Ryman Hospitality Properties, Inc. Files 2023 Annual Report (10-K)
Ticker: RHP · Form: 10-K · Filed: Feb 23, 2024 · CIK: 1040829
Sentiment: neutral
Topics: Ryman Hospitality Properties, RHP, 10-K, Real Estate Investment Trusts, Annual Report
TL;DR
<b>Ryman Hospitality Properties, Inc. has filed its annual 10-K report for the fiscal year ended December 31, 2023, detailing its financial performance and operational aspects.</b>
AI Summary
Ryman Hospitality Properties, Inc. (RHP) filed a Annual Report (10-K) with the SEC on February 23, 2024. Ryman Hospitality Properties, Inc. filed its 10-K report for the fiscal year ending December 31, 2023. The company's primary business is real estate investment trusts (REITs). The filing includes financial data and disclosures for the period. Key dates and events related to the company's operations are detailed. The report covers various financial statement line items and disclosures.
Why It Matters
For investors and stakeholders tracking Ryman Hospitality Properties, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Ryman Hospitality Properties' financial health and strategic positioning for investors and analysts. Understanding the details within this report is crucial for assessing the company's performance, risks, and future outlook in the real estate investment trust sector.
Risk Assessment
Risk Level: medium — Ryman Hospitality Properties, Inc. shows moderate risk based on this filing. The company operates in the real estate investment trusts sector, which is subject to market fluctuations and economic conditions that can impact property values and rental income.
Analyst Insight
Review the detailed financial statements and risk factors in the 10-K to understand Ryman Hospitality Properties' current financial standing and future growth prospects.
Key Numbers
- 20231231 — Fiscal Year End (Conformed period of report)
- 20240223 — Filing Date (Filed as of date)
- 6798 — Standard Industrial Classification (SIC code for Real Estate Investment Trusts)
- 730664379 — IRS Number (Company's IRS number)
- 001-13079 — SEC File Number (SEC file number for the filing)
- 24670421 — Film Number (SEC film number)
Key Players & Entities
- Ryman Hospitality Properties, Inc. (company) — Filer name
- Gaylord Entertainment Co (company) — Former company name
- New Gaylord Entertainment Co (company) — Former company name
- Nashville (location) — Business address city
- DE (location) — State of incorporation
- TN (location) — Business address state
FAQ
When did Ryman Hospitality Properties, Inc. file this 10-K?
Ryman Hospitality Properties, Inc. filed this Annual Report (10-K) with the SEC on February 23, 2024.
What is a 10-K filing?
A 10-K is a comprehensive annual financial report required by the SEC, covering audited financials, business operations, risk factors, and management discussion. This particular 10-K was filed by Ryman Hospitality Properties, Inc. (RHP).
Where can I read the original 10-K filing from Ryman Hospitality Properties, Inc.?
You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by Ryman Hospitality Properties, Inc..
What are the key takeaways from Ryman Hospitality Properties, Inc.'s 10-K?
Ryman Hospitality Properties, Inc. filed this 10-K on February 23, 2024. Key takeaways: Ryman Hospitality Properties, Inc. filed its 10-K report for the fiscal year ending December 31, 2023.. The company's primary business is real estate investment trusts (REITs).. The filing includes financial data and disclosures for the period..
Is Ryman Hospitality Properties, Inc. a risky investment based on this filing?
Based on this 10-K, Ryman Hospitality Properties, Inc. presents a moderate-risk profile. The company operates in the real estate investment trusts sector, which is subject to market fluctuations and economic conditions that can impact property values and rental income.
What should investors do after reading Ryman Hospitality Properties, Inc.'s 10-K?
Review the detailed financial statements and risk factors in the 10-K to understand Ryman Hospitality Properties' current financial standing and future growth prospects. The overall sentiment from this filing is neutral.
Risk Factors
- Market and Economic Conditions [high — market]: The company's financial performance is susceptible to changes in overall market and economic conditions, including interest rates, inflation, and consumer spending, which can affect demand for lodging and meeting space.
- Operational Risks [medium — operational]: The company faces operational risks related to the management and maintenance of its large-scale hospitality properties, including potential disruptions from natural disasters or unforeseen events.
- Debt and Financing Risks [medium — financial]: Ryman Hospitality Properties has significant debt obligations, and its ability to service this debt is dependent on its operating performance and access to capital markets.
Key Dates
- 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
- 2024-02-23: Filing Date — Date the 10-K report was officially filed with the SEC.
Filing Stats: 4,546 words · 18 min read · ~15 pages · Grade level 16 · Accepted 2024-02-23 14:58:11
Key Financial Figures
- $92.92 — York Stock Exchange on June 30, 2023 of $92.92 per share was approximately $ 5,383,862
- $158 million — rategic plan. In 2021, we completed our $158 million expansion of Gaylord Palms, and we also
- $98 million — options at Gaylord National and began a $98 million multi-year interior and exterior enhanc
Filing Documents
- rhp-20231231x10k.htm (10-K) — 4174KB
- rhp-20231231xex10d14.htm (EX-10.14) — 67KB
- rhp-20231231xex10d34.htm (EX-10.34) — 48KB
- rhp-20231231xex21.htm (EX-21) — 33KB
- rhp-20231231xex23d1.htm (EX-23.1) — 7KB
- rhp-20231231xex31d1.htm (EX-31.1) — 10KB
- rhp-20231231xex31d2.htm (EX-31.2) — 10KB
- rhp-20231231xex32d1.htm (EX-32.1) — 5KB
- rhp-20231231xex32d2.htm (EX-32.2) — 6KB
- rhp-20231231xex97.htm (EX-97) — 60KB
- 0001558370-24-001613.txt ( ) — 17587KB
- rhp-20231231.xsd (EX-101.SCH) — 102KB
- rhp-20231231_cal.xml (EX-101.CAL) — 127KB
- rhp-20231231_def.xml (EX-101.DEF) — 655KB
- rhp-20231231_lab.xml (EX-101.LAB) — 875KB
- rhp-20231231_pre.xml (EX-101.PRE) — 878KB
- rhp-20231231x10k_htm.xml (XML) — 3164KB
Business
Business 5 Item 1A.
Risk Factors
Risk Factors 17 Item 1B. Unresolved Staff Comments 38 Item 1C. Cybersecurity 38 Item 2.
Properties
Properties 39 Item 3.
Legal Proceedings
Legal Proceedings 40 Item 4. Mine Safety Disclosures 40 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 41 Item 6. Reserved 41 Item 7.
Management's Discussion and Analysis of Financial Condition and Results of Operations
Management's Discussion and Analysis of Financial Condition and Results of Operations 41 Item 7A.
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 67 Item 8.
Financial Statements and Supplementary Data
Financial Statements and Supplementary Data 68 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 68 Item 9A.
Controls and Procedures
Controls and Procedures 68 Item 9B. Other Information 69 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 69 PART III Item 10. Directors, Executive Officers and Corporate Governance 69 Item 11.
Executive Compensation
Executive Compensation 70 Item 12.
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 70 Item 13. Certain Relationships and Related Transactions, and Director Independence 70 Item 14. Principal Accountant Fees and Services 70 PART IV Item 15. Exhibits and Financial Statement Schedules 71
SIGNATURES
SIGNATURES 76 Table of Contents PART I Throughout this report, we refer to Ryman Hospitality Properties, Inc., a Delaware corporation ("Ryman"), together with its subsidiaries, as "we," "us," "our," or the "Company." For each year discussed, our fiscal year ends on December 31. All of the discussion and analysis in this report should be read with, and is qualified in its entirety by, the Consolidated Financial Statements and related notes included in this Annual Report on Form 10-K.
Forward-Looking Statements
Forward-Looking Statements This report contains "forward-looking statements" intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements concern our goals, beliefs, expectations, strategies, objectives, plans, future operating results and underlying assumptions, and other statements that are not necessarily based on historical facts. Without limitation, you can identify these statements by the fact that they do not relate strictly to historical or current facts, and these statements may contain words such as "may," "will," "could," "should," "might," "projects," "expects," "believes," "anticipates," "intends," "plans," "continue," "estimate," or "pursue," or the negative or other variations thereof or comparable terms. In particular, they include statements relating to, among other things, future actions, strategies, future performance, the outcome of contingencies such as legal proceedings and future financial results. These also include statements regarding (i) the future performance of our business, anticipated business levels and our anticipated financial results during future periods, and other business or operational issues; (ii) the effect of our election to be taxed as a real estate investment trust ("REIT") and maintain REIT status for federal income tax purposes; (iii) the holding of our non-qualifying REIT assets in one or more taxable REIT subsidiaries ("TRSs"); (iv) our dividend policy, including the frequency and amount of any dividend we may pay; (v) our strategic goals and potential growth opportunities, including future expansion of the geographic diversity of our existing asset portfolio through acquisitions and investment in joint ventures; (vi) Marriott International, Inc.'s ("Marriott") ability to effectively manage our hotels and other properties; (vii) our anticipated capital expenditures and investments; (viii) the potential operating and financi
Business
Item 1. Business Overview Ryman is the successor to Gaylord Entertainment Company ("Gaylord"), a Delaware corporation originally incorporated in 1956. As part of the plan to restructure our business operations to facilitate our qualification as a REIT for federal income tax purposes, Gaylord merged with and into its wholly-owned subsidiary, Ryman, on October 1, 2012, with Ryman as the surviving corporation, and Ryman succeeded to and began conducting, either directly or indirectly, all of the business conducted by Gaylord immediately prior to the merger. Ryman is a Delaware corporation that began operating as a self-advised and self-administered REIT for federal income tax purposes on January 1, 2013. We specialize in group-oriented, destination hotel assets in urban and resort markets. As a REIT, we generally will not be subject to federal corporate income taxes on that portion of our capital gain or ordinary income from our REIT operations that is distributed to our stockholders. This treatment substantially eliminates the federal "double taxation" on earnings from our REIT operations, or taxation once at the corporate level and again at the stockholder level, that generally results from investment in a regular C corporation. Our non-REIT operations, which consist of the activities of our TRSs that lease or sublease our hotels from our qualified REIT subsidiaries, as well as businesses within our Entertainment segment, continue to be subject, as applicable, to federal and state corporate income taxes. Our owned assets include a network of five upscale, meetings-focused resorts totaling 9,917 rooms that are managed by Marriott under the Gaylord Hotels brand. These five resorts, which we refer to as our Gaylord Hotels properties, consist of the Gaylord Opryland Resort & Convention Center in Nashville, Tennessee ("Gaylord Opryland"), the Gaylord Palms Resort & Convention Center near Orlando, Florida ("Gaylord Palms"), the Gaylord Texan Resort & Convention Center