Ryman Hospitality down on stock offering to fund property buy

Stratus Properties

10/12/2019 14:03

** Ryman Hospitality Properties Inc  RHP.N  down 4.6%
premarket to $85 after REIT prices follow-on
    ** Co sells 3 mln shares at $85.60, ~4% discount to stock's
Mon close  urn:newsml:reuters.com:*:nGNXbw0MCV
    ** Ryman to use expected net proceeds of approx $246 mln to
fund $275 mln purchase of Block 21, mixed-use entertainment,
lodging, office and retail complex located in downtown Austin,
Texas, from Stratus Properties  STRS.O 
    ** BofA, JP Morgan, Wells Fargo, Deutsche Bank and Raymond
James joint bookrunners
    ** Offering represents ~6% of RHP's total shares outstanding
and about 12 days worth of trading volumes, per Refinitiv data
    ** Avg rating among 6 analysts covering RHP is "buy"; median
PT is $92 (Refinitiv)
    ** YTD, RHP up ~34% and hovering near record highs
    ** Ryman's entertainment properties segment includes
Nashville's Grand Ole Opry assets

 ((lance.tupper.tr.com@reuters.net
lance.tupper@tr.com 646-223-5017))