Ryman Hospitality: A REIT That Sings Country Songs


If you're a country music fan, you might have heard ofRyman Hospitality Properties ( RHP ).

It's a real estate investment trust that specializes in hotels, but also owns the Grand Ole Opry, the 90-year-old showcase for country music located in Nashville, Tenn., and some other entertainment assets.

Its flagship holdings are four meeting-focused resort hotels located in its Nashville home base, Orlando, Dallas and Washington, D.C. Each has a theme and attractions that reflect regional culture. They operate under the Gaylord brand name and are managed by Marriott International.

The company is the creation of Edward Gaylord, who inherited the Daily Oklahoman newspaper and built a media, entertainment and hotel empire from it.

The company also owns Ryman Auditorium, the Nashville home of the Grand Ole Opry from 1943 to 1974, which has been renovated into what the company describes as "one of the most acoustically perfect performance venues in the world."

It also owns WSM, a country station in Nashville, and several attractions in Nashville, such as the General Jackson Showboat, the Gaylord Springs Golf Course and the Wildhorse Saloon, which famously began its life in 1994 when country singer Reba McEntire herded live cattle by its front door.

The company became a REIT on Jan. 1, 2013.

The company's funds from operations, the REIT equivalent of earnings, were 76 cents per share in the most recent quarter, flat from the year-ago quarter. Revenue declined at mostly low single-digit rates for the last four quarters.

But analysts expect a 71% increase in FFO for all of 2013 and a 7% increase in 2014.

The dividend is an annual $2, which translates to a 4.7% yield.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

This article appears in: Personal Finance , Investing Ideas

Referenced Stocks: RHP

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