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Ryman Hospitality Properties, Inc. Reports First Quarter Dividend And 2013 Guidance

Stocks in this article: RHP

Ryman Hospitality Properties, Inc. (NYSE: RHP) today announced that its Board of Directors declared its first quarterly cash dividend in its new structure as a Real Estate Investment Trust (REIT) and announced financial guidance for 2013.

“Our company today has the appropriate capital deployment strategy in place for our shareholders and our business, a lean cost structure, an enviable balance sheet and the ability to generate strong free cash flow,” stated Colin V. Reed, chairman, chief executive officer and president of Ryman Hospitality Properties. “All of these factors give us confidence that we are well positioned relative to our peers.”

First Quarter Dividend

The Company declared its first quarterly cash dividend of $0.50 per share of common stock payable on April 12, 2013 to stockholders of record on March 28, 2013. It is the Company’s current plan to distribute total annual dividends of approximately $2.00 per share in cash in equal quarterly payments in April, July, October, and January, subject to the board’s future determinations as to the amount of quarterly distributions and the timing thereof.

On December 17, 2012, the Company announced that its Board of Directors had approved its current dividend policy pursuant to which the Company plans to pay a quarterly cash dividend to stockholders in an amount equal to at least 50% of Adjusted Funds from Operations (Adjusted FFO), as defined below under “Supplemental Information,” on an annualized basis or 100% of REIT taxable income on an annualized basis, whichever is greater. The declaration, timing and amount of dividends will be determined by future action of the Company’s Board of Directors, and the dividend policy may be altered at any time by the Company’s Board of Directors.

2013 Guidance

In addition, the Company announced its earnings guidance for 2013, including its calculation method for Adjusted EBITDA and Adjusted FFO. The Company expects total Company Adjusted EBITDA for 2013 of $281.0 million to $297.0 million and Adjusted FFO (before REIT conversion costs) for 2013 of $212.0 million to $225.0 million and Adjusted FFO (after REIT conversion costs) for 2013 of $199.0 million to $213.0 million. Estimated amounts are as follows:

US$ in millions except per share amounts     2013 Guidance
Low   High
   
Hospitality RevPAR (1) 3.0 % 6.0 %
Hospitality Total RevPAR (1) 2.0 % 5.0 %
 
Adjusted EBITDA
Hospitality $ 278.0 $ 288.0
Opry and Attractions 15.0 17.0
Corporate and Other (24.0 ) (20.0 )
Gaylord National Bonds 12.0   12.0  
Total Adjusted EBITDA $281.0   $297.0  
 
Adjusted FFO (2) $ 212.0 $ 225.0
REIT conversion costs (tax effected) (13.0 ) (12.0 )

Adjusted FFO after REIT conversion costs (2)

$199.0   $213.0  
 
Adjusted FFO per Share (2) $ 4.03 $ 4.27

Adjusted FFO per Share after REIT conversion costs (2)

$ 3.78 $ 4.04
Estimated Basic Shares Outstanding 52.7 52.7

(1) Hospitality RevPAR estimated annual increases are based on 2012 Adjusted Hospitality RevPAR of $123.36 (as adjusted to reflect a change in room counting methods that does not exclude renovation rooms from the calculation of rooms available, per Marriott room counting methods), and Hospitality Total RevPAR estimated annual increases are based on 2012 Adjusted Hospitality Total RevPAR of $305.30 (as adjusted to reflect the elimination from the first three quarters of 2012 of revenues from retail operation that were outsourced to a third-party retailer beginning in the fourth quarter of 2012, as well as Marriott room counting methods).

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