Ryman Hospitality lowers full-year forecast
Ryman Hospitality cuts full-year adjusted FFO forecast partly due to slower hotel bookings
NASHVILLE, Tenn. (AP) -- Ryman Hospitality Properties Inc., owner of Gaylord Opryland and the Grand Ole Opry, is lowering a key full-year forecast partly because of slowing hotel bookings.
The real estate investment trust now anticipates full-year adjusted funds from operations between $3.43 and $3.83 per share, after REIT conversion costs. Its prior outlook was for $3.72 to $3.99 per share.
Analysts polled by FactSet expect funds from operations of $3.97 per share.
Ryman Hospitality shares fell $1.83, or 4.7 percent, to $36.76 in morning trading. They have traded in a 52-week range of $30.85 to $48.35 over the past year.
Funds from operations, or FFO, adds such items as amortization and depreciation to net income, and it is considered a key measure of the strength of a real estate investment trust. Amortization and depreciation are accounting tools used to measure the value of a long-term asset over time.
Ryman's hotel properties are managed by Marriott International Inc. Ryman Chairman, President and CEO Colin Reed said in a statement that the company was recently told by Marriott that bookings have slowed. Reed said that cost savings anticipated for its first year as a REIT are also not being realized as quickly as initially expected.
Reed said that Ryman is working with Marriott to try to make sure that the detrimental effects of its REIT conversion are limited to its 2013 performance.
The Nashville, Tenn., company declared a second-quarter dividend of 50 cents per share. The dividend will be paid on July 15 to shareholders of record on June 28.
