The board of Ryman Hospitality Properties has declared the company's first dividend as a real estate investment trust. The first payout of 50 cents per quarter will be made in April to shareholders of record March 28.
At about noon Friday, shares of Ryman (Ticker: RHP) were up more than 2 percent to $44.40 on the news. They have now climbed more than 10 percent since the company changed its name last fall. At its current price, the company's dividend yield will be about 4.5 percent.
“Our company today has the appropriate capital deployment strategy in place for our shareholders and our business, a lean cost structure, an enviable balance sheet and the ability to generate strong free cash flow,” Chairman, CEO and President Colin Reed said in a statement. “All of these factors give us confidence that we are well positioned relative to our peers.”
Reed and his team also laid out their forecast for 2013 profits. They expect Ryman — which owns the Gaylord Opryland Resort & Convention Center and three other large complexes — to post adjusted earnings before interest, taxes, depreciation and amortization of $281 million to $297 million. That would be more than double its 2012 number, which included a lot of one-time items, and up 40 percent from 2011. Total revenues per available rooms are expected to climb between 2 percent and 5 percent.
- ALEX B FRUIN INHERITANCE TRUST; CANDACE F STEFANSIC INHERITANCE TRUST; CANDANCE F STEFANSIC INHERITANCE TRUST; FRUIN, ALEX B TRUSTEE; FRUIN ALEX B INHERITANCE TRUST; STEFANSIC, CANDACE F TRUSTEE; STEFANSIC CANDACE F INHERITANCE TRUST; STEFANSIC CANDANCE F INHERITANCE TRUST
- ROSS, BRIDGETT D
- COOKE, ETHEN LANYARD TRUSTEE; COOKE, ETHEN LEWIS ESTATE
- JACOBS, JESSICA ALEXANDRA; JACOBS, ERIKA BESS