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