Core Viewpoint - Ryman Hospitality Properties, Inc. will release its third quarter 2025 earnings results on November 3, 2025, and will hold a conference call on November 4, 2025, to discuss the results [1]. Company Overview - Ryman Hospitality Properties, Inc. is a leading lodging and hospitality real estate investment trust specializing in upscale convention center resorts and entertainment experiences [3]. - The company owns five of the top seven largest non-gaming convention center hotels in the U.S. based on total indoor meeting space, including Gaylord Opryland Resort & Convention Center and Gaylord Palms Resort & Convention Center [3]. - The hotel portfolio managed by Marriott International includes a total of 12,364 rooms and over 3 million square feet of indoor and outdoor meeting space across top convention and leisure destinations [3]. - Ryman Hospitality Properties holds approximately 70% controlling ownership interest in Opry Entertainment Group, which includes iconic country music brands and various entertainment venues [3].

Core Insights - Ryman Hospitality Properties, Inc. has appointed Eric Bolton to its Board of Directors, effective immediately, increasing the board size from nine to ten members [1][3]. Company Overview - Ryman Hospitality Properties, Inc. is a leading lodging and hospitality real estate investment trust (REIT) specializing in upscale convention center resorts and entertainment experiences [3]. - The company's portfolio includes five of the top seven largest non-gaming convention center hotels in the U.S., with a total of 12,364 rooms and over 3 million square feet of meeting space [3]. - Ryman Hospitality also holds a 70% controlling interest in Opry Entertainment Group, which includes iconic country music brands and various entertainment venues [3]. Leadership Background - Eric Bolton has over 20 years of experience in the REIT sector, having previously led Mid-America Apartment Communities, Inc. as CEO and currently serving as Executive Chairman [2]. - Bolton's experience in navigating economic cycles and scaling operations aligns with Ryman's management philosophy [2].

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 1-13079 RYMAN HOSPITALITY PROPERTIES, INC. (Exact Name of Registrant as Specified in its Charter) Delaware 73-0664379 (State or Other Jurisdiction of ...

Financial Data and Key Metrics Changes - The company reported record consolidated revenue in the second quarter, with same-store hospitality adjusted EBITDAre at $187 million, a decline of approximately $18 million year-over-year, but still the second highest quarter of all time [21][30] - Adjusted EBITDAre guidance for the full year 2025 was revised to a range of $767 million to $813 million, reflecting the acquisition of JW Marriott Desert Ridge and adjustments for transient rate risks [30][34] - The company expects AFFO for the year in the range of $5 million to $5.46 million, with AFFO per fully diluted share between $7.93 and $8.49 [30] Business Line Data and Key Metrics Changes - The same-store hospitality segment's RevPAR was essentially flat compared to last year, with total RevPAR declining by 160 basis points due to a shift in group mix and timing of the Easter holiday [18][19] - Leisure demand increased approximately 4% year-over-year, driven by strong performance at Gaylord Palms and Gaylord Rockies, while Gaylord Opryland faced softness due to increased hotel supply in Nashville [20][21] - The entertainment segment delivered record revenue of $143 million and adjusted EBITDAre of $34 million, although the adjusted EBITDAre margin declined year-over-year due to investments in Southern Entertainment [25][26] Market Data and Key Metrics Changes - In Nashville, transient occupancy trends lagged behind the top 25 markets, but visitation and tourism remained robust, with rooms sold in the market increasing year-over-year [9][10] - The company noted that the influx of new hotel supply in Nashville is pressuring room rates, but they expect transient occupancy and rate trends to improve as tourism grows [27][28] - Group room revenue on the books for 2026 and 2027 is up 910% compared to the same time last year, indicating strong future demand [25] Company Strategy and Development Direction - The company completed the acquisition of JW Desert Ridge, which is expected to unlock incremental group rotation opportunities and enhance the overall portfolio [5][14] - The company is focused on long-term growth, emphasizing strong relationships with customers and the importance of advanced bookings for future years [12][18] - The company plans to continue investing in capital projects to drive growth and enhance customer experiences, particularly in the entertainment segment [25][26] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the unpredictable operating environment, citing factors such as tariffs, inflation, and interest rates impacting customer behavior [8][9] - Despite near-term uncertainties, management expressed optimism about future group demand and the health of the business, particularly for 2026 and beyond [24][30] - Management expects the transient market dynamics in Nashville to improve as new demand generators are developed, including a new stadium and infrastructure projects [63][64] Other Important Information - The company ended the quarter with $421 million of unrestricted cash and total available liquidity of approximately $1.2 billion [32][33] - The company reiterated its expectations for capital expenditures in 2025 at $350 million, including investments at Desert Ridge [34] Q&A Session Summary Question: Lead volumes were down 16% year-over-year; how do you expect that to trend? - Management noted that lead volumes have faced pressure but expect improvement in 2026 and beyond, indicating that current challenges are primarily short-term [36][37] Question: What is the long-term strategy for JW brand acquisitions? - Management expressed interest in acquiring more JW properties in key markets to create rotation opportunities and enhance the portfolio [39][40] Question: What is driving the resilience in out-of-room spending? - Management attributed the strong out-of-room spending to investments in capital improvements and the overall health of the economy, which supports consumer spending [50][52] Question: What are the expectations for Gaylord Opryland regarding transient business? - Management indicated that while Opryland does more transient business, it is in line with the overall brand's performance, and they expect transient demand to improve in the long term [72] Question: How is the transient side performing across the Ryman portfolio? - Management reported steady performance in Orlando and Gaylord Rockies, while acknowledging short-term challenges in Gaylord Hill Country due to weather [78][80]

Financial Data and Key Metrics Changes - The company reported record consolidated revenue and the second highest adjusted EBITDAre in the history of the same store hospitality segment, trailing only the second quarter of the previous year [5][19] - Same store adjusted EBITDAre was $187 million, a decline of approximately $18 million year over year, but still the second highest quarter of all time [19] - Adjusted EBITDAre guidance for the full year 2025 was revised to a range of $767 million to $813 million, reflecting the acquisition of JW Marriott Desert Ridge and adjustments for transient rate risks [28][30] Business Line Data and Key Metrics Changes - The hospitality segment's RevPAR was essentially flat compared to last year, with total RevPAR declining by 160 basis points due to a shift in group mix and timing of the Easter holiday [16] - Leisure demand increased approximately 4% compared to last year, driven by strong performance at Gaylord Palms and Gaylord Rockies, partially offset by softer demand at Gaylord Opryland [18] - The entertainment segment delivered record revenue of $143 million and adjusted EBITDAre of $34 million, driven by investments in Southern Entertainment and other venues [22][23] Market Data and Key Metrics Changes - In Nashville, transient occupancy trends lagged behind the top 25 markets, but visitation and tourism remained robust, with rooms sold in the market increasing year over year [9][25] - The influx of new hotel supply in Nashville has pressured room rates, leading to a modestly softer transient segment compared to earlier expectations [25][56] - Group rooms revenue on the books for 2026 and 2027 is up 910% compared to the same time last year, indicating strong future demand [22] Company Strategy and Development Direction - The company is focused on integrating the recently acquired JW Desert Ridge property into its portfolio, aiming to create value through capital investments and enhancing group rotation opportunities [13][14] - The long-term strategy includes expanding the JW brand presence in key markets to replicate the success of the Gaylord hotels [37][38] - The company remains optimistic about the long-term potential of the festivals business and its ability to attract a diverse customer demographic [23][95] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the unpredictable operating environment, citing factors such as tariffs, inflation, and interest rates impacting customer behavior [6][21] - Despite near-term uncertainties, management noted improvements in meeting planner sentiment and bookings activity for 2025 [7][18] - The company expects transient demand to improve as tourism grows and hotel demand catches up with new supply [9][25] Other Important Information - The company completed the acquisition of JW Desert Ridge, which has been a long-term target, and is expected to enhance the overall portfolio [4][13] - The company has maintained a strong balance sheet with $421 million in unrestricted cash and total available liquidity of approximately $1.2 billion [30][32] - Capital expenditures for 2025 are expected to be around $350 million, including investments at Desert Ridge [33] Q&A Session Summary Question: Lead volumes were down 16% year over year. How do you expect that to trend? - Management noted that lead volumes have faced pressure but expect improvement for 2026 and beyond, indicating that current challenges are primarily for 2025 [36] Question: What are the long-term plans for the JW brand? - Management expressed interest in adding more JW properties in key markets to create rotation opportunities and enhance the portfolio [37][38] Question: What is driving the resilience in out-of-room spending? - Management attributed the strong out-of-room spending to investments in capital improvements and the overall economic environment, which remains stable [46][50] Question: How is the Gaylord National performing in a challenging market? - Management reported positive performance at Gaylord National, citing structural changes made post-COVID that have benefited the hotel long-term [48] Question: What is the outlook for transient business across the portfolio? - Management indicated that while there is some softness in transient business, properties like Gaylord Rockies and Gaylord Palms are performing well, and investments are expected to yield positive results [74][76] Question: How have cancellations evolved since the initial shock period? - Management noted that cancellations were primarily due to macro concerns, but the second quarter showed a return to normal levels, with no long-term issues anticipated [84][86]

[Executive Summary & Highlights](index=1&type=section&id=Executive%20Summary%20%26%20Highlights) The company achieved record Q2 revenue, completed a strategic acquisition, and updated its full-year outlook [Second Quarter 2025 Highlights and Recent Developments](index=1&type=section&id=Second%20Quarter%202025%20Highlights%20and%20Recent%20Developments) The company reported record Q2 2025 revenue, driven by strong segment performance and a key acquisition - The company delivered first-half results in line with expectations and acquired the JW Marriott Desert Ridge, a long-standing acquisition target[3](index=3&type=chunk) - Group business bookings for 2026 and beyond remain healthy, supported by favorable competitive supply dynamics, positioning the portfolio for future growth in group meeting demand[3](index=3&type=chunk) Q2 2025 Consolidated Financial Highlights | Metric | Value (Millions USD) | | :--- | :--- | | Consolidated Revenue (Record) | $659.5 | | Hospitality Segment Revenue | $516.2 | | Entertainment Segment Revenue (Record) | $143.3 | | Consolidated Net Income | $75.9 | | Consolidated Adjusted EBITDAre | $211.9 | - Booked over **720,000 same-store Hospitality Gross Definite Room Nights** for all future periods, at an estimated average daily rate (ADR) of **$285**[4](index=4&type=chunk) - Completed the acquisition of the 950-room JW Marriott Phoenix Desert Ridge Resort & Spa on June 10, 2025, adding a turnkey asset in a top 10 group meetings market[4](index=4&type=chunk) - Funded the JW Marriott Desert Ridge acquisition through a public offering of approximately **3.0 million common shares** ($96.20/share) and a private placement of **$625 million in 6.500% senior unsecured notes** due 2033[4](index=4&type=chunk) - OEG refinanced its Block 21 CMBS loan with **$130 million in incremental borrowings** under OEG's existing Term Loan B, simplifying its capital structure[4](index=4&type=chunk) - Revised full-year 2025 outlook to include the JW Marriott Desert Ridge acquisition and account for incremental transient rate risk, primarily for Nashville-based hotel properties[4](index=4&type=chunk) [Consolidated Financial Results](index=2&type=section&id=Consolidated%20Financial%20Results) Consolidated revenue grew, but operating income and net income declined due to prior-year tax refunds and share dilution [Second Quarter 2025 Results Overview](index=2&type=section&id=Second%20Quarter%202025%20Results%20Overview) Total revenue increased 7.5% year-over-year, while operating income and net income declined due to various factors Consolidated Financial Performance (Q2 2025 vs. Q2 2024) | Metric | Q2 2025 ($ in thousands) | Q2 2024 ($ in thousands) | % Change | | :--- | :--- | :--- | :--- | | Total revenue | $659,515 | $613,290 | 7.5 % | | Operating income | $139,425 | $168,071 | (17.0)% | | Operating income margin | 21.1 % | 27.4 % | (6.3)pts | | Net income | $75,875 | $104,740 | (27.6)% | | Net income margin | 11.5 % | 17.1 % | (5.6)pts | | Net income available to common stockholders | $71,753 | $100,805 | (28.8)% | | Net income available to common stockholders per diluted share | $1.12 | $1.65 | (32.1)% | | Adjusted EBITDAre | $211,856 | $233,195 | (9.2)% | | Adjusted EBITDAre margin | 32.1 % | 38.0 % | (5.9)pts | | FFO available to common stockholders and unit holders | $137,145 | $157,647 | (13.0)% | | FFO available to common stockholders and unit holders per diluted share/unit | $2.14 | $2.57 | (16.7)% | | Adjusted FFO available to common stockholders and unit holders | $148,845 | $173,432 | (14.2)% | | Adjusted FFO available to common stockholders and unit holders per diluted share/unit | $2.35 | $2.83 | (17.0)% | - Consolidated results for 2024 periods included approximately **$9.1 million in franchise tax refunds**, impacting year-over-year comparisons[6](index=6&type=chunk) - Diluted weighted average common shares for Q2 2025 increased due to approximately **3.0 million additional shares** issued on May 21, 2025, and equivalent shares related to OEG noncontrolling interest put rights[5](index=5&type=chunk) [Segment Performance](index=3&type=section&id=Segment%20Performance) This section details the financial and operational performance of the Hospitality, Entertainment, and Corporate segments [Hospitality Segment](index=3&type=section&id=Hospitality%20Segment) The segment saw a slight revenue decrease, with declines in operating income and Adjusted EBITDAre due to challenging prior-year comparisons Hospitality Segment Performance (Q2 2025 vs. Q2 2024) | Metric | Q2 2025 ($ in thousands) | Q2 2024 ($ in thousands) | % Change | | :--- | :--- | :--- | :--- | | Hospitality revenue | $516,211 | $519,087 | (0.6)% | | Same-store Hospitality revenue | $510,862 | $519,087 | (1.6)% | | Hospitality operating income | $126,920 | $151,885 | (16.4)% | | Hospitality Adjusted EBITDAre | $186,435 | $204,615 | (8.9)% | | Same-store Hospitality Adjusted EBITDAre | $187,017 | $204,615 | (8.6)% | | Occupancy | 73.3 % | 73.7 % | (0.4)pts | | Average Daily Rate (ADR) | $258.88 | $260.76 | (0.7)% | | RevPAR | $189.77 | $192.07 | (1.2)% | | Total RevPAR | $487.62 | $499.76 | (2.4)% | - Same-store Hospitality operating income was **$129.5 million** and Adjusted EBITDAre was **$187.0 million** in Q2, with year-over-year comparisons impacted by the timing of Easter, strong corporate group mix, and one-time franchise tax refunds in Q2 2024[14](index=14&type=chunk) - Association group room nights traveled increased by approximately 49,000, while corporate group room nights declined by a similar amount, leading to a **$16 million decrease in banquet and AV revenue** due to the group mix shift[14](index=14&type=chunk) - Same-store gross group room nights booked for the current year were **up 3% in Q2**, and flat for the six-month period, with ADR on those bookings increasing mid-single digits[14](index=14&type=chunk) - The renovation of the Presidential ballroom and meeting space at Gaylord Opryland was completed in June 2025[14](index=14&type=chunk) Hospitality Segment Booking Metrics (Q2 2025 vs. Q2 2024) | Metric | Q2 2025 | Q2 2024 | % Change | | :--- | :--- | :--- | :--- | | Gross definite room nights booked | 720,644 | 844,170 | (14.6)% | | Net definite room nights booked | 539,860 | 648,434 | (16.7)% | | Group attrition (% of contracted block) | 15.2 % | 15.1 % | 0.1 pts | | Cancellations ITYFTY | 17,287 | 13,987 | 23.6 % | [Gaylord Opryland](index=4&type=section&id=Gaylord%20Opryland) The property experienced a revenue decline of 10.7% and a significant decrease in operating income and Adjusted EBITDAre Gaylord Opryland Performance (Q2 2025 vs. Q2 2024) | Metric | Q2 2025 ($ in thousands) | Q2 2024 ($ in thousands) | % Change | | :--- | :--- | :--- | :--- | | Revenue | $116,465 | $130,352 | (10.7)% | | Operating income | $35,144 | $50,642 | (30.6)% | | Adjusted EBITDAre | $43,710 | $58,830 | (25.7)% | | Occupancy | 75.2 % | 75.4 % | (0.2)pts | | ADR | $246.17 | $260.98 | (5.7)% | | RevPAR | $185.19 | $196.85 | (5.9)% | | Total RevPAR | $443.16 | $496.00 | (10.7)% | [Gaylord Palms](index=4&type=section&id=Gaylord%20Palms) The property showed strong growth with a 6.3% revenue increase and a significant improvement in occupancy and RevPAR Gaylord Palms Performance (Q2 2025 vs. Q2 2024) | Metric | Q2 2025 ($ in thousands) | Q2 2024 ($ in thousands) | % Change | | :--- | :--- | :--- | :--- | | Revenue | $73,113 | $68,799 | 6.3 % | | Operating income | $13,671 | $13,479 | 1.4 % | | Adjusted EBITDAre | $23,236 | $20,361 | 14.1 % | | Occupancy | 78.9 % | 62.5 % | 16.4 pts | | ADR | $243.35 | $235.54 | 3.3 % | | RevPAR | $192.00 | $147.22 | 30.4 % | | Total RevPAR | $467.66 | $440.07 | 6.3 % | [Gaylord Texan](index=6&type=section&id=Gaylord%20Texan) The property's revenue slightly decreased by 1.7%, with a drop in occupancy leading to an 8.5% decline in RevPAR Gaylord Texan Performance (Q2 2025 vs. Q2 2024) | Metric | Q2 2025 ($ in thousands) | Q2 2024 ($ in thousands) | % Change | | :--- | :--- | :--- | :--- | | Revenue | $82,494 | $83,897 | (1.7)% | | Operating income | $25,002 | $26,314 | (5.0)% | | Adjusted EBITDAre | $31,159 | $32,058 | (2.8)% | | Occupancy | 72.0 % | 78.8 % | (6.8)pts | | ADR | $253.06 | $252.61 | 0.2 % | | RevPAR | $182.32 | $199.18 | (8.5)% | | Total RevPAR | $499.74 | $508.24 | (1.7)% | [Gaylord National](index=6&type=section&id=Gaylord%20National) The property reported a 5.6% revenue decrease and significant drops in operating income and Adjusted EBITDAre Gaylord National Performance (Q2 2025 vs. Q2 2024) | Metric | Q2 2025 ($ in thousands) | Q2 2024 ($ in thousands) | % Change | | :--- | :--- | :--- | :--- | | Revenue | $83,413 | $88,369 | (5.6)% | | Operating income | $15,818 | $22,321 | (29.1)% | | Adjusted EBITDAre | $25,420 | $31,921 | (20.4)% | | Occupancy | 67.8 % | 70.8 % | (3.0)pts | | ADR | $263.97 | $263.88 | 0.0 % | | RevPAR | $178.85 | $186.90 | (4.3)% | | Total RevPAR | $459.23 | $486.52 | (5.6)% | [Gaylord Rockies](index=6&type=section&id=Gaylord%20Rockies) The property achieved a 6.4% revenue increase, with growth in Adjusted EBITDAre and Total RevPAR Gaylord Rockies Performance (Q2 2025 vs. Q2 2024) | Metric | Q2 2025 ($ in thousands) | Q2 2024 ($ in thousands) | % Change | | :--- | :--- | :--- | :--- | | Revenue | $81,722 | $76,836 | 6.4 % | | Operating income | $21,798 | $21,436 | 1.7 % | | Adjusted EBITDAre | $36,695 | $35,574 | 3.2 % | | Occupancy | 80.3 % | 80.4 % | (0.1)pts | | ADR | $259.78 | $255.44 | 1.7 % | | RevPAR | $208.62 | $205.25 | 1.6 % | | Total RevPAR | $598.29 | $562.53 | 6.4 % | [JW Marriott Hill Country](index=8&type=section&id=JW%20Marriott%20Hill%20Country) The property reported a 5.9% revenue increase and growth in operating income and Adjusted EBITDAre JW Marriott Hill Country Performance (Q2 2025 vs. Q2 2024) | Metric | Q2 2025 ($ in thousands) | Q2 2024 ($ in thousands) | % Change | | :--- | :--- | :--- | :--- | | Revenue | $66,573 | $62,850 | 5.9 % | | Operating income | $17,250 | $15,438 | 11.7 % | | Adjusted EBITDAre | $25,169 | $22,909 | 9.9 % | | Occupancy | 75.6 % | 79.0 % | (3.4)pts | | ADR | $342.79 | $324.18 | 5.7 % | | RevPAR | $259.31 | $256.23 | 1.2 % | | Total RevPAR | $730.11 | $689.28 | 5.9 % | [JW Marriott Desert Ridge](index=8&type=section&id=JW%20Marriott%20Desert%20Ridge) The newly acquired property generated $5.3 million in revenue for the partial Q2 period since its June 10 acquisition JW Marriott Desert Ridge Performance (Period Ended June 30, 2025) | Metric | Value ($ in thousands) | | :--- | :--- | | Revenue | $5,349 | | Operating loss | $(2,583) | | Operating loss margin | (48.3)% | | Adjusted EBITDAre | $(582) | | Adjusted EBITDAre margin | (10.9)% | | Occupancy | 39.3 % | | ADR | $228.50 | | RevPAR | $89.76 | | Total RevPAR | $268.11 | - The JW Marriott Desert Ridge was acquired on June 10, 2025, so no comparison figures are available for the prior period[21](index=21&type=chunk) [Entertainment Segment](index=9&type=section&id=Entertainment%20Segment) The segment achieved record revenue of $143.3 million, a 52.1% increase, though margins declined due to recent investments Entertainment Segment Performance (Q2 2025 vs. Q2 2024) | Metric | Q2 2025 ($ in thousands) | Q2 2024 ($ in thousands) | % Change | | :--- | :--- | :--- | :--- | | Revenue | $143,304 | $94,203 | 52.1 % | | Operating income | $23,495 | $25,822 | (9.0)% | | Operating income margin | 16.4 % | 27.4 % | (11.0)pts | | Adjusted EBITDAre | $33,908 | $35,744 | (5.1)% | | Adjusted EBITDAre margin | 23.7 % | 37.9 % | (14.2)pts | - **Record revenue** was driven by continued momentum from recent investments, including Category 10, Block 21, and Southern Entertainment[23](index=23&type=chunk) - The investment in Southern Entertainment and one-time franchise tax refunds in the prior-year quarter contributed to a **lower Adjusted EBITDAre margin**[23](index=23&type=chunk) - The festivals business, seasonally weighted to Q2, was impacted by unfavorable weather conditions this year[23](index=23&type=chunk) - Healthy demand and consumer enthusiasm for live experiences highlight the strength of the industry and the company's portfolio of brands and venues[23](index=23&type=chunk) [Corporate and Other Segment](index=9&type=section&id=Corporate%20and%20Other%20Segment) The segment reported an increased operating loss of $11.0 million and a higher Adjusted EBITDAre loss of $8.5 million Corporate and Other Segment Performance (Q2 2025 vs. Q2 2024) | Metric | Q2 2025 ($ in thousands) | Q2 2024 ($ in thousands) | % Change | | :--- | :--- | :--- | :--- | | Operating loss | $(10,990) | $(9,636) | (14.1)% | | Adjusted EBITDAre | $(8,487) | $(7,164) | (18.5)% | - Corporate and Other results for the 2024 periods reflect approximately **$0.1 million in franchise tax refunds**[24](index=24&type=chunk) [Capital Management & Outlook](index=10&type=section&id=Capital%20Management%20%26%20Outlook) This section outlines capital expenditure plans, construction impacts, updated 2025 guidance, and liquidity status [Capital Expenditures](index=10&type=section&id=Capital%20Expenditures) The company maintains its full-year 2025 capital expenditure guidance of $350 to $450 million, focusing on Hospitality projects - The Company expects to spend approximately **$350 to $450 million** on capital expenditures in 2025, primarily for its Hospitality business[25](index=25&type=chunk) - Approximately **$182 million** has been spent on capital expenditures in the first half of 2025[25](index=25&type=chunk) - Planned investments at JW Marriott Desert Ridge include completing meeting space renovations, converting vacant office space to breakout space, and enhancing event lawns for 2026 ICE! programming[26](index=26&type=chunk) - Major Hospitality projects for H2 2025 include continuation of sports bar, pavilion, and event lawn development at Gaylord Opryland (Q1 2026 completion), meeting space expansion at Gaylord Opryland (2027 completion), and room renovations at Gaylord Texan (mid-2026 completion)[28](index=28&type=chunk) [Construction-Related Disruption](index=10&type=section&id=Construction-Related%20Disruption) The company reaffirms its full-year 2025 disruption forecast, expecting a $30-35 million impact to operating income and Adjusted EBITDAre Full Year 2025 Construction-Related Disruption Impact | Metric | Impact | | :--- | :--- | | Same-store Hospitality RevPAR | 250 to 350 basis points | | Same-store Hospitality Total RevPAR | 200 to 300 basis points | | Operating income | $30 to $35 million | | Adjusted EBITDAre | $30 to $35 million | - Construction-related disruption is expected to impact results at Gaylord Opryland and Gaylord Texan in the second half of 2025[27](index=27&type=chunk) [2025 Guidance](index=11&type=section&id=2025%20Guidance) Full-year guidance is updated to incorporate the JW Marriott Desert Ridge acquisition and adjust for transient rate risk in Nashville - The company is adjusting its full-year 2025 outlook for the acquisition of the JW Marriott Desert Ridge[30](index=30&type=chunk) - The range of expected outcomes for same-store Hospitality Adjusted EBITDAre is updated to account for incremental transient rate risk for Nashville-based hotels in the second half of the year, due to new high-end hotel supply impacting transient occupancy and room rates[30](index=30&type=chunk) Updated Full Year 2025 Guidance (Midpoint Comparison) | Metric | Updated Guidance Midpoint ($ in millions) | Prior Guidance Midpoint ($ in millions) | Change ($ in millions) | | :--- | :--- | :--- | :--- | | Same-store Hospitality RevPAR growth | 2.50 % | 2.50 % | - % | | Same-store Hospitality Total RevPAR growth | 2.00 % | 2.00 % | - % | | Consolidated operating income | $472.0 | $476.0 | $(4.0) | | Consolidated Adjusted EBITDAre | $790.0 | $775.0 | $15.0 | | Net income | $231.3 | $253.1 | $(21.9) | | Net income available to common stockholders | $222.8 | $246.1 | $(23.4) | | Net income available to common stockholders per diluted share | $3.47 | $3.93 | $(0.46) | | Adjusted FFO available to common stockholders and unit holders per diluted share/unit | $8.21 | $8.55 | $(0.34) | | Weighted average shares outstanding - diluted (millions) | 66.2 | 64.5 | 1.7 | [Dividend Update](index=13&type=section&id=Dividend%20Update) A quarterly cash dividend of $1.15 per common share was paid on July 15, 2025 - A quarterly cash dividend of **$1.15 per common share** was paid on July 15, 2025, to stockholders of record as of June 30, 2025[33](index=33&type=chunk) - The company's dividend policy mandates distributing a minimum of **100% of REIT taxable income** annually[33](index=33&type=chunk) [Balance Sheet & Liquidity](index=13&type=section&id=Balance%20Sheet%20%26%20Liquidity) The company maintained strong liquidity with $420.6 million in cash and $780.0 million in available credit as of June 30, 2025 Balance Sheet and Liquidity (as of June 30, 2025) | Metric | Value (Millions USD) | | :--- | :--- | | Unrestricted cash | $420.6 | | Total debt outstanding (net) | $3,975.2 | | Aggregate borrowing availability under revolving credit facilities | $780.0 | | Amounts drawn under revolving credit facilities | $0 | [Company Information & Disclosures](index=13&type=section&id=Company%20Information%20%26%20Disclosures) This section provides corporate information, required disclosures, and definitions for non-GAAP financial measures [Earnings Call Information](index=13&type=section&id=Earnings%20Call%20Information) A conference call to discuss Q2 2025 results will be held on August 5, 2025, at 10:00 a.m. ET - A conference call to discuss the Q2 2025 results will be held on **August 5, 2025, at 10:00 a.m. ET**[35](index=35&type=chunk) - Investors can listen to the live call and access a replay on the Investor Relations section of www.rymanhp.com[35](index=35&type=chunk) [About Ryman Hospitality Properties, Inc.](index=13&type=section&id=About%20Ryman%20Hospitality%20Properties%2C%20Inc.) The company is a leading lodging REIT specializing in upscale convention center resorts and entertainment experiences - Ryman Hospitality Properties, Inc. (NYSE: RHP) is a lodging and hospitality REIT focused on upscale convention center resorts and entertainment experiences[36](index=36&type=chunk) - The company's hotel portfolio includes five Gaylord Hotels, JW Marriott Phoenix Desert Ridge Resort & Spa, JW Marriott San Antonio Hill Country Resort & Spa, and two ancillary hotels, totaling **12,364 rooms** and over **3 million square feet of meeting space**, managed by Marriott International[36](index=36&type=chunk) - RHP owns an approximate **70% controlling interest** in Opry Entertainment Group (OEG), which includes brands like Grand Ole Opry, Ryman Auditorium, Ole Red, and Block 21, operating as its Entertainment segment[36](index=36&type=chunk) [Cautionary Note Regarding Forward-Looking Statements](index=14&type=section&id=Cautionary%20Note%20Regarding%20Forward-Looking%20Statements) This release contains forward-looking statements subject to risks and uncertainties that could cause actual results to differ materially - The press release contains forward-looking statements regarding future performance, business levels, financial results, and dividends, which are subject to risks and uncertainties[37](index=37&type=chunk) - Risks include economic conditions affecting hospitality, geographic concentration of properties, inflation, changes in economic/market conditions, ability to remain a REIT, cash flow generation for dividends, ability to borrow/refinance debt, and integration of JW Marriott Desert Ridge[37](index=37&type=chunk) - The company does not undertake any obligation to publicly release revisions to forward-looking statements, except as required by law[37](index=37&type=chunk) [Additional Information](index=14&type=section&id=Additional%20Information) Investors should read this release in conjunction with the company's most recent Annual Report on Form 10-K - This release should be read with the consolidated financial statements and notes in the most recent Annual Report on Form 10-K[38](index=38&type=chunk) - Reports are available on www.rymanhp.com and www.sec.gov[38](index=38&type=chunk) [Non-GAAP Financial Measures Definitions](index=14&type=section&id=Non-GAAP%20Financial%20Measures%20Definitions) This section defines non-GAAP measures like EBITDAre, Adjusted EBITDAre, and FFO used to evaluate performance - RevPAR is calculated by dividing room revenue by room nights available; Total RevPAR includes room, food & beverage, and other ancillary services revenue[39](index=39&type=chunk) - GAAP margin figures are calculated by dividing GAAP consolidated net income available to common stockholders or operating income by corresponding GAAP revenue[40](index=40&type=chunk) - EBITDAre is defined by NAREIT as net income plus interest expense, income tax expense, depreciation and amortization, gains/losses on disposition of depreciated property, impairment write-downs, and adjustments for unconsolidated affiliates[41](index=41&type=chunk) - Adjusted EBITDAre further adjusts EBITDAre for items like preopening costs, non-cash lease expense, equity-based compensation, transaction costs, and loss on extinguishment of debt[42](index=42&type=chunk)[43](index=43&type=chunk) - FFO (Funds From Operations) is defined by NAREIT as net income excluding depreciation and amortization, gains/losses from real estate sales, impairment write-downs of real estate assets, and adjustments for joint ventures[46](index=46&type=chunk) - Adjusted FFO available to common stockholders and unit holders further adjusts FFO for items such as right-of-use asset amortization, non-cash lease expense, amortization of deferred financing costs/debt discounts, loss on extinguishment of debt, and deferred income tax expense[47](index=47&type=chunk) - These non-GAAP measures are used to evaluate operating performance and debt leverage, providing insights into operations without specified non-cash items, but are not alternatives to GAAP measures and may not be comparable across companies[44](index=44&type=chunk)[50](index=50&type=chunk)[51](index=51&type=chunk) [Investor Relations Contacts](index=18&type=section&id=Investor%20Relations%20Contacts) Contact information is provided for the company's investor relations and media teams - Key contacts for investor relations are Mark Fioravanti (President and CEO), Jennifer Hutcheson (CFO), and Sarah Martin (VP, Investor Relations)[52](index=52&type=chunk) - Shannon Sullivan (VP, Corporate and Brand Communications) is the media contact[52](index=52&type=chunk) [Supplemental Financial Statements & Reconciliations](index=19&type=section&id=Supplemental%20Financial%20Statements%20%26%20Reconciliations) This section provides detailed financial statements and reconciliations of GAAP to non-GAAP financial measures [Condensed Consolidated Statements of Operations](index=19&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) The statements show increased total revenues but decreased operating and net income for Q2 2025 compared to the prior year Condensed Consolidated Statements of Operations (Q2 2025 vs. Q2 2024) | Metric | Three Months Ended June 30, 2025 ($ in thousands) | Three Months Ended June 30, 2024 ($ in thousands) | | :--- | :--- | :--- | | Total revenues | $659,515 | $613,290 | | Total operating expenses | $520,090 | $445,219 | | Operating income | $139,425 | $168,071 | | Net income | $75,875 | $104,740 | | Net income available to common stockholders | $71,753 | $100,805 | | Diluted income per share available to common stockholders | $1.12 | $1.65 | - Diluted weighted average common shares for Q2 2025 include approximately **3.0 million additional shares** issued on May 21, 2025, and equivalent shares related to OEG noncontrolling interest put rights[54](index=54&type=chunk) [Condensed Consolidated Balance Sheets](index=20&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets increased to $6.11 billion as of June 30, 2025, driven by increases in property, equipment, and intangible assets Condensed Consolidated Balance Sheets (as of June 30, 2025 vs. December 31, 2024) | Metric | June 30, 2025 ($ in thousands) | December 31, 2024 ($ in thousands) | | :--- | :--- | :--- | | Property and equipment, net | $4,926,280 | $4,124,382 | | Cash and cash equivalents - unrestricted | $420,579 | $477,694 | | Intangible assets and goodwill, net | $294,921 | $116,376 | | Total assets | $6,110,620 | $5,217,573 | | Debt and finance lease obligations | $3,975,213 | $3,378,396 | | Total equity | $842,445 | $552,637 | [Adjusted EBITDAre Reconciliation](index=21&type=section&id=Adjusted%20EBITDAre%20Reconciliation) This section reconciles net income to Adjusted EBITDAre, showing a 9.2% decrease in consolidated Adjusted EBITDAre for Q2 2025 Consolidated Adjusted EBITDAre Reconciliation (Q2 2025 vs. Q2 2024) | Metric | Q2 2025 ($ in thousands) | Q2 2024 ($ in thousands) | % Change | | :--- | :--- | :--- | :--- | | Net income | $75,875 | $104,740 | (27.6)% | | EBITDAre | $203,638 | $225,008 | (9.5)% | | Adjusted EBITDAre | $211,856 | $233,195 | (9.2)% | | Adjusted EBITDAre, excluding noncontrolling interest | $200,561 | $222,473 | (9.8)% | Segment Adjusted EBITDAre (Q2 2025 vs. Q2 2024) | Segment | Q2 2025 Adjusted EBITDAre ($ in thousands) | Q2 2024 Adjusted EBITDAre ($ in thousands) | % Change | | :--- | :--- | :--- | :--- | | Hospitality | $186,435 | $204,615 | (8.9)% | | Same-store Hospitality | $187,017 | $204,615 | (8.6)% | | Entertainment | $33,908 | $35,744 | (5.1)% | | Corporate and Other | $(8,487) | $(7,164) | (18.5)% | [FFO and Adjusted FFO Reconciliation](index=22&type=section&id=FFO%20and%20Adjusted%20FFO%20Reconciliation) FFO available to common stockholders and unit holders decreased by 13.0% in Q2 2025, with Adjusted FFO down 14.2% FFO and Adjusted FFO Reconciliation (Q2 2025 vs. Q2 2024) | Metric | Q2 2025 ($ in thousands) | Q2 2024 ($ in thousands) | % Change | | :--- | :--- | :--- | :--- | | Net income available to common stockholders | $71,753 | $100,805 | (28.8)% | | FFO available to common stockholders and unit holders | $137,145 | $157,647 | (13.0)% | | Adjusted FFO available to common stockholders and unit holders | $148,845 | $173,432 | (14.2)% | | FFO available to common stockholders and unit holders per diluted share/unit | $2.14 | $2.57 | (16.7)% | | Adjusted FFO available to common stockholders and unit holders per diluted share/unit | $2.35 | $2.83 | (17.0)% | - Diluted weighted average common shares for Q2 2025 include approximately **3.0 million additional shares** issued on May 21, 2025, and equivalent shares related to OEG noncontrolling interest put rights[60](index=60&type=chunk) [Hospitality Segment Adjusted EBITDAre Reconciliation and Operating Metrics](index=23&type=section&id=Hospitality%20Segment%20Adjusted%20EBITDAre%20Reconciliation%20and%20Operating%20Metrics) This section details performance across individual properties, highlighting varied results within the Hospitality segment Hospitality Segment Adjusted EBITDAre and Key Metrics (Q2 2025 vs. Q2 2024) | Metric | Q2 2025 ($ in thousands) | Q2 2024 ($ in thousands) | % Change | | :--- | :--- | :--- | :--- | | Hospitality Adjusted EBITDAre | $186,435 | $204,615 | (8.9)% | | Same-store Hospitality Adjusted EBITDAre | $187,017 | $204,615 | (8.6)% | | Hospitality Occupancy | 73.3 % | 73.7 % | (0.4)pts | | Hospitality ADR | $258.88 | $260.76 | (0.7)% | | Hospitality RevPAR | $189.77 | $192.07 | (1.2)% | | Hospitality Total RevPAR | $487.62 | $499.76 | (2.4)% | Individual Property Adjusted EBITDAre (Q2 2025 vs. Q2 2024) | Property | Q2 2025 Adjusted EBITDAre ($ in thousands) | Q2 2024 Adjusted EBITDAre ($ in thousands) | % Change | | :--- | :--- | :--- | :--- | | Gaylord Opryland | $43,710 | $58,830 | (25.7)% | | Gaylord Palms | $23,236 | $20,361 | 14.1 % | | Gaylord Texan | $31,159 | $32,058 | (2.8)% | | Gaylord National | $25,420 | $31,921 | (20.4)% | | Gaylord Rockies | $36,695 | $35,574 | 3.2 % | | JW Marriott Hill Country | $25,169 | $22,909 | 9.9 % | | JW Marriott Desert Ridge | $(582) | $0 | N/A | [Earnings Per Share, FFO Per Share and Adjusted FFO Per Share Calculations](index=26&type=section&id=Earnings%20Per%20Share%2C%20FFO%20Per%20Share%20and%20Adjusted%20FFO%20Per%20Share%20Calculations) Diluted income per share available to common stockholders decreased by 32.1% in Q2 2025 due to lower net income and more shares Per Share Metrics (Q2 2025 vs. Q2 2024) | Metric | Q2 2025 | Q2 2024 | % Change | | :--- | :--- | :--- | :--- | | Basic income per share available to common stockholders | $1.17 | $1.68 | (30.4)% | | Diluted income per share available to common stockholders | $1.12 | $1.65 | (32.1)% | | FFO available to common stockholders and unit holders per diluted share/unit | $2.14 | $2.57 | (16.7)% | | Adjusted FFO available to common stockholders and unit holders per diluted share/unit | $2.35 | $2.83 | (17.0)% | | Weighted average shares outstanding - diluted (thousands) | 65,732 | 63,223 | 3.97 % | - Diluted weighted average common shares for Q2 2025 include approximately **3.0 million additional shares** issued on May 21, 2025, and equivalent shares related to OEG noncontrolling interest put rights[68](index=68&type=chunk) [Reconciliation of Forward-Looking Statements](index=27&type=section&id=Reconciliation%20of%20Forward-Looking%20Statements) This section reconciles full-year 2025 guidance for key metrics, showing the impact of the JW Marriott Desert Ridge acquisition Consolidated Adjusted EBITDAre Guidance Reconciliation (Full Year 2025 Midpoint) | Metric | Current Guidance ($ in thousands) | Prior Guidance ($ in thousands) | Change ($ in thousands) | | :--- | :--- | :--- | :--- | | Net income | $231,250 | $253,125 | $(21,875) | | EBITDAre | $761,813 | $745,188 | $16,625 | | Adjusted EBITDAre | $790,000 | $775,000 | $15,000 | Consolidated FFO and Adjusted FFO Guidance Reconciliation (Full Year 2025 Midpoint) | Metric | Current Guidance ($ in thousands) | Prior Guidance ($ in thousands) | Change ($ in thousands) | | :--- | :--- | :--- | :--- | | Net income available to common stockholders | $222,750 | $246,125 | $(23,375) | | FFO available to common stockholders and unit holders | $503,063 | $505,938 | $(2,875) | | Adjusted FFO available to common stockholders and unit holders | $525,750 | $532,500 | $(6,750) | Per Share Guidance Reconciliation (Full Year 2025 Midpoint) | Metric | Current Guidance | Prior Guidance | Change | | :--- | :--- | :--- | :--- | | Diluted income per share available to common stockholders | $3.47 | $3.93 | $(0.46) | | Adjusted FFO available to common stockholders and unit holders per diluted share/unit | $8.21 | $8.55 | $(0.34) | | Estimated weighted average shares outstanding - diluted (millions) | 66.2 | 64.5 | 1.7 | - The updated guidance includes the JW Marriott Desert Ridge acquisition and the impact of approximately **3.0 million additional shares** issued on May 21, 2025[70](index=70&type=chunk)[74](index=74&type=chunk)

For the quarter ended June 2025, Ryman Hospitality Properties (RHP) reported revenue of $659.52 million, up 7.5% over the same period last year. EPS came in at $2.35, compared to $1.65 in the year-ago quarter. As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately. Here is how Ryman Hospitality Properties performed in the just reported quarter in terms of the metrics m ...

Ryman Hospitality Properties (RHP) came out with quarterly funds from operations (FFO) of $2.35 per share, beating the Zacks Consensus Estimate of $2.31 per share. This compares to FFO of $2.78 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an FFO surprise of +1.73%. A quarter ago, it was expected that this hotel and resort real estate investment trust would post FFO of $1.79 per share when it actually produced FFO of $2.08, delivering a surprise of ...

Core Viewpoint - Ryman Hospitality Properties, Inc. reported strong financial results for the first half of 2025, highlighting the successful acquisition of the JW Marriott Desert Ridge and demonstrating resilience in a challenging economic environment through effective cost management and capital deployment [3][6]. Financial Performance - Total revenue for Q2 2025 reached $659.5 million, a 7.5% increase from $613.3 million in Q2 2024. For the first half of 2025, total revenue was $1.247 billion, up 9.2% from $1.142 billion in the same period last year [5][6]. - Operating income for Q2 2025 was $139.4 million, down 17.0% from $168.1 million in Q2 2024. For the first half, operating income decreased by 3.4% to $255.5 million from $264.5 million [5][6]. - Net income for Q2 2025 was $75.9 million, a decline of 27.6% compared to $104.7 million in Q2 2024. For the first half, net income decreased by 5.8% to $138.9 million from $147.5 million [5][6]. - Adjusted EBITDAre for Q2 2025 was $211.9 million, down 9.2% from $233.2 million in Q2 2024. For the first half, it increased slightly by 0.8% to $397.4 million from $394.3 million [7][6]. Hospitality Segment Highlights - Hospitality revenue for Q2 2025 was $516.2 million, a slight decrease of 0.6% from $519.1 million in Q2 2024. For the first half, hospitality revenue increased by 3.4% to $1.014 billion from $980.6 million [11][20]. - Same-store hospitality operating income for Q2 2025 was $129.5 million, down 14.7% from $151.9 million in Q2 2024. For the first half, it decreased by 3.1% to $246.3 million from $254.1 million [20][11]. - The same-store hospitality portfolio achieved an occupancy rate of 73.3% in Q2 2025, slightly down from 73.7% in Q2 2024. The average daily rate (ADR) was $258.88, a decrease of 0.7% from $260.76 [11][20]. Acquisition and Strategic Developments - The acquisition of the JW Marriott Desert Ridge was completed on June 10, 2025, enhancing the company's portfolio in a top 10 group meetings market [3][6]. - The company successfully raised approximately $625 million through a private placement of senior unsecured notes to fund the acquisition [6][7]. - Group business for 2026 and beyond remains strong, with favorable competitive supply dynamics expected to benefit the portfolio [3][6].

Analyst's Disclosure:I/we have no stock, option or similar derivative position in any of the companies mentioned, but may initiate a beneficial Long position through a purchase of the stock, or the purchase of call options or similar derivatives in RHP over the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article. Seeking A ...