Ryman Hospitality Properties Q2 2024 10-Q Filed

Ticker: RHP · Form: 10-Q · Filed: Aug 1, 2024 · CIK: 1040829

Sentiment: neutral

Topics: real estate, REIT, debt, financials

TL;DR

Ryman Hospitality Properties' Q2 2024 10-Q shows assets at $5.99B and liabilities at $5.97B. Debt levels remain significant.

AI Summary

Ryman Hospitality Properties, Inc. filed its 10-Q for the period ending June 30, 2024. The company reported total assets of $5.99 billion and total liabilities of $5.97 billion as of June 30, 2024. The filing also references senior notes, including a $600 million 4.5% senior note due in 2027 and a $700 million 4.75% senior note due in 2029.

Why It Matters

This filing provides a snapshot of Ryman Hospitality Properties' financial health, including its asset and liability levels, which are crucial for investors assessing the company's stability and debt obligations.

Risk Assessment

Risk Level: medium — The company has substantial liabilities relative to its assets, indicating a moderate level of financial risk.

Key Numbers

Key Players & Entities

FAQ

What were Ryman Hospitality Properties' total assets as of June 30, 2024?

Total assets were $5.99 billion as of June 30, 2024.

What were Ryman Hospitality Properties' total liabilities as of June 30, 2024?

Total liabilities were $5.97 billion as of June 30, 2024.

What is the principal amount of the 4.5% Senior Note mentioned in the filing?

The principal amount is $600 million.

What is the principal amount of the 4.75% Senior Note mentioned in the filing?

The principal amount is $700 million.

What is the fiscal year end for Ryman Hospitality Properties?

The fiscal year end is December 31.

Filing Stats: 4,518 words · 18 min read · ~15 pages · Grade level 17.7 · Accepted 2024-08-01 15:46:16

Filing Documents

- Financial Information

Part I - Financial Information 3

Financial Statements

Item 1. Financial Statements. 3 Condensed Consolidated Balance Sheets (Unaudited) – June 30, 2024 and December 31, 2023 3 Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) - For the Three and Six Months Ended June 30, 2024 and 2023 4 Condensed Consolidated Statements of Cash Flows (Unaudited) - For the Six Months Ended June 30, 2024 and 2023 5 Condensed Consolidated Statements of Equity and Noncontrolling Interest (Unaudited) - For the Three and Six Months Ended June 30, 2024 and 2023 6 Notes to Condensed Consolidated Financial Statements (Unaudited) 7

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations. 20

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk. 46

Controls and Procedures

Item 4. Controls and Procedures. 47

- Other Information

Part II - Other Information 47

Legal Proceedings

Item 1. Legal Proceedings. 47

Risk Factors

Item 1A. Risk Factors. 47

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds. 47

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities. 47

Mine Safety Disclosures

Item 4. Mine Safety Disclosures. 47

Other Information

Item 5. Other Information. 47

Exhibits

Item 6. Exhibits. 48

SIGNATURES

SIGNATURES 49 2 Table of Contents

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

– FINANCIAL STATEMENTS

ITEM 1. – FINANCIAL STATEMENTS. RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (In thousands) June 30, December 31, 2024 2023 ASSETS: Property and equipment, net $ 4,045,466 $ 3,955,586 Cash and cash equivalents - unrestricted 498,371 591,833 Cash and cash equivalents - restricted 51,908 108,608 Notes receivable, net 61,892 61,760 Trade receivables, net 127,281 110,029 Deferred income tax assets, net 71,023 81,624 Prepaid expenses and other assets 163,786 154,810 Intangible assets, net 120,231 124,287 Total assets $ 5,139,958 $ 5,188,537 LIABILITIES AND EQUITY: Debt and finance lease obligations $ 3,373,383 $ 3,377,028 Accounts payable and accrued liabilities 406,245 464,720 Distributions payable 67,734 67,932 Deferred management rights proceeds 165,121 165,174 Operating lease liabilities 130,411 129,122 Other liabilities 68,140 66,658 Total liabilities 4,211,034 4,270,634 Commitments and contingencies Noncontrolling interest in consolidated joint venture 362,603 345,126 Equity: Preferred stock, $ .01 par value, 100,000 shares authorized, no shares issued or outstanding — — Common stock, $ .01 par value, 400,000 shares authorized, 59,900 and 59,712 shares issued and outstanding , respectively 599 597 Additional paid-in capital 1,483,479 1,502,710 Treasury stock of 681 and 668 shares, at cost ( 21,976 ) ( 20,508 ) Distributions in excess of retained earnings ( 881,617 ) ( 894,259 ) Accumulated other comprehensive loss ( 17,868 ) ( 19,387 ) Total stockholders' equity 562,617 569,153 Noncontrolling interest in Operating Partnership 3,704 3,624 Total equity 566,321 572,777 Total liabilities and equity $ 5,139,958 $ 5,188,537 The accompanying notes are an integral part of these condensed consolidated financial statement

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