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Investors with an interest in REIT and Equity Trust - Other stocks have likely encountered both Alpine Income (PINE) and Omega Healthcare Investors (OHI). But which of these two stocks presents investors with the better value opportunity right now?

Investors interested in stocks from the REIT and Equity Trust - Other sector have probably already heard of Alpine Income (PINE - Free Report) and Omega Healthcare Investors (OHI - Free Report) . But which of these two stocks is more attractive to value investors? We'll need to take a closer look to find out.

There are plenty of strategies for discovering value stocks, but we have found that pairing a strong Zacks Rank with an impressive grade in the Value category of our Style Scores system produces the best returns. The proven Zacks Rank emphasizes companies with positive estimate revision trends, and our Style Scores highlight stocks with specific traits.

Alpine Income has a Zacks Rank of #2 (Buy), while Omega Healthcare Investors has a Zacks Rank of #4 (Sell) right now. Investors should feel comfortable knowing that PINE likely has seen a stronger improvement to its earnings outlook than OHI has recently. But this is only part of the picture for value investors.

Value investors also tend to look at a number of traditional, tried-and-true figures to help them find stocks that they believe are undervalued at their current share price levels.

Our Value category highlights undervalued companies by looking at a variety of key metrics, including the popular P/E ratio, as well as the P/S ratio, earnings yield, cash flow per share, and a variety of other fundamentals that have been used by value investors for years.

PINE currently has a forward P/E ratio of 9.07, while OHI has a forward P/E of 15.02. We also note that PINE has a PEG ratio of 1.30. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. OHI currently has a PEG ratio of 2.05.

Another notable valuation metric for PINE is its P/B ratio of 0.96. The P/B ratio pits a stock's market value against its book value, which is defined as total assets minus total liabilities. For comparison, OHI has a P/B of 2.62.

These are just a few of the metrics contributing to PINE's Value grade of B and OHI's Value grade of D.

PINE sticks out from OHI in both our Zacks Rank and Style Scores models, so value investors will likely feel that PINE is the better option right now.

Investors looking for stocks in the REIT and Equity Trust - Other sector might want to consider either Alpine Income (PINE) or Omega Healthcare Investors (OHI). But which of these two stocks offers value investors a better bang for their buck right now?

Key Takeaways BXP signed 200K sq ft of SF leases, filling 50 Hawthorne and lifting 680 Folsom above 90% leased.Dropbox, Decagon and Swinerton deals highlight strong demand from tech and AI tenants.San Francisco tech leasing rose 44%, with AI funding dominance driving hiring and future office demand BXP, Inc. (BXP - Free Report) recently announced more than 200,000 square feet of new leases in San Francisco’s South Financial District, highlighting solid momentum amid rising demand for premier offices. These leases at 50 Hawthorne and 680 Folsom bring the former to 100% occupancy and the latter to more than 90% leased.

50 Hawthorne, spanning 64,000 square feet, was fully leased to Dropbox, a cloud-based content collaboration platform. On the other hand, at 680 Folsom, Decagon, a leading enterprise AI firm, leased around 70,000 square feet across the sixth and seventh floors, and Swinerton Builders, a national construction firm and a software company, leased 35,000 square feet each.

Stretching over 469,000 square feet, 680 Folsom is equipped with amenities like a newly enhanced lounge offering flexible workspace and event organizing setup. It features a commissary kitchen, coffee bar, elevated concierge services and state-of-the-art AV, with a rooftop offering flexible build-up to accommodate 400 guests.

As per the CBRE first-quarter 2026 data, San Francisco witnessed higher tech industry leasing between 2024 and 2025, with total square footage leased up by 44%. The city has received the majority of AI VC funding since 2024, and clear dominance in 2025 and 2026, representing 62% and 81% of U.S. AI funding, respectively.

The largest 15 AI companies by venture capital funding have been on a hiring spree, expanding their workforce from 7,500 employees in 2020 to 48,000 by 2025 year-end. With growing demand, leasing activity is expected to remain resilient over the next 12 to 18 months.

Wrapping Up on BXPBXP boasts a portfolio of Class A office assets in a few select markets in the United States. The healthy tenant demand for premier office assets and the company's ability to offer such spaces are likely to drive leasing activity.

In January 2026, the company announced that Starr had signed a long-term lease at 343 Madison Avenue, which is currently under development near Grand Central. In the fourth quarter of 2025, the company executed 87 leases totaling around 1.8 million square feet with a weighted average lease term of 11.3 years. This emphasizes the sustained demand and long-term commitment by corporates for quality office spaces with premier amenities as their key business strategy.

Over the past month, shares of this Zacks Rank #3 (Hold) company have gained 4.6% compared with the industry's growth of 1.3%.

Image Source: Zacks Investment Research

Stocks to ConsiderSome better-ranked stocks from the broader REIT sector are Crown Castle Inc. (CCI - Free Report) and Prologis (PLD - Free Report) , each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

The Zacks Consensus Estimate for CCI’s 2026 FFO per share is pegged at $4.43, which indicates year-over-year growth of 1.6%.

The consensus estimate for PLD’s full-year FFO per share is pinned at $6.14, which calls for an increase of 5.7% from the year-ago period.

Note: Anything related to earnings presented in this write-up represents funds from operations (FFO) — a widely used metric to gauge the performance of REITs.

Key Takeaways BXP is expected to report Q1 revenue and FFO declines when it announces results on April 28.BXP may see leasing gains from strong office demand and flight-to-quality trends in premium spaces.BXP faces margin pressure from higher operating, redevelopment costs and competitive leasing conditions. BXP, Inc. (BXP - Free Report) is slated to report first-quarter 2026 results on April 28, after market close. The company’s quarterly results are likely to display a year-over-year decline in revenues and funds from operations (FFO) per share.

In the last reported quarter, this office real-estate investment trust (REIT) reported FFO per share of $1.76, which missed the Zacks Consensus Estimate of $1.80. The quarterly results reflected higher expenses impacting the performance, though revenues improved year over year.

Over the preceding four quarters, BXP’s FFO per share surpassed the Zacks Consensus Estimate twice and missed in the remaining period, the average beat being 0.18%. This is depicted in the graph below:

US Office Market in Q1Per a Cushman & Wakefield report, U.S. office demand remained resilient in the first quarter of 2026 amid macro uncertainty. The healthy demand for office spaces led to improved leasing and occupancy fundamentals. With new construction taking a back seat, vacancy is nearing an inflection point. To fill in gaps owing to the declining supply, the sublease market is witnessing renewed interest. To adapt to the changing customer needs and tastes, obsolete offices are increasingly being renovated, converted or demolished.

With high demand, net absorption turned positive in approximately half of the U.S. markets. Though negative in the first quarter, the four-quarter rolling net absorption exceeded 5.2 million square feet (msf), the highest since the pandemic. The national sublease inventory declined for the eighth consecutive quarter, down 3.4% quarter on quarter and 13.6% year on year.

High-quality office space demand has been an outperformer across the markets, with Class A net absorption at 1.4 msf in the first quarter of 2026 and the four-quarter rolling nearly at 18.7 msf. Out of 91 markets tracked by Cushman, 47 were on a positive trajectory. While the ongoing AI frenzy led this push in office demand, the same remained strong across sectors, including finance, hospitality, manufacturing, professional services and distribution/logistics.

On the supply front, the construction pipeline has reduced 86% from 2020, down 4.2% quarter on quarter to 18.6 msf. New deliveries stood at a meager 3 msf, being the third lowest quarterly total in the past 14 years. As the new supply is on a downtick, a shrinking inventory is giving impetus to this high demand, with vacancy remaining flat at 20.2%, up just 5 basis points (bps) quarterly. Class A office has passed peak vacancy as available space shrank 4 bps quarter on quarter while falling 30 bps year over year.

Factors at Play and Q1 Projections for BXPAmid improving U.S. office fundamentals, BXP is well-positioned to benefit from the ongoing flight-to-quality trend, with tenants increasingly favoring premium, well-located office spaces. This, along with return-to-office mandates, is likely to have driven healthy leasing activity across its portfolio in the first quarter.

However, some pressure points persist. Competitive leasing conditions and higher operating and redevelopment costs tied to asset repositioning efforts could have tempered margin growth.

The Zacks Consensus Estimate for first-quarter revenues is pegged at $801.4 million, implying a 1.2% decrease from the prior-year quarter’s reported number.

BXP’s activities in the to-be-reported quarter were inadequate in garnering analysts’ confidence. The Zacks Consensus Estimate for first-quarter FFO per share has moved southward to $1.58 over the past month. It suggests a 3.7% decline from the year-ago quarter’s tally.

What Our Quantitative Model Predicts for BXPOur proven model predicts a surprise in terms of FFO per share for BXP this quarter. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an FFO beat, which is the case here.

BXP has an Earnings ESP of +0.17% and currently carries a Zacks Rank of 3. You can uncover the best stocks before they’re reported with our Earnings ESP Filter.

Other Stocks That Warrant a LookHere are two other stocks from the broader REIT sector — Ventas (VTR - Free Report) and Cousins Properties (CUZ - Free Report) — you may want to consider, as our model shows that these also have the right combination of elements to report a surprise this quarter.

Ventas, scheduled to report quarterly numbers on April 27, has an Earnings ESP of +0.62% and carries a Zacks Rank of 2. You can see the complete list of today’s Zacks #1 Rank stocks here.

Cousins Properties, slated to release quarterly numbers on April 29, has an Earnings ESP of +0.94% and carries a Zacks Rank of 3 at present.

Note: Anything related to earnings presented in this write-up represents funds from operations (FFO), a widely used metric to gauge the performance of REITs.

Exceeded the Midpoint of Guidance for Q1; Executed More Than 1.1 Million SF of Leases in Q1; Increased Total Portfolio Occupancy by 70 Basis Points; More Than 1.4 Million Square Feet of Leasing Scheduled to Commence Through the End of 2026

BOSTON--(BUSINESS WIRE)--BXP, Inc. (NYSE: BXP), the largest publicly traded developer, owner, and manager of premier workplaces in the United States, reported results today for the first quarter ended March 31, 2026.

First Quarter 2026 Financial Highlights

Revenue increased 0.8% to $872.1 million for the quarter ended March 31, 2026, compared to $865.2 million for the quarter ended March 31, 2025. Net income attributable to BXP, Inc. of $101.6 million, or $0.64 per diluted share (EPS), for the quarter ended March 31, 2026, compared to $61.2 million, or $0.39 per diluted share, for the quarter ended March 31, 2025. EPS exceeded the midpoint of BXP’s guidance by $0.31 per diluted share primarily due to gains on sales recognized in connection with the disposition activity completed in the first quarter. Funds from Operations (FFO) of $252.2 million, or $1.59 per diluted share, for the quarter ended March 31, 2026, compared to FFO of $260.6 million, or $1.64 per diluted share, for the quarter ended March 31, 2025. FFO for the first quarter exceeded the midpoint of BXP’s guidance by $0.02 primarily due to portfolio outperformance. Guidance

BXP provided guidance for second quarter 2026 EPS of $0.44 - $0.46 and FFO of $1.69 - $1.71 per diluted share, and updated guidance for full year 2026 EPS of $2.15 - $2.29 and FFO of $6.90 - $7.04 per diluted share.

The midpoint of full year 2026 guidance for EPS increased by $0.04 per diluted share primarily due to gains on sales recognized in connection with the disposition activity and better-than-projected portfolio performance.

The midpoint of full year 2026 guidance for FFO increased by $0.01 per diluted share primarily due to better-than-projected portfolio performance.

See “EPS and FFO per Share Guidance” below.

Leasing & Occupancy

Executed 68 leases in the first quarter totaling more than 1.1 million square feet with a weighted-average lease term of 8.7 years. Notable leasing includes: approximately 140,000 square feet of leases at 360 Park Avenue South in New York City, NY, bringing the leased percentage of the building to 90%, and approximately 104,000 square feet of leases at 680 Folsom Street in San Francisco, CA, bringing the leased percentage of the building to 92%. For the first quarter, BXP’s CBD portfolio of premier workplaces was 89.9% occupied and 93.4% leased (including vacant space for which we have signed leases that have not yet commenced revenue recognition in accordance with GAAP). Approximately 90.0% of BXP’s Share of annualized rental obligations is derived from clients located in our CBD portfolio, underscoring the strength of BXP’s strategy to invest in the highest quality buildings in dynamic urban gateway markets. BXP’s total portfolio occupancy for the first quarter was 87.4%, an increase of 70 basis points from Q4 2025. Total portfolio leased percentage was 90.9% (including vacant space for which we have signed leases that have not yet commenced revenue recognition in accordance with GAAP), an increase of 150 basis points from Q4 2025. The spread between leased and occupied square footage has grown to 350 basis points, representing approximately 1.6 million square feet of leases yet to commence, of which approximately 90% is expected to commence throughout 2026, consistent with the trajectory outlined at our Investor Day in September 2025. Transactions

Consistent with the strategic asset sales plan outlined at our Investor Day, BXP has generated approximately $1.2 billion of aggregate net proceeds from completed asset sales to date, including approximately $180.0 million since our last earnings call on January 28, 2026, further enhancing balance sheet flexibility and supporting our capital needs and strategic priorities. During the first quarter, we completed the sales of North First Business Park in San Jose, CA, a land parcel in Rockville, MD, The Lofts at Atlantic Wharf in Boston, MA, and BXP’s ownership interest in each of Gateway Commons in South San Francisco, CA and 7750 Wisconsin Avenue in Bethesda, MD. The aggregate gross proceeds of these residential, land and non-strategic office sales totaled approximately $495.7 million, resulting in net proceeds of approximately $339.0 million and gains on sales of real estate and our investment in joint ventures of $54.7 million, in each case based on BXP’s share. EPS and FFO per Share Guidance:

BXP’s guidance for the second quarter and full year 2026 for EPS (diluted) and FFO per share (diluted) is set forth and reconciled below. Except as described below, the estimates reflect management’s view of current and future market conditions, including assumptions with respect to rental rates, occupancy levels, interest rates, the timing of the lease-up of available space, the timing of development cost outlays and development deliveries, and the earnings impact of the events referenced in this release and those referenced during the related conference call. The estimates do not include (1) possible future gains or losses or the impact on operating results from other possible future property acquisitions or dispositions not under contract as of the date hereof, (2) the impacts of any other capital markets activity, (3) future write-offs or reinstatements of accounts receivable and accrued rent balances, or (4) future impairment charges. EPS estimates may fluctuate as a result of several factors, including changes in the recognition of depreciation and amortization expense, impairment losses on depreciable real estate, and any gains or losses associated with disposition activity. BXP is not able to assess at this time the potential impact of these factors on projected EPS. By definition, FFO does not include real estate-related depreciation and amortization, impairment losses on depreciable real estate, or gains or losses associated with disposition activities. There can be no assurance that BXP’s actual results will not differ materially from the estimates set forth below.

Second Quarter 2026

Full Year 2026

Low

High

Low

High

Projected EPS (diluted)

$

0.44

$

0.46

$

2.15

$

2.29

Add:

Projected Company share of real estate depreciation and amortization

1.29

1.29

5.10

5.10

Projected Company share of (gains)/losses on sales of real estate, gain on investment from unconsolidated joint venture and impairments

(0.04

)

(0.04

)

(0.35

)

(0.35

)

Projected FFO per share (diluted)

$

1.69

$

1.71

$

6.90

$

7.04

The reported results are unaudited and there can be no assurance that these reported results will not vary from the final information for the quarter ended March 31, 2026. In the opinion of management, BXP has made all adjustments considered necessary for a fair statement of these reported results.

BXP will host a conference call on Wednesday, April 29, 2026 at 10:00 AM Eastern Time, open to the general public, to discuss the first quarter results and earnings guidance, provide a business update, and discuss other business matters that may be of interest to investors. Participants who would like to join the call and ask a question may register at https://register-conf.media-server.com/register/BI2c9150dbdfd1462e81d510e93738b5eb to receive the dial-in numbers and unique PIN to access the call. There will also be a live audio, listen-only webcast of the call, which may be accessed in the Investors section of BXP’s website at https://investors.bxp.com/events-webcasts. Shortly after the call, a replay of the call will be available on BXP’s website at https://investors.bxp.com/events-webcasts for up to twelve months following the call.

Additionally, a copy of BXP’s first quarter 2026 “Supplemental Operating and Financial Data” and this press release are available in the Investors section of BXP’s website at investors.bxp.com.

BXP, Inc. (NYSE: BXP) is the largest publicly traded developer, owner, and manager of premier workplaces in the United States, concentrated in six dynamic gateway markets - Boston, Los Angeles, New York, San Francisco, Seattle, and Washington, DC. BXP has delivered places that power progress for our clients and communities for more than 55 years. BXP is a fully integrated real estate company, organized as a real estate investment trust (REIT). As of March 31, 2026, including properties owned by unconsolidated joint ventures, BXP’s portfolio totals 50.4 million square feet and 164 properties, including six properties under construction/redevelopment. For more information about BXP, please visit our website or follow us on LinkedIn or Instagram.

This press release contains “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. You can identify these statements by our use of the words “anticipates,” “believes,” “budgeted,” “could,” “estimates,” “expects,” “guidance,” “intends,” “may,” “might,” “plans,” “projects,” “should,” “will,” and similar expressions that do not relate to historical matters. These statements are based on our current plans, expectations, projections and assumptions about future events. You should exercise caution in interpreting and relying on forward-looking statements because they involve known and unknown risks, uncertainties and other factors, which are, in some cases, beyond BXP’s control. If our underlying assumptions prove inaccurate, or known or unknown risks or uncertainties materialize, actual results could differ materially from those expressed or implied by the forward-looking statements. These factors include, without limitation, the risks and uncertainties related to adverse changes in general economic and capital market conditions, including continued inflation, elevated interest rates, supply chain disruptions, dislocation and volatility in capital markets, potential longer-term changes in consumer and client behavior resulting from the severity and duration of any downturn in the U.S. or global economy, general risks affecting the real estate industry (including, without limitation, the inability to enter into or renew leases on favorable terms, sustained changes in client preferences and space utilization, dependence on clients’ financial condition, and competition from other developers, owners and operators of real estate), the impact of adverse political conditions, including policy changes by the U.S. Government, such as the direct and indirect negative impacts that new and increased tariffs may have on (1) our current and prospective clients and their demand for office space and (2) the costs and availability of construction materials and the economic returns on our construction and development activities, and prolonged government shutdowns or disruptions, the impact of geopolitical conflicts, the uncertainties of investing in new markets, the costs and availability of financing, the effectiveness of our hedging contracts, the ability of our joint venture partners to satisfy their obligations, the effects of local, national and international economic and market conditions, the effects of acquisitions, dispositions and possible impairment charges on our operating results, the impact of newly adopted accounting principles on BXP’s accounting policies and on period-to-period comparisons of financial results, the uncertainties of costs to comply with regulatory changes and other risks and uncertainties detailed from time to time in BXP’s filings with the Securities and Exchange Commission. These forward-looking statements speak only as of the date of issuance of this report and are not guarantees of future results, performance, or achievements. BXP does not undertake a duty to update or revise any forward-looking statement whether as a result of new information, future events or otherwise, except as otherwise required by law.

Financial tables follow.

BXP, INC.

CONSOLIDATED BALANCE SHEETS

(Unaudited) 

  March 31,
2026

December 31,
2025

(in thousands, except for share and par value amounts)

ASSETS

Real estate, at cost

$

26,256,207

$

26,248,130

Construction in progress

1,626,073

1,475,257

Land held for future development

493,212

518,492

Right of use assets - finance leases

372,476

372,470

Right of use assets - operating leases

321,030

325,841

Less: accumulated depreciation

(8,170,334

)

(8,040,311

)

Total real estate

20,898,664

20,899,879

Cash and cash equivalents

512,783

1,478,206

Cash held in escrows

68,471

79,060

Investments in securities

42,072

44,614

Tenant and other receivables, net

90,137

92,625

Note receivable, net

10,071

9,373

Related party note receivables, net

31,447

28,346

Sales-type lease receivable, net

15,921

15,672

Accrued rental income, net

1,558,226

1,538,515

Deferred charges, net

830,917

847,690

Prepaid expenses and other assets

188,819

108,105

Investments in unconsolidated joint ventures

854,722

999,309

Assets held for sale

—

24,770

Total assets

$

25,102,250

$

26,166,164

LIABILITIES AND EQUITY

Liabilities:

Mortgage notes payable, net

$

4,280,639

$

4,280,067

Unsecured senior notes, net

8,808,674

9,806,100

Unsecured exchangeable senior notes, net

977,387

976,263

Unsecured line of credit

—

—

Unsecured term loans, net

797,309

797,053

Unsecured commercial paper

750,000

750,000

Lease liabilities - finance leases

357,039

360,039

Lease liabilities - operating leases

387,481

389,213

Accounts payable and accrued expenses

418,443

480,017

Dividends and distributions payable

124,018

123,753

Accrued interest payable

124,068

125,345

Other liabilities

352,813

386,074

Total liabilities

17,377,871

18,473,924

Commitments and contingencies

—

—

Redeemable deferred stock units

6,058

7,538

Equity:

Stockholders’ equity attributable to BXP, Inc.:

Excess stock, $0.01 par value, 150,000,000 shares authorized, none issued or outstanding

—

—

Preferred stock, $0.01 par value, 50,000,000 shares authorized; none issued or outstanding

—

—

Common stock, $0.01 par value, 250,000,000 shares authorized, 158,754,863 and 158,627,198 issued and 158,675,963 and 158,548,298 outstanding at March 31, 2026 and December 31, 2025, respectively

1,587

1,585

Additional paid-in capital

6,843,822

6,836,243

Dividends in excess of earnings

(1,684,492

)

(1,674,995

)

Treasury common stock at cost, 78,900 shares at March 31, 2026 and December 31, 2025

(2,722

)

(2,722

)

Accumulated other comprehensive loss

(6,082

)

(12,921

)

Total stockholders’ equity attributable to BXP, Inc.

5,152,113

5,147,190

Noncontrolling interests:

Common units of the Operating Partnership

583,922

566,563

Property partnerships

1,982,286

1,970,949

Total equity

7,718,321

7,684,702

Total liabilities and equity

$

25,102,250

$

26,166,164

BXP, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

  Three months ended March 31,

2026

2025

(in thousands, except for per share amounts)

Revenue

Lease

$

818,156

$

811,102

Parking and other

30,814

30,242

Hotel

9,101

9,597

Development and management services

9,207

9,775

Direct reimbursements of payroll and related costs from management services contracts

4,870

4,499

Total revenue

872,148

865,215

Expenses

Operating

Rental

344,082

331,578

Hotel

7,982

7,565

General and administrative

59,341

52,284

Payroll and related costs from management services contracts

4,870

4,499

Transaction costs

129

768

Depreciation and amortization

227,967

220,107

Total expenses

644,371

616,801

Other income (expense)

Income (loss) from unconsolidated joint ventures

35,413

(2,139

)

Gains on sales of real estate

13,402

—

Loss on sales-type lease

—

(2,490

)

Interest and other income (loss)

8,885

7,750

Losses from investments in securities

(566

)

(365

)

Unrealized gain (loss) on non-real estate investments

188

(483

)

Loss from early extinguishment of debt

—

(338

)

Interest expense

(152,093

)

(163,444

)

Net income

133,006

86,905

Net income attributable to noncontrolling interests

Noncontrolling interests in property partnerships

(19,869

)

(18,749

)

Noncontrolling interest—common units of the Operating Partnership

(11,561

)

(6,979

)

Net income attributable to BXP, Inc.

$

101,576

$

61,177

Basic earnings per common share attributable to BXP, Inc.

Net income

$

0.64

$

0.39

Weighted average number of common shares outstanding

158,555

158,202

Diluted earnings per common share attributable to BXP, Inc.

Net income

$

0.64

$

0.39

Weighted average number of common and common equivalent shares outstanding

159,056

158,632

BXP, INC.

FUNDS FROM OPERATIONS (1)

(Unaudited)

  Three months ended March 31,

2026

2025

(in thousands, except for per share amounts)

Net income attributable to BXP, Inc.

$

101,576

$

61,177

Add:

Noncontrolling interest - common units of the Operating Partnership

11,561

6,979

Noncontrolling interests in property partnerships

19,869

18,749

Net income

133,006

86,905

Add:

Depreciation and amortization expense

227,967

220,107

Noncontrolling interests in property partnerships’ share of depreciation and amortization

(20,871

)

(20,464

)

Company’s share of depreciation and amortization from unconsolidated joint ventures

13,506

17,327

Corporate-related depreciation and amortization

(567

)

(716

)

Non-real estate related amortization

2,131

2,130

Loss on sales-type lease

—

2,490

Less:

Gains on sales of real estate

13,402

—

Gains on sales included within income (loss) from unconsolidated joint ventures

41,233

—

Unrealized gain (loss) on non-real estate investments

188

(483

)

Noncontrolling interests in property partnerships

19,869

18,749

Funds from operations (FFO) attributable to the Operating Partnership (including BXP, Inc.)

280,480

289,513

Less:

Noncontrolling interest - common units of the Operating Partnership’s share of funds from operations

28,244

28,922

Funds from operations attributable to BXP, Inc.

$

252,236

$

260,591

BXP, Inc.’s percentage share of funds from operations - basic

89.93

%

90.01

%

Weighted average shares outstanding - basic

158,555

158,202

FFO per share basic

$

1.59

$

1.65

Weighted average shares outstanding - diluted

159,056

158,632

FFO per share diluted

$

1.59

$

1.64

(1)

Pursuant to the revised definition of Funds from Operations adopted by the Board of Governors of the National Association of Real Estate Investment Trusts (“Nareit”), we calculate Funds from Operations, or “FFO,” by adjusting net income (loss) attributable to BXP, Inc. (computed in accordance with GAAP) for gains (or losses) from sales of properties, including a change in control, impairment losses on depreciable real estate consolidated on our balance sheet, impairment losses on our investments in unconsolidated joint ventures driven by a measurable decrease in the fair value of depreciable real estate held by the unconsolidated joint ventures and real estate-related depreciation and amortization. FFO is a non-GAAP financial measure, but we believe the presentation of FFO, combined with the presentation of required GAAP financial measures, has improved the understanding of operating results of REITs among the investing public and has helped make comparisons of REIT operating results more meaningful. Management generally considers FFO and FFO per share to be useful measures for understanding and comparing our operating results because, by excluding gains and losses related to sales or a change in control of previously depreciated operating real estate assets, impairment losses and real estate asset depreciation and amortization (which can differ across owners of similar assets in similar condition based on historical cost accounting and useful life estimates), FFO and FFO per share can help investors compare the operating performance of a company’s real estate across reporting periods and to the operating performance of other companies.

  Our calculation of FFO may not be comparable to FFO reported by other REITs or real estate companies that do not define the term in accordance with the current Nareit definition or that interpret the current Nareit definition differently.

  In order to facilitate a clear understanding of the Company’s operating results, FFO should be examined in conjunction with net income attributable to BXP, Inc. as presented in the Company’s consolidated financial statements. FFO should not be considered as a substitute for net income attributable to BXP, Inc. (determined in accordance with GAAP) or any other GAAP financial measures and should only be considered together with and as a supplement to the Company’s financial information prepared in accordance with GAAP.

BXP, INC.

PORTFOLIO LEASING PERCENTAGES

  CBD Portfolio

% Occupied by Location (1)

% Leased by Location (2)

March 31, 2026

December 31, 2025

March 31, 2026

December 31, 2025

Boston

97.3 %

97.6 %

98.7 %

98.6 %

Los Angeles

87.2 %

86.5 %

88.5 %

87.0 %

New York

86.8 %

86.2 %

94.2 %

92.1 %

San Francisco

82.7 %

81.9 %

86.3 %

84.4 %

Seattle

80.7 %

79.8 %

82.3 %

81.3 %

Washington, DC

91.3 %

92.4 %

93.1 %

94.2 %

CBD Portfolio

89.9 %

89.8 %

93.4 %

92.5 %

Total Portfolio

% Occupied by Location (1)

% Leased by Location (2)

March 31, 2026

December 31, 2025

March 31, 2026

December 31, 2025

Boston

92.4 %

91.9 %

94.3 %

93.1 %

Los Angeles

87.2 %

86.5 %

88.5 %

87.0 %

New York

84.4 %

83.8 %

91.1 %

89.4 %

San Francisco

79.7 %

77.0 %

82.9 %

79.2 %

Seattle

80.7 %

79.8 %

82.3 %

81.3 %

Washington, DC

90.6 %

91.7 %

92.7 %

93.8 %

Total Portfolio

87.4 %

86.7 %

90.9 %

89.4 %

More News From BXP, Inc.

Boston Properties (BXP - Free Report) reported $818.16 million in revenue for the quarter ended March 2026, representing a year-over-year increase of 0.9%. EPS of $1.59 for the same period compares to $0.39 a year ago.

The reported revenue compares to the Zacks Consensus Estimate of $801.36 million, representing a surprise of +2.1%. The company delivered an EPS surprise of +0.81%, with the consensus EPS estimate being $1.58.

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 Boston Properties performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

Occupancy % of In-Service Properties: 87.4% compared to the 86.8% average estimate based on two analysts.Revenue- Parking and other (including insurance proceeds): $30.81 million compared to the $32.5 million average estimate based on three analysts. The reported number represents a change of +2.2% year over year.Revenue- Development and management services: $9.21 million compared to the $8.83 million average estimate based on three analysts. The reported number represents a change of -5.8% year over year.Revenue- Hotel: $9.1 million versus the two-analyst average estimate of $9.8 million. The reported number represents a year-over-year change of -5.2%.Revenue- Lease: $818.16 million compared to the $806.74 million average estimate based on two analysts. The reported number represents a change of +0.9% year over year.Net Earnings Per Share (Diluted): $0.64 versus the four-analyst average estimate of $0.33.View all Key Company Metrics for Boston Properties here>>>

Shares of Boston Properties have returned +12% over the past month versus the Zacks S&P 500 composite's +12.8% 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.

Key Takeaways BXP posted Q1 FFO of $1.59, topping estimates but slipping 3.1% year over year.Boston Properties saw leasing exceed 1.1M sq ft, with occupancy rising to 87.4%.BXP raised its 2026 FFO outlook after asset sales and improved portfolio performance. BXP, Inc. (BXP - Free Report) reported first-quarter 2026 funds from operations (FFO) of $1.59 per share, edging past the Zacks Consensus Estimate of $1.58. Still, FFO per share slipped 3.1% from $1.64 a year ago.

BXP’s quarterly results reflected healthy leasing activity and higher occupancy. Operating execution stood out as the office REIT completed more than 1.1 million square feet of leasing during the quarter. BXP also raised its guidance for 2026 FFO per share.

Lease revenues were $818.16 million, up marginally year over year and ahead of the consensus mark by 2.1%. Total revenues increased marginally from the prior-year quarter to $872.1 million.

BXP’s First Quarter in DetailBoston Properties’ rental revenues (excluding termination income) for the office portfolio came in at $827 million, which rose 1.7% year over year. For the hotel & residential segment, the metric aggregated $12.7 million, indicating a 3.1% decrease year over year. On a consolidated basis, BXP’s rental revenues (excluding termination income) came in at $839.7 million, up 1.6% year over year.

BXP’s share of the same-property net operating income (NOI) on a cash basis (excluding termination income) totaled $445.5 million, down 0.4% year over year.

Its share of EBITDAre (cash basis) for the quarter was $439.2 million,a 3.6% decrease from $455.6 million in the prior-year quarter.

BXP Shows Improving Occupancy, Leased PipelineBXP’s total in-service portfolio occupancy increased 70 basis points from the fourth quarter of 2025 to 87.4%. The leased rate improved 150 basis points sequentially to 90.9%, leaving a 350-basis-point gap between leased and occupied space, or roughly 1.6 million square feet of leases yet to commence.

The company’s CBD portfolio was 89.9% occupied and 93.4% leased, with about 90% of BXP’s share of annualized rental obligations tied to these core urban assets. During the quarter, leasing momentum included bringing 360 Park Avenue South in New York City to 90% leased and 680 Folsom Street in San Francisco to 92% leased.

BXP Executes Dispositions to Recycle CapitalDuring the first quarter, BXP completed sales of North First Business Park in San Jose, CA, a land parcel in Rockville, MD, The Lofts at Atlantic Wharf in Boston, and its interests in Gateway Commons in South San Francisco and 7750 Wisconsin Avenue in Bethesda, MD. On BXP’s share basis, these transactions generated aggregate gross proceeds of about $495.7 million and net proceeds of roughly $339.0 million.

Those sales produced $54.7 million of gains on sales of real estate and investments in joint ventures, strengthening balance sheet flexibility. Consistent with the strategic asset sales plan discussed on its September 2025 Investor Day, the company said that it has generated approximately $1.2 billion of aggregate net proceeds from completed asset sales to date, including about $180.0 million since its prior earnings call.

BXP’s Quarter-End Financial PositionBXP ended the quarter with $512.8 million of cash and cash equivalents, down from $1.48 billion at the end of 2025, reflecting the timing of capital allocation and transaction activity.

The company reported an annualized BXP’s share net debt-to-EBITDAre ratio of 8.50, up from 7.86 as of Dec. 31, 2025.

Boston Properties Lifts 2026 Guidance After Q1 ExecutionBXP issued second-quarter 2026 FFO guidance of $1.69-$1.71 per diluted share. For full-year 2026, management lifted FFO guidance to $6.90-$7.04 per diluted share, up by $0.01 at the midpoint due to better-than-projected portfolio performance.

BXP’s Zacks RankBXP currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Upcoming Earnings ReleasesWe now look forward to the earnings releases of other REITs like Federal Realty Investment Trust (FRT - Free Report) and OUTFRONT Media (OUT - Free Report) , slated to report on May 1 and May 7, respectively.

The Zacks Consensus Estimate for Federal Realty Investment Trust’s first-quarter 2026 FFO per share stands at $1.82, which indicates 7.1% growth year over year. FRT currently has a Zacks Rank #2 (Buy).

The consensus estimate for OUTFRONT Media’s first-quarter 2026 FFO per share stands at 28 cents, which indicates significant growth year over year. OUT currently has a Zacks Rank #2.

Note: Anything related to earnings presented in this write-up represents funds from operations (FFO), a widely used metric to gauge the performance of REITs.

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BOSTON--(BUSINESS WIRE)--BXP (NYSE: BXP), the largest publicly traded developer, owner, and manager of premier workplaces in the United States, announced today that Owen Thomas – Chairman & CEO; Douglas Linde – President; and Michael LaBelle – Chief Financial Officer, will participate in and present at Nareit’s 2026 REITweek Investor Conference, which will take place June 2-4, 2026 at the New York Hilton Midtown in New York City, New York.

BXP’s presentation is expected to begin at approximately 10:15 AM ET on Tuesday, June 2, 2026, and it will be moderated by Anthony Paolone, Executive Director, J.P. Morgan. During the conference, BXP executives may discuss the current operating environment, trends and strategies; development, redevelopment and other investment activities; and other business and financial matters affecting BXP. A live webcast of this presentation can be accessed by clicking this link or by visiting the Investors section of BXP’s website. Shortly after the presentation, a replay of the webcast will be available in the same location.

About BXP
BXP (NYSE: BXP) is the largest publicly traded developer, owner, and manager of premier workplaces in the United States, concentrated in six dynamic gateway markets - Boston, Los Angeles, New York, San Francisco, Seattle, and Washington, DC. BXP has delivered places that power progress for our clients and communities for more than 55 years. BXP is a fully integrated real estate company, organized as a real estate investment trust (REIT). As of March 31, 2026, including properties owned by unconsolidated joint ventures, BXP’s portfolio totaled 50.4 million square feet and 164 properties, including six properties under construction/redevelopment. For more information about BXP, please visit our website or follow us on LinkedIn or Instagram.

More News From BXP

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Key Takeaways BXP executed 68 leases for 1.1M square feet in Q1 2026, lifting occupancy to 87.4%.BXP generated about $339M of net disposition proceeds, supporting liquidity and capital recycling.BXP's 3.4M-square-foot development pipeline is 61% pre-leased and targets NOI growth. Shares of BXP Inc. (BXP - Free Report) have gained 20.7% over the past three months, outperforming the industry's growth of 4.1%.

BXP’s gateway portfolio of premier workplaces continues to draw tenants that value location, design and amenities, and recent leasing keeps the occupancy outlook constructive as signed deals roll into revenues.

A diverse client base and long lease terms help steady cash flows. Disposition activity is advancing the capital plan and supports liquidity for redevelopment and selective development.

Image Source: Zacks Investment Research

Factors Behind BXP Stock Price Surge: Will the Trend Last?BXP’s focus on premier workplaces in gateway markets can attract tenants that prioritize location, design and amenities. In first-quarter 2026, the company executed 68 leases totaling more than 1.1 million square feet with an 8.7-year weighted-average lease term. Total portfolio occupancy rose 70 basis points (bps) sequentially to 87.4%, while the leased percentage increased 150 bps to 90.9%. 

BXP’s tenant roster includes several industry bellwethers, such as Salesforce, Google, Akamai Technologies, Microsoft and Wellington Management. As of March 31, 2026, the top 20 clients represented 29.09% of BXP’s share of annualized rental obligations, with a weighted-average remaining lease term of 8.9 years. This mix of long-duration leases and diversified industry exposure can help stabilize cash flows as tenants resize or relocate.

BXP continues to execute its capital recycling strategy by upgrading portfolio quality in core markets and exiting non-strategic assets. During first-quarter 2026, the company completed sales of residential, land and non-strategic office interests that generated about $339 million of net proceeds and $54.7 million of gains, based on BXP’s share. With several additional assets under contract and more being marketed, ongoing dispositions can help fund strategic priorities while easing leverage over time.

BXP’s development and redevelopment activity remains a key source of long-term external growth. As of first-quarter 2026, the company’s development pipeline includes six office, life science and residential projects underway, totaling 3.4 million square feet and about $3.6 billion in BXP investment, with 61% pre-leased as of April 24, 2026. Per the first-quarter 2026 Investor Presentation, BXP projects the properties under development and redevelopment to add around $300 million to the company’s share of NOI-cash upon stabilization.

BXP maintains investment-grade access and liquidity that support its multi-year business plan. As of March 31, 2026, liquidity was $2.1 billion, consisting of about $0.6 billion of cash and $1.5 billion of revolving credit facility availability. BXP’s share of net debt to EBITDAre (annualized) was 8.50X, and fixed charge coverage was 2.40X as of March 31, 2026. Unsecured senior debt is rated BBB (negative) by S&P and Baa2 (stable) by Moody’s, which supports ongoing access to the debt market.

Key Risks for BXPBXP faces office competition, with concessions and downtime risk if tenants delay. A large multi-year development program needs leasing and capital, and the lower dividend limits yield appeal.

Stocks to ConsiderSome better-ranked stocks from the broader REIT sector are Cousins Properties (CUZ - Free Report)  and Chatham Lodging Trust REIT (CLDT - Free Report) , each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

The Zacks Consensus Estimate for CUZ’s 2026 FFO per share is pinned at $2.93, up 3.2% year over year.

The consensus estimate for CLDT’s 2026 FFO per share is pegged at $1.28, up 25.5% year over year.

Note: Anything related to earnings presented in this write-up represents funds from operations (FFO), a widely used metric to gauge the performance of REITs.

NEW YORK, May 21, 2026 (GLOBE NEWSWIRE) --

Class Action Attorney Juan Monteverde with Monteverde & Associates PC (the “M&A Class Action Firm”), has recovered millions of dollars for shareholders and is recognized as a Top 50 Firm in the 2025 ISS Securities Class Action Services Report. The firm is headquartered at the Empire State Building in New York City and is investigating AvalonBay Communities, Inc. (NYSE: AVB) related to its sale to Equity Residential. Under the terms of the proposed transaction, AvalonBay shareholders are expected to receive 2.793 shares of Equity Residential common stock for each share of AvalonBay common stock. Is it a fair deal?

Click here for more info https://monteverdelaw.com/case/avalonbay-communities-inc/. It is free and there is no cost or obligation to you.

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Do you file class actions and go to Court?When was the last time you recovered money for shareholders?What cases did you recover money in and how much?
About Monteverde & Associates PC

Our firm litigates and has recovered money for shareholders…and we do it from our offices in the Empire State Building. We are a national class action securities firm with a successful track record in trial and appellate courts, including the U.S. Supreme Court. 

No one is above the law. If you own common stock in the above listed company and have concerns or wish to obtain additional information free of charge, please visit our website or contact Juan Monteverde, Esq. either via e-mail at [email protected] or by telephone at (212) 971-1341.

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MONTEVERDE & ASSOCIATES PC
The Empire State Building
350 Fifth Ave. Suite 4740
New York, NY 10118
United States of America
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Attorney Advertising. (C) 2026 Monteverde & Associates PC. The law firm responsible for this advertisement is Monteverde & Associates PC (www.monteverdelaw.com).  Prior results do not guarantee a similar outcome with respect to any future matter.

747-kW DC system generated approximately 821 MWh in its first year and is expected to avoid roughly 300 metric tons of CO2 emissions annually

BOONTON, N.J.--(BUSINESS WIRE)--PowerLutions Solar today announced the completion of a multi-interconnection rooftop solar project at AvalonBay's community in Boonton, New Jersey. Developed and delivered in partnership with REV Energy Ventures and AvalonBay Communities, the project brings approximately 747 kW DC of on-site clean energy to the property.

PowerLutions Solar completed a 747-kW DC rooftop solar project at AvalonBay’s Boonton community, spanning 13 interconnections across multiple roofs and generating approximately 821 MWh in its first year.

Share Designed to offset a substantial share of common-area electricity use, the system produced approximately 821,000 kWh in its first year - roughly the annual electricity use of about 79 homes - and is expected to avoid roughly 300 metric tons of CO2 emissions annually over its operating life.

The Boonton installation includes 13 interconnections across multiple roofs and uses Talesun modules with Enphase microinverters to support module-level performance, safety and reliability. The system is paired with enterprise-grade monitoring and alerting, interconnected with JCP&L under New Jersey's net-metering framework, and positioned to participate in applicable state solar incentive programs.

"With AvalonBay and RevEnergy, we delivered a complex 13-interconnection, 747-kW multi-rooftop system," said Cy Yablonsky, vice president of PowerLutions Solar. "Through detailed load mapping and staged commissioning, we completed a resident-first solar upgrade and helped avoid a costly transformer upgrade."

"AvalonBay's sustainability platform combines smart development, efficient operations, and innovative strategies to reduce environmental impact across our growing portfolio. Our emissions targets, clean energy investments, and partnerships with companies like PowerLutions Solar reflect our commitment to delivering resilient, high-performing communities,” said Gautami Palanki, Vice President of Sustainability at AvalonBay Communities, Inc.

“This project reflects how strategic clean energy partnerships can help real estate owners advance their sustainability goals while delivering meaningful long-term energy savings,” said Jeff Bedard, Managing Partner, REV Energy Ventures. “The strong collaboration between our team, AvalonBay Communities and PowerLutions Solar positions the project to create lasting value for both the property and the surrounding community.”

About PowerLutions Solar

PowerLutions Solar, founded in 2008, is a full-service EPC delivering rooftop, canopy and distributed solar, battery storage and energy solutions for residential, commercial, multifamily and institutional clients. From engineering and procurement through construction and commissioning, PowerLutions builds reliable systems that reduce operating costs and carbon emissions. Learn more at powerlutions.com.

About AvalonBay Communities, Inc.

AvalonBay Communities, Inc., a member of the S&P 500, is an equity REIT that develops, redevelops, acquires and manages apartment communities in leading metropolitan areas across the United States.

About REV Energy Ventures

REV Energy Ventures is a renewable energy advisory and project implementation firm that helps major real estate owners evaluate, finance and execute solar and battery strategies. Founded in 2011, the company advises on and manages projects for large real estate portfolios across the United States.

-

ARLINGTON, Va.--(BUSINESS WIRE)--AvalonBay Communities, Inc. (NYSE: AVB) (the “Company”) announced today that its Board of Directors declared a cash dividend on the Company’s Common Stock (par value $0.01 per share) for the second quarter of 2026. The Common Stock dividend is $1.78 per share and is payable July 15, 2026, to all Common Stockholders of Record as of June 30, 2026.

About AvalonBay Communities, Inc.
AvalonBay Communities, Inc., a member of the S&P 500, is an equity REIT that develops, redevelops, acquires and manages apartment communities in leading metropolitan areas in Boston, Massachusetts, the New York/New Jersey Metro area, the Mid-Atlantic, Seattle, Washington, and Northern and Southern California, as well as in the Company's expansion regions of Raleigh-Durham and Charlotte, North Carolina, Southeast Florida, Dallas and Austin, Texas, and Denver, Colorado. As of March 31, 2026, the Company owned or held a direct or indirect ownership interest in 319 apartment communities containing 98,271 apartment homes in 11 states and the District of Columbia, of which 25 communities were under development and one community was under redevelopment. More information may be found on the Company’s website at https://www.avalonbay.com.

Copyright © 2026 AvalonBay Communities, Inc. All Rights Reserved

More News From AvalonBay Communities, Inc.

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

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

Image source: Getty Images.

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

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

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

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

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

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

Today's Change

(

1.00

%) $

1.22

Current Price

$

122.67

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

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

Posted by Defense World Staff on Apr 19th, 2026

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

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

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

Get Our Latest Stock Report on Ryman Hospitality Properties

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

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

Ryman Hospitality Properties Profile (Free Report)

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

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

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

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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.”

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(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.”

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(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.

Unilever PLC (LSE:ULVR) said on Tuesday it has agreed to combine its food business with McCormick & Company Inc (NYSE:MKC) in a $44.8 billion transaction, creating a global portfolio of iconic and high-growth food brands.

The combined business will include well-known labels such as McCormick, Knorr, and Hellmann’s, as well as faster-growing brands including Cholula, Maille, and Frank’s, generating an estimated $20 billion in revenues, Unilever said in a statement.

McCormick will retain its name, Maryland headquarters, and NYSE listing, while establishing an international headquarters in the Netherlands and pursuing a secondary European listing.

The deal comes as McCormick reported its first-quarter 2026 earnings, highlighting the contribution of recent acquisitions. Net sales rose 16.7% to $1.87 billion, while adjusted earnings per share climbed 10% to $0.66, surpassing analysts’ average estimate of $0.63. Adjusted operating income increased 18.8% to $267.6 million.

McCormick credited the double-digit sales surge primarily to the acquisition of McCormick de Mexico, which contributed roughly 13% to first-quarter sales. Organic growth was modest at 1.2%, driven by strategic pricing initiatives, while margin expansion reflected cost-saving measures under the company’s CCI program and an improved product mix.

The company reaffirmed its 2026 guidance of 13% to 17% net sales growth and adjusted EPS of $3.05 to $3.13.

Analysts at Jefferies noted that McCormick topped Q1 expectations due to acquisition and pricing contributions, with volume declines lagging consumer and flavor solutions peers.

Analysts believe that the transaction could give McCormick incremental scale, greater exposure to emerging markets, and a more favorable product mix amid a pressured packaged food sector.

Strategically, the merger would expand McCormick’s international footprint and distribution reach, particularly in markets with stronger retail and foodservice growth, while increasing branded flavor presence across both channels, Jefferies believe. Analysts cautioned that leverage and execution risks remain, but potential cost and revenue synergies make the combination “directionally sensible at a high level.”

Shares of McCormick fell 4.4% in early trading Tuesday morning, while Unilever's US-listed shares were down 6.4%.

Autodesk President and CEO Andrew Anagnost details the company's $3.6 billion acquisition of MaintainX, emphasizing that the deal represents a strategic move to extend Autodesk's offerings from design and manufacturing into the operational phase of the built environment lifecycle. He speaks with Matt Miller on "Bloomberg Open Interest.

Autodesk ADSK is experiencing a significant decline in trading, despite reporting a strong Q1 (April) performance that exceeded expectations. The design and make software provider achieved an 18.4% year-over-year revenue increase to $1.93 billion and raised its FY27 outlook for EPS, revenue, billings, and free cash flow. However, these positive results are being overshadowed by the company's planned $3.6 billion acquisition of MaintainX and concerns regarding growth quality linked to its transaction model.

Autodesk reported broad growth across its product lines and regions, with AECO leading the charge. AECO revenue rose 20% year-over-year to $970 million, AutoCAD and AutoCAD LT grew 15% to $474 million, and Manufacturing saw a 19% increase to $367 million. Additionally, Make revenue surged 25% to $224 million, driven by momentum in Forma for Construction and overall platform consolidation. Billings climbed 18% year-over-year to $1.69 billion, while current remaining performance obligations (cRPO) increased 18% to $5.38 billion. Notably, the new transaction model contributed approximately 3.5 percentage points to Q1 revenue growth and 1.5 points to billings growth. However, this revenue boost is expected to diminish over the year. The non-GAAP operating margin improved by 200 basis points year-over-year to 39%, benefiting from operational efficiencies and cost savings from Autodesk's sales optimization efforts. The company has also raised its FY27 non-GAAP operating margin outlook to approximately 39%, reflecting higher revenue and continued operational leverage. The $3.6 billion acquisition of MaintainX aligns with Autodesk's long-term strategy to integrate design, make, and operate data throughout the asset lifecycle. Although MaintainX is experiencing rapid growth, with a projected CY26 ARR exceeding $135 million and growth rates above 50%, Autodesk is perceived to be paying a high premium at a time when software valuations are under scrutiny. The acquisition enhances Autodesk's AI capabilities by incorporating real-world operational data into its design and make workflows. Management emphasizes that industrial AI requires geometry-rich data, workflow context, and domain expertise, which Autodesk claims to possess at scale, while MaintainX contributes asset-level data for predictive maintenance, digital twins, and more autonomous workflows. Despite a strong Q1 with raised guidance across key metrics, Autodesk's stock is facing downward pressure, primarily due to the planned MaintainX acquisition and concerns over growth quality. While the fundamentals remain robust, investors are cautious until there is clearer evidence that MaintainX, AI advancements, and Autodesk's cloud strategy can solidify its long-term competitive edge in industrial AI.

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].

Key Takeaways Autodesk posted Q1 FY2027 revenues of $1.93B, up 18% year over year and above estimates.ADSK saw AECO revenues rise 20% and manufacturing revenues increase 19% year over year.Autodesk raised its FY2027 outlook with revenues expected between $8.155B and $8.215B. Autodesk, Inc.(ADSK - Free Report) delivered a strong first-quarter fiscal 2027 performance, with non-GAAP earnings of $2.99 per share, up 30.6% year over year. The figure surpassed the Zacks Consensus Estimate of $2.84 by 5.3%.

Revenues rose 18% year over year to $1.93 billion, beating the Zacks Consensus Estimate by 2.1%, reflecting steady execution across core design and manufacturing workflows, and continued strength in construction and emerging markets.

Autodesk delivered a strong first-quarter fiscal 2027 performance, driven by sustained momentum across Architecture, Engineering, Construction and Operations (“AECO”), particularly in construction and emerging markets. Strength in industry segments tied to infrastructure, industrial buildings and data centers more than offset softness in commercial real estate.

The company also benefited from stronger-than-expected upfront revenues, solid renewal rates and healthy billings growth during the quarter. Management remains confident in Autodesk’s long-term growth trajectory, supported by its platform strategy centered on cloud, data and AI, expanding agentic AI capabilities. The company’s connected ecosystem is designed to enable more integrated and data-driven workflows across the design, make and operate lifecycle.

Net revenue retention remained above 110% on a constant-currency basis, supported in part by the company’s new transaction model and sustained expansion within its subscription base.

ADSK’s Q1 Top-Line DetailsAutodesk’s restructured revenue reporting continues to present results across Design, Make and Other categories.

Design revenues (82.9% of total revenues) increased 18% year over year to $1.61 billion, remaining the dominant contributor to total revenues.

Make Revenues (11.6% of total revenues) rose 25% year over year to $224 million, reflecting ongoing strength in manufacturing and industrial workflows.

Other revenues (5.1% of total revenues) increased 5% year over year to $98 million.

Billings increased 18% year over year to $1.69 billion. Management noted that the new transaction model contributed approximately 1.5 percentage points to billings growth during the quarter. The shift toward annual billing for most multi-year contracts is expected to reduce billing volatility going forward.

Region-wise, revenues from the Americas (43.6% of revenues) increased 16% year over year to $844 million. Revenues from EMEA (39.3% of revenues) climbed 21% to $761 million. Revenues from Asia-Pacific (17% of revenues) increased 17% to $329 million.

Billings of $1.7 billion increased 18% year over year in the reported quarter.

ADSK’s Product Line in DetailAutodesk continues to report performance across four core product families: AECO, AutoCAD and AutoCAD LT, Manufacturing (MFG), and Media and Entertainment (“M&E”).

AECO (Architecture, Engineering, Construction and Operations) revenues increased 20% year over year to $970 million, supported by continued resilience in construction and infrastructure activity.

AutoCAD and AutoCAD LT revenues rose 15% year over year to $474 million.

Manufacturing revenues increased 19% year over year to $367 million, reflecting sustained demand in industrial design and production workflows.

M&E revenues grew 13% year over year to $86 million.

“Other” product family revenues increased 32% year over year to $37 million, indicating continued expansion beyond core suites.

ADSK’s Operating ResultsNon-GAAP operating margin expanded to 39%, reflecting operating leverage and benefits from sales optimization initiatives.

GAAP operating margin was 28%, with the year-over-year improvement primarily driven by the absence of one-time charges recorded in prior periods.

ADSK’s Balance Sheet & Cash FlowAs of April 30, 2026, Autodesk had cash and cash equivalents (including marketable securities) of $2.92 billion compared with $2.59 billion as of Jan. 31, 2026.

As of the quarter, deferred revenues increased 13% year over year to $4.46 billion, while unbilled deferred revenues rose 4% to $3.35 billion.

Remaining performance obligations (RPO) increased 9% year over year to $7.81 billion, while current RPO rose 18% to $5.38 billion, reflecting strong visibility into future revenue conversion.

Cash flow from operating activities was $893 million, up 58% year over year. Free cash flow was $876 million, representing a 58% increase, supported by seasonal strength and partially offset by restructuring-related cash costs.

Autodesk returned capital to shareholders by repurchasing approximately 1.9 million shares for $448 million during the quarter and reiterated its long-term plan to return around 50% of free cash flow via buybacks.

ADSK Offers Q2 and FY27 GuidanceFor second-quarter fiscal 2027, Autodesk expects revenues between $2.005 billion and $2.015 billion, with non-GAAP EPS projected in the range of $3.10 to $3.14.

For full-year fiscal 2027, revenues are expected to be between $8.155 billion and $8.215 billion.

Billings are projected in the range of $8.505 billion to $8.58 billion.

Non-GAAP EPS is expected between $12.40 and $12.65, with the company continuing to model a non-GAAP operating margin of approximately 39% and free cash flow of $2.725 billion to $2.8 billion.

Management noted that benefits from the new transaction model are expected to moderate through the year, declining from roughly 3.5 percentage points in the first quarter to about 2 percentage points in the second quarter. The benefits are expected to average around 1.5 points for fiscal 2027, resulting in reduced quarter-to-quarter growth volatility.

ADSK’s Zacks Rank & Stocks to ConsiderCurrently, Autodesk carries a Zacks Rank #3 (Hold).

Micron Technology (MU - Free Report) , Ciena (CIEN - Free Report) and Amphenol (APH - Free Report) are some better-ranked stocks that investors can consider in the broader Zacks Computer and Technology sector. MU and CIEN each sport a Zacks Rank #1 (Strong Buy), while APH carries a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.

Micron Technology shares have soared 225% in the year-to-date period. This Zacks Rank #1 company is scheduled to release third-quarter fiscal 2026 results on June 24.

Ciena shares have returned 143.9% in the year-to-date period. The company is set to report second-quarter fiscal 2026 results on June 4. CIEN currently carries a Zacks Rank #1.

 Amphenol shares have gained 9.3% in the year-to-date period. The company is expected to report second-quarter fiscal 2026 results on July 29. APH currently carries a Zacks Rank #2.