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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2024

or

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission file number 1-13079

RYMAN HOSPITALITY PROPERTIES, INC.

(Exact Name of Registrant as Specified in its Charter)

Delaware

    

73-0664379

(State or Other Jurisdiction of

(I.R.S. Employer

Incorporation or Organization)

Identification No.)

One Gaylord Drive

Nashville, Tennessee 37214

(Address of Principal Executive Offices)

(Zip Code)

(615) 316-6000

(Registrant’s Telephone Number, Including Area Code)

Securities registered pursuant to Section 12(b) of the Act:

Name of Each Exchange on

Title of Each Class

Trading Symbol(s)

Which Registered

Common stock, par value $.01

RHP

New York Stock Exchange

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes  No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes  No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer  Accelerated filer  Non-accelerated filer  Smaller reporting company  Emerging growth company 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes  No

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

Class

    

Outstanding as of April 30, 2024

Common Stock, par value $.01

59,890,393 shares

RYMAN HOSPITALITY PROPERTIES, INC.

FORM 10-Q

For the Quarter Ended March 31, 2024

INDEX

    

Page

Part I - Financial Information

3

Item 1. Financial Statements.

3

Condensed Consolidated Balance Sheets (Unaudited) – March 31, 2024 and December 31, 2023

3

Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) - For the Three Months Ended March 31, 2024 and 2023

4

Condensed Consolidated Statements of Cash Flows (Unaudited) - For the Three Months Ended March 31, 2024 and 2023

5

Condensed Consolidated Statements of Equity and Noncontrolling Interest (Unaudited) - For the Three Months Ended March 31, 2024 and 2023

6

Notes to Condensed Consolidated Financial Statements (Unaudited)

7

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

19

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

43

Item 4. Controls and Procedures.

43

Part II - Other Information

44

Item 1. Legal Proceedings.

44

Item 1A. Risk Factors.

44

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

44

Item 3. Defaults Upon Senior Securities.

44

Item 4. Mine Safety Disclosures.

44

Item 5. Other Information.

44

Item 6. Exhibits.

45

SIGNATURES

46

2

PART I – FINANCIAL INFORMATION

ITEM 1. – FINANCIAL STATEMENTS.

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In thousands)

    

March 31, 

    

December 31, 

2024

2023

ASSETS:

 

  

 

  

Property and equipment, net

$

3,988,172

$

3,955,586

Cash and cash equivalents - unrestricted

 

465,311

 

591,833

Cash and cash equivalents - restricted

 

81,571

 

108,608

Notes receivable, net

 

60,645

 

61,760

Trade receivables, net

 

125,613

 

110,029

Deferred income tax assets, net

 

82,145

 

81,624

Prepaid expenses and other assets

 

163,572

 

154,810

Intangible assets, net

122,270

124,287

Total assets

$

5,089,299

$

5,188,537

LIABILITIES AND EQUITY:

 

  

 

  

Debt and finance lease obligations

$

3,377,814

$

3,377,028

Accounts payable and accrued liabilities

 

394,299

 

464,720

Distributions payable

 

67,407

 

67,932

Deferred management rights proceeds

 

165,070

 

165,174

Operating lease liabilities

 

130,180

 

129,122

Other liabilities

 

67,257

 

66,658

Total liabilities

4,202,027

4,270,634

Commitments and contingencies

 

 

Noncontrolling interest in consolidated joint venture

353,865

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, 59,890 and 59,712 shares issued and outstanding, respectively

 

599

 

597

Additional paid-in capital

 

1,485,360

 

1,502,710

Treasury stock of 668 and 668 shares, at cost

 

(20,508)

 

(20,508)

Distributions in excess of retained earnings

 

(917,538)

 

(894,259)

Accumulated other comprehensive loss

 

(17,979)

 

(19,387)

Total stockholders' equity

 

529,934

 

569,153

Noncontrolling interest in Operating Partnership

3,473

3,624

Total equity

533,407

572,777

Total liabilities and equity

$

5,089,299

$

5,188,537

The accompanying notes are an integral part of these condensed consolidated financial statements.

3

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

AND COMPREHENSIVE INCOME

(Unaudited)

(In thousands, except per share data)

Three Months Ended

March 31, 

    

2024

    

2023

    

Revenues:

 

  

 

  

 

Rooms

$

173,633

$

161,251

Food and beverage

 

235,083

 

215,804

Other hotel revenue

 

52,754

 

47,384

Entertainment

 

66,875

 

67,280

Total revenues

 

528,345

 

491,719

Operating expenses:

 

  

 

Rooms

 

44,101

 

42,059

Food and beverage

 

128,179

 

115,181

Other hotel expenses

 

118,813

 

103,059

Management fees, net

 

17,962

 

15,195

Total hotel operating expenses

 

309,055

 

275,494

Entertainment

 

52,587

 

51,434

Corporate

 

11,954

 

10,594

Preopening costs

 

1,436

 

190

Gain on sale of assets

(270)

Depreciation and amortization

57,202

48,357

Total operating expenses

 

431,964

 

386,069

Operating income

 

96,381

 

105,650

Interest expense

 

(60,443)

 

(42,528)

Interest income

 

7,522

 

2,547

Loss on extinguishment of debt

(522)

Income (loss) from unconsolidated joint ventures

 

32

 

(2,806)

Other gains and (losses), net

 

321

 

(236)

Income before income taxes

 

43,291

 

62,627

Provision for income taxes

 

(530)

 

(1,633)

Net income

42,761

60,994

Net loss attributable to noncontrolling interest in consolidated joint venture

579

763

Net income attributable to noncontrolling interest in Operating Partnership

(284)

(437)

Net income available to common stockholders

$

43,056

$

61,320

Basic income per share available to common stockholders

$

0.72

$

1.11

Diluted income per share available to common stockholders

$

0.67

$

1.02

Comprehensive income, net of taxes

$

44,169

$

54,702

Comprehensive loss, net of taxes, attributable to noncontrolling interest in consolidated joint venture

293

985

Comprehensive income, net of taxes, attributable to noncontrolling interest in Operating Partnership

(293)

(392)

Comprehensive income, net of taxes, available to common stockholders

$

44,169

$

55,295

The accompanying notes are an integral part of these condensed consolidated financial statements.

4

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(In thousands)

Three Months Ended

March 31, 

    

2024

    

2023

    

Cash Flows from Operating Activities:

 

  

 

  

 

Net income

$

42,761

$

60,994

Amounts to reconcile net income to net cash flows provided by operating activities:

 

Provision (benefit) for deferred income taxes

 

(488)

767

Depreciation and amortization

 

57,202

48,357

Amortization of deferred financing costs

 

2,721

2,674

(Income) loss from unconsolidated joint ventures

(32)

2,806

Stock-based compensation expense

 

3,862

3,739

Changes in:

 

Trade receivables

 

(15,584)

(30,379)

Accounts payable and accrued liabilities

 

(79,054)

(56,294)

Other assets and liabilities

 

(3,915)

(953)

Net cash flows provided by operating activities

 

7,473

 

31,711

Cash Flows from Investing Activities:

 

  

 

  

Purchases of property and equipment

 

(79,430)

(36,771)

Collection of notes receivable

2,143

Investment in Circle

 

(4,000)

Other investing activities, net

 

179

(9,916)

Net cash flows used in investing activities

 

(79,251)

 

(48,544)

Cash Flows from Financing Activities:

 

  

 

  

Repayments under term loan B

 

(201,250)

(1,250)

Net borrowings under OEG revolving credit facility

17,000

7,000

Repayments under OEG term loan

(750)

(750)

Repayments under Block 21 CMBS loan

(721)

(702)

Repayments under Gaylord Rockies term loan

(800,000)

Issuance of senior notes

1,000,000

Deferred financing costs paid

 

(16,815)

Payment of distributions

 

(67,135)

(14,006)

Payment of tax withholdings for share-based compensation

 

(12,092)

(4,080)

Other financing activities, net

 

(18)

(84)

Net cash flows used in financing activities

 

(81,781)

 

(13,872)

Net change in cash, cash equivalents, and restricted cash

 

(153,559)

 

(30,705)

Cash, cash equivalents, and restricted cash, beginning of period

 

700,441

 

444,330

Cash, cash equivalents, and restricted cash, end of period

$

546,882

$

413,625

Reconciliation of cash, cash equivalents, and restricted cash to balance sheet:

Cash and cash equivalents - unrestricted

$

465,311

$

318,512

Cash and cash equivalents - restricted

81,571

 

95,113

Cash, cash equivalents, and restricted cash, end of period

$

546,882

$

413,625

The accompanying notes are an integral part of these condensed consolidated financial statements.

5

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
AND NONCONTROLLING INTEREST

(Unaudited)

(In thousands)

    

    

    

    

Distributions

    

Accumulated

    

    

Noncontrolling

    

    

Noncontrolling

Additional

in Excess of

Other

Total

Interest in

Interest in

Common

Paid-in

Treasury

Retained

Comprehensive

Stockholders'

Operating

Total

Consolidated

Stock 

Capital 

Stock

Earnings

Loss

Equity

Partnership

Equity

Joint Venture

BALANCE, December 31, 2023

$

597

$

1,502,710

$

(20,508)

$

(894,259)

$

(19,387)

$

569,153

$

3,624

$

572,777

$

345,126

Net income (loss)

 

 

 

 

43,056

 

 

43,056

 

284

 

43,340

 

(579)

Adjustment of noncontrolling interest to redemption value

(9,318)

(9,318)

(9,318)

9,318

Other comprehensive income, net of income taxes

 

 

 

 

 

1,408

 

1,408

 

 

1,408

 

Dividends and distributions declared ($1.10 per share)

 

 

161

(66,335)

 

 

(66,174)

 

(435)

 

(66,609)

 

Restricted stock units and stock options surrendered

 

2

(12,055)

 

 

 

 

(12,053)

 

 

(12,053)

 

Equity-based compensation expense

 

 

3,862

 

 

 

 

3,862

 

 

3,862

 

BALANCE, March 31, 2024

$

599

$

1,485,360

$

(20,508)

$

(917,538)

$

(17,979)

$

529,934

$

3,473

$

533,407

$

353,865

    

    

    

    

Distributions

    

Accumulated

    

    

Noncontrolling

    

    

Noncontrolling

Additional

in Excess of

Other

Total

Interest in

Interest in

Common

Paid-in

Treasury

Retained

Comprehensive

Stockholders'

Operating

Total

Consolidated

Stock 

Capital 

Stock

Earnings

Loss

Equity

Partnership

Equity

Joint Venture

BALANCE, December 31, 2022

$

552

$

1,102,733

$

(18,467)

$

(978,619)

$

(10,923)

$

95,276

$

625

$

95,901

$

311,857

Net income (loss)

 

 

 

 

61,320

 

 

61,320

 

437

 

61,757

 

(763)

Adjustment of noncontrolling interest to redemption value

(8,659)

(8,659)

(8,659)

8,659

Other comprehensive loss, net of income taxes

 

 

 

 

 

(6,292)

 

(6,292)

 

 

(6,292)

 

Dividends and distributions declared ($0.75 per share)

 

 

106

 

 

(41,900)

 

 

(41,794)

 

(296)

 

(42,090)

 

Restricted stock units and stock options surrendered

 

1

 

(4,080)

 

 

 

 

(4,079)

 

 

(4,079)

 

Equity-based compensation expense

 

 

3,739

 

 

 

 

3,739

 

 

3,739

 

BALANCE, March 31, 2023

$

553

$

1,093,839

$

(18,467)

$

(959,199)

$

(17,215)

$

99,511

$

766

$

100,277

$

319,753

The accompanying notes are an integral part of these condensed consolidated financial statements.

6

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

1. BASIS OF PRESENTATION:

On January 1, 2013, Ryman Hospitality Properties, Inc. (“Ryman”) and its subsidiaries (collectively with Ryman, the “Company”) began operating as a real estate investment trust (“REIT”) for federal income tax purposes, specializing in group-oriented, destination hotel assets in urban and resort markets. The Company’s owned assets include a network of upscale, meetings-focused resorts that are managed by Marriott International, Inc. (“Marriott”) under the Gaylord Hotels brand. These five resorts, which the Company refers to as the 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 near Dallas, Texas (“Gaylord Texan”), the Gaylord National Resort & Convention Center near Washington D.C. (“Gaylord National”), and the Gaylord Rockies Resort & Convention Center near Denver, Colorado (“Gaylord Rockies”). The Company’s other owned hotel assets managed by Marriott include the Inn at Opryland, an overflow hotel adjacent to Gaylord Opryland, the AC Hotel at National Harbor, Washington D.C. (“AC Hotel”), an overflow hotel adjacent to Gaylord National, and effective June 30, 2023, the JW Marriott San Antonio Hill Country Resort & Spa (“JW Marriott Hill Country”).

The Company also owns a controlling 70% equity interest in a business comprised of a number of entertainment and media assets, known as the Opry Entertainment Group (“OEG”), which the Company reports as its Entertainment segment. These assets include the Grand Ole Opry, the legendary weekly showcase of country music’s finest performers; the Ryman Auditorium, the storied live music venue and former home of the Grand Ole Opry; WSM-AM, the Opry’s radio home; Ole Red, a brand of Blake Shelton-themed bar, music venue and event spaces; Category 10, a Luke Combs-themed bar, music venue and event space currently under construction; and Block 21, a mixed-use entertainment, lodging, office, and retail complex located in Austin, Texas (“Block 21”).

The Company consolidates the assets, liabilities and results of operations of OEG in the accompanying condensed consolidated financial statements. The portion of OEG that the Company does not own is recorded as noncontrolling interest in consolidated joint venture, which is classified as mezzanine equity in the accompanying condensed consolidated balance sheet, and any adjustment necessary to reflect the noncontrolling interest at its redemption value is shown in the accompanying condensed consolidated statement of equity and noncontrolling interest. See Note 3, “Income Per Share,” for further disclosure.

The condensed consolidated financial statements include the accounts of Ryman and its subsidiaries and have been prepared by the Company, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted from this report pursuant to such rules and regulations. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. In the opinion of management, all adjustments necessary for a fair statement of the results of operations for the interim periods have been included. All adjustments are of a normal, recurring nature. The results of operations for such interim periods are not necessarily indicative of the results for the full year because of seasonal and short-term variations.

The Company principally operates, through its subsidiaries and its property managers, as applicable, in the following business segments: Hospitality, Entertainment, and Corporate and Other.

Newly Issued Accounting Standards

In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-07, “Improvements to Reportable Segment Disclosures,” requiring public entities to provide disclosures of significant segment expenses and other segment items, as well as to provide in interim periods all disclosures about a reportable segment’s profit or loss and assets that are currently required annually. The guidance is applied

7

retrospectively and will be effective for the Company for fiscal year 2024 and for interim periods beginning in fiscal year 2025. The Company is currently evaluating the impact of this ASU but does not anticipate this adoption to have a material impact on the Company’s financial statements.

In December 2023, the FASB issued ASU No. 2023-09, “Improvements to Income Tax Disclosures,” requiring public entities to provide additional information in the rate reconciliation, to disclose annually income taxes paid disaggregated by federal, state and foreign taxes and to disaggregate the information by jurisdiction based on a quantitative threshold. The guidance is applied prospectively, but with the option to apply retrospectively, and will be effective for the Company for fiscal year 2025. The Company is currently evaluating the impact of this ASU but does not anticipate this adoption to have a material impact on the Company’s financial statements.

2. REVENUES:

Revenues from occupied hotel rooms are recognized over time as the daily hotel stay is provided to hotel groups and guests. Revenues from concessions, food and beverage sales, and group meeting services are recognized over the period or at the point in time those goods or services are delivered to the hotel group or guest. Revenues from ancillary services at the Company’s hotels, such as spa, parking, and transportation services, are generally recognized at the time the goods or services are provided. Cancellation fees and attrition fees, which are charged to groups when they do not fulfill the minimum number of room nights or minimum food and beverage spending requirements originally contracted for, are generally recognized as revenue in the period the Company determines it is probable that a significant reversal in the amount of revenue recognized will not occur, which is typically the period these fees are collected. The Company generally recognizes revenues from the Entertainment segment at the point in time that services are provided or goods are delivered or shipped to the customer, as applicable. Cash received from advanced ticket sales is deferred and recognized as revenue at the time of the event. Entertainment segment revenues from licenses of content are recognized at the point in time the content is delivered to the licensee and the licensee can use and benefit from the content. Almost all of the Company’s revenues are either cash-based or, for meeting and convention groups who meet the Company’s credit criteria, billed and collected on a short-term receivables basis. The Company is required to collect certain taxes from customers on behalf of government agencies and remit these to the applicable governmental entity on a periodic basis. These taxes are collected from customers at the time of purchase but are not included in revenue. The Company records a liability upon collection of such taxes from the customer and relieves the liability when payments are remitted to the applicable governmental agency.

The Company’s revenues disaggregated by major source are as follows (in thousands):

Three Months Ended

March 31, 

    

2024

    

2023

Hotel group rooms

$

131,401

$

120,513

Hotel transient rooms

 

42,232

 

 

40,738

Hotel food and beverage - banquets

 

175,450

 

 

160,499

Hotel food and beverage - outlets

 

59,633

 

 

55,305

Hotel other

 

52,754

 

 

47,384

Entertainment admissions/ticketing

 

22,566

22,156

Entertainment food and beverage

 

25,270

24,066

Entertainment retail and other

 

19,039

21,058

Total revenues

 

$

528,345

 

$

491,719

8

The Company’s Hospitality segment revenues disaggregated by location are as follows (in thousands):

Three Months Ended

March 31, 

    

2024

    

2023

Gaylord Opryland

 

$

103,835

$

111,806

Gaylord Palms

 

85,463

 

84,546

Gaylord Texan

 

84,902

 

86,398

Gaylord National

 

68,274

 

72,772

Gaylord Rockies

63,822

64,047

JW Marriott Hill Country

49,941

AC Hotel

 

2,822

 

2,211

Inn at Opryland and other

 

2,411

 

2,659

Total Hospitality segment revenues

$

461,470

$

424,439

The majority of the Company’s Entertainment segment revenues are concentrated in Nashville, Tennessee and Austin, Texas.

The Company records deferred revenues when cash payments are received in advance of its performance obligations, primarily related to advanced deposits on hotel rooms and advanced ticketing at its OEG venues. At March 31, 2024 and December 31, 2023, the Company had $188.5 million and $159.8 million, respectively, in deferred revenues, which are included in accounts payable and accrued liabilities in the accompanying condensed consolidated balance sheets. Of the amount outstanding at December 31, 2023, approximately $82.8 million was recognized in revenue during the three months ended March 31, 2024.

3. INCOME PER SHARE:

The computation of basic and diluted earnings per common share is as follows (in thousands, except per share data):

Three Months Ended

March 31, 

    

2024

    

2023

Numerator:

Net income available to common stockholders

$

43,056

$

61,320

Net loss attributable to noncontrolling interest in consolidated joint venture

 

(579)

(763)

Net income available to common stockholders - if-converted method

$

42,477

$

60,557

 

 

Denominator:

Weighted average shares outstanding - basic

59,739

55,182

Effect of dilutive stock-based compensation

430

281

Effect of dilutive put rights

 

3,235

 

3,863

Weighted average shares outstanding - diluted

 

63,404

 

59,326

Basic income per share available to common stockholders

$

0.72

$

1.11

Diluted income per share available to common stockholders

$

0.67

$

1.02

As more fully discussed in Note 1 to the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, although currently not exercisable, the minority investor of OEG has certain put rights (the “OEG Put Rights”) to require the Company to purchase the minority investor’s equity interest in OEG, which the Company may pay in cash or Company stock at the Company’s option. The Company calculated potential dilution for the OEG Put Rights based on the if-converted method, which assumes the OEG Put Rights were

9

converted on the first day of the period or the date of issuance and the minority investor’s noncontrolling equity interest was redeemed in exchange for shares of the Company’s common stock.

The operating partnership units (“OP Units”) held by the noncontrolling interest holders in RHP Hotel Properties, LP (the “Operating Partnership”) have been excluded from the denominator of the diluted income per share calculation for the three months ended March 31, 2024 and 2023 as there would be no effect on the calculation of diluted income per share because the income attributable to the OP Units held by the noncontrolling interest holders would also be added to derive net income available to common stockholders.

4. ACCUMULATED OTHER COMPREHENSIVE LOSS:

The Company’s balance in accumulated other comprehensive loss is comprised of amounts related to the Company’s frozen noncontributory defined benefit pension plan, interest rate derivatives designated as cash flow hedges related to the Company’s outstanding debt as discussed in Note 7, “Debt,” and amounts related to an other-than-temporary impairment of a held-to-maturity investment that existed prior to 2020 with respect to the notes receivable discussed in Note 6, “Notes Receivable,” to the condensed consolidated financial statements included herein.

Changes in accumulated other comprehensive loss by component for the three months ended March 31, 2024 and 2023 consisted of the following (in thousands):

Other-Than-

Minimum

Temporary

Pension

Impairment of

Interest Rate

    

Liability

    

Investment

    

Derivatives

    

Total

Balance, December 31, 2023

$

(15,187)

$

(2,878)

$

(1,322)

$

(19,387)

Gains arising during period

1,975

1,975

Amounts reclassified from accumulated other comprehensive loss

(107)

 

53

 

(547)

 

(601)

Income tax benefit

34

 

 

 

34

Net other comprehensive income (loss)

 

(73)

 

53

 

1,428

 

1,408

Balance, March 31, 2024

$

(15,260)

$

(2,825)

$

106

$

(17,979)

Other-Than-

Minimum

Temporary

Pension

Impairment of

Interest Rate

    

Liability

    

Investment

    

Derivatives

    

Total

Balance, December 31, 2022

$

(18,021)

$

(3,087)

$

10,185

$

(10,923)

Losses arising during period

(1,010)

(1,010)

Amounts reclassified from accumulated other comprehensive loss

 

(67)

 

53

 

(5,268)

 

(5,282)

Net other comprehensive income (loss)

 

(67)

 

53

 

(6,278)

 

(6,292)

Balance, March 31, 2023

$

(18,088)

$

(3,034)

$

3,907

$

(17,215)

5. PROPERTY AND EQUIPMENT:

Property and equipment at March 31, 2024 and December 31, 2023 is recorded at cost, with the exception of right-of-use finance lease assets and the initial value assigned to assets acquired in an acquisition, and summarized as follows (in thousands):

March 31, 

December 31, 

    

2024

    

2023

Land and land improvements

$

607,120

$

605,500

Buildings

 

4,406,834

 

4,396,302

Furniture, fixtures and equipment

 

1,189,995

 

1,138,769

Right-of-use finance lease assets

1,097

1,793

Construction-in-progress

 

147,548

 

122,923

 

6,352,594

 

6,265,287

Accumulated depreciation and amortization

 

(2,364,422)

 

(2,309,701)

Property and equipment, net

$

3,988,172

$

3,955,586

10

6. NOTES RECEIVABLE:

As further discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, in connection with the development of Gaylord National, the Company holds two issuances of governmental bonds (“Series A bond” and “Series B bond”) with a total carrying value and approximate fair value of $60.6 million and $61.8 million at March 31, 2024 and December 31, 2023, respectively, net of credit loss reserve of $38.0 million at each of March 31, 2024 and December 31, 2023. The Company receives debt service and principal payments thereon, payable from property tax increments, hotel taxes and special hotel rental taxes generated from Gaylord National through the maturity dates of July 1, 2034 and September 1, 2037, respectively. The Company records interest income over the life of the notes using the effective interest method.

The Company has the intent and ability to hold these bonds to maturity. The Company’s quarterly assessment of credit losses considers the estimate of projected tax revenues that will service the bonds over their remaining terms. These tax revenue projections are updated each quarter to reflect updated industry projections as to future anticipated operations of the hotel. As a result of reduced tax revenue projections over the life of the bonds as well as certain cumulative priority payments due to others, the Series B bond is fully reserved. The Series A bond is of higher priority than other tranches which fall between the Company’s two issuances.

During the three months ended March 31, 2024 and 2023, the Company recorded interest income of $1.2 million and $1.3 million, respectively, on these bonds. The Company received payments of $2.4 million and $4.7 million during the three months ended March 31, 2024 and 2023, respectively, relating to these bonds. Before consideration of the credit loss reserve, accrued interest receivable included as a component of the carrying value of notes receivable is $39.9 million and $41.0 million at March 31, 2024 and December 31, 2023, respectively.

7. DEBT:

The Company’s debt and finance lease obligations at March 31, 2024 and December 31, 2023 consisted of (in thousands):

March 31, 

December 31, 

    

2024

    

2023

$700M Revolving Credit Facility, interest at SOFR plus 1.50%, maturing May 18, 2027

$

$

$500M Term Loan B, interest at SOFR plus 2.75%, maturing May 18, 2030

 

295,000

 

496,250

$400M Senior Notes, interest at 7.25%, maturing July 15, 2028

 

400,000

 

400,000

$600M Senior Notes, interest at 4.50%, maturing February 15, 2029

 

600,000

 

600,000

$700M Senior Notes, interest at 4.75%, maturing October 15, 2027

 

700,000

 

700,000

$1B Senior Notes, interest at 6.50%, maturing April 1, 2032