Form 8-K
8-K — Ryman Hospitality Properties, Inc.
Accession: 0001104659-26-092380
Filed: 2026-08-07
Period: 2026-08-06
CIK: 0001040829
SIC: 6798 (REAL ESTATE INVESTMENT TRUSTS)
Item: Results of Operations and Financial Condition
Item: Financial Statements and Exhibits
Documents
8-K — tmb-20260806x8k.htm (Primary)
EX-99.1 (tmb-20260806xex99d1.htm)
GRAPHIC (tmb-20260806xex99d1001.jpg)
XML — IDEA: XBRL DOCUMENT (R1.htm)
8-K
8-K (Primary)
Filename: tmb-20260806x8k.htm · Sequence: 1
RYMAN HOSPITALITY PROPERTIES, INC._August 6, 2026
0001040829false00010408292026-08-062026-08-06
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 6, 2026
RYMAN HOSPITALITY PROPERTIES, INC.
(Exact name of registrant as specified in its charter)
Delaware
1-13079
73-0664379
(State or other jurisdiction
of incorporation)
(Commission
File Number)
(I.R.S. Employer
Identification No.)
One Gaylord Drive
Nashville, Tennessee
37214
(Address of principal executive offices)
(Zip Code)
Registrant’s telephone number, including area code: (615) 316-6000
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class
Trading Symbol(s)
Name of Each Exchange on Which Registered
Common Stock, par value $.01
RHP
New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
ITEM 2.02.RESULTS OF OPERATIONS AND FINANCIAL CONDITION.
On August 6, 2026, Ryman Hospitality Properties, Inc. (the “Company”) issued a press release announcing its financial results for the quarter ended June 30, 2026 and revising guidance for certain financial measures for 2026. A copy of the press release is furnished herewith as Exhibit 99.1 and incorporated herein by reference.
ITEM 9.01.FINANCIAL STATEMENTS AND EXHIBITS.
(d)Exhibits
99.1Press Release of Ryman Hospitality Properties, Inc. dated August 6, 2026.
104Cover Page Interactive Data File (embedded within the Inline XBRL document).
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
RYMAN HOSPITALITY PROPERTIES, INC.
Date: August 7, 2026 By: /s/ Scott J. Lynn
Name: Scott J. Lynn
Title:
Executive Vice President, General Counsel and Secretary
EX-99.1
EX-99.1
Filename: tmb-20260806xex99d1.htm · Sequence: 2
Exhibit 99.1
Ryman Hospitality Properties, Inc. Reports Second Quarter 2026 Results
NASHVILLE, Tenn. (August 6, 2026) – Ryman Hospitality Properties, Inc. (NYSE: RHP), a leading lodging real estate investment trust (“REIT”) specializing in group-oriented, upscale convention center resorts and entertainment experiences, today reported financial results for the three and six months ended June 30, 2026.
Second Quarter 2026 Highlights and Recent Developments:
● The Company reported all-time quarterly record consolidated revenue of $749.0 million, driven by record second quarter same-store Hospitality(1) segment revenue of $544.3 million and all-time quarterly record Entertainment segment revenue of $144.0 million.
● The Company generated consolidated net income of $102.1 million and consolidated Adjusted EBITDAre of $258.3 million.
● During the quarter, the Company booked over 768,000 same-store Hospitality Gross Definite Room Nights for all future periods. The estimated average daily rate (ADR) for these bookings was approximately $310, an increase of 8.6% compared to the prior year quarter estimated ADR for future bookings and an all-time quarterly record.
● The Company is raising its full year outlook due to strong second quarter performance for the Hospitality portfolio and a modest increase in its expectations for the same-store Hospitality business for the second half of 2026.
Mark Fioravanti, President and Chief Executive Officer of Ryman Hospitality Properties, said, “We delivered record quarterly consolidated revenue and Adjusted EBITDAre, reflecting the continued success of our premium group customer strategy and strong execution in our Entertainment business. In our same-store Hospitality business, higher ADR across all customer segments and strong ancillary spending trends drove results above our expectations, while healthy booking pace and record estimated ADR for future bookings reinforce our confidence in the durability of demand for our differentiated group-focused hotel assets. Our revised outlook incorporates the second quarter outperformance and a modest increase in our expectations for the second half of 2026.”
(1) Same-store Hospitality excludes JW Marriott Desert Ridge, which was acquired June 10, 2025.
1
Second Quarter 2026 Results (as compared to Second Quarter 2025):
Three Months Ended
Six Months Ended
June 30,
June 30,
($ in thousands, except per share amounts)
%
%
2026
2025
Change
2026
2025
Change
Total revenue
$
748,978
$
659,515
13.6
%
$
1,413,550
$
1,246,795
13.4
%
Operating income
$
174,545
$
139,425
25.2
%
$
312,341
$
255,546
22.2
%
Operating income margin
23.3
%
21.1
%
2.2
pts
22.1
%
20.5
%
1.6
pts
Net income
$
102,079
$
75,875
34.5
%
$
171,481
$
138,889
23.5
%
Net income margin
13.6
%
11.5
%
2.1
pts
12.1
%
11.1
%
1.0
pts
Net income available to common stockholders
$
92,750
$
71,753
29.3
%
$
163,225
$
134,714
21.2
%
Net income available to common stockholders margin
12.4
%
10.9
%
1.5
pts
11.5
%
10.8
%
0.7
pts
Net income available to common stockholders per diluted share (1)
$
1.42
$
1.12
26.8
%
$
2.46
$
2.13
15.5
%
Adjusted EBITDAre
$
258,311
$
211,856
21.9
%
$
477,604
$
397,358
20.2
%
Adjusted EBITDAre margin
34.5
%
32.1
%
2.4
pts
33.8
%
31.9
%
1.9
pts
Adjusted EBITDAre, excluding noncontrolling interest
$
241,921
$
200,561
20.6
%
$
457,057
$
380,437
20.1
%
Adjusted EBITDAre, excluding noncontrolling interest margin
32.3
%
30.4
%
1.9
pts
32.3
%
30.5
%
1.8
pts
Funds From Operations (FFO) available to common stockholders and unit holders
$
167,229
$
137,145
21.9
%
$
310,701
$
260,047
19.5
%
FFO available to common stockholders and unit holders per diluted share/unit (1)
$
2.54
$
2.14
18.7
%
$
4.69
$
4.13
13.6
%
Adjusted FFO available to common stockholders and unit holders
$
181,399
$
148,845
21.9
%
$
337,477
$
278,668
21.1
%
Adjusted FFO available to common stockholders and unit holders per diluted share/unit (1)
$
2.77
$
2.35
17.9
%
$
5.11
$
4.44
15.1
%
(1) Diluted weighted average common shares for the three and six months ended June 30, 2026 and 2025 includes the impact of approximately 3.0 million additional shares issued on May 21, 2025. Diluted weighted average common shares for the three months ended June 30, 2026 and 2025 include 4.9 million and 4.2 million, respectively, and for the six months ended June 30, 2026 and 2025 include 4.5 million and 3.7 million, respectively, in equivalent shares related to the currently unexercisable investor put rights associated with the noncontrolling interest in the Company's OEG business, which may be settled in cash or shares at the Company's option.
Note: For the Company’s definitions of Adjusted EBITDAre, Adjusted EBITDAre margin, Adjusted EBITDAre, excluding noncontrolling interest, Adjusted EBITDAre, excluding noncontrolling interest margin, FFO available to common stockholders and unit holders, and Adjusted FFO available to common stockholders and unit holders, as well as a reconciliation of the non-GAAP financial measure Adjusted EBITDAre to Net Income and a reconciliation of the non-GAAP financial measures FFO available to common stockholders and unit holders and Adjusted FFO available to common stockholders and unit holders to Net Income, see “Non-GAAP Financial Measures,” “EBITDAre, Adjusted EBITDAre and Adjusted EBITDAre, Excluding Noncontrolling Interest Definition,” “Adjusted EBITDAre Margin and Adjusted EBITDAre, Excluding Noncontrolling Interest Margin Definition” “FFO, Adjusted FFO, and Adjusted FFO Available to Common Stockholders and Unit Holders Definition” and “Supplemental Financial Results” below.
2
Hospitality Segment
Three Months Ended
Six Months Ended
June 30,
June 30,
($ in thousands, except ADR, RevPAR, and Total RevPAR)
%
%
2026
2025
Change
2026
2025
Change
Hospitality revenue
$
604,964
$
516,211
17.2
%
$
1,190,353
$
1,013,941
17.4
%
Same-store Hospitality revenue (1)
$
544,315
$
510,862
6.5
%
$
1,055,836
$
1,008,592
4.7
%
Hospitality operating income
$
153,643
$
126,920
21.1
%
$
298,730
$
243,729
22.6
%
Hospitality operating income margin
25.4
%
24.6
%
0.8
pts
25.1
%
24.0
%
1.1
pts
Hospitality Adjusted EBITDAre
$
223,042
$
186,435
19.6
%
$
435,612
$
359,409
21.2
%
Hospitality Adjusted EBITDAre margin
36.9
%
36.1
%
0.8
pts
36.6
%
35.4
%
1.2
pts
Same-store Hospitality operating income (1)
$
141,711
$
129,503
9.4
%
$
262,543
$
246,312
6.6
%
Same-store Hospitality operating income margin (1)
26.0
%
25.3
%
0.7
pts
24.9
%
24.4
%
0.5
pts
Same-store Hospitality Adjusted EBITDAre (1)
$
202,278
$
187,017
8.2
%
$
382,534
$
359,991
6.3
%
Same-store Hospitality Adjusted EBITDAre margin (1)
37.2
%
36.6
%
0.6
pts
36.2
%
35.7
%
0.5
pts
Hospitality performance metrics:
Occupancy
72.7
%
73.3
%
(0.6)
pts
70.4
%
71.5
%
(1.1)
pts
Average Daily Rate (ADR)
$
284.05
$
258.88
9.7
%
$
289.42
$
261.53
10.7
%
RevPAR
$
206.52
$
189.77
8.8
%
$
203.82
$
187.03
9.0
%
Total RevPAR
$
537.69
$
487.62
10.3
%
$
531.91
$
486.10
9.4
%
Same-store Hospitality performance metrics: (1)
Occupancy
72.8
%
74.0
%
(1.2)
pts
70.2
%
71.8
%
(1.6)
pts
ADR
$
277.19
$
259.19
6.9
%
$
277.47
$
261.71
6.0
%
RevPAR
$
201.67
$
191.70
5.2
%
$
194.91
$
187.97
3.7
%
Total RevPAR
$
524.05
$
491.84
6.5
%
$
511.07
$
488.20
4.7
%
Gross definite room nights booked
768,697
720,644
6.7
%
1,229,635
1,084,548
13.4
%
Net definite room nights booked
589,929
539,860
9.3
%
832,198
745,054
11.7
%
Group attrition (as % of contracted block)
14.6
%
15.2
%
(0.6)
pts
16.1
%
15.4
%
0.7
pts
Cancellations ITYFTY (2)
17,515
17,287
1.3
%
44,679
40,066
11.5
%
(1) Same-store Hospitality excludes JW Marriott Desert Ridge, which was acquired June 10, 2025.
(2) “ITYFTY” represents In The Year For The Year.
Note: For the Company’s definitions of Revenue Per Available Room (RevPAR) and Total Revenue Per Available Room (Total RevPAR), see “Calculation of RevPAR and Total RevPAR” below. Property-level results and operating metrics for the applicable period are presented in greater detail below and under “Supplemental Financial Results—Hospitality Segment Adjusted EBITDAre Reconciliation and Operating Metrics,” which includes a reconciliation of the non-GAAP financial measures Hospitality Adjusted EBITDAre to Hospitality Operating Income, and property-level Adjusted EBITDAre to property-level Operating Income for each of the hotel properties.
3
Hospitality Segment Highlights
● The same-store Hospitality portfolio generated all-time quarterly record RevPAR of approximately $202 in the second quarter, an increase of 5.2% from the prior year quarter, and record second quarter Total RevPAR of approximately $524, an increase of 6.5% from the prior year quarter.
● The same-store Hospitality portfolio generated second quarter operating income of $141.7 million and Adjusted EBITDAre of $202.3 million.
● Second quarter same-store banquet and AV revenue contribution per group room night, a proxy for catering spend per group guest, increased 12.9% year over year, driven by our premium group customer strategy.
● Second quarter same-store attrition and cancellation fee revenue was approximately $9.0 million, a decrease of $0.4 million compared to the prior year quarter.
● JW Marriott Desert Ridge performance benefited from continued strong demand and the ongoing realization of portfolio-driven synergies.
● Subsequent to quarter-end, Marriott launched the marketing of 2026 ice! holiday programming to be featured across the Gaylord Hotels portfolio, JW Marriott Hill Country and JW Marriott Desert Ridge, including three new themes. Early customer engagement has been encouraging.
Gaylord Opryland
Three Months Ended
Six Months Ended
June 30,
June 30,
($ in thousands, except ADR, RevPAR, and Total RevPAR)
%
%
2026
2025
Change
2026
2025
Change
Revenue
$
125,190
$
116,465
7.5
%
$
253,569
$
226,643
11.9
%
Operating income
$
36,567
$
35,144
4.0
%
$
76,389
$
65,242
17.1
%
Operating income margin
29.2
%
30.2
%
(1.0)
pts
30.1
%
28.8
%
1.3
pts
Adjusted EBITDAre
$
45,956
$
43,710
5.1
%
$
94,472
$
81,858
15.4
%
Adjusted EBITDAre margin
36.7
%
37.5
%
(0.8)
pts
37.3
%
36.1
%
1.2
pts
Performance metrics:
Occupancy
74.2
%
75.2
%
(1.0)
pts
72.0
%
70.1
%
1.9
pts
ADR
$
266.96
$
246.17
8.4
%
$
272.09
$
253.72
7.2
%
RevPAR
$
198.18
$
185.19
7.0
%
$
195.89
$
177.88
10.1
%
Total RevPAR
$
476.36
$
443.16
7.5
%
$
485.09
$
433.58
11.9
%
4
Gaylord Palms
Three Months Ended
Six Months Ended
June 30,
June 30,
($ in thousands, except ADR, RevPAR, and Total RevPAR)
%
%
2026
2025
Change
2026
2025
Change
Revenue
$
88,491
$
73,113
21.0
%
$
186,137
$
161,506
15.3
%
Operating income
$
21,118
$
13,671
54.5
%
$
50,861
$
37,453
35.8
%
Operating income margin
23.9
%
18.7
%
5.2
pts
27.3
%
23.2
%
4.1
pts
Adjusted EBITDAre
$
30,946
$
23,236
33.2
%
$
70,420
$
56,183
25.3
%
Adjusted EBITDAre margin
35.0
%
31.8
%
3.2
pts
37.8
%
34.8
%
3.0
pts
Performance metrics:
Occupancy
75.0
%
78.9
%
(3.9)
pts
76.1
%
77.4
%
(1.3)
pts
ADR
$
270.06
$
243.35
11.0
%
$
285.86
$
259.34
10.2
%
RevPAR
$
202.49
$
192.00
5.5
%
$
217.65
$
200.80
8.4
%
Total RevPAR
$
566.02
$
467.66
21.0
%
$
598.59
$
519.38
15.3
%
Gaylord Texan
Three Months Ended
Six Months Ended
June 30,
June 30,
($ in thousands, except ADR, RevPAR, and Total RevPAR)
%
%
2026
2025
Change
2026
2025
Change
Revenue
$
82,259
$
82,494
(0.3)
%
$
165,630
$
168,871
(1.9)
%
Operating income
$
23,528
$
25,002
(5.9)
%
$
47,333
$
52,697
(10.2)
%
Operating income margin
28.6
%
30.3
%
(1.7)
pts
28.6
%
31.2
%
(2.6)
pts
Adjusted EBITDAre
$
31,209
$
31,159
0.2
%
$
62,339
$
64,783
(3.8)
%
Adjusted EBITDAre margin
37.9
%
37.8
%
0.1
pts
37.6
%
38.4
%
(0.8)
pts
Performance metrics:
Occupancy
69.9
%
72.0
%
(2.1)
pts
67.7
%
72.5
%
(4.8)
pts
ADR
$
268.51
$
253.06
6.1
%
$
266.01
$
255.16
4.3
%
RevPAR
$
187.60
$
182.32
2.9
%
$
179.96
$
185.04
(2.7)
%
Total RevPAR
$
498.32
$
499.74
(0.3)
%
$
504.46
$
514.33
(1.9)
%
Gaylord National
Three Months Ended
Six Months Ended
June 30,
June 30,
($ in thousands, except ADR, RevPAR, and Total RevPAR)
%
%
2026
2025
Change
2026
2025
Change
Revenue
$
90,422
$
83,413
8.4
%
$
164,649
$
164,242
0.2
%
Operating income
$
19,550
$
15,818
23.6
%
$
25,775
$
25,292
1.9
%
Operating income margin
21.6
%
19.0
%
2.6
pts
15.7
%
15.4
%
0.3
pts
Adjusted EBITDAre
$
29,063
$
25,420
14.3
%
$
44,805
$
44,451
0.8
%
Adjusted EBITDAre margin
32.1
%
30.5
%
1.6
pts
27.2
%
27.1
%
0.1
pts
Performance metrics:
Occupancy
71.3
%
67.8
%
3.5
pts
67.2
%
70.1
%
(2.9)
pts
ADR
$
280.70
$
263.97
6.3
%
$
274.10
$
256.29
6.9
%
RevPAR
$
200.10
$
178.85
11.9
%
$
184.16
$
179.59
2.5
%
Total RevPAR
$
497.82
$
459.23
8.4
%
$
455.74
$
454.62
0.2
%
5
Gaylord Rockies
Three Months Ended
Six Months Ended
June 30,
June 30,
($ in thousands, except ADR, RevPAR, and Total RevPAR)
%
%
2026
2025
Change
2026
2025
Change
Revenue
$
84,735
$
81,722
3.7
%
$
156,984
$
152,670
2.8
%
Operating income
$
23,792
$
21,798
9.1
%
$
38,237
$
36,621
4.4
%
Operating income margin
28.1
%
26.7
%
1.4
pts
24.4
%
24.0
%
0.4
pts
Adjusted EBITDAre
$
38,933
$
36,695
6.1
%
$
68,566
$
66,370
3.3
%
Adjusted EBITDAre margin
45.9
%
44.9
%
1.0
pts
43.7
%
43.5
%
0.2
pts
Performance metrics:
Occupancy
79.4
%
80.3
%
(0.9)
pts
77.4
%
76.3
%
1.1
pts
ADR
$
275.43
$
259.78
6.0
%
$
267.28
$
258.52
3.4
%
RevPAR
$
218.64
$
208.62
4.8
%
$
206.93
$
197.21
4.9
%
Total RevPAR
$
620.35
$
598.29
3.7
%
$
577.82
$
561.94
2.8
%
JW Marriott Hill Country
Three Months Ended
Six Months Ended
June 30,
June 30,
($ in thousands, except ADR, RevPAR, and Total RevPAR)
%
%
2026
2025
Change
2026
2025
Change
Revenue
$
65,762
$
66,573
(1.2)
%
$
116,057
$
121,849
(4.8)
%
Operating income
$
15,982
$
17,250
(7.4)
%
$
23,190
$
28,099
(17.5)
%
Operating income margin
24.3
%
25.9
%
(1.6)
pts
20.0
%
23.1
%
(3.1)
pts
Adjusted EBITDAre
$
24,175
$
25,169
(3.9)
%
$
39,545
$
43,849
(9.8)
%
Adjusted EBITDAre margin
36.8
%
37.8
%
(1.0)
pts
34.1
%
36.0
%
(1.9)
pts
Performance metrics:
Occupancy
70.9
%
75.6
%
(4.7)
pts
64.8
%
71.8
%
(7.0)
pts
ADR
$
344.31
$
342.79
0.4
%
$
341.31
$
332.79
2.6
%
RevPAR
$
244.21
$
259.31
(5.8)
%
$
221.24
$
238.96
(7.4)
%
Total RevPAR
$
721.22
$
730.11
(1.2)
%
$
639.92
$
671.85
(4.8)
%
JW Marriott Desert Ridge(1)
Three Months Ended
Six Months Ended
Period Ended
June 30,
June 30,
June 30,
($ in thousands, except ADR, RevPAR, and Total RevPAR)
2026
2026
2025
Revenue
$
60,649
$
134,517
$
5,349
Operating income (loss)
$
11,932
$
36,187
$
(2,583)
Operating income (loss) margin
19.7
%
26.9
%
(48.3)
%
Adjusted EBITDAre
$
20,764
$
53,078
$
(582)
Adjusted EBITDAre margin
34.2
%
39.5
%
(10.9)
%
Performance metrics:
Occupancy
72.2
%
72.6
%
39.3
%
ADR
$
367.08
$
428.43
$
228.50
RevPAR
$
264.85
$
310.88
$
89.76
Total RevPAR
$
701.55
$
782.30
$
268.11
(1) JW Marriott Desert Ridge was acquired by the Company on June 10, 2025, therefore results are not comparable to the prior year period.
6
Entertainment Segment
Three Months Ended
Six Months Ended
June 30,
June 30,
($ in thousands)
%
%
2026
2025
Change
2026
2025
Change
Revenue
$
144,014
$
143,304
0.5
%
$
223,197
$
232,854
(4.1)
%
Operating income
$
32,404
$
23,495
37.9
%
$
36,657
$
33,811
8.4
%
Operating income margin
22.5
%
16.4
%
6.1
pts
16.4
%
14.5
%
1.9
pts
Adjusted EBITDAre
$
43,918
$
33,908
29.5
%
$
59,599
$
54,847
8.7
%
Adjusted EBITDAre margin
30.5
%
23.7
%
6.8
pts
26.7
%
23.6
%
3.1
pts
Fioravanti continued, “Our Entertainment business delivered record quarterly Adjusted EBITDAre driven by a successful festivals season and continued strong demand for our artist-centered venues. The continued strength in demand for these experiences underscores the opportunities ahead within our multi-year development pipeline.”
Corporate and Other Segment
Three Months Ended
Six Months Ended
June 30,
June 30,
($ in thousands)
%
%
2026
2025
Change
2026
2025
Change
Operating loss
$
(11,502)
$
(10,990)
(4.7)
%
$
(23,046)
$
(21,994)
(4.8)
%
Adjusted EBITDAre
$
(8,649)
$
(8,487)
(1.9)
%
$
(17,607)
$
(16,898)
(4.2)
%
Capital Expenditures
In 2026, the Company expects to spend approximately $400 to $500 million on capital expenditures, an increase from the previous estimate of $350 to $450 million. The increase reflects the timing of cash flows and the acceleration of a portion of projected spending previously expected in 2027, now expected to occur in 2026, and does not reflect a change in overall project scope. Capital expenditures for the first half of 2026 were approximately $241 million.
In the second quarter, the Company completed the Foundry Fieldhouse sports bar, pavilion, and event lawn development at Gaylord Opryland and the meeting space conversion project at JW Marriott Desert Ridge.
Additional capital expenditure activity in 2026 includes:
● Continuation of the meeting space expansion at Gaylord Opryland, which is expected to be completed by mid-year 2027;
● Renovation of the rooms at Gaylord Texan, which began in July 2025 and is expected to be completed in August 2026;
● Renovation of the rooms at JW Marriott Hill Country, which began in April 2026 and is expected to be completed in March 2027;
● The development of Category 10 Las Vegas, which is expected to be completed in October 2026;
● The development of Category 10 in Orlando, which is expected to begin in fall 2026 and is expected to be completed in early 2028; and
7
● The development of Ole Red Indianapolis, which is expected to be completed by our development partner Pacer Sports & Entertainment in early 2028.
2026 Guidance
The Company is updating its 2026 business performance outlook based on current information as of August 6, 2026. The Company does not expect to update the guidance provided below before next quarter’s earnings release. However, the Company may update or withdraw its full business outlook or any portion thereof at any time for any reason.
Fioravanti concluded, “We are pleased to raise the midpoints of our 2026 guidance ranges to reflect the stronger second quarter results in our Hospitality portfolio, including JW Marriott Desert Ridge. Our outlook also incorporates a more constructive view on second-half group business trends, supported by the business we have on the books.”
Guidance Range
Prior Guidance Range
(in millions, except per share figures)
For Full Year 2026 (1)
Full Year 2026 (1)
Change to
Low
High
Midpoint
Low
High
Midpoint
Midpoint
Same-store Hospitality RevPAR growth(2)
3.50
%
4.50
%
4.00
%
2.25
%
3.75
%
3.00
%
1.00
%
Same-store Hospitality Total RevPAR growth(2)
3.50
%
4.50
%
4.00
%
2.25
%
3.75
%
3.00
%
1.00
%
Operating income:
Hospitality (same-store) (2)
$
484.5
$
489.5
$
487.0
$
475.5
$
485.5
$
480.5
$
6.5
JW Marriott Desert Ridge
35.0
37.0
36.0
33.5
35.0
34.3
1.8
Entertainment
74.8
79.5
77.1
74.8
79.5
77.1
-
Corporate and Other
(50.5)
(49.0)
(49.8)
(50.5)
(49.0)
(49.8)
-
Consolidated operating income
$
543.8
$
557.0
$
550.4
$
533.3
$
551.0
$
542.1
$
8.3
Adjusted EBITDAre:
Hospitality (same-store) (2)
$
728.0
$
742.0
$
735.0
$
715.0
$
735.0
$
725.0
$
10.0
JW Marriott Desert Ridge
69.0
73.0
71.0
68.0
72.0
70.0
1.0
Entertainment
120.0
130.0
125.0
120.0
130.0
125.0
-
Corporate and Other
(39.0)
(35.0)
(37.0)
(39.0)
(35.0)
(37.0)
-
Consolidated Adjusted EBITDAre
$
878.0
$
910.0
$
894.0
$
864.0
$
902.0
$
883.0
$
11.0
Net income
$
280.5
$
285.5
$
283.0
$
271.0
$
279.0
$
275.0
$
8.0
Net income available to common stockholders
$
270.5
$
273.5
$
272.0
$
261.0
$
267.0
$
264.0
$
8.0
FFO available to common stockholders and unit holders
$
565.5
$
582.0
$
573.8
$
552.0
$
572.5
$
562.3
$
11.5
Adjusted FFO available to common stockholders and unit holders
$
592.3
$
616.8
$
604.5
$
577.3
$
607.0
$
592.1
$
12.4
Net income available to common stockholders per diluted share (3)
$
4.10
$
4.11
$
4.11
$
3.96
$
4.02
$
3.99
$
0.12
Adjusted FFO available to common stockholders and unit holders
per diluted share/unit (3)
$
8.98
$
9.28
$
9.13
$
8.77
$
9.14
$
8.96
$
0.17
Weighted average shares outstanding - diluted (3)
68.4
68.4
68.4
68.4
68.4
68.4
-
Weighted average shares and OP units outstanding - diluted (3)
68.8
68.8
68.8
68.8
68.8
68.8
-
(1) Includes JW Marriott Desert Ridge, except as otherwise noted. Amounts are calculated based on unrounded numbers.
(2) Same-store Hospitality excludes JW Marriott Desert Ridge, which was acquired June 10, 2025.
(3) Includes shares related to the currently unexercisable investor put rights associated with the noncontrolling interest in the Company’s OEG business, which may be settled in cash or shares at the Company’s option.
Note: For reconciliations of Consolidated Adjusted EBITDAre guidance to Net Income, segment-level Adjusted EBITDAre to segment-level Operating Income, and FFO and Adjusted FFO available to common stockholders and unit holders to Net Income available to common stockholders, see “Reconciliation of Forward-Looking Statements.”
8
Dividend Update
On July 15, 2026, the Company paid the previously announced quarterly cash dividend of $1.20 per common share, which was paid to stockholders of record as of June 30, 2026.
The Company’s dividend policy provides that it will distribute minimum dividends of 100% of REIT taxable income annually. Future dividends are subject to the Board’s future determinations as to amount and timing.
Balance Sheet/Liquidity Update
As of June 30, 2026, the Company had unrestricted cash of $366.1 million and total debt outstanding of $3,969.5 million, net of unamortized deferred financing costs. As of June 30, 2026, there were no amounts drawn under the Company’s revolving credit facility or OEG’s revolving credit facility, which left $930.0 million of aggregate borrowing availability under the Company’s revolving credit facility and OEG’s revolving credit facility.
Opry Entertainment Group Update
The Company continues to evaluate a path to greater independence for Opry Entertainment Group (“OEG”), and discussions continue with select potential investors related to an investment in or partnership with OEG. The Company has not entered into any agreements with respect to a potential investment by a third party in OEG, and there can be no assurance that any definitive agreement will ultimately be reached.
As a result of this ongoing process, Atairos’ liquidity request rights, including its put right, are currently unexercisable under the Company’s agreement with Atairos.
Earnings Call Information
Ryman Hospitality Properties will hold a conference call to discuss this release tomorrow, August 7, at 10:00 a.m. ET. Investors can listen to the conference call over the Internet at www.rymanhp.com. To listen to the live call, please go to the Investor Relations section of the website (Investor Relations/News & Events/Events & Presentation) at least 15 minutes prior to the call to register and download any necessary audio software. For those who cannot listen to the live broadcast, a replay will be available shortly after the call and will be available for at least 30 days.
About Ryman Hospitality Properties, Inc.
Ryman Hospitality Properties, Inc. (NYSE: RHP) is a leading lodging and hospitality real estate investment trust that specializes in group-oriented, upscale convention center resorts and entertainment experiences. The Company’s holdings include Gaylord Opryland Resort & Convention Center; Gaylord Palms Resort & Convention Center; Gaylord Texan Resort & Convention Center; Gaylord National Resort & Convention Center; and Gaylord Rockies Resort & Convention Center, five of the top seven largest non-gaming convention center hotels in the United States based on total indoor meeting space. The Company also owns JW Marriott Phoenix Desert Ridge Resort & Spa and JW Marriott San Antonio Hill Country
9
Resort & Spa as well as two ancillary hotels adjacent to the Company’s Gaylord Hotels properties. The Company’s hotel portfolio is managed by Marriott International and includes a combined total of 12,364 rooms as well as more than 3 million square feet of total indoor and outdoor meeting space in top convention and leisure destinations across the country. RHP also owns an approximate 70% controlling ownership interest in Opry Entertainment Group (OEG), which is composed of entities owning a growing collection of iconic and emerging country music brands, including the Grand Ole Opry; Ryman Auditorium; WSM 650 AM; Ole Red; Category 10; Nashville-area attractions; and Block 21, a mixed-use entertainment, lodging, office and retail complex, including the W Austin Hotel and the ACL Live at the Moody Theater, located in downtown Austin, Texas. OEG manages select outdoor live music venues, including Ascend Federal Credit Union Amphitheater in Nashville and CCNB Amphitheatre in Simpsonville, South Carolina. OEG also owns a majority interest in Southern Entertainment, a leading festival and events business. RHP operates OEG as its Entertainment segment in a taxable REIT subsidiary, and its results are consolidated in the Company’s financial results.
Cautionary Note Regarding Forward-Looking Statements
This press release contains statements as to the Company’s beliefs and expectations of the outcome of future events that are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. You can identify these statements by the fact that they do not relate strictly to historical or current facts. Examples of these statements include, but are not limited to, statements regarding the future performance of the Company’s business, anticipated business levels and anticipated financial results for the Company during future periods, the Company’s expected cash dividend, and other business or operational issues. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the statements made. These include the risks and uncertainties associated with economic conditions affecting the hospitality business generally, the geographic concentration of the Company’s hotel properties, business levels at the Company’s hotels, geopolitical uncertainty and the effects of inflation and changes in international, national, regional and local economic and market conditions (such as the imposition of trade barriers or other changes in trade policy) on the Company’s business, including the effects on costs of labor and supplies and effects on group customers at the Company’s hotels and customers in OEG’s businesses, the Company’s ability to remain qualified as a REIT, the Company’s ability to execute our strategic goals as a REIT, the Company’s ability to generate cash flows to support dividends, future board determinations regarding the timing and amount of dividends and changes to the dividend policy, the Company’s ability to borrow funds pursuant to its credit agreements and to refinance indebtedness and/or to successfully amend the agreements governing its indebtedness in the future, changes in interest rates, the Company’s integration of the JW Marriott Desert Ridge, the Company’s ability to identify and capitalize on additional value creation opportunities at the JW Marriott Desert Ridge and the occurrence of any event, change or other circumstance that could limit the Company’s ability to capitalize on any additional value creation opportunities it identifies at the JW Marriott Desert Ridge. Other factors that could cause operating and financial results to differ are described in the filings made from time to time by the Company with the U.S. Securities and Exchange Commission (SEC) and include the risk factors and other risks and uncertainties described in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, and subsequent filings. Except as required by law, the Company does not undertake any obligation to release publicly any
10
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;
11
● 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; and
● any 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.
12
To calculate Adjusted FFO available to common stockholders and unit holders, we then exclude, to the extent the following adjustments occurred during the periods presented:
● right-of-use asset amortization;
● impairment charges that do not meet the NAREIT definition above;
● write-offs of deferred financing costs;
● amortization of debt discounts or premiums and amortization of deferred financing costs;
● loss on extinguishment of debt;
● non-cash lease expense;
● credit loss on held-to-maturity securities;
● pension settlement charges;
● additional pro rata adjustments from unconsolidated joint ventures;
● (gains) losses on other assets;
● transaction costs of acquisitions;
● deferred income tax expense (benefit); and
● any other adjustments we have identified herein.
FFO available to common stockholders and unit holders and Adjusted FFO available to common stockholders and unit holders exclude the ownership portion of the joint ventures not controlled or owned by the Company.
We present Adjusted FFO available to common stockholders and unit holders per diluted share/unit as a non-GAAP measure of our performance in addition to net income available to common stockholders per diluted share (calculated in accordance with GAAP). We calculate Adjusted FFO available to common stockholders and unit holders per diluted share/unit as Adjusted FFO (defined as set forth above) for a given operating period, as adjusted for the effect of dilutive securities, divided by the number of diluted shares and units outstanding during such period.
We believe that the presentation of these non-GAAP financial measures provides useful information to investors regarding the performance of our ongoing operations because each presents a measure of our operations without regard to specified non-cash items such as real estate depreciation and amortization, gain or loss on sale of assets and certain other items, which we believe are not indicative of the performance of our underlying hotel properties. We believe that these items are more representative of our asset base than our ongoing operations. We also use these non-GAAP financial measures as measures in determining our results after considering the impact of our capital structure.
We caution investors that non-GAAP financial measures we present may not be comparable to similar measures disclosed by other companies, because not all companies calculate these non-GAAP measures in the same manner. The non-GAAP financial measures we present, and any related per share measures, should not be considered as alternative measures of our net income, operating performance, cash flow or liquidity. These non-GAAP financial measures may include funds that may not be available for our discretionary use due to functional requirements to conserve funds for capital expenditures and property acquisitions and other commitments and uncertainties. Although we believe that these non-GAAP financial
13
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
mfioravanti@rymanhp.com
Jennifer Hutcheson, Chief Financial Officer
(615) 316-6320
jhutcheson@rymanhp.com
Sarah Martin, Vice President, Investor Relations
(615) 316-6011
sarah.martin@rymanhp.com
Media Contact:
Shannon Sullivan, Vice President, Corporate and Brand Communications
(615) 316-6725
ssullivan@rymanhp.com
14
Ryman Hospitality Properties, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations
Unaudited
(In thousands, except per share data)
Three Months Ended
Six Months Ended
June 30,
June 30,
2026
2025
2026
2025
Revenues:
Rooms
$
232,366
$
200,900
$
456,124
$
390,132
Food and beverage
296,437
250,391
585,784
503,654
Other hotel revenue
76,161
64,920
148,445
120,155
Entertainment
144,014
143,304
223,197
232,854
Total revenues
748,978
659,515
1,413,550
1,246,795
Operating expenses:
Rooms
52,581
47,238
103,175
93,527
Food and beverage
159,120
136,152
317,283
274,291
Other hotel expenses
150,260
130,588
294,882
254,512
Management fees, net
22,142
17,916
43,057
36,379
Total hotel operating expenses
384,103
331,894
758,397
658,709
Entertainment
101,563
110,376
166,672
180,146
Corporate
11,245
10,759
22,530
21,529
Preopening costs
438
98
825
185
Depreciation and amortization
77,084
66,963
152,785
130,680
Total operating expenses
574,433
520,090
1,101,209
991,249
Operating income
174,545
139,425
312,341
255,546
Interest expense, net of amounts capitalized
(63,875)
(58,534)
(127,994)
(112,817)
Interest income
3,727
5,583
8,913
11,042
Loss on extinguishment of debt
–
(2,542)
(2,200)
(2,542)
Income (loss) from unconsolidated joint ventures
4
(13)
4
(29)
Other gains and (losses), net
(259)
(196)
(621)
(304)
Income before income taxes
114,142
83,723
190,443
150,896
Provision for income taxes
(12,063)
(7,848)
(18,962)
(12,007)
Net income
102,079
75,875
171,481
138,889
Net income attributable to noncontrolling interest in OEG
(4,050)
(2,094)
(3,462)
(2,805)
Net income attributable to other noncontrolling interests
(5,279)
(2,028)
(4,794)
(1,370)
Net income available to common stockholders
$
92,750
$
71,753
$
163,225
$
134,714
Basic income per share available to common stockholders(1)
$
1.47
$
1.17
$
2.59
$
2.22
Diluted income per share available to common stockholders(1)
$
1.42
$
1.12
$
2.46
$
2.13
Weighted average common shares for the period:
Basic(1)
63,114
61,352
63,069
60,639
Diluted(1)
68,143
65,732
67,799
64,577
(1) Basic and diluted weighted average common shares for the three and six months ended June 30, 2026 and 2025 includes the impact of approximately 3.0 million additional shares issued on May 21, 2025. Diluted weighted average common shares for the three months ended June 30, 2026 and 2025 include 4.9 million and 4.2 million, respectively, and for the six months ended June 30, 2026 and 2025 include 4.5 million and 3.7 million, respectively, in equivalent shares related to the currently unexercisable investor put rights associated with the noncontrolling interest in the Company's OEG business, which may be settled in cash or shares at the Company's option.
15
Ryman Hospitality Properties, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
Unaudited
(In thousands)
June 30,
December 31,
2026
2025
ASSETS:
Property and equipment, net of accumulated depreciation
$
5,078,259
$
4,970,429
Cash and cash equivalents - unrestricted
366,125
471,421
Cash and cash equivalents - restricted
31,695
28,759
Notes receivable, net
53,634
53,503
Trade receivables, net
122,120
105,903
Deferred income tax assets, net
51,150
67,669
Prepaid expenses and other assets
211,266
196,798
Intangible assets and goodwill, net
277,587
286,701
Total assets
$
6,191,836
$
6,181,183
LIABILITIES AND EQUITY:
Debt and finance lease obligations
$
3,969,453
$
3,976,913
Accounts payable and accrued liabilities
505,529
517,708
Distributions payable
78,229
78,819
Deferred management rights proceeds
162,541
162,901
Operating lease liabilities
163,143
158,815
Other liabilities
77,745
74,251
Noncontrolling interest in OEG
444,096
422,691
Total equity
791,100
789,085
Total liabilities and equity
$
6,191,836
$
6,181,183
16
Ryman Hospitality Properties, Inc. and Subsidiaries
Supplemental Financial Results
Adjusted EBITDAre Reconciliation
Unaudited
(In thousands)
Three Months Ended
Six Months Ended
June 30,
June 30,
2026
2025
2026
2025
$
Margin
$
Margin
$
Margin
$
Margin
Consolidated:
Revenue
$
748,978
$
659,515
$
1,413,550
$
1,246,795
Net income
$
102,079
13.6
%
$
75,875
11.5
%
$
171,481
12.1
%
$
138,889
11.1
%
Interest expense, net
60,148
52,951
119,081
101,775
Provision for income taxes
12,063
7,848
18,962
12,007
Depreciation and amortization
77,084
66,963
152,785
130,680
Pro rata EBITDAre from unconsolidated joint ventures
1
1
2
2
EBITDAre
251,375
33.6
%
203,638
30.9
%
462,311
32.7
%
383,353
30.7
%
Preopening costs
438
98
825
185
Non-cash lease expense
1,649
945
2,592
1,834
Equity-based compensation expense
3,827
3,495
7,629
7,117
Interest income on Gaylord National bonds
1,026
1,113
2,051
2,227
Loss on extinguishment of debt
–
2,542
2,200
2,542
Transaction costs of acquisitions
–
25
–
100
Pro rata adjusted EBITDAre from unconsolidated joint ventures
(4)
–
(4)
–
Adjusted EBITDAre
258,311
34.5
%
211,856
32.1
%
477,604
33.8
%
397,358
31.9
%
Adjusted EBITDAre of noncontrolling interest
(16,390)
(11,295)
(20,547)
(16,921)
Adjusted EBITDAre, excluding noncontrolling interest
$
241,921
32.3
%
$
200,561
30.4
%
$
457,057
32.3
%
$
380,437
30.5
%
Hospitality segment:
Revenue
$
604,964
$
516,211
$
1,190,353
$
1,013,941
Operating income
$
153,643
25.4
%
$
126,920
24.6
%
$
298,730
25.1
%
$
243,729
24.0
%
Depreciation and amortization
67,218
57,397
133,226
111,503
Non-cash lease expense
1,163
1,005
1,613
1,950
Interest income on Gaylord National bonds
1,026
1,113
2,051
2,227
Other gains and (losses), net
(8)
–
(8)
–
Adjusted EBITDAre
$
223,042
36.9
%
$
186,435
36.1
%
$
435,612
36.6
%
$
359,409
35.4
%
Same-store Hospitality segment: (1)
Revenue
$
544,315
$
510,862
$
1,055,836
$
1,008,592
Operating income
$
141,711
26.0
%
$
129,503
25.3
%
$
262,543
24.9
%
$
246,312
24.4
%
Depreciation and amortization
58,640
55,454
116,132
109,560
Non-cash lease expense
909
947
1,816
1,892
Interest income on Gaylord National bonds
1,026
1,113
2,051
2,227
Other gains and (losses), net
(8)
–
(8)
–
Adjusted EBITDAre
$
202,278
37.2
%
$
187,017
36.6
%
$
382,534
36.2
%
$
359,991
35.7
%
Entertainment segment:
Revenue
$
144,014
$
143,304
$
223,197
$
232,854
Operating income
$
32,404
22.5
%
$
23,495
16.4
%
$
36,657
16.4
%
$
33,811
14.5
%
Depreciation and amortization
9,609
9,335
19,043
18,712
Preopening costs
438
98
825
185
Non-cash lease (revenue) expense
486
(60)
979
(116)
Equity-based compensation
981
1,028
2,095
2,048
Other gains and (losses), net
–
–
–
136
Transaction costs of acquisitions
–
25
–
100
Pro rata adjusted EBITDAre from unconsolidated joint ventures
–
(13)
–
(29)
Adjusted EBITDAre
$
43,918
30.5
%
$
33,908
23.7
%
$
59,599
26.7
%
$
54,847
23.6
%
Corporate and Other segment:
Operating loss
$
(11,502)
$
(10,990)
$
(23,046)
$
(21,994)
Depreciation and amortization
257
231
516
465
Other gains and (losses), net
(250)
(195)
(611)
(438)
Equity-based compensation
2,846
2,467
5,534
5,069
Adjusted EBITDAre
$
(8,649)
$
(8,487)
$
(17,607)
$
(16,898)
(1) Same-store Hospitality excludes JW Marriott Desert Ridge, which was acquired June 10, 2025.
17
Ryman Hospitality Properties, Inc. and Subsidiaries
Supplemental Financial Results
Funds From Operations (“FFO”) and Adjusted FFO Reconciliation
Unaudited
(In thousands, except per share data)
Three Months Ended
Six Months Ended
June 30,
June 30,
2026
2025
2026
2025
Net income available to common stockholders
$
92,750
$
71,753
$
163,225
$
134,714
Noncontrolling interest in OP Units
581
1,532
1,022
874
Net income available to common stockholders and unit holders
93,331
73,285
164,247
135,588
Depreciation and amortization
76,974
66,906
152,554
130,582
Adjustments for noncontrolling interest
(3,076)
(3,046)
(6,100)
(6,123)
FFO available to common stockholders and unit holders
167,229
137,145
310,701
260,047
Right-of-use asset amortization
110
57
231
98
Non-cash lease expense
1,649
945
2,592
1,834
Pro rata adjustments from joint ventures
(4)
–
(4)
–
Amortization of deferred financing costs
3,105
2,900
6,352
5,607
Amortization of debt discounts and premiums
476
430
859
988
Loss on extinguishment of debt
–
2,542
2,200
2,542
Adjustments for noncontrolling interest
(2,023)
(1,736)
(2,065)
(2,018)
Transaction costs of acquisitions
–
25
–
100
Deferred tax provision
10,857
6,537
16,611
9,470
Adjusted FFO available to common stockholders and unit holders
$
181,399
$
148,845
$
337,477
$
278,668
Basic net income per share(1)
$
1.47
$
1.17
$
2.59
$
2.22
Diluted net income per share(1)
$
1.42
$
1.12
$
2.46
$
2.13
FFO available to common stockholders and unit holders per basic share/unit(1)
$
2.63
$
2.22
$
4.90
$
4.26
Adjusted FFO available to common stockholders and unit holders per basic share/unit(1)
$
2.86
$
2.41
$
5.32
$
4.57
FFO available to common stockholders and unit holders per diluted share/unit (1)
$
2.54
$
2.14
$
4.69
$
4.13
Adjusted FFO available to common stockholders and unit holders per diluted share/unit (1)
$
2.77
$
2.35
$
5.11
$
4.44
Weighted average common shares and OP units for the period:
Basic(1)
63,509
61,747
63,464
61,034
Diluted (1)
68,538
66,127
68,194
64,972
(1) Basic and diluted weighted average common shares for the three and six months ended June 30, 2026 and 2025 includes the impact of approximately 3.0 million additional shares issued on May 21, 2025. Diluted weighted average common shares for the three months ended June 30, 2026 and 2025 include 4.9 million and 4.2 million, respectively, and for the six months ended June 30, 2026 and 2025 include 4.5 million and 3.7 million, respectively, in equivalent shares related to the currently unexercisable investor put rights associated with the noncontrolling interest in the Company's OEG business, which may be settled in cash or shares at the Company's option.
18
Ryman Hospitality Properties, Inc. and Subsidiaries
Supplemental Financial Results
Hospitality Segment Adjusted EBITDAre Reconciliation and Operating Metrics
Unaudited
($ in thousands, except for performance metrics)
Three Months Ended
Six Months Ended
June 30,
June 30,
2026
2025
2026
2025
$
Margin
$
Margin
$
Margin
$
Margin
Hospitality segment:
Revenue
$
604,964
$
516,211
$
1,190,353
$
1,013,941
Operating income
$
153,643
25.4
%
$
126,920
24.6
%
$
298,730
25.1
%
$
243,729
24.0
%
Depreciation and amortization
67,218
57,397
133,226
111,503
Non-cash lease expense
1,163
1,005
1,613
1,950
Interest income on Gaylord National bonds
1,026
1,113
2,051
2,227
Other gains and (losses), net
(8)
–
(8)
–
Adjusted EBITDAre
$
223,042
36.9
%
$
186,435
36.1
%
$
435,612
36.6
%
$
359,409
35.4
%
Performance metrics:
Occupancy
72.7
%
73.3
%
70.4
%
71.5
%
ADR
$
284.05
$
258.88
$
289.42
$
261.53
RevPAR
$
206.52
$
189.77
$
203.82
$
187.03
OtherPAR
$
331.16
$
297.85
$
328.09
$
299.07
Total RevPAR
$
537.69
$
487.62
$
531.91
$
486.10
Same-store Hospitality segment: (1)
Revenue
$
544,315
$
510,862
$
1,055,836
$
1,008,592
Operating income
$
141,711
26.0
%
$
129,503
25.3
%
$
262,543
24.9
%
$
246,312
24.4
%
Depreciation and amortization
58,640
55,454
116,132
109,560
Non-cash lease expense
909
947
1,816
1,892
Interest income on Gaylord National bonds
1,026
1,113
2,051
2,227
Other gains and (losses), net
(8)
–
(8)
–
Adjusted EBITDAre
$
202,278
37.2
%
$
187,017
36.6
%
$
382,534
36.2
%
$
359,991
35.7
%
Performance metrics:
Occupancy
72.8
%
74.0
%
70.2
%
71.8
%
ADR
$
277.19
$
259.19
$
277.47
$
261.71
RevPAR
$
201.67
$
191.70
$
194.91
$
187.97
OtherPAR
$
322.38
$
300.14
$
316.16
$
300.23
Total RevPAR
$
524.05
$
491.84
$
511.07
$
488.20
Gaylord Opryland:
Revenue
$
125,190
$
116,465
$
253,569
$
226,643
Operating income
$
36,567
29.2
%
$
35,144
30.2
%
$
76,389
30.1
%
$
65,242
28.8
%
Depreciation and amortization
9,396
8,575
18,099
16,635
Non-cash lease revenue
(7)
(9)
(16)
(19)
Adjusted EBITDAre
$
45,956
36.7
%
$
43,710
37.5
%
$
94,472
37.3
%
$
81,858
36.1
%
Performance metrics:
Occupancy
74.2
%
75.2
%
72.0
%
70.1
%
ADR
$
266.96
$
246.17
$
272.09
$
253.72
RevPAR
$
198.18
$
185.19
$
195.89
$
177.88
OtherPAR
$
278.18
$
257.97
$
289.19
$
255.70
Total RevPAR
$
476.36
$
443.16
$
485.09
$
433.58
Gaylord Palms:
Revenue
$
88,491
$
73,113
$
186,137
$
161,506
Operating income
$
21,118
23.9
%
$
13,671
18.7
%
$
50,861
27.3
%
$
37,453
23.2
%
Depreciation and amortization
8,912
8,609
17,727
16,819
Non-cash lease expense
916
956
1,832
1,911
Adjusted EBITDAre
$
30,946
35.0
%
$
23,236
31.8
%
$
70,420
37.8
%
$
56,183
34.8
%
Performance metrics:
Occupancy
75.0
%
78.9
%
76.1
%
77.4
%
ADR
$
270.06
$
243.35
$
285.86
$
259.34
RevPAR
$
202.49
$
192.00
$
217.65
$
200.80
OtherPAR
$
363.53
$
275.66
$
380.94
$
318.58
Total RevPAR
$
566.02
$
467.66
$
598.59
$
519.38
(1) Same-store Hospitality excludes JW Marriott Desert Ridge, which was acquired June 10, 2025.
19
Ryman Hospitality Properties, Inc. and Subsidiaries
Supplemental Financial Results
Hospitality Segment Adjusted EBITDAre Reconciliation and Operating Metrics
Unaudited
($ in thousands, except for performance metrics)
Three Months Ended
Six Months Ended
June 30,
June 30,
2026
2025
2026
2025
$
Margin
$
Margin
$
Margin
$
Margin
Gaylord Texan:
Revenue
$
82,259
$
82,494
$
165,630
$
168,871
Operating income
$
23,528
28.6
%
$
25,002
30.3
%
$
47,333
28.6
%
$
52,697
31.2
%
Depreciation and amortization
7,681
6,157
15,006
12,086
Adjusted EBITDAre
$
31,209
37.9
%
$
31,159
37.8
%
$
62,339
37.6
%
$
64,783
38.4
%
Performance metrics:
Occupancy
69.9
%
72.0
%
67.7
%
72.5
%
ADR
$
268.51
$
253.06
$
266.01
$
255.16
RevPAR
$
187.60
$
182.32
$
179.96
$
185.04
OtherPAR
$
310.72
$
317.42
$
324.50
$
329.29
Total RevPAR
$
498.32
$
499.74
$
504.46
$
514.33
Gaylord National:
Revenue
$
90,422
$
83,413
$
164,649
$
164,242
Operating income
$
19,550
21.6
%
$
15,818
19.0
%
$
25,775
15.7
%
$
25,292
15.4
%
Depreciation and amortization
8,495
8,489
16,987
16,932
Interest income on Gaylord National bonds
1,026
1,113
2,051
2,227
Other gains and (losses), net
(8)
–
(8)
–
Adjusted EBITDAre
$
29,063
32.1
%
$
25,420
30.5
%
$
44,805
27.2
%
$
44,451
27.1
%
Performance metrics:
Occupancy
71.3
%
67.8
%
67.2
%
70.1
%
ADR
$
280.70
$
263.97
$
274.10
$
256.29
RevPAR
$
200.10
$
178.85
$
184.16
$
179.59
OtherPAR
$
297.72
$
280.38
$
271.59
$
275.03
Total RevPAR
$
497.82
$
459.23
$
455.74
$
454.62
Gaylord Rockies:
Revenue
$
84,735
$
81,722
$
156,984
$
152,670
Operating income
$
23,792
28.1
%
$
21,798
26.7
%
$
38,237
24.4
%
$
36,621
24.0
%
Depreciation and amortization
15,141
14,897
30,329
29,749
Adjusted EBITDAre
$
38,933
45.9
%
$
36,695
44.9
%
$
68,566
43.7
%
$
66,370
43.5
%
Performance metrics:
Occupancy
79.4
%
80.3
%
77.4
%
76.3
%
ADR
$
275.43
$
259.78
$
267.28
$
258.52
RevPAR
$
218.64
$
208.62
$
206.93
$
197.21
OtherPAR
$
401.71
$
389.67
$
370.90
$
364.73
Total RevPAR
$
620.35
$
598.29
$
577.82
$
561.94
JW Marriott Hill Country:
Revenue
$
65,762
$
66,573
$
116,057
$
121,849
Operating income
$
15,982
24.3
%
$
17,250
25.9
%
$
23,190
20.0
%
$
28,099
23.1
%
Depreciation and amortization
8,193
7,919
16,355
15,750
Adjusted EBITDAre
$
24,175
36.8
%
$
25,169
37.8
%
$
39,545
34.1
%
$
43,849
36.0
%
Performance metrics:
Occupancy
70.9
%
75.6
%
64.8
%
71.8
%
ADR
$
344.31
$
342.79
$
341.31
$
332.79
RevPAR
$
244.21
$
259.31
$
221.24
$
238.96
OtherPAR
$
477.00
$
470.80
$
418.68
$
432.89
Total RevPAR
$
721.22
$
730.11
$
639.92
$
671.85
20
Ryman Hospitality Properties, Inc. and Subsidiaries
Supplemental Financial Results
Hospitality Segment Adjusted EBITDAre Reconciliation and Operating Metrics
Unaudited
($ in thousands, except for performance metrics)
Three Months Ended
Six Months Ended
June 30,
June 30,
2026
2025
2026
2025
$
Margin
$
Margin
$
Margin
$
Margin
JW Marriott Desert Ridge: (1)
Revenue
$
60,649
$
5,349
$
134,517
$
5,349
Operating income (loss)
$
11,932
19.7
%
$
(2,583)
(48.3)
%
$
36,187
26.9
%
$
(2,583)
(48.3)
%
Depreciation and amortization
8,578
1,943
17,094
1,943
Non-cash lease (revenue) expense
254
58
(203)
58
Adjusted EBITDAre
$
20,764
34.2
%
$
(582)
(10.9)
%
$
53,078
39.5
%
$
(582)
(10.9)
%
Performance metrics:
Occupancy
72.2
%
39.3
%
72.6
%
39.3
%
ADR
$
367.08
$
228.50
$
428.43
$
228.50
RevPAR
$
264.85
$
89.76
$
310.88
$
89.76
OtherPAR
$
436.70
$
178.35
$
471.42
$
178.35
Total RevPAR
$
701.55
$
268.11
$
782.30
$
268.11
The AC Hotel at National Harbor:
Revenue
$
4,220
$
3,562
$
6,556
$
6,260
Operating income
$
1,250
29.6
%
$
757
21.3
%
$
1,033
15.8
%
$
871
13.9
%
Depreciation and amortization
230
223
451
445
Adjusted EBITDAre
$
1,480
35.1
%
$
980
27.5
%
$
1,484
22.6
%
$
1,316
21.0
%
Performance metrics:
Occupancy
72.9
%
59.8
%
59.3
%
57.3
%
ADR
$
300.09
$
286.90
$
280.12
$
271.75
RevPAR
$
218.68
$
171.54
$
166.24
$
155.71
OtherPAR
$
22.77
$
32.33
$
22.40
$
24.43
Total RevPAR
$
241.45
$
203.87
$
188.64
$
180.14
The Inn at Opryland: (2)
Revenue
$
3,236
$
3,520
$
6,254
$
6,551
Operating income (loss)
$
(76)
(2.3)
%
$
63
1.8
%
$
(275)
(4.4)
%
$
37
0.6
%
Depreciation and amortization
592
585
1,178
1,144
Adjusted EBITDAre
$
516
15.9
%
$
648
18.4
%
$
903
14.4
%
$
1,181
18.0
%
Performance metrics:
Occupancy
46.1
%
58.1
%
45.2
%
51.0
%
ADR
$
193.63
$
168.74
$
195.93
$
177.02
RevPAR
$
89.27
$
98.04
$
88.48
$
90.29
OtherPAR
$
28.10
$
29.63
$
25.57
$
29.15
Total RevPAR
$
117.37
$
127.67
$
114.05
$
119.44
(1) JW Marriott Desert Ridge was acquired by the Company on June 10, 2025, therefore results are not comparable to the prior year period.
(2) Includes other hospitality revenue and expense.
21
Ryman Hospitality Properties, Inc. and Subsidiaries
Supplemental Financial Results
Earnings Per Share, FFO Per Share and Adjusted FFO Per Share Calculations
Unaudited
(in thousands, except per share data)
Three Months Ended
Six Months Ended
June 30,
June 30,
2026
2025
2026
2025
Earnings per share:
Numerator:
Net income available to common stockholders
$
92,750
$
71,753
$
163,225
$
134,714
Net income attributable to noncontrolling interest in OEG
4,050
2,094
3,462
2,805
Net income available to common stockholders - if-converted method
$
96,800
$
73,847
$
166,687
$
137,519
Denominator:
Weighted average shares outstanding - basic
63,114
61,352
63,069
60,639
Effect of dilutive equity-based compensation
169
147
187
194
Effect of dilutive put rights (1)
4,860
4,233
4,543
3,744
Weighted average shares outstanding - diluted
68,143
65,732
67,799
64,577
Basic income per share available to common stockholders
$
1.47
$
1.17
$
2.59
$
2.22
Diluted income per share available to common stockholders (1)
$
1.42
$
1.12
$
2.46
$
2.13
FFO per share/unit:
Numerator:
FFO available to common stockholders and unit holders
$
167,229
$
137,145
$
310,701
$
260,047
Net income attributable to noncontrolling interest in OEG
4,050
2,094
3,462
2,805
FFO adjustments for noncontrolling interest in OEG
2,703
2,601
5,354
5,234
FFO available to common stockholders and unit holders - if-converted method
$
173,982
$
141,840
$
319,517
$
268,086
Denominator:
Weighted average shares and OP units outstanding - basic
63,509
61,747
63,464
61,034
Effect of dilutive equity-based compensation
169
147
187
194
Effect of dilutive put rights (1)
4,860
4,233
4,543
3,744
Weighted average shares and OP units outstanding - diluted
68,538
66,127
68,194
64,972
FFO available to common stockholders and unit holders per basic share/unit
$
2.63
$
2.22
$
4.90
$
4.26
FFO available to common stockholders and unit holders per diluted share/unit (1)
$
2.54
$
2.14
$
4.69
$
4.13
Adjusted FFO per share/unit:
Numerator:
Adjusted FFO available to common stockholders and unit holders
$
181,399
$
148,845
$
337,477
$
278,668
Net income attributable to noncontrolling interest in OEG
4,050
2,094
3,462
2,805
FFO adjustments for noncontrolling interest in OEG
2,703
2,601
5,354
5,234
Adjusted FFO adjustments for noncontrolling interest in OEG
2,023
1,736
2,065
2,018
Adjusted FFO available to common stockholders and unit holders - if-converted method
$
190,175
$
155,276
$
348,358
$
288,725
Denominator:
Weighted average shares and OP units outstanding - basic
63,509
61,747
63,464
61,034
Effect of dilutive equity-based compensation
169
147
187
194
Effect of dilutive put rights (1)
4,860
4,233
4,543
3,744
Weighted average shares and OP units outstanding - diluted
68,538
66,127
68,194
64,972
Adjusted FFO available to common stockholders and unit holders per basic share/unit
$
2.86
$
2.41
$
5.32
$
4.57
Adjusted FFO available to common stockholders and unit holders per diluted share/unit (1)
$
2.77
$
2.35
$
5.11
$
4.44
(1) Basic and diluted weighted average common shares for the three and six months ended June 30, 2026 and 2025 includes the impact of approximately 3.0 million additional shares issued on May 21, 2025. Diluted weighted average common shares for the three months ended June 30, 2026 and 2025 include 4.9 million and 4.2 million, respectively, and for the six months ended June 30, 2026 and 2025 include 4.5 million and 3.7 million, respectively, in equivalent shares related to the currently unexercisable investor put rights associated with the noncontrolling interest in the Company's OEG business, which may be settled in cash or shares at the Company's option.
22
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
Midpoint
Consolidated:
Net income
$
280,500
$
285,500
$
283,000
Provision for income taxes
13,000
14,500
13,750
Interest expense, net
246,250
253,500
249,875
Depreciation and amortization
306,500
318,000
312,250
EBITDAre
$
846,250
$
871,500
$
858,875
Non-cash lease expense
2,750
4,000
3,375
Preopening costs
4,500
5,500
5,000
Equity-based compensation expense
15,000
17,000
16,000
Pension settlement charge
4,000
4,500
4,250
Interest income on Gaylord National bonds
3,500
4,500
4,000
Loss on extinguishment of debt
2,000
3,000
2,500
Adjusted EBITDAre
$
878,000
$
910,000
$
894,000
Hospitality segment:
Operating income
$
519,500
$
526,500
$
523,000
Depreciation and amortization
268,000
276,000
272,000
Non-cash lease expense
3,000
4,000
3,500
Interest income on Gaylord National bonds
3,500
4,500
4,000
Other gains and (losses), net
3,000
4,000
3,500
Adjusted EBITDAre
$
797,000
$
815,000
$
806,000
Hospitality segment (same-store)(2)
Operating income
$
484,500
$
489,500
$
487,000
Depreciation and amortization
234,000
240,000
237,000
Non-cash lease expense
3,000
4,000
3,500
Interest income on Gaylord National bonds
3,500
4,500
4,000
Other gains and (losses), net
3,000
4,000
3,500
Adjusted EBITDAre
$
728,000
$
742,000
$
735,000
JW Marriott Desert Ridge
Operating income
$
35,000
$
37,000
$
36,000
Depreciation and amortization
34,000
36,000
35,000
Non-cash lease expense
–
–
–
Adjusted EBITDAre
$
69,000
$
73,000
$
71,000
Entertainment segment:
Operating income
$
74,750
$
79,500
$
77,125
Depreciation and amortization
36,500
39,500
38,000
Non-cash lease revenue
(250)
–
(125)
Preopening costs
4,500
5,500
5,000
Equity-based compensation
4,500
5,500
5,000
Adjusted EBITDAre
$
120,000
$
130,000
$
125,000
Corporate and Other segment:
Operating loss
$
(50,500)
$
(49,000)
$
(49,750)
Depreciation and amortization
2,000
2,500
2,250
Equity-based compensation
10,500
11,500
11,000
Pension settlement charge
4,000
4,500
4,250
Other gains and (losses), net
(5,000)
(4,500)
(4,750)
Adjusted EBITDAre
$
(39,000)
$
(35,000)
$
(37,000)
(1) Includes JW Marriott Desert Ridge, except as otherwise noted. Amounts are calculated based on unrounded numbers.
(2) Same-store Hospitality excludes JW Marriott Desert Ridge, which was acquired June 10, 2025.
23
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
Midpoint
Consolidated:
Net income available to common stockholders
$
270,500
$
273,500
$
272,000
Noncontrolling interest in OP units
1,000
2,000
1,500
Net income available to common stockholders and unit holders
$
271,500
$
275,500
$
273,500
Depreciation and amortization
306,500
318,000
312,250
Adjustments for noncontrolling interest
(12,500)
(11,500)
(12,000)
FFO available to common stockholders and unit holders
$
565,500
$
582,000
$
573,750
Right-of-use asset amortization
–
500
250
Non-cash lease expense
2,750
4,000
3,375
Pension settlement charge
4,000
4,500
4,250
Loss on extinguishment of debt
2,000
3,000
2,500
Adjustments for noncontrolling interest
(5,000)
(4,000)
(4,500)
Amortization of deferred financing costs
12,500
14,000
13,250
Amortization of debt discounts and premiums
1,500
2,500
2,000
Deferred tax provision
9,000
10,250
9,625
Adjusted FFO available to common stockholders and unit holders
$
592,250
$
616,750
$
604,500
Net income available to common stockholders per diluted share (2)
$
4.10
$
4.11
$
4.11
Adjusted FFO available to common stockholders and unit holders per diluted share/unit (2)
$
8.98
$
9.28
$
9.13
Estimated weighted average shares outstanding - diluted (in millions) (2)
68.4
68.4
68.4
Estimated weighted average shares and OP units outstanding - diluted (in millions) (2)
68.8
68.8
68.8
(1) Includes JW Marriott Desert Ridge. Amounts are calculated based on unrounded numbers.
(2) Includes the impact of approximately 3.0 million additional shares issued on May 21, 2025. Includes equivalent shares related to the currently unexercisable investor put rights associated with the noncontrolling interest in the Company’s OEG business, which may be settled in cash or shares at the Company’s option.
24
Ryman Hospitality Properties, Inc. and Subsidiaries
Reconciliation of Forward-Looking Statements
Earnings Per Share and Adjusted FFO Per Share
Unaudited
($ in thousands, except per share data)
Guidance Range
For Full Year 2026
Low
High
Midpoint
Earnings per share:
Numerator:
Net income available to common stockholders
$
270,500
$
273,500
$
272,000
Net income attributable to noncontrolling interest in OEG
10,000
8,000
9,000
Net income available to common stockholders - if-converted method
$
280,500
$
281,500
$
281,000
Denominator:
Estimated weighted average shares outstanding - diluted (in millions) (1)
68.4
68.4
68.4
Diluted income per share available to common stockholders
$
4.10
$
4.11
$
4.11
Adjusted FFO per share:
Numerator:
Adjusted FFO available to common stockholders and unit holders
$
592,250
$
616,750
$
604,500
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
$
618,250
$
638,750
$
628,500
Denominator:
Estimated weighted average shares and OP units outstanding - diluted (in millions) (1)
68.8
68.8
68.8
Adjusted FFO available to common stockholders and unit holders per diluted share/unit
$
8.98
$
9.28
$
9.13
(1) Includes the impact of approximately 3.0 million additional shares issued on May 21, 2025. Includes equivalent shares related to the currently unexercisable investor put rights associated with the noncontrolling interest in the Company’s OEG business, which may be settled in cash or shares at the Company’s option.
25
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
Midpoint
Consolidated:
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.
26
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
Midpoint
Consolidated:
Net income available to common stockholders
$
261,000
$
267,000
$
264,000
Noncontrolling interest in OP units
1,000
2,000
1,500
Net income available to common stockholders and unit holders
$
262,000
$
269,000
$
265,500
Depreciation and amortization
302,500
315,000
308,750
Adjustments for noncontrolling interest
(12,500)
(11,500)
(12,000)
FFO available to common stockholders and unit holders
$
552,000
$
572,500
$
562,250
Right-of-use asset amortization
–
500
250
Non-cash lease expense
3,250
5,000
4,125
Pension settlement charge
4,000
4,500
4,250
Loss on extinguishment of debt
2,000
3,000
2,500
Adjustments for noncontrolling interest
(5,000)
(4,000)
(4,500)
Amortization of deferred financing costs
12,500
14,000
13,250
Amortization of debt discounts and premiums
1,500
2,500
2,000
Deferred tax provision
7,000
9,000
8,000
Adjusted FFO available to common stockholders and unit holders
$
577,250
$
607,000
$
592,125
Net income available to common stockholders per diluted share (2)
$
3.96
$
4.02
$
3.99
Adjusted FFO available to common stockholders and unit holders per diluted share/unit (2)
$
8.77
$
9.14
$
8.96
Estimated weighted average shares outstanding - diluted (in millions) (2)
68.4
68.4
68.4
Estimated weighted average shares and OP units outstanding - diluted (in millions) (2)
68.8
68.8
68.8
(1) Includes JW Marriott Desert Ridge. Amounts are calculated based on unrounded numbers.
(2) Includes equivalent shares related to the currently unexercisable investor put rights associated with the noncontrolling interest in the Company’s OEG business, which may be settled in cash or shares at the Company’s option.
27
Ryman Hospitality Properties, Inc. and Subsidiaries
Reconciliation of Forward-Looking Statements
Earnings Per Share and Adjusted FFO Per Share
Unaudited
($ in thousands, except per share data)
Prior Guidance Range
For Full Year 2026
Low
High
Midpoint
Earnings 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) 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.
28
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Document and Entity Information
Aug. 06, 2026
Cover [Abstract]
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Entity File Number
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Entity Registrant Name
RYMAN HOSPITALITY PROPERTIES, INC.
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Entity Incorporation, State or Country Code
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Entity Address, Address Line One
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Period Type:
duration
X
- Definition
Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.
+ References
No definition available.
+ Details
Name:
dei_EntityFileNumber
Namespace Prefix:
dei_
Data Type:
dei:fileNumberItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Two-character EDGAR code representing the state or country of incorporation.
+ References
No definition available.
+ Details
Name:
dei_EntityIncorporationStateCountryCode
Namespace Prefix:
dei_
Data Type:
dei:edgarStateCountryItemType
Balance Type:
na
Period Type:
duration
X
- Definition
The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
+ Details
Name:
dei_EntityRegistrantName
Namespace Prefix:
dei_
Data Type:
xbrli:normalizedStringItemType
Balance Type:
na
Period Type:
duration
X
- Definition
The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
+ Details
Name:
dei_EntityTaxIdentificationNumber
Namespace Prefix:
dei_
Data Type:
dei:employerIdItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Local phone number for entity.
+ References
No definition available.
+ Details
Name:
dei_LocalPhoneNumber
Namespace Prefix:
dei_
Data Type:
xbrli:normalizedStringItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 13e
-Subsection 4c
+ Details
Name:
dei_PreCommencementIssuerTenderOffer
Namespace Prefix:
dei_
Data Type:
xbrli:booleanItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 14d
-Subsection 2b
+ Details
Name:
dei_PreCommencementTenderOffer
Namespace Prefix:
dei_
Data Type:
xbrli:booleanItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Title of a 12(b) registered security.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b
+ Details
Name:
dei_Security12bTitle
Namespace Prefix:
dei_
Data Type:
dei:securityTitleItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Name of the Exchange on which a security is registered.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection d1-1
+ Details
Name:
dei_SecurityExchangeName
Namespace Prefix:
dei_
Data Type:
dei:edgarExchangeCodeItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 14a
-Subsection 12
+ Details
Name:
dei_SolicitingMaterial
Namespace Prefix:
dei_
Data Type:
xbrli:booleanItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Trading symbol of an instrument as listed on an exchange.
+ References
No definition available.
+ Details
Name:
dei_TradingSymbol
Namespace Prefix:
dei_
Data Type:
dei:tradingSymbolItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Securities Act
-Number 230
-Section 425
+ Details
Name:
dei_WrittenCommunications
Namespace Prefix:
dei_
Data Type:
xbrli:booleanItemType
Balance Type:
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Period Type:
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