Ryman Hospitality Properties Q2 FFO Drops, Cuts 2013 Adjusted FFO View

(RTTNews) - Ryman Hospitality Properties, Inc. (RHP), a lodging real estate investment trust, Tuesday cut its full year forecast for adjusted Funds from Operations or FFO, after reporting lower FFO for the second quarter.

Net income available to common shareholders increased to $11.51 million from $8.95 million. Earnings per share rose to $0.18 from $0.17.

On average, 5 analysts polled by Thomson Reuters expected earnings of $0.50 per share for the quarter. Analysts' estimates typically exclude special items.

Funds from Operations or FFO per share dropped to $0.70 from $0.74. Adjusted FFO was $0.75 per share while it totaled $0.59 per share last year.

Total revenue slipped to $245.18 million from $253.23 million in the prior year. Analysts expected revenues of $252.75 million.

Hospitality Revenue Per Available Room, or RevPAR, decreased 3.9 percent to $130.37.

The company now sees adjusted FFO per share for 2013 in the range of $3.65 to $3.84 compared to the prior forecast of $3.81 to $4.17.

Analysts expect full year earnings of $1.82 per share.

The revised guidance reflects lower than expected actual performance for the hospitality segment during the second quarter in May and June, continued softness in group demand during the third quarter and lower than anticipated near-term cost synergies.

The stock, which closed at $36.47 on Monday, is declining 6.7 percent in pre-market activity.