NASHVILLE, Tenn., May 07, 2020 — 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 first quarter ended March 31, 2020.
First Quarter 2020 Results (as compared to First Quarter 2019):
- Hospitality RevPAR decreased 20.6% and Hospitality Total RevPAR decreased 16.3%
- Consolidated Net Income Available to Common Shareholders declined 258.2% to a loss of $46.5 million including approximately $33 million in non-cash charges
- Consolidated Adjusted EBITDAre decreased 41.8% to $66.9 million
- Adjusted Funds From Operations Available to Common Shareholders decreased 58.3% to $32.4 million
- Consolidated Net Income Available to Common Shareholders, Adjusted EBITDAre and Adjusted Funds From Operations Available to Common Shareholders include $14 million of COVID-19 related payroll costs
- Gross advanced room night of 288,771 room nights for all future years
- Early success rebooking approximately 167,000 COVID-19 related cancelled room nights, representing over $75 million in total revenue as of May 1, 2020
- Successfully amended credit facility to obtain waivers of financial covenants through March 31, 2021 and ensure access to undrawn revolver capacity
Colin Reed, Chairman and Chief Executive Officer of Ryman Hospitality Properties, said, “We started the first quarter of this year in a dramatically different position than where we ended. In fact, our January and February results outperformed our plan. The month of March was setting up to be similarly strong until we, along with nearly every sector of the global economy, were faced with the economic fallout from the COVID-19 pandemic, which for us included approximately $14 million of related costs, approximately $10 million of which were accrued for the second quarter of 2020. Just two weeks into March, we worked alongside state health officials to temporarily suspend operations at nearly all of our businesses to protect the health and wellbeing of our communities, guests, and employees.
As we have done during periods of great uncertainty in the past, including September 11, the Great Financial Crisis and the Nashville flood of 2010, our Board of Directors and leadership team made the early decision to communicate regularly with all of our stakeholders during this time. We hope this information has proven useful to you.
While the 2020 picture looks very different today than it did at the start of the first quarter, our team will navigate this crisis by focusing on our core differentiators as a company. We are pursuing opportunities to strengthen our relationship with our customers by offering flexible rebooking policies; we have secured the liquidity and covenant amendments needed to successfully navigate through this period of business interruption; and we are focused on supporting our employees so that we are in a strong position once it is practical and safe to begin reopening our businesses.
To that end, we continue to see encouraging activity from our meeting planning counterparts and have successfully rebooked approximately 167,000 room nights, which represents over $75 million in revenue. With approximately 742,000 contracted group room nights on the books as of May 1st for the second half of 2020, we believe the demand for our assets remains healthy and our customers have a strong desire to return to our venues once local market conditions make it possible to do so.”