holders$34,814  $(50,505)
    Capital expenditures (1) (12,305)  (152)
    Adjusted FFO available to common shareholders and unit holders (ex. maintenance capex)$22,509  $(50,657)
        
        
    Basic net loss per share$(0.45) $(1.90)
    Diluted net loss per share$(0.45) $(1.90)
        
    FFO available to common shareholders and unit holders per basic share/unit$0.56  $(1.08)
    Adjusted FFO available to common shareholders and unit holders per basic share/unit$0.63  $(0.91)
        
    FFO available to common shareholders and unit holders per diluted share/unit$0.56  $(1.08)
    Adjusted FFO available to common shareholders and unit holders per diluted share/unit$0.63  $(0.91)
        
    Weighted average common shares and OP units for the period:   
    Basic 55,481   55,422 
    Diluted 55,481   55,422 
        
    (1) Represents FF&E reserve contribution for managed properties and maintenance capital expenditures for non-managed properties. Note that during 2021, as a result of the COVID-19 pandemic, contributions to the FF&E reserve for managed properties were suspended.
        


    RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES
    SUPPLEMENTAL FINANCIAL RESULTS
    HOSPITALITY SEGMENT ADJUSTED EBITDAre RECONCILIATIONS AND OPERATING METRICS
    Unaudited
    (in thousands)
          
      
     Three Months Ended Mar. 31,
     2022
     2021
     $Margin $Margin
    Hospitality segment     
    Revenue$261,111   $69,802  
    Operating income (loss)$15,668 6.0% $(63,543)-91.0%
    Depreciation & amortization 52,271    49,148  
    Preopening costs -    398  
    Non-cash lease expense 1,053    1,104  
    Interest income on Gaylord National bonds 1,340    1,321  
    Adjusted EBITDAre$70,332 26.9% $(11,889)-17.0%
          
    Occupancy 47.3%   16.4% 
    Average daily rate (ADR)$229.17   $189.42  
    RevPAR$108.41   $31.02  
    OtherPAR$170.23   $45.69  
    Total RevPAR$278.64   $76.71  
          
          
          
    Gaylord Opryland     
    Revenue$73,519   $21,759  
    Operating income (loss)$15,555 21.2% $(11,750)-54.0%
    Depreciation & amortization 8,589    8,583  
    Gain on sale of assets -    (317) 
    Non-cash lease (revenue) expense (13)   2  
    Adjusted EBITDAre$24,131 32.8% $(3,482)-16.0%
          
    Occupancy 48.8%   18.3% 
    Average daily rate (ADR)$239.77   $210.04  
    RevPAR$116.98   $38.37  
    OtherPAR$165.87   $45.34  
    Total RevPAR$282.85   $83.71  
          
          
          
    Gaylord Palms     
    Revenue$59,848   $15,117  
    Operating income (loss)$15,858 26.5% $(6,017)-39.8%
    Depreciation & amortization 5,552    4,124  
    Preopening costs -    398  
    Non-cash lease expense 1,066    1,102  
    Adjusted EBITDAre$22,476 37.6% $(393)-2.6%
          
    Occupancy 55.6%   24.3% 
    Average daily rate (ADR)$256.19   $191.71  
    RevPAR$142.36   $46.66  
    OtherPAR$244.71   $71.96  
    Total RevPAR$387.07   $118.62  
          
          
          
    Gaylord Texan     
    Revenue$56,636   $18,358  
    Operating income (loss)$12,916 22.8% $(4,781)-26.0%
    Depreciation & amortization 6,698    6,229  
    Adjusted EBITDAre$19,614 34.6% $1,448 7.9%
          
    Occupancy 57.8%   22.6% 
    Average daily rate (ADR)$221.38   $189.83  
    RevPAR$128.06   $42.99  
    OtherPAR$218.85   $69.46  
    Total RevPAR$346.91   $112.45  
          
          
          
    Gaylord National     
    Revenue$32,587   $1,257  
    Operating loss$(11,275)-34.6% $(14,523)-1155.4%
    Depreciation & amortization 8,139    6,866  
    Interest income on Gaylord National bonds 1,340    1,321  
    Adjusted EBITDAre$(1,796)-5.5% $(6,336)-504.1%
          
    Occupancy 35.4%   0.0% 
    Average daily rate (ADR)$219.63   $-  
    RevPAR$77.73   $-  
    OtherPAR$103.67   $7.00  
    Total RevPAR$181.40   $7.00  
          
          
          
    Gaylord Rockies     
    Revenue$34,787   $11,970  
    Operating loss(1)$(16,784)-48.2% $(24,699)-206.3%
    Depreciation & amortization 22,648    22,691  
    Adjusted EBITDAre(1)$5,864 16.9% $(2,008)-16.8%
          
    Occupancy 39.2%   17.4% 
    Average daily rate (ADR)$213.46   $175.28  
    RevPAR$83.61   $30.46  
    OtherPAR$173.90   $58.15  
    Total RevPAR$257.51   $88.61  
          
          
          
    The AC Hotel at National Harbor     
    Revenue$1,607   $805  
    Operating loss$(407)-25.3% $(765)-95.0%
    Depreciation & amortization 327    329  
    Adjusted EBITDAre$(80)-5.0% $(436)-54.2%
          
    Occupancy 46.2%   33.3% 
    Average daily rate (ADR)$176.64   $125.99  
    RevPAR$81.65   $41.89  
    OtherPAR$11.37   $4.68  
    Total RevPAR$93.02   $46.57  
          
          
          
    The Inn at Opryland(2)     
    Revenue$2,127   $536  
    Operating loss$(195)-9.2% $(1,008)-188.1%
    Depreciation & amortization 318    326  
    Adjusted EBITDAre$123 5.8% $(682)-127.2%
          
    Occupancy 42.7%   15.9% 
    Average daily rate (ADR)$137.24   $104.19  
    RevPAR$58.63   $16.55  
    OtherPAR$19.36   $3.09  
    Total RevPAR$77.99   $19.64  
          
    (1) Operating loss and Adjusted EBITDAre for Gaylord Rockies exclude asset management fees paid to RHP of $0.1 million for the three months ended March 31, 2021.
    (2) Includes other hospitality revenue and expense
          


    Ryman Hospitality Properties, Inc. and Subsidiaries
    Adjusted EBITDAre reconciliation
    Unaudited
    (in thousands)
         
       January March
        2022   2022
    Hospitality segment    
     Operating Income/(Loss) $ (17,079) $ 33,913
     Total Depreciation and Amortization $17,229  $17,798
     Non-cash lease expense $351  $351
     Interest income on bonds $447  $447
     Adjusted EBITDAre $ 948  $ 52,509
          


    Ryman Hospitality Properties, Inc. and Subsidiaries
    Reconciliation of Forward-Looking Statements
    Unaudited
    (in thousands)
            
    Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate ("Adjusted EBITDAre")
            
            
            
       GUIDANCE RANGE
       FOR 2Q 2022
       Low  High Midpoint
    Ryman Hospitality Properties, Inc.      
     Net Income $ 28,500  $ 32,000  $ 30,250 
     Provision (benefit) for income taxes  16,200   17,700   16,950 
     Interest Expense  30,000   31,000   30,500 
     Depreciation and amortization  55,000   57,000   56,000 
     Pro rata EBITDAre from unconsolidated joint ventures (1)  50   50   50 
     EBITDAre $ 129,750  $ 137,750  $ 133,750 
     Non-cash lease expense  1,000   1,500   1,250 
     Preopening expense  125   125   125 
     Equity-based compensation  2,625   3,625   3,125 
     Interest income on Bonds  1,000   1,500   1,250 
     Other gains and (losses), net  500   500   500 
     Adjusted EBITDAre (1) $ 135,000  $ 145,000  $ 140,000 
            
    Hospitality Segment      
     Operating Income $ 70,000  $ 72,000  $ 71,000 
     Depreciation and amortization  48,000   49,000   48,500 
     Non-cash lease expense  1,000   1,500   1,250 
     Interest income on Bonds  1,000   1,500   1,250 
     Adjusted EBITDAre $ 120,000  $ 124,000  $ 122,000 
            
    Entertainment Segment      
     Operating Income $ 17,500  $ 20,000  $ 18,750 
     Depreciation and amortization  5,000   7,000   6,000 
     Preopening expense  125   125   125 
     Equity-based compensation  625   1,125   875 
     Pro rata adjusted EBITDAre from unconsolidated JVs (1)  (1,250)  (1,250)  (1,250)
     Adjusted EBITDAre (1) $ 22,000  $ 27,000  $ 24,500 
            
    Corporate and Other Segment      
     Operating Income $ (11,500) $ (10,000) $ (10,750)
     Depreciation and amortization  2,000   1,000   1,500 
     Equity-based compensation  2,000   2,500   2,250 
     Other gains and (losses), net  500   500   500 
     Adjusted EBITDAre $ (7,000) $ (6,000) $ (6,500)
            
    (1) Reconcilation of Forward-Looking Guidance does not include any impact of the pending Atairos transaction and pro rata adjusted EBITDAre is only from RHP's JV partnership with Circle
           


    Ryman Hospitality Properties, Inc. and Subsidiaries
    Reconciliation of Forward-Looking Statements
    Unaudited
    (in thousands)
            
    Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate ("Adjusted EBITDAre")
            
            
            
       GUIDANCE RANGE
       FOR FULL YEAR 2022
       Low  High Midpoint
    Ryman Hospitality Properties, Inc.      
     Net Income $ 60,000  $ 75,000  $ 67,500 
     Provision (benefit) for income taxes  53,400   55,300   54,350 
     Interest Expense  132,500   134,000   133,250 
     Depreciation and amortization  207,000   210,500   208,750 
     Pro rata EBITDAre from unconsolidated joint ventures (1)  100   200   150 
     EBITDAre $ 453,000  $ 475,000  $ 464,000 
     Non-cash lease expense  4,000   5,000   4,500 
     Preopening expense  500   500   500 
     Equity-based compensation  11,500   14,000   12,750 
     Interest income on Bonds  5,000   5,500   5,250 
     Other gains and (losses), net  2,000   2,000   2,000 
     Adjusted EBITDAre (1) $ 476,000  $ 502,000  $ 489,000 
            
    Hospitality Segment      
     Operating Income $ 233,000  $ 243,500  $ 238,250 
     Depreciation and amortization  183,000   186,000   184,500 
     Non-cash lease expense  4,000   5,000   4,500 
     Interest income on Bonds  5,000   5,500   5,250 
     Adjusted EBITDAre $ 425,000  $ 440,000  $ 432,500 
            
    Entertainment Segment      
     Operating Income $ 66,000  $ 69,000  $ 67,500 
     Depreciation and amortization  19,000   20,500   19,750 
     Preopening expense  500   500   500 
     Equity-based compensation  2,500   4,000   3,250 
     Pro rata adjusted EBITDAre from unconsolidated JVs (1)  (8,000)  (6,000)  (7,000)
     Adjusted EBITDAre (1) $ 80,000  $ 88,000  $ 84,000 
            
    Corporate and Other Segment      
     Operating Income $ (45,000) $ (42,000) $ (43,500)
     Depreciation and amortization  5,000   4,000   4,500 
     Equity-based compensation  9,000   10,000   9,500 
     Other gains and (losses), net  2,000   2,000   2,000 
     Adjusted EBITDAre $ (29,000) $ (26,000) $ (27,500)
            
    (1) Reconcilation of Forward-Looking Guidance does not include any impact of the pending Atairos transaction and pro rata adjusted EBITDAre is only from RHP's JV partnership with Circle
           

     


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