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Ryman Hospitality Properties, Inc. Reports First Quarter 2025 Results

1. RHP reported record first quarter revenue of $587.3 million. 2. Consolidated net income increased by 47.4% to $63 million. 3. Future room bookings rose over 10%, signaling strong demand. 4. Reduced full-year outlook for RevPAR growth due to economic uncertainty. 5. OEG's strategic contract with Nashville may enhance entertainment revenue.

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FAQ

Why Bullish?

RHP's strong financial results and increasing bookings indicate solid demand, although lowered RevPAR outlook introduces mild caution.

How important is it?

Strong financial performance reflects high operational efficacy, while strategic developments hint at potential future growth.

Why Short Term?

Immediate positive earnings trends may drive initial investor interest, but macroeconomic headwinds may temper sentiment in coming quarters.

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OEGMARHLT
NASHVILLE, Tenn., May 01, 2025 (GLOBE NEWSWIRE) -- Ryman Hospitality Properties, Inc. (NYSE: RHP), a lodging real estate investment trust (“REIT”) specializing in group-oriented, destination hotel assets in urban and resort markets, today reported financial results for the three months ended March 31, 2025. First Quarter 2025 Highlights and Recent Developments: The Company reported first quarter records for consolidated revenue of $587.3 million, Hospitality segment revenue of $497.7 million and Entertainment segment revenue of $89.6 million. The Company also generated first quarter records for consolidated net income of $63.0 million and consolidated Adjusted EBITDAre of $185.5 million.During the quarter, the Company booked over 363,000 Gross Definite Room Nights for all future years at a record estimated average daily rate (ADR) for future bookings booked during any first quarter of approximately $284.In the first quarter, Opry Entertainment Group (OEG) made a strategic investment in Southern Entertainment, a leading independent festival and live event operator. Subsequent to quarter-end, the Metropolitan Government of Nashville announced its intent to award OEG a 10-year contract to operate the 6,800-seat Ascend Amphitheater in downtown Nashville, Tennessee, beginning in 2026, pending successful contract negotiations. Subsequent to quarter-end, OEG successfully defeased its obligations under its Block 21 CMBS loan with a $130 million add-on to OEG’s existing Term Loan B, maintaining the same interest rate and maturity date as the original Term Loan B facility.The Company is affirming its full year outlook for consolidated net income, Adjusted EBITDAre and Adjusted Funds from Operations (AFFO) per diluted share/unit due to the Company’s strong first quarter performance, resilient group business model and implementation of proactive cost management measures by our manager. The Company is also lowering its full year outlook for Hospitality RevPAR and Total RevPAR growth to account for the impact of macroeconomic uncertainty on in-the-year-for-the-year group demand. Mark Fioravanti, President and Chief Executive Officer of Ryman Hospitality Properties, said, “Our first quarter results exceeded our expectations, driven by outperformance across both our Hospitality and Entertainment business segments. Hospitality delivered record first quarter performance in revenue, operating income and Adjusted EBITDAre, supported by broad based growth across both group and leisure.  First quarter bookings for all future years increased over 10% compared to last year, with particular strength in bookings for 2026 and 2027. However, ongoing economic policy uncertainty is weighing on near-term meeting planner decision-making, which is impacting lead volumes and group bookings for the in-the-year-for-the-year period. As a result, we are adopting a more conservative top-line outlook for 2025, while affirming our profitability outlook due to the resilience of our group-centric business model and the proactive cost management efforts at our properties.” First Quarter 2025 Results (as compared to First Quarter 2024):  Three Months Ended  March 31, ($ in thousands, except per share amounts)        % 2025 2024 ChangeTotal revenue$587,280  $528,345  11.2 %            Operating income$116,121  $96,381  20.5 %Operating income margin 19.8%  18.2% 1.6 pts            Net income$63,014  $42,761  47.4 %Net income margin 10.7%  8.1% 2.6 pts            Net income available to common stockholders$62,961  $43,056  46.2 %Net income available to common stockholders margin 10.7%  8.1% 2.6 ptsNet income available to common stockholders per diluted share (1)$1.00  $0.67  49.3 %            Adjusted EBITDAre$185,502  $161,065  15.2 %Adjusted EBITDAre margin 31.6%  30.5% 1.1 ptsAdjusted EBITDAre, excluding noncontrolling interest$179,876  $156,403  15.0 %Adjusted EBITDAre, excluding noncontrolling interest margin 30.6%  29.6% 1.0 pts            Funds From Operations (FFO) available to common stockholders and unit holders$122,902  $98,473  24.8 %FFO available to common stockholders and unit holders per diluted share/unit (1)$1.97  $1.57  25.5 %            Adjusted FFO available to common stockholders and unit holders$129,823  $102,694  26.4 %Adjusted FFO available to common stockholders and unit holders per diluted share/unit (1)$2.08  $1.63  27.6 % _______________1 Diluted weighted average common shares for the three months ended March 31, 2025 and 2024 include 3.7 million and 3.2 million, respectively, in equivalent shares related to the currently unexercisable investor put rights associated with the noncontrolling interest in the Company’s OEG business, which may be settled in cash or shares at the Company’s option. Note: For the Company’s definitions of Adjusted EBITDAre, Adjusted EBITDAre margin, Adjusted EBITDAre, excluding noncontrolling interest, Adjusted EBITDAre, excluding noncontrolling interest margin, FFO available to common stockholders and unit holders, and Adjusted FFO available to common stockholders and unit holders, as well as a reconciliation of the non-GAAP financial measure Adjusted EBITDAre to Net Income and a reconciliation of the non-GAAP financial measures FFO available to common stockholders and unit holders and Adjusted FFO available to common stockholders and unit holders to Net Income, see “Non-GAAP Financial Measures,” “EBITDAre, Adjusted EBITDAre and Adjusted EBITDAre, Excluding Noncontrolling Interest Definition,” “Adjusted EBITDAre, Excluding Noncontrolling Interest Margin Definition” “FFO, Adjusted FFO, and Adjusted FFO Available to Common Stockholders and Unit Holders Definition” and “Supplemental Financial Results” below. Hospitality Segment  Three Months Ended  March 31, ($ in thousands, except ADR, RevPAR, and Total RevPAR)        % 2025 2024 ChangeHospitality revenue$497,730  $461,470  7.9 %            Hospitality operating income$116,809  $102,185  14.3 %Hospitality operating income margin 23.5%  22.1% 1.4 ptsHospitality Adjusted EBITDAre$172,974  $154,593  11.9 %Hospitality Adjusted EBITDAre margin 34.8%  33.5% 1.3 pts            Hospitality performance metrics:           Occupancy 69.7%  66.7% 3.0 ptsAverage Daily Rate (ADR)$264.40  $250.48  5.6 %RevPAR$184.21  $167.17  10.2 %Total RevPAR$484.52  $444.29  9.1 %            Gross definite room nights booked 363,904   329,695  10.4 %Net definite room nights booked 205,194   189,583  8.2 %Group attrition (as % of contracted block) 15.5%  14.9% 0.6 ptsCancellations ITYFTY (1) 22,779   13,050  74.6 % _______________1 “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, Total RevPAR, and Occupancy” below. Property-level results and operating metrics for first quarter 2025 are presented in greater detail below and under “Supplemental Financial Results—Hospitality Segment Adjusted EBITDAre Reconciliations and Operating Metrics,” which includes a reconciliation of the non-GAAP financial measures Hospitality Adjusted EBITDAre to Hospitality Operating Income, and property-level Adjusted EBITDAre to property-level Operating Income for each of the hotel properties.Hospitality Segment Highlights The portfolio delivered first quarter RevPAR growth of 10.2% and Total RevPAR growth of 9.1%, compared to the prior year period. The Company estimates the timing of the Easter holiday contributed approximately 220 basis points to first quarter RevPAR growth.Banquet and AV revenue increased 6.6% year over year driven in part by higher contribution per group room night despite a known higher mix shift toward association groups.First quarter attrition and cancellation revenue was approximately $6.7 million, a decline of $1.7 million compared to the prior year period.In February 2025, the Company completed the extensive renovation of the lobby and rooms at Gaylord Palms. The renovation excluded the rooms added with the 2021 expansion. Gaylord Opryland  Three Months Ended  March 31, ($ in thousands, except ADR, RevPAR, and Total RevPAR)        % 2025 2024 ChangeRevenue$110,178  $103,835  6.1 %           Operating income$30,098  $24,825  21.2 %Operating income margin 27.3%  23.9% 3.4 ptsAdjusted EBITDAre$38,148  $32,947  15.8 %Adjusted EBITDAre margin 34.6%  31.7% 2.9 pts           Performance metrics:          Occupancy 64.9%  65.1% (0.2)ptsADR$262.57  $245.28  7.0 %RevPAR$170.49  $159.60  6.8 %Total RevPAR$423.89  $395.10  7.3 %             Gaylord Palms  Three Months Ended  March 31, ($ in thousands, except ADR, RevPAR, and Total RevPAR)        % 2025 2024 ChangeRevenue$88,393  $85,463  3.4 %           Operating income$23,782  $25,006  (4.9)%Operating income margin 26.9%  29.3% (2.4)ptsAdjusted EBITDAre$32,947  $31,871  3.4 %Adjusted EBITDAre margin 37.3%  37.3% – pts           Performance metrics:          Occupancy 75.9%  74.6% 1.3 ptsADR$276.14  $267.99  3.0 %RevPAR$209.69  $199.89  4.9 %Total RevPAR$571.68  $546.66  4.6 %             Gaylord Texan  Three Months Ended  March 31, ($ in thousands, except ADR, RevPAR, and Total RevPAR)        % 2025 2024 ChangeRevenue$86,377  $84,902  1.7 %           Operating income$27,695  $26,032  6.4 %Operating income margin 32.1%  30.7% 1.4 ptsAdjusted EBITDAre$33,624  $31,923  5.3 %Adjusted EBITDAre margin 38.9%  37.6% 1.3 pts           Performance metrics:          Occupancy 73.0%  73.2% (0.2)ptsADR$257.26  $239.77  7.3 %RevPAR$187.80  $175.54  7.0 %Total RevPAR$529.08  $514.32  2.9 %             Gaylord National  Three Months Ended  March 31, ($ in thousands, except ADR, RevPAR, and Total RevPAR)        % 2025 2024 ChangeRevenue$80,829  $68,274  18.4 %            Operating income$9,474  $5,223  81.4 %Operating income margin 11.7%  7.7% 4.0 ptsAdjusted EBITDAre$19,031  $14,819  28.4 %Adjusted EBITDAre margin 23.5%  21.7% 1.8 pts            Performance metrics:           Occupancy 72.4%  64.4% 8.0 ptsADR$249.02  $236.16  5.4 %RevPAR$180.33  $152.18  18.5 %Total RevPAR$449.95  $375.88  19.7 %             Gaylord Rockies  Three Months Ended  March 31, ($ in thousands, except ADR, RevPAR, and Total RevPAR)        % 2025 2024 ChangeRevenue$70,948  $63,822  11.2 %            Operating income$14,823  $11,997  23.6 %Operating income margin 20.9%  18.8% 2.1 ptsAdjusted EBITDAre$29,675  $25,838  14.9 %Adjusted EBITDAre margin 41.8%  40.5% 1.3 pts            Performance metrics:           Occupancy 72.2%  64.5% 7.7 ptsADR$257.09  $242.23  6.1 %RevPAR$185.68  $156.29  18.8 %Total RevPAR$525.19  $467.24  12.4 %             JW Marriott Hill Country  Three Months Ended  March 31, ($ in thousands, except ADR, RevPAR, and Total RevPAR)        % 2025 2024 ChangeRevenue$55,276  $49,941  10.7 %            Operating income$10,849  $9,134  18.8 %Operating income margin 19.6%  18.3% 1.3 ptsAdjusted EBITDAre$18,680  $16,531  13.0 %Adjusted EBITDAre margin 33.8%  33.1% 0.7 pts            Performance metrics:           Occupancy 67.9%  63.6% 4.3 ptsADR$321.54  $312.19  3.0 %RevPAR$218.38  $198.40  10.1 %Total RevPAR$612.95  $547.72  11.9 %             Entertainment Segment  Three Months Ended  March 31, ($ in thousands)        % 2025 2024 ChangeRevenue$89,550  $66,875  33.9 %            Operating income$10,316  $6,112  68.8 %Operating income margin 11.5%  9.1% 2.4 ptsAdjusted EBITDAre$20,939  $15,539  34.8 %Adjusted EBITDAre margin 23.4%  23.2% 0.2 pts             Fioravanti continued, “Our Entertainment segment delivered record first quarter performance in revenue, operating income and Adjusted EBITDAre driven by growth from our recent investments in Category 10, the W Austin Hotel at Block 21 and Ole Red Las Vegas. Our ‘Opry 100’ programming is off to a strong start, with the televised live special ‘Opry 100: A Live Celebration’ generating exceptional viewership and social media engagement. We have not seen notable indications of macro-driven consumer softness, which we attribute to the continued strength of the live entertainment category and the quality of our portfolio of iconic brands and venues.” Corporate and Other Segment  Three Months Ended  March 31, ($ in thousands)      % 2025 2024 ChangeOperating loss$(11,004) $(11,916) 7.7%Adjusted EBITDAre$(8,411) $(9,067) 7.2%            Capital Expenditures In 2025, the Company expects to spend approximately $350 to $450 million on capital expenditures, primarily related to its Hospitality business, which includes approximately $113 million spent in the first quarter of 2025. At this time, the scope of the Company’s multiyear capital program remains unchanged; however, the discrete nature of the projects in the pipeline allows the Company to take a flexible approach to evolving macroeconomic conditions. Major Hospitality projects planned for 2025 include: Continuation of the renovation of the Presidential ballroom, meeting space and pre-function space at Gaylord Opryland, which is expected to be completed by mid-year 2025;Continuation of the sports bar, pavilion and event lawn development at Gaylord Opryland, which is expected to be completed in the first quarter of 2026;Continuation of the meeting space expansion at Gaylord Opryland, which is expected to be completed in 2027; andRenovation of the rooms at Gaylord Texan, which is expected to begin in mid-year 2025. Disruption For 2025, the Company affirms its previously stated expectation that the full year impact of construction disruption to its total Hospitality segment will be 250 to 350 basis points to RevPAR; 200 to 300 basis points to Total RevPAR; and $30 to $35 million to operating income and Adjusted EBITDAre. The Company expects disruption to impact results at Gaylord Opryland, Gaylord Texan and, to a lesser extent, Gaylord Palms (for the renovation period through February 2025). 2025 Guidance The Company is providing its 2025 business performance outlook based on current information as of May 1, 2025. 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, including due to economic uncertainty and volatility. Fioravanti concluded, “We are pleased to be affirming our full year 2025 outlook for consolidated net income, Adjusted EBITDAre, and AFFO, while adopting more conservative top-line assumptions amid ongoing macroeconomic uncertainty. Given our strong first quarter results, our resilient business model and our proactive asset management approach, we believe the Company is in a strong position to face the current environment. Our focus remains on enhancing the long-term positioning and value proposition of our portfolio to create value for our shareholders in the years to come.”  Guidance Range  Prior Guidance Range     (in millions, except per share figures)For Full Year 2025 (1)  Full Year 2025 (1)   Change  Low High Midpoint  Low High Midpoint  MidpointConsolidated Hospitality RevPAR growth 1.25 %  3.75 %  2.50 %   2.25 %  4.75 %  3.50 %   (1.00)%Consolidated Hospitality Total RevPAR growth 0.75 %  3.25 %  2.00 %   1.75 %  4.25 %  3.00 %   (1.00)%                              Operating income:                             Hospitality$444.0   $468.0   $456.0    $444.0   $468.0   $456.0    $-  Entertainment 65.8    69.8    67.8     65.8    69.8    67.8     -  Corporate and Other (48.0)   (47.5)   (47.8)    (48.0)   (47.5)   (47.8)    -  Consolidated operating income$ 461.7   $ 490.3   $ 476.0    $ 461.7   $ 490.3   $ 476.0    $-                                Adjusted EBITDAre:                             Hospitality$675.0   $715.0   $695.0    $675.0   $715.0   $695.0    $-  Entertainment 110.0    120.0    115.0     110.0    120.0    115.0     -  Corporate and Other (36.0)   (34.0)   (35.0)    (36.0)   (34.0)   (35.0)    -  Consolidated Adjusted EBITDAre$ 749.0   $ 801.0   $ 775.0    $ 749.0   $ 801.0   $ 775.0    $-                                Net income$245.3   $261.0   $253.1    $245.3   $261.0   $253.1    $-  Net income available to common stockholders$237.3   $255.0   $246.1    $237.3   $255.0   $246.1    $-                              -  FFO available to common stockholders and unit holders$487.4   $524.5   $505.9    $487.4   $524.5   $505.9    $-  Adjusted FFO available to common stockholders and unit holders$510.0   $555.0   $532.5    $510.0   $555.0   $532.5    $-                                Net income available to common stockholders per diluted share (2)$3.80   $4.05   $3.93    $3.80   $4.05   $3.93    $-  Adjusted FFO available to common stockholders and unit holders                             per diluted share/unit (2)$8.24   $8.86   $8.55    $8.24   $8.86   $8.55    $-                                Weighted average shares outstanding - diluted (2) 64.5    64.5    64.5     64.5    64.5    64.5     -  Weighted average shares and OP units outstanding - diluted (2) 64.9    64.9    64.9     64.9    64.9    64.9     -   _______________(1) Amounts are calculated based on unrounded numbers.(2) 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 unitholders to Net Income, see “Reconciliation of Forward-Looking Statements.” Dividend Update On April 15, 2025, the Company paid the previously announced quarterly cash dividend of $1.15 per common share, which was paid to stockholders of record as of March 31, 2025. The Company’s dividend policy provides that it will distribute minimum dividends of 100% of REIT taxable income annually. Future dividends are subject to the Board’s future determinations as to amount and timing. Balance Sheet/Liquidity Update As of March 31, 2025, the Company had unrestricted cash of $413.9 million and total debt outstanding of $3,375.0 million, net of unamortized deferred financing costs. As of March 31, 2025, there were no amounts drawn under the Company’s revolving credit facility and $17.0 million was drawn under OEG’s revolving credit facility, which left $763.0 million of aggregate borrowing availability under the Company’s revolving credit facility and OEG’s revolving credit facility. Earnings Call Information Ryman Hospitality Properties will hold a conference call to discuss this release tomorrow, May 2, at 12:00 p.m. ET. Investors can listen to the conference call over the Internet at www.rymanhp.com. To listen to the live call, please go to the Investor Relations section of the website (Investor Relations/News & Events/Events & Presentation) at least 15 minutes prior to the call to register and download any necessary audio software. For those who cannot listen to the live broadcast, a replay will be available shortly after the call and will be available for at least 30 days. About Ryman Hospitality Properties, Inc. Ryman Hospitality Properties, Inc. (NYSE: RHP) is a leading lodging and hospitality real estate investment trust that specializes in upscale convention center resorts and entertainment experiences. The Company’s holdings include Gaylord Opryland Resort & Convention Center; Gaylord Palms Resort & Convention Center; Gaylord Texan Resort & Convention Center; Gaylord National Resort & Convention Center; and Gaylord Rockies Resort & Convention Center, five of the top seven largest non-gaming convention center hotels in the United States based on total indoor meeting space. The Company also owns the JW Marriott San Antonio Hill Country Resort & Spa as well as two ancillary hotels adjacent to our Gaylord Hotels properties. The Company’s hotel portfolio is managed by Marriott International and includes a combined total of 11,414 rooms as well as more than 3 million square feet of total indoor and outdoor meeting space in top convention and leisure destinations across the country. RHP also owns an approximate 70% controlling ownership interest in Opry Entertainment Group (OEG), which is composed of entities owning a growing collection of iconic and emerging country music brands, including the Grand Ole Opry; Ryman Auditorium; WSM 650 AM; Ole Red; Category 10; Nashville-area attractions; Block 21, a mixed-use entertainment, lodging, office and retail complex, including the W Austin Hotel and the ACL Live at the Moody Theater, located in downtown Austin, Texas; and 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, 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, and changes in interest rates. 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, 2024, and subsequent filings. The Company does not undertake any obligation to release publicly any revisions to forward-looking statements made by it to reflect events or circumstances occurring after the date hereof or the occurrence of unanticipated events. Additional Information This release should be read in conjunction with the consolidated financial statements and notes thereto included in our most recent Annual Report on Form 10-K. Copies of our reports are available on our website at no expense at www.rymanhp.com and through the SEC’s Electronic Data Gathering Analysis and Retrieval System (“EDGAR”) at www.sec.gov. Calculation of RevPAR and Total RevPARWe 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 FiguresWe 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 MeasuresWe 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 DefinitionWe calculate EBITDAre, which is defined by the National Association of Real Estate Investment Trusts (“NAREIT”) in its September 2017 white paper as net income (calculated in accordance with GAAP) plus interest expense, income tax expense, depreciation and amortization, gains or losses on the disposition of depreciated property (including gains or losses on change in control), impairment write-downs of depreciated property and of investments in unconsolidated affiliates caused by a decrease in the value of depreciated property of the affiliate, and adjustments to reflect the entity’s share of EBITDAre of unconsolidated affiliates. Adjusted EBITDAre is then calculated as EBITDAre, plus to the extent the following adjustments occurred during the periods presented: preopening costs;non-cash lease expense;equity-based compensation expense;impairment charges that do not meet the NAREIT definition above;credit losses on held-to-maturity securities;transaction costs of acquisitions;interest income on bonds;loss on extinguishment of debt;pension settlement charges;pro rata Adjusted EBITDAre from unconsolidated joint ventures; andany other adjustments we have identified herein. We then exclude the pro rata share of Adjusted EBITDAre related to noncontrolling interests to calculate Adjusted EBITDAre, Excluding Noncontrolling Interest. We use EBITDAre, Adjusted EBITDAre and Adjusted EBITDAre, Excluding Noncontrolling Interest and segment or property-level EBITDAre and Adjusted EBITDAre to evaluate our operating performance. We believe that the presentation of these non-GAAP financial measures provides useful information to investors regarding our operating performance and debt leverage metrics, and that the presentation of these non-GAAP financial measures, when combined with the primary GAAP presentation of net income or operating income, as applicable, is beneficial to an investor’s complete understanding of our operating performance. We make additional adjustments to EBITDAre when evaluating our performance because we believe that presenting Adjusted EBITDAre and Adjusted EBITDAre, Excluding Noncontrolling Interest provides useful information to investors regarding our operating performance and debt leverage metrics. Adjusted EBITDAre Margin and Adjusted EBITDAre, Excluding Noncontrolling Interest Margin DefinitionWe 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 DefinitionWe calculate FFO, which definition is clarified by NAREIT in its December 2018 white paper as net income (calculated in accordance with GAAP) excluding depreciation and amortization (excluding amortization of deferred financing costs and debt discounts), gains and losses from the sale of certain real estate assets, gains and losses from a change in control, impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciated real estate held by the entity, income (loss) from consolidated joint ventures attributable to noncontrolling interest, and pro rata adjustments from unconsolidated joint ventures. To calculate Adjusted FFO available to common stockholders and unit holders, we then exclude, to the extent the following adjustments occurred during the periods presented: right-of-use asset amortization;impairment charges that do not meet the NAREIT definition above;write-offs of deferred financing costs;amortization of debt discounts or premiums and amortization of deferred financing costs;loss on extinguishment of debt;non-cash lease expense;credit loss on held-to-maturity securities;pension settlement charges;additional pro rata adjustments from unconsolidated joint ventures;(gains) losses on other assets;transaction costs of acquisitions;deferred income tax expense (benefit); andany other adjustments we have identified herein. FFO available to common stockholders and unit holders and Adjusted FFO available to common stockholders and unit holders exclude the ownership portion of the joint ventures not controlled or owned by the Company. We present Adjusted FFO available to common stockholders and unit holders per diluted share/unit as a non-GAAP measure of our performance in addition to net income available to common stockholders per diluted share (calculated in accordance with GAAP). We calculate Adjusted FFO available to common stockholders and unit holders per diluted share/unit as Adjusted FFO (defined as set forth above) for a given operating period, as adjusted for the effect of dilutive securities, divided by the number of diluted shares and units outstanding during such period. We believe that the presentation of these non-GAAP financial measures provides useful information to investors regarding the performance of our ongoing operations because each presents a measure of our operations without regard to specified non-cash items such as real estate depreciation and amortization, gain or loss on sale of assets and certain other items, which we believe are not indicative of the performance of our underlying hotel properties. We believe that these items are more representative of our asset base than our ongoing operations. We also use these non-GAAP financial measures as measures in determining our results after considering the impact of our capital structure. We caution investors that non-GAAP financial measures we present may not be comparable to similar measures disclosed by other companies, because not all companies calculate these non-GAAP measures in the same manner. The non-GAAP financial measures we present, and any related per share measures, should not be considered as alternative measures of our net income, operating performance, cash flow or liquidity. These non-GAAP financial measures may include funds that may not be available for our discretionary use due to functional requirements to conserve funds for capital expenditures and property acquisitions and other commitments and uncertainties. Although we believe that these non-GAAP financial measures can enhance an investor’s understanding of our results of operations, these non-GAAP financial measures, when viewed individually, are not necessarily better indicators of any trend as compared to GAAP measures such as net income, operating income, or cash flow from operations. Investor Relations Contacts:Media Contacts:Mark Fioravanti, President and Chief Executive OfficerShannon Sullivan, Vice President Corporate and Brand CommunicationsRyman Hospitality Properties, Inc.Ryman Hospitality Properties, Inc.(615) 316-6588(615) 316-6725mfioravanti@rymanhp.comssullivan@rymanhp.com~or~ Jennifer Hutcheson, Chief Financial Officer Ryman Hospitality Properties, Inc. (615) 316-6320 jhutcheson@rymanhp.com ~or~ Sarah Martin, Vice President Investor Relations Ryman Hospitality Properties, Inc. (615) 316-6011 sarah.martin@rymanhp.com    Ryman Hospitality Properties, Inc. and SubsidiariesCondensed Consolidated Statements of OperationsUnaudited(In thousands, except per share data)  Three Months Ended  March 31,  2025    2024Revenues:     Rooms$189,232  $173,633 Food and beverage 253,263   235,083 Other hotel revenue 55,235   52,754 Entertainment 89,550   66,875 Total revenues 587,280   528,345       Operating expenses:     Rooms 46,289   44,101 Food and beverage 138,139   128,179 Other hotel expenses 123,924   118,813 Management fees, net 18,463   17,962 Total hotel operating expenses 326,815   309,055 Entertainment 69,770   52,587 Corporate 10,770   11,954 Preopening costs 87   1,436 Gain on sale of assets –   (270)Depreciation and amortization 63,717   57,202 Total operating expenses 471,159   431,964       Operating income 116,121   96,381       Interest expense, net of amounts capitalized (54,283)  (60,443)Interest income 5,459   7,522 Loss on extinguishment of debt –   (522)Income (loss) from unconsolidated joint ventures (16)  32 Other gains and (losses), net (108)  321 Income before income taxes 67,173   43,291 Provision for income taxes (4,159)  (530)Net income 63,014   42,761       Net (income) loss attributable to noncontrolling interest in OEG (711)  579 Net (income) loss attributable to other noncontrolling interests 658   (284)Net income available to common stockholders$62,961  $43,056       Basic income per share available to common stockholders$1.05  $0.72 Diluted income per share available to common stockholders (1)$1.00  $0.67       Weighted average common shares for the period:     Basic 59,919   59,739 Diluted (1) 63,813   63,404  _______________(1) Diluted weighted average common shares for the three months ended March 31, 2025 and 2024 include 3.7 million and 3.2 million, respectively, in equivalent shares related to the currently unexercisable investor put rights associated with the noncontrolling interest in the Company’s OEG business, which may be settled in cash or shares at the Company’s option. Ryman Hospitality Properties, Inc. and SubsidiariesCondensed Consolidated Balance SheetsUnaudited(In thousands)  March 31,     December 31,  2025 2024ASSETS:       Property and equipment, net of accumulated depreciation$4,169,575  $4,124,382 Cash and cash equivalents - unrestricted 413,858   477,694 Cash and cash equivalents - restricted 47,467   98,534 Notes receivable, net 56,767   57,801 Trade receivables, net 133,024   94,184 Deferred income tax assets, net 67,573   70,511 Prepaid expenses and other assets 167,530   178,091 Intangible assets and goodwill, net 183,313   116,376 Total assets$5,239,107  $5,217,573         LIABILITIES AND EQUITY:       Debt and finance lease obligations$3,375,026  $3,378,396 Accounts payable and accrued liabilities 463,245   466,571 Dividends payable 70,974   71,444 Deferred management rights proceeds 164,532   164,658 Operating lease liabilities 134,728   135,117 Other liabilities 68,638   66,805 Noncontrolling interest in OEG 391,616   381,945 Total equity 570,348   552,637 Total liabilities and equity$5,239,107  $5,217,573          Ryman Hospitality Properties, Inc. and SubsidiariesSupplemental Financial ResultsAdjusted EBITDAre ReconciliationUnaudited(In thousands)              Three Months Ended  March 31,  2025    2024 $ Margin $ MarginConsolidated:           Revenue$587,280     $528,345    Net income$63,014  10.7% $42,761  8.1%Interest expense, net 48,824      52,921    Provision for income taxes 4,159      530    Depreciation and amortization 63,717      57,202    Gain on sale of assets –      (270)   Pro rata EBITDAre from unconsolidated joint ventures 1      2    EBITDAre 179,715  30.6%  153,146  29.0%Preopening costs 87      1,436    Non-cash lease expense 889      925    Equity-based compensation expense 3,622      3,862    Interest income on Gaylord National bonds 1,114      1,195    Loss on extinguishment of debt –      522    Transaction costs for acquisitions 75      –    Pro rata adjusted EBITDAre from unconsolidated joint ventures –      (21)   Adjusted EBITDAre 185,502  31.6%  161,065  30.5%Adjusted EBITDAre of noncontrolling interest (5,626)     (4,662)   Adjusted EBITDAre, excluding noncontrolling interest$179,876  30.6% $156,403  29.6%            Hospitality segment:           Revenue$497,730     $461,470    Operating income$116,809  23.5% $102,185  22.1%Depreciation and amortization 54,106      50,230    Non-cash lease expense 945      983    Interest income on Gaylord National bonds 1,114      1,195    Adjusted EBITDAre$172,974  34.8% $154,593  33.5%            Entertainment segment:           Revenue$89,550     $66,875    Operating income$10,316  11.5% $6,112  9.1%Depreciation and amortization 9,377      6,740    Preopening costs 87      1,436    Non-cash lease revenue (56)     (58)   Equity-based compensation 1,020      888    Other gains and (losses), net 136      408    Transaction costs for acquisitions 75      –    Pro rata adjusted EBITDAre from unconsolidated joint ventures (16)     13    Adjusted EBITDAre$20,939  23.4% $15,539  23.2%            Corporate and Other segment:           Operating loss$(11,004)    $(11,916)   Depreciation and amortization 234      232    Other gains and (losses), net (243)     (87)   Equity-based compensation 2,602      2,974    Gain on sale of assets –      (270)   Adjusted EBITDAre$(8,411)    $(9,067)                  Ryman Hospitality Properties, Inc. and SubsidiariesSupplemental Financial ResultsFunds From Operations (“FFO”) and Adjusted FFO ReconciliationUnaudited(In thousands, except per share data)  Three Months Ended  March 31,  2025    2024Net income$63,014  $42,761 Noncontrolling interest in OEG (711)  579 Net income available to common stockholders and unit holders 62,303   43,340 Depreciation and amortization 63,676   57,154 Adjustments for noncontrolling interest (3,077)  (2,021)Pro rata adjustments from joint ventures –   – FFO available to common stockholders and unit holders 122,902   98,473       Right-of-use asset amortization 41   48 Non-cash lease expense 889   925 Pro rata adjustments from joint ventures –   (21)Gain on other assets –   (270)Amortization of deferred financing costs 2,707   2,721 Amortization of debt discounts and premiums 558   649 Loss on extinguishment of debt –   522 Adjustments for noncontrolling interest (282)  135 Transaction cost of acquisitions 75   – Deferred tax provision (benefit) 2,933   (488)Adjusted FFO available to common stockholders and unit holders$129,823  $102,694       Basic net income per share$1.05  $0.72 Diluted net income per share$1.00  $0.67       FFO available to common stockholders and unit holders per basic share/unit$2.04  $1.64 Adjusted FFO available to common stockholders and unit holders per basic share/unit$2.15  $1.71       FFO available to common stockholders and unit holders per diluted share/unit (1)$1.97  $1.57 Adjusted FFO available to common stockholders and unit holders per diluted share/unit (1)$2.08  $1.63       Weighted average common shares and OP units for the period:     Basic 60,314   60,134 Diluted (1) 64,208   63,799  _______________(1) Diluted weighted average common shares and OP units for the three months ended March 31, 2025 and 2024 include 3.7 million and 3.2 million, respectively, in equivalent shares related to the currently unexercisable investor put rights associated with the noncontrolling interest in the Company’s OEG business, which may be settled in cash or shares at the Company’s option. Ryman Hospitality Properties, Inc. and SubsidiariesSupplemental Financial ResultsHospitality Segment Adjusted EBITDAre Reconciliation and Operating MetricsUnaudited(In thousands)  Three Months Ended  March 31,  2025    2024 $ Margin $ MarginHospitality segment:           Revenue$497,730     $461,470    Operating income$116,809  23.5% $102,185  22.1%Depreciation and amortization 54,106      50,230    Non-cash lease expense 945      983    Interest income on Gaylord National bonds 1,114      1,195    Adjusted EBITDAre$172,974  34.8% $154,593  33.5%            Performance metrics:           Occupancy 69.7 %    66.7 %  ADR$264.40     $250.48    RevPAR$184.21     $167.17    OtherPAR$300.31     $277.12    Total RevPAR$484.52     $444.29                Gaylord Opryland:           Revenue$110,178     $103,835    Operating income$30,098  27.3% $24,825  23.9%Depreciation and amortization 8,060      8,133    Non-cash lease revenue (10)     (11)   Adjusted EBITDAre$38,148  34.6% $32,947  31.7%            Performance metrics:           Occupancy 64.9 %    65.1 %  ADR$262.57     $245.28    RevPAR$170.49     $159.60    OtherPAR$253.40     $235.50    Total RevPAR$423.89     $395.10                Gaylord Palms:           Revenue$88,393     $85,463    Operating income$23,782  26.9% $25,006  29.3%Depreciation and amortization 8,210      5,871    Non-cash lease expense 955      994    Adjusted EBITDAre$32,947  37.3% $31,871  37.3%            Performance metrics:           Occupancy 75.9 %    74.6 %  ADR$276.14     $267.99    RevPAR$209.69     $199.89    OtherPAR$361.99     $346.77    Total RevPAR$571.68     $546.66                Gaylord Texan:           Revenue$86,377     $84,902    Operating income$27,695  32.1% $26,032  30.7%Depreciation and amortization 5,929      5,891    Adjusted EBITDAre$33,624  38.9% $31,923  37.6%            Performance metrics:           Occupancy 73.0 %    73.2 %  ADR$257.26     $239.77    RevPAR$187.80     $175.54    OtherPAR$341.28     $338.78    Total RevPAR$529.08     $514.32                   Ryman Hospitality Properties, Inc. and SubsidiariesSupplemental Financial ResultsHospitality Segment Adjusted EBITDAre Reconciliation and Operating MetricsUnaudited(In thousands)  Three Months Ended  March 31,  2025    2024 $ Margin $ MarginGaylord National:           Revenue$80,829     $68,274    Operating income$9,474  11.7 % $5,223  7.7 %Depreciation and amortization 8,443      8,401    Interest income on Gaylord National bonds 1,114      1,195    Adjusted EBITDAre$19,031  23.5 % $14,819  21.7 %            Performance metrics:           Occupancy 72.4 %    64.4 %  ADR$249.02     $236.16    RevPAR$180.33     $152.18    OtherPAR$269.62     $223.70    Total RevPAR$449.95     $375.88                Gaylord Rockies:           Revenue$70,948     $63,822    Operating income$14,823  20.9 % $11,997  18.8 %Depreciation and amortization 14,852      13,841    Adjusted EBITDAre$29,675  41.8 % $25,838  40.5 %            Performance metrics:           Occupancy 72.2 %    64.5 %  ADR$257.09     $242.23    RevPAR$185.68     $156.29    OtherPAR$339.51     $310.95    Total RevPAR$525.19     $467.24                JW Marriott Hill Country:           Revenue$55,276     $49,941    Operating income$10,849  19.6 % $9,134  18.3 %Depreciation and amortization 7,831      7,397    Adjusted EBITDAre$18,680  33.8 % $16,531  33.1 %            Performance metrics:           Occupancy 67.9 %    63.6 %  ADR$321.54     $312.19    RevPAR$218.38     $198.40    OtherPAR$394.57     $349.32    Total RevPAR$612.95     $547.72                The AC Hotel at National Harbor:           Revenue$2,698     $2,822    Operating income$114  4.2 % $327  11.6 %Depreciation and amortization 222      250    Adjusted EBITDAre$336  12.5 % $577  20.4 %            Performance metrics:           Occupancy 54.8 %    56.9 %  ADR$255.03     $250.02    RevPAR$139.70     $142.24    OtherPAR$16.44     $19.28    Total RevPAR$156.14     $161.52                The Inn at Opryland: (1)           Revenue$3,031     $2,411    Operating loss$(26) (0.9)% $(359) (14.9)%Depreciation and amortization 559      446    Adjusted EBITDAre$533  17.6 % $87  3.6 %            Performance metrics:           Occupancy 43.8 %    42.3 %  ADR$188.12     $162.66    RevPAR$82.46     $68.75    OtherPAR$28.66     $18.70    Total RevPAR$111.12     $87.45     _______________(1) Includes other hospitality revenue and expense. Ryman Hospitality Properties, Inc. and SubsidiariesSupplemental Financial ResultsEarnings Per Share, FFO Per Share and Adjusted FFO Per Share CalculationsUnaudited(In thousands, except per share data)  Three Months Ended  March 31,  2025 2024 Earnings per share:             Numerator:      Net income available to common stockholders$62,961  $43,056 Net income (loss) attributable to noncontrolling interest in OEG 711   (579)Net income available to common stockholders - if-converted method$63,672  $42,477        Denominator:      Weighted average shares outstanding - basic 59,919   59,739 Effect of dilutive stock-based compensation 240   430 Effect of dilutive put rights (1) 3,654   3,235 Weighted average shares outstanding - diluted 63,813   63,404        Basic income per share available to common stockholders$1.05  $0.72 Diluted income per share available to common stockholders (1)$1.00  $0.67        FFO per share/unit:             Numerator:      FFO available to common stockholders and unit holders$122,902  $98,473 Net income (loss) attributable to noncontrolling interest in OEG 711   (579)FFO adjustments for noncontrolling interest 2,633   2,021 FFO available to common stockholders and unit holders - if-converted method$126,246  $99,915        Denominator:      Weighted average shares and OP units outstanding - basic 60,314   60,134 Effect of dilutive stock-based compensation 240   430 Effect of dilutive put rights (1) 3,654   3,235 Weighted average shares and OP units outstanding - diluted 64,208   63,799        FFO available to common stockholders and unit holders per basic share/unit$2.04  $1.64 FFO available to common stockholders and unit holders per diluted share/unit (1)$1.97  $1.57        Adjusted FFO per share/unit:             Numerator:      Adjusted FFO available to common stockholders and unit holders$129,823  $102,694 Net income (loss) attributable to noncontrolling interest in OEG 711   (579)FFO adjustments for noncontrolling interest 2,633   2,021 Adjusted FFO adjustments for noncontrolling interest 282   (135)Adjusted FFO available to common stockholders and unit holders - if-converted method$133,449  $104,001        Denominator:      Weighted average shares and OP units outstanding - basic 60,314   60,134 Effect of dilutive stock-based compensation 240   430 Effect of dilutive put rights (1) 3,654   3,235 Weighted average shares and OP units outstanding - diluted 64,208   63,799        Adjusted FFO available to common stockholders and unit holders per basic share/unit$2.15  $1.71 Adjusted FFO available to common stockholders and unit holders per diluted share/unit (1)$2.08  $1.63  _______________(1) Includes equivalent shares related to the currently unexercisable investor put rights associated with the noncontrolling interest in the Company’s OEG business, which may be settled in cash or shares at the Company’s option. Ryman Hospitality Properties, Inc. and SubsidiariesReconciliation of Forward-Looking StatementsAdjusted Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (“Adjusted EBITDAre”)Unaudited($ in thousands, except per share data)   Guidance Range For Full Year 2025 Low High MidpointConsolidated:        Net income$ 245,250  $ 261,000  $ 253,125 Provision for income taxes 11,000   13,500   12,250 Interest expense, net 203,000   214,000   208,500 Depreciation and amortization 262,625   280,000   271,313 EBITDAre$ 721,875  $ 768,500  $ 745,188 Non-cash lease expense 3,000   4,250   3,625 Preopening costs 500   1,000   750 Equity-based compensation expense 14,875   16,500   15,688 Pension settlement charge 1,250   1,500   1,375 Interest income on Gaylord National bonds 3,750   4,750   4,250 Loss on extinguishment of debt 3,750   4,500   4,125 Adjusted EBITDAre$ 749,000  $ 801,000  $ 775,000          Hospitality segment:        Operating income$ 444,000  $ 468,000  $ 456,000 Depreciation and amortization 221,000   234,000   227,500 Non-cash lease expense 3,250   4,250   3,750 Interest income on Gaylord National bonds 3,750   4,750   4,250 Other gains and (losses), net 3,000   4,000   3,500 Adjusted EBITDAre$ 675,000  $ 715,000  $ 695,000          Entertainment segment:        Operating income$ 65,750  $ 69,750  $ 67,750 Depreciation and amortization 39,500   43,500   41,500 Non-cash lease expense (revenue) (250)  –   (125)Preopening costs 500   1,000   750 Equity-based compensation 4,500   5,500   5,000 Other gains and (losses), net –   250   125 Adjusted EBITDAre$ 110,000  $ 120,000  $ 115,000          Corporate and Other segment:        Operating loss$ (48,000) $ (47,500) $ (47,750)Depreciation and amortization 2,125   2,500   2,313 Equity-based compensation 10,375   11,000   10,688 Pension settlement charge 1,250   1,500   1,375 Other gains and (losses), net (1,750)  (1,500)  (1,625)Adjusted EBITDAre$ (36,000) $ (34,000) $ (35,000)          Ryman Hospitality Properties, Inc. and SubsidiariesReconciliation of Forward-Looking StatementsFunds From Operations (“FFO”) and Adjusted FFOUnaudited($ in thousands, except per share data)  Guidance Range For Full Year 2025 Low High MidpointConsolidated:        Net income$ 245,250  $ 261,000  $ 253,125 Noncontrolling interest in OEG (8,000)  (6,000)  (7,000)Net income available to common stockholders and unit holders$ 237,250  $ 255,000  $ 246,125 Depreciation and amortization 262,625   280,000   271,313 Adjustments for noncontrolling interest (12,500)  (10,500)  (11,500)FFO available to common stockholders and unit holders$ 487,375  $ 524,500  $ 505,938 Right-of-use asset amortization –   500   250 Non-cash lease expense 3,000   4,250   3,625 Pension settlement charge 1,250   1,500   1,375 Loss on extinguishment of debt 3,750   4,500   4,125 Adjustments for noncontrolling interest (4,375)  (3,750)  (4,063)Amortization of deferred financing costs 10,500   12,000   11,250 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$ 510,000  $ 555,000  $ 532,500          Net income available to common stockholders per diluted share (1)$ 3.80  $ 4.05  $ 3.93 Adjusted FFO available to common stockholders and unit holders per diluted share/unit (1)$ 8.24  $ 8.86  $ 8.55          Estimated weighted average shares outstanding - diluted (in millions) (1)  64.5    64.5    64.5 Estimated weighted average shares and OP units outstanding - diluted (in millions) (1)  64.9    64.9    64.9  _______________(1) Includes equivalent shares related to the currently unexercisable investor put rights associated with the noncontrolling interest in the Company’s OEG business, which may be settled in cash or shares at the Company’s option. Ryman Hospitality Properties, Inc. and SubsidiariesReconciliation of Forward-Looking StatementsEarnings Per Share and Adjusted FFO Per ShareUnaudited(dollars in thousands, except per share data)  Guidance Range For Full Year 2025Earnings per share:Low High MidpointNumerator:           Net income available to common stockholders$237,250  $255,000  $246,125 Net income attributable to noncontrolling interest in OEG 8,000   6,000   7,000 Net income available to common stockholders - if-converted method$245,250  $261,000  $253,125             Denominator:           Estimated weighted average shares outstanding - diluted (in millions) (1) 64.5   64.5   64.5             Diluted income per share available to common stockholders$ 3.80  $ 4.05  $ 3.93                         Adjusted FFO per share:           Numerator:           Adjusted FFO available to common stockholders and unit holders$510,000  $555,000  $532,500 Net income attributable to noncontrolling interest in OEG 8,000   6,000   7,000 FFO adjustments for noncontrolling interest 12,500   10,500   11,500 Adjusted FFO Adjustments for noncontrolling interest 4,375   3,750   4,063 Adjusted FFO available to common stockholders and unit holders - if-converted method$534,875  $575,250  $555,063             Denominator:           Estimated weighted average shares and OP units outstanding - diluted (in millions) (1) 64.9   64.9   64.9             Adjusted FFO available to common stockholders and unit holders per diluted share/unit$ 8.24  $ 8.86  $ 8.55  _______________(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.

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