NASHVILLE, Tenn. (AP) -- Ryman Hospitality Properties Inc., owner of Gaylord Opryland and the Grand Ole Opry, lost money in its fourth quarter as it dealt with costs tied to converting itself into a real estate investment trust.
The company, which has completed its transition to a REIT, lost $15 million, or 32 cents per share, for the period ended Dec. 31. In the prior-year period it earned $5.1 million, or 10 cents per share.
Analysts surveyed by FactSet expected earnings of 22 cents per share.
The company's REIT conversion costs came to $44.2 million. As part of that move, Ryman handed over management of the day-to-day operations of its Gaylord properties — which include Gaylord Opryland and Gaylord Texan — to Marriott International Inc. in October. This also changed its revenue structure from the retail operations of the hotels. Ryman now receives lease payments rather than full revenue and expenses from that business.
Revenue fell 1 percent to $266.3 million from $269.4 million. Wall Street forecast $282.6 million in revenue. Ryland said Superstorm Sandy, which struck the East Coast in late October, led to cancelled bookings.
Shares of Ryman declined $1.39, or 3.2 percent, to $41.75 in Tuesday morning trading. Over the past year, the stock has traded between $28.45 and $43.17.
The Nashville, Tenn., company's full-year loss was $26.6 million, or 56 cents per share. That compares with a profit of $10.2 million, or 20 cents per share, in 2011. Revenue rose 4 percent to $986.6 million from $952.1 million.
Ryman said that it will give its 2013 outlook at its investor and analyst day on Friday.
- Investment & Company Information
- Gaylord Opryland
- real estate investment trust