Track market-moving stories before they get noisy

 | Source: Ryman Hospitality Properties, Inc.

NASHVILLE, Tenn., Sept. 08, 2026 (GLOBE NEWSWIRE) -- Ryman Hospitality Properties, Inc. (NYSE: RHP) (the “Company”), a leading lodging and hospitality real estate investment trust (“REIT”) specializing in group-oriented, upscale convention center resorts and entertainment experiences, announced today that it will release its third quarter 2026 earnings results after the market closes on Monday, November 2, 2026. Management will hold a conference call to discuss the quarter’s results at 10 a.m. ET on Tuesday, November 3, 2026.

To participate in the conference call, please register using this link. A confirmation email with dial-in details will be sent after registering. We recommend registering a minimum of thirty minutes prior to the start of the call. A live webcast will also be available on the Company’s Investor Relations website at http://ir.rymanhp.com.

A replay of the webcast will be available after completion of the live call on the Company's website at http://ir.rymanhp.com.

About Ryman Hospitality Properties, Inc.

Ryman Hospitality Properties, Inc. (NYSE: RHP) is a leading lodging and hospitality real estate investment trust that specializes in group-oriented, 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 Grande Lakes Orlando Resort, the JW Marriott Phoenix Desert Ridge Resort & Spa and the JW Marriott San Antonio Hill Country Resort & Spa as well as two ancillary hotels adjacent to the Company’s Gaylord Hotels properties. The Company’s hotel portfolio is managed by Marriott International and includes a combined total of 13,956 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; and 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. OEG manages select outdoor live music venues, including Ascend Federal Credit Union Amphitheater in Nashville and CCNB Amphitheatre in Simpsonville, South Carolina. OEG also owns 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.

NASHVILLE, Tenn., Sept. 01, 2026 (GLOBE NEWSWIRE) -- Ryman Hospitality Properties, Inc. (NYSE: RHP) (“Ryman” or the “Company”), a lodging real estate investment trust (“REIT”) specializing in group-oriented, upscale convention center resorts and entertainment experiences, announced today it has closed the previously announced acquisition of Grande Lakes Orlando Resort (“Grande Lakes Orlando”) in Orlando, Florida.

Bank of New York Mellon Corp acquired a new stake in shares of Ryman Hospitality Properties, Inc. (NYSE:RHP – Free Report) during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 609,470 shares of the real estate investment trust’s stock, valued at approximately $78,347,000. Bank of New York Mellon Corp owned approximately 0.97% of Ryman Hospitality Properties at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the stock. Norges Bank bought a new position in Ryman Hospitality Properties in the fourth quarter valued at approximately $48,036,000. Invesco Ltd. lifted its stake in Ryman Hospitality Properties by 184.9% during the third quarter. Invesco Ltd. now owns 739,608 shares of the real estate investment trust’s stock worth $66,261,000 after purchasing an additional 479,990 shares during the last quarter. Balyasny Asset Management L.P. bought a new stake in Ryman Hospitality Properties during the third quarter worth $30,975,000. Qube Research & Technologies Ltd acquired a new stake in shares of Ryman Hospitality Properties in the 3rd quarter valued at $18,161,000. Finally, UBS Group AG boosted its holdings in shares of Ryman Hospitality Properties by 116.3% in the 3rd quarter. UBS Group AG now owns 371,163 shares of the real estate investment trust’s stock valued at $33,252,000 after purchasing an additional 199,556 shares in the last quarter. 94.48% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades A number of equities analysts have recently commented on RHP shares. BMO Capital Markets reissued an “outperform” rating and set a $137.00 price target on shares of Ryman Hospitality Properties in a report on Friday, June 12th. Truist Financial lifted their target price on Ryman Hospitality Properties from $129.00 to $132.00 and gave the company a “buy” rating in a research report on Tuesday, May 26th. Barclays lifted their target price on Ryman Hospitality Properties from $120.00 to $130.00 and gave the company an “overweight” rating in a research report on Tuesday, July 21st. JPMorgan Chase & Co. increased their target price on shares of Ryman Hospitality Properties from $113.00 to $129.00 and gave the stock an “overweight” rating in a report on Tuesday, July 21st. Finally, Morgan Stanley raised their price target on shares of Ryman Hospitality Properties from $105.00 to $112.00 and gave the company an “overweight” rating in a research note on Tuesday, May 12th. Twelve equities research analysts have rated the stock with a Buy rating, According to MarketBeat, the stock presently has an average rating of “Buy” and an average price target of $129.73.

Check Out Our Latest Analysis on RHP Ryman Hospitality Properties Price Performance RHP stock opened at $132.74 on Wednesday. The company has a market capitalization of $8.38 billion, a P/E ratio of 32.45, a PEG ratio of 2.32 and a beta of 1.20. The company has a fifty day moving average price of $127.75 and a 200-day moving average price of $111.87. The company has a debt-to-equity ratio of 5.02, a quick ratio of 1.34 and a current ratio of 1.34. Ryman Hospitality Properties, Inc. has a 52-week low of $83.82 and a 52-week high of $137.46.

Ryman Hospitality Properties (NYSE:RHP – Get Free Report) last issued its quarterly earnings data on Friday, August 7th. The real estate investment trust reported $1.42 earnings per share for the quarter, topping the consensus estimate of $1.31 by $0.11. Ryman Hospitality Properties had a net margin of 9.91% and a return on equity of 34.54%. The company had revenue of $748.98 million for the quarter, compared to analysts’ expectations of $734.59 million. During the same quarter in the previous year, the firm posted $2.35 earnings per share. Ryman Hospitality Properties’s revenue for the quarter was up 13.6% on a year-over-year basis. As a group, equities analysts expect that Ryman Hospitality Properties, Inc. will post 9.18 EPS for the current year.

(Free Report)

Ryman Hospitality Properties, Inc is a publicly traded real estate investment trust (REIT) specializing in the ownership and operation of group‐oriented, large convention center hotel resorts. The company’s portfolio is anchored by its Gaylord Hotels brand, offering integrated resort, convention, entertainment and dining experiences under long‐term management agreements with Marriott International.

Ryman’s flagship properties include Gaylord Opryland Resort & Convention Center in Nashville, Gaylord Texan Resort & Convention Center near Dallas/Fort Worth and Gaylord Palms Resort & Convention Center in Orlando, Florida.

Featured Stories Five stocks we like better than Ryman Hospitality Properties Pathward’s Credit Scare Tests Its Comeback Story Wiring the AI Boom: Rumble’s $13.7B Pivot StoneX: Too Far Too Fast? DICK’s Sporting Goods Faces Pain Now for a Bigger Prize

Receive News & Ratings for Ryman Hospitality Properties Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Ryman Hospitality Properties and related companies with MarketBeat.com's FREE daily email newsletter.

Ryman Hospitality Properties (NYSE:RHP – Get Free Report) and Chatham Lodging Trust (NYSE:CLDT – Get Free Report) are both real estate companies, but which is the superior investment? We will compare the two businesses based on the strength of their valuation, risk, analyst recommendations, dividends, earnings, profitability and institutional ownership.

Valuation & Earnings This table compares Ryman Hospitality Properties and Chatham Lodging Trust”s gross revenue, earnings per share (EPS) and valuation.

Gross Revenue Price/Sales Ratio Net Income Earnings Per Share Price/Earnings Ratio Ryman Hospitality Properties $2.58 billion 3.18 $243.43 million $4.09 31.78 Chatham Lodging Trust $295.08 million 2.13 $15.05 million $0.08 168.38 Ryman Hospitality Properties has higher revenue and earnings than Chatham Lodging Trust. Ryman Hospitality Properties is trading at a lower price-to-earnings ratio than Chatham Lodging Trust, indicating that it is currently the more affordable of the two stocks. Analyst Ratings This is a summary of current ratings and target prices for Ryman Hospitality Properties and Chatham Lodging Trust, as reported by MarketBeat.

Sell Ratings Hold Ratings Buy Ratings Strong Buy Ratings Rating Score Ryman Hospitality Properties 0 0 12 0 3.00 Chatham Lodging Trust 0 3 2 0 2.40 Ryman Hospitality Properties currently has a consensus price target of $129.73, indicating a potential downside of 0.21%. Chatham Lodging Trust has a consensus price target of $13.00, indicating a potential downside of 3.49%. Given Ryman Hospitality Properties’ stronger consensus rating and higher probable upside, analysts plainly believe Ryman Hospitality Properties is more favorable than Chatham Lodging Trust.

Dividends Ryman Hospitality Properties pays an annual dividend of $4.80 per share and has a dividend yield of 3.7%. Chatham Lodging Trust pays an annual dividend of $0.40 per share and has a dividend yield of 3.0%. Ryman Hospitality Properties pays out 117.4% of its earnings in the form of a dividend, suggesting it may not have sufficient earnings to cover its dividend payment in the future. Chatham Lodging Trust pays out 500.0% of its earnings in the form of a dividend, suggesting it may not have sufficient earnings to cover its dividend payment in the future. Ryman Hospitality Properties has raised its dividend for 2 consecutive years and Chatham Lodging Trust has raised its dividend for 2 consecutive years. Ryman Hospitality Properties is clearly the better dividend stock, given its higher yield and lower payout ratio.

Insider and Institutional Ownership 94.5% of Ryman Hospitality Properties shares are owned by institutional investors. Comparatively, 88.4% of Chatham Lodging Trust shares are owned by institutional investors. 3.2% of Ryman Hospitality Properties shares are owned by insiders. Comparatively, 8.1% of Chatham Lodging Trust shares are owned by insiders. Strong institutional ownership is an indication that hedge funds, large money managers and endowments believe a stock is poised for long-term growth.

Profitability This table compares Ryman Hospitality Properties and Chatham Lodging Trust’s net margins, return on equity and return on assets.

Net Margins Return on Equity Return on Assets Ryman Hospitality Properties 9.91% 34.54% 4.39% Chatham Lodging Trust 4.00% 1.56% 1.00% Volatility & Risk Ryman Hospitality Properties has a beta of 1.2, suggesting that its stock price is 20% more volatile than the S&P 500. Comparatively, Chatham Lodging Trust has a beta of 1.08, suggesting that its stock price is 8% more volatile than the S&P 500.

Summary Ryman Hospitality Properties beats Chatham Lodging Trust on 14 of the 16 factors compared between the two stocks.

(Get Free Report)

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 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 11,414 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 a 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, Nashville-area attractions, and 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. RHP operates OEG as its Entertainment segment in a taxable REIT subsidiary, and its results are consolidated in the Company's financial results.

About Chatham Lodging Trust (Get Free Report)

Chatham Lodging Trust is a self-advised, publicly traded real estate investment trust (REIT) focused primarily on investing in upscale, extended-stay hotels and premium-branded, select-service hotels. The company owns 39 hotels totaling 5,915 rooms/suites in 16 states and the District of Columbia.

Receive News & Ratings for Ryman Hospitality Properties Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Ryman Hospitality Properties and related companies with MarketBeat.com's FREE daily email newsletter.

705 Followers

Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

NASHVILLE, Tenn., Aug. 11, 2026 (GLOBE NEWSWIRE) -- Ryman Hospitality Properties, Inc. (NYSE: RHP) (the “Company”) announced today that its subsidiaries, RHP Hotel Properties, LP (the “Operating Partnership”) and RHP Finance Corporation (together with the Operating Partnership, the “Issuers”), successfully priced the private placement of $700 million aggregate principal amount of 6.250% senior notes due 2035 (the “Notes”). The Notes will be senior unsecured obligations of the Issuers and guaranteed by the Company and its subsidiaries that guarantee the Operating Partnership's existing credit facility and the Issuers' outstanding senior unsecured notes. The offering is expected to close on August 25, 2026, subject to customary closing conditions.

Growth stocks are attractive to many investors, as above-average financial growth helps these stocks easily grab the market's attention and produce exceptional returns. But finding a great growth stock is not easy at all.

That's because, these stocks usually carry above-average risk and volatility. In fact, betting on a stock for which the growth story is actually over or nearing its end could lead to significant loss.

However, the task of finding cutting-edge growth stocks is made easy with the help of the Zacks Growth Style Score (part of the Zacks Style Scores system), which looks beyond the traditional growth attributes to analyze a company's real growth prospects.

Ryman Hospitality Properties (RHP - Free Report) is one such stock that our proprietary system currently recommends. The company not only has a favorable Growth Score, but also carries a top Zacks Rank.

Studies have shown that stocks with the best growth features consistently outperform the market. And returns are even better for stocks that possess the combination of a Growth Score of A or B and a Zacks Rank #1 (Strong Buy) or 2 (Buy).

Here are three of the most important factors that make the stock of this hotel and resort real estate investment trust a great growth pick right now.

Earnings GrowthArguably nothing is more important than earnings growth, as surging profit levels is what most investors are after. And for growth investors, double-digit earnings growth is definitely preferable, and often an indication of strong prospects (and stock price gains) for the company under consideration.

While the historical EPS growth rate for Ryman Hospitality Properties is 32.4%, investors should actually focus on the projected growth. The company's EPS is expected to grow 7.5% this year, crushing the industry average, which calls for EPS growth of 3.7%.

Impressive Asset Utilization RatioAsset utilization ratio -- also known as sales-to-total-assets (S/TA) ratio -- is often overlooked by investors, but it is an important indicator in growth investing. This metric exhibits how efficiently a firm is utilizing its assets to generate sales.

Right now, Ryman Hospitality Properties has an S/TA ratio of 0.44, which means that the company gets $0.44 in sales for each dollar in assets. Comparing this to the industry average of 0.13, it can be said that the company is more efficient.

While the level of efficiency in generating sales matters a lot, so does the sales growth of a company. And Ryman Hospitality Properties looks attractive from a sales growth perspective as well. The company's sales are expected to grow 8.4% this year versus the industry average of 2.5%.

Promising Earnings Estimate RevisionsBeyond the metrics outlined above, investors should consider the trend in earnings estimate revisions. A positive trend is a plus here. Empirical research shows that there is a strong correlation between trends in earnings estimate revisions and near-term stock price movements.

The current-year earnings estimates for Ryman Hospitality Properties have been revising upward. The Zacks Consensus Estimate for the current year has surged 0.7% over the past month.

Bottom LineRyman Hospitality Properties has not only earned a Growth Score of B based on a number of factors, including the ones discussed above, but it also carries a Zacks Rank #2 because of the positive earnings estimate revisions.

You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

This combination positions Ryman Hospitality Properties well for outperformance, so growth investors may want to bet on it.

Ryman Hospitality Properties is rated a buy, driven by resilient sector trends, strong earnings, and a compelling dividend growth story despite balance sheet risk. RHP outpaces peers in dividend growth, supported by a nationally diverse portfolio and robust non-room revenue initiatives. Q2 results highlight record RevPAR, +22% YoY FFO growth, and a 2.3x dividend coverage ratio, underscoring operational strength and payout safety.

August 10, 2026 06:21 ET  | Source: Ryman Hospitality Properties, Inc.

NASHVILLE, Tenn., Aug. 10, 2026 (GLOBE NEWSWIRE) -- Ryman Hospitality Properties, Inc. (NYSE: RHP) (the “Company”), a lodging real estate investment trust (“REIT”) specializing in group-oriented, upscale convention center resorts and entertainment experiences, today announced a definitive agreement under which the Company will purchase the fee simple interest in Grande Lakes Orlando Resort (“Grande Lakes” or the “Property”) in Orlando, Florida, for $1.38 billion from Trinity Investments. The 409-acre complex includes two hotels, a 1,010-room JW Marriott and a 582-room Ritz-Carlton, and a Greg Norman-designed 18-hole championship golf course. The Company plans for the Property to continue to be operated by Marriott International under the JW Marriott and Ritz-Carlton brands. The purchase price represents a 12.5x Adjusted EBITDAre multiple on the Property’s trailing-twelve-month results through June 30, 2026.1 The Company expects the acquisition of Grande Lakes to be accretive to adjusted funds from operations (“Adjusted FFO”) per diluted share for 2027.

Mark Fioravanti, President and Chief Executive Officer of the Company, said, “Grande Lakes is a terrific asset and one that fits all of our ownership criteria. The transaction strengthens our JW Marriott and Gaylord Hotels customer rotation strategies, expands our presence in the nation’s top meetings market and creates the opportunity for meaningful portfolio synergies. Building on the success of our growing JW Marriott platform, Grande Lakes establishes a nationwide rotational network for the JW Marriott brand within our hotel portfolio. Grande Lakes also introduces Ritz-Carlton as a new luxury brand within our portfolio, providing access to a high-value customer segment and unique customer insights that can further strengthen our platform and support long-term value creation across the portfolio.”

Grande Lakes Orlando Resort is one of the largest resorts in the greater Orlando area and features 1,592 guest rooms and approximately 320,000 square feet of versatile indoor and outdoor meeting and event space. Guests can enjoy an array of world-class amenities, including the 40,000-square-foot Ritz-Carlton spa & fitness center; 14 food and beverage outlets; the Grande Lakes Waterpark featuring water slides, a lazy river, and the AquaVenture aqua course; and a Greg Norman-designed 18-hole golf course at The Ritz-Carlton Golf & Tennis Club, home of the PNC Championship. The Property has recently benefitted from approximately $150 million in capital investments, encompassing all guestrooms, meeting space and core public areas across both hotels.

Orlando has consistently ranked as the top meetings destination in North America by Cvent and benefits from strong year-round leisure demand drivers. Orlando International Airport is the 7th busiest in the U.S. by total passenger volume.

The Company expects to close the Grande Lakes transaction in the third quarter of 2026, subject to customary closing conditions.

BofA Securities and J.P. Morgan acted as financial advisors to Ryman Hospitality Properties, Inc., and Bass, Berry & Sims PLC and Greenberg Traurig, LLP acted as legal advisors. 

1 Adjusted EBITDAre is a non-GAAP financial measure. Refer to “Grande Lakes Adjusted EBITDAre” later in this press release for an explanation of this non-GAAP measure and a reconciliation to its most directly comparable GAAP measure.

Investor Presentation

The Company has made available an investor presentation containing supplemental information related to this transaction. The presentation can be found on the Investor Relations section of the Company’s website under Events & Presentations.

About Ryman Hospitality Properties, Inc.

Ryman Hospitality Properties, Inc. (NYSE: RHP) is a leading lodging and hospitality real estate investment trust that specializes in group-oriented, 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 JW Marriott Phoenix Desert Ridge Resort & Spa and JW Marriott San Antonio Hill Country Resort & Spa as well as two ancillary hotels adjacent to the Company’s 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; and 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. OEG manages select outdoor live music venues, including Ascend Federal Credit Union Amphitheater in Nashville and CCNB Amphitheatre in Simpsonville, South Carolina. OEG also owns 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 pending Grande Lakes transaction and the Company’s expectations for Grande Lakes upon the closing of the transaction. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the statements made. These risks and uncertainties include the risks and uncertainties associated with the pending Grande Lakes transaction, including, but not limited to, the occurrence of any event, change or other circumstance that could delay the closing of the Grande Lakes transaction, or result in the termination of the agreement for the Grande Lakes transaction; adverse effects on Company’s common stock because of the failure to complete the Grande Lakes transaction; 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; and changes in interest rates. 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, 2025, the Company’s Quarterly Reports on Form 10-Q for the quarterly periods ended March 31, 2026 and June 30, 2026, 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.

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

Adjusted EBITDAre is calculated and presented by the Company based on unaudited information provided to the Company from the seller or an affiliate of the seller. Adjusted EBITDAre, a non-GAAP financial measure, is calculated as Net Income calculated in accordance with GAAP plus interest expense, depreciation and amortization and non-operating items related to ownership structure. Below is a reconciliation of Adjusted EBITDAre to Net Income, its most directly comparable GAAP figure. The Company used Adjusted EBITDAre to evaluate the operating performance of the property and to price the acquisition.

         12 Months Ended   June 30,(in thousands)  2026Net Income $10,414Interest expense, net  57,754Depreciation expense  39,844Non-Operating Items Related to Ownership Structure  1,993Adjusted EBITDAre $110,005    

3 Hotel REITs Poised to Benefit from the World CupRyman Hospitality Properties NYSE: RHP said its same-store hospitality business outperformed its internal expectations in the second quarter, supported by higher group rates, stronger catering spending and continued demand for premium meetings business.

Executive Chairman Colin Reed said the results reflected the resilience of the company’s business model despite a “dynamic” broader economic environment. He said customers continued to prioritize the types of group and leisure experiences offered across the company’s portfolio, while investments in its properties were strengthening their competitive positions.

Get RHP alerts:

7 best hotel REITs to buy now“The demand for high-quality group meetings experiences remains healthy,” Reed said, adding that the company’s strategy of attracting higher-value customers was gaining traction.

Group rates and catering spending drive outperformance President and Chief Executive Officer Mark Fioravanti said same-store RevPAR and total RevPAR growth each exceeded company expectations by about 2.5 percentage points. Adjusted EBITDAre surpassed expectations by approximately $7 million, primarily because of stronger top-line performance and operating discipline.

Group and leisure business each contributed about equally to the RevPAR upside, while group catering also supported total RevPAR growth. Group average daily rate rose 7.5% year over year, roughly three percentage points ahead of expectations, as the company booked a stronger mix of higher-rated group customers.

Catering contribution per group room night increased nearly 13% from a year earlier, about 6.5 percentage points above expectations. Fioravanti attributed that result largely to corporate-group spending at Gaylord Palms and association-group spending at JW Hill Country.

At Gaylord Palms, higher-rated corporate group room nights rose 31%, contributing to a 63% increase in catering contribution per group room night. The property recorded its highest second-quarter catering contribution on record, according to Fioravanti.

Several properties also posted records during the quarter. Gaylord Palms, Gaylord Rockies and Gaylord National each delivered record second-quarter revenue, while Gaylord Palms also generated record second-quarter adjusted EBITDAre. The same-store portfolio’s trailing 12-month RevPAR index reached nearly 130% of fair share at the end of June, up six points year over year.

Future booking trends remain favorable During the quarter, the company booked more than 768,000 same-store gross group room nights for future periods, a 6.7% year-over-year increase. ADR on those bookings reached a quarterly record of approximately $310, up 8.6% from a year earlier and 2.3% above the prior record.

As of the end of July, same-store group rooms revenue on the books for all future periods was up 8.8% year over year, improving 120 basis points from the end of March. ADR for future bookings was pacing in the mid-single-digit range, while room nights on the books were at their highest level for this point in the year, even excluding the addition of JW Hill Country in 2023.

For 2027, group rooms revenue on the books was 3.2% higher than comparable 2026 levels, while 2028 was down 50 basis points. Management said ADR pacing remained in the mid-single digits for both years and cited near-record corporate lead volume, a healthy late-stage pipeline and favorable booking-pattern availability.

Chief Operating Officer Patrick Chaffin said the company has booked about 129,000 multiyear rotational group room nights since establishing a dedicated above-property lead-generation team for its two JW Marriott hotels. The company is seeing increased rotation between the JW properties as well as overlap with the Gaylord portfolio, he said.

JW Desert Ridge also delivered what management described as a strong quarter. Group mix increased nearly 13 points year over year, helping drive catering revenue growth and compress leisure inventory. The property’s RevPAR index share rose 18 points from a year earlier.

Guidance raised; capital plan accelerated Ryman raised the midpoints of its 2026 guidance ranges for same-store hospitality and JW Desert Ridge. The $10 million midpoint increase in same-store hospitality adjusted EBITDAre includes the approximately $7 million second-quarter outperformance and a $3 million improvement to the outlook for the second half, entirely from a stronger group base.

The $1 million increase for JW Desert Ridge reflects the second-quarter beat, as the property’s seasonality is weighted toward the first half of the year.

Management said it has not seen a meaningful impact from interest-rate uncertainty, inflation or broader economic conditions on demand, customer behavior or future booking activity. The outlook assumes a relatively stable operating environment and normalized attrition and cancellation trends.

For the second half, the company expects roughly flat same-store leisure rooms revenue because a stronger group base limits leisure-room availability. Same-store RevPAR guidance assumes low- to mid-single-digit growth in the third quarter and mid-single-digit growth in the fourth quarter.

Chief Financial Officer Jennifer Hutcheson said the company expects 2026 capital expenditures of approximately $400 million to $500 million, an increase of about $50 million at the midpoint. The increase reflects accelerated projects previously planned for 2027, including façade work at JW Hill Country that will be completed alongside its room renovation and water-amenity improvements at Gaylord Texan.

Hutcheson said the overall scope of the multiyear capital plan remains unchanged and projects are on time and on budget. The company reported $366 million of unrestricted cash, $32 million of restricted cash for maintenance projects, undrawn corporate and OEG revolving credit facilities, and nearly $1.3 billion of total available liquidity. Net leverage was 4.2 times adjusted EBITDAre.

Entertainment business and OEG discussions The entertainment business posted a nearly 30% year-over-year increase in adjusted EBITDAre to a quarterly record. Fioravanti said Southern Entertainment’s two largest festivals exceeded expectations, while Ole Red and Category 10 venues also performed well. Category 10 Nashville recorded the highest monthly revenue ever generated by an Ole Red or Category 10 venue in June.

Reed said the board, advised by Morgan Stanley, continues to evaluate potential new investors or partners for Opry Entertainment Group. The company is in discussions with select potential investors but has not reached an agreement, and Reed said there is no assurance that a definitive agreement will be completed.

Management said any potential OEG transaction is separate from the company’s hotel growth strategy. Fioravanti added that a transaction would need to comply with REIT rules and, given the entertainment business’s tax basis, proceeds would likely be distributed through dividends over time if a deal occurred.

About Ryman Hospitality Properties (NYSE:RHP)Ryman Hospitality Properties, Inc is a publicly traded real estate investment trust (REIT) specializing in the ownership and operation of group‐oriented, large convention center hotel resorts. The company's portfolio is anchored by its Gaylord Hotels brand, offering integrated resort, convention, entertainment and dining experiences under long‐term management agreements with Marriott International.

Ryman's flagship properties include Gaylord Opryland Resort & Convention Center in Nashville, Gaylord Texan Resort & Convention Center near Dallas/Fort Worth and Gaylord Palms Resort & Convention Center in Orlando, Florida.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Should You Invest $1,000 in Ryman Hospitality Properties Right Now?Before you consider Ryman Hospitality Properties, you'll want to hear this.

MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Ryman Hospitality Properties wasn't on the list.

While Ryman Hospitality Properties currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.

View The Five Stocks Here

Nuclear energy is entering a new growth cycle as rising power demand, expanding data centers, and renewed policy support bring the sector back into focus. After strong gains in recent years, the most impactful phase of nuclear investment may still be ahead. This report highlights seven nuclear energy stocks positioned across the value chain—combining near-term revenue with long-term upside as next-generation technologies scale. Click the link below to unlock the full list.

Get This Free Report

Ryman Hospitality Properties (RHP - Free Report) came out with quarterly funds from operations (FFO) of $2.77 per share, beating the Zacks Consensus Estimate of $2.56 per share. This compares to FFO of $2.35 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an FFO surprise of +8.20%. A quarter ago, it was expected that this hotel and resort real estate investment trust would post FFO of $2.03 per share when it actually produced FFO of $2.32, delivering a surprise of +14.29%.

Over the last four quarters, the company has surpassed consensus FFO estimates four times.

Ryman Hospitality Properties, which belongs to the Zacks REIT and Equity Trust - Other industry, posted revenues of $748.98 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 2.56%. This compares to year-ago revenues of $659.52 million. The company has topped consensus revenue estimates four times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future FFO expectations will mostly depend on management's commentary on the earnings call.

Ryman Hospitality Properties shares have added about 34.9% since the beginning of the year versus the S&P 500's gain of 12.8%.

What's Next for Ryman Hospitality Properties?While Ryman Hospitality Properties has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's FFO outlook. Not only does this include current consensus FFO expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of estimate revisions.

Ahead of this earnings release, the estimate revisions trend for Ryman Hospitality Properties was favorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #2 (Buy) for the stock. So, the shares are expected to outperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus FFO estimate is $1.77 on $630.91 million in revenues for the coming quarter and $9.10 on $2.79 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, REIT and Equity Trust - Other is currently in the top 30% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

Another stock from the broader Zacks Finance sector, Accelerant Holdings (ARX - Free Report) , has yet to report results for the quarter ended June 2026. The results are expected to be released on August 13.

This company is expected to post quarterly earnings of $0.16 per share in its upcoming report, which represents a year-over-year change of +14.3%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

Accelerant Holdings' revenues are expected to be $274.08 million, up 25.1% from the year-ago quarter.

NASHVILLE, Tenn., Aug. 06, 2026 (GLOBE NEWSWIRE) -- Ryman Hospitality Properties, Inc. (NYSE: RHP), a leading lodging real estate investment trust (“REIT”) specializing in group-oriented, upscale convention center resorts and entertainment experiences, today reported financial results for the three and six months ended June 30, 2026.

Second Quarter 2026 Highlights and Recent Developments:

The Company reported all-time quarterly record consolidated revenue of $749.0 million, driven by record second quarter same-store Hospitality(1) segment revenue of $544.3 million and all-time quarterly record Entertainment segment revenue of $144.0 million. The Company generated consolidated net income of $102.1 million and consolidated Adjusted EBITDAre of $258.3 million.During the quarter, the Company booked over 768,000 same-store Hospitality Gross Definite Room Nights for all future periods. The estimated average daily rate (ADR) for these bookings was approximately $310, an increase of 8.6% compared to the prior year quarter estimated ADR for future bookings and an all-time quarterly record. The Company is raising its full year outlook due to strong second quarter performance for the Hospitality portfolio and a modest increase in its expectations for the same-store Hospitality business for the second half of 2026. Mark Fioravanti, President and Chief Executive Officer of Ryman Hospitality Properties, said, “We delivered record quarterly consolidated revenue and Adjusted EBITDAre, reflecting the continued success of our premium group customer strategy and strong execution in our Entertainment business. In our same-store Hospitality business, higher ADR across all customer segments and strong ancillary spending trends drove results above our expectations, while healthy booking pace and record estimated ADR for future bookings reinforce our confidence in the durability of demand for our differentiated group-focused hotel assets. Our revised outlook incorporates the second quarter outperformance and a modest increase in our expectations for the second half of 2026.”

___________________
(1) Same-store Hospitality excludes JW Marriott Desert Ridge, which was acquired June 10, 2025.

Second Quarter 2026 Results (as compared to Second Quarter 2025):

                         Three Months Ended  Six Months Ended   June 30,  June 30, ($ in thousands, except per share amounts)         %         %  2026 2025 Change 2026 2025 ChangeTotal revenue $748,978  $659,515  13.6% $1,413,550  $1,246,795  13.4%                       Operating income $174,545  $139,425  25.2% $312,341  $255,546  22.2%Operating income margin  23.3%  21.1% 2.2pts  22.1%  20.5% 1.6 pts                       Net income $102,079  $75,875  34.5% $171,481  $138,889  23.5%Net income margin  13.6%  11.5% 2.1 pts  12.1%  11.1% 1.0 pts                       Net income available to common stockholders $92,750  $71,753  29.3% $163,225  $134,714  21.2%Net income available to common stockholders margin  12.4%  10.9% 1.5 pts  11.5%  10.8% 0.7 ptsNet income available to common stockholders per diluted share (1) $1.42  $1.12  26.8% $2.46  $2.13  15.5%                       Adjusted EBITDAre $258,311  $211,856  21.9% $477,604  $397,358  20.2%Adjusted EBITDAre margin  34.5%  32.1% 2.4 pts  33.8%  31.9% 1.9 ptsAdjusted EBITDAre, excluding noncontrolling interest $241,921  $200,561  20.6% $457,057  $380,437  20.1%Adjusted EBITDAre, excluding noncontrolling interest margin  32.3%  30.4% 1.9 pts  32.3%  30.5% 1.8 pts                       Funds From Operations (FFO) available to common stockholders and unit holders $167,229  $137,145  21.9% $310,701  $260,047  19.5%FFO available to common stockholders and unit holders per diluted share/unit (1) $2.54  $2.14  18.7% $4.69  $4.13  13.6%                       Adjusted FFO available to common stockholders and unit holders $181,399  $148,845  21.9% $337,477  $278,668  21.1%Adjusted FFO available to common stockholders and unit holders per diluted share/unit (1) $2.77  $2.35  17.9% $5.11  $4.44  15.1% ___________________
(1) Diluted weighted average common shares for the three and six months ended June 30, 2026 and 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, 2026 and 2025 include 4.9 million and 4.2 million, respectively, and for the six months ended June 30, 2026 and 2025 include 4.5 million and 3.7 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: For the Company’s definitions of Adjusted EBITDAre, Adjusted EBITDAre margin, Adjusted EBITDAre, excluding noncontrolling interest, Adjusted EBITDAre, 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 EBITDAre 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,” “EBITDAre, Adjusted EBITDAre and Adjusted EBITDAre, Excluding Noncontrolling Interest Definition,” “Adjusted EBITDAre Margin and Adjusted EBITDAre, 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)         %         %  2026 2025 Change 2026 2025 ChangeHospitality revenue $604,964  $516,211  17.2 % $1,190,353  $1,013,941  17.4 %Same-store Hospitality revenue (1) $544,315  $510,862  6.5 % $1,055,836  $1,008,592  4.7 %                       Hospitality operating income $153,643  $126,920  21.1 % $298,730  $243,729  22.6 %Hospitality operating income margin  25.4%  24.6% 0.8 pts  25.1%  24.0% 1.1 ptsHospitality Adjusted EBITDAre $223,042  $186,435  19.6 % $435,612  $359,409  21.2 %Hospitality Adjusted EBITDAre margin  36.9%  36.1% 0.8 pts  36.6%  35.4% 1.2 pts                       Same-store Hospitality operating income (1) $141,711  $129,503  9.4 % $262,543  $246,312  6.6 %Same-store Hospitality operating income margin (1)  26.0%  25.3% 0.7 pts  24.9%  24.4% 0.5 ptsSame-store Hospitality Adjusted EBITDAre (1) $202,278  $187,017  8.2 % $382,534  $359,991  6.3 %Same-store Hospitality Adjusted EBITDAre margin (1)  37.2%  36.6% 0.6 pts  36.2%  35.7% 0.5 pts                       Hospitality performance metrics:                      Occupancy  72.7%  73.3% (0.6)pts  70.4%  71.5% (1.1)ptsAverage Daily Rate (ADR) $284.05  $258.88  9.7 % $289.42  $261.53  10.7 %RevPAR $206.52  $189.77  8.8 % $203.82  $187.03  9.0 %Total RevPAR $537.69  $487.62  10.3 % $531.91  $486.10  9.4 %                       Same-store Hospitality performance metrics: (1)                      Occupancy  72.8%  74.0% (1.2)pts  70.2%  71.8% (1.6)ptsADR $277.19  $259.19  6.9 % $277.47  $261.71  6.0 %RevPAR $201.67  $191.70  5.2 % $194.91  $187.97  3.7 %Total RevPAR $524.05  $491.84  6.5 % $511.07  $488.20  4.7 %                       Gross definite room nights booked  768,697   720,644  6.7 %  1,229,635   1,084,548  13.4 %Net definite room nights booked  589,929   539,860  9.3 %  832,198   745,054  11.7 %Group attrition (as % of contracted block)  14.6%  15.2% (0.6)pts  16.1%  15.4% 0.7 ptsCancellations ITYFTY (2)  17,515   17,287  1.3 %  44,679   40,066  11.5 % ___________________
(1) Same-store Hospitality excludes JW Marriott Desert Ridge, which was acquired June 10, 2025.
(2) “ITYFTY” represents In The Year For The Year.

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 the applicable period are presented in greater detail below and under “Supplemental Financial Results—Hospitality Segment Adjusted EBITDAre Reconciliation and Operating Metrics,” which includes a reconciliation of the non-GAAP financial measures Hospitality Adjusted EBITDAre to Hospitality Operating Income, and property-level Adjusted EBITDAre to property-level Operating Income for each of the hotel properties.

Hospitality Segment Highlights

The same-store Hospitality portfolio generated all-time quarterly record RevPAR of approximately $202 in the second quarter, an increase of 5.2% from the prior year quarter, and record second quarter Total RevPAR of approximately $524, an increase of 6.5% from the prior year quarter. The same-store Hospitality portfolio generated second quarter operating income of $141.7 million and Adjusted EBITDAre of $202.3 million.Second quarter same-store banquet and AV revenue contribution per group room night, a proxy for catering spend per group guest, increased 12.9% year over year, driven by our premium group customer strategy. Second quarter same-store attrition and cancellation fee revenue was approximately $9.0 million, a decrease of $0.4 million compared to the prior year quarter.JW Marriott Desert Ridge performance benefited from continued strong demand and the ongoing realization of portfolio-driven synergies. Subsequent to quarter-end, Marriott launched the marketing of 2026 ice! holiday programming to be featured across the Gaylord Hotels portfolio, JW Marriott Hill Country and JW Marriott Desert Ridge, including three new themes. Early customer engagement has been encouraging. Gaylord Opryland

                         Three Months Ended  Six Months Ended   June 30,  June 30, ($ in thousands, except ADR, RevPAR, and Total RevPAR)         %         %  2026 2025 Change 2026 2025 ChangeRevenue $125,190  $116,465  7.5 % $253,569  $226,643  11.9%                       Operating income $36,567  $35,144  4.0 % $76,389  $65,242  17.1%Operating income margin  29.2%  30.2% (1.0)pts  30.1%  28.8% 1.3ptsAdjusted EBITDAre $45,956  $43,710  5.1 % $94,472  $81,858  15.4%Adjusted EBITDAre margin  36.7%  37.5% (0.8)pts  37.3%  36.1% 1.2pts                       Performance metrics:                      Occupancy  74.2%  75.2% (1.0)pts  72.0%  70.1% 1.9ptsADR $266.96  $246.17  8.4 % $272.09  $253.72  7.2%RevPAR $198.18  $185.19  7.0 % $195.89  $177.88  10.1%Total RevPAR $476.36  $443.16  7.5 % $485.09  $433.58  11.9%                         Gaylord Palms

                         Three Months Ended  Six Months Ended   June 30,  June 30, ($ in thousands, except ADR, RevPAR, and Total RevPAR)         %         %  2026 2025 Change 2026 2025 ChangeRevenue $88,491  $73,113  21.0 % $186,137  $161,506  15.3 %                       Operating income $21,118  $13,671  54.5 % $50,861  $37,453  35.8 %Operating income margin  23.9%  18.7% 5.2 pts  27.3%  23.2% 4.1 ptsAdjusted EBITDAre $30,946  $23,236  33.2 % $70,420  $56,183  25.3 %Adjusted EBITDAre margin  35.0%  31.8% 3.2 pts  37.8%  34.8% 3.0 pts                       Performance metrics:                      Occupancy  75.0%  78.9% (3.9)pts  76.1%  77.4% (1.3)ptsADR $270.06  $243.35  11.0 % $285.86  $259.34  10.2 %RevPAR $202.49  $192.00  5.5 % $217.65  $200.80  8.4 %Total RevPAR $566.02  $467.66  21.0 % $598.59  $519.38  15.3 %                          Gaylord Texan

                         Three Months Ended  Six Months Ended   June 30,  June 30, ($ in thousands, except ADR, RevPAR, and Total RevPAR)         %         %  2026 2025 Change 2026 2025 ChangeRevenue $82,259  $82,494  (0.3)% $165,630  $168,871  (1.9)%                       Operating income $23,528  $25,002  (5.9)% $47,333  $52,697  (10.2)%Operating income margin  28.6%  30.3% (1.7)pts  28.6%  31.2% (2.6)ptsAdjusted EBITDAre $31,209  $31,159  0.2 % $62,339  $64,783  (3.8)%Adjusted EBITDAre margin  37.9%  37.8% 0.1 pts  37.6%  38.4% (0.8)pts                       Performance metrics:                      Occupancy  69.9%  72.0% (2.1)pts  67.7%  72.5% (4.8)ptsADR $268.51  $253.06  6.1 % $266.01  $255.16  4.3 %RevPAR $187.60  $182.32  2.9 % $179.96  $185.04  (2.7)%Total RevPAR $498.32  $499.74  (0.3)% $504.46  $514.33  (1.9)%                          Gaylord National

                         Three Months Ended  Six Months Ended   June 30,  June 30, ($ in thousands, except ADR, RevPAR, and Total RevPAR)         %         %  2026 2025 Change 2026 2025 ChangeRevenue $90,422  $83,413  8.4% $164,649  $164,242  0.2 %                       Operating income $19,550  $15,818  23.6% $25,775  $25,292  1.9 %Operating income margin  21.6%  19.0% 2.6pts  15.7%  15.4% 0.3 ptsAdjusted EBITDAre $29,063  $25,420  14.3% $44,805  $44,451  0.8 %Adjusted EBITDAre margin  32.1%  30.5% 1.6pts  27.2%  27.1% 0.1 pts                       Performance metrics:                      Occupancy  71.3%  67.8% 3.5pts  67.2%  70.1% (2.9)ptsADR $280.70  $263.97  6.3% $274.10  $256.29  6.9 %RevPAR $200.10  $178.85  11.9% $184.16  $179.59  2.5 %Total RevPAR $497.82  $459.23  8.4% $455.74  $454.62  0.2 %                         Gaylord Rockies

                         Three Months Ended  Six Months Ended   June 30,  June 30, ($ in thousands, except ADR, RevPAR, and Total RevPAR)         %         %  2026 2025 Change 2026 2025 ChangeRevenue $84,735  $81,722  3.7 % $156,984  $152,670  2.8%                       Operating income $23,792  $21,798  9.1 % $38,237  $36,621  4.4%Operating income margin  28.1%  26.7% 1.4 pts  24.4%  24.0% 0.4ptsAdjusted EBITDAre $38,933  $36,695  6.1 % $68,566  $66,370  3.3%Adjusted EBITDAre margin  45.9%  44.9% 1.0 pts  43.7%  43.5% 0.2pts                       Performance metrics:                      Occupancy  79.4%  80.3% (0.9)pts  77.4%  76.3% 1.1ptsADR $275.43  $259.78  6.0 % $267.28  $258.52  3.4%RevPAR $218.64  $208.62  4.8 % $206.93  $197.21  4.9%Total RevPAR $620.35  $598.29  3.7 % $577.82  $561.94  2.8%                         JW Marriott Hill Country

                         Three Months Ended  Six Months Ended   June 30,  June 30, ($ in thousands, except ADR, RevPAR, and Total RevPAR)         %         %  2026 2025 Change 2026 2025 ChangeRevenue $65,762  $66,573  (1.2)% $116,057  $121,849  (4.8)%                       Operating income $15,982  $17,250  (7.4)% $23,190  $28,099  (17.5)%Operating income margin  24.3%  25.9% (1.6)pts  20.0%  23.1% (3.1)ptsAdjusted EBITDAre $24,175  $25,169  (3.9)% $39,545  $43,849  (9.8)%Adjusted EBITDAre margin  36.8%  37.8% (1.0)pts  34.1%  36.0% (1.9)pts                       Performance metrics:                      Occupancy  70.9%  75.6% (4.7)pts  64.8%  71.8% (7.0)ptsADR $344.31  $342.79  0.4 % $341.31  $332.79  2.6 %RevPAR $244.21  $259.31  (5.8)% $221.24  $238.96  (7.4)%Total RevPAR $721.22  $730.11  (1.2)% $639.92  $671.85  (4.8)%                          JW Marriott Desert Ridge(1)

               Three Months Ended  Six Months Ended  Period Ended  June 30,  June 30,  June 30, ($ in thousands, except ADR, RevPAR, and Total RevPAR)              2026 2026 2025Revenue $60,649  $134,517  $5,349               Operating income (loss) $11,932  $36,187  $(2,583) Operating income (loss) margin  19.7%  26.9%  (48.3)%Adjusted EBITDAre $20,764  $53,078  $(582) Adjusted EBITDAre margin  34.2%  39.5%  (10.9)%             Performance metrics:            Occupancy  72.2%  72.6%  39.3 %ADR $367.08  $428.43  $228.50  RevPAR $264.85  $310.88  $89.76  Total RevPAR $701.55  $782.30  $268.11   ___________________
(1) JW Marriott Desert Ridge was acquired by the Company on June 10, 2025, therefore results are not comparable to the prior year period.

Entertainment Segment

                         Three Months Ended  Six Months Ended   June 30,  June 30, ($ in thousands)         %         %  2026 2025 Change 2026 2025 ChangeRevenue $144,014  $143,304  0.5% $223,197  $232,854  (4.1)%                       Operating income $32,404  $23,495  37.9% $36,657  $33,811  8.4 %Operating income margin  22.5%  16.4% 6.1pts  16.4%  14.5% 1.9 ptsAdjusted EBITDAre $43,918  $33,908  29.5% $59,599  $54,847  8.7 %Adjusted EBITDAre margin  30.5%  23.7% 6.8pts  26.7%  23.6% 3.1 pts                         Fioravanti continued, “Our Entertainment business delivered record quarterly Adjusted EBITDAre driven by a successful festivals season and continued strong demand for our artist-centered venues. The continued strength in demand for these experiences underscores the opportunities ahead within our multi-year development pipeline.”

Corporate and Other Segment

                         Three Months Ended  Six Months Ended   June 30,  June 30, ($ in thousands)         %         %  2026 2025 Change 2026 2025 ChangeOperating loss $(11,502)  $(10,990)  (4.7)% $(23,046)  $(21,994)  (4.8)%Adjusted EBITDAre $(8,649)  $(8,487)  (1.9)% $(17,607)  $(16,898)  (4.2)%                              Capital Expenditures

In 2026, the Company expects to spend approximately $400 to $500 million on capital expenditures, an increase from the previous estimate of $350 to $450 million. The increase reflects the timing of cash flows and the acceleration of a portion of projected spending previously expected in 2027, now expected to occur in 2026, and does not reflect a change in overall project scope. Capital expenditures for the first half of 2026 were approximately $241 million.

In the second quarter, the Company completed the Foundry Fieldhouse sports bar, pavilion, and event lawn development at Gaylord Opryland and the meeting space conversion project at JW Marriott Desert Ridge.

Additional capital expenditure activity in 2026 includes:

Continuation of the meeting space expansion at Gaylord Opryland, which is expected to be completed by mid-year 2027;Renovation of the rooms at Gaylord Texan, which began in July 2025 and is expected to be completed in August 2026;Renovation of the rooms at JW Marriott Hill Country, which began in April 2026 and is expected to be completed in March 2027;The development of Category 10 Las Vegas, which is expected to be completed in October 2026;The development of Category 10 in Orlando, which is expected to begin in fall 2026 and is expected to be completed in early 2028; andThe development of Ole Red Indianapolis, which is expected to be completed by our development partner Pacer Sports & Entertainment in early 2028. 2026 Guidance

The Company is updating its 2026 business performance outlook based on current information as of August 6, 2026. 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.

Fioravanti concluded, “We are pleased to raise the midpoints of our 2026 guidance ranges to reflect the stronger second quarter results in our Hospitality portfolio, including JW Marriott Desert Ridge. Our outlook also incorporates a more constructive view on second-half group business trends, supported by the business we have on the books.”

                                 Guidance Range  Prior Guidance Range     (in millions, except per share figures) For Full Year 2026 (1)  Full Year 2026 (1)   Change to  Low High Midpoint  Low High Midpoint  MidpointSame-store Hospitality RevPAR growth(2)  3.50 %  4.50 %  4.00 %   2.25 %  3.75 %  3.00 %   1.00%Same-store Hospitality Total RevPAR growth(2)  3.50 %  4.50 %  4.00 %   2.25 %  3.75 %  3.00 %   1.00%                               Operating income:                              Hospitality (same-store) (2) $484.5   $489.5   $487.0    $475.5   $485.5   $480.5    $6.5 JW Marriott Desert Ridge  35.0    37.0    36.0     33.5    35.0    34.3     1.8 Entertainment  74.8    79.5    77.1     74.8    79.5    77.1     - Corporate and Other  (50.5)   (49.0)   (49.8)    (50.5)   (49.0)   (49.8)    - Consolidated operating income $ 543.8   $ 557.0   $ 550.4    $ 533.3   $ 551.0   $ 542.1    $ 8.3                                Adjusted EBITDAre:                              Hospitality (same-store) (2) $728.0   $742.0   $735.0    $715.0   $735.0   $725.0    $10.0 JW Marriott Desert Ridge  69.0    73.0    71.0     68.0    72.0    70.0     1.0 Entertainment  120.0    130.0    125.0     120.0    130.0    125.0     - Corporate and Other  (39.0)   (35.0)   (37.0)    (39.0)   (35.0)   (37.0)    - Consolidated Adjusted EBITDAre $ 878.0   $ 910.0   $ 894.0    $ 864.0   $ 902.0   $ 883.0    $ 11.0                                Net income $280.5   $285.5   $283.0    $271.0   $279.0   $275.0    $8.0 Net income available to common stockholders $270.5   $273.5   $272.0    $261.0   $267.0   $264.0    $8.0                                FFO available to common stockholders and unit holders $565.5   $582.0   $573.8    $552.0   $572.5   $562.3    $11.5 Adjusted FFO available to common stockholders and unit holders $592.3   $616.8   $604.5    $577.3   $607.0   $592.1    $12.4                                Net income available to common stockholders per diluted share (3) $4.10   $4.11   $4.11    $3.96   $4.02   $3.99    $0.12 Adjusted FFO available to common stockholders and unit holders per diluted share/unit (3) $8.98   $9.28   $9.13    $8.77   $9.14   $8.96    $0.17                                Weighted average shares outstanding - diluted (3)  68.4    68.4    68.4     68.4    68.4    68.4     - Weighted average shares and OP units outstanding - diluted (3)  68.8    68.8    68.8     68.8    68.8    68.8     -  ___________________
(1) Includes JW Marriott Desert Ridge, except as otherwise noted. Amounts are calculated based on unrounded numbers.
(2) Same-store Hospitality excludes JW Marriott Desert Ridge, which was acquired 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.

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

Dividend Update

On July 15, 2026, the Company paid the previously announced quarterly cash dividend of $1.20 per common share, which was paid to stockholders of record as of June 30, 2026.

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, 2026, the Company had unrestricted cash of $366.1 million and total debt outstanding of $3,969.5 million, net of unamortized deferred financing costs. As of June 30, 2026, there were no amounts drawn under the Company’s revolving credit facility or OEG’s revolving credit facility, which left $930.0 million of aggregate borrowing availability under the Company’s revolving credit facility and OEG’s revolving credit facility.

Opry Entertainment Group Update

The Company continues to evaluate a path to greater independence for Opry Entertainment Group (“OEG”), and discussions continue with select potential investors related to an investment in or partnership with OEG. The Company has not entered into any agreements with respect to a potential investment by a third party in OEG, and there can be no assurance that any definitive agreement will ultimately be reached.

As a result of this ongoing process, Atairos’ liquidity request rights, including its put right, are currently unexercisable under the Company’s agreement with Atairos.

Earnings Call Information

Ryman Hospitality Properties will hold a conference call to discuss this release tomorrow, August 7, 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 group-oriented, 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 JW Marriott Phoenix Desert Ridge Resort & Spa and JW Marriott San Antonio Hill Country Resort & Spa as well as two ancillary hotels adjacent to the Company’s 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; and 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. OEG manages select outdoor live music venues, including Ascend Federal Credit Union Amphitheater in Nashville and CCNB Amphitheatre in Simpsonville, South Carolina. OEG also owns 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, geopolitical uncertainty and 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, 2025, 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 EBITDAre, 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 EBITDAre of unconsolidated affiliates.

Adjusted EBITDAre is then calculated as EBITDAre, 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 EBITDAre from unconsolidated joint ventures; andany other adjustments we have identified herein. We then exclude the pro rata share of Adjusted EBITDAre related to noncontrolling interests to calculate Adjusted EBITDAre, Excluding Noncontrolling Interest.

We use EBITDAre, Adjusted EBITDAre and Adjusted EBITDAre, Excluding Noncontrolling Interest and segment or property-level EBITDAre and Adjusted EBITDAre 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 EBITDAre when evaluating our performance because we believe that presenting Adjusted EBITDAre and Adjusted EBITDAre, 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 EBITDAre, Excluding Noncontrolling Interest Margin by dividing consolidated Adjusted EBITDAre, Excluding Noncontrolling Interest by GAAP consolidated total revenue. We calculate consolidated, segment or property-level Adjusted EBITDAre Margin by dividing consolidated, segment-, or property-level Adjusted EBITDAre by consolidated, segment-, or property-level GAAP revenue. We believe Adjusted EBITDAre, 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 EBITDAre, 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); andany 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,   2026 2025 2026 2025Revenues:            Rooms $232,366  $200,900  $456,124  $390,132 Food and beverage  296,437   250,391   585,784   503,654 Other hotel revenue  76,161   64,920   148,445   120,155 Entertainment  144,014   143,304   223,197   232,854 Total revenues  748,978   659,515   1,413,550   1,246,795              Operating expenses:            Rooms  52,581   47,238   103,175   93,527 Food and beverage  159,120   136,152   317,283   274,291 Other hotel expenses  150,260   130,588   294,882   254,512 Management fees, net  22,142   17,916   43,057   36,379 Total hotel operating expenses  384,103   331,894   758,397   658,709 Entertainment  101,563   110,376   166,672   180,146 Corporate  11,245   10,759   22,530   21,529 Preopening costs  438   98   825   185 Depreciation and amortization  77,084   66,963   152,785   130,680 Total operating expenses  574,433   520,090   1,101,209   991,249              Operating income  174,545   139,425   312,341   255,546              Interest expense, net of amounts capitalized  (63,875)  (58,534)  (127,994)  (112,817)Interest income  3,727   5,583   8,913   11,042 Loss on extinguishment of debt  –   (2,542)  (2,200)  (2,542)Income (loss) from unconsolidated joint ventures  4   (13)  4   (29)Other gains and (losses), net  (259)  (196)  (621)  (304)Income before income taxes  114,142   83,723   190,443   150,896 Provision for income taxes  (12,063)  (7,848)  (18,962)  (12,007)Net income  102,079   75,875   171,481   138,889              Net income attributable to noncontrolling interest in OEG  (4,050)  (2,094)  (3,462)  (2,805)Net income attributable to other noncontrolling interests  (5,279)  (2,028)  (4,794)  (1,370)Net income available to common stockholders $92,750  $71,753  $163,225  $134,714              Basic income per share available to common stockholders(1) $1.47  $1.17  $2.59  $2.22 Diluted income per share available to common stockholders(1) $1.42  $1.12  $2.46  $2.13              Weighted average common shares for the period:            Basic(1)  63,114   61,352   63,069   60,639 Diluted(1)  68,143   65,732   67,799   64,577  ___________________
(1) Basic and diluted weighted average common shares for the three and six months ended June 30, 2026 and 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, 2026 and 2025 include 4.9 million and 4.2 million, respectively, and for the six months ended June 30, 2026 and 2025 include 4.5 million and 3.7 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,  2026 2025ASSETS:      Property and equipment, net of accumulated depreciation $5,078,259 $4,970,429Cash and cash equivalents - unrestricted  366,125  471,421Cash and cash equivalents - restricted  31,695  28,759Notes receivable, net  53,634  53,503Trade receivables, net  122,120  105,903Deferred income tax assets, net  51,150  67,669Prepaid expenses and other assets  211,266  196,798Intangible assets and goodwill, net  277,587  286,701Total assets $6,191,836 $6,181,183       LIABILITIES AND EQUITY:      Debt and finance lease obligations $3,969,453 $3,976,913Accounts payable and accrued liabilities  505,529  517,708Distributions payable  78,229  78,819Deferred management rights proceeds  162,541  162,901Operating lease liabilities  163,143  158,815Other liabilities  77,745  74,251Noncontrolling interest in OEG  444,096  422,691Total equity  791,100  789,085Total liabilities and equity $6,191,836 $6,181,183  Ryman Hospitality Properties, Inc. and Subsidiaries
Supplemental Financial Results
Adjusted EBITDAre Reconciliation
Unaudited
(In thousands)   Three Months Ended  Six Months Ended   June 30, June 30,  2026 2025 2026 2025  $ Margin $ Margin $ Margin $ MarginConsolidated:                        Revenue $748,978     $659,515     $1,413,550     $1,246,795    Net income $102,079  13.6% $75,875  11.5% $171,481  12.1% $138,889  11.1%Interest expense, net  60,148      52,951      119,081      101,775    Provision for income taxes  12,063      7,848      18,962      12,007    Depreciation and amortization  77,084      66,963      152,785      130,680    Pro rata EBITDAre from unconsolidated joint ventures  1      1      2      2    EBITDAre  251,375  33.6%  203,638  30.9%  462,311  32.7%  383,353  30.7%Preopening costs  438      98      825      185    Non-cash lease expense  1,649      945      2,592      1,834    Equity-based compensation expense  3,827      3,495      7,629      7,117    Interest income on Gaylord National bonds  1,026      1,113      2,051      2,227    Loss on extinguishment of debt  –      2,542      2,200      2,542    Transaction costs of acquisitions  –      25      –      100    Pro rata adjusted EBITDAre from unconsolidated joint ventures  (4)     –      (4)     –    Adjusted EBITDAre  258,311  34.5%  211,856  32.1%  477,604  33.8%  397,358  31.9%Adjusted EBITDAre of noncontrolling interest  (16,390)     (11,295)     (20,547)     (16,921)   Adjusted EBITDAre, excluding noncontrolling interest $241,921  32.3% $200,561  30.4% $457,057  32.3% $380,437  30.5%                         Hospitality segment:                        Revenue $604,964     $516,211     $1,190,353     $1,013,941    Operating income $153,643  25.4% $126,920  24.6% $298,730  25.1% $243,729  24.0%Depreciation and amortization  67,218      57,397      133,226      111,503    Non-cash lease expense  1,163      1,005      1,613      1,950    Interest income on Gaylord National bonds  1,026      1,113      2,051      2,227    Other gains and (losses), net  (8)     –      (8)     –    Adjusted EBITDAre $223,042  36.9% $186,435  36.1% $435,612  36.6% $359,409  35.4%                         Same-store Hospitality segment: (1)                        Revenue $544,315     $510,862     $1,055,836     $1,008,592    Operating income $141,711  26.0% $129,503  25.3% $262,543  24.9% $246,312  24.4%Depreciation and amortization  58,640      55,454      116,132      109,560    Non-cash lease expense  909      947      1,816      1,892    Interest income on Gaylord National bonds  1,026      1,113      2,051      2,227    Other gains and (losses), net  (8)     –      (8)     –    Adjusted EBITDAre $202,278  37.2% $187,017  36.6% $382,534  36.2% $359,991  35.7%                         Entertainment segment:                        Revenue $144,014     $143,304     $223,197     $232,854    Operating income $32,404  22.5% $23,495  16.4% $36,657  16.4% $33,811  14.5%Depreciation and amortization  9,609      9,335      19,043      18,712    Preopening costs  438      98      825      185    Non-cash lease (revenue) expense  486      (60)     979      (116)   Equity-based compensation  981      1,028      2,095      2,048    Other gains and (losses), net  –      –      –      136    Transaction costs of acquisitions  –      25      –      100    Pro rata adjusted EBITDAre from unconsolidated joint ventures  –      (13)     –      (29)   Adjusted EBITDAre $43,918  30.5% $33,908  23.7% $59,599  26.7% $54,847  23.6%                         Corporate and Other segment:                        Operating loss $(11,502)    $(10,990)    $(23,046)    $(21,994)   Depreciation and amortization  257      231      516      465    Other gains and (losses), net  (250)     (195)     (611)     (438)   Equity-based compensation  2,846      2,467      5,534      5,069    Adjusted EBITDAre $(8,649)    $(8,487)    $(17,607)    $(16,898)    ___________________
(1) Same-store Hospitality excludes 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,   2026 2025 2026 2025Net income available to common stockholders $92,750  $71,753  $163,225  $134,714 Noncontrolling interest in OP Units  581   1,532   1,022   874 Net income available to common stockholders and unit holders  93,331   73,285   164,247   135,588 Depreciation and amortization  76,974   66,906   152,554   130,582 Adjustments for noncontrolling interest  (3,076)  (3,046)  (6,100)  (6,123)FFO available to common stockholders and unit holders  167,229   137,145   310,701   260,047              Right-of-use asset amortization  110   57   231   98 Non-cash lease expense  1,649   945   2,592   1,834 Pro rata adjustments from joint ventures  (4)  –   (4)  – Amortization of deferred financing costs  3,105   2,900   6,352   5,607 Amortization of debt discounts and premiums  476   430   859   988 Loss on extinguishment of debt  –   2,542   2,200   2,542 Adjustments for noncontrolling interest  (2,023)  (1,736)  (2,065)  (2,018)Transaction costs of acquisitions  –   25   –   100 Deferred tax provision  10,857   6,537   16,611   9,470 Adjusted FFO available to common stockholders and unit holders $181,399  $148,845  $337,477  $278,668              Basic net income per share(1) $1.47  $1.17  $2.59  $2.22 Diluted net income per share(1) $1.42  $1.12  $2.46  $2.13              FFO available to common stockholders and unit holders per basic share/unit(1) $2.63  $2.22  $4.90  $4.26 Adjusted FFO available to common stockholders and unit holders per basic share/unit(1) $2.86  $2.41  $5.32  $4.57              FFO available to common stockholders and unit holders per diluted share/unit (1) $2.54  $2.14  $4.69  $4.13 Adjusted FFO available to common stockholders and unit holders per diluted share/unit (1) $2.77  $2.35  $5.11  $4.44              Weighted average common shares and OP units for the period:            Basic(1)  63,509   61,747   63,464   61,034 Diluted (1)  68,538   66,127   68,194   64,972  ___________________
(1) Basic and diluted weighted average common shares for the three and six months ended June 30, 2026 and 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, 2026 and 2025 include 4.9 million and 4.2 million, respectively, and for the six months ended June 30, 2026 and 2025 include 4.5 million and 3.7 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 EBITDAre Reconciliation and Operating Metrics
Unaudited
($ in thousands, except for performance metrics)   Three Months Ended  Six Months Ended   June 30,  June 30,   2026 2025 2026 2025  $ Margin $ Margin $ Margin $ MarginHospitality segment:                        Revenue $604,964     $516,211     $1,190,353     $1,013,941    Operating income $153,643  25.4% $126,920  24.6% $298,730  25.1% $243,729  24.0%Depreciation and amortization  67,218      57,397      133,226      111,503    Non-cash lease expense  1,163      1,005      1,613      1,950    Interest income on Gaylord National bonds  1,026      1,113      2,051      2,227    Other gains and (losses), net  (8)     –      (8)     –    Adjusted EBITDAre $223,042  36.9% $186,435  36.1% $435,612  36.6% $359,409  35.4%                         Performance metrics:                        Occupancy  72.7 %    73.3 %    70.4 %    71.5 %  ADR $284.05     $258.88     $289.42     $261.53    RevPAR $206.52     $189.77     $203.82     $187.03    OtherPAR $331.16     $297.85     $328.09     $299.07    Total RevPAR $537.69     $487.62     $531.91     $486.10                             Same-store Hospitality segment: (1)                        Revenue $544,315     $510,862     $1,055,836     $1,008,592    Operating income $141,711  26.0% $129,503  25.3% $262,543  24.9% $246,312  24.4%Depreciation and amortization  58,640      55,454      116,132      109,560    Non-cash lease expense  909      947      1,816      1,892    Interest income on Gaylord National bonds  1,026      1,113      2,051      2,227    Other gains and (losses), net  (8)     –      (8)     –    Adjusted EBITDAre $202,278  37.2% $187,017  36.6% $382,534  36.2% $359,991  35.7%                         Performance metrics:                        Occupancy  72.8 %    74.0 %    70.2 %    71.8 %  ADR $277.19     $259.19     $277.47     $261.71    RevPAR $201.67     $191.70     $194.91     $187.97    OtherPAR $322.38     $300.14     $316.16     $300.23    Total RevPAR $524.05     $491.84     $511.07     $488.20                             Gaylord Opryland:                        Revenue $125,190     $116,465     $253,569     $226,643    Operating income $36,567  29.2% $35,144  30.2% $76,389  30.1% $65,242  28.8%Depreciation and amortization  9,396      8,575      18,099      16,635    Non-cash lease revenue  (7)     (9)     (16)     (19)   Adjusted EBITDAre $45,956  36.7% $43,710  37.5% $94,472  37.3% $81,858  36.1%                         Performance metrics:                        Occupancy  74.2 %    75.2 %    72.0 %    70.1 %  ADR $266.96     $246.17     $272.09     $253.72    RevPAR $198.18     $185.19     $195.89     $177.88    OtherPAR $278.18     $257.97     $289.19     $255.70    Total RevPAR $476.36     $443.16     $485.09     $433.58                             Gaylord Palms:                        Revenue $88,491     $73,113     $186,137     $161,506    Operating income $21,118  23.9% $13,671  18.7% $50,861  27.3% $37,453  23.2%Depreciation and amortization  8,912      8,609      17,727      16,819    Non-cash lease expense  916      956      1,832      1,911    Adjusted EBITDAre $30,946  35.0% $23,236  31.8% $70,420  37.8% $56,183  34.8%                         Performance metrics:                        Occupancy  75.0 %    78.9 %    76.1 %    77.4 %  ADR $270.06     $243.35     $285.86     $259.34    RevPAR $202.49     $192.00     $217.65     $200.80    OtherPAR $363.53     $275.66     $380.94     $318.58    Total RevPAR $566.02     $467.66     $598.59     $519.38     ___________________
(1) Same-store Hospitality excludes JW Marriott Desert Ridge, which was acquired June 10, 2025.

 Ryman Hospitality Properties, Inc. and Subsidiaries
Supplemental Financial Results
Hospitality Segment Adjusted EBITDAre Reconciliation and Operating Metrics
Unaudited
($ in thousands, except for performance metrics)   Three Months Ended  Six Months Ended   June 30,  June 30,   2026 2025 2026 2025  $ Margin $ Margin $ Margin $ MarginGaylord Texan:                        Revenue $82,259     $82,494    $165,630     $168,871   Operating income $23,528  28.6% $25,002 30.3% $47,333  28.6% $52,697 31.2%Depreciation and amortization  7,681      6,157     15,006      12,086   Adjusted EBITDAre $31,209  37.9% $31,159 37.8% $62,339  37.6% $64,783 38.4%                         Performance metrics:                        Occupancy  69.9 %    72.0%    67.7 %    72.5%  ADR $268.51     $253.06    $266.01     $255.16   RevPAR $187.60     $182.32    $179.96     $185.04   OtherPAR $310.72     $317.42    $324.50     $329.29   Total RevPAR $498.32     $499.74    $504.46     $514.33                            Gaylord National:                        Revenue $90,422     $83,413    $164,649     $164,242   Operating income $19,550  21.6% $15,818 19.0% $25,775  15.7% $25,292 15.4%Depreciation and amortization  8,495      8,489     16,987      16,932   Interest income on Gaylord National bonds  1,026      1,113     2,051      2,227   Other gains and (losses), net  (8)     –     (8)     –   Adjusted EBITDAre $29,063  32.1% $25,420 30.5% $44,805  27.2% $44,451 27.1%                         Performance metrics:                        Occupancy  71.3 %    67.8%    67.2 %    70.1%  ADR $280.70     $263.97    $274.10     $256.29   RevPAR $200.10     $178.85    $184.16     $179.59   OtherPAR $297.72     $280.38    $271.59     $275.03   Total RevPAR $497.82     $459.23    $455.74     $454.62                            Gaylord Rockies:                        Revenue $84,735     $81,722    $156,984     $152,670   Operating income $23,792  28.1% $21,798 26.7% $38,237  24.4% $36,621 24.0%Depreciation and amortization  15,141      14,897     30,329      29,749   Adjusted EBITDAre $38,933  45.9% $36,695 44.9% $68,566  43.7% $66,370 43.5%                         Performance metrics:                        Occupancy  79.4 %    80.3%    77.4 %    76.3%  ADR $275.43     $259.78    $267.28     $258.52   RevPAR $218.64     $208.62    $206.93     $197.21   OtherPAR $401.71     $389.67    $370.90     $364.73   Total RevPAR $620.35     $598.29    $577.82     $561.94                            JW Marriott Hill Country:                        Revenue $65,762     $66,573    $116,057     $121,849   Operating income $15,982  24.3% $17,250 25.9% $23,190  20.0% $28,099 23.1%Depreciation and amortization  8,193      7,919     16,355      15,750   Adjusted EBITDAre $24,175  36.8% $25,169 37.8% $39,545  34.1% $43,849 36.0%                         Performance metrics:                        Occupancy  70.9 %    75.6%    64.8 %    71.8%  ADR $344.31     $342.79    $341.31     $332.79   RevPAR $244.21     $259.31    $221.24     $238.96   OtherPAR $477.00     $470.80    $418.68     $432.89   Total RevPAR $721.22     $730.11    $639.92     $671.85     Ryman Hospitality Properties, Inc. and Subsidiaries
Supplemental Financial Results
Hospitality Segment Adjusted EBITDAre Reconciliation and Operating Metrics
Unaudited
($ in thousands, except for performance metrics)   Three Months Ended  Six Months Ended   June 30,  June 30,   2026 2025 2026 2025  $ Margin $ Margin $ Margin $ MarginJW Marriott Desert Ridge: (1)                        Revenue $60,649     $5,349     $134,517     $5,349    Operating income (loss) $11,932  19.7 % $(2,583) (48.3)% $36,187  26.9 % $(2,583) (48.3)%Depreciation and amortization  8,578      1,943      17,094      1,943    Non-cash lease (revenue) expense  254      58      (203)     58    Adjusted EBITDAre $20,764  34.2 % $(582) (10.9)% $53,078  39.5 % $(582) (10.9)%                         Performance metrics:                        Occupancy  72.2 %    39.3 %    72.6 %    39.3 %  ADR $367.08     $228.50     $428.43     $228.50    RevPAR $264.85     $89.76     $310.88     $89.76    OtherPAR $436.70     $178.35     $471.42     $178.35    Total RevPAR $701.55     $268.11     $782.30     $268.11                             The AC Hotel at National Harbor:                        Revenue $4,220     $3,562     $6,556     $6,260    Operating income $1,250  29.6 % $757  21.3 % $1,033  15.8 % $871  13.9 %Depreciation and amortization  230      223      451      445    Adjusted EBITDAre $1,480  35.1 % $980  27.5 % $1,484  22.6 % $1,316  21.0 %                         Performance metrics:                        Occupancy  72.9 %    59.8 %    59.3 %    57.3 %  ADR $300.09     $286.90     $280.12     $271.75    RevPAR $218.68     $171.54     $166.24     $155.71    OtherPAR $22.77     $32.33     $22.40     $24.43    Total RevPAR $241.45     $203.87     $188.64     $180.14                             The Inn at Opryland: (2)                        Revenue $3,236     $3,520     $6,254     $6,551    Operating income (loss) $(76) (2.3)% $63  1.8 % $(275) (4.4)% $37  0.6 %Depreciation and amortization  592      585      1,178      1,144    Adjusted EBITDAre $516  15.9 % $648  18.4 % $903  14.4 % $1,181  18.0 %                         Performance metrics:                        Occupancy  46.1 %    58.1 %    45.2 %    51.0 %  ADR $193.63     $168.74     $195.93     $177.02    RevPAR $89.27     $98.04     $88.48     $90.29    OtherPAR $28.10     $29.63     $25.57     $29.15    Total RevPAR $117.37     $127.67     $114.05     $119.44     ___________________
(1) JW Marriott Desert Ridge was acquired by the Company on June 10, 2025, therefore results are not comparable to the prior year period.
(2) 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,   2026 2025 2026 2025Earnings per share:                         Numerator:            Net income available to common stockholders $92,750 $71,753 $163,225 $134,714Net income attributable to noncontrolling interest in OEG  4,050  2,094  3,462  2,805Net income available to common stockholders - if-converted method $96,800 $73,847 $166,687 $137,519             Denominator:            Weighted average shares outstanding - basic  63,114  61,352  63,069  60,639Effect of dilutive equity-based compensation  169  147  187  194Effect of dilutive put rights (1)  4,860  4,233  4,543  3,744Weighted average shares outstanding - diluted  68,143  65,732  67,799  64,577             Basic income per share available to common stockholders $1.47 $1.17 $2.59 $2.22Diluted income per share available to common stockholders (1) $1.42 $1.12 $2.46 $2.13             FFO per share/unit:                         Numerator:            FFO available to common stockholders and unit holders $167,229 $137,145 $310,701 $260,047Net income attributable to noncontrolling interest in OEG  4,050  2,094  3,462  2,805FFO adjustments for noncontrolling interest in OEG  2,703  2,601  5,354  5,234FFO available to common stockholders and unit holders - if-converted method $173,982 $141,840 $319,517 $268,086             Denominator:            Weighted average shares and OP units outstanding - basic  63,509  61,747  63,464  61,034Effect of dilutive equity-based compensation  169  147  187  194Effect of dilutive put rights (1)  4,860  4,233  4,543  3,744Weighted average shares and OP units outstanding - diluted  68,538  66,127  68,194  64,972             FFO available to common stockholders and unit holders per basic share/unit $2.63 $2.22 $4.90 $4.26FFO available to common stockholders and unit holders per diluted share/unit (1) $2.54 $2.14 $4.69 $4.13             Adjusted FFO per share/unit:                         Numerator:            Adjusted FFO available to common stockholders and unit holders $181,399 $148,845 $337,477 $278,668Net income attributable to noncontrolling interest in OEG  4,050  2,094  3,462  2,805FFO adjustments for noncontrolling interest in OEG  2,703  2,601  5,354  5,234Adjusted FFO adjustments for noncontrolling interest in OEG  2,023  1,736  2,065  2,018Adjusted FFO available to common stockholders and unit holders - if-converted method $190,175 $155,276 $348,358 $288,725             Denominator:            Weighted average shares and OP units outstanding - basic  63,509  61,747  63,464  61,034Effect of dilutive equity-based compensation  169  147  187  194Effect of dilutive put rights (1)  4,860  4,233  4,543  3,744Weighted average shares and OP units outstanding - diluted  68,538  66,127  68,194  64,972             Adjusted FFO available to common stockholders and unit holders per basic share/unit $2.86 $2.41 $5.32 $4.57Adjusted FFO available to common stockholders and unit holders per diluted share/unit (1) $2.77 $2.35 $5.11 $4.44 ___________________
(1) Basic and diluted weighted average common shares for the three and six months ended June 30, 2026 and 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, 2026 and 2025 include 4.9 million and 4.2 million, respectively, and for the six months ended June 30, 2026 and 2025 include 4.5 million and 3.7 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
Reconciliation of Forward-Looking Statements
Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (“Adjusted EBITDAre”)
Unaudited
($ in thousands, except per share data)    Guidance Range  For Full Year 2026(1)  Low High MidpointConsolidated:         Net income $ 280,500  $ 285,500  $ 283,000 Provision for income taxes  13,000   14,500   13,750 Interest expense, net  246,250   253,500   249,875 Depreciation and amortization  306,500   318,000   312,250 EBITDAre $ 846,250  $ 871,500  $ 858,875 Non-cash lease expense  2,750   4,000   3,375 Preopening costs  4,500   5,500   5,000 Equity-based compensation expense  15,000   17,000   16,000 Pension settlement charge  4,000   4,500   4,250 Interest income on Gaylord National bonds  3,500   4,500   4,000 Loss on extinguishment of debt  2,000   3,000   2,500 Adjusted EBITDAre $ 878,000  $ 910,000  $ 894,000           Hospitality segment:         Operating income $ 519,500  $ 526,500  $ 523,000 Depreciation and amortization  268,000   276,000   272,000 Non-cash lease expense  3,000   4,000   3,500 Interest income on Gaylord National bonds  3,500   4,500   4,000 Other gains and (losses), net  3,000   4,000   3,500 Adjusted EBITDAre $ 797,000  $ 815,000  $ 806,000           Hospitality segment (same-store)(2)         Operating income $ 484,500  $ 489,500  $ 487,000 Depreciation and amortization  234,000   240,000   237,000 Non-cash lease expense  3,000   4,000   3,500 Interest income on Gaylord National bonds  3,500   4,500   4,000 Other gains and (losses), net  3,000   4,000   3,500 Adjusted EBITDAre $ 728,000  $ 742,000  $ 735,000           JW Marriott Desert Ridge         Operating income $ 35,000  $ 37,000  $ 36,000 Depreciation and amortization  34,000   36,000   35,000 Non-cash lease expense  –   –   – Adjusted EBITDAre $ 69,000  $ 73,000  $ 71,000           Entertainment segment:         Operating income $ 74,750  $ 79,500  $ 77,125 Depreciation and amortization  36,500   39,500   38,000 Non-cash lease revenue  (250)  –   (125)Preopening costs  4,500   5,500   5,000 Equity-based compensation  4,500   5,500   5,000 Adjusted EBITDAre $ 120,000  $ 130,000  $ 125,000           Corporate and Other segment:         Operating loss $ (50,500) $ (49,000) $ (49,750)Depreciation and amortization  2,000   2,500   2,250 Equity-based compensation  10,500   11,500   11,000 Pension settlement charge  4,000   4,500   4,250 Other gains and (losses), net  (5,000)  (4,500)  (4,750)Adjusted EBITDAre $ (39,000) $ (35,000) $ (37,000) ___________________
(1) Includes JW Marriott Desert Ridge, except as otherwise noted. Amounts are calculated based on unrounded numbers.
(2) Same-store Hospitality excludes 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 2026(1)  Low High MidpointConsolidated:         Net income available to common stockholders $ 270,500  $ 273,500  $ 272,000 Noncontrolling interest in OP units  1,000   2,000   1,500 Net income available to common stockholders and unit holders $ 271,500  $ 275,500  $ 273,500 Depreciation and amortization  306,500   318,000   312,250 Adjustments for noncontrolling interest  (12,500)  (11,500)  (12,000)FFO available to common stockholders and unit holders $ 565,500  $ 582,000  $ 573,750 Right-of-use asset amortization  –   500   250 Non-cash lease expense  2,750   4,000   3,375 Pension settlement charge  4,000   4,500   4,250 Loss on extinguishment of debt  2,000   3,000   2,500 Adjustments for noncontrolling interest  (5,000)  (4,000)  (4,500)Amortization of deferred financing costs  12,500   14,000   13,250 Amortization of debt discounts and premiums  1,500   2,500   2,000 Deferred tax provision  9,000   10,250   9,625 Adjusted FFO available to common stockholders and unit holders $ 592,250  $ 616,750  $ 604,500           Net income available to common stockholders per diluted share (2) $ 4.10  $ 4.11  $ 4.11 Adjusted FFO available to common stockholders and unit holders per diluted share/unit (2) $ 8.98  $ 9.28  $ 9.13           Estimated weighted average shares outstanding - diluted (in millions) (2)   68.4    68.4    68.4 Estimated weighted average shares and OP units outstanding - diluted (in millions) (2)   68.8    68.8    68.8  ___________________
(1) Includes JW Marriott Desert Ridge. Amounts are calculated based on unrounded numbers.
(2) Includes the impact of approximately 3.0 million additional shares issued on May 21, 2025. 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
Earnings Per Share and Adjusted FFO Per Share
Unaudited
($ in thousands, except per share data)            Guidance Range  For Full Year 2026  Low High MidpointEarnings per share:         Numerator:         Net income available to common stockholders $270,500 $273,500 $272,000Net income attributable to noncontrolling interest in OEG  10,000  8,000  9,000Net income available to common stockholders - if-converted method $280,500 $281,500 $281,000          Denominator:         Estimated weighted average shares outstanding - diluted (in millions) (1)  68.4  68.4  68.4          Diluted income per share available to common stockholders $ 4.10 $ 4.11 $ 4.11                    Adjusted FFO per share:         Numerator:         Adjusted FFO available to common stockholders and unit holders $592,250 $616,750 $604,500Net income attributable to noncontrolling interest in OEG  10,000  8,000  9,000FFO adjustments for noncontrolling interest in OEG  11,000  10,000  10,500Adjusted FFO Adjustments for noncontrolling interest in OEG  5,000  4,000  4,500Adjusted FFO available to common stockholders and unit holders - if-converted method $618,250 $638,750 $628,500          Denominator:         Estimated weighted average shares and OP units outstanding - diluted (in millions) (1)  68.8  68.8  68.8          Adjusted FFO available to common stockholders and unit holders per diluted share/unit $ 8.98 $ 9.28 $ 9.13 ___________________
(1) Includes the impact of approximately 3.0 million additional shares issued on May 21, 2025. 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 EBITDAre”)
Unaudited
($ in thousands, except per share data)            Prior Guidance Range  For Full Year 2026(1)  Low High MidpointConsolidated:         Net income $ 271,000  $ 279,000  $ 275,000 Provision for income taxes  11,500   13,000   12,250 Interest expense, net  246,750   255,500   251,125 Depreciation and amortization  302,500   315,000   308,750 EBITDAre $ 831,750  $ 862,500  $ 847,125 Non-cash lease expense  3,250   5,000   4,125 Preopening costs  4,500   5,500   5,000 Equity-based compensation expense  15,000   17,000   16,000 Pension settlement charge  4,000   4,500   4,250 Interest income on Gaylord National bonds  3,500   4,500   4,000 Loss on extinguishment of debt  2,000   3,000   2,500 Adjusted EBITDAre $ 864,000  $ 902,000  $ 883,000           Hospitality segment:         Operating income $ 509,000  $ 520,500  $ 514,750 Depreciation and amortization  264,000   273,000   268,500 Non-cash lease expense  3,500   5,000   4,250 Interest income on Gaylord National bonds  3,500   4,500   4,000 Other gains and (losses), net  3,000   4,000   3,500 Adjusted EBITDAre $ 783,000  $ 807,000  $ 795,000           Hospitality segment (same-store)(2)         Operating income $ 475,500  $ 485,500  $ 480,500 Depreciation and amortization  230,000   237,000   233,500 Non-cash lease expense  3,000   4,000   3,500 Interest income on Gaylord National bonds  3,500   4,500   4,000 Other gains and (losses), net  3,000   4,000   3,500 Adjusted EBITDAre $ 715,000  $ 735,000  $ 725,000           JW Marriott Desert Ridge         Operating income $ 33,500  $ 35,000  $ 34,250 Depreciation and amortization  34,000   36,000   35,000 Non-cash lease expense  500   1,000   750 Adjusted EBITDAre $ 68,000  $ 72,000  $ 70,000           Entertainment segment:         Operating income $ 74,750  $ 79,500  $ 77,125 Depreciation and amortization  36,500   39,500   38,000 Non-cash lease revenue  (250)  –   (125)Preopening costs  4,500   5,500   5,000 Equity-based compensation  4,500   5,500   5,000 Adjusted EBITDAre $ 120,000  $ 130,000  $ 125,000           Corporate and Other segment:         Operating loss $ (50,500) $ (49,000) $ (49,750)Depreciation and amortization  2,000   2,500   2,250 Equity-based compensation  10,500   11,500   11,000 Pension settlement charge  4,000   4,500   4,250 Other gains and (losses), net  (5,000)  (4,500)  (4,750)Adjusted EBITDAre $ (39,000) $ (35,000) $ (37,000) ___________________
(1) Includes JW Marriott Desert Ridge, except as otherwise noted. Amounts are calculated based on unrounded numbers.
(2) Same-store Hospitality excludes 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)   Prior Guidance Range  For Full Year 2026(1)  Low High MidpointConsolidated:         Net income available to common stockholders $ 261,000  $ 267,000  $ 264,000 Noncontrolling interest in OP units  1,000   2,000   1,500 Net income available to common stockholders and unit holders $ 262,000  $ 269,000  $ 265,500 Depreciation and amortization  302,500   315,000   308,750 Adjustments for noncontrolling interest  (12,500)  (11,500)  (12,000)FFO available to common stockholders and unit holders $ 552,000  $ 572,500  $ 562,250 Right-of-use asset amortization  –   500   250 Non-cash lease expense  3,250   5,000   4,125 Pension settlement charge  4,000   4,500   4,250 Loss on extinguishment of debt  2,000   3,000   2,500 Adjustments for noncontrolling interest  (5,000)  (4,000)  (4,500)Amortization of deferred financing costs  12,500   14,000   13,250 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 $ 577,250  $ 607,000  $ 592,125           Net income available to common stockholders per diluted share (2) $ 3.96  $ 4.02  $ 3.99 Adjusted FFO available to common stockholders and unit holders per diluted share/unit (2) $ 8.77  $ 9.14  $ 8.96           Estimated weighted average shares outstanding - diluted (in millions) (2)   68.4    68.4    68.4 Estimated weighted average shares and OP units outstanding - diluted (in millions) (2)   68.8    68.8    68.8  ___________________
(1) Includes JW Marriott Desert Ridge. 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.

          Ryman Hospitality Properties, Inc. and Subsidiaries
Reconciliation of Forward-Looking Statements
Earnings Per Share and Adjusted FFO Per Share
Unaudited
($ in thousands, except per share data)            Prior Guidance Range  For Full Year 2026  Low High MidpointEarnings per share:         Numerator:         Net income available to common stockholders $261,000 $267,000 $264,000Net income attributable to noncontrolling interest in OEG  10,000  8,000  9,000Net income available to common stockholders - if-converted method $271,000 $275,000 $273,000          Denominator:         Estimated weighted average shares outstanding - diluted (in millions) (1)  68.4  68.4  68.4          Diluted income per share available to common stockholders $ 3.96 $ 4.02 $ 3.99                    Adjusted FFO per share:         Numerator:         Adjusted FFO available to common stockholders and unit holders $577,250 $607,000 $592,125Net income attributable to noncontrolling interest in OEG  10,000  8,000  9,000FFO adjustments for noncontrolling interest in OEG  11,000  10,000  10,500Adjusted FFO Adjustments for noncontrolling interest in OEG  5,000  4,000  4,500Adjusted FFO available to common stockholders and unit holders - if-converted method $603,250 $629,000 $616,125          Denominator:         Estimated weighted average shares and OP units outstanding - diluted (in millions) (1)  68.8  68.8  68.8          Adjusted FFO available to common stockholders and unit holders per diluted share/unit $ 8.77 $ 9.14 $ 8.96 ___________________
(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.

All investors love getting big returns from their portfolio, whether it's through stocks, bonds, ETFs, or other types of securities. However, when you're an income investor, your primary focus is generating consistent cash flow from each of your liquid investments.

While cash flow can come from bond interest or interest from other types of investments, income investors hone in on dividends. A dividend is that coveted distribution of a company's earnings paid out to shareholders, and investors often view it by its dividend yield, a metric that measures the dividend as a percent of the current stock price. Many academic studies show that dividends make up large portions of long-term returns, and in many cases, dividend contributions surpass one-third of total returns.

Headquartered in Nashville, Ryman Hospitality Properties (RHP - Free Report) is a Finance stock that has seen a price change of 36.22% so far this year. Currently paying a dividend of $1.20 per share, the company has a dividend yield of 3.72%. In comparison, the REIT and Equity Trust - Other industry's yield is 3.86%, while the S&P 500's yield is 1.33%.

Looking at dividend growth, the company's current annualized dividend of $4.80 is up 3.2% from last year. Over the last 5 years, Ryman Hospitality Properties has increased its dividend 3 times on a year-over-year basis for an average annual increase of 85.96%. Looking ahead, future dividend growth will be dependent on earnings growth and payout ratio, which is the proportion of a company's annual earnings per share that it pays out as a dividend. Ryman Hospitality Properties's current payout ratio is 55%, meaning it paid out 55% of its trailing 12-month EPS as dividend.

Looking at this fiscal year, RHP expects solid earnings growth. The Zacks Consensus Estimate for 2026 is $9.04 per share, with earnings expected to increase 6.86% from the year ago period.

Investors like dividends for a variety of different reasons, from tax advantages and decreasing overall portfolio risk to considerably improving stock investing profits. It's important to keep in mind that not all companies provide a quarterly payout.

Big, established firms that have more secure profits are often seen as the best dividend options, but it's fairly uncommon to see high-growth businesses or tech start-ups offer their stockholders a dividend. During periods of rising interest rates, income investors must be mindful that high-yielding stocks tend to struggle. That said, they can take comfort from the fact that RHP is not only an attractive dividend play, but also represents a compelling investment opportunity with a Zacks Rank of #2 (Buy).

Posted by Defense World Staff on Jul 19th, 2026

Bessemer Group Inc. reduced its position in Ryman Hospitality Properties, Inc. (NYSE:RHP – Free Report) by 23.6% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 187,126 shares of the real estate investment trust’s stock after selling 57,820 shares during the quarter. Bessemer Group Inc. owned approximately 0.30% of Ryman Hospitality Properties worth $17,265,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Global Retirement Partners LLC raised its stake in shares of Ryman Hospitality Properties by 155.0% in the 4th quarter. Global Retirement Partners LLC now owns 283 shares of the real estate investment trust’s stock valued at $27,000 after buying an additional 172 shares in the last quarter. International Assets Investment Management LLC boosted its position in shares of Ryman Hospitality Properties by 437.0% during the 1st quarter. International Assets Investment Management LLC now owns 290 shares of the real estate investment trust’s stock valued at $27,000 after acquiring an additional 236 shares in the last quarter. Los Angeles Capital Management LLC bought a new stake in Ryman Hospitality Properties in the fourth quarter valued at about $28,000. Caitong International Asset Management Co. Ltd increased its stake in Ryman Hospitality Properties by 61.7% in the third quarter. Caitong International Asset Management Co. Ltd now owns 296 shares of the real estate investment trust’s stock valued at $27,000 after acquiring an additional 113 shares during the period. Finally, Geneos Wealth Management Inc. increased its stake in Ryman Hospitality Properties by 240.2% in the first quarter. Geneos Wealth Management Inc. now owns 296 shares of the real estate investment trust’s stock valued at $27,000 after acquiring an additional 209 shares during the period. Institutional investors and hedge funds own 94.48% of the company’s stock.

Ryman Hospitality Properties Stock Up 1.5% RHP opened at $126.83 on Friday. The firm has a market cap of $8.00 billion, a price-to-earnings ratio of 33.46, a PEG ratio of 2.29 and a beta of 1.20. The company has a debt-to-equity ratio of 5.15, a quick ratio of 1.35 and a current ratio of 1.35. The firm’s 50-day simple moving average is $120.01 and its 200-day simple moving average is $105.35. Ryman Hospitality Properties, Inc. has a twelve month low of $83.82 and a twelve month high of $132.41.

Ryman Hospitality Properties Dividend Announcement The company also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th were paid a dividend of $1.20 per share. This represents a $4.80 annualized dividend and a yield of 3.8%. The ex-dividend date of this dividend was Tuesday, June 30th. Ryman Hospitality Properties’s dividend payout ratio is currently 126.65%.

Analyst Upgrades and Downgrades A number of research analysts have commented on RHP shares. Morgan Stanley raised their price target on shares of Ryman Hospitality Properties from $105.00 to $112.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 12th. BMO Capital Markets reiterated an “outperform” rating and issued a $137.00 price objective on shares of Ryman Hospitality Properties in a research note on Friday, June 12th. Barclays upped their price objective on Ryman Hospitality Properties from $110.00 to $120.00 and gave the company an “overweight” rating in a research note on Monday, June 1st. JPMorgan Chase & Co. increased their target price on Ryman Hospitality Properties from $111.00 to $113.00 and gave the stock an “overweight” rating in a report on Tuesday, May 5th. Finally, Truist Financial raised their target price on Ryman Hospitality Properties from $129.00 to $132.00 and gave the stock a “buy” rating in a research report on Tuesday, May 26th. Eleven research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Ryman Hospitality Properties currently has an average rating of “Moderate Buy” and an average price target of $122.27.

View Our Latest Analysis on RHP

Ryman Hospitality Properties Profile (Free Report)

Ryman Hospitality Properties, Inc is a publicly traded real estate investment trust (REIT) specializing in the ownership and operation of group‐oriented, large convention center hotel resorts. The company’s portfolio is anchored by its Gaylord Hotels brand, offering integrated resort, convention, entertainment and dining experiences under long‐term management agreements with Marriott International.

Ryman’s flagship properties include Gaylord Opryland Resort & Convention Center in Nashville, Gaylord Texan Resort & Convention Center near Dallas/Fort Worth and Gaylord Palms Resort & Convention Center in Orlando, Florida.

See Also Five stocks we like better than Ryman Hospitality Properties Netflix May Be Cheap Enough to Tempt Buyers After Earnings Drop Delta vs. United: Which Airline Is Better Built for Higher Fuel Costs? The Market Sold Alcoa After Earnings—But It May Be Missing the Real Story Why Intuitive Surgical’s Strong Quarter Still Spooked Investors Want to see what other hedge funds are holding RHP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Ryman Hospitality Properties, Inc. (NYSE:RHP – Free Report).

Receive News & Ratings for Ryman Hospitality Properties Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Ryman Hospitality Properties and related companies with MarketBeat.com's FREE daily email newsletter.

« PREVIOUS HEADLINEShort Interest in Rocket One Inc. Common Stock (NASDAQ:RKTO) Decreases By 36.3%

NEXT HEADLINE »Relmada Therapeutics, Inc. (NASDAQ:RLMD) Sees Significant Growth in Short Interest

Ryman Hospitality Properties (RHP) witnessed a jump in share price last session on above-average trading volume. The latest trend in earnings estimate revisions for the stock suggests that there could be more strength down the road.

Live Nation Entertainment (LYV +0.10%) sits at the center of the U.S. concert industry, running Ticketmaster and putting nearly 160 million fans through its network last year. There aren't many ways for investors to own this theme directly. Live Nation is the obvious one.

It runs the concert experience from the ticket to the stage, and it's been buying and building its own venues in order to capture more of every dollar fans spend. The company now controls 460 venues globally, having tripled its real estate footprint since 2020. When people pay for live music, most of it flows through this company.

Image source: Getty Images.

The Department of Justice wrote the bull case. Its antitrust complaint alleges Ticketmaster controls roughly 80% of primary ticketing at major venues. That's the kind of market share most companies would never put in writing, but the government did it for them.

That makes Live Nation the headline story in live music. But for investors looking for a way to invest that's not so crowded, some of country music's rich history is hidden inside a hotel REIT.

Nashville's other play on live music Ryman Hospitality Properties (RHP +1.00%) is the one most people haven't heard of, tucked inside a hotel REIT with a 5% yield. It owns a controlling stake in the Grand Ole Opry and Ryman Auditorium in Nashville, along with large-scale resort properties in major metro areas such as Orlando, Denver, Dallas, and the Washington, D.C. area.

Five of the 10 largest nongaming convention hotels in the country are Ryman properties, managed by Marriott under the Gaylord brand. The entertainment segment is smaller, but it's the faster-growing piece, anchored by stages that American music fans already know by name.

Country music isn't taking a larger share of the touring industry, and it doesn't have to. The top 10 country tours alone grossed over $1.2 billion last year. Luke Combs and George Strait each earned north of $75 million, and Strait did it in six shows.

Ryman fills the rooms, Ticketmaster fills the seats The convention business funds the dividend. Corporate and association groups book years in advance, and that visibility is what makes the cash flow steady. The COVID-19 pandemic was the one thing that could break it, and it did. Ryman suspended its dividend in 2020. It took three years to pass the pre-pandemic high on both adjusted funds from operations (AFFO) per share and the dividend. Today those sit at $8.46 and $4.65, up 23% and 29% from 2019, respectively.

Today's Change

(

1.00

%) $

1.22

Current Price

$

122.67

Concerts fill the seats, but owning the building is where the margins are. When Live Nation owns an arena, it controls the sponsorship, from naming rights to the brand deals inside. That revenue carries higher margins than ticket sales and has been growing as the company adds venues. With over 70% of this year's sponsorship deals already booked, management has guided for double-digit adjusted operating income growth again in 2026.

Both companies are investing real capital into physical assets that are difficult to replicate. Live Nation keeps expanding because the fans keep showing up. Ryman continues to build the convention centers that fund the payout while owning the stages that have drawn crowds for over a century. The demand for live entertainment isn't slowing down, and both are positioned to profit from it.

Posted by Defense World Staff on Apr 19th, 2026

Bayforest Capital Ltd cut its holdings in shares of Ryman Hospitality Properties, Inc. (NYSE:RHP – Free Report) by 59.1% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 3,537 shares of the real estate investment trust’s stock after selling 5,120 shares during the quarter. Bayforest Capital Ltd’s holdings in Ryman Hospitality Properties were worth $335,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. First Dallas Securities Inc. increased its holdings in Ryman Hospitality Properties by 103.9% during the 3rd quarter. First Dallas Securities Inc. now owns 26,050 shares of the real estate investment trust’s stock worth $2,334,000 after purchasing an additional 13,275 shares during the last quarter. Centersquare Investment Management LLC increased its holdings in shares of Ryman Hospitality Properties by 37.3% in the 3rd quarter. Centersquare Investment Management LLC now owns 52,590 shares of the real estate investment trust’s stock valued at $4,712,000 after acquiring an additional 14,296 shares during the last quarter. Hamlin Capital Management LLC increased its holdings in shares of Ryman Hospitality Properties by 10.5% in the 3rd quarter. Hamlin Capital Management LLC now owns 987,976 shares of the real estate investment trust’s stock valued at $88,513,000 after acquiring an additional 93,490 shares during the last quarter. Strs Ohio increased its holdings in shares of Ryman Hospitality Properties by 23.3% in the 3rd quarter. Strs Ohio now owns 114,324 shares of the real estate investment trust’s stock valued at $10,242,000 after acquiring an additional 21,600 shares during the last quarter. Finally, Bessemer Group Inc. increased its holdings in shares of Ryman Hospitality Properties by 21.4% in the 3rd quarter. Bessemer Group Inc. now owns 318,888 shares of the real estate investment trust’s stock valued at $28,570,000 after acquiring an additional 56,189 shares during the last quarter. 94.48% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes RHP has been the subject of a number of research analyst reports. Truist Financial boosted their price target on Ryman Hospitality Properties from $121.00 to $129.00 and gave the company a “buy” rating in a report on Thursday, March 26th. Barclays boosted their price target on Ryman Hospitality Properties from $109.00 to $110.00 and gave the company an “overweight” rating in a report on Tuesday, April 7th. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and issued a $131.00 price target on shares of Ryman Hospitality Properties in a report on Tuesday, January 13th. Evercore reiterated an “outperform” rating and issued a $115.00 price target on shares of Ryman Hospitality Properties in a report on Friday, February 6th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Ryman Hospitality Properties in a report on Wednesday, January 28th. Ten research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $114.10.

Get Our Latest Stock Report on Ryman Hospitality Properties

Ryman Hospitality Properties Price Performance Shares of RHP opened at $103.52 on Friday. The company has a market cap of $6.53 billion, a P/E ratio of 27.53, a PEG ratio of 1.92 and a beta of 1.19. The stock has a fifty day moving average price of $97.07 and a 200 day moving average price of $94.54. The company has a debt-to-equity ratio of 5.04, a current ratio of 1.46 and a quick ratio of 1.46. Ryman Hospitality Properties, Inc. has a 12 month low of $83.37 and a 12 month high of $105.75.

Ryman Hospitality Properties Announces Dividend The business also recently disclosed a quarterly dividend, which was paid on Wednesday, April 15th. Investors of record on Tuesday, March 31st were paid a dividend of $1.20 per share. This represents a $4.80 dividend on an annualized basis and a yield of 4.6%. The ex-dividend date was Tuesday, March 31st. Ryman Hospitality Properties’s dividend payout ratio is presently 127.66%.

Ryman Hospitality Properties Profile (Free Report)

Ryman Hospitality Properties, Inc is a publicly traded real estate investment trust (REIT) specializing in the ownership and operation of group‐oriented, large convention center hotel resorts. The company’s portfolio is anchored by its Gaylord Hotels brand, offering integrated resort, convention, entertainment and dining experiences under long‐term management agreements with Marriott International.

Ryman’s flagship properties include Gaylord Opryland Resort & Convention Center in Nashville, Gaylord Texan Resort & Convention Center near Dallas/Fort Worth and Gaylord Palms Resort & Convention Center in Orlando, Florida.

Recommended Stories Five stocks we like better than Ryman Hospitality Properties Want to see what other hedge funds are holding RHP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Ryman Hospitality Properties, Inc. (NYSE:RHP – Free Report).

Receive News & Ratings for Ryman Hospitality Properties Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Ryman Hospitality Properties and related companies with MarketBeat.com's FREE daily email newsletter.

« PREVIOUS HEADLINEBayforest Capital Ltd Sells 1,025 Shares of Medpace Holdings, Inc. $MEDP

NEXT HEADLINE »BigSur Wealth Management LLC Invests $371,000 in Micron Technology, Inc. $MU

NASHVILLE, Tenn., April 30, 2026 (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 months ended March 31, 2026.

First Quarter 2026 Highlights and Recent Developments:

The Company reported record first quarter consolidated revenue of $664.6 million, driven by record first quarter same-store Hospitality(1) segment revenue of $511.5 million. The Company generated record first quarter consolidated net income of $69.4 million and record first quarter consolidated Adjusted EBITDAre of $219.3 million.During the quarter, the Company booked over 460,000 same-store Hospitality Gross Definite Room Nights for all future periods. The estimated average daily rate (ADR) for these bookings was approximately $303, an increase of 6.7% compared to the prior year quarter estimated ADR for future bookings and a new record. The Company completed a private placement of $700 million senior unsecured notes due 2034, and used the net proceeds, together with cash on hand, to redeem in full the outstanding $700 million senior unsecured notes due 2027.Subsequent to quarter-end, Opry Entertainment Group (OEG) announced the planned development of a seventh Ole Red location in downtown Indianapolis, which is expected to open in late 2027. The Company is raising its full year outlook due to strong first quarter performance for the Hospitality portfolio. Mark Fioravanti, President and Chief Executive Officer of Ryman Hospitality Properties, said, “We are very pleased to deliver a strong start to 2026, with first quarter results exceeding our expectations. In our same-store Hospitality portfolio, favorable group mix drove upside in group ADR and outside-the-room spending, which together with strong Spring Break leisure performance more than offset the impact of Winter Storm Fern. Meeting planner sentiment remained resilient throughout the quarter, resulting in the highest first quarter same-store group room night bookings production since 2018. While the operating environment remains dynamic, current and forward-looking group business indicators remain strong, and our first quarter results underscore the strength of our business model, the quality of our assets, and the effectiveness of our capital allocation strategy. As a result, we are raising our guidance ranges to reflect the first quarter outperformance.”

________________________________
(1) Same-store Hospitality segment excludes JW Marriott Desert Ridge, which was acquired June 10, 2025.

First Quarter 2026 Results (as compared to First Quarter 2025):

  Three Months Ended  March 31,($ in thousands, except per share amounts)         %  2026 2025 ChangeTotal revenue $664,572  $587,280  13.2 %            Operating income $137,796  $116,121  18.7 %Operating income margin  20.7%  19.8% 0.9 pts            Net income $69,402  $63,014  10.1 %Net income margin  10.4%  10.7% (0.3)pts            Net income available to common stockholders $70,475  $62,961  11.9 %Net income available to common stockholders margin  10.6%  10.7% (0.1)ptsNet income available to common stockholders per diluted share(1) $1.03  $1.00  3.0 %            Adjusted EBITDAre $219,293  $185,502  18.2 %Adjusted EBITDAre margin  33.0%  31.6% 1.4 ptsAdjusted EBITDAre, excluding noncontrolling interest $215,136  $179,876  19.6 %Adjusted EBITDAre, excluding noncontrolling interest margin  32.4%  30.6% 1.8 pts            Funds From Operations (FFO) available to common stockholders and unit holders $143,472  $123,975  15.7 %FFO available to common stockholders and unit holders per diluted share/unit(1) $2.14  $1.98  8.1 %            Adjusted FFO available to common stockholders and unit holders $156,078  $130,896  19.2 %Adjusted FFO available to common stockholders and unit holders per diluted share/unit(1) $2.32  $2.10  10.5 % ________________________________
(1)   Diluted weighted average common shares for the three months ended March 31, 2026 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 March 31, 2026 and 2025 include 4.4 million and 3.7 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: For the Company’s definitions of Adjusted EBITDAre, Adjusted EBITDAre margin, Adjusted EBITDAre, excluding noncontrolling interest, Adjusted EBITDAre, 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 EBITDAre 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,” “EBITDAre, Adjusted EBITDAre and Adjusted EBITDAre, Excluding Noncontrolling Interest Definition,” “Adjusted EBITDAre Margin and Adjusted EBITDAre, 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  March 31,($ in thousands, except ADR, RevPAR, and Total RevPAR)         %  2026 2025 ChangeHospitality revenue $585,389  $497,730  17.6 %Same-store Hospitality revenue(1) $511,521  $497,730  2.8 %            Hospitality operating income $145,087  $116,809  24.2 %Hospitality operating income margin  24.8%  23.5% 1.3 ptsHospitality Adjusted EBITDAre $212,570  $172,974  22.9 %Hospitality Adjusted EBITDAre margin  36.3%  34.8% 1.5 pts            Same-store Hospitality operating income(1) $120,832  $116,809  3.4 %Same-store Hospitality operating income margin(1)  23.6%  23.5% 0.1 ptsSame-store Hospitality Adjusted EBITDAre(1) $180,256  $172,974  4.2 %Same-store Hospitality Adjusted EBITDAre margin(1)  35.2%  34.8% 0.4 pts            Hospitality performance metrics:           Occupancy  68.1%  69.7% (1.6)ptsAverage Daily Rate (ADR) $295.21  $264.40  11.7 %RevPAR $201.08  $184.21  9.2 %Total RevPAR $526.07  $484.52  8.6 %            Same-store Hospitality performance metrics:(1)           Occupancy  67.7%  69.7% (2.0)ptsADR $277.76  $264.40  5.1 %RevPAR $188.07  $184.21  2.1 %Total RevPAR $497.95  $484.52  2.8 %            Gross definite room nights booked  460,938   363,904  26.7 %Net definite room nights booked  242,269   205,194  18.1 %Group attrition (as % of contracted block)  17.7%  15.5% 2.2 ptsCancellations ITYFTY(2)  27,164   22,779  19.3 % ________________________________
(1)   Same-store Hospitality excludes JW Marriott Desert Ridge, which was acquired June 10, 2025.
(2)   “ITYFTY” represents In The Year For The Year.

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 first quarter 2026 are presented in greater detail below and under “Supplemental Financial Results—Hospitality Segment Adjusted EBITDAre Reconciliations and Operating Metrics,” which includes a reconciliation of the non-GAAP financial measures Hospitality Adjusted EBITDAre to Hospitality Operating Income, and property-level Adjusted EBITDAre to property-level Operating Income for each of the hotel properties.

Hospitality Segment Highlights

The same-store Hospitality portfolio generated RevPAR of approximately $188, an increase of 2.1% from the prior year quarter, and Total RevPAR of approximately $498, an increase of 2.8% from the prior year quarter. The same-store Hospitality portfolio generated record first quarter operating income of $120.8 million, and record first quarter Adjusted EBITDAre of $180.3 million.First quarter same-store banquet and AV revenue contribution per group room night, a proxy for catering spend per group guest, increased 6.6% year over year, driven by a more favorable group mix. First quarter same-store attrition and cancellation fee revenue was approximately $7.5 million, an increase of $0.8 million compared to the prior year quarter.At the end of January, Winter Storm Fern impacted group attendance at Gaylord National and, to a lesser extent, Gaylord Texan and Gaylord Opryland. Excluding January, group attrition improved compared to the prior year quarter, and cancellations ITYFTY were essentially flat.Subsequent to quarter-end, the Company completed the Foundry Fieldhouse sports bar, pavilion, and event lawn development at Gaylord Opryland and the meeting space conversion project at JW Marriott Desert Ridge. Gaylord Opryland

  Three Months Ended  March 31,($ in thousands, except ADR, RevPAR, and Total RevPAR)         %  2026 2025 ChangeRevenue $128,379  $110,178  16.5 %             Operating income $39,822  $30,098  32.3 %Operating income margin  31.0%  27.3% 3.7 ptsAdjusted EBITDAre $48,516  $38,148  27.2 %Adjusted EBITDAre margin  37.8%  34.6% 3.2 pts             Performance metrics:            Occupancy  69.7%  64.9% 4.8 ptsADR $277.60  $262.57  5.7 %RevPAR $193.58  $170.49  13.5 %Total RevPAR $493.92  $423.89  16.5 %
Gaylord Palms

  Three Months Ended  March 31,($ in thousands, except ADR, RevPAR, and Total RevPAR)         %  2026 2025 ChangeRevenue $97,646  $88,393  10.5 %             Operating income $29,743  $23,782  25.1 %Operating income margin  30.5%  26.9% 3.6 ptsAdjusted EBITDAre $39,474  $32,947  19.8 %Adjusted EBITDAre margin  40.4%  37.3% 3.1 pts             Performance metrics:            Occupancy  77.3%  75.9% 1.4 ptsADR $301.35  $276.14  9.1 %RevPAR $232.97  $209.69  11.1 %Total RevPAR $631.52  $571.68  10.5 %
Gaylord Texan

  Three Months Ended  March 31,($ in thousands, except ADR, RevPAR, and Total RevPAR)         %  2026 2025 ChangeRevenue $83,371  $86,377  (3.5)%            Operating income $23,805  $27,695  (14.0)%Operating income margin  28.6%  32.1% (3.5)ptsAdjusted EBITDAre $31,130  $33,624  (7.4)%Adjusted EBITDAre margin  37.3%  38.9% (1.6)pts            Performance metrics:           Occupancy  65.4%  73.0% (7.6)ptsADR $263.31  $257.26  2.4 %RevPAR $172.23  $187.80  (8.3)%Total RevPAR $510.66  $529.08  (3.5)%
Gaylord National

  Three Months Ended  March 31,($ in thousands, except ADR, RevPAR, and Total RevPAR)         %  2026 2025 ChangeRevenue $74,227  $80,829  (8.2)%            Operating income $6,225  $9,474  (34.3)%Operating income margin  8.4%  11.7% (3.3)ptsAdjusted EBITDAre $15,742  $19,031  (17.3)%Adjusted EBITDAre margin  21.2%  23.5% (2.3)pts            Performance metrics:           Occupancy  63.0%  72.4% (9.4)ptsADR $266.55  $249.02  7.0 %RevPAR $168.04  $180.33  (6.8)%Total RevPAR $413.20  $449.95  (8.2)%
Gaylord Rockies

  Three Months Ended  March 31,($ in thousands, except ADR, RevPAR, and Total RevPAR)         %  2026 2025 ChangeRevenue $72,249  $70,948  1.8 %            Operating income $14,445  $14,823  (2.6)%Operating income margin  20.0%  20.9% (0.9)ptsAdjusted EBITDAre $29,633  $29,675  (0.1)%Adjusted EBITDAre margin  41.0%  41.8% (0.8)pts            Performance metrics:           Occupancy  75.4%  72.2% 3.2 ptsADR $258.62  $257.09  0.6 %RevPAR $195.08  $185.68  5.1 %Total RevPAR $534.82  $525.19  1.8 %
JW Marriott Hill Country

  Three Months Ended  March 31,($ in thousands, except ADR, RevPAR, and Total RevPAR)         %  2026 2025 ChangeRevenue $50,295  $55,276  (9.0)%            Operating income $7,208  $10,849  (33.6)%Operating income margin  14.3%  19.6% (5.3)ptsAdjusted EBITDAre $15,370  $18,680  (17.7)%Adjusted EBITDAre margin  30.6%  33.8% (3.2)pts            Performance metrics:           Occupancy  58.6%  67.9% (9.3)ptsADR $337.63  $321.54  5.0 %RevPAR $198.01  $218.38  (9.3)%Total RevPAR $557.72  $612.95  (9.0)%
JW Marriott Desert Ridge(2)

  Three Months Ended  March 31,($ in thousands, except ADR, RevPAR, and Total RevPAR)       2026Revenue $73,868        Operating income $24,255  Operating income margin  32.8 %Adjusted EBITDAre $32,314  Adjusted EBITDAre margin  43.7 %      Performance metrics:     Occupancy  73.0 %ADR $489.75  RevPAR $357.42  Total RevPAR $863.95   Entertainment Segment

  Three Months Ended  March 31,($ in thousands)         %  2026 2025 ChangeRevenue $79,183  $89,550  (11.6)%            Operating income $4,253  $10,316  (58.8)%Operating income margin  5.4%  11.5% (6.1)ptsAdjusted EBITDAre $15,681  $20,939  (25.1)%Adjusted EBITDAre margin  19.8%  23.4% (3.6)pts
Fioravanti continued, “Our Entertainment business delivered results in line with our expectations despite a challenging comparison to record first quarter performance in the prior year period and the unfavorable impact of Winter Storm Fern at our Nashville venues. Our Ole Red brand exceeded our expectations, particularly in Las Vegas and Nashville, and we are excited to bring a seventh Ole Red to downtown Indianapolis, through a development agreement with the Pacers organization. Our growing platform of iconic brands is uniquely positioned to continue to serve the country music and live entertainment consumer and deliver attractive results.”

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

Corporate and Other Segment

  Three Months Ended  March 31,($ in thousands)         %  2026 2025 ChangeOperating loss $(11,544)  $(11,004)  (4.9)%Adjusted EBITDAre $(8,958)  $(8,411)  (6.5)%
Capital Expenditures

In 2026, the Company expects to spend approximately $350 to $450 million on capital expenditures, including $114 million spent in the first quarter of 2026. Subsequent to quarter-end, the Company completed the Foundry Fieldhouse sports bar, pavilion, and event lawn development at Gaylord Opryland and the meeting space conversion project at JW Marriott Desert Ridge.

Capital expenditures activity in 2026 includes:

Continuation of the meeting space expansion at Gaylord Opryland, which is expected to be completed by mid-year 2027;Renovation of the rooms at Gaylord Texan, which began in July 2025 and is expected to be completed in August 2026;Renovation of the rooms at JW Marriott Hill Country, which began in April 2026 and is expected to be completed in March 2027;The development of Category 10 Las Vegas, which is expected to be completed in late 2026; andThe development of Category 10 in Orlando, which is expected to begin in summer 2026 and is expected to be completed in late 2027. Subsequent to quarter-end, the Company announced the planned development of Ole Red Indianapolis by development partner Pacer Sports & Entertainment, the organization behind the NBA Pacers and the WNBA Fever. The development is expected to be completed in late 2027, and OEG expects to invest approximately $15 million in 2027.

2026 Guidance

The Company is updating its 2026 business performance outlook based on current information as of April 30, 2026. 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.

Fioravanti concluded, “We are pleased to raise the midpoints of our 2026 guidance ranges to reflect stronger first quarter results in our Hospitality portfolio, including the JW Marriott Desert Ridge. Our outlook for the balance of the year continues to reflect measured confidence in our business. Demand from both group and leisure guests has remained resilient amid elevated geopolitical uncertainty, and our business model has proven to be durable across a range of operating environments.”

  Guidance Range  Prior Guidance Range     (in millions, except per share figures) For Full Year 2026(1)  Full Year 2026(1)  Change to
  Low High Midpoint  Low High Midpoint  MidpointSame-store Hospitality RevPAR growth(2)  2.25 %  3.75 %  3.00 %   1.50 %  3.50 %  2.50 %   0.50%Same-store Hospitality Total RevPAR growth(2)  2.25 %  3.75 %  3.00 %   1.50 %  3.50 %  2.50 %   0.50%                               Operating income:                              Hospitality (same-store)(2) $475.5   $485.5   $480.5    $466.5   $483.5   $475.0    $5.5 JW Marriott Desert Ridge  33.5    35.0    34.3     30.5    33.0    31.8     2.5 Entertainment  74.8    79.5    77.1     74.8    79.5    77.1     - Corporate and Other  (50.5)   (49.0)   (49.8)    (50.5)   (49.0)   (49.8)    - Consolidated operating income $533.3   $551.0   $542.1    $521.3   $547.0   $534.1    $8.0                                Adjusted EBITDAre:                              Hospitality (same-store)(2) $715.0   $735.0   $725.0    $700.0   $730.0   $715.0    $10.0 JW Marriott Desert Ridge  68.0    72.0    70.0     65.0    70.0    67.5     2.5 Entertainment  120.0    130.0    125.0     120.0    130.0    125.0     - Corporate and Other  (39.0)   (35.0)   (37.0)    (39.0)   (35.0)   (37.0)    - Consolidated Adjusted EBITDAre $864.0   $902.0   $883.0    $846.0   $895.0   $870.5    $12.5                                Net income $271.0   $279.0   $275.0    $260.0   $273.0   $266.5    $8.5 Net income available to common stockholders $261.0   $267.0   $264.0    $250.0   $261.0   $255.5    $8.5                                FFO available to common stockholders and unit holders $552.0   $572.5   $562.3    $535.0   $563.5   $549.3    $13.0 Adjusted FFO available to common stockholders and unit holders $577.3   $607.0   $592.1    $559.3   $597.0   $578.1    $14.0                                Net income available to common stockholders per diluted share(3) $3.96   $4.02   $3.99    $3.80   $3.93   $3.87    $0.12 Adjusted FFO available to common stockholders and unit holders                              per diluted share/unit(3) $8.77   $9.14   $8.96    $8.50   $9.00   $8.75    $0.21                                Weighted average shares outstanding - diluted(3)  68.4    68.4    68.4     68.4    68.4    68.4     - Weighted average shares and OP units outstanding - diluted(3)  68.8    68.8    68.8     68.8    68.8    68.8     -  ________________________________
(1)   Includes JW Marriott Desert Ridge, except as otherwise noted. Amounts are calculated based on unrounded numbers.
(2)   Same-store Hospitality excludes JW Marriott Desert Ridge, which was acquired 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.

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

Dividend Update

On April 15, 2026, the Company paid the previously announced quarterly cash dividend of $1.20 per common share, which was paid to stockholders of record as of March 31, 2026.

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 March 31, 2026, the Company had unrestricted cash of $424.0 million and total debt outstanding of $3,968.4 million, net of unamortized deferred financing costs. As of March 31, 2026, there were no amounts drawn under the Company’s revolving credit facility or OEG’s revolving credit facility, which left $930.0 million of aggregate borrowing availability under the Company’s revolving credit facility and OEG’s revolving credit facility.

In March 2026, the Company refinanced its $700 million senior unsecured notes due 2027 with the net proceeds of a new issuance of $700 million senior unsecured notes due 2034, together with cash on hand.

Earnings Call Information

Ryman Hospitality Properties will hold a conference call to discuss this release tomorrow, May 1, 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 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. OEG manages select outdoor live music venues, including Ascend Federal Credit Union Amphitheater in Nashville and CCNB Amphitheatre in Simpsonville, South Carolina. OEG also owns 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, geopolitical uncertainty and 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, 2025, 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 EBITDAre, 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 EBITDAre of unconsolidated affiliates.

Adjusted EBITDAre is then calculated as EBITDAre, 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 EBITDAre from unconsolidated joint ventures; andany other adjustments we have identified herein. We then exclude the pro rata share of Adjusted EBITDAre related to noncontrolling interests to calculate Adjusted EBITDAre, Excluding Noncontrolling Interest.

We use EBITDAre, Adjusted EBITDAre and Adjusted EBITDAre, Excluding Noncontrolling Interest and segment or property-level EBITDAre and Adjusted EBITDAre 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 EBITDAre when evaluating our performance because we believe that presenting Adjusted EBITDAre and Adjusted EBITDAre, 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 EBITDAre, Excluding Noncontrolling Interest Margin by dividing consolidated Adjusted EBITDAre, Excluding Noncontrolling Interest by GAAP consolidated total revenue. We calculate consolidated, segment or property-level Adjusted EBITDAre Margin by dividing consolidated, segment-, or property-level Adjusted EBITDAre by consolidated, segment-, or property-level GAAP revenue. We believe Adjusted EBITDAre, 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 EBITDAre, 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); andany 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] 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  March 31,  2026  2025 Revenues:      Rooms $223,758  $189,232 Food and beverage  289,347   253,263 Other hotel revenue  72,284   55,235 Entertainment  79,183   89,550 Total revenues  664,572   587,280        Operating expenses:      Rooms  50,594   46,289 Food and beverage  158,163   138,139 Other hotel expenses  144,622   123,924 Management fees, net  20,915   18,463 Total hotel operating expenses  374,294   326,815 Entertainment  65,109   69,770 Corporate  11,285   10,770 Preopening costs  387   87 Depreciation and amortization  75,701   63,717 Total operating expenses  526,776   471,159        Operating income  137,796   116,121        Interest expense, net of amounts capitalized  (64,119)  (54,283)Interest income  5,186   5,459 Loss on extinguishment of debt  (2,200)  – Loss from unconsolidated joint ventures  –   (16)Other gains and (losses), net  (362)  (108)Income before income taxes  76,301   67,173 Provision for income taxes  (6,899)  (4,159)Net income  69,402   63,014        Net (income) loss attributable to noncontrolling interest in OEG  588   (711)Net loss attributable to other noncontrolling interests  485   658 Net income available to common stockholders $70,475  $62,961        Basic income per share available to common stockholders(1) $1.12  $1.05 Diluted income per share available to common stockholders(1) $1.03  $1.00        Weighted average common shares for the period:      Basic(1)  63,023   59,919 Diluted(1)  67,663   63,813  ________________________________
(1)   Basic and diluted weighted average common shares for the three months ended March 31, 2026 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 March 31, 2026 and 2025 include 4.4 million and 3.7 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)
           March 31,
 December 31,
  2026
 2025
ASSETS:        Property and equipment, net of accumulated depreciation $5,018,898  $4,970,429 Cash and cash equivalents - unrestricted  424,021   471,421 Cash and cash equivalents - restricted  27,264   28,759 Notes receivable, net  52,556   53,503 Trade receivables, net  139,335   105,903 Deferred income tax assets, net  61,957   67,669 Prepaid expenses and other assets  187,602   196,798 Intangible assets and goodwill, net  282,148   286,701 Total assets $6,193,781  $6,181,183          LIABILITIES AND EQUITY:        Debt and finance lease obligations $3,968,404  $3,976,913 Accounts payable and accrued liabilities  544,482   517,708 Distributions payable  77,906   78,819 Deferred management rights proceeds  162,507   162,901 Operating lease liabilities  162,463   158,815 Other liabilities  73,808   74,251 Noncontrolling interest in OEG  433,394   422,691 Total equity  770,817   789,085 Total liabilities and equity $6,193,781  $6,181,183   Ryman Hospitality Properties, Inc. and Subsidiaries
Supplemental Financial Results
Adjusted EBITDAre Reconciliation
Unaudited
(In thousands)   Three Months Ended  March 31,  2026 2025  $ Margin $ MarginConsolidated:              Revenue $664,572      $587,280     Net income $69,402  10.4 % $63,014  10.7 %Interest expense, net  58,933       48,824     Provision for income taxes  6,899       4,159     Depreciation and amortization  75,701       63,717     Pro rata EBITDArefrom unconsolidated joint ventures  1       1     EBITDAre  210,936  31.7 %  179,715  30.6 %Preopening costs  387       87     Non-cash lease expense  943       889     Equity-based compensation expense  3,802       3,622     Interest income on Gaylord National bonds  1,025       1,114     Loss on extinguishment of debt  2,200       –     Transaction costs of acquisitions  –       75     Adjusted EBITDAre  219,293  33.0 %  185,502  31.6 %Adjusted EBITDAreof noncontrolling interest  (4,157)      (5,626)    Adjusted EBITDAre, excluding noncontrolling interest $215,136  32.4 % $179,876  30.6 %               Hospitality segment:              Revenue $585,389      $497,730     Operating income $145,087  24.8 % $116,809  23.5 %Depreciation and amortization  66,008       54,106     Non-cash lease expense  450       945     Interest income on Gaylord National bonds  1,025       1,114     Adjusted EBITDAre $212,570  36.3 % $172,974  34.8 %               Same-store Hospitality segment:(1)              Revenue $511,521      $497,730     Operating income $120,832  23.6 % $116,809  23.5 %Depreciation and amortization  57,492       54,106     Non-cash lease expense  907       945     Interest income on Gaylord National bonds  1,025       1,114     Adjusted EBITDAre $180,256  35.2 % $172,974  34.8 %               Entertainment segment:              Revenue $79,183      $89,550     Operating income $4,253  5.4 % $10,316  11.5 %Depreciation and amortization  9,434       9,377     Preopening costs  387       87     Non-cash lease (revenue) expense  493       (56)    Equity-based compensation  1,114       1,020     Other gains and (losses), net  –       136     Transaction costs of acquisitions  –       75     Pro rata adjusted EBITDArefrom unconsolidated joint ventures  –       (16)    Adjusted EBITDAre $15,681  19.8 % $20,939  23.4 %               Corporate and Other segment:              Operating loss $(11,544)     $(11,004)    Depreciation and amortization  259       234     Other gains and (losses), net  (361)      (243)    Equity-based compensation  2,688       2,602     Adjusted EBITDAre $(8,958)     $(8,411)     ________________________________
(1)   Same-store Hospitality excludes 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  March 31,  2026  2025 Net income available to common stockholders $70,475  $62,961 Noncontrolling interest in OP Units  441   415 Net income available to common stockholders and unit holders  70,916   63,376 Depreciation and amortization  75,580   63,676 Adjustments for noncontrolling interest  (3,024)  (3,077)FFO available to common stockholders and unit holders  143,472   123,975        Right-of-use asset amortization  121   41 Non-cash lease expense  943   889 Amortization of deferred financing costs  3,247   2,707 Amortization of debt discounts and premiums  383   558 Loss on extinguishment of debt  2,200   – Adjustments for noncontrolling interest  (42)  (282)Transaction costs of acquisitions  –   75 Deferred tax provision  5,754   2,933 Adjusted FFO available to common stockholders and unit holders $156,078  $130,896        Basic net income per share(1) $1.12  $1.05 Diluted net income per share(1) $1.03  $1.00        FFO available to common stockholders and unit holders per basic share/unit(1) $2.26  $2.06 Adjusted FFO available to common stockholders and unit holders per basic share/unit(1) $2.46  $2.17        FFO available to common stockholders and unit holders per diluted share/unit(1) $2.14  $1.98 Adjusted FFO available to common stockholders and unit holders per diluted share/unit(1) $2.32  $2.10        Weighted average common shares and OP units for the period:      Basic(1)  63,418   60,314 Diluted(1)  68,058   64,208  ________________________________
(1)   Basic and diluted weighted average common shares for the three months ended March 31, 2026 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 March 31, 2026 and 2025 include 4.4 million and 3.7 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 EBITDAre Reconciliation and Operating Metrics
Unaudited
(In thousands)
                   Three Months Ended
  March 31,
  2026
 2025
  $ Margin
 $ Margin
Hospitality segment:              Revenue $585,389      $497,730     Operating income $145,087  24.8 % $116,809  23.5 %Depreciation and amortization  66,008       54,106     Non-cash lease expense  450       945     Interest income on Gaylord National bonds  1,025       1,114     Adjusted EBITDAre $212,570  36.3 % $172,974  34.8 %               Performance metrics:              Occupancy  68.1 %     69.7 %   ADR $295.21      $264.40     RevPAR $201.08      $184.21     OtherPAR $324.99      $300.31     Total RevPAR $526.07      $484.52                    Same-store Hospitality segment:(1)              Revenue $511,521      $497,730     Operating income $120,832  23.6 % $116,809  23.5 %Depreciation and amortization  57,492       54,106     Non-cash lease expense  907       945     Interest income on Gaylord National bonds  1,025       1,114     Adjusted EBITDAre $180,256  35.2 % $172,974  34.8 %               Performance metrics:              Occupancy  67.7 %     69.7 %   ADR $277.76      $264.40     RevPAR $188.07      $184.21     OtherPAR $309.88      $300.31     Total RevPAR $497.95      $484.52                    Gaylord Opryland:              Revenue $128,379      $110,178     Operating income $39,822  31.0 % $30,098  27.3 %Depreciation and amortization  8,703       8,060     Non-cash lease revenue  (9)      (10)    Adjusted EBITDAre $48,516  37.8 % $38,148  34.6 %               Performance metrics:              Occupancy  69.7 %     64.9 %   ADR $277.60      $262.57     RevPAR $193.58      $170.49     OtherPAR $300.34      $253.40     Total RevPAR $493.92      $423.89                    Gaylord Palms:              Revenue $97,646      $88,393     Operating income $29,743  30.5 % $23,782  26.9 %Depreciation and amortization  8,815       8,210     Non-cash lease expense  916       955     Adjusted EBITDAre $39,474  40.4 % $32,947  37.3 %               Performance metrics:              Occupancy  77.3 %     75.9 %   ADR $301.35      $276.14     RevPAR $232.97      $209.69     OtherPAR $398.55      $361.99     Total RevPAR $631.52      $571.68      ________________________________
(1)   Same-store Hospitality excludes JW Marriott Desert Ridge, which was acquired June 10, 2025.

Ryman Hospitality Properties, Inc. and Subsidiaries
Supplemental Financial Results
Hospitality Segment Adjusted EBITDAre Reconciliation and Operating Metrics
Unaudited
(In thousands)
                   Three Months Ended
  March 31,
  2026  2025   $ Margin $ MarginGaylord Texan:                Revenue $83,371      $86,377     Operating income $23,805  28.6 % $27,695  32.1 %Depreciation and amortization  7,325       5,929     Adjusted EBITDAre $31,130  37.3 % $33,624  38.9 %                 Performance metrics:                Occupancy  65.4 %     73.0 %   ADR $263.31      $257.26     RevPAR $172.23      $187.80     OtherPAR $338.43      $341.28     Total RevPAR $510.66      $529.08                      Gaylord National:                Revenue $74,227      $80,829     Operating income $6,225  8.4 % $9,474  11.7 %Depreciation and amortization  8,492       8,443     Interest income on Gaylord National bonds  1,025       1,114     Adjusted EBITDAre $15,742  21.2 % $19,031  23.5 %                 Performance metrics:                Occupancy  63.0 %     72.4 %   ADR $266.55      $249.02     RevPAR $168.04      $180.33     OtherPAR $245.16      $269.62     Total RevPAR $413.20      $449.95                      Gaylord Rockies:                Revenue $72,249      $70,948     Operating income $14,445  20.0 % $14,823  20.9 %Depreciation and amortization  15,188       14,852     Adjusted EBITDAre $29,633  41.0 % $29,675  41.8 %                 Performance metrics:                Occupancy  75.4 %     72.2 %   ADR $258.62      $257.09     RevPAR $195.08      $185.68     OtherPAR $339.74      $339.51     Total RevPAR $534.82      $525.19                      JW Marriott Hill Country:                Revenue $50,295      $55,276     Operating income $7,208  14.3 % $10,849  19.6 %Depreciation and amortization  8,162       7,831     Adjusted EBITDAre $15,370  30.6 % $18,680  33.8 %                 Performance metrics:                Occupancy  58.6 %     67.9 %   ADR $337.63      $321.54     RevPAR $198.01      $218.38     OtherPAR $359.71      $394.57     Total RevPAR $557.72      $612.95       Ryman Hospitality Properties, Inc. and Subsidiaries
Supplemental Financial Results
Hospitality Segment Adjusted EBITDAre Reconciliation and Operating Metrics
Unaudited
(In thousands)   Three Months Ended  March 31,  2026 2025  $ Margin $ MarginJW Marriott Desert Ridge:            Revenue $73,868     $–    Operating income $24,255  32.8 % $–  N/A %Depreciation and amortization  8,516      –     Non-cash lease revenue  (457)     –     Adjusted EBITDAre $32,314  43.7 % $–  N/A %             Performance metrics:            Occupancy  73.0 %    N/A %  ADR $489.75     $N/A    RevPAR $357.42     $N/A    OtherPAR $506.53     $N/A    Total RevPAR $863.95     $N/A                 The AC Hotel at National Harbor:            Revenue $2,336     $2,698    Operating income (loss) $(217) (9.3)% $114  4.2 %Depreciation and amortization  221      222    Adjusted EBITDAre $4  0.2 % $336  12.5 %             Performance metrics:            Occupancy  45.7 %    54.8 %  ADR $247.89     $255.03    RevPAR $113.22     $139.70    OtherPAR $22.03     $16.44    Total RevPAR $135.24     $156.14                 The Inn at Opryland:(1)            Revenue $3,018     $3,031    Operating loss $(199) (6.6)% $(26) (0.9)%Depreciation and amortization  586      559    Adjusted EBITDAre $387  12.8 % $533  17.6 %             Performance metrics:            Occupancy  44.2 %    43.8 %  ADR $198.35     $188.12    RevPAR $87.67     $82.46    OtherPAR $23.02     $28.66    Total RevPAR $110.69     $111.12     ________________________________
(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
  March 31,
  2026
 2025Earnings per share:               Numerator:       Net income available to common stockholders $70,475  $62,961 Net income (loss) attributable to noncontrolling interest in OEG  (588)  711 Net income available to common stockholders - if-converted method $69,887  $63,672         Denominator:       Weighted average shares outstanding - basic  63,023   59,919 Effect of dilutive equity-based compensation  206   240 Effect of dilutive put rights(1)  4,434   3,654 Weighted average shares outstanding - diluted  67,663   63,813         Basic income per share available to common stockholders $1.12  $1.05 Diluted income per share available to common stockholders(1) $1.03  $1.00         FFO per share/unit:               Numerator:       FFO available to common stockholders and unit holders $143,472  $123,975 Net income (loss) attributable to noncontrolling interest in OEG  (588)  711 FFO adjustments for noncontrolling interest in OEG  2,651   2,633 FFO available to common stockholders and unit holders - if-converted method $145,535  $127,319         Denominator:       Weighted average shares and OP units outstanding - basic  63,418   60,314 Effect of dilutive equity-based compensation  206   240 Effect of dilutive put rights(1)  4,434   3,654 Weighted average shares and OP units outstanding - diluted  68,058   64,208         FFO available to common stockholders and unit holders per basic share/unit $2.26  $2.06 FFO available to common stockholders and unit holders per diluted share/unit(1) $2.14  $1.98         Adjusted FFO per share/unit:               Numerator:       Adjusted FFO available to common stockholders and unit holders $156,078  $130,896 Net income (loss) attributable to noncontrolling interest in OEG  (588)  711 FFO adjustments for noncontrolling interest in OEG  2,651   2,633 Adjusted FFO adjustments for noncontrolling interest in OEG  42   282 Adjusted FFO available to common stockholders and unit holders - if-converted method $158,183  $134,522         Denominator:       Weighted average shares and OP units outstanding - basic  63,418   60,314 Effect of dilutive equity-based compensation  206   240 Effect of dilutive put rights(1)  4,434   3,654 Weighted average shares and OP units outstanding - diluted  68,058   64,208         Adjusted FFO available to common stockholders and unit holders per basic share/unit $2.46  $2.17 Adjusted FFO available to common stockholders and unit holders per diluted share/unit(1) $2.32  $2.10  ________________________________
(1)   Diluted weighted average common shares for the three months ended March 31, 2026 and 2025 include 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. Basic and diluted weighted average common shares for the three months ended March 31, 2026 include 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 EBITDAre”)
Unaudited
($ in thousands, except per share data)   Guidance Range  For Full Year 2026(1)  Low High MidpointConsolidated:         Net income $271,000  $279,000  $275,000 Provision for income taxes  11,500   13,000   12,250 Interest expense, net  246,750   255,500   251,125 Depreciation and amortization  302,500   315,000   308,750 EBITDAre $831,750  $862,500  $847,125 Non-cash lease expense  3,250   5,000   4,125 Preopening costs  4,500   5,500   5,000 Equity-based compensation expense  15,000   17,000   16,000 Pension settlement charge  4,000   4,500   4,250 Interest income on Gaylord National bonds  3,500   4,500   4,000 Loss on extinguishment of debt  2,000   3,000   2,500 Adjusted EBITDAre $864,000  $902,000  $883,000           Hospitality segment:         Operating income $509,000  $520,500  $514,750 Depreciation and amortization  264,000   273,000   268,500 Non-cash lease expense  3,500   5,000   4,250 Interest income on Gaylord National bonds  3,500   4,500   4,000 Other gains and (losses), net  3,000   4,000   3,500 Adjusted EBITDAre $783,000  $807,000  $795,000           Hospitality segment (same-store)(2)         Operating income $475,500  $485,500  $480,500 Depreciation and amortization  230,000   237,000   233,500 Non-cash lease expense  3,000   4,000   3,500 Interest income on Gaylord National bonds  3,500   4,500   4,000 Other gains and (losses), net  3,000   4,000   3,500 Adjusted EBITDAre $715,000  $735,000  $725,000           JW Marriott Desert Ridge         Operating income $33,500  $35,000  $34,250 Depreciation and amortization  34,000   36,000   35,000 Non-cash lease expense  500   1,000   750 Adjusted EBITDAre $68,000  $72,000  $70,000           Entertainment segment:         Operating income $74,750  $79,500  $77,125 Depreciation and amortization  36,500   39,500   38,000 Non-cash lease revenue  (250)  –   (125)Preopening costs  4,500   5,500   5,000 Equity-based compensation  4,500   5,500   5,000 Adjusted EBITDAre $120,000  $130,000  $125,000           Corporate and Other segment:         Operating loss $(50,500) $(49,000) $(49,750)Depreciation and amortization  2,000   2,500   2,250 Equity-based compensation  10,500   11,500   11,000 Pension settlement charge  4,000   4,500   4,250 Other gains and (losses), net  (5,000)  (4,500)  (4,750)Adjusted EBITDAre $(39,000) $(35,000) $(37,000) ________________________________
(1)   Includes JW Marriott Desert Ridge, except as otherwise noted. Amounts are calculated based on unrounded numbers.
(2)   Same-store Hospitality excludes 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 2026(1)  Low High MidpointConsolidated:         Net income available to common stockholders $261,000  $267,000  $264,000 Noncontrolling interest in OP units  1,000   2,000   1,500 Net income available to common stockholders and unit holders $262,000  $269,000  $265,500 Depreciation and amortization  302,500   315,000   308,750 Adjustments for noncontrolling interest  (12,500)  (11,500)  (12,000)FFO available to common stockholders and unit holders $552,000  $572,500  $562,250 Right-of-use asset amortization  –   500   250 Non-cash lease expense  3,250   5,000   4,125 Pension settlement charge  4,000   4,500   4,250 Loss on extinguishment of debt  2,000   3,000   2,500 Adjustments for noncontrolling interest  (5,000)  (4,000)  (4,500)Amortization of deferred financing costs  12,500   14,000   13,250 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 $577,250  $607,000  $592,125           Net income available to common stockholders per diluted share(2) $3.96  $4.02  $3.99 Adjusted FFO available to common stockholders and unit holders per diluted share/unit(2) $8.77  $9.14  $8.96           Estimated weighted average shares outstanding - diluted (in millions)(2)  68.4   68.4   68.4 Estimated weighted average shares and OP units outstanding - diluted (in millions)(2)  68.8   68.8   68.8  ________________________________
(1)   Includes JW Marriott Desert Ridge, except as otherwise noted. Amounts are calculated based on unrounded numbers.
(2)   Basic and diluted weighted average common shares for the three months ended March 31, 2026 include the impact of approximately 3.0 million additional shares issued on May 21, 2025. 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
Earnings Per Share and Adjusted FFO Per Share
Unaudited
(dollars in thousands, except per share data)   Guidance Range
  For Full Year 2026
  Low High MidpointEarnings per share:            Numerator:            Net income available to common stockholders $261,000  $267,000) $264,000 Net income attributable to noncontrolling interest in OEG  10,000   8,000   9,000 Net income available to common stockholders - if-converted method $271,000  $275,000  $273,000              Denominator:            Estimated weighted average shares outstanding - diluted (in millions)(1)  68.4   68.4   68.4              Diluted income per share available to common stockholders $3.96  $4.02  $3.99                           Adjusted FFO per share:            Numerator:            Adjusted FFO available to common stockholders and unit holders $577,250  $607,000  $592,125 Net income attributable to noncontrolling interest in OEG  10,000   8,000   9,000 FFO adjustments for noncontrolling interest in OEG  11,000   10,000   10,500 Adjusted FFO Adjustments for noncontrolling interest in OEG  5,000   4,000   4,500 Adjusted FFO available to common stockholders and unit holders - if-converted method $603,250  $629,000  $616,125              Denominator:            Estimated weighted average shares and OP units outstanding - diluted (in millions)(1)  68.8   68.8   68.8              Adjusted FFO available to common stockholders and unit holders per diluted share/unit $8.77  $9.14  $8.96  ________________________________
(1)   Basic and diluted weighted average common shares for the three months ended March 31, 2026 include the impact of approximately 3.0 million additional shares issued on May 21, 2025. 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 EBITDAre”)
Unaudited
($ in thousands, except per share data)   Prior Guidance Range  For Full Year 2026(1)  Low High MidpointConsolidated:         Net income $260,000  $273,000  $266,500 Provision for income taxes  10,500   13,000   11,750 Interest expense, net  246,750   257,500   252,125 Depreciation and amortization  296,500   312,000   304,250 EBITDAre $813,750  $855,500  $834,625 Non-cash lease expense  3,250   5,000   4,125 Preopening costs  4,500   5,500   5,000 Equity-based compensation expense  15,000   17,000   16,000 Pension settlement charge  4,000   4,500   4,250 Interest income on Gaylord National bonds  3,500   4,500   4,000 Loss on extinguishment of debt  2,000   3,000   2,500 Adjusted EBITDAre $846,000  $895,000  $870,500           Hospitality segment:         Operating income $497,000  $516,500  $506,750 Depreciation and amortization  258,000   270,000   264,000 Non-cash lease expense  3,500   5,000   4,250 Interest income on Gaylord National bonds  3,500   4,500   4,000 Other gains and (losses), net  3,000   4,000   3,500 Adjusted EBITDAre $765,000  $800,000  $782,500           Hospitality segment (same-store)(2)         Operating income $466,500  $483,500  $475,000 Depreciation and amortization  224,000   234,000   229,000 Non-cash lease expense  3,000   4,000   3,500 Interest income on Gaylord National bonds  3,500   4,500   4,000 Other gains and (losses), net  3,000   4,000   3,500 Adjusted EBITDAre $700,000  $730,000  $715,000           JW Marriott Desert Ridge         Operating income $30,500  $33,000  $31,750 Depreciation and amortization  34,000   36,000   35,000 Non-cash lease expense  500   1,000   750 Adjusted EBITDAre $65,000  $70,000  $67,500           Entertainment segment:         Operating income $74,750  $79,500  $77,125 Depreciation and amortization  36,500   39,500   38,000 Non-cash lease revenue  (250)  –   (125)Preopening costs  4,500   5,500   5,000 Equity-based compensation  4,500   5,500   5,000 Adjusted EBITDAre $120,000  $130,000  $125,000           Corporate and Other segment:         Operating loss $(50,500) $(49,000) $(49,750)Depreciation and amortization  2,000   2,500   2,250 Equity-based compensation  10,500   11,500   11,000 Pension settlement charge  4,000   4,500   4,250 Other gains and (losses), net  (5,000)  (4,500)  (4,750)Adjusted EBITDAre $(39,000) $(35,000) $(37,000) ________________________________
(1)   Includes JW Marriott Desert Ridge, except as otherwise noted. Amounts are calculated based on unrounded numbers.
(2)   Same-store Hospitality excludes 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)   Prior Guidance Range  For Full Year 2026(1)  Low High MidpointConsolidated:         Net income available to common stockholders $250,000  $261,000  $255,500 Noncontrolling interest in OP units  1,000   2,000   1,500 Net income available to common stockholders and unit holders $251,000  $263,000  $257,000 Depreciation and amortization  296,500   312,000   304,250 Adjustments for noncontrolling interest  (12,500)  (11,500)  (12,000)FFO available to common stockholders and unit holders $535,000  $563,500  $549,250 Right-of-use asset amortization  –   500   250 Non-cash lease expense  3,250   5,000   4,125 Pension settlement charge  4,000   4,500   4,250 Loss on extinguishment of debt  2,000   3,000   2,500 Adjustments for noncontrolling interest  (5,000)  (4,000)  (4,500)Amortization of deferred financing costs  12,500   14,000   13,250 Amortization of debt discounts and premiums  1,500   2,500   2,000 Deferred tax provision  6,000   8,000   7,000 Adjusted FFO available to common stockholders and unit holders $559,250  $597,000  $578,125           Net income available to common stockholders per diluted share(2) $3.80  $3.93  $3.87 Adjusted FFO available to common stockholders and unit holders per diluted share/unit(2) $8.50  $9.00  $8.75           Estimated weighted average shares outstanding - diluted (in millions)(2)  68.4   68.4   68.4 Estimated weighted average shares and OP units outstanding - diluted (in millions)(2)  68.8   68.8   68.8  ________________________________
(1)   Includes 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.

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 2026
  Low High MidpointEarnings per share:            Numerator:            Net income available to common stockholders $250,000  $261,000  $255,500 Net income attributable to noncontrolling interest in OEG  10,000   8,000   9,000 Net income available to common stockholders - if-converted method $260,000  $269,000  $264,500              Denominator:            Estimated weighted average shares outstanding - diluted (in millions)(1)  68.4   68.4   68.4              Diluted income per share available to common stockholders $3.80  $3.93  $3.87                           Adjusted FFO per share:            Numerator:            Adjusted FFO available to common stockholders and unit holders $559,250  $597,000  $578,125 Net income attributable to noncontrolling interest in OEG  10,000   8,000   9,000 FFO adjustments for noncontrolling interest in OEG  11,000   10,000   10,500 Adjusted FFO Adjustments for noncontrolling interest in OEG  5,000   4,000   4,500 Adjusted FFO available to common stockholders and unit holders - if-converted method $585,250  $619,000  $602,125              Denominator:            Estimated weighted average shares and OP units outstanding - diluted (in millions)(1)  68.8   68.8   68.8              Adjusted FFO available to common stockholders and unit holders per diluted share/unit $8.50  $9.00  $8.75  ________________________________
(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 (RHP - Free Report) reported $664.57 million in revenue for the quarter ended March 2026, representing a year-over-year increase of 13.2%. EPS of $2.32 for the same period compares to $1.00 a year ago.

The reported revenue compares to the Zacks Consensus Estimate of $651.34 million, representing a surprise of +2.03%. The company delivered an EPS surprise of +14.29%, with the consensus EPS estimate being $2.03.

While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.

Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.

Here is how Ryman Hospitality Properties performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

Total RevPAR - Hospitality: $526.07 versus the two-analyst average estimate of $498.45.Revenues- Entertainment: $79.18 million versus $88.1 million estimated by three analysts on average. Compared to the year-ago quarter, this number represents a -11.6% change.Revenues- Hospitality: $585.39 million versus the three-analyst average estimate of $564.96 million. The reported number represents a year-over-year change of +17.6%.Net Earnings Per Share (Diluted): $1.03 compared to the $0.90 average estimate based on two analysts.View all Key Company Metrics for Ryman Hospitality Properties here>>>

Shares of Ryman Hospitality Properties have returned +12.1% over the past month versus the Zacks S&P 500 composite's +12.2% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.

NASHVILLE, Tenn., May 07, 2026 (GLOBE NEWSWIRE) -- Ryman Hospitality Properties, Inc. (NYSE: RHP) (the “Company”), a leading lodging and hospitality real estate investment trust that specializes in upscale convention center resorts and entertainment experiences, today announced that the Board of Directors has authorized, and the Company has declared a second quarter cash dividend of $1.20 per share of common stock, to be paid on July 15, 2026, to stockholders of record as of June 30, 2026.

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 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. OEG manages select outdoor live music venues, including Ascend Federal Credit Union Amphitheater in Nashville and CCNB Amphitheatre in Simpsonville, South Carolina. OEG also owns 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. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the statements made, including, but not limited to, risks associated with the future performance of the Company’s business, anticipated financial results for the Company during future periods, the Company’s ability to pay dividends, and the Board of Directors’ ability to alter the dividend policy at any time. Other factors that could cause actual results to differ from the Company’s beliefs and expectations 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, 2025, 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.

On May 18, 2026, Ryman Hospitality Properties Inc RHP shares rose 3.5% to a current price of $108.50. The stock has experienced a 52-week range between $83.82 and $112.50, demonstrating notable volatility. Over the past year, RHP has seen a price increase of 15.2%, and year-to-date, the stock is up 16.2%.

GF Value™ verdict: The current price of $108.50 is 1.4% above the GF Value™ estimate of $107.03.GF Score™: RHP holds a strong GF Score™ of 84/100, indicating potential for higher long-term returns.Most notable signal: Insider activity shows that insiders bought $0.8M worth of shares in the last 3 months, with no selling activity. Is RHP Overvalued or Undervalued? According to the GF Value™, Ryman Hospitality Properties Inc RHP is currently slightly overvalued, with a current price of $108.50 compared to a fair value estimate of $107.03. This indicates a margin of safety of -1.4%. The GF Valuation label describes RHP as fairly valued, yet the slight premium over the GF Value™ suggests a cautious approach for potential investors. If the stock price continues to rise without corresponding improvements in fundamentals, the risk of overvaluation may become a concern, leading to potential volatility.

GF Value™ is GuruFocus' proprietary measure of intrinsic value, calculated from historical trading multiples, past business growth, and future performance estimates.

How Does RHP's Valuation Compare to Its History? Metric Current Historical P/E (TTM) 28.6x 23.6x Forward P/E 27.0x - The current P/E (TTM) of 28.6x is 21% above its 5-year median P/E of 23.6x. Additionally, the forward P/E of 27.0x suggests that the stock is trading above its historical valuation. This P/E analysis agrees with the GF Value™ verdict, indicating that RHP is overvalued at its current price level.

What Does RHP's GF Score™ Tell Us? Metric Rating GF Score™ 84/100 Financial Strength 4/10 Profitability 8/10 Growth 7/10 Valuation 9/10 Momentum 7/10 The GF Score™ of 84/100 reflects RHP's strong potential for long-term returns, particularly in terms of its profitability rank (8/10) and valuation rank (9/10). However, the financial strength rating of 4/10 indicates that this is the weakest area, suggesting that while the company may excel in generating profits, it may face challenges in financial stability. Overall, the scores indicate a company that is performing well financially but may need to bolster its financial strength to sustain growth.

What Are Insiders Doing with RHP Stock? In the past three months, insiders have purchased $0.8 million worth of Ryman Hospitality Properties Inc RHP shares, with no selling activity reported. This pattern of insider buying suggests confidence in the company’s future performance and may indicate that insiders believe the stock is undervalued at its current price. Such buying activity can often be a positive signal for potential investors, as it reflects the management's belief in the company's growth prospects.

What This Means for Investors Based on the GF Value™ assessment, Ryman Hospitality Properties Inc RHP is currently overvalued. The current market price exceeds the estimated fair value, suggesting a cautious approach for potential investors. Monitoring further developments in the company’s financial performance and market conditions will be essential for making informed decisions.

For the complete analysis, visit the Ryman Hospitality Properties Inc RHP stock page. You can also explore the GF Value™ page for detailed valuation methodology, or use the GuruFocus Stock Screener to find similar opportunities.

Frequently Asked Questions What is RHP's GF Score™?

RHP's GF Score™ is 84/100, indicating a strong potential for higher long-term returns based on various key performance metrics.

Is RHP overvalued or undervalued?

RHP is currently overvalued, with a market price of $108.50 exceeding the GF Value™ estimate of $107.03.

What is RHP's P/E ratio?

RHP's P/E (TTM) is 28.6x, which is significantly higher than its 5-year median P/E of 23.6x, indicating that the stock is trading above its historical valuation.

This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].

Ryman Hospitality Properties, Inc. (RHP) Presents at 4th Annual Morgan Stanley Travel & Leisure Conference Transcript

NASHVILLE, Tenn., June 08, 2026 (GLOBE NEWSWIRE) -- Ryman Hospitality Properties, Inc. (NYSE: RHP) (the “Company”), a leading lodging and hospitality real estate investment trust that specializes in upscale convention center resorts and entertainment experiences, today announced that it will release its second quarter 2026 earnings results after the market closes on Thursday, August 6, 2026. Management will hold a conference call to discuss the quarter’s results at 10 a.m. ET on Friday, August 7, 2026.

To participate in the conference call, please dial 800-225-9448 and use conference ID: RHPQ226. The call will be available for replay through August 14, 2026, by dialing 800-757-4770; a conference ID is not required. This call is also being webcast and can be accessed at the Company’s Investor Relations website at http://ir.rymanhp.com.

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 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. OEG manages select outdoor live music venues, including Ascend Federal Credit Union Amphitheater in Nashville and CCNB Amphitheatre in Simpsonville, South Carolina. OEG also owns 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.