Ryman Hospitality Properties, Inc. Declares Third Quarter Dividend and Corrects Methodology for Calculating Funds from Operations (“FFO”) per Diluted Share and Adjusted FFO per Diluted Share
Ryman Hospitality Properties (NYSE: RHP) has declared a third quarter cash dividend of $1.10 per share, payable on October 15, 2024, to stockholders of record as of September 30, 2024. The company has also corrected its methodology for calculating FFO and adjusted FFO per diluted share, resulting in slightly higher figures for affected periods. This correction does not impact GAAP reporting or previously reported FFO and adjusted FFO figures. The new methodology will be used for future announcements and is expected to result in a slightly higher calculation for full year 2024 adjusted FFO per diluted share guidance. The correction involves additional adjustments related to the proportional FFO or adjusted FFO attributable to the noncontrolling interest in the consolidated joint venture.
Ryman Hospitality Properties (NYSE: RHP) ha dichiarato un dividendo in contante per il terzo trimestre di $1,10 per azione, che sarà pagato il 15 ottobre 2024, agli azionisti registrati al 30 settembre 2024. L'azienda ha anche corretto la sua metodologia per il calcolo del FFO e dell'FFO rettificato per azione diluita, portando a cifre leggermente superiori per i periodi interessati. Questa correzione non influisce sulla rendicontazione GAAP o sulle cifre FFO e FFO rettificato precedentemente riportate. La nuova metodologia verrà utilizzata per gli annunci futuri e si prevede che porterà a un calcolo leggermente più alto della guida per l'FFO rettificato per azione diluita dell'intero anno 2024. La correzione comporta ulteriori aggiustamenti relativi all'FFO proporzionale o FFO rettificato attribuibile all'interesse di minoranza nella joint venture consolidata.
Ryman Hospitality Properties (NYSE: RHP) ha declarado un dividendo en efectivo del tercer trimestre de $1.10 por acción, que se pagará el 15 de octubre de 2024, a los accionistas registrados hasta el 30 de septiembre de 2024. La compañía también ha corregido su metodología para calcular el FFO y el FFO ajustado por acción diluida, lo que resultó en cifras ligeramente más altas para los períodos afectados. Esta corrección no afecta la presentación de GAAP ni las cifras de FFO y FFO ajustado reportadas anteriormente. La nueva metodología se utilizará para futuros anuncios y se espera que resulte en un cálculo ligeramente más alto de la guía de FFO ajustado por acción diluida para todo el año 2024. La corrección implica ajustes adicionales relacionados con el FFO proporcional o FFO ajustado atribuible al interés no controlador en la empresa conjunta consolidada.
Ryman Hospitality Properties (NYSE: RHP)는 주당 $1.10의 3분기 현금 배당금을 선언했으며, 이는 2024년 10월 15일에 지급될 예정이며, 2024년 9월 30일 기준의 주주에게 지급됩니다. 이 회사는 또한 희석 주당 FFO 및 조정된 FFO 계산 방법론을 수정했습니다, 그 결과 영향을 받은 기간의 숫자가 약간 높아졌습니다. 이 수정은 GAAP 보고나 이전에 보고된 FFO 및 조정된 FFO 수치에는 영향을 미치지 않습니다. 새로운 방법론은 향후 발표에 사용될 것이며 2024년 전체 연도의 조정된 FFO 희석주당 가이드를 위한 약간 높은 계산을 초래할 것으로 예상됩니다. 수정은 통합 합작 투자에서 비지배 지분에 귀속되는 비례 FFO 또는 조정된 FFO와 관련된 추가 조정을 포함합니다.
Ryman Hospitality Properties (NYSE: RHP) a déclaré un dividende en espèces de 1,10 $ par action pour le troisième trimestre, payable le 15 octobre 2024, aux actionnaires inscrits au 30 septembre 2024. L'entreprise a également corrigé sa méthodologie de calcul du FFO et du FFO ajusté par action diluée, entraînant des chiffres légèrement plus élevés pour les périodes concernées. Cette correction n'a pas d'impact sur les rapports GAAP ou les chiffres FFO et FFO ajusté précédemment rapportés. La nouvelle méthodologie sera utilisée pour les annonces futures et devrait entraîner un calcul légèrement plus élevé des prévisions de FFO ajusté par action diluée pour l'année entière 2024. La correction implique des ajustements supplémentaires liés au FFO proportionnel ou au FFO ajusté attribuable à l'intérêt non contrôlant dans la coentreprise consolidée.
Ryman Hospitality Properties (NYSE: RHP) hat eine Bartzahlung von $1,10 pro Aktie für das dritte Quartal erklärt, die am 15. Oktober 2024 an die Aktionäre ausgezahlt wird, die am 30. September 2024 im Aktienregister stehen. Das Unternehmen hat auch sein Verfahren zur Berechnung von FFO und bereinigtem FFO pro verwässerter Aktie korrigiert, was zu leicht höheren Werten für die betroffenen Zeiträume führt. Diese Korrektur hat keinen Einfluss auf die GAAP-Berichterstattung oder die zuvor gemeldeten FFO- und bereinigten FFO-Zahlen. Die neue Methodik wird für zukünftige Ankündigungen verwendet und sollte zu einer leicht höheren Berechnung der bereinigten FFO-Prognose pro verwässerter Aktie für das gesamte Jahr 2024 führen. Die Korrektur umfasst zusätzliche Anpassungen im Zusammenhang mit dem proportionalen FFO oder bereinigten FFO, die dem nicht kontrollierenden Interesse an dem konsolidierten Joint Venture zuzurechnen sind.
- Declaration of a $1.10 per share quarterly dividend, indicating stable cash flow
- Corrected methodology results in slightly higher FFO and adjusted FFO per diluted share
- No impact on previously reported GAAP figures or FFO/adjusted FFO
- Expected increase in full year 2024 adjusted FFO per diluted share guidance
- Need for methodology correction may raise questions about previous financial reporting accuracy
Results in Slightly Higher FFO per Diluted Share and Adjusted FFO per Diluted Share for Affected Periods
NASHVILLE, Tenn., Sept. 04, 2024 (GLOBE NEWSWIRE) -- Ryman Hospitality Properties, Inc. (NYSE: RHP) (the “Company”), today announced that the Board of Directors has authorized, and the Company has declared, a third quarter cash dividend of
In addition, the Company is posting on its website certain information reflecting a corrected methodology used for calculating funds from operations available to common stockholders and unit holders per diluted share/unit (“FFO per diluted share”) and adjusted funds from operations available to common stockholders and unit holders per diluted share/unit (“adjusted FFO per diluted share”). Under the corrected methodology, FFO per diluted share and adjusted FFO per diluted share are slightly higher for affected periods. The corrected methodology does not affect any reported information under generally accepted accounting principles (“GAAP”), interim or annual, or any disclosures in any Quarterly Report on Form 10-Q or Annual Report on Form 10-K (including FFO and adjusted FFO reported therein). Moreover, the corrected methodology does not affect FFO or adjusted FFO as included by the Company in materials previously furnished to the U.S. Securities and Exchange Commission (“SEC”) or otherwise previously posted on the Company’s website, including investor presentations. The corrected methodology will be used for calculating FFO per diluted share and adjusted FFO per diluted share in future announcements, including for the comparative historical periods, and will also affect full year 2024 adjusted FFO per diluted share guidance previously announced by the Company. As with the affected historical periods, the corrected methodology is expected to result in a slightly higher calculation for full year 2024 adjusted FFO per diluted share guidance. The Company does not expect to update its guidance before its next quarterly earnings release.
Explanation of Corrected Methodology for Calculating FFO per Diluted Share and Adjusted FFO per Diluted Share
The FFO per diluted share and adjusted FFO per diluted share calculations include in outstanding diluted shares (the denominator in both the prior and corrected calculation methodology) certain shares of Company common stock related to the currently unexercisable investor put rights associated with the noncontrolling interest in the Company’s Opry Entertainment Group (“OEG”) business, which put rights may be settled in cash or shares at the Company’s option. The denominator calculation has not changed. No such share issuances occurred in any of the applicable periods, and the put rights remain unexercisable. Under the Company’s corrected methodology for calculating the numerators, the calculations of FFO per diluted share and adjusted FFO per diluted share include additional adjustments related to the proportional FFO or adjusted FFO, respectively, attributable to the noncontrolling interest in the consolidated joint venture, which were not included in the Company’s previous methodology.
Please refer to the Historical FFO per Diluted Share and Adjusted FFO per Diluted Share Disclosure available on the Investor Relations section of the Company’s website (Investor Relations/Financial Information/Historical Disclosure) for more details.
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 entertainment experiences. The Company’s holdings include 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, five of the top seven largest non-gaming convention center hotels in the United States based on total indoor meeting space. The Company also owns the JW Marriott San Antonio Hill Country Resort & Spa as well as two ancillary hotels adjacent to our Gaylord Hotels properties. The Company’s hotel portfolio is managed by Marriott International and includes a combined total of 11,414 rooms as well as more than 3 million square feet of total indoor and outdoor meeting space in top convention and leisure destinations across the country. RHP also owns a
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. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the statements made, including, but not limited to, risks associated with the future performance of the Company’s business, anticipated financial results for the Company during future periods, the Company’s ability to pay dividends, the Board of Directors’ ability to alter the dividend policy at any time and other business or operational issues. Other factors that could cause actual results to differ from the Company’s beliefs and expectations as to the outcome of future events are described in the filings made from time to time by the Company with the 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, 2023, and subsequent filings. Except as required by law, 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 the Company’s most recent Annual Report on Form 10-K and subsequent reports. Copies of the Company’s reports are available on its 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.
Non-GAAP Financial Measures
The Company discusses the following non-GAAP financial measures it believes are useful to investors as key measures of its operating performance:
FFO, Adjusted FFO, and Adjusted FFO Available to Common Stockholders and Unit Holders Definition
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), 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 ventures attributable to noncontrolling interest, and pro rata adjustments from unconsolidated joint ventures.
To calculate adjusted FFO available to common stockholders and unit holders, the Company then excludes, 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;
- loss 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 ventures;
- (gains) losses on other assets;
- transaction costs on acquisitions;
- deferred income tax expense (benefit); and
- any other adjustments the Company has identified herein.
FFO available to common stockholders and unit holders and adjusted FFO available to common stockholders and unit holders exclude the ownership portion of the joint ventures not controlled or owned by the Company.
The Company presents adjusted FFO available to common stockholders and unit holders per diluted share/unit as a non-GAAP measure of its performance in addition to its net income available to common stockholders per diluted share (calculated in accordance with GAAP). The Company calculates adjusted FFO available to common stockholders and unit holders per diluted share/unit as its adjusted FFO (defined as set forth above) for a given operating period, as adjusted for the effect of dilutive securities, divided by the number of diluted shares and units outstanding during such period.
The Company believes that the presentation of these non-GAAP financial measures provides useful information to investors regarding the performance of its ongoing operations because each presents a measure of the Company’s 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 the Company believes are not indicative of the performance of its underlying hotel properties. The Company believes that these items are more representative of its asset base than its ongoing operations. The Company also uses these non-GAAP financial measures as measures in determining its results after considering the impact of its capital structure.
The Company cautions investors that non-GAAP financial measures it presents 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 the Company presents, and any related per share measures, should not be considered as alternative measures of the Company’s Net Income, operating performance, cash flow or liquidity. These non-GAAP financial measures may include funds that may not be available for the Company’s discretionary use due to functional requirements to conserve funds for capital expenditures and property acquisitions and other commitments and uncertainties. Although the Company believes that these non-GAAP financial measures can enhance an investor’s understanding of its 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, President and Chief Executive Officer | Shannon Sullivan, Vice President Corporate and Brand Communications | ||
| Ryman Hospitality Properties, Inc. | Ryman Hospitality Properties, Inc. | ||
| (615) 316-6588 | (615) 316-6725 | ||
| mfioravanti@rymanhp.com | ssullivan@rymanhp.com | ||
| ~or~ | |||
| Jennifer Hutcheson, Chief Financial Officer | |||
| Ryman Hospitality Properties, Inc. | |||
| (615) 316-6320 | |||
| jhutcheson@rymanhp.com | |||
| ~or~ | |||
| Sarah Martin, Vice President Investor Relations | |||
| Ryman Hospitality Properties, Inc. | |||
| (615) 316-6011 | |||
| sarah.martin@rymanhp.com |
FAQ
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