NASHVILLE, Tenn., Dec. 10, 2025 (GLOBE NEWSWIRE) -- Ryman Hospitality Properties, Inc. (NYSE: RHP) (the “Company”), a leading lodging and hospitality real estate investment trust that specializes in upscale convention center resorts and entertainment experiences, announced today that it will release its fourth quarter 2025 earnings results after the market closes on Monday, February 23, 2026. Management will hold a conference call to discuss the quarter’s results at 10 a.m. ET on Tuesday, February 24, 2026. ...

NASHVILLE, Tenn., Dec. 04, 2025 (GLOBE NEWSWIRE) -- Ryman Hospitality Properties, Inc. (NYSE: RHP) (the “Company”), a leading lodging and hospitality real estate investment trust that specializes in upscale convention center resorts and entertainment experiences, today announced that the Board of Directors has authorized, and the Company has declared a fourth quarter cash dividend of $1.20 per share of common stock, to be paid on January 15, 2026, to stockholders of record as of December 31, 2025. About Rym ...

Diamond Hill Capital, an investment management company, released its “Small Cap Strategy” third-quarter 2025 investor letter. A copy of the letter can be downloaded here. Markets continued their rally in the third quarter, with small-cap stocks gaining over 12% as measured by the Russell 2000 Index. However, the portfolio trailed the Russell 2000 Index in the quarter, returning 7.93% (net of fees). The relative underperformance was mainly due to the rally being driven by sectors that the portfolio typically ...

Core Insights - Artificial intelligence (AI) is identified as the greatest investment opportunity of the current era, with a strong emphasis on the urgent need for energy to support its growth [1][2][3] - A specific company is highlighted as a key player in the AI energy sector, owning critical energy infrastructure assets that are essential for meeting the increasing energy demands of AI technologies [3][7][8] Investment Landscape - Wall Street is investing hundreds of billions into AI, but there is a pressing concern regarding the energy supply needed to sustain this growth [2] - AI data centers, such as those powering large language models, consume energy equivalent to that of small cities, indicating a significant strain on global power grids [2] - The company in focus is positioned to benefit from the anticipated surge in electricity demand driven by AI advancements [3][6] Company Profile - The company is described as a "toll booth" operator in the AI energy boom, collecting fees from energy exports and benefiting from the onshoring trend due to tariffs [5][6] - It possesses critical nuclear energy infrastructure assets, making it a central player in America's future power strategy [7] - The company is noted for its capability to execute large-scale engineering, procurement, and construction projects across various energy sectors, including oil, gas, and renewables [7] Financial Position - The company is completely debt-free and has a substantial cash reserve, amounting to nearly one-third of its market capitalization, which positions it favorably compared to heavily indebted competitors [8][10] - It also holds a significant equity stake in another AI-related company, providing investors with indirect exposure to multiple growth opportunities without the associated premium [9] Market Sentiment - There is a growing interest from hedge funds in this company, which is considered undervalued and off the radar, trading at less than seven times earnings [10][11] - The company is recognized for delivering real cash flows and owning critical infrastructure, making it an attractive investment option in the context of the AI and energy sectors [11][12]

Company Overview - Ryman Hospitality Properties operates as a REIT, focusing on group-oriented, destination hotel assets with a total of 11,869 rooms managed by Marriott under the Gaylord Hotels and JW Marriott brands[96]. - Ryman's long-term strategic plan aims to be the premier hospitality REIT for group-oriented meeting hotel assets in urban and resort markets[102]. Financial Performance - Total revenues for Q3 2025 reached $592,458,000, a 7.7% increase from $549,958,000 in Q3 2024[121]. - Total operating expenses for Q3 2025 were $503,846,000, reflecting a 13.5% increase compared to $444,078,000 in Q3 2024[121]. - Operating income decreased to $88,612,000 in Q3 2025, down 16.3% from $105,880,000 in Q3 2024[121]. - Net income for Q3 2025 was $33,959,000, a 43.8% decline from $60,398,000 in Q3 2024[121]. - Net income available to common stockholders for Q3 2025 was $34,886,000, down 40.9% from $59,011,000 in Q3 2024[121]. - Total revenues for the nine months ended September 30, 2025, were $1,839,253,000, an 8.7% increase from $1,691,593,000 in the same period of 2024[121]. - Total operating expenses for the nine months ended September 30, 2025, increased to $1,495,095,000, a 13.2% rise from $1,321,261,000 in the same period of 2024[121]. - The decrease in operating income for the nine months ended September 30, 2025, was $26.2 million compared to the same period in 2024[125]. Revenue Segmentation - For the three months ended September 30, 2025, total revenues were divided among segments as follows: Hospitality 85%, Entertainment 15%[111]. - The increase in total revenues for Q3 2025 was primarily driven by a $33.8 million increase in the Hospitality segment and an $8.7 million increase in the Entertainment segment[122]. - Total revenue for the Hospitality segment increased by 7.2% to $500.9 million in Q3 2025 compared to Q3 2024[129]. - Entertainment revenue increased by 33.0% in the nine months ended September 30, 2025, compared to the same period in 2024[128]. Capital Expenditures and Investments - In 2024, Ryman completed a $98 million multi-year enhancement project at Gaylord Rockies and identified over $1 billion in capital investment opportunities across its hotel portfolio[105]. - Ryman's ongoing plans include a nearly $225 million capital improvement plan at Gaylord Opryland, which involves expanding meeting space and renovating facilities[107][108]. - The company reported a capital expenditure of approximately $252.1 million, reflecting its commitment to investing in existing properties[106]. - The company anticipates capital expenditures between $125 million and $175 million for ongoing projects in 2025, including expansions and renovations at various properties[180]. Debt and Financing - The company issued $625 million in 6.50% senior notes due 2033 to support its financial strategy[106]. - The company completed a private placement of $500 million in 4.75% senior notes due 2027, with a maturity date of October 15, 2027, and interest payable semi-annually[203]. - The net proceeds from the $625 million senior notes issuance totaled approximately $614 million, used to fund a portion of the purchase price for JW Marriott Desert Ridge[209]. - As of September 30, 2025, the company had $483.3 million in unrestricted cash and $780.0 million available for borrowing under its revolving credit facilities[179]. - The company’s outstanding principal debt agreements include a $700.0 million revolving credit facility and a senior secured term loan B, with specific financial covenants to maintain[188]. Operational Metrics - Same-store ADR increased by 2.2% in Q3 2025 compared to Q3 2024, reaching $257.74[129]. - Same-store group room nights booked decreased by 3.6% in Q3 2025 compared to Q3 2024, indicating ongoing economic policy uncertainty[128]. - Total RevPAR for the Hospitality segment decreased by 1.0% to $440.33 in Q3 2025 compared to Q3 2024[129]. - The overall occupancy rate for Gaylord Opryland decreased to 64.0% in Q3 2025, down from 71.8% in Q3 2024, a decline of 7.8 percentage points[136]. Income and Cash Flow - Cash flows provided by operating activities for the nine months ended September 30, 2025, were $426.0 million, reflecting net income before depreciation and other non-cash charges of $401.4 million[173]. - The income tax provision for the nine months ended September 30, 2025, was $8.4 million, down from $13.7 million in 2024, reflecting changes in income at the company's TRSs[161]. - The net income available to common stockholders for the nine months ended September 30, 2025, is $147,310 thousand[237]. Market Conditions and Risks - A prolonged inflationary environment could adversely affect operating costs, customer spending, and financial results[234]. - The management agreements impose limitations on indebtedness, capping secured debt at no more than 75% of the fair market value of the hotels[228].

Financial Data and Key Metrics Changes - The company reported third-quarter results in line with expectations, with RevPAR and total RevPAR index achieving approximately 141% and 195% of fair share relative to the Marriott-defining competitive set [4][12] - Adjusted EBITDAre for the entertainment segment is expected to be in the range of $772-$802 million, reflecting a reduction in guidance due to softer volumes in downtown Nashville venues [21][17] - The company ended the third quarter with $483 million of unrestricted cash and total available liquidity of nearly $1.3 billion [22] Business Line Data and Key Metrics Changes - The hospitality segment delivered results towards the high end of expectations, with a decline in corporate group room nights down only about 20,000 compared to last year [12] - Food and beverage outlet performance improved, with outlet sales per occupied room increasing nearly 13% [13] - The entertainment segment generated approximately $92 million in revenue and adjusted EBITDAre of approximately $25 million [16] Market Data and Key Metrics Changes - The leisure hotel market in Nashville improved, with transient ADR growth for the upscale and luxury hotel segment turning positive for the first time since February 2025 [4] - Nashville Airport traffic was reported to be up 10% in October compared to last year, marking the best October in the airport's history [28] - Group room nights booked for all future years were up 9% compared to last year, with ADR growth continuing in the mid-single digits [15] Company Strategy and Development Direction - The company remains bullish on the long-term trajectory of Nashville, citing ongoing developments such as the new Titans stadium and Oracle's headquarters [5][6] - The company is focusing on expanding its entertainment platform and enhancing the Opry brand, with plans for a second Category 10 development in Las Vegas [10][11] - The company anticipates that the sports bar development at Gaylord Opryland will open in April 2026, contributing to future growth [18] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding the fourth quarter, noting that while government-related weakness is impacting bookings, leisure demand is showing positive trends [97][98] - The company is optimistic about an increase in group demand for 2026 due to expectations for lower interest rates and a more favorable business environment [17] - Management highlighted that corporate leads and bookings remain strong despite elevated cancellation activity primarily in the government sector [34][35] Other Important Information - The company is narrowing its guidance ranges for the full year 2025, reflecting adjustments in the entertainment segment due to market conditions [21] - The company plans to continue paying a minimum of 100% of taxable income through dividends [23] Q&A Session Summary Question: Updated thoughts on the entertainment market in Nashville - Management noted that the market has stabilized, with increased airline traffic and optimism for future tourism growth due to new developments [27][28] Question: Impact of cancellations on bookings - Cancellations were up primarily in the government sector, but corporate leads and demand remain strong, mitigating some impacts [34][35] Question: Leisure assumptions for the fourth quarter - Management expects improved performance in leisure bookings, with early indicators showing positive trends [36][37] Question: Corporate group bookings recovery - Corporate bookings are strong across various sectors, with no specific industry showing greater growth [68] Question: Acquisition appetite and strategy - The company is focused on internal capital deployment rather than external acquisitions, emphasizing high-quality returns on invested capital [89][90]

Financial Performance - The company reported consolidated revenue of $592.5 million for Q3 2025, a 7.7% increase from $549.9 million in Q3 2024[4] - Consolidated net income decreased by 43.8% to $34.0 million compared to $60.4 million in the same quarter last year[5] - Adjusted EBITDAre for Q3 2025 was $173.1 million, a slight decrease of 1.0% from $174.8 million in Q3 2024[5] - The company is narrowing its full year 2025 outlook, resulting in slightly lower midpoints for operating income and Adjusted EBITDAre[4] - Total revenues for the three months ended September 30, 2025, were $592.5 million, an increase of 7.7% compared to $550.0 million for the same period in 2024[58] - Net income available to common stockholders for the three months ended September 30, 2025, was $34.9 million, a decrease of 40.5% from $59.0 million in the prior year[58] - Adjusted EBITDAre for the nine months ended September 30, 2025, was $344.2 million, compared to $370.3 million for the same period in 2024, reflecting a decrease of 7.0%[58] - The company reported a basic income per share available to common stockholders of $0.55 for the three months ended September 30, 2025, down from $0.99 in the same period of 2024[58] - Adjusted FFO available to common stockholders and unit holders for the three months ended September 30, 2025, was $106.352 million, compared to $120.235 million in 2024, indicating a decrease of 11.5%[64] Hospitality Segment Performance - Hospitality segment revenue increased by 7.2% to $500.9 million in Q3 2025, while same-store Hospitality revenue decreased by 0.5%[8] - Same-store Hospitality portfolio's operating income for Q3 2024 was $90.8 million, with Adjusted EBITDAre of $151.4 million, impacted by a shift in corporate group mix[13] - Same-store Hospitality segment revenue for the three months ended September 30, 2025, was $464.751 million, slightly down from $467.043 million in 2024[62] - Same-store hospitality segment revenue was $464.75 million in Q3 2025, slightly down from $467.04 million in Q3 2024, indicating a decrease of 0.5%[66] - Hospitality segment revenue for Q3 2025 reached $500.87 million, up from $467.04 million in Q3 2024, representing an increase of 7.9%[66] - Adjusted EBITDAre for the hospitality segment was $156.32 million with a margin of 31.2% in Q3 2025, compared to $159.57 million and 34.2% in Q3 2024[66] Individual Property Performance - Gaylord Opryland reported a revenue of $110,078,000 for Q3 2025, a decrease of 10.3% compared to Q3 2024, with a nine-month revenue of $336,721,000, down 5.6% year-over-year[12] - The operating income for Gaylord Opryland in Q3 2025 was $30,683,000, reflecting a 16.2% decline from the previous year, while the nine-month operating income was $95,925,000, down 14.4%[12] - The occupancy rate at Gaylord Opryland decreased to 64.0% in Q3 2025, down 7.8 percentage points from 71.8% in Q3 2024[12] - Gaylord Palms experienced a revenue of $66,745,000 in Q3 2025, a decline of 2.2% year-over-year, while the nine-month revenue increased by 2.6% to $228,251,000[14] - The operating income margin for Gaylord Palms fell to 12.0% in Q3 2025, down 6.1 percentage points from 18.1% in Q3 2024[14] - Gaylord Texan's revenue increased by 1.3% to $74,082,000 in Q3 2025, with a nine-month revenue of $242,953,000, up 0.4%[15] - Gaylord National reported a revenue increase of 12.0% in Q3 2025, reaching $78,098,000, with a nine-month revenue of $242,340,000, up 7.0%[16] - Gaylord Rockies achieved an occupancy rate of 83.6% in Q3 2025, up from 80.8% in Q3 2024[67] Capital Expenditures and Future Outlook - The Company expects to spend approximately $375 to $425 million on capital expenditures in 2025, with about $252 million already spent through September 30, 2025[25] - The total project cost for the Category 10 Las Vegas development is estimated to be approximately $35 million, with most cash spending occurring in 2026[26] - The Company anticipates a full-year impact of construction-related disruption to its same-store Hospitality segment of 250 to 350 basis points to RevPAR and $30 to $35 million to operating income and Adjusted EBITDAre in 2025[27] - The updated guidance for same-store Hospitality RevPAR growth for 2025 is between 1.00% and 3.50%, with a midpoint of 2.50%[30] - The Company has narrowed its 2025 operating income guidance for the Entertainment segment, now expecting $64.3 million to $65.3 million, down from a prior range of $65.8 million to $69.8 million[30] Debt and Cash Position - As of September 30, 2025, the Company had unrestricted cash of $483.3 million and total debt outstanding of $3,976.0 million[34] - Debt and finance lease obligations rose to $4.0 billion as of September 30, 2025, compared to $3.4 billion at the end of 2024, indicating an increase of 17.7%[60] - Cash and cash equivalents (unrestricted) were $483.3 million as of September 30, 2025, slightly up from $477.7 million at the end of 2024[60] Dividend and Shareholder Returns - The Company paid a quarterly cash dividend of $1.15 per common share on October 15, 2025, reflecting its policy to distribute a minimum of 100% of REIT taxable income annually[33] - Basic net income per share for the three months ended September 30, 2025, was $0.55, down from $0.99 in 2024[64] Guidance for 2025 - For Full Year 2025, the consolidated net income guidance is between $227,000 and $235,500, with a midpoint of $231,250[74] - Adjusted EBITDAre for the full year 2025 is projected to range from $772,000 to $802,000, with a midpoint of $787,000[74] - The hospitality segment's adjusted EBITDAre is expected to be between $698,000 and $722,000, with a midpoint of $710,000[74] - The entertainment segment's adjusted EBITDAre is forecasted to range from $110,000 to $114,000, with a midpoint of $112,000[74] - The corporate and other segment is projected to have an adjusted EBITDAre loss between $36,000 and $34,000, with a midpoint of $35,000[74]

Core Insights - Ryman Hospitality Properties reported third quarter results that met expectations despite some impact from U.S. tariff announcements and a pause in meeting planner decision-making [3][6] - The company anticipates a comparable same-store group rooms revenue for the fourth quarter and an 8% increase for 2026 compared to 2025 [3] - Major capital projects, particularly at Gaylord Rockies, are yielding returns above expectations, and there is enthusiasm among meeting planners regarding ongoing investments [3] Financial Performance - Total revenue for Q3 2025 was $592.5 million, a 7.7% increase from $550.0 million in Q3 2024 [4] - Operating income decreased by 16.3% to $88.6 million, with a margin of 15.0% compared to 19.3% in the previous year [4] - Net income fell by 43.8% to $34.0 million, with a net income margin of 5.7% [4] - Adjusted EBITDAre for Q3 2025 was $173.1 million, a slight decrease of 1.0% from $174.8 million in Q3 2024 [4] Hospitality Segment Highlights - Hospitality revenue for Q3 2025 was $500.9 million, up 7.2% from $467.0 million in Q3 2024 [10] - Same-store hospitality revenue showed a slight decline of 0.5% year-over-year [10] - Operating income for the hospitality segment decreased by 15.3% to $87.1 million, with a margin of 17.4% [10] Entertainment Segment Highlights - Entertainment segment revenue increased by 10.5% to $91.6 million in Q3 2025 [30] - Operating income for the entertainment segment decreased by 9.4% to $11.8 million, with a margin of 12.9% [30] - The company is focused on expanding the Grand Ole Opry brand, including an international performance at the Royal Albert Hall [31] Capital Expenditures - The company expects to spend approximately $375 to $425 million on capital expenditures in 2025, with $252 million already spent through September 30, 2025 [33] - Major ongoing projects include renovations at the JW Marriott Desert Ridge and the development of a second Category 10 location in Las Vegas [33] Guidance and Outlook - The company has narrowed its full-year 2025 outlook, resulting in slightly lower midpoints for operating income, Adjusted EBITDAre, and Adjusted FFO available to common stockholders [6][36] - Construction-related disruptions are expected to impact RevPAR and operating income for the remainder of 2025 [34]

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Core Insights - Ryman Hospitality Properties (NYSE: RHP) focuses on upscale and meeting-oriented destination hotels across various urban and resort markets in the U.S., which has resulted in strong earnings visibility and a clear growth trajectory for the REIT [1] Group 1: Company Overview - Ryman Hospitality Properties operates in the upscale hotel sector, emphasizing meeting-focused destinations [1] - The company's portfolio spans urban and resort markets, enhancing its market presence and revenue potential [1] Group 2: Market Dynamics - The equity market serves as a significant mechanism for wealth creation or destruction over the long term, influenced by daily price fluctuations [1] - Pacifica Yield aims to capitalize on long-term wealth creation by focusing on undervalued high-growth companies, high-dividend stocks, REITs, and green energy firms [1]