Ryman Hospitality Properties, Inc. Reports Second Quarter 2021 Results

Rhea-AI Summary

Ryman Hospitality Properties (NYSE: RHP) reported improved financial results for Q2 2021, with a net loss of $63 million, up from $117 million, and a 1063.8% revenue increase to $170.9 million. Adjusted EBITDAre rose to $28.2 million, driven by group performance. The company rebooked 66% of COVID-19 canceled room nights and serviced 114,000 group room nights in Q2. All properties are now operational. Positive momentum in cash flow and entertainment demand is noted, with expectations for increased performance in the second half of 2021.

Positive

• Revenue increased by 1063.8% to $170.9 million compared to Q2 2020.
• Adjusted EBITDAre rose to $28.2 million, a significant improvement.
• Rebooked 66% of total canceled room nights due to COVID-19.
• Group room nights serviced reached approximately 114,000 in Q2 2021.

Negative

• Net loss of $63 million remains substantial, despite improvement.
• Total revenue for the first six months of 2021 decreased by 22.2% compared to 2020.
• Hospitality revenue declined by 30.6% in the first half of 2021 compared to the previous year.

NASHVILLE, Tenn., Aug. 03, 2021 (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 second quarter ended June 30, 2021.

Second Quarter 2021 Highlights and Recent Developments:

• Net Loss in second quarter improved sequentially to $(63.0) million from $(117.1) million on 103.0% revenue growth
• Consolidated Adjusted EBITDAre for the second quarter was approximately $28.2 million, primarily driven by improvement in group performance during June
• Since the outset of the pandemic and through the end of second quarter 2021, rebooked approximately 1.9 million room nights, or 66% of total room nights cancelled as a result of COVID-19
• Serviced approximately 114,000 group room nights in the second quarter and approximately 141,000 have been realized year to date
• Average monthly cash burn for the second quarter of 2021 was approximately $1 million¹; currently expect third quarter cash flow to continue the positive momentum seen in June
• With the July 1 reopening of Gaylord National, all hotels and entertainment venues are now open and operating at full capacities

Colin Reed, Chairman and Chief Executive Officer of Ryman Hospitality Properties, said, “I am encouraged by the trends we saw across our businesses in the second quarter, and I am particularly pleased with the positive inflection in cash flow we witnessed during the month of June. Our businesses were improving steadily through April and May, but the final month of the second quarter accelerated and we were able to generate over $28 million in Adjusted EBITDAre on a consolidated basis, representing a welcome change from the last few quarters. The momentum continues to build and is not limited to leisure customers, as evidenced by the over 114,000 group room nights serviced in the second quarter. It appears that this key customer segment is beginning to return, and while we will continue to monitor the progression of the delta variant and COVID-19 cases across the country, our current business on the books for the second half of 2021 gives us confidence in the remainder of the year.

Our entertainment businesses, dedicated to the growing popularity of the country music genre, are also experiencing positive momentum with many of our venues on pace to meet or exceed 2019 in terms of the number of scheduled performances during the second half of 2021. Our Ole Red venues are also seeing strong demand, and Nashville, home to the Ryman Auditorium and Grand Ole Opry House, lifted all of its capacity restrictions in mid-May. We are excited to see all of our customers again as they return to in-person dining and live entertainment.”

_______________
¹ We define monthly cash burn/cash flow as Adjusted EBITDAre less cash interest expense and debt service. For second quarter 2021, consolidated Adjusted EBITDAre was $28.2 million, cash interest expense was $29.3 million, and debt service was $1.3 million. For a reconciliation of the non-GAAP financial measure Adjusted EBITDAre to Net Income/(Loss), see “Supplemental Financial Results” below.

Second Quarter 2021 Results (As Compared to Second Quarter 2020):

($ in thousands, except per share amounts)	Three Months Ended										Six Months Ended
	June 30,										June 30,
		2021				2020			% ∆			2021				2020			% ∆
Total Revenue	$	170,861			$	14,681			1063.8%		$	255,036			$	327,711			-22.2%
Operating Loss (1)	$	(30,947	)		$	(140,735	)		78.0%		$	(110,504	)		$	(135,985	)		18.7%
Operating Loss margin		-18.1	%			-958.6	%		940.5pt			-43.3	%			-41.5	%		-1.8pt
Net (Loss) available to common shareholders (1) (2) (3)	$	(57,919	)		$	(173,492	)		66.6%		$	(162,440	)		$	(220,008	)		26.2%
Net (Loss) available to common shareholders margin		-33.9	%			-1181.7	%		1,147.8pt			-63.7	%			-67.1	%		3.4pt
Net (Loss) available to common shareholders per diluted share	$	(1.05	)		$	(3.16	)		66.8%		$	(2.95	)		$	(4.00	)		26.3%
Adjusted EBITDAre	$	28,155			$	(65,241	)		143.2%		$	5,706			$	1,634			249.2%
Adjusted EBITDAre margin		16.5	%			-444.4	%		460.9pt			2.2	%			0.5	%		1.7pt
Adjusted EBITDAre, excluding noncontrolling interest in consolidated joint venture	$	28,428			$	(63,113	)		145.0%		$	6,723			$	(3,944	)		270.5%
Adjusted EBITDAre, excluding noncontrolling interest in consolidated joint venture margin		16.6	%			-429.9	%		446.5pt			2.6	%			-1.2	%		3.8pt
Funds From Operations (FFO) available to common shareholders and unit holders (1) (2) (3)	$	(6,825	)		$	(128,093	)		94.7%		$	(66,790	)		$	(129,853	)		48.6%
FFO available to common shareholders and unit holders per diluted share/unit	$	(0.12	)		$	(2.33	)		94.8%		$	(1.20	)		$	(2.36	)		49.2%
Adjusted FFO available to common shareholders and unit holders	$	(1,647	)		$	(90,702	)		98.2%		$	(52,152	)		$	(58,272	)		10.5%
Adjusted FFO available to common shareholders and unit holders per diluted share/unit	$	(0.03	)		$	(1.65	)		98.2%		$	(0.94	)		$	(1.06	)		11.3%
(1) For the three and six months ended June 30, 2020, includes approximately $19.1 million and $25.0 million, respectively, in credit losses on held-to-maturity securities.
(2) For the six months ended June 30, 2020, includes $26.7 million for income tax valuation allowances.
(3) For the three and six months ended June 30, 2020, includes $15.0 million of expense related to the termination of the potential Block 21 acquisition.

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 Ventures 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										Six Months Ended
	June 30,										June 30,
		2021				2020			% ∆			2021				2020			% ∆
Hospitality Revenue (1)	$	135,688			$	10,305			1216.7%		$	205,490			$	295,976			-30.6%
Hospitality Operating Income/(Loss) (1) (2) (5)	$	(27,317	)		$	(119,332	)		77.1%		$	(90,860	)		$	(100,189	)		9.3%
Hospitality Adjusted EBITDAre (1) (5)	$	25,968			$	(47,689	)		154.5%		$	14,079			$	28,475			-50.6%
Hospitality Performance Metrics (1) (3)
Occupancy		32.9	%			1.7	%		31.2pt			24.7	%			29.4	%		-4.7pt
Average Daily Rate (ADR)	$	202.12			$	181.66			11.3%		$	197.97			$	201.51			-1.8%
RevPAR	$	66.51			$	3.05			2080.7%		$	48.98			$	59.20			-17.3%
Total RevPAR	$	145.63			$	11.20			1200.3%		$	111.58			$	160.85			-30.6%
Gross Definite Rooms Nights Booked		659,469				733,209			-10.1			1,100,639				1,021,980			7.7%
Net Definite Rooms Nights Booked		371,540				(206,518	)		279.9%			337,831				(622,272	)		154.3%
Group Attrition (as % of contracted block)		19.8	%			93.9	%		74.1pt			25.2	%			38.3	%		13.1pt
Cancellations ITYFTY (4)		137,360				659,117			-79.2			416,984				1,218,565			-65.8%
(1) Gaylord National closed on March 25, 2020 and remained closed throughout second quarter 2021. The hotel reopened on July 1, 2021.
(2) For the three and six months ended June 30, 2020, includes approximately $19.1 million and $25.0 million, respectively, in credit losses on held-to-maturity securities.
(3) Calculation of hospitality performance metrics includes closed hotel room nights available. ADR is for occupied rooms.
(4) "ITYFTY" represents In The Year For The Year.
(5) For the three and six months ended June 30, 2021, includes approximately $3.2 million and $3.0 million, respectively, in credits, which each are net of $3.7 million of payroll tax credits afforded under the 2020 Coronavirus Aid, Relief, and Economic Security Act (the "CARES" Act). For the three and six months ended June 30, 2020, includes approximately $10.2 million and $20.5 million, respectively, in COVID-19 related costs.

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 second quarter 2021 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

• Occupancy at open hotels was 40.9% in the second quarter of 2021, with both Gaylord Palms and Gaylord Texan achieving occupancy levels over 60% in the month of June
• Gaylord Palms led the brand in occupancy, generating 52.2% occupancy in the second quarter of 2021, which includes the 302 rooms added during its recently completed expansion
• Trend of organic bookings relative to re-bookings accelerated throughout the second quarter, reaching 63% of total bookings in June, up from 52% in April and 54% in May
• Gaylord National reopened on July 1 and the rooms renovation project was completed on time and on budget

Gaylord Opryland

($ in thousands, except ADR, RevPAR, and Total RevPAR)

	Three Months Ended										Six Months Ended
	June 30,										June 30,
		2021				2020			% ∆			2021				2020			% ∆
Revenue	$	45,002			$	1,320			3309.2%		$	66,761			$	77,447			-13.8%
Operating Income/(Loss)	$	3,201			$	(23,004	)		113.9%		$	(8,549	)		$	(8,999	)		5.0%
Operating Income/(Loss) margin		7.1	%			-1742.7	%		1,749.8pt			-12.8	%			-11.6	%		-1.2pt
Adjusted EBITDAre	$	11,755			$	(14,204	)		182.8%		$	8,273			$	7,316			13.1%
Adjusted EBITDAre margin		26.1	%			-1076.1	%		1,102.2pt			12.4	%			9.4	%		3.0pt
Occupancy (1)		40.2	%			0.9	%		39.3pt			29.3	%			30.6	%		-1.3pt
Average daily rate (ADR)	$	216.09			$	172.28			25.4%		$	214.22			$	194.22			10.3%
RevPAR (1)	$	86.88			$	1.55			5505.2%		$	62.76			$	59.51			5.5%
Total RevPAR (1)	$	171.23			$	5.02			3311.0%		$	127.71			$	147.34			-13.3%
(1) Calculation of hospitality performance metrics includes closed hotel room nights available.

• In June 2021, Gaylord Opryland reached occupancy levels of approximately 59% at an ADR that was approximately $20 higher than June 2019.
  
  

Gaylord Palms

($ in thousands, except ADR, RevPAR, and Total RevPAR)

	Three Months Ended										Six Months Ended
	June 30,										June 30,
		2021				2020			% ∆			2021				2020			% ∆
Revenue	$	32,702			$	814			3917.4%		$	47,819			$	46,189			3.5%
Operating Income/(Loss)	$	2,380			$	(13,801	)		117.2%		$	(3,637	)		$	(6,729	)		46.0%
Operating Income/(Loss) margin		7.3	%			-1695.5	%		1,702.8pt			-7.6	%			-14.6	%		7.0pt
Adjusted EBITDAre	$	9,001			$	(8,480	)		206.1%		$	8,608			$	4,118			109.0%
Adjusted EBITDAre margin		27.5	%			-1041.8	%		1,069.3pt			18.0	%			8.9	%		9.1pt
Occupancy (1)		52.2	%			0.8	%		51.4pt			38.9	%			31.7	%		7.2pt
Average daily rate (ADR)	$	199.63			$	129.79			53.8%		$	197.28			$	215.60			-8.5%
RevPAR (1)	$	104.17			$	1.01			10,213.9%		$	76.82			$	68.29			12.5%
Total RevPAR (1)	$	232.64			$	6.31			3,586.8%		$	178.42			$	179.23			-0.5%
(1) Calculation of hospitality performance metrics includes closed hotel room nights available; includes 302 expansion rooms completed beginning in April 2021.

• In June 2021, Gaylord Palms reached occupancy levels of approximately 67%, and transient ADR was more than $28 higher than June 2019.
  

Gaylord Texan

($ in thousands, except ADR, RevPAR, and Total RevPAR)

	Three Months Ended										Six Months Ended
	June 30,										June 30,
		2021				2020			% ∆			2021				2020			% ∆
Revenue	$	34,069			$	5,472			522.6%		$	52,427			$	61,468			-14.7%
Operating Income/(Loss)	$	3,278			$	(12,097	)		127.1%		$	(1,503	)		$	1,282			-217.2%
Operating Income/(Loss) margin		9.6	%			-221.1	%		230.7pt			-2.9	%			2.1	%		-5.0pt
Adjusted EBITDAre	$	9,472			$	(5,703	)		266.1%		$	10,920			$	14,139			-22.8%
Adjusted EBITDAre margin		27.8	%			-104.2	%		132.0pt			20.8	%			23.0	%		-2.2pt
Occupancy (1)		43.7	%			5.0	%		38.7pt			33.2	%			30.6	%		2.6pt
Average daily rate (ADR)	$	203.43			$	185.45			9.7%		$	198.82			$	203.14			-2.1%
RevPAR (1)	$	88.88			$	9.20			866.1%		$	66.06			$	62.23			6.2%
Total RevPAR (1)	$	206.39			$	33.15			522.6%		$	159.68			$	186.18			-14.2%
(1) Calculation of hospitality performance metrics includes closed hotel room nights available.

• In June 2021, Gaylord Texan reached occupancy levels of approximately 66% at an ADR of over $209, which was more than $16 higher than June 2019.
  
  

Gaylord National

($ in thousands, except ADR, RevPAR, and Total RevPAR)

	Three Months Ended										Six Months Ended
	June 30,										June 30,
		2021				2020			% ∆			2021				2020			% ∆
Revenue (1)	$	2,311			$	529			336.9%		$	3,568			$	49,923			-92.9%
Operating (Loss)	$	(15,051	)		$	(40,063	)		62.4%		$	(29,574	)		$	(52,984	)		44.2%
Operating (Loss) margin		-651.3	%			-7573.3	%		6,922.0pt			-828.9	%			-106.1	%		-722.8pt
Adjusted EBITDAre	$	(6,474	)		$	(12,260	)		47.2%		$	(12,810	)		$	(10,947	)		-17.0
Adjusted EBITDAre margin		-280.1	%			-2317.6	%		2,037.5pt			-359.0	%			-21.9	%		-337.1pt
Occupancy (2)		0.0	%			0.0	%		0.0pt			0.0	%			26.0	%		-26.0pt
Average daily rate (ADR)	$	0.00			$	0.00			NA		$	0.00			$	207.14			-100.0%
RevPAR (2)	$	0.00			$	0.00			NA		$	0.00			$	53.77			-100.0%
Total RevPAR (2)	$	12.72			$	2.91			337.1%		$	9.87			$	137.42			-92.8%
(1) Revenue for the three and six months ended June 30, 2021 and for the three months ended June 30, 2020 consisted primarily of attrition and cancellation fees.
(2) Calculation of hospitality performance metrics includes closed hotel room nights available.

• Subsequent to the quarter’s end, Gaylord National opened on July 1, 2021 and is now fully operational (after being closed since March 25, 2020).
  
  

Gaylord Rockies

($ in thousands, except ADR, RevPAR, and Total RevPAR)

	Three Months Ended										Six Months Ended
	June 30,										June 30,
		2021				2020			% ∆			2021				2020			% ∆
Revenue	$	18,338			$	1,806			915.4%		$	30,308			$	56,404			-46.3%
Operating (Loss) (1)	$	(20,596	)		$	(28,269	)		27.1%		$	(45,295	)		$	(30,008	)		-50.9%
Operating (Loss) margin		-112.3	%			-1565.3	%		1,453.0pt			-149.4	%			-53.2	%		-96.2pt
Adjusted EBITDAre (1)	$	2,021			$	(5,597	)		136.1%		$	13			$	15,273			-99.9%
Adjusted EBITDAre margin		11.0	%			-309.9	%		320.9pt			0.0	%			27.1	%		-27.1pt
Occupancy (2)		25.7	%			0.8	%		24.9pt			21.6	%			29.1	%		-7.5pt
Average daily rate (ADR)	$	199.69			$	394.44			-49.4		$	189.92			$	206.04			-7.8%
RevPAR (2)	$	51.38			$	3.29			1461.7%		$	40.98			$	59.96			-31.7%
Total RevPAR (2)	$	134.25			$	13.22			915.5%		$	111.55			$	206.47			-46.0%
(1) Operating loss and Adjusted EBITDAre for Gaylord Rockies for the three and six months ended June 30, 2021 exclude forgiven asset management fees previously owed to RHP of $0.4 million and $0.3 million, respectively. Operating Loss and Adjusted EBITDAre for Gaylord Rockies for the three and six months ended June 30, 2020 exclude asset management fees owed to RHP of $0.0 and $0.6 million, respectively.
(2) Calculation of hospitality performance metrics includes closed hotel room nights available.

• In June 2021, Gaylord Rockies reached occupancy levels of approximately 40%, and transient ADR was more than $42 higher than June 2019.
• During May 2021, the Company acquired the remaining 35% of Gaylord Rockies along with 130 acres of adjacent land for $210 million.

Entertainment Segment

For the three and six months ended June 30, 2021, and 2020, the Company reported the following:

	Three Months Ended										Six Months Ended
	June 30,										June 30,
($ in thousands)		2021				2020			% ∆			2021				2020			% ∆
Revenue	$	35,173			$	4,376			703.8%		$	49,546			$	31,735			56.1%
Operating Income/(Loss)(1)	$	5,913			$	(13,124	)		145.1%		$	(2,007	)		$	(18,910	)		89.4%
Operating Income/(Loss) margin		16.8	%			-299.9	%		316.7pt			-4.1	%			-59.6	%		55.5pt
Adjusted EBITDAre(1)	$	8,290			$	(10,342	)		180.2%		$	2,829			$	(13,622	)		120.8%
Adjusted EBITDAre margin		23.6	%			-236.3	%		259.9pt			5.7	%			-42.9	%		48.6pt
(1) Total COVID-19 related costs were approximately $0.4 million and $4.1 million during the three and six months ended June 30, 2020, respectively, and consisted primarily of wages and benefits costs for furloughed employees.

Reed continued, “The performance of our entertainment business during this quarter is reflective of the pent-up demand for live entertainment and in-person gatherings. This momentum has helped drive the number of shows and events scheduled at the Grand Ole Opry and the Ryman Auditorium for the second half of 2021 to exceed the number scheduled during the same period in 2019. During the month of June, both Ole Red Nashville and Ole Red Gatlinburg exceeded revenue and Adjusted EBITDA generated during the same time in 2019, and we are excited to build on this enthusiasm throughout the rest of 2021 and into 2022.”

Corporate and Other Segment

For the three and six months ended June 30, 2021, and 2020, the Company reported the following: 

	Three Months Ended										Six Months Ended
	June 30,										June 30,
($ in thousands)		2021				2020			% ∆			2021				2020			% ∆
Operating Loss(1)	$	(9,543	)		$	(8,279	)		-15.3%		$	(17,637	)		$	(16,886	)		-4.4%
Adjusted EBITDAre(1)	$	(6,103	)		$	(7,210	)		15.4%		$	(11,202	)		$	(13,219	)		15.3%
(1) Total COVID-19 related costs were approximately $0.3 million and $0.5 million during the three and six months ended June 30, 2020, respectively, and consisted primarily of wages and benefits costs for furloughed employees.

Reed concluded, “Roughly a year and a half ago, at the onset of the pandemic, we took decisive actions to protect our workers, our communities, and our business. While the COVID-19 pandemic supersedes past crises in scope and scale, we have not wavered in our commitment to continue investing in the future of this Company, and the completion of our Gaylord Palms expansion, the renovation of Gaylord National, and our acquisition of the remaining 35% of Gaylord Rockies, put us in an enviable position to take advantage of a recovering travel industry. Though challenges certainly remain, I’m proud of this team and I recognize the achievements we’ve made this past year and the path we have traveled. I want to again express my tremendous gratitude for and pride in the efforts our employees continue to make every day across our operating businesses. More than ever, I am excited today about the long-term opportunities for our business and I remain confident in our team, our business model, and the long-term strength of our Company.”  

Dividend Update
The Company suspended its regular quarterly dividend payments following the payment of the first quarter 2020 dividend payment, which was made in April 2020. The Board has not reinstituted the dividend.  

Balance Sheet/Liquidity Update
As of June 30, 2021, the Company had total debt outstanding of $2,970.1 million, net of unamortized deferred financing costs, and unrestricted cash of $71.6 million. As of June 30, 2021, $225.0 million was drawn under the revolving credit line of the Company’s credit facility, and the lending banks had issued $0.3 million in letters of credit, which left $474.7 million of availability for borrowing under the credit facility.

On May 27, 2021, the Company entered into an at-the-market (ATM) equity distribution agreement that allows the Company to issue and sell up to 4 million shares of stock through sales agents. No shares were issued under the ATM agreement during the three and six months ended June 30, 2021.

Earnings Call Information
Ryman Hospitality Properties will hold a conference call to discuss this release today at 10 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 2.7 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, including the Grand Ole Opry; Ryman Auditorium, WSM 650 AM; Ole Red and Circle, a country lifestyle media network the Company owns in a joint-venture with Gray Television. 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, transient and group demand, the effects of COVID-19 on our results of operations, rebooking efforts, our liquidity, monthly cash expenses and cash flow, recovery of group business to pre-pandemic levels, anticipated business levels and anticipated financial results for the Company during future periods, 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, transient 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 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, and the Company’s ability to borrow funds pursuant to its credit agreement. 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, 2020 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 and six months ended June 30, 2021 and 2020, 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 our Gaylord Hotel properties, including Gaylord National, which reopened July 1, 2021, and reopening under capacity restrictions has resulted in the significant decrease in performance reflected in these metrics for the three and six months ended June 30, 2021. Occupancy figures reflect an additional 302 rooms available at Gaylord Palms beginning in April 2021.

Calculation of GAAP Margin Figures
We calculate Net Income 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 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 Ventures 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 ventures; and
• any other adjustments we have identified herein.
  

We then exclude noncontrolling interests in consolidated joint ventures 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 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, 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 ventures attributable to noncontrolling interest, and pro rata adjustments for unconsolidated joint ventures.

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 ventures;
• (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.

Beginning in the third quarter of 2020, we refer to unitholders in these measures, reflecting outstanding OP units issued to noncontrolling interests for the first time during third quarter 2020.

We believe that the presentation of these non-GAAP financial measures provide 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, President & Chief Financial 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~	~or~
Todd Siefert, Senior Vice President Corporate Finance & Treasurer	Robert Winters
Ryman Hospitality Properties, Inc.	Alpha IR Group
(615) 316-6344	(929) 266-6315
tsiefert@rymanhp.com	robert.winters@alpha-ir.com

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Unaudited
(In thousands, except per share data)
	Three Months Ended								Six Months Ended
	Jun. 30								Jun. 30
		2021				2020				2021				2020
Revenues:
Rooms	$	61,971			$	2,802			$	90,199			$	108,930
Food and beverage		45,619				1,510				63,794				147,260
Other hotel revenue		28,098				5,993				51,497				39,786
Entertainment		35,173				4,376				49,546				31,735
Total revenues		170,861				14,681				255,036				327,711
Operating expenses:
Rooms		15,039				4,472				24,516				36,780
Food and beverage		33,748				11,891				53,077				95,702
Other hotel expenses		61,365				45,045				115,922				135,519
Management fees		2,149				(563	)			2,902				4,929
Total hotel operating expenses		112,301				60,845				196,417				272,930
Entertainment		25,639				13,457				44,330				42,803
Corporate		8,978				7,258				16,506				15,394
Preopening costs		217				700				616				1,501
Gain on sale of assets		-				-				(317	)			(1,261	)
Credit loss on held-to-maturity securities		-				19,145				-				24,973
Depreciation and amortization		54,673				54,011				107,988				107,356
Total operating expenses		201,808				155,416				365,540				463,696
Operating loss		(30,947	)			(140,735	)			(110,504	)			(135,985	)
Interest expense, net of amounts capitalized		(29,847	)			(30,042	)			(60,643	)			(59,400	)
Interest income		1,451				1,854				2,821				4,225
Loss on extinguishment of debt		-				-				(2,949	)			-
Loss from consolidated joint ventures		(1,910	)			(1,820	)			(3,519	)			(3,715	)
Other gains and (losses), net		(173	)			(16,755	)			201				(16,560	)
Loss before income taxes		(61,426	)			(187,498	)			(174,593	)			(211,435	)
Provision for income taxes		(1,623	)			(161	)			(5,577	)			(26,960	)
Net loss		(63,049	)			(187,659	)			(180,170	)			(238,395	)
Net loss attributable to noncontrolling interest in consolidated joint venture		4,708				14,167				16,501				18,387
Net loss attributable to noncontrolling interest in Operating Partnership		422				-				1,229				-
Net loss available to common shareholders	$	(57,919	)		$	(173,492	)		$	(162,440	)		$	(220,008	)
Basic loss per share available to common shareholders	$	(1.05	)		$	(3.16	)		$	(2.95	)		$	(4.00	)
Diluted loss per share available to common shareholders	$	(1.05	)		$	(3.16	)		$	(2.95	)		$	(4.00	)
Weighted average common shares for the period:
Basic		55,058				54,974				55,026				54,943
Diluted		55,058				54,974				55,026				54,943

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
Unaudited
(In thousands)
	Jun. 30				Dec. 31,
		2021			2020
ASSETS:
Property and equipment, net of accumulated depreciation	$	3,104,336			$	3,117,247
Cash and cash equivalents - unrestricted		71,612				56,697
Cash and cash equivalents - restricted		17,013				23,057
Notes receivable		71,972				71,923
Trade receivables, net		36,937				20,106
Prepaid expenses and other assets		103,545				100,494
Intangible assets		146,885				166,971
Total assets	$	3,552,300			$	3,556,495
LIABILITIES AND EQUITY:
Debt and finance lease obligations	$	2,970,145			$	2,658,008
Accounts payable and accrued liabilities		238,460				203,121
Dividends payable		332				843
Deferred management rights proceeds		172,173				172,724
Operating lease liabilities		108,283				107,569
Deferred income tax liabilities, net		5,838				665
Other liabilities		82,888				92,779
Noncontrolling interest in consolidated joint venture		-				100,969
Total equity (deficit)		(25,819	)			219,817
Total liabilities and equity	$	3,552,300			$	3,556,495

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES
SUPPLEMENTAL FINANCIAL RESULTS
ADJUSTED EBITDAre RECONCILIATION
Unaudited
(in thousands)
	Three Months Ended Jun. 30,												Six Months Ended Jun. 30,
	2021						2020						2021						2020
	$			Margin			$			Margin			$			Margin			$			Margin
Consolidated
Revenue	$	170,861					$	14,681					$	255,036					$	327,711
Net loss	$	(63,049	)	-36.9	%		$	(187,659	)	-1278.2	%		$	(180,170	)	-70.6	%		$	(238,395	)	-72.7	%
Interest expense, net		28,396						28,188						57,822						55,175
Provision for income taxes		1,623						161						5,577						26,960
Depreciation & amortization		54,673						54,011						107,988						107,356
(Gain) loss on sale of assets		-						6						(317	)					(1,255	)
Pro rata EBITDAre from unconsolidated joint ventures		19						6						34						9
EBITDAre		21,662		12.7	%			(105,287	)	-717.2	%			(9,066	)	-3.6	%			(50,150	)	-15.3	%
Preopening costs		217						700						616						1,501
Non-cash lease expense		1,085						1,141						2,173						2,258
Equity-based compensation expense		3,146						2,189						5,668						4,419
Pension settlement charge		566						-						566						-
Credit loss on held-to-maturity securities		-						19,145						-						24,973
Interest income on Gaylord National bonds		1,404						1,733						2,725						3,198
Loss on extinguishment of debt		-						-						2,949						-
Transaction costs of acquisitions		75						15,138						75						15,435
Adjusted EBITDAre	$	28,155		16.5	%		$	(65,241	)	-444.4	%		$	5,706		2.2	%		$	1,634		0.5	%
Adjusted EBITDAre of noncontrolling interest in consolidated joint venture		273						2,128						1,017					$	(5,578	)
Adjusted EBITDAre, excluding noncontrolling interest in consolidated joint venture	$	28,428		16.6	%		$	(63,113	)	-429.9	%		$	6,723		2.6	%		$	(3,944	)	-1.2	%
Hospitality segment
Revenue	$	135,688					$	10,305					$	205,490					$	295,976
Operating loss	$	(27,317	)	-20.1	%		$	(119,332	)	-1158.0	%		$	(90,860	)	-44.2	%		$	(100,189	)	-33.9	%
Depreciation & amortization		50,487						49,588						99,635						99,357
Gain on sale of assets		-						-						(317	)					(1,261	)
Preopening costs		217						59						615						166
Non-cash lease expense		1,102						1,118						2,206						2,231
Credit loss on held-to-maturity securities		-						19,145						-						24,973
Interest income on Gaylord National bonds		1,404						1,733						2,725						3,198
Transaction costs of acquisitions		75						-						75						-
Adjusted EBITDAre	$	25,968		19.1	%		$	(47,689	)	-462.8	%		$	14,079		6.9	%		$	28,475		9.6	%
Entertainment segment
Revenue	$	35,173					$	4,376					$	49,546					$	31,735
Operating income (loss)	$	5,913		16.8	%		$	(13,124	)	-299.9	%		$	(2,007	)	-4.1	%		$	(18,910	)	-59.6	%
Depreciation & amortization		3,621						3,402						7,222						6,507
Preopening costs		-						641						1						1,335
Non-cash lease (revenue) expense		(17	)					23						(33	)					27
Equity-based compensation		664						392						1,131						690
Transaction costs of acquisitions		-						138						-						435
Pro rata adjusted EBITDAre from unconsolidated joint ventures		(1,891	)					(1,814	)					(3,485	)					(3,706	)
Adjusted EBITDAre	$	8,290		23.6	%		$	(10,342	)	-236.3	%		$	2,829		5.7	%		$	(13,622	)	-42.9	%
Corporate and Other segment
Operating loss	$	(9,543	)				$	(8,279	)				$	(17,637	)				$	(16,886	)
Depreciation & amortization		565						1,021						1,131						1,492
Other gains and (losses), net		(173	)					(1,749	)					201						(1,554	)
Equity-based compensation		2,482						1,797						4,537						3,729
Pension settlement charge		566						-						566						-
Adjusted EBITDAre	$	(6,103	)				$	(7,210	)				$	(11,202	)				$	(13,219	)

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 Jun. 30,								Six Months Ended Jun. 30,
		2021				2020				2021				2020
Consolidated
Net loss	$	(63,049	)		$	(187,659	)		$	(180,170	)		$	(238,395	)
Noncontrolling interest in consolidated joint venture		4,708				14,167				16,501				18,387
Net loss available to common shareholders and unit holders		(58,341	)			(173,492	)			(163,669	)			(220,008	)
Depreciation & amortization		54,636				53,974				107,914				107,282
Adjustments for noncontrolling interest		(3,139	)			(8,581	)			(11,069	)			(17,138	)
Pro rata adjustments from joint ventures		19				6				34				11
FFO available to common shareholders and unit holders		(6,825	)			(128,093	)			(66,790	)			(129,853	)
Right-of-use asset amortization		37				37				74				74
Non-cash lease expense		1,085				1,141				2,173				2,258
Pension settlement charge		566				-				566				-
Credit loss on held-to-maturity securities		-				19,145				-				24,973
Gain on other assets		-				-				(317	)			(1,261	)
Write-off of deferred financing costs		-				235				-				235
Amortization of deferred financing costs		2,170				1,957				4,379				3,851
Amortization of debt premiums		(70	)			(67	)			(140	)			(134	)
Loss on extinguishment of debt		-				-				2,949				-
Adjustments for noncontrolling interest		(77	)			(277	)			(294	)			(491	)
Transaction costs of acquisitions		75				15,138				75				15,435
Deferred tax expense		1,392				82				5,173				26,641
Adjusted FFO available to common shareholders and unit holders	$	(1,647	)		$	(90,702	)		$	(52,152	)		$	(58,272	)
Capital expenditures (1)		(16,435	)			(1,778	)			(16,587	)			(15,497	)
Adjusted FFO available to common shareholders and unit holders (ex. maintenance capex)	$	(18,082	)		$	(92,480	)		$	(68,739	)		$	(73,769	)
Basic net loss per share	$	(1.05	)		$	(3.16	)		$	(2.95	)		$	(4.00	)
Diluted net loss per share	$	(1.05	)		$	(3.16	)		$	(2.95	)		$	(4.00	)
FFO available to common shareholders and unit holders per basic share/unit	$	(0.12	)		$	(2.33	)		$	(1.20	)		$	(2.36	)
Adjusted FFO available to common shareholders and unit holders per basic share/unit	$	(0.03	)		$	(1.65	)		$	(0.94	)		$	(1.06	)
FFO available to common shareholders per diluted share/unit	$	(0.12	)		$	(2.33	)		$	(1.20	)		$	(2.36	)
Adjusted FFO available to common shareholders per diluted share/unit	$	(0.03	)		$	(1.65	)		$	(0.94	)		$	(1.06	)
Weighted average common shares and OP units for the period:
Basic		55,458				54,974				55,440				54,943
Diluted		55,458				54,974				55,440				54,943
(1) Represents FF&E reserve for managed properties and maintenance capital expenditures for non-managed properties. Note that beginning in March 2020, as a result of the COVID-19 pandemic, contributions to the FF&E reserve for managed properties have been temporarily suspended, although we have made voluntary contributions to fund the rooms renovation at Gaylord National.

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES
SUPPLEMENTAL FINANCIAL RESULTS
HOSPITALITY SEGMENT ADJUSTED EBITDAre RECONCILIATIONS AND OPERATING METRICS
Unaudited
(in thousands)
	Three Months Ended Jun. 30,												Six Months Ended Jun. 30,
		2021						2020						2021						2020
	$			Margin			$			Margin			$			Margin			$			Margin
Hospitality segment
Revenue	$	135,688					$	10,305					$	205,490					$	295,976
Operating loss	$	(27,317	)	-20.1	%		$	(119,332	)	-1158.0	%		$	(90,860	)	-44.2	%		$	(100,189	)	-33.9	%
Depreciation & amortization		50,487						49,588						99,635						99,357
Gain on sale of assets		-						-						(317	)					(1,261	)
Preopening costs		217						59						615						166
Non-cash lease expense		1,102						1,118						2,206						2,231
Credit loss on held-to-maturity securities		-						19,145						-						24,973
Interest income on Gaylord National bonds		1,404						1,733						2,725						3,198
Transaction costs of acquisitions		75						-						75						-
Adjusted EBITDAre	$	25,968		19.1	%		$	(47,689	)	-462.8	%		$	14,079		6.9	%		$	28,475		9.6	%
Occupancy		32.9	%					1.7	%					24.7	%					29.4	%
Average daily rate (ADR)	$	202.12					$	181.66					$	197.97					$	201.51
RevPAR	$	66.51					$	3.05					$	48.98					$	59.20
OtherPAR	$	79.12					$	8.15					$	62.60					$	101.65
Total RevPAR	$	145.63					$	11.20					$	111.58					$	160.85
Gaylord Opryland
Revenue	$	45,002					$	1,320					$	66,761					$	77,447
Operating income (loss)	$	3,201		7.1	%		$	(23,004	)	-1742.7	%		$	(8,549	)	-12.8	%		$	(8,999	)	-11.6	%
Depreciation & amortization		8,554						8,818						17,137						17,616
Gain on sale of assets		-						-						(317	)					(1,261	)
Non-cash lease (revenue) expense		-						(18	)					2						(40	)
Adjusted EBITDAre	$	11,755		26.1	%		$	(14,204	)	-1076.1	%		$	8,273		12.4	%		$	7,316		9.4	%
Occupancy		40.2	%					0.9	%					29.3	%					30.6	%
Average daily rate (ADR)	$	216.09					$	172.28					$	214.22					$	194.22
RevPAR	$	86.88					$	1.55					$	62.76					$	59.51
OtherPAR	$	84.35					$	3.47					$	64.95					$	87.83
Total RevPAR	$	171.23					$	5.02					$	127.71					$	147.34
Gaylord Palms
Revenue	$	32,702					$	814					$	47,819					$	46,189
Operating income (loss)	$	2,380		7.3	%		$	(13,801	)	-1695.5	%		$	(3,637	)	-7.6	%		$	(6,729	)	-14.6	%
Depreciation & amortization		5,302						4,126						9,426						8,410
Preopening costs		217						59						615						166
Non-cash lease expense		1,102						1,136						2,204						2,271
Adjusted EBITDAre	$	9,001		27.5	%		$	(8,480	)	-1041.8	%		$	8,608		18.0	%		$	4,118		8.9	%
Occupancy		52.2	%					0.8	%					38.9	%					31.7	%
Average daily rate (ADR)	$	199.63					$	129.79					$	197.28					$	215.60
RevPAR	$	104.17					$	1.01					$	76.82					$	68.29
OtherPAR	$	128.47					$	5.30					$	101.60					$	110.94
Total RevPAR	$	232.64					$	6.31					$	178.42					$	179.23
Gaylord Texan
Revenue	$	34,069					$	5,472					$	52,427					$	61,468
Operating income (loss)	$	3,278		9.6	%		$	(12,097	)	-221.1	%		$	(1,503	)	-2.9	%		$	1,282		2.1	%
Depreciation & amortization		6,194						6,394						12,423						12,857
Adjusted EBITDAre	$	9,472		27.8	%		$	(5,703	)	-104.2	%		$	10,920		20.8	%		$	14,139		23.0	%
Occupancy		43.7	%					5.0	%					33.2	%					30.6	%
Average daily rate (ADR)	$	203.43					$	185.45					$	198.82					$	203.14
RevPAR	$	88.88					$	9.20					$	66.06					$	62.23
OtherPAR	$	117.51					$	23.95					$	93.62					$	123.95
Total RevPAR	$	206.39					$	33.15					$	159.68					$	186.18
Gaylord National
Revenue	$	2,311					$	529					$	3,568					$	49,923
Operating loss	$	(15,051	)	-651.3	%		$	(40,063	)	-7573.3	%		$	(29,574	)	-828.9	%		$	(52,984	)	-106.1	%
Depreciation & amortization		7,173						6,925						14,039						13,866
Credit loss on held-to-maturity securities		-						19,145						-						24,973
Interest income on Gaylord National bonds		1,404						1,733						2,725						3,198
Adjusted EBITDAre	$	(6,474	)	-280.1	%		$	(12,260	)	-2317.6	%		$	(12,810	)	-359.0	%		$	(10,947	)	-21.9	%
Occupancy		0.0	%					0.0	%					0.0	%					26.0	%
Average daily rate (ADR)	$	-					$	-					$	-					$	207.14
RevPAR	$	-					$	-					$	-					$	53.77
OtherPAR	$	12.72					$	2.91					$	9.87					$	83.65
Total RevPAR	$	12.72					$	2.91					$	9.87					$	137.42
Gaylord Rockies
Revenue	$	18,338					$	1,806					$	30,308					$	56,404
Operating loss (1)	$	(20,596	)	-112.3	%		$	(28,269	)	-1565.3	%		$	(45,295	)	-149.4	%		$	(30,008	)	-53.2	%
Depreciation & amortization		22,617						22,672						45,308						45,281
Adjusted EBITDAre (1)	$	2,021		11.0	%		$	(5,597	)	-309.9	%		$	13		0.0	%		$	15,273		27.1	%
Occupancy		25.7	%					0.8	%					21.6	%					29.1	%
Average daily rate (ADR)	$	199.69					$	394.44					$	189.92					$	206.04
RevPAR	$	51.38					$	3.29					$	40.98					$	59.96
OtherPAR	$	82.87					$	9.93					$	70.57					$	146.51
Total RevPAR	$	134.25					$	13.22					$	111.55					$	206.47
The AC Hotel at National Harbor
Revenue	$	1,459					$	146					$	2,264					$	1,995
Operating loss	$	(376	)	-25.8	%		$	(978	)	-669.9	%		$	(1,141	)	-50.4	%		$	(1,295	)	-64.9	%
Depreciation & amortization		328						329						657						665
Adjusted EBITDAre	$	(48	)	-3.3	%		$	(649	)	-444.5	%		$	(484	)	-21.4	%		$	(630	)	-31.6	%
Occupancy		49.7	%					7.8	%					41.5	%					25.7	%
Average daily rate (ADR)	$	153.50					$	116.11					$	142.54					$	192.63
RevPAR	$	76.30					$	9.04					$	59.19					$	49.52
OtherPAR	$	7.19					$	(0.71	)				$	5.94					$	7.56
Total RevPAR	$	83.49					$	8.33					$	65.13					$	57.08
The Inn at Opryland (2)
Revenue	$	1,807					$	218					$	2,343					$	2,550
Operating loss	$	(153	)	-8.5	%		$	(1,120	)	-513.8	%		$	(1,161	)	-49.6	%		$	(1,456	)	-57.1	%
Depreciation & amortization		319						324						645						662
Transaction costs of acquisitions		75						-						75						-
Adjusted EBITDAre	$	241		13.3	%		$	(796	)	-365.1	%		$	(441	)	-18.8	%		$	(794	)	-31.1	%
Occupancy		42.2	%					5.0	%					29.1	%					25.4	%
Average daily rate (ADR)	$	126.51					$	97.04					$	120.45					$	133.43
RevPAR	$	53.38					$	4.81					$	35.07					$	33.85
OtherPAR	$	12.23					$	3.12					$	7.69					$	12.41
Total RevPAR	$	65.61					$	7.93					$	42.76					$	46.26
(1) Operating loss and Adjusted EBITDAre for Gaylord Rockies for the three months and six months ended June 30, 2021 exclude forgiven asset management fees previously owed to RHP of $0.4 million and $0.3 million, respectively. Operating loss and Adjusted EBITDAre for Gaylord Rockies for the three months and six months ended June 30, 2020 exclude asset management fees owed to RHP of $0 and $0.6 million, respectively.
(2) Includes other hospitality revenue and expense

FAQ

What were Ryman Hospitality Properties' Q2 2021 financial results?

Ryman Hospitality reported a Q2 2021 net loss of $63 million, with revenue of $170.9 million, a 1063.8% increase from the previous year.

How did COVID-19 impact RHP's financial performance in Q2 2021?

COVID-19 led to approximately 1.9 million room nights being canceled, although RHP successfully rebooked 66% of these cancellations.

What is the outlook for Ryman Hospitality Properties in the second half of 2021?

The company expects continued positive momentum in cash flow and business performance, particularly from group customers and entertainment venues.

What is the stock ticker for Ryman Hospitality Properties?

The stock ticker for Ryman Hospitality Properties is RHP.

When is Ryman Hospitality's next earnings call?

Ryman Hospitality's next earnings call is scheduled for today at 10 a.m. ET.