NASHVILLE, Tenn., Aug. 04, 2025 (GLOBE NEWSWIRE) -- Ryman Hospitality Properties, Inc. (NYSE: RHP), a leading lodging real estate investment trust (“REIT”) specializing in group-oriented, destination hotel assets in urban and resort markets, today reported financial results for the three and six months ended June 30, 2025.

Second Quarter 2025 Highlights and Recent Developments:

  • The Company reported all-time quarterly record consolidated revenue of $659.5 million, driven by Hospitality segment revenue of $516.2 million and all-time quarterly record Entertainment segment revenue of $143.3 million.
  • Generated consolidated net income of $75.9 million and consolidated Adjusted EBITDAre of $211.9 million.
  • Booked over 720,000 same-store Hospitality 1 Gross Definite Room Nights for all future periods, at an estimated average daily rate (ADR) of $285.
  • Completed the acquisition of the 950-room JW Marriott Phoenix Desert Ridge Resort & Spa (the “JW Marriott Desert Ridge”) on June 10, 2025, adding a turnkey asset in a top 10 group meetings market 2 and creating incremental group customer rotation opportunities.
  • Completed an underwritten public offering of approximately 3.0 million common shares at a price to the public of $96.20 per share and a private placement of $625 million of 6.500% senior unsecured notes due 2033, the net proceeds of which were used to fund the acquisition of the JW Marriott Desert Ridge.
  • OEG refinanced its Block 21 CMBS loan with $130 million in incremental borrowings under OEG’s existing Term Loan B, simplifying OEG's capital structure.
  • The Company is revising its full year 2025 outlook to include the acquisition of the JW Marriott Desert Ridge and to account for incremental transient rate risk, primarily for its Nashville-based hotel properties.

Mark Fioravanti, President and Chief Executive Officer of Ryman Hospitality Properties, said, “We are pleased to have delivered first-half results in line with our expectations and to have acquired the JW Marriott Desert Ridge, which has long been at the top of our acquisition list. Despite the current uncertain economic environment, we have continued to demonstrate the strength of our business model through strong cost management, aggressive closure of in-the-year-for-the-year group bookings and efficient capital deployment, all with an eye toward long-term portfolio enhancement and customer retention. Group business on the books for 2026 and beyond remains healthy, which, together with favorable competitive supply dynamics, positions our portfolio to benefit from growing group meeting demand in the years to come.”

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(1) Same-store Hospitality includes the JW Marriott Hill Country for all periods presented and excludes the JW Marriott Desert Ridge, which was acquired June 10, 2025.
(2) Based on the Cvent Top 50 meeting Destinations in North America, 2025.

Second Quarter 2025 Results (as compared to Second Quarter 2024):

Three Months Ended Six Months Ended
June 30, June 30,
($ in thousands, except per share amounts) % %
2025 2024 Change 2025 2024 Change
Total revenue $ 659,515 $ 613,290 7.5 % $ 1,246,795 $ 1,141,635 9.2 %
Operating income $ 139,425 $ 168,071 (17.0 ) % $ 255,546 $ 264,452 (3.4 ) %
Operating income margin 21.1 % 27.4 % (6.3 ) pts 20.5 % 23.2 % (2.7 ) pts
Net income $ 75,875 $ 104,740 (27.6 ) % $ 138,889 $ 147,501 (5.8 ) %
Net income margin 11.5 % 17.1 % (5.6 ) pts 11.1 % 12.9 % (1.8 ) pts
Net income available to common stockholders $ 71,753 $ 100,805 (28.8 ) % $ 134,714 $ 143,861 (6.4 ) %
Net income available to common stockholders margin 10.9 % 16.4 % (5.5 ) pts 10.8 % 12.6 % (1.8 ) pts
Net income available to common stockholders per diluted share (1) $ 1.12 $ 1.65 (32.1 ) % $ 2.13 $ 2.31 (7.8 ) %
Adjusted EBITDA re $ 211,856 $ 233,195 (9.2 ) % $ 397,358 $ 394,260 0.8 %
Adjusted EBITDA re margin 32.1 % 38.0 % (5.9 ) pts 31.9 % 34.5 % (2.6 ) pts
Adjusted EBITDA re , excluding noncontrolling interest $ 200,561 $ 222,473 (9.8 ) % $ 380,437 $ 378,876 0.4 %
Adjusted EBITDA re , excluding noncontrolling interest margin 30.4 % 36.3 % (5.9 ) pts 30.5 % 33.2 % (2.7 ) pts
Funds From Operations (FFO) available to common stockholders and unit holders $ 137,145 $ 157,647 (13.0 ) % $ 260,047 $ 256,120 1.5 %
FFO available to common stockholders and unit holders per diluted share/unit (1) $ 2.14 $ 2.57 (16.7 ) % $ 4.13 $ 4.12 0.2 %
Adjusted FFO available to common stockholders and unit holders $ 148,845 $ 173,432 (14.2 ) % $ 278,668 $ 276,126 0.9 %
Adjusted FFO available to common stockholders and unit holders per diluted share/unit (1) $ 2.35 $ 2.83 (17.0 ) % $ 4.44 $ 4.45 (0.2 ) %


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1 Diluted weighted average common shares for the three and six months ended June 30, 2025 includes the impact of approximately 3.0 million additional shares issued on May 21, 2025. Diluted weighted average common shares for the three months ended June 30, 2025 and 2024 include 4.2 million and 3.1 million, respectively, and for the six months ended June 30, 2025 and 2024 include 3.7 million and 3.3 million, respectively, in equivalent shares related to the currently unexercisable investor put rights associated with the noncontrolling interest in the Company's OEG business, which may be settled in cash or shares at the Company's option.

Note: Consolidated results for the 2024 periods reflect franchise tax refunds for the 2020 through 2023 tax periods, totaling approximately $9.1 million.

Note: For the Company’s definitions of Adjusted EBITDA re , Adjusted EBITDA re margin, Adjusted EBITDA re , excluding noncontrolling interest, Adjusted EBITDA re , excluding noncontrolling interest margin, FFO available to common stockholders and unit holders, and Adjusted FFO available to common stockholders and unit holders, as well as a reconciliation of the non-GAAP financial measure Adjusted EBITDA re to Net Income and a reconciliation of the non-GAAP financial measures FFO available to common stockholders and unit holders and Adjusted FFO available to common stockholders and unit holders to Net Income, see “Non-GAAP Financial Measures,” “EBITDA re , Adjusted EBITDA re and Adjusted EBITDA re , Excluding Noncontrolling Interest Definition,” “Adjusted EBITDA re Margin and Adjusted EBITDA re , Excluding Noncontrolling Interest Margin Definition” “FFO, Adjusted FFO, and Adjusted FFO Available to Common Stockholders and Unit Holders Definition” and “Supplemental Financial Results” below.

Hospitality Segment

Three Months Ended Six Months Ended
June 30, June 30,
($ in thousands, except ADR, RevPAR, and Total RevPAR) % %
2025 2024 Change 2025 2024 Change
Hospitality revenue $ 516,211 $ 519,087 (0.6 ) % $ 1,013,941 $ 980,557 3.4 %
Same-store Hospitality revenue (1) $ 510,862 $ 519,087 (1.6 ) % $ 1,008,592 $ 980,557 2.9 %
Hospitality operating income $ 126,920 $ 151,885 (16.4 ) % $ 243,729 $ 254,070 (4.1 ) %
Hospitality operating income margin 24.6 % 29.3 % (4.7 ) pts 24.0 % 25.9 % (1.9 ) pts
Hospitality Adjusted EBITDA re $ 186,435 $ 204,615 (8.9 ) % $ 359,409 $ 359,208 0.1 %
Hospitality Adjusted EBITDA re margin 36.1 % 39.4 % (3.3 ) pts 35.4 % 36.6 % (1.2 ) pts
Same-store Hospitality operating income (1) $ 129,503 $ 151,885 (14.7 ) % $ 246,312 $ 254,070 (3.1 ) %
Same-store Hospitality operating income margin (1) 25.3 % 29.3 % (4.0 ) pts 24.4 % 25.9 % (1.5 ) pts
Same-store Hospitality Adjusted EBITDA re (1) $ 187,017 $ 204,615 (8.6 ) % $ 359,991 $ 359,208 0.2 %
Same-store Hospitality Adjusted EBITDA re margin (1) 36.6 % 39.4 % (2.8 ) pts 35.7 % 36.6 % (0.9 ) pts
Hospitality performance metrics:
Occupancy 73.3 % 73.7 % (0.4 ) pts 71.5 % 70.2 % 1.3 pts
Average Daily Rate (ADR) $ 258.88 $ 260.76 (0.7 ) % $ 261.53 $ 255.87 2.2 %
RevPAR $ 189.77 $ 192.07 (1.2 ) % $ 187.03 $ 179.62 4.1 %
Total RevPAR $ 487.62 $ 499.76 (2.4 ) % $ 486.10 $ 472.02 3.0 %
Same-store Hospitality performance metrics: (1)
Occupancy 74.0 % 73.7 % 0.3 pts 71.8 % 70.2 % 1.6 pts
ADR $ 259.19 $ 260.76 (0.6 ) % $ 261.71 $ 255.87 2.3 %
RevPAR $ 191.70 $ 192.07 (0.2 ) % $ 187.97 $ 179.62 4.6 %
Total RevPAR $ 491.84 $ 499.76 (1.6 ) % $ 488.20 $ 472.02 3.4 %
Gross definite room nights booked 720,644 844,170 (14.6 ) % 1,084,548 1,173,865 (7.6 ) %
Net definite room nights booked 539,860 648,434 (16.7 ) % 745,054 838,017 (11.1 ) %
Group attrition (as % of contracted block) 15.2 % 15.1 % 0.1 pts 15.4 % 15.0 % 0.4 pts
Cancellations ITYFTY (2) 17,287 13,987 23.6 % 40,066 27,037 48.2 %


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1 Same-store Hospitality includes the JW Marriott Hill Country for all periods presented and excludes the JW Marriott Desert Ridge, which was acquired June 10, 2025.

2 “ITYFTY” represents In The Year For The Year.

Note: Hospitality and same-store Hospitality results for the 2024 periods reflect franchise tax refunds for the 2020 through 2023 tax periods, totaling approximately $5.6 million.

Note: For the Company’s definitions of Revenue Per Available Room (RevPAR) and Total Revenue Per Available Room (Total RevPAR), see “Calculation of RevPAR and Total RevPAR” below. Property-level results and operating metrics for second quarter 2025 are presented in greater detail below and under “Supplemental Financial Results—Hospitality Segment Adjusted EBITDA re Reconciliations and Operating Metrics,” which includes a reconciliation of the non-GAAP financial measures Hospitality Adjusted EBITDA re to Hospitality Operating Income, and property-level Adjusted EBITDA re to property-level Operating Income for each of the hotel properties.

Second Quarter 2025 Hospitality Segment Highlights

  • The same-store Hospitality portfolio generated second quarter operating income of $129.5 million and Adjusted EBITDAre of $187.0 million. The timing of the Easter holiday, unusually strong corporate group mix, and one-time franchise tax refunds in the second quarter of 2024 contributed to challenging year-over-year comparisons.
  • As anticipated, association group room nights traveled in the quarter were approximately 49,000 higher than the prior-year quarter, and corporate group room nights traveled declined by a similar amount. As a result, banquet and AV revenue declined approximately $16 million, driven primarily by the group mix shift.
  • Same-store gross group room nights booked in the second quarter for the current year were up 3% compared to last year, despite lower ITYFTY lead volumes. For the six-month period, ITYFTY same-store gross group room nights booked were flat compared to last year, and ADR on those bookings increased mid-single digits.
  • Second quarter attrition and cancellation revenue was approximately $9.5 million, a decrease of $0.3 million compared to the prior-year period.
  • In June 2025, the Company completed the renovation of the Presidential ballroom and meeting space at Gaylord Opryland.

Gaylord Opryland

Three Months Ended Six Months Ended
June 30, June 30,
($ in thousands, except ADR, RevPAR, and Total RevPAR) % %
2025 2024 Change 2025 2024 Change
Revenue $ 116,465 $ 130,352 (10.7 ) % $ 226,643 $ 234,187 (3.2 ) %
Operating income $ 35,144 $ 50,642 (30.6 ) % $ 65,242 $ 75,467 (13.5 ) %
Operating income margin 30.2 % 38.9 % (8.7 ) pts 28.8 % 32.2 % (3.4 ) pts
Adjusted EBITDA re $ 43,710 $ 58,830 (25.7 ) % $ 81,858 $ 91,777 (10.8 ) %
Adjusted EBITDA re margin 37.5 % 45.1 % (7.6 ) pts 36.1 % 39.2 % (3.1 ) pts
Performance metrics:
Occupancy 75.2 % 75.4 % (0.2 ) pts 70.1 % 70.2 % (0.1 ) pts
ADR $ 246.17 $ 260.98 (5.7 ) % $ 253.72 $ 253.71 0.0 %
RevPAR $ 185.19 $ 196.85 (5.9 ) % $ 177.88 $ 178.23 (0.2 ) %
Total RevPAR $ 443.16 $ 496.00 (10.7 ) % $ 433.58 $ 445.55 (2.7 ) %


Note: Gaylord Opryland results for the 2024 periods reflect franchise tax refunds for the 2020 through 2023 tax periods, totaling approximately $5.4 million.

Gaylord Palms

Three Months Ended Six Months Ended
June 30, June 30,
($ in thousands, except ADR, RevPAR, and Total RevPAR) % %
2025 2024 Change 2025 2024 Change
Revenue $ 73,113 $ 68,799 6.3 % $ 161,506 $ 154,262 4.7 %
Operating income $ 13,671 $ 13,479 1.4 % $ 37,453 $ 38,485 (2.7 ) %
Operating income margin 18.7 % 19.6 % (0.9 ) pts 23.2 % 24.9 % (1.7 ) pts
Adjusted EBITDA re $ 23,236 $ 20,361 14.1 % $ 56,183 $ 52,232 7.6 %
Adjusted EBITDA re margin 31.8 % 29.6 % 2.2 pts 34.8 % 33.9 % 0.9 pts
Performance metrics:
Occupancy 78.9 % 62.5 % 16.4 pts 77.4 % 68.5 % 8.9 pts
ADR $ 243.35 $ 235.54 3.3 % $ 259.34 $ 253.19 2.4 %
RevPAR $ 192.00 $ 147.22 30.4 % $ 200.80 $ 173.55 15.7 %
Total RevPAR $ 467.66 $ 440.07 6.3 % $ 519.38 $ 493.36 5.3 %


Gaylord Texan

Three Months Ended Six Months Ended
June 30, June 30,
($ in thousands, except ADR, RevPAR, and Total RevPAR) % %
2025 2024 Change 2025 2024 Change
Revenue $ 82,494 $ 83,897 (1.7 ) % $ 168,871 $ 168,799 0.0 %
Operating income $ 25,002 $ 26,314 (5.0 ) % $ 52,697 $ 52,346 0.7 %
Operating income margin 30.3 % 31.4 % (1.1 ) pts 31.2 % 31.0 % 0.2 pts
Adjusted EBITDA re $ 31,159 $ 32,058 (2.8 ) % $ 64,783 $ 63,981 1.3 %
Adjusted EBITDA re margin 37.8 % 38.2 % (0.4 ) pts 38.4 % 37.9 % 0.5 pts
Performance metrics:
Occupancy 72.0 % 78.8 % (6.8 ) pts 72.5 % 76.0 % (3.5 ) pts
ADR $ 253.06 $ 252.61 0.2 % $ 255.16 $ 246.43 3.5 %
RevPAR $ 182.32 $ 199.18 (8.5 ) % $ 185.04 $ 187.36 (1.2 ) %
Total RevPAR $ 499.74 $ 508.24 (1.7 ) % $ 514.33 $ 511.28 0.6 %


Gaylord National

Three Months Ended Six Months Ended
June 30, June 30,
($ in thousands, except ADR, RevPAR, and Total RevPAR) % %
2025 2024 Change 2025 2024 Change
Revenue $ 83,413 $ 88,369 (5.6 ) % $ 164,242 $ 156,643 4.9 %
Operating income $ 15,818 $ 22,321 (29.1 ) % $ 25,292 $ 27,544 (8.2 ) %
Operating income margin 19.0 % 25.3 % (6.3 ) pts 15.4 % 17.6 % (2.2 ) pts
Adjusted EBITDA re $ 25,420 $ 31,921 (20.4 ) % $ 44,451 $ 46,740 (4.9 ) %
Adjusted EBITDA re margin 30.5 % 36.1 % (5.6 ) pts 27.1 % 29.8 % (2.7 ) pts
Performance metrics:
Occupancy 67.8 % 70.8 % (3.0 ) pts 70.1 % 67.6 % 2.5 pts
ADR $ 263.97 $ 263.88 0.0 % $ 256.29 $ 250.67 2.2 %
RevPAR $ 178.85 $ 186.90 (4.3 ) % $ 179.59 $ 169.54 5.9 %
Total RevPAR $ 459.23 $ 486.52 (5.6 ) % $ 454.62 $ 431.20 5.4 %


Gaylord Rockies

Three Months Ended Six Months Ended
June 30, June 30,
($ in thousands, except ADR, RevPAR, and Total RevPAR) % %
2025 2024 Change 2025 2024 Change
Revenue $ 81,722 $ 76,836 6.4 % $ 152,670 $ 140,658 8.5 %
Operating income $ 21,798 $ 21,436 1.7 % $ 36,621 $ 33,433 9.5 %
Operating income margin 26.7 % 27.9 % (1.2 ) pts 24.0 % 23.8 % 0.2 pts
Adjusted EBITDA re $ 36,695 $ 35,574 3.2 % $ 66,370 $ 61,412 8.1 %
Adjusted EBITDA re margin 44.9 % 46.3 % (1.4 ) pts 43.5 % 43.7 % (0.2 ) pts
Performance metrics:
Occupancy 80.3 % 80.4 % (0.1 ) pts 76.3 % 72.4 % 3.9 pts
ADR $ 259.78 $ 255.44 1.7 % $ 258.52 $ 249.55 3.6 %
RevPAR $ 208.62 $ 205.25 1.6 % $ 197.21 $ 180.77 9.1 %
Total RevPAR $ 598.29 $ 562.53 6.4 % $ 561.94 $ 514.89 9.1 %


JW Marriott Hill Country

Three Months Ended Six Months Ended
June 30, June 30,
($ in thousands, except ADR, RevPAR, and Total RevPAR) % %
2025 2024 Change 2025 2024 Change
Revenue $ 66,573 $ 62,850 5.9 % $ 121,849 $ 112,791 8.0 %
Operating income $ 17,250 $ 15,438 11.7 % $ 28,099 $ 24,572 14.4 %
Operating income margin 25.9 % 24.6 % 1.3 pts 23.1 % 21.8 % 1.3 pts
Adjusted EBITDA re $ 25,169 $ 22,909 9.9 % $ 43,849 $ 39,440 11.2 %
Adjusted EBITDA re margin 37.8 % 36.5 % 1.3 pts 36.0 % 35.0 % 1.0 pts
Performance metrics:
Occupancy 75.6 % 79.0 % (3.4 ) pts 71.8 % 71.3 % 0.5 pts
ADR $ 342.79 $ 324.18 5.7 % $ 332.79 $ 318.83 4.4 %
RevPAR $ 259.31 $ 256.23 1.2 % $ 238.96 $ 227.31 5.1 %
Total RevPAR $ 730.11 $ 689.28 5.9 % $ 671.85 $ 618.50 8.6 %


JW Marriott Desert Ridge 1

Period Ended
June 30,
($ in thousands, except ADR, RevPAR, and Total RevPAR)
2025
Revenue $ 5,349
Operating loss $ (2,583 )
Operating loss margin (48.3 ) %
Adjusted EBITDA re $ (582 )
Adjusted EBITDA re margin (10.9 ) %
Performance metrics:
Occupancy 39.3 %
ADR $ 228.50
RevPAR $ 89.76
Total RevPAR $ 268.11

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(1) The JW Marriott Desert Ridge was acquired by the Company on June 10, 2025, therefore there are no comparison figures.


Entertainment Segment

Three Months Ended Six Months Ended
June 30, June 30,
($ in thousands) % %
2025 2024 Change 2025 2024 Change
Revenue $ 143,304 $ 94,203 52.1 % $ 232,854 $ 161,078 44.6 %
Operating income $ 23,495 $ 25,822 (9.0 ) % $ 33,811 $ 31,934 5.9 %
Operating income margin 16.4 % 27.4 % (11.0 ) pts 14.5 % 19.8 % (5.3 ) pts
Adjusted EBITDA re $ 33,908 $ 35,744 (5.1 ) % $ 54,847 $ 51,283 6.9 %
Adjusted EBITDA re margin 23.7 % 37.9 % (14.2 ) pts 23.6 % 31.8 % (8.2 ) pts


Note: Entertainment results for the 2024 periods reflect franchise tax refunds for the 2020 through 2023 tax periods, totaling approximately $3.4 million.

Fioravanti continued, “Our Entertainment segment delivered all-time record revenue, driven by continued momentum from our recent investments, including Category 10, Block 21 and Southern Entertainment. As anticipated, our investment in Southern Entertainment, together with the one-time franchise tax refunds received in the prior-year quarter, contributed to a lower Adjusted EBITDAre margin. The festivals business is seasonally weighted to the second quarter, and this year was impacted by some unfavorable weather conditions. We continue to see healthy demand and consumer enthusiasm for live experiences, highlighting the strength of the industry and our portfolio of iconic brands and venues.”

Corporate and Other Segment

Three Months Ended Six Months Ended
June 30, June 30,
($ in thousands) % %
2025 2024 Change 2025 2024 Change
Operating loss $ (10,990 ) $ (9,636 ) (14.1 ) % $ (21,994 ) $ (21,552 ) (2.1 ) %
Adjusted EBITDA re $ (8,487 ) $ (7,164 ) (18.5 ) % $ (16,898 ) $ (16,231 ) (4.1 ) %


Note: Corporate and Other results for the 2024 periods reflect franchise tax refunds for the 2020 through 2023 tax periods, totaling approximately $0.1 million.

Capital Expenditures

In 2025, the Company continues to expect to spend approximately $350 to $450 million on capital expenditures, primarily related to its Hospitality business, which includes approximately $182 million spent in the first half of 2025.

Major Hospitality projects planned for the second half of 2025 include:

  • Continuation of the sports bar, pavilion and event lawn development at Gaylord Opryland, which is expected to be completed in the first quarter of 2026;
  • Continuation of the meeting space expansion at Gaylord Opryland, which is expected to be completed in 2027; and
  • Renovation of the rooms at Gaylord Texan, which began in July 2025 and is expected to be completed by mid-year 2026.

Included in the Company’s capital expenditure estimates are modest investments planned at the JW Marriott Desert Ridge, including completion of the meeting space renovations currently underway; conversion of approximately 5,000 square feet of vacant office space to additional carpeted breakout space; and event lawn enhancements to support the addition of ICE! programming in 2026.

Disruption

For 2025, the Company affirms its previously-stated expectation that the full year impact of construction-related disruption to its same-store Hospitality segment will be 250 to 350 basis points to RevPAR; 200 to 300 basis points to Total RevPAR; and $30 to $35 million to operating income and Adjusted EBITDA re . For the second half of the year, construction-related disruption is expected to impact results at Gaylord Opryland and Gaylord Texan.

2025 Guidance

The Company is updating its 2025 business performance outlook based on current information as of August 4, 2025. The Company does not expect to update the guidance provided below before next quarter’s earnings release. However, the Company may update or withdraw its full business outlook or any portion thereof at any time for any reason, including due to economic uncertainty and volatility.

Fioravanti concluded, “We are adjusting our full year 2025 outlook for the acquisition of the JW Marriott Desert Ridge, and we are updating the range of expected outcomes for same-store Hospitality Adjusted EBITDA re to account for incremental transient rate risk for our Nashville-based hotels in the second half of the year. Visitation and tourism trends for Nashville remain robust; however, new hotel supply in the market, particularly at the high end, has impacted transient occupancy levels, and, more recently, room rates. We remain bullish on the long-term trajectory of the markets in which we do business, and our competitive positioning within them.”

Guidance Range Prior Guidance Range
(in millions, except per share figures) For Full Year 2025 (1) Full Year 2025 Change
Low High Midpoint Low High Midpoint Midpoint
Same-store Hospitality RevPAR growth (2) 1.25 % 3.75 % 2.50 % 1.25 % 3.75 % 2.50 % - %
Same-store Hospitality Total RevPAR growth (2) 0.75 % 3.25 % 2.00 % 0.75 % 3.25 % 2.00 % - %
Operating income:
Same-store Hospitality (2) $ 444.0 $ 458.0 $ 451.0 $ 444.0 $ 468.0 $ 456.0 $ (5.0 )
JW Marriott Desert Ridge – 2.0 1.0 – – – 1.0
Entertainment 65.8 69.8 67.8 65.8 69.8 67.8 -
Corporate and Other (48.0 ) (47.5 ) (47.8 ) (48.0 ) (47.5 ) (47.8 ) -
Consolidated operating income $ 461.7 $ 482.3 $ 472.0 $ 461.7 $ 490.3 $ 476.0 $ (4.0 )
Adjusted EBITDA re :
Same-store Hospitality (2) $ 675.0 $ 705.0 $ 690.0 $ 675.0 $ 715.0 $ 695.0 $ (5.0 )
JW Marriott Desert Ridge 18.0 22.0 20.0 – – – 20.0
Entertainment 110.0 120.0 115.0 110.0 120.0 115.0 -
Corporate and Other (36.0 ) (34.0 ) (35.0 ) (36.0 ) (34.0 ) (35.0 ) -
Consolidated Adjusted EBITDA re $ 767.0 $ 813.0 $ 790.0 $ 749.0 $ 801.0 $ 775.0 $ 15.0
Net income $ 225.8 $ 236.8 $ 231.3 $ 245.3 $ 261.0 $ 253.1 $ (21.9 )
Net income available to common stockholders $ 216.8 $ 228.8 $ 222.8 $ 237.3 $ 255.0 $ 246.1 $ (23.4 )
FFO available to common stockholders and unit holders $ 485.9 $ 520.3 $ 503.1 $ 487.4 $ 524.5 $ 505.9 $ (2.8 )
Adjusted FFO available to common stockholders and unit holders $ 505.0 $ 546.5 $ 525.8 $ 510.0 $ 555.0 $ 532.5 $ (6.8 )
Net income available to common stockholders per diluted share (3) $ 3.40 $ 3.55 $ 3.47 $ 3.80 $ 4.05 $ 3.93 $ (0.46 )
Adjusted FFO available to common stockholders and unit holders
per diluted share/unit (3) $ 7.93 $ 8.49 $ 8.21 $ 8.24 $ 8.86 $ 8.55 $ (0.34 )
Weighted average shares outstanding - diluted (3) 66.2 66.2 66.2 64.5 64.5 64.5 1.7
Weighted average shares and OP units outstanding - diluted (3) 66.6 66.6 66.6 64.9 64.9 64.9 1.7


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(1)   Includes the JW Marriott Desert Ridge, except as otherwise noted. Amounts are calculated based on unrounded numbers.
(2)   Same-store Hospitality includes the JW Marriott Hill Country and excludes the JW Marriott Desert Ridge, which was acquired on June 10, 2025.
(3)   Includes shares related to the currently unexercisable investor put rights associated with the noncontrolling interest in the Company’s OEG business, which may be settled in cash or shares at the Company’s option, and the impact of approximately 3.0 million additional shares issued on May 21, 2025.

Note: For reconciliations of Consolidated Adjusted EBITDA re guidance to Net Income, segment-level Adjusted EBITDA re to segment-level Operating Income, and FFO and Adjusted FFO available to common stockholders and unitholders to Net Income available to common stockholders, see “Reconciliation of Forward-Looking Statements.”

Dividend Update

On July 15, 2025, the Company paid the previously announced quarterly cash dividend of $1.15 per common share, which was paid to stockholders of record as of June 30, 2025.

The Company’s dividend policy provides that it will distribute minimum dividends of 100% of REIT taxable income annually. Future dividends are subject to the Board’s future determinations as to amount and timing.

Balance Sheet/Liquidity Update

As of June 30, 2025, the Company had unrestricted cash of $420.6 million and total debt outstanding of $3,975.2 million, net of unamortized deferred financing costs. As of June 30, 2025, there were no amounts drawn under the Company’s revolving credit facility or OEG’s revolving credit facility, which left $780.0 million of aggregate borrowing availability under the Company’s revolving credit facility and OEG’s revolving credit facility.

Earnings Call Information

Ryman Hospitality Properties will hold a conference call to discuss this release tomorrow, August 5, at 10:00 a.m. ET. Investors can listen to the conference call over the Internet at www.rymanhp.com. To listen to the live call, please go to the Investor Relations section of the website (Investor Relations/News & Events/Events & Presentation) at least 15 minutes prior to the call to register and download any necessary audio software. For those who cannot listen to the live broadcast, a replay will be available shortly after the call and will be available for at least 30 days.

About Ryman Hospitality Properties, Inc.

Ryman Hospitality Properties, Inc. (NYSE: RHP) is a leading lodging and hospitality real estate investment trust that specializes in upscale convention center resorts and entertainment experiences. The Company’s holdings include Gaylord Opryland Resort & Convention Center; Gaylord Palms Resort & Convention Center; Gaylord Texan Resort & Convention Center; Gaylord National Resort & Convention Center; and Gaylord Rockies Resort & Convention Center, five of the top seven largest non-gaming convention center hotels in the United States based on total indoor meeting space. The Company also owns the JW Marriott Phoenix Desert Ridge Resort & Spa and JW Marriott San Antonio Hill Country Resort & Spa as well as two ancillary hotels adjacent to our Gaylord Hotels properties. The Company’s hotel portfolio is managed by Marriott International and includes a combined total of 12,364 rooms as well as more than 3 million square feet of total indoor and outdoor meeting space in top convention and leisure destinations across the country. RHP also owns an approximate 70% controlling ownership interest in Opry Entertainment Group (OEG), which is composed of entities owning a growing collection of iconic and emerging country music brands, including the Grand Ole Opry; Ryman Auditorium; WSM 650 AM; Ole Red; Category 10; Nashville-area attractions; Block 21, a mixed-use entertainment, lodging, office and retail complex, including the W Austin Hotel and the ACL Live at the Moody Theater, located in downtown Austin, Texas; and a majority interest in Southern Entertainment, a leading festival and events business. RHP operates OEG as its Entertainment segment in a taxable REIT subsidiary, and its results are consolidated in the Company’s financial results.

Cautionary Note Regarding Forward-Looking Statements

This press release contains statements as to the Company’s beliefs and expectations of the outcome of future events that are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. You can identify these statements by the fact that they do not relate strictly to historical or current facts. Examples of these statements include, but are not limited to, statements regarding the future performance of the Company’s business, anticipated business levels and anticipated financial results for the Company during future periods, the Company’s expected cash dividend, and other business or operational issues. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the statements made. These include the risks and uncertainties associated with economic conditions affecting the hospitality business generally, the geographic concentration of the Company’s hotel properties, business levels at the Company’s hotels, the effects of inflation and changes in international, national, regional and local economic and market conditions (such as the imposition of trade barriers or other changes in trade policy) on the Company’s business, including the effects on costs of labor and supplies and effects on group customers at the Company’s hotels and customers in OEG’s businesses, the Company’s ability to remain qualified as a REIT, the Company’s ability to execute our strategic goals as a REIT, the Company’s ability to generate cash flows to support dividends, future board determinations regarding the timing and amount of dividends and changes to the dividend policy, the Company’s ability to borrow funds pursuant to its credit agreements and to refinance indebtedness and/or to successfully amend the agreements governing its indebtedness in the future, changes in interest rates, the Company’s integration of the JW Marriott Desert Ridge, the Company’s ability to identify and capitalize on additional value creation opportunities at the JW Marriott Desert Ridge and the occurrence of any event, change or other circumstance that could limit the Company’s ability to capitalize on any additional value creation opportunities it identifies at the JW Marriott Desert Ridge. Other factors that could cause operating and financial results to differ are described in the filings made from time to time by the Company with the U.S. Securities and Exchange Commission (SEC) and include the risk factors and other risks and uncertainties described in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, and subsequent filings. Except as required by law, the Company does not undertake any obligation to release publicly any revisions to forward-looking statements made by it to reflect events or circumstances occurring after the date hereof or the occurrence of unanticipated events.

Additional Information

This release should be read in conjunction with the consolidated financial statements and notes thereto included in our most recent Annual Report on Form 10-K. Copies of our reports are available on our website at no expense at www.rymanhp.com and through the SEC’s Electronic Data Gathering Analysis and Retrieval System (“EDGAR”) at www.sec.gov.

Calculation of RevPAR and Total RevPAR
We calculate revenue per available room (“RevPAR”) for our hotels by dividing room revenue by room nights available to guests for the period. We calculate total revenue per available room (“Total RevPAR”) for our hotels by dividing the sum of room revenue, food & beverage, and other ancillary services revenue by room nights available to guests for the period. Hospitality metrics do not include the results of the W Austin, which is included in the Entertainment segment.

Calculation of GAAP Margin Figures
We calculate net income available to common stockholders margin by dividing GAAP consolidated net income available to common stockholders by GAAP consolidated total revenue. We calculate consolidated, segment or property-level operating income margin by dividing consolidated, segment or property-level GAAP operating income by consolidated, segment or property-level GAAP revenue.

Non-GAAP Financial Measures
We present the following non-GAAP financial measures we believe are useful to investors as key measures of our operating performance:

EBITDAre, Adjusted EBITDAre and Adjusted EBITDAre, Excluding Noncontrolling Interest Definition
We calculate EBITDA re, which is defined by the National Association of Real Estate Investment Trusts (“NAREIT”) in its September 2017 white paper as net income (calculated in accordance with GAAP) plus interest expense, income tax expense, depreciation and amortization, gains or losses on the disposition of depreciated property (including gains or losses on change in control), impairment write-downs of depreciated property and of investments in unconsolidated affiliates caused by a decrease in the value of depreciated property of the affiliate, and adjustments to reflect the entity’s share of EBITDA re of unconsolidated affiliates.

Adjusted EBITDA re is then calculated as EBITDA re , plus to the extent the following adjustments occurred during the periods presented:

  • preopening costs;
  • non-cash lease expense;
  • equity-based compensation expense;
  • impairment charges that do not meet the NAREIT definition above;
  • credit losses on held-to-maturity securities;
  • transaction costs of acquisitions;
  • interest income on bonds;
  • loss on extinguishment of debt;
  • pension settlement charges;
  • pro rata Adjusted EBITDA re from unconsolidated joint ventures; and
  • any other adjustments we have identified herein.

We then exclude the pro rata share of Adjusted EBITDA re related to noncontrolling interests to calculate Adjusted EBITDA re , Excluding Noncontrolling Interest.

We use EBITDA re , Adjusted EBITDA re and Adjusted EBITDA re , Excluding Noncontrolling Interest and segment or property-level EBITDA re and Adjusted EBITDA re to evaluate our operating performance. We believe that the presentation of these non-GAAP financial measures provides useful information to investors regarding our operating performance and debt leverage metrics, and that the presentation of these non-GAAP financial measures, when combined with the primary GAAP presentation of net income or operating income, as applicable, is beneficial to an investor’s complete understanding of our operating performance. We make additional adjustments to EBITDA re when evaluating our performance because we believe that presenting Adjusted EBITDA re and Adjusted EBITDA re , Excluding Noncontrolling Interest provides useful information to investors regarding our operating performance and debt leverage metrics.

Adjusted EBITDAre Margin and Adjusted EBITDAre, Excluding Noncontrolling Interest Margin Definition
We calculate consolidated Adjusted EBITDA re , Excluding Noncontrolling Interest Margin by dividing consolidated Adjusted EBITDA re , Excluding Noncontrolling Interest by GAAP consolidated total revenue. We calculate consolidated, segment or property-level Adjusted EBITDA re Margin by dividing consolidated, segment-, or property-level Adjusted EBITDA re by consolidated, segment-, or property-level GAAP revenue. We believe Adjusted EBITDA re , Excluding Noncontrolling Interest Margin is useful to investors in evaluating our operating performance because this non-GAAP financial measure helps investors evaluate and compare the results of our operations from period to period by presenting a ratio showing the quantitative relationship between Adjusted EBITDA re , Excluding Noncontrolling Interest and GAAP consolidated total revenue or segment or property-level GAAP revenue, as applicable.

FFO, Adjusted FFO, and Adjusted FFO Available to Common Stockholders and Unit Holders Definition
We calculate FFO, which definition is clarified by NAREIT in its December 2018 white paper as net income (calculated in accordance with GAAP) excluding depreciation and amortization (excluding amortization of deferred financing costs and debt discounts), gains and losses from the sale of certain real estate assets, gains and losses from a change in control, impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciated real estate held by the entity, income (loss) from consolidated joint ventures attributable to noncontrolling interest, and pro rata adjustments from unconsolidated joint ventures.

To calculate Adjusted FFO available to common stockholders and unit holders, we then exclude, to the extent the following adjustments occurred during the periods presented:

  • right-of-use asset amortization;
  • impairment charges that do not meet the NAREIT definition above;
  • write-offs of deferred financing costs;
  • amortization of debt discounts or premiums and amortization of deferred financing costs;
  • loss on extinguishment of debt;
  • non-cash lease expense;
  • credit loss on held-to-maturity securities;
  • pension settlement charges;
  • additional pro rata adjustments from unconsolidated joint ventures;
  • (gains) losses on other assets;
  • transaction costs of acquisitions;
  • deferred income tax expense (benefit); and
  • any other adjustments we have identified herein.

FFO available to common stockholders and unit holders and Adjusted FFO available to common stockholders and unit holders exclude the ownership portion of the joint ventures not controlled or owned by the Company.

We present Adjusted FFO available to common stockholders and unit holders per diluted share/unit as a non-GAAP measure of our performance in addition to net income available to common stockholders per diluted share (calculated in accordance with GAAP). We calculate Adjusted FFO available to common stockholders and unit holders per diluted share/unit as Adjusted FFO (defined as set forth above) for a given operating period, as adjusted for the effect of dilutive securities, divided by the number of diluted shares and units outstanding during such period.

We believe that the presentation of these non-GAAP financial measures provides useful information to investors regarding the performance of our ongoing operations because each presents a measure of our operations without regard to specified non-cash items such as real estate depreciation and amortization, gain or loss on sale of assets and certain other items, which we believe are not indicative of the performance of our underlying hotel properties. We believe that these items are more representative of our asset base than our ongoing operations. We also use these non-GAAP financial measures as measures in determining our results after considering the impact of our capital structure.

We caution investors that non-GAAP financial measures we present may not be comparable to similar measures disclosed by other companies, because not all companies calculate these non-GAAP measures in the same manner. The non-GAAP financial measures we present, and any related per share measures, should not be considered as alternative measures of our net income, operating performance, cash flow or liquidity. These non-GAAP financial measures may include funds that may not be available for our discretionary use due to functional requirements to conserve funds for capital expenditures and property acquisitions and other commitments and uncertainties. Although we believe that these non-GAAP financial measures can enhance an investor’s understanding of our results of operations, these non-GAAP financial measures, when viewed individually, are not necessarily better indicators of any trend as compared to GAAP measures such as net income, operating income, or cash flow from operations.

Investor Relations Contacts:
Mark Fioravanti, President and Chief Executive Officer
(615) 316-6588
[email protected]

Jennifer Hutcheson, Chief Financial Officer
(615) 316-6320
[email protected]

Sarah Martin, Vice President, Investor Relations
(615) 316-6011
[email protected] 		Media Contact:
Shannon Sullivan, Vice President, Corporate and Brand Communications
(615) 316-6725
[email protected]



Ryman Hospitality Properties, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations
Unaudited
(In thousands, except per share data)
Three Months Ended Six Months Ended
June 30, June 30,
2025 2024 2025 2024
Revenues:
Rooms $ 200,900 $ 199,497 $ 390,132 $ 373,130
Food and beverage 250,391 259,386 503,654 494,469
Other hotel revenue 64,920 60,204 120,155 112,958
Entertainment 143,304 94,203 232,854 161,078
Total revenues 659,515 613,290 1,246,795 1,141,635
Operating expenses:
Rooms 47,238 45,062 93,527 89,163
Food and beverage 136,152 132,369 274,291 260,548
Other hotel expenses 130,588 117,769 254,512 236,582
Management fees, net 17,916 21,449 36,379 39,411
Total hotel operating expenses 331,894 316,649 658,709 625,704
Entertainment 110,376 59,560 180,146 112,147
Corporate 10,759 9,402 21,529 21,356
Preopening costs 98 1,055 185 2,491
Gain on sale of assets – – – (270 )
Depreciation and amortization 66,963 58,553 130,680 115,755
Total operating expenses 520,090 445,219 991,249 877,183
Operating income 139,425 168,071 255,546 264,452
Interest expense, net of amounts capitalized (58,534 ) (56,577 ) (112,817 ) (117,020 )
Interest income 5,583 7,064 11,042 14,586
Loss on extinguishment of debt (2,542 ) (1,797 ) (2,542 ) (2,319 )
Income (loss) from unconsolidated joint ventures (13 ) 183 (29 ) 215
Other gains and (losses), net (196 ) (4 ) (304 ) 317
Income before income taxes 83,723 116,940 150,896 160,231
Provision for income taxes (7,848 ) (12,200 ) (12,007 ) (12,730 )
Net income 75,875 104,740 138,889 147,501
Net income attributable to noncontrolling interest in OEG (2,094 ) (3,270 ) (2,805 ) (2,691 )
Net income attributable to other noncontrolling interests (2,028 ) (665 ) (1,370 ) (949 )
Net income available to common stockholders $ 71,753 $ 100,805 $ 134,714 $ 143,861
Basic income per share available to common stockholders $ 1.17 $ 1.68 $ 2.22 $ 2.41
Diluted income per share available to common stockholders (1) $ 1.12 $ 1.65 $ 2.13 $ 2.31
Weighted average common shares for the period:
Basic 61,352 59,895 60,639 59,817
Diluted (1) 65,732 63,223 64,577 63,446


__________________
(1)   Diluted weighted average common shares for the three and six months ended June 30, 2025 include the impact of approximately 3.0 million additional shares issued on May 21, 2025. Diluted weighted average common shares for the three months ended June 30, 2025 and 2024 include 4.2 million and 3.1 million, respectively, and the six months ended June 30, 2025 and 2024 include 3.7 million and 3.3 million, respectively, in equivalent shares related to the currently unexercisable investor put rights associated with the noncontrolling interest in the Company's OEG business, which may be settled in cash or shares at the Company's option.

Ryman Hospitality Properties, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
Unaudited
(In thousands)
June 30, December 31,
2025 2024
ASSETS:
Property and equipment, net of accumulated depreciation $ 4,926,280 $ 4,124,382
Cash and cash equivalents - unrestricted 420,579 477,694
Cash and cash equivalents - restricted 30,126 98,534
Notes receivable, net 57,933 57,801
Trade receivables, net 131,962 94,184
Deferred income tax assets, net 61,094 70,511
Prepaid expenses and other assets 187,725 178,091
Intangible assets and goodwill, net 294,921 116,376
Total assets $ 6,110,620 $ 5,217,573
LIABILITIES AND EQUITY:
Debt and finance lease obligations $ 3,975,213 $ 3,378,396
Accounts payable and accrued liabilities 435,537 466,571
Dividends payable 74,721 71,444
Deferred management rights proceeds 164,442 164,658
Operating lease liabilities 144,493 135,117
Other liabilities 72,483 66,805
Noncontrolling interest in OEG 401,286 381,945
Total equity 842,445 552,637
Total liabilities and equity $ 6,110,620 $ 5,217,573


Ryman Hospitality Properties, Inc. and Subsidiaries
Supplemental Financial Results
Adjusted EBITDA re Reconciliation
Unaudited
(In thousands)
Three Months Ended Six Months Ended
June 30, June 30,
2025 2024 2025 2024
$ Margin $ Margin $ Margin $ Margin
Consolidated:
Revenue $ 659,515 $ 613,290 $ 1,246,795 $ 1,141,635
Net income $ 75,875 11.5 % $ 104,740 17.1 % $ 138,889 11.1 % $ 147,501 12.9 %
Interest expense, net 52,951 49,513 101,775 102,434
Provision for income taxes 7,848 12,200 12,007 12,730
Depreciation and amortization 66,963 58,553 130,680 115,755
Gain on sale of assets – – – (270 )
Pro rata EBITDA re from unconsolidated joint ventures 1 2 2 4
EBITDA re 203,638 30.9 % 225,008 36.7 % 383,353 30.7 % 378,154 33.1 %
Preopening costs 98 1,055 185 2,491
Non-cash lease expense 945 933 1,834 1,858
Equity-based compensation expense 3,495 3,383 7,117 7,245
Interest income on Gaylord National bonds 1,113 1,195 2,227 2,390
Loss on extinguishment of debt 2,542 1,797 2,542 2,319
Transaction costs for acquisitions 25 – 100 –
Pro rata adjusted EBITDA re from unconsolidated joint ventures – (176 ) – (197 )
Adjusted EBITDA re 211,856 32.1 % 233,195 38.0 % 397,358 31.9 % 394,260 34.5 %
Adjusted EBITDA re of noncontrolling interest (11,295 ) (10,722 ) (16,921 ) (15,384 )
Adjusted EBITDA re , excluding noncontrolling interest $ 200,561 30.4 % $ 222,473 36.3 % $ 380,437 30.5 % $ 378,876 33.2 %
Hospitality segment:
Revenue $ 516,211 $ 519,087 $ 1,013,941 $ 980,557
Operating income $ 126,920 24.6 % $ 151,885 29.3 % $ 243,729 24.0 % $ 254,070 25.9 %
Depreciation and amortization 57,397 50,553 111,503 100,783
Non-cash lease expense 1,005 982 1,950 1,965
Interest income on Gaylord National bonds 1,113 1,195 2,227 2,390
Adjusted EBITDA re $ 186,435 36.1 % $ 204,615 39.4 % $ 359,409 35.4 % $ 359,208 36.6 %
Same-store Hospitality segment: (1)
Revenue $ 510,862 $ 519,087 $ 1,008,592 $ 980,557
Operating income $ 129,503 25.3 % $ 151,885 29.3 % $ 246,312 24.4 % $ 254,070 25.9 %
Depreciation and amortization 55,454 50,553 109,560 100,783
Non-cash lease expense 947 982 1,892 1,965
Interest income on Gaylord National bonds 1,113 1,195 2,227 2,390
Adjusted EBITDA re $ 187,017 36.6 % $ 204,615 39.4 % $ 359,991 35.7 % $ 359,208 36.6 %
Entertainment segment:
Revenue $ 143,304 $ 94,203 $ 232,854 $ 161,078
Operating income $ 23,495 16.4 % $ 25,822 27.4 % $ 33,811 14.5 % $ 31,934 19.8 %
Depreciation and amortization 9,335 7,766 18,712 14,506
Preopening costs 98 1,055 185 2,491
Non-cash lease revenue (60 ) (49 ) (116 ) (107 )
Equity-based compensation 1,028 1,005 2,048 1,893
Other gains and (losses), net – 137 136 545
Transaction costs for acquisitions 25 – 100 –
Pro rata adjusted EBITDA re from unconsolidated joint ventures (13 ) 8 (29 ) 21
Adjusted EBITDA re $ 33,908 23.7 % $ 35,744 37.9 % $ 54,847 23.6 % $ 51,283 31.8 %
Corporate and Other segment:
Operating loss $ (10,990 ) $ (9,636 ) $ (21,994 ) $ (21,552 )
Depreciation and amortization 231 234 465 466
Other gains and (losses), net (195 ) (140 ) (438 ) (227 )
Equity-based compensation 2,467 2,378 5,069 5,352
Gain on sale of assets – – – (270 )
Adjusted EBITDA re $ (8,487 ) $ (7,164 ) $ (16,898 ) $ (16,231 )

__________________
(1)   Same-store Hospitality includes the JW Marriott Hill Country for all periods presented and excludes the JW Marriott Desert Ridge, which was acquired June 10, 2025.


Ryman Hospitality Properties, Inc. and Subsidiaries
Supplemental Financial Results
Funds From Operations (“FFO”) and Adjusted FFO Reconciliation
Unaudited
(In thousands, except per share data)
Three Months Ended Six Months Ended
June 30, June 30,
2025 2024 2025 2024
Net income available to common stockholders $ 71,753 $ 100,805 $ 134,714 $ 143,861
Noncontrolling interest in OP Units 1,532 665 874 949
Net income available to common stockholders and unit holders 73,285 101,470 135,588 144,810
Depreciation and amortization 66,906 58,506 130,582 115,660
Adjustments for noncontrolling interest (3,046 ) (2,331 ) (6,123 ) (4,352 )
Pro rata adjustments from joint ventures – 2 – 2
FFO available to common stockholders and unit holders 137,145 157,647 260,047 256,120
Right-of-use asset amortization 57 47 98 95
Non-cash lease expense 945 933 1,834 1,858
Pro rata adjustments from joint ventures – (176 ) – (197 )
Gain on other assets – – – (270 )
Amortization of deferred financing costs 2,900 2,627 5,607 5,348
Amortization of debt discounts and premiums 430 658 988 1,307
Loss on extinguishment of debt 2,542 1,797 2,542 2,319
Adjustments for noncontrolling interest (1,736 ) (1,253 ) (2,018 ) (1,118 )
Transaction cost of acquisitions 25 – 100 –
Deferred tax provision 6,537 11,152 9,470 10,664
Adjusted FFO available to common stockholders and unit holders $ 148,845 $ 173,432 $ 278,668 $ 276,126
Basic net income per share $ 1.17 $ 1.68 $ 2.22 $ 2.41
Diluted net income per share $ 1.12 $ 1.65 $ 2.13 $ 2.31
FFO available to common stockholders and unit holders per basic share/unit $ 2.22 $ 2.61 $ 4.26 $ 4.25
Adjusted FFO available to common stockholders and unit holders per basic share/unit $ 2.41 $ 2.88 $ 4.57 $ 4.59
FFO available to common stockholders and unit holders per diluted share/unit (1) $ 2.14 $ 2.57 $ 4.13 $ 4.12
Adjusted FFO available to common stockholders and unit holders per diluted share/unit (1) $ 2.35 $ 2.83 $ 4.44 $ 4.45
Weighted average common shares and OP units for the period:
Basic 61,747 60,290 61,034 60,212
Diluted (1) 66,127 63,618 64,972 63,841

__________________
(1)   Diluted weighted average common shares for the three and six months ended June 30, 2025 include the impact of approximately 3.0 million additional shares issued on May 21, 2025. Diluted weighted average common shares for the three months ended June 30, 2025 and 2024 include 4.2 million and 3.1 million, respectively, and for the six months ended June 30, 2025 and 2024 include 3.7 million and 3.3 million, respectively, in equivalent shares related to the currently unexercisable investor put rights associated with the noncontrolling interest in the Company's OEG business, which may be settled in cash or shares at the Company's option.

Ryman Hospitality Properties, Inc. and Subsidiaries
Supplemental Financial Results
Hospitality Segment Adjusted EBITDA re Reconciliation and Operating Metrics
Unaudited
(In thousands)
Three Months Ended Six Months Ended
June 30, June 30,
2025 2024 2025 2024
$ Margin $ Margin $ Margin $ Margin
Hospitality segment:
Revenue $ 516,211 $ 519,087 $ 1,013,941 $ 980,557
Operating income $ 126,920 24.6 % $ 151,885 29.3 % $ 243,729 24.0 % $ 254,070 25.9 %
Depreciation and amortization 57,397 50,553 111,503 100,783
Non-cash lease expense 1,005 982 1,950 1,965
Interest income on Gaylord National bonds 1,113 1,195 2,227 2,390
Adjusted EBITDA re $ 186,435 36.1 % $ 204,615 39.4 % $ 359,409 35.4 % $ 359,208 36.6 %
Performance metrics:
Occupancy 73.3 % 73.7 % 71.5 % 70.2 %
ADR $ 258.88 $ 260.76 $ 261.53 $ 255.87
RevPAR $ 189.77 $ 192.07 $ 187.03 $ 179.62
OtherPAR $ 297.85 $ 307.69 $ 299.07 $ 292.40
Total RevPAR $ 487.62 $ 499.76 $ 486.10 $ 472.02
Same-store Hospitality segment: (1)
Revenue $ 510,862 $ 519,087 $ 1,008,592 $ 980,557
Operating income $ 129,503 25.3 % $ 151,885 29.3 % $ 246,312 24.4 % $ 254,070 25.9 %
Depreciation and amortization 55,454 50,553 109,560 100,783
Non-cash lease expense 947 982 1,892 1,965
Interest income on Gaylord National bonds 1,113 1,195 2,227 2,390
Adjusted EBITDA re $ 187,017 36.6 % $ 204,615 39.4 % $ 359,991 35.7 % $ 359,208 36.6 %
Performance metrics:
Occupancy 74.0 % 73.7 % 71.8 % 70.2 %
ADR $ 259.19 $ 260.76 $ 261.71 $ 255.87
RevPAR $ 191.70 $ 192.07 $ 187.97 $ 179.62
OtherPAR $ 300.14 $ 307.69 $ 300.23 $ 292.40
Total RevPAR $ 491.84 $ 499.76 $ 488.20 $ 472.02
Gaylord Opryland:
Revenue $ 116,465 $ 130,352 $ 226,643 $ 234,187
Operating income $ 35,144 30.2 % $ 50,642 38.9 % $ 65,242 28.8 % $ 75,467 32.2 %
Depreciation and amortization 8,575 8,199 16,635 16,332
Non-cash lease revenue (9 ) (11 ) (19 ) (22 )
Adjusted EBITDA re $ 43,710 37.5 % $ 58,830 45.1 % $ 81,858 36.1 % $ 91,777 39.2 %
Performance metrics:
Occupancy 75.2 % 75.4 % 70.1 % 70.2 %
ADR $ 246.17 $ 260.98 $ 253.72 $ 253.71
RevPAR $ 185.19 $ 196.85 $ 177.88 $ 178.23
OtherPAR $ 257.97 $ 299.15 $ 255.70 $ 267.32
Total RevPAR $ 443.16 $ 496.00 $ 433.58 $ 445.55
Gaylord Palms:
Revenue $ 73,113 $ 68,799 $ 161,506 $ 154,262
Operating income $ 13,671 18.7 % $ 13,479 19.6 % $ 37,453 23.2 % $ 38,485 24.9 %
Depreciation and amortization 8,609 5,889 16,819 11,760
Non-cash lease expense 956 993 1,911 1,987
Adjusted EBITDA re $ 23,236 31.8 % $ 20,361 29.6 % $ 56,183 34.8 % $ 52,232 33.9 %
Performance metrics:
Occupancy 78.9 % 62.5 % 77.4 % 68.5 %
ADR $ 243.35 $ 235.54 $ 259.34 $ 253.19
RevPAR $ 192.00 $ 147.22 $ 200.80 $ 173.55
OtherPAR $ 275.66 $ 292.85 $ 318.58 $ 319.81
Total RevPAR $ 467.66 $ 440.07 $ 519.38 $ 493.36


_______________
(1)   Same-store Hospitality includes the JW Marriott Hill Country for all periods presented and excludes the JW Marriott Desert Ridge, which was acquired June 10, 2025.

Ryman Hospitality Properties, Inc. and Subsidiaries
Supplemental Financial Results
Hospitality Segment Adjusted EBITDA re Reconciliation and Operating Metrics
Unaudited
(In thousands)
Three Months Ended Six Months Ended
June 30, June 30,
2025 2024 2025 2024
$ Margin $ Margin $ Margin $ Margin
Gaylord Texan:
Revenue $ 82,494 $ 83,897 $ 168,871 $ 168,799
Operating income $ 25,002 30.3 % $ 26,314 31.4 % $ 52,697 31.2 % $ 52,346 31.0 %
Depreciation and amortization 6,157 5,744 12,086 11,635
Adjusted EBITDA re $ 31,159 37.8 % $ 32,058 38.2 % $ 64,783 38.4 % $ 63,981 37.9 %
Performance metrics:
Occupancy 72.0 % 78.8 % 72.5 % 76.0 %
ADR $ 253.06 $ 252.61 $ 255.16 $ 246.43
RevPAR $ 182.32 $ 199.18 $ 185.04 $ 187.36
OtherPAR $ 317.42 $ 309.06 $ 329.29 $ 323.92
Total RevPAR $ 499.74 $ 508.24 $ 514.33 $ 511.28
Gaylord National:
Revenue $ 83,413 $ 88,369 $ 164,242 $ 156,643
Operating income $ 15,818 19.0 % $ 22,321 25.3 % $ 25,292 15.4 % $ 27,544 17.6 %
Depreciation and amortization 8,489 8,405 16,932 16,806
Interest income on Gaylord National bonds 1,113 1,195 2,227 2,390
Adjusted EBITDA re $ 25,420 30.5 % $ 31,921 36.1 % $ 44,451 27.1 % $ 46,740 29.8 %
Performance metrics:
Occupancy 67.8 % 70.8 % 70.1 % 67.6 %
ADR $ 263.97 $ 263.88 $ 256.29 $ 250.67
RevPAR $ 178.85 $ 186.90 $ 179.59 $ 169.54
OtherPAR $ 280.38 $ 299.62 $ 275.03 $ 261.66
Total RevPAR $ 459.23 $ 486.52 $ 454.62 $ 431.20
Gaylord Rockies:
Revenue $ 81,722 $ 76,836 $ 152,670 $ 140,658
Operating income $ 21,798 26.7 % $ 21,436 27.9 % $ 36,621 24.0 % $ 33,433 23.8 %
Depreciation and amortization 14,897 14,138 29,749 27,979
Adjusted EBITDA re $ 36,695 44.9 % $ 35,574 46.3 % $ 66,370 43.5 % $ 61,412 43.7 %
Performance metrics:
Occupancy 80.3 % 80.4 % 76.3 % 72.4 %
ADR $ 259.78 $ 255.44 $ 258.52 $ 249.55
RevPAR $ 208.62 $ 205.25 $ 197.21 $ 180.77
OtherPAR $ 389.67 $ 357.28 $ 364.73 $ 334.12
Total RevPAR $ 598.29 $ 562.53 $ 561.94 $ 514.89
JW Marriott Hill Country:
Revenue $ 66,573 $ 62,850 $ 121,849 $ 112,791
Operating income $ 17,250 25.9 % $ 15,438 24.6 % $ 28,099 23.1 % $ 24,572 21.8 %
Depreciation and amortization 7,919 7,471 15,750 14,868
Adjusted EBITDA re $ 25,169 37.8 % $ 22,909 36.5 % $ 43,849 36.0 % $ 39,440 35.0 %
Performance metrics:
Occupancy 75.6 % 79.0 % 71.8 % 71.3 %
ADR $ 342.79 $ 324.18 $ 332.79 $ 318.83
RevPAR $ 259.31 $ 256.23 $ 238.96 $ 227.31
OtherPAR $ 470.80 $ 433.05 $ 432.89 $ 391.19
Total RevPAR $ 730.11 $ 689.28 $ 671.85 $ 618.50



Ryman Hospitality Properties, Inc. and Subsidiaries
Supplemental Financial Results
Hospitality Segment Adjusted EBITDA re Reconciliation and Operating Metrics
Unaudited
(In thousands)
Three Months Ended Six Months Ended
June 30, June 30,
2025 2024 2025 2024
$ Margin $ Margin $ Margin $ Margin
JW Marriott Desert Ridge:
Revenue $ 5,349 $ – $ 5,349 $ –
Operating loss $ (2,583 ) (48.3 ) % $ – N/A % $ (2,583 ) (48.3 ) % $ – N/A %
Depreciation and amortization 1,943 – 1,943 –
Non-cash lease expense 58 – 58 –
Adjusted EBITDA re $ (582 ) (10.9 ) % $ – N/A % $ (582 ) (10.9 ) % $ – N/A %
Performance metrics:
Occupancy 39.3 % N/A % 39.3 % N/A %
ADR $ 228.50 $ N/A $ 228.50 $ N/A
RevPAR $ 89.76 $ N/A $ 89.76 $ N/A
OtherPAR $ 178.35 $ N/A $ 178.35 $ N/A
Total RevPAR $ 268.11 $ N/A $ 268.11 $ N/A
The AC Hotel at National Harbor:
Revenue $ 3,562 $ 4,107 $ 6,260 $ 6,929
Operating income $ 757 21.3 % $ 1,404 34.2 % $ 871 13.9 % $ 1,731 25.0 %
Depreciation and amortization 223 218 445 468
Adjusted EBITDA re $ 980 27.5 % $ 1,622 39.5 % $ 1,316 21.0 % $ 2,199 31.7 %
Performance metrics:
Occupancy 59.8 % 66.9 % 57.3 % 61.9 %
ADR $ 286.90 $ 299.54 $ 271.75 $ 276.78
RevPAR $ 171.54 $ 200.39 $ 155.71 $ 171.32
OtherPAR $ 32.33 $ 34.67 $ 24.43 $ 26.97
Total RevPAR $ 203.87 $ 235.06 $ 180.14 $ 198.29
The Inn at Opryland: (1)
Revenue $ 3,520 $ 3,877 $ 6,551 $ 6,288
Operating income $ 63 1.8 % $ 851 21.9 % $ 37 0.6 % $ 492 7.8 %
Depreciation and amortization 585 489 1,144 935
Adjusted EBITDA re $ 648 18.4 % $ 1,340 34.6 % $ 1,181 18.0 % $ 1,427 22.7 %
Performance metrics:
Occupancy 58.1 % 60.9 % 51.0 % 51.6 %
ADR $ 168.74 $ 179.80 $ 177.02 $ 172.78
RevPAR $ 98.04 $ 109.56 $ 90.29 $ 89.16
OtherPAR $ 29.63 $ 31.01 $ 29.15 $ 24.85
Total RevPAR $ 127.67 $ 140.57 $ 119.44 $ 114.01


_______________
(1)   Includes other hospitality revenue and expense.


Ryman Hospitality Properties, Inc. and Subsidiaries
Supplemental Financial Results
Earnings Per Share, FFO Per Share and Adjusted FFO Per Share Calculations
Unaudited
(In thousands, except per share data)
Three Months Ended Six Months Ended
June 30, June 30,
2025 2024 2025 2024
Earnings per share:
Numerator:
Net income available to common stockholders $ 71,753 $ 100,805 $ 134,714 $ 143,861
Net income attributable to noncontrolling interest in OEG 2,094 3,270 2,805 2,691
Net income available to common stockholders - if-converted method $ 73,847 $ 104,075 $ 137,519 $ 146,552
Denominator:
Weighted average shares outstanding - basic 61,352 59,895 60,639 59,817
Effect of dilutive stock-based compensation 147 206 194 314
Effect of dilutive put rights (1) 4,233 3,122 3,744 3,315
Weighted average shares outstanding - diluted 65,732 63,223 64,577 63,446
Basic income per share available to common stockholders $ 1.17 $ 1.68 $ 2.22 $ 2.41
Diluted income per share available to common stockholders (1) $ 1.12 $ 1.65 $ 2.13 $ 2.31
FFO per share/unit:
Numerator:
FFO available to common stockholders and unit holders $ 137,145 $ 157,647 $ 260,047 $ 256,120
Net income attributable to noncontrolling interest in OEG 2,094 3,270 2,805 2,691
FFO adjustments for noncontrolling interest 2,601 2,331 5,234 4,352
FFO available to common stockholders and unit holders - if-converted method $ 141,840 $ 163,248 $ 268,086 $ 263,163
Denominator:
Weighted average shares and OP units outstanding - basic 61,747 60,290 61,034 60,212
Effect of dilutive stock-based compensation 147 206 194 314
Effect of dilutive put rights (1) 4,233 3,122 3,744 3,315
Weighted average shares and OP units outstanding - diluted 66,127 63,618 64,972 63,841
FFO available to common stockholders and unit holders per basic share/unit $ 2.22 $ 2.61 $ 4.26 $ 4.25
FFO available to common stockholders and unit holders per diluted share/unit (1) $ 2.14 $ 2.57 $ 4.13 $ 4.12
Adjusted FFO per share/unit:
Numerator:
Adjusted FFO available to common stockholders and unit holders $ 148,845 $ 173,432 $ 278,668 $ 276,126
Net income attributable to noncontrolling interest in OEG 2,094 3,270 2,805 2,691
FFO adjustments for noncontrolling interest 2,601 2,331 5,234 4,352
Adjusted FFO adjustments for noncontrolling interest 1,736 1,253 2,018 1,118
Adjusted FFO available to common stockholders and unit holders - if-converted method $ 155,276 $ 180,286 $ 288,725 $ 284,287
Denominator:
Weighted average shares and OP units outstanding - basic 61,747 60,290 61,034 60,212
Effect of dilutive stock-based compensation 147 206 194 314
Effect of dilutive put rights (1) 4,233 3,122 3,744 3,315
Weighted average shares and OP units outstanding - diluted 66,127 63,618 64,972 63,841
Adjusted FFO available to common stockholders and unit holders per basic share/unit $ 2.41 $ 2.88 $ 4.57 $ 4.59
Adjusted FFO available to common stockholders and unit holders per diluted share/unit (1) $ 2.35 $ 2.83 $ 4.44 $ 4.45

_______________
(1)   Includes equivalent shares related to the currently unexercisable investor put rights associated with the noncontrolling interest in the Company’s OEG business, which may be settled in cash or shares at the Company’s option.


Ryman Hospitality Properties, Inc. and Subsidiaries
Reconciliation of Forward-Looking Statements
Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (“Adjusted EBITDA re ”)
Unaudited
($ in thousands, except per share data)
Guidance Range
For Full Year 2025 (1)
Low High Midpoint
Consolidated:
Net income $ 225,750 $ 236,750 $ 231,250
Provision for income taxes 9,000 10,500 9,750
Interest expense, net 226,000 235,000 230,500
Depreciation and amortization 280,625 300,000 290,313
EBITDA re $ 741,375 $ 782,250 $ 761,813
Non-cash lease expense 3,000 4,250 3,625
Preopening costs 500 1,000 750
Equity-based compensation expense 14,875 16,500 15,688
Pension settlement charge 1,250 1,500 1,375
Interest income on Gaylord National bonds 3,750 4,750 4,250
Loss on extinguishment of debt 2,250 2,750 2,500
Adjusted EBITDA re $ 767,000 $ 813,000 $ 790,000
Hospitality segment:
Operating income $ 444,000 $ 460,000 $ 452,000
Depreciation and amortization 239,000 254,000 246,500
Non-cash lease expense 3,250 4,250 3,750
Interest income on Gaylord National bonds 3,750 4,750 4,250
Other gains and (losses), net 3,000 4,000 3,500
Adjusted EBITDA re $ 693,000 $ 727,000 $ 710,000
Same-store Hospitality segment: (2)
Operating income $ 444,000 $ 458,000 $ 451,000
Depreciation and amortization 221,000 234,000 227,500
Non-cash lease expense 3,250 4,250 3,750
Interest income on Gaylord National bonds 3,750 4,750 4,250
Other gains and (losses), net 3,000 4,000 3,500
Adjusted EBITDA re $ 675,000 $ 705,000 $ 690,000
JW Marriott Desert Ridge
Operating income $ – $ 2,000 $ 1,000
Depreciation and amortization 18,000 20,000 19,000
Adjusted EBITDA re $ 18,000 $ 22,000 $ 20,000
Entertainment segment:
Operating income $ 65,750 $ 69,750 $ 67,750
Depreciation and amortization 39,500 43,500 41,500
Non-cash lease expense (revenue) (250 ) – (125 )
Preopening costs 500 1,000 750
Equity-based compensation 4,500 5,500 5,000
Other gains and (losses), net – 250 125
Adjusted EBITDA re $ 110,000 $ 120,000 $ 115,000
Corporate and Other segment:
Operating loss $ (48,000 ) $ (47,500 ) $ (47,750 )
Depreciation and amortization 2,125 2,500 2,313
Equity-based compensation 10,375 11,000 10,688
Pension settlement charge 1,250 1,500 1,375
Other gains and (losses), net (1,750 ) (1,500 ) (1,625 )
Adjusted EBITDA re $ (36,000 ) $ (34,000 ) $ (35,000 )

_______________
(1)   Includes the JW Marriott Desert Ridge, except as otherwise noted. Amounts are calculated based on unrounded numbers.
(2)   Same-store Hospitality includes the JW Marriott Hill Country and excludes the JW Marriott Desert Ridge, which was acquired June 10, 2025.


Ryman Hospitality Properties, Inc. and Subsidiaries
Reconciliation of Forward-Looking Statements
Funds From Operations (“FFO”) and Adjusted FFO
Unaudited
($ in thousands, except per share data)
Guidance Range
For Full Year 2025 (1)
Low High Midpoint
Consolidated:
Net income available to common stockholders $ 216,750 $ 228,750 $ 222,750
Noncontrolling interest in OP Units 1,000 2,000 1,500
Net income available to common stockholders and unit holders $ 217,750 $ 230,750 $ 224,250
Depreciation and amortization 280,625 300,000 290,313
Adjustments for noncontrolling interest (12,500 ) (10,500 ) (11,500 )
FFO available to common stockholders and unit holders $ 485,875 $ 520,250 $ 503,063
Right-of-use asset amortization – 500 250
Non-cash lease expense 3,000 4,250 3,625
Pension settlement charge 1,250 1,500 1,375
Loss on extinguishment of debt 2,250 2,750 2,500
Adjustments for noncontrolling interest (4,375 ) (3,750 ) (4,063 )
Amortization of deferred financing costs 11,500 12,500 12,000
Amortization of debt discounts and premiums 1,500 2,500 2,000
Deferred tax provision 4,000 6,000 5,000
Adjusted FFO available to common stockholders and unit holders $ 505,000 $ 546,500 $ 525,750
Net income available to common stockholders per diluted share (2) $ 3.40 $ 3.55 $ 3.47
Adjusted FFO available to common stockholders and unit holders per diluted share/unit (2) $ 7.93 $ 8.49 $ 8.21
Estimated weighted average shares outstanding - diluted (in millions) (2) 66.2 66.2 66.2
Estimated weighted average shares and OP units outstanding - diluted (in millions) (2) 66.6 66.6 66.6

_______________
(1)  Includes the JW Marriott Desert Ridge, except as otherwise noted. Amounts are calculated based on unrounded numbers.
(2)  Includes equivalent shares related to the currently unexercisable investor put rights associated with the noncontrolling interest in the Company’s OEG business, which may be settled in cash or shares at the Company’s option. Also includes the impact of approximately 3.0 million additional shares issued on May 21, 2025.


Ryman Hospitality Properties, Inc. and Subsidiaries
Reconciliation of Forward-Looking Statements
Earnings Per Share and Adjusted FFO Per Share
Unaudited
(dollars in thousands, except per share data)
Guidance Range
For Full Year 2025
Earnings per share: Low High Midpoint
Numerator:
Net income available to common stockholders $ 216,750 $ 228,750 $ 222,750
Net income attributable to noncontrolling interest in OEG 8,000 6,000 7,000
Net income available to common stockholders - if-converted method $ 224,750 $ 234,750 $ 229,750
Denominator:
Estimated weighted average shares outstanding - diluted (in millions) (1) 66.2 66.2 66.2
Diluted income per share available to common stockholders $ 3.40 $ 3.55 $ 3.47
Adjusted FFO per share:
Numerator:
Adjusted FFO available to common stockholders and unit holders $ 505,000 $ 546,500 $ 525,750
Net income attributable to noncontrolling interest in OEG 8,000 6,000 7,000
FFO adjustments for noncontrolling interest 11,000 9,000 10,000
Adjusted FFO Adjustments for noncontrolling interest 4,375 3,750 4,063
Adjusted FFO available to common stockholders and unit holders - if-converted method $ 528,375 $ 565,250 $ 546,813
Denominator:
Estimated weighted average shares and OP units outstanding - diluted (in millions) (1) 66.6 66.6 66.6
Adjusted FFO available to common stockholders and unit holders per diluted share/unit $ 7.93 $ 8.49 $ 8.21


_______________
(1)   Includes equivalent shares related to the currently unexercisable investor put rights associated with the noncontrolling interest in the Company’s OEG business, which may be settled in cash or shares at the Company’s option. Also includes the impact of approximately 3.0 million additional shares issued on May 21, 2025.


Ryman Hospitality Properties, Inc. and Subsidiaries
Reconciliation of Forward-Looking Statements
Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (“Adjusted EBITDA re ”)
Unaudited
($ in thousands, except per share data)
Prior Guidance Range
For Full Year 2025
Low High Midpoint
Consolidated:
Net income $ 245,250 $ 261,000 $ 253,125
Provision for income taxes 11,000 13,500 12,250
Interest expense, net 203,000 214,000 208,500
Depreciation and amortization 262,625 280,000 271,313
EBITDA re $ 721,875 $ 768,500 $ 745,188
Non-cash lease expense 3,000 4,250 3,625
Preopening costs 500 1,000 750
Equity-based compensation expense 14,875 16,500 15,688
Pension settlement charge 1,250 1,500 1,375
Interest income on Gaylord National bonds 3,750 4,750 4,250
Loss on extinguishment of debt 3,750 4,500 4,125
Adjusted EBITDA re $ 749,000 $ 801,000 $ 775,000
Hospitality segment:
Operating income $ 444,000 $ 468,000 $ 456,000
Depreciation and amortization 221,000 234,000 227,500
Non-cash lease expense 3,250 4,250 3,750
Interest income on Gaylord National bonds 3,750 4,750 4,250
Other gains and (losses), net 3,000 4,000 3,500
Adjusted EBITDA re $ 675,000 $ 715,000 $ 695,000
Entertainment segment:
Operating income $ 65,750 $ 69,750 $ 67,750
Depreciation and amortization 39,500 43,500 41,500
Non-cash lease expense (revenue) (250 ) – (125 )
Preopening costs 500 1,000 750
Equity-based compensation 4,500 5,500 5,000
Other gains and (losses), net – 250 125
Adjusted EBITDA re $ 110,000 $ 120,000 $ 115,000
Corporate and Other segment:
Operating loss $ (48,000 ) $ (47,500 ) $ (47,750 )
Depreciation and amortization 2,125 2,500 2,313
Equity-based compensation 10,375 11,000 10,688
Pension settlement charge 1,250 1,500 1,375
Other gains and (losses), net (1,750 ) (1,500 ) (1,625 )
Adjusted EBITDA re $ (36,000 ) $ (34,000 ) $ (35,000 )



Ryman Hospitality Properties, Inc. and Subsidiaries
Reconciliation of Forward-Looking Statements
Earnings Per Share and Adjusted FFO Per Share
Unaudited
(dollars in thousands, except per share data)
Prior Guidance Range
For Full Year 2025
Low High Midpoint
Consolidated:
Net income available to common stockholders $ 237,250 $ 255,000 $ 246,125
Noncontrolling interest in OP Units – – –
Net income available to common stockholders and unit holders $ 237,250 $ 255,000 $ 246,125
Depreciation and amortization 262,625 280,000 271,313
Adjustments for noncontrolling interest (12,500 ) (10,500 ) (11,500 )
FFO available to common stockholders and unit holders $ 487,375 $ 524,500 $ 505,938
Right-of-use asset amortization – 500 250
Non-cash lease expense 3,000 4,250 3,625
Pension settlement charge 1,250 1,500 1,375
Loss on extinguishment of debt 3,750 4,500 4,125
Adjustments for noncontrolling interest (4,375 ) (3,750 ) (4,063 )
Amortization of deferred financing costs 10,500 12,000 11,250
Amortization of debt discounts and premiums 1,500 2,500 2,000
Deferred tax provision 7,000 9,000 8,000
Adjusted FFO available to common stockholders and unit holders $ 510,000 $ 555,000 $ 532,500
Net income available to common stockholders per diluted share (1) $ 3.80 $ 4.05 $ 3.93
Adjusted FFO available to common stockholders and unit holders per diluted share/unit (1) $ 8.24 $ 8.86 $ 8.55
Estimated weighted average shares outstanding - diluted (in millions) 64.5 64.5 64.5
Estimated weighted average shares and OP units outstanding - diluted (in millions) 64.9 64.9 64.9

_______________
(1)   Includes equivalent shares related to the currently unexercisable investor put rights associated with the noncontrolling interest in the Company’s OEG business, which may be settled in cash or shares at the Company’s option.


Ryman Hospitality Properties, Inc. and Subsidiaries
Reconciliation of Forward-Looking Statements
Funds From Operations (“FFO”) and Adjusted FFO
Unaudited
($ in thousands, except per share data)
Prior Guidance Range
For Full Year 2025
Earnings per share: Low High Midpoint
Numerator:
Net income available to common stockholders $ 237,250 $ 255,000 $ 246,125
Net income attributable to noncontrolling interest in OEG 8,000 6,000 7,000
Net income available to common stockholders - if-converted method $ 245,250 $ 261,000 $ 253,125
Denominator:
Estimated weighted average shares outstanding - diluted (in millions) (1) 64.5 64.5 64.5
Diluted income per share available to common stockholders $ 3.80 $ 4.05 $ 3.93
Adjusted FFO per share:
Numerator:
Adjusted FFO available to common stockholders and unit holders $ 510,000 $ 555,000 $ 532,500
Net income attributable to noncontrolling interest in OEG 8,000 6,000 7,000
FFO adjustments for noncontrolling interest 12,500 10,500 11,500
Adjusted FFO Adjustments for noncontrolling interest 4,375 3,750 4,063
Adjusted FFO available to common stockholders and unit holders - if-converted method $ 534,875 $ 575,250 $ 555,063
Denominator:
Estimated weighted average shares and OP units outstanding - diluted (in millions) (1) 64.9 64.9 64.9
Adjusted FFO available to common stockholders and unit holders per diluted share/unit $ 8.24 $ 8.86 $ 8.55

_______________
(1)   Includes equivalent shares related to the currently unexercisable investor put rights associated with the noncontrolling interest in the Company’s OEG business, which may be settled in cash or shares at the Company’s option.