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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).

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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.

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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).

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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.