Ryman Hospitality Properties, Inc. Reports Fourth Quarter and Full Year 2024 Results

NASHVILLE, Tenn., Feb. 20, 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 and twelve months ended December 31, 2024. Fourth Quarter 2024 Highlights and Recent Developments: The Company reported all-time quarterly record consolidated revenue of $647.6 million, driven by all-time quarterly record Hospitality revenue of $549.5 million and all-time quarterly record Entertainment revenue of $98.2 million.The Company generated net income of $72.3 million and consolidated Adjusted EBITDAre of $188.6 million.During the fourth quarter, the Company booked nearly 1.3 million same-store1 Gross Definite Room Nights for all future years at a record estimated average daily rate (ADR) for future bookings booked during any fourth quarter of approximately $284.The Company repriced its Term Loan B, reducing the applicable interest rate margin on SOFR loans from 225 basis points to 200 basis points. The interest rate margin may be automatically lowered another 25 basis points if certain criteria are met.The Company declared a cash dividend of $1.15 per share for the first quarter of 2025. The dividend is payable on April 15, 2025, to stockholders of record as of March 31, 2025. Full Year 2024 Highlights: The Company generated record full year consolidated revenue of $2.3 billion, with net income of $280.2 million and consolidated Adjusted EBITDAre of $757.7 million.The Company estimates the full year impact of construction disruption to its same-store Hospitality business was approximately 320 basis points to RevPAR growth; approximately 220 basis points to Total RevPAR growth; and approximately $27 million to segment operating income and Adjusted EBITDAre. The Company estimates the full year impact of construction disruption to its Entertainment business was approximately $12 million to segment operating income and Adjusted EBITDAre.In 2024, the Company booked over 2.9 million same-store Gross Definite Room Nights for all future years at a record estimated ADR for future bookings booked during any year of approximately $282. Projected same-store rooms revenue from 2024 bookings production for all future years was also a record.In 2024, the Company declared total dividends of $4.45 per share, an increase of 15.6% from total dividends declared in 2023; intends to pay aggregate minimum dividends for 2025 of $4.60 per share, subject to the Board’s future determinations. Mark Fioravanti, President and Chief Executive Officer of Ryman Hospitality Properties, said, “Our fourth quarter results were below expectations, primarily due to softness in holiday leisure demand during the last two weeks of December, particularly at Gaylord Texan and Gaylord Opryland. Same-store portfolio-wide ICE! attendance was up slightly compared to last year; however, consumers attending ICE! were more price sensitive than anticipated, contributing to overnight stays declining more than expected as compared to 2023. Despite the fourth quarter shortfall, we are proud of our full year results, including approximately 10% growth in consolidated Adjusted EBITDAre, approximately 11.6% growth in AFFO and record same-store bookings production in the year for all future years.” 1 The same-store Hospitality segment excludes JW Marriott Hill Country, which was acquired June 30, 2023. Fourth Quarter 2024 Results (as compared to Fourth Quarter 2023): Three Months Ended Year Ended December 31, December 31, ($ in thousands, except per share amounts) % % 2024 2023 Change 2024 2023 ChangeTotal revenue $647,633 $633,063 2.3 % $2,339,226 $2,158,136 8.4 % Operating income $120,502 $123,871 (2.7)% $490,834 $453,684 8.2 %Operating income margin 18.6% 19.6% (1.0)pts 21.0% 21.0% — pts Net income (1) (2) $72,291 $169,878 (57.4)% $280,190 $341,800 (18.0)%Net income margin (1) (2) 11.2% 26.8% (15.6)pts 12.0% 15.8% (3.8)pts Net income available to common stockholders (1) (2) $68,766 $142,127 (51.6)% $271,638 $311,217 (12.7)%Net income available to common stockholders margin (1) (2) 10.6% 22.5% (11.9)pts 11.6% 14.4% (2.8)ptsNet income available to common stockholders per diluted share (1) (2) (3) $1.13 $2.37 (52.3)% $4.38 $5.36 (18.3)% Adjusted EBITDAre $188,642 $187,494 0.6 % $757,705 $690,745 9.7 %Adjusted EBITDAre margin 29.1% 29.6% (0.5)pts 32.4% 32.0% 0.4 ptsAdjusted EBITDAre, excluding noncontrolling interest in consolidated joint venture $179,015 $178,411 0.3 % $725,959 $660,861 9.9 %Adjusted EBITDAre, excluding noncontrolling interest in consolidated joint venture margin 27.6% 28.2% (0.6)pts 31.0% 30.6% 0.4 pts Funds From Operations (FFO) available to common stockholders and unit holders (2) $127,691 $197,293 (35.3)% $500,016 $517,389 (3.4)%FFO available to common stockholders and unit holders per diluted share/unit (2) (3) $2.08 $3.26 (36.2)% $8.05 $8.85 (9.0)% Adjusted FFO available to common stockholders and unit holders $131,460 $125,869 4.4 % $527,821 $473,133 11.6 %Adjusted FFO available to common stockholders and unit holders per diluted share/unit (3) $2.15 $2.08 3.4 % $8.54 $8.09 5.6 % _____________________________ 1 The three and twelve months ended December 31, 2023 include approximately $10.5 million in losses associated with our previous investment in Circle, a joint venture that we and our joint venture partner agreed to wind down at the end of 2023. 2 The three and twelve months ended December 31, 2023 include a $112.5 million deferred tax benefit for the release of income tax valuation allowance. 3 Diluted weighted average common shares for the three and twelve months ended December 31, 2024 include 3.5 million and 3.5 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: Consolidated full year 2024 results reflect franchise tax refunds for prior tax periods of 2020 through 2023 totaling approximately $9.1 million, which were recognized in the second quarter of 2024 (reflected as a reduction of operating expense). Note: For the Company’s definitions of Adjusted EBITDAre, Adjusted EBITDAre margin, Adjusted EBITDAre, excluding noncontrolling interest in consolidated joint venture, Adjusted EBITDAre, excluding noncontrolling interest in consolidated joint venture margin, FFO available to common stockholders and unit holders, and Adjusted FFO available to common stockholders and unit holders, as well as a reconciliation of the non-GAAP financial measure Adjusted EBITDAre to Net Income and a reconciliation of the non-GAAP financial measures FFO available to common stockholders and unit holders and Adjusted FFO available to common stockholders and unit holders to Net Income, see “Non-GAAP Financial Measures,” “EBITDAre, Adjusted EBITDAre and Adjusted EBITDAre, Excluding Noncontrolling Interest in Consolidated Joint Venture Definition,” “Adjusted EBITDAre, Excluding Noncontrolling Interest in Consolidated Joint Venture Margin Definition” “FFO, Adjusted FFO, and Adjusted FFO available to common stockholders and unit holders Definition” and “Supplemental Financial Results” below. Hospitality Segment Three Months Ended Year Ended December 31, December 31, ($ in thousands, except ADR, RevPAR, and Total RevPAR) % % 2024 2023 Change 2024 2023 ChangeHospitality revenue $549,450 $545,156 0.8 % $1,997,050 $1,833,478 8.9 %Same-Store Hospitality revenue (1) $495,990 $503,090 (1.4)% $1,776,526 $1,740,665 2.1 % Hospitality operating income $110,258 $115,738 (4.7)% $467,109 $421,264 10.9 %Hospitality operating income margin 20.1% 21.2% (1.1)pts 23.4% 23.0% 0.4 ptsHospitality Adjusted EBITDAre $165,272 $166,714 (0.9)% $684,049 $623,160 9.8 %Hospitality Adjusted EBITDAre margin 30.1% 30.6% (0.5)pts 34.3% 34.0% 0.3 pts Same-Store Hospitality operating income (1) $106,398 $110,659 (3.9)% $428,701 $408,081 5.1 %Same-Store Hospitality operating income margin (1) 21.5% 22.0% (0.5)pts 24.1% 23.4% 0.7 ptsSame-Store Hospitality Adjusted EBITDAre (1) $153,660 $156,418 (1.8)% $615,448 $595,259 3.4 %Same-Store Hospitality Adjusted EBITDAre margin (1) 31.0% 31.1% (0.1)pts 34.6% 34.2% 0.4 pts Hospitality performance metrics: Occupancy 66.7% 69.8% (3.1)pts 69.1% 71.6% (2.5)ptsAverage Daily Rate (ADR) $267.45 $260.81 2.5 % $257.81 $245.74 4.9 %RevPAR $178.37 $181.97 (2.0)% $178.24 $175.96 1.3 %Total RevPAR $523.24 $519.15 0.8 % $478.05 $460.12 3.9 % Same-store Hospitality performance metrics: (1) Occupancy 67.3% 70.9% (3.6)pts 69.1% 71.9% (2.8)ptsADR $264.50 $259.67 1.9 % $252.08 $243.19 3.7 %RevPAR $178.00 $184.17 (3.4)% $174.26 $174.92 (0.4)%Total RevPAR $517.79 $525.20 (1.4)% $466.18 $458.02 1.8 % Gross definite room nights booked 1,293,847 1,235,718 4.7 % 2,944,744 2,931,296 0.5 %Net definite room nights booked 1,086,365 1,055,406 2.9 % 2,292,558 2,302,717 (0.4)%Group attrition (as % of contracted block) 15.9% 14.0% 1.9 pts 15.5% 15.2% 0.3 ptsCancellations ITYFTY (2) 2,425 3,249 (25.4)% 40,170 68,436 (41.3)% _____________________________1 Same-Store Hospitality segment excludes JW Marriott Hill Country, which was acquired June 30, 2023. 2 “ITYFTY” represents In The Year For The Year. Note: Hospitality segment and the Same-Store Hospitality portfolio full year 2024 results reflect franchise tax refunds for prior tax periods of 2020 through 2023 totaling approximately $5.6 million, which were recognized in the second quarter of 2024. 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 fourth quarter 2024 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 Full year same-store Total RevPAR record of $466.18, up 1.8% from full year 2023.Full year same-store operating income record of $428.7 million and full year Adjusted EBITDAre record of $615.4 million. Banquet and AV revenue set a fourth quarter record for the same-store Hospitality portfolio, increasing 5.1% year over year with strong contribution per group room night.Same-store attrition and cancellation revenue was approximately $16.0 million in the fourth quarter and $40.6 million for the full year.Across the same-store portfolio, the Company’s ICE! programming attracted over 1.2 million ticketed guests, up slightly compared to 2023 visitation levels. However, revenue and per-visitor spend at ICE! declined as compared to 2023 due to greater-than-anticipated consumer price sensitivity.The first year of ICE! at JW Hill Country performed in line with our expectations and induced incremental transient demand in a previously low occupancy period. The positive reception in the market is encouraging, and we expect that this business will continue to build in the years to come.As of December 31, 2024 for the same-store Hospitality portfolio, projected group rooms revenue on the books for 2025 was approximately 3% ahead of projected group rooms revenue on the books as of December 31, 2023, for 2024 (“same time last year”). Projected occupancy on the books for 2025 was approximately 50 percentage points, and projected ADR on the books for 2025 was approximately 4% ahead of same time last year.2 2 Beginning with Q1 2025, the Company plans to omit the presentation of same-store financial results, as 2024 includes a full year of JW Hill Country's results. As of December 31, 2024 for the total Hospitality portfolio, projected group rooms revenue on the books for 2025 was approximately 3% ahead of same time last year. Projected occupancy on the books for 2025 was approximately 49 points, and projected ADR on the books for 2025 was approximately 4% ahead of same time last year. Gaylord Opryland Three Months Ended Year Ended December 31, December 31, ($ in thousands, except ADR, RevPAR, and Total RevPAR) % % 2024 2023 Change 2024 2023 ChangeRevenue $138,706 $140,664 (1.4)% $495,552 $474,884 4.4 % Operating income $40,807 $42,299 (3.5)% $152,896 $135,554 12.8 %Operating income margin 29.4% 30.1% (0.7)pts 30.9% 28.5% 2.4 ptsAdjusted EBITDAre $48,850 $50,248 (2.8)% $185,442 $169,018 9.7 %Adjusted EBITDAre margin 35.2% 35.7% (0.5)pts 37.4% 35.6% 1.8 pts Performance metrics: Occupancy 71.2% 75.5% (4.3)pts 70.9% 73.0% (2.1)ptsADR $272.81 $268.39 1.6 % $258.62 $250.96 3.1 %RevPAR $194.35 $202.70 (4.1)% $183.35 $183.22 0.1 %Total RevPAR $522.05 $529.42 (1.4)% $468.82 $450.50 4.1 % Note: Gaylord Opryland full year 2024 results reflect franchise tax refunds for prior tax periods of 2020 through 2023 totaling approximately $5.4 million, which were recognized in the second quarter of 2024. Gaylord Palms Three Months Ended Year Ended December 31, December 31, ($ in thousands, except ADR, RevPAR, and Total RevPAR) % % 2024 2023 Change 2024 2023 ChangeRevenue $79,867 $87,356 (8.6)% $302,371 $309,616 (2.3)% Operating income $12,420 $16,194 (23.3)% $63,228 $71,399 (11.4)%Operating income margin 15.6% 18.5% (2.9)pts 20.9% 23.1% (2.2)ptsAdjusted EBITDAre $20,805 $23,062 (9.8)% $92,672 $98,162 (5.6)%Adjusted EBITDAre margin 26.0% 26.4% (0.4)pts 30.6% 31.7% (1.1)pts Performance metrics: Occupancy 60.3% 72.3% (12.0)pts 64.6% 73.7% (9.1)ptsADR $269.95 $261.71 3.1 % $249.98 $245.04 2.0 %RevPAR $162.87 $189.19 (13.9)% $161.45 $180.58 (10.6)%Total RevPAR $505.31 $552.69 (8.6)% $480.88 $493.75 (2.6)% Gaylord Texan Three Months Ended Year Ended December 31, December 31, ($ in thousands, except ADR, RevPAR, and Total RevPAR) % % 2024 2023 Change 2024 2023 ChangeRevenue $109,256 $116,531 (6.2)% $351,151 $358,399 (2.0)% Operating income $35,373 $37,955 (6.8)% $106,416 $111,703 (4.7)%Operating income margin 32.4% 32.6% (0.2)pts 30.3% 31.2% (0.9)ptsAdjusted EBITDAre $41,207 $43,748 (5.8)% $129,605 $134,650 (3.7)%Adjusted EBITDAre margin 37.7% 37.5% 0.2 pts 36.9% 37.6% (0.7)pts Performance metrics: Occupancy 74.7% 74.6% 0.1 pts 74.6% 74.9% (0.3)ptsADR $270.13 $277.12 (2.5)% $252.65 $244.21 3.5 %RevPAR $201.76 $206.82 (2.4)% $188.58 $183.02 3.0 %Total RevPAR $654.66 $698.26 (6.2)% $528.90 $541.30 (2.3)% Gaylord National Three Months Ended Year Ended December 31, December 31, ($ in thousands, except ADR, RevPAR, and Total RevPAR) % % 2024 2023 Change 2024 2023 ChangeRevenue $84,936 $85,229 (0.3)% $311,330 $307,139 1.4 % Operating income $10,269 $9,841 4.3 % $46,306 $42,677 8.5 %Operating income margin 12.1% 11.5% 0.6 pts 14.9% 13.9% 1.0 ptsAdjusted EBITDAre $19,849 $19,426 2.2 % $87,849 $87,104 0.9 %Adjusted EBITDAre margin 23.4% 22.8% 0.6 pts 28.2% 28.4% (0.2)pts Performance metrics: Occupancy 60.4% 66.8% (6.4)pts 64.8% 68.4% (3.6)ptsADR $265.94 $254.45 4.5 % $251.80 $240.30 4.8 %RevPAR $160.71 $170.01 (5.5)% $163.16 $164.30 (0.7)%Total RevPAR $462.53 $464.13 (0.3)% $426.17 $421.58 1.1 % Gaylord Rockies Three Months Ended Year Ended December 31, December 31, ($ in thousands, except ADR, RevPAR, and Total RevPAR) % % 2024 2023 Change 2024 2023 ChangeRevenue $76,825 $67,360 14.1 % $290,141 $266,737 8.8% Operating income $6,755 $4,325 56.2 % $56,233 $44,854 25.4%Operating income margin 8.8% 6.4% 2.4 pts 19.4% 16.8% 2.6ptsAdjusted EBITDAre $21,395 $18,798 13.8 % $113,327 $101,697 11.4%Adjusted EBITDAre margin 27.8% 27.9% (0.1)pts 39.1% 38.1% 1.0pts Performance metrics: Occupancy 71.5% 66.1% 5.4 pts 74.3% 73.4% 0.9ptsADR $252.73 $241.79 4.5 % $253.11 $242.39 4.4%RevPAR $180.80 $159.91 13.1 % $188.09 $178.02 5.7%Total RevPAR $556.33 $487.79 14.1 % $528.14 $486.87 8.5% JW Marriott Hill Country Three Months Ended Year Ended December 31, December 31, ($ in thousands, except ADR, RevPAR, and Total RevPAR) % 2024 2023 Change 2024Revenue $53,460 $42,066 27.1 % $220,524 Operating income $3,860 $5,079 (24.0)% $38,408 Operating income margin 7.2% 12.1% (4.9)pts 17.4%Adjusted EBITDAre $11,612 $10,296 12.8 % $68,601 Adjusted EBITDAre margin 21.7% 24.5% (2.8)pts 31.1% Performance metrics: Occupancy 60.4% 57.8% 2.6 pts 69.2%ADR $301.63 $275.32 9.6 % $317.32 RevPAR $182.17 $159.17 14.4 % $219.58 Total RevPAR $579.93 $456.32 27.1 % $601.32 Note: JW Marriott Hill Country was acquired by the Company on June 30, 2023, therefore there are no comparison figures for the twelve-month period. Entertainment Segment Three Months Ended Year Ended December 31, December 31, ($ in thousands) % % 2024 2023 Change 2024 2023 ChangeRevenue $98,183 $87,907 11.7 % $342,176 $324,658 5.4 % Operating income $21,208 $20,561 3.1 % $66,192 $76,076 (13.0)%Operating income margin 21.6% 23.4% (1.8)pts 19.3% 23.4% (4.1)ptsAdjusted EBITDAre $31,938 $30,278 5.5 % $105,672 $99,658 6.0 %Adjusted EBITDAre margin 32.5% 34.4% (1.9)pts 30.9% 30.7% 0.2 pts Note: Entertainment segment full year 2024 results reflect franchise tax refunds for prior tax periods of 2020 through 2023 totaling approximately $3.4 million, which were recognized in the second quarter of 2024. Fioravanti continued, “Our Entertainment segment delivered strong performance, setting quarterly and full year records in revenue despite construction disruption from several planned investments. In 2024, we opened our newest Ole Red in Las Vegas; repositioned the Wildhorse Saloon in Nashville, creating our newest brand, Category 10; and completed a major renovation at Block 21, which included the W Austin Hotel and the ACL Live venue. In January 2025, we made a strategic investment in a leading independent festival and live event operator, Southern Entertainment, which offers exciting potential growth opportunities, serving music fans in a complementary business. With these investments and our production plans for “Opry 100,” the centennial celebration of the Grand Ole Opry, we believe OEG is well-positioned for continued growth and success in 2025 and the years ahead.” Corporate and Other Segment Three Months Ended Year Ended December 31, December 31, ($ in thousands) % % 2024 2023 Change 2024 2023 ChangeOperating loss $(10,964) $(12,428) 11.8% $(42,467) $(43,656) 2.7%Adjusted EBITDAre $(8,568) $(9,498) 9.8% $(32,016) $(32,073) 0.2% Note: Corporate and Other segment full year 2024 results reflect franchise tax refunds for prior tax periods of 2020 through 2023 totaling approximately $0.1 million, which were recognized in the second quarter of 2024. Capital Expenditures In 2024, the Company’s capital expenditures totaled approximately $408 million, including approximately $301 million in its Hospitality segment and approximately $107 million in its Entertainment and Corporate & Other segments. Major Hospitality projects included: Development of a 26,000-square-foot pavilion (estimated project cost: $27 million3) and repositioning of the Grand Lodge atrium (estimated project cost: $42 million) at Gaylord Rockies, which were completed in June 2024 and November 2024, respectively;Renovation of the Governor’s ballroom, meeting space and pre-function space at Gaylord Opryland (estimated project cost: $17 million), which was completed in January 2025;Renovation of the lobby and rooms, excluding those added with the 2021 expansion, at Gaylord Palms (estimated project cost: $108 million), which was completed in February 2025; andRenovation and reconfiguration of the Presidential ballroom, meeting space and pre-function space (estimated project cost: $36 million) and development of a new 550-seat sports bar, 3,000-square-foot pavilion and an adjacent event lawn (estimated project cost: $40 million) at Gaylord Opryland, which remain under construction. 3 Cash spending toward estimated project costs may occur over multiple calendar years. Major Entertainment projects included: Development of Ole Red Las Vegas (estimated project cost: $48 million), which opened in January 2024;Renovation of Block 21 (estimated project cost: $40 million), including the rooms and public space at the W Austin Hotel and a private events terrace at the ACL Live venue, which was completed in December 2024; andRepositioning of the former Wildhorse Saloon to Category 10 (estimated project cost: $42 million), which opened in November 2024, except for the rooftop, which opened in February 2025. In 2025, the Company expects to spend approximately $400 to $500 million on capital expenditures, primarily related to its Hospitality business. 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;The recently announced meeting space expansion at Gaylord Opryland (estimated project cost: $131 million), which is now underway and expected to be completed in 2027; andRenovation of the rooms at Gaylord Texan (estimated project cost: $140 million), which is expected to begin in May 2025 and run through mid-year 2026. Disruption The Company estimates the full year 2024 impact of construction disruption to its same-store Hospitality business was approximately 320 basis points to RevPAR growth; approximately 220 basis points to Total RevPAR growth; and approximately $27 million to operating income and Adjusted EBITDAre. These estimates increased from our original estimates due primarily to construction labor shortages in the Orlando market. In addition, we elected to accelerate the timing of several smaller related projects at Gaylord Palms, which, by addressing simultaneously with the rooms renovation, reduced the total cost of renovations that would have occurred over multiple years. The Company estimates the full year 2024 impact of construction disruption to its Entertainment business was approximately $12 million to operating income and Adjusted EBITDAre. Fioravanti continued, “We experienced more construction disruption in 2024 than we originally anticipated due primarily to construction labor issues in the Orlando market, which increased the average number of days rooms were out of service for renovation. While we had projected the potential of offsetting a portion of these delays through targeted efficiencies, increasingly challenging construction labor market conditions limited our progress. Given the market and property-specific nature of these delays, we do not expect to experience similar issues with our other capital projects underway. As we articulated during our 2024 Investor Day, we are committed to the long-term positioning of our assets to better serve and create value for the group customer. It is evident from our results in recent years that this focus is generating superior returns for our shareholders. Furthermore, our pace of bookings and group rooms revenue on the books for all future years clearly demonstrates our customers are embracing these plans. We believe our capital deployment strategies, while somewhat disruptive in the short term, will drive long-term outperformance.” For 2025, the Company estimates the full year impact of construction disruption to its total Hospitality business to 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 February 20, 2025. The Company does not expect to update the guidance provided below before next quarter’s earnings release. However, the Company may update its full business outlook or any portion thereof at any time for any reason. The below guidance does not present same-store data since 2024 includes a full year of JW Hill Country’s results. Guidance Range(in millions, except per share figures) For Full Year 2025 (1) Low High MidpointConsolidated Hospitality RevPAR growth 2.25 % 4.75 % 3.50 %Consolidated Hospitality Total RevPAR growth 1.75 % 4.25 % 3.00 % Operating income: Hospitality $444.0 $468.0 $456.0 Entertainment 65.8 69.8 67.8 Corporate and Other (48.0) (47.5) (47.8) Consolidated operating income $ 461.7 $ 490.3 $ 476.0 Adjusted EBITDAre: Hospitality $675.0 $715.0 $695.0 Entertainment 110.0 120.0 115.0 Corporate and Other (36.0) (34.0) (35.0) Consolidated Adjusted EBITDAre $ 749.0 $ 801.0 $ 775.0 Net income $245.3 $261.0 $253.1 Net income available to common stockholders $237.3 $255.0 $246.1 FFO available to common stockholders and unit holders $487.4 $524.5 $505.9 Adjusted FFO available to common stockholders and unit holders $510.0 $555.0 $532.5 Net income available to common stockholders per diluted share (2) $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 Weighted average shares outstanding - diluted (2) 64.5 64.5 64.5 Weighted average shares and OP units outstanding - diluted (2) 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 UpdateOn January 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 December 31, 2024. Today, the Company declared its first quarter 2025 cash dividend of $1.15 per share of common stock, payable on April 15, 2025, 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 UpdateAs of December 31, 2024, the Company had unrestricted cash of $477.7 million and total debt outstanding of $3,378.4 million, net of unamortized deferred financing costs. As of December 31, 2024, there were no amounts drawn under the Company’s revolving credit facility, $21.0 million was drawn under OEG’s revolving credit facility, and the lending banks had issued $4.3 million in letters of credit under the Company’s revolving credit facility, which left $754.7 million of aggregate borrowing availability under the Company’s revolving credit facility and OEG’s revolving credit facility. Earnings Call InformationRyman Hospitality Properties will hold a conference call to discuss this release tomorrow, February 21, at 11:00 a.m. ET. Investors can listen to the conference call over the Internet at www.rymanhp.com. To listen to the live call, please go to the Investor Relations section of the website (Investor Relations/News & Events/Events & Presentation) at least 15 minutes prior to the call to register and download any necessary audio software. For those who cannot listen to the live broadcast, a replay will be available shortly after the call and will be available for at least 30 days. About Ryman Hospitality Properties, Inc.Ryman Hospitality Properties, Inc. (NYSE: RHP) is a leading lodging and hospitality real estate investment trust that specializes in upscale convention center resorts and entertainment experiences. The Company’s holdings include Gaylord Opryland Resort & Convention Center; Gaylord Palms Resort & Convention Center; Gaylord Texan Resort & Convention Center; Gaylord National Resort & Convention Center; and Gaylord Rockies Resort & Convention Center, five of the top seven largest non-gaming convention center hotels in the United States based on total indoor meeting space. The Company also owns 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 a 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 StatementsThis 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 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, 2023, 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 InformationThis 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 in Consolidated Joint Venture 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 in consolidated joint ventures to calculate Adjusted EBITDAre, Excluding Noncontrolling Interest in Consolidated Joint Venture. We use EBITDAre, Adjusted EBITDAre and Adjusted EBITDAre, Excluding Noncontrolling Interest in Consolidated Joint Venture 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 in Consolidated Joint Venture provides useful information to investors regarding our operating performance and debt leverage metrics. Adjusted EBITDAre Margin and Adjusted EBITDAre, Excluding Noncontrolling Interest in Consolidated Joint Venture Margin DefinitionWe calculate consolidated Adjusted EBITDAre, Excluding Noncontrolling Interest in Consolidated Joint Venture Margin by dividing consolidated Adjusted EBITDAre, Excluding Noncontrolling Interest in Consolidated Joint Venture 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 in Consolidated Joint Venture 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 in Consolidated Joint Venture 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 Year Ended December 31, December 31, 2024 2023 2024 2023Revenues: Rooms $187,303 $191,086 $744,587 $701,138 Food and beverage 221,523 215,234 940,827 831,796 Other hotel revenue 140,624 138,836 311,636 300,544 Entertainment 98,183 87,907 342,176 324,658 Total revenues 647,633 633,063 2,339,226 2,158,136 Operating expenses: Rooms 45,066 45,539 179,358 173,749 Food and beverage 128,721 126,321 516,309 465,963 Other hotel expenses 195,256 188,931 555,554 519,328 Management fees, net 17,231 19,865 73,531 66,425 Total hotel operating expenses 386,274 380,656 1,324,752 1,225,465 Entertainment 68,041 58,919 241,847 223,663 Corporate 10,739 12,207 41,819 42,789 Preopening costs 1,257 883 4,618 1,308 Gain on sale of assets – – (270) – Depreciation and amortization 60,820 56,527 235,626 211,227 Total operating expenses 527,131 509,192 1,848,392 1,704,452 Operating income 120,502 123,871 490,834 453,684 Interest expense, net of amounts capitalized (53,829) (61,142) (225,395) (211,370)Interest income 6,172 7,446 27,977 21,423 Loss on extinguishment of debt (160) – (2,479) (2,252)Income (loss) from unconsolidated joint ventures 51 217 275 (17,308)Other gains and (losses), net (261) (1,549) 2,814 3,921 Income before income taxes 72,475 68,843 294,026 248,098 (Provision) benefit for income taxes (184) 101,035 (13,836) 93,702 Net income 72,291 169,878 280,190 341,800 Net income attributable to noncontrolling interest in consolidated joint venture (3,072) (26,809) (6,760) (28,465)Net income attributable to noncontrolling interest in Operating Partnership (453) (942) (1,792) (2,118)Net income available to common stockholders $68,766 $142,127 $271,638 $311,217 Basic income per share available to common stockholders $1.15 $2.38 $4.54 $5.39 Diluted income per share available to common stockholders (1) $1.13 $2.37 $4.38 $5.36 Weighted average common shares for the period: Basic 59,902 59,710 59,859 57,750 Diluted (1) 63,698 60,058 63,632 58,061 (1) Diluted weighted average common shares for the three and twelve months ended December 31, 2024 include 3.5 million and 3.5 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) December 31, December 31, 2024 2023ASSETS: Property and equipment, net of accumulated depreciation $4,124,382 $3,955,586Cash and cash equivalents - unrestricted 477,694 591,833Cash and cash equivalents - restricted 98,534 108,608Notes receivable, net 57,801 61,760Trade receivables, net 94,184 110,029Deferred income tax assets, net 70,511 81,624Prepaid expenses and other assets 178,091 154,810Intangible assets, net 116,376 124,287Total assets $5,217,573 $5,188,537 LIABILITIES AND EQUITY: Debt and finance lease obligations $3,378,396 $3,377,028Accounts payable and accrued liabilities 466,571 464,720Dividends payable 71,444 67,932Deferred management rights proceeds 164,658 165,174Operating lease liabilities 135,117 129,122Other liabilities 66,805 66,658Noncontrolling interest in consolidated joint venture 381,945 345,126Total equity 552,637 572,777Total liabilities and equity $5,217,573 $5,188,537 RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIESSUPPLEMENTAL FINANCIAL RESULTSADJUSTED EBITDAre RECONCILIATIONUnaudited(In thousands) Three Months Ended Year Ended December 31, December 31, 2024 2023 2024 2023 $ Margin $ Margin $ Margin $ MarginConsolidated: Revenue $647,633 $633,063 $2,339,226 $2,158,136 Net income $72,291 11.2% $169,878 26.8% $280,190 12.0% $341,800 15.8%Interest expense, net 47,657 53,696 197,418 189,947 Provision (benefit) for income taxes 184 (101,035) 13,836 (93,702) Depreciation and amortization 60,820 56,527 235,626 211,227 Gain on sale of assets – – (270) – Pro rata EBITDAre from unconsolidated joint ventures – 3 5 25 EBITDAre 180,952 27.9% 179,069 28.3% 726,805 31.1% 649,297 30.1%Preopening costs 1,257 883 4,618 1,308 Non-cash lease expense 597 1,215 3,501 5,710 Equity-based compensation expense 3,167 3,941 13,891 15,421 Pension settlement charge 261 1,313 858 1,313 Interest income on Gaylord National bonds 1,113 1,194 4,616 4,936 Loss on extinguishment of debt 160 – 2,479 2,252 Transaction costs for acquisitions 1,209 – 1,209 – Pro rata adjusted EBITDAre from unconsolidated joint ventures (74) (121) (272) 10,508 Adjusted EBITDAre 188,642 29.1% 187,494 29.6% 757,705 32.4% 690,745 32.0%Adjusted EBITDAre of noncontrolling interest in consolidated joint venture (9,627) (9,083) (31,746) (29,884) Adjusted EBITDAre, excluding noncontrolling interest in consolidated joint venture $179,015 27.6% $178,411 28.2% $725,959 31.0% $660,861 30.6% Hospitality segment: Revenue $549,450 $545,156 $1,997,050 $1,833,478 Operating income $110,258 20.1% $115,738 21.2% $467,109 23.4% $421,264 23.0%Depreciation and amortization 52,918 48,762 205,189 186,749 Non-cash lease expense 983 1,020 3,932 4,077 Interest income on Gaylord National bonds 1,113 1,194 4,616 4,936 Other gains and (losses), net – – 3,203 6,134 Adjusted EBITDAre $165,272 30.1% $166,714 30.6% $684,049 34.3% $623,160 34.0% Same-Store Hospitality segment: (1) Revenue $495,990 $503,090 $1,776,526 $1,740,665 Operating income $106,398 21.5% $110,659 22.0% $428,701 24.1% $408,081 23.4%Depreciation and amortization 45,166 43,545 174,996 172,031 Non-cash lease expense 983 1,020 3,932 4,077 Interest income on Gaylord National bonds 1,113 1,194 4,616 4,936 Other gains and (losses), net – – 3,203 6,134 Adjusted EBITDAre $153,660 31.0% $156,418 31.1% $615,448 34.6% $595,259 34.2% Entertainment segment: Revenue $98,183 $87,907 $342,176 $324,658 Operating income $21,208 21.6% $20,561 23.4% $66,192 19.3% $76,076 23.4%Depreciation and amortization 7,677 7,544 29,519 23,611 Preopening costs 1,257 883 4,618 1,308 Non-cash lease (revenue) expense (386) 195 (431) 1,633 Equity-based compensation 859 995 3,741 3,805 Other gains and (losses), net 137 – 817 – Transaction costs for acquisitions 1,209 – 1,209 – Pro rata adjusted EBITDAre from unconsolidated joint ventures (23) 100 7 (6,775) Adjusted EBITDAre $31,938 32.5% $30,278 34.4% $105,672 30.9% $99,658 30.7% Corporate and Other segment: Operating loss $(10,964) $(12,428) $(42,467) $(43,656) Depreciation and amortization 225 221 918 867 Other gains and (losses), net (398) (1,550) (1,205) (2,213) Equity-based compensation 2,308 2,946 10,150 11,616 Gain on sale of assets – – (270) – Pension settlement charge 261 1,313 858 1,313 Adjusted EBITDAre $(8,568) $(9,498) $(32,016) $(32,073) (1) Same-Store Hospitality segment excludes JW Marriott Hill Country, which was acquired on June 30, 2023. RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIESSUPPLEMENTAL FINANCIAL RESULTSFUNDS FROM OPERATIONS (“FFO”) AND ADJUSTED FFO RECONCILIATIONUnaudited(In thousands, except per share data) Three Months Ended Year Ended December 31, December 31, 2024 2023 2024 2023Net income $72,291 $169,878 $280,190 $341,800 Noncontrolling interest in consolidated joint venture (3,072) (26,809) (6,760) (28,465)Net income available to common stockholders and unit holders 69,219 143,069 273,430 313,335 Depreciation and amortization 60,773 56,483 235,437 211,064 Adjustments for noncontrolling interest (2,303) (2,263) (8,856) (7,083)Pro rata adjustments from joint ventures 2 4 5 73 FFO available to common stockholders and unit holders 127,691 197,293 500,016 517,389 Right-of-use asset amortization 47 44 189 163 Non-cash lease expense 597 1,215 3,501 5,710 Pension settlement charge 261 1,313 858 1,313 Pro rata adjustments from joint ventures (74) (121) (272) 10,508 Gain on other assets – – (270) – Amortization of deferred financing costs 2,660 2,674 10,655 10,663 Amortization of debt discounts and premiums 545 637 2,397 2,325 Loss on extinguishment of debt 160 – 2,479 2,252 Adjustments for noncontrolling interest (1,117) 23,533 (3,137) 18,635 Transaction cost of acquisitions 1,209 – 1,209 – Deferred tax provision (benefit) (1) (519) (100,719) 10,196 (95,825)Adjusted FFO available to common stockholders and unit holders $131,460 $125,869 $527,821 $473,133 Basic net income per share $1.15 $2.38 $4.54 $5.39 Diluted net income per share $1.13 $2.37 $4.38 $5.36 FFO available to common stockholders and unit holders per basic share/unit $2.12 $3.28 $8.30 $8.90 Adjusted FFO available to common stockholders and unit holders per basic share/unit $2.18 $2.09 $8.76 $8.14 FFO available to common stockholders and unit holders per diluted share/unit (1) $2.08 $3.26 $8.05 $8.85 Adjusted FFO available to common stockholders and unit holders per diluted share/unit (1) $2.15 $2.08 $8.54 $8.09 Weighted average common shares and OP units for the period: Basic 60,297 60,105 60,254 58,145 Diluted (2) 64,093 60,453 64,027 58,456 (1) Diluted weighted average common shares and OP units for the three and twelve months ended December 31, 2024 include 3.5 million and 3.5 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 Year Ended December 31, December 31, 2024 2023 2024 2023 $ Margin $ Margin $ Margin $ MarginHospitality segment: Revenue $549,450 $545,156 $1,997,050 $1,833,478 Operating income $110,258 20.1% $115,738 21.2% $467,109 23.4% $421,264 23.0%Depreciation and amortization 52,918 48,762 205,189 186,749 Non-cash lease expense 983 1,020 3,932 4,077 Interest income on Gaylord National bonds 1,113 1,194 4,616 4,936 Other gains and (losses), net – – 3,203 6,134 Adjusted EBITDAre $165,272 30.1% $166,714 30.6% $684,049 34.3% $623,160 34.0% Performance metrics: Occupancy 66.7 % 69.8 % 69.1 % 71.6 % ADR $267.45 $260.81 $257.81 $245.74 RevPAR $178.37 $181.97 $178.24 $175.96 OtherPAR $344.87 $337.18 $299.81 $284.16 Total RevPAR $523.24 $519.15 $478.05 $460.12 Same-Store Hospitality segment: (1) Revenue $495,990 $503,090 $1,776,526 $1,740,665 Operating income $106,398 21.5% $110,659 22.0% $428,701 24.1% $408,081 23.4%Depreciation and amortization 45,166 43,545 174,996 172,031 Non-cash lease expense 983 1,020 3,932 4,077 Interest income on Gaylord National bonds 1,113 1,194 4,616 4,936 Other gains and (losses), net – – 3,203 6,134 Adjusted EBITDAre $153,660 31.0% $156,418 31.1% $615,448 34.6% $595,259 34.2% Performance metrics: Occupancy 67.3 % 70.9 % 69.1 % 71.9 % ADR $264.50 $259.67 $252.08 $243.19 RevPAR $178.00 $184.17 $174.26 $174.92 OtherPAR $339.79 $341.03 $291.92 $283.10 Total RevPAR $517.79 $525.20 $466.18 $458.02 Gaylord Opryland: Revenue $138,706 $140,664 $495,552 $474,884 Operating income $40,807 29.4% $42,299 30.1% $152,896 30.9% $135,554 28.5%Depreciation and amortization 8,053 7,960 32,588 33,510 Non-cash lease revenue (10) (11) (42) (46) Adjusted EBITDAre $48,850 35.2% $50,248 35.7% $185,442 37.4% $169,018 35.6% Performance metrics: Occupancy 71.2 % 75.5 % 70.9 % 73.0 % ADR $272.81 $268.39 $258.62 $250.96 RevPAR $194.35 $202.70 $183.35 $183.22 OtherPAR $327.70 $326.72 $285.47 $267.28 Total RevPAR $522.05 $529.42 $468.82 $450.50 Gaylord Palms: Revenue $79,867 $87,356 $302,371 $309,616 Operating income $12,420 15.6% $16,194 18.5% $63,228 20.9% $71,399 23.1%Depreciation and amortization 7,392 5,837 25,470 22,640 Non-cash lease expense 993 1,031 3,974 4,123 Adjusted EBITDAre $20,805 26.0% $23,062 26.4% $92,672 30.6% $98,162 31.7% Performance metrics: Occupancy 60.3 % 72.3 % 64.6 % 73.7 % ADR $269.95 $261.71 $249.98 $245.04 RevPAR $162.87 $189.19 $161.45 $180.58 OtherPAR $342.44 $363.50 $319.43 $313.17 Total RevPAR $505.31 $552.69 $480.88 $493.75 Gaylord Texan: Revenue $109,256 $116,531 $351,151 $358,399 Operating income $35,373 32.4% $37,955 32.6% $106,416 30.3% $111,703 31.2%Depreciation and amortization 5,834 5,793 23,189 22,947 Adjusted EBITDAre $41,207 37.7% $43,748 37.5% $129,605 36.9% $134,650 37.6% Performance metrics: Occupancy 74.7 % 74.6 % 74.6 % 74.9 % ADR $270.13 $277.12 $252.65 $244.21 RevPAR $201.76 $206.82 $188.58 $183.02 OtherPAR $452.90 $491.44 $340.32 $358.28 Total RevPAR $654.66 $698.26 $528.90 $541.30 RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIESSUPPLEMENTAL FINANCIAL RESULTSHOSPITALITY SEGMENT ADJUSTED EBITDAre RECONCILIATION AND OPERATING METRICSUnaudited(In thousands) Three Months Ended Year Ended December 31, December 31, 2024 2023 2024 2023 $ Margin $ Margin $ Margin $ MarginGaylord National: Revenue $84,936 $85,229 $311,330 $307,139 Operating income $10,269 12.1% $9,841 11.5 % $46,306 14.9% $42,677 13.9 %Depreciation and amortization 8,467 8,391 33,724 33,357 Interest income on Gaylord National bonds 1,113 1,194 4,616 4,936 Other gains and (losses), net – – 3,203 6,134 Adjusted EBITDAre $19,849 23.4% $19,426 22.8 % $87,849 28.2% $87,104 28.4 % Performance metrics: Occupancy 60.4% 66.8 % 64.8% 68.4 % ADR $265.94 $254.45 $251.80 $240.30 RevPAR $160.71 $170.01 $163.16 $164.30 OtherPAR $301.82 $294.12 $263.01 $257.28 Total RevPAR $462.53 $464.13 $426.17 $421.58 Gaylord Rockies: Revenue $76,825 $67,360 $290,141 $266,737 Operating income $6,755 8.8% $4,325 6.4 % $56,233 19.4% $44,854 16.8 %Depreciation and amortization 14,640 14,473 57,094 56,843 Adjusted EBITDAre $21,395 27.8% $18,798 27.9 % $113,327 39.1% $101,697 38.1 % Performance metrics: Occupancy 71.5% 66.1 % 74.3% 73.4 % ADR $252.73 $241.79 $253.11 $242.39 RevPAR $180.80 $159.91 $188.09 $178.02 OtherPAR $375.53 $327.88 $340.05 $308.85 Total RevPAR $556.33 $487.79 $528.14 $486.87 JW Marriott Hill Country: (2) Revenue $53,460 $42,066 $220,524 $92,813 Operating income $3,860 7.2% $5,079 12.1 % $38,408 17.4% $13,183 14.2 %Depreciation and amortization 7,752 5,217 30,193 14,718 Adjusted EBITDAre $11,612 21.7% $10,296 24.5 % $68,601 31.1% $27,901 30.1 % Performance metrics: Occupancy 60.4% 57.8 % 69.2% 64.9 % ADR $301.63 $275.32 $317.32 $304.07 RevPAR $182.17 $159.17 $219.58 $197.30 OtherPAR $397.76 $297.15 $381.74 $306.11 Total RevPAR $579.93 $456.32 $601.32 $503.41 The AC Hotel at National Harbor: Revenue $3,032 $3,141 $12,647 $11,997 Operating income $383 12.6% $597 19.0 % $2,247 17.8% $2,010 16.8 %Depreciation and amortization 230 229 933 904 Adjusted EBITDAre $613 20.2% $826 26.3 % $3,180 25.1% $2,914 24.3 % Performance metrics: Occupancy 60.8% 69.7 % 59.9% 64.8 % ADR $242.95 $221.92 $258.45 $238.01 RevPAR $147.78 $154.58 $154.77 $154.20 OtherPAR $23.86 $23.24 $25.20 $16.99 Total RevPAR $171.64 $177.82 $179.97 $171.19 The Inn at Opryland: (3) Revenue $3,368 $2,809 $13,334 $11,893 Operating income (loss) $391 11.6% $(552) (19.7)% $1,375 10.3% $(116) (1.0)%Depreciation and amortization 550 862 1,998 1,830 Adjusted EBITDAre $941 27.9% $310 11.0 % $3,373 25.3% $1,714 14.4 % Performance metrics: Occupancy 53.3% 48.6 % 53.8% 54.0 % ADR $159.49 $155.32 $169.90 $153.60 RevPAR $84.96 $75.54 $91.40 $82.95 OtherPAR $35.84 $25.28 $28.84 $24.59 Total RevPAR $120.80 $100.82 $120.24 $107.54 (1) Same-Store Hospitality segment excludes JW Marriott Hill Country, which was acquired on June 30, 2023.(2) JW Marriott Hill Country was acquired by the Company on June 30, 2023.(3) 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 Year Ended December 31, December 31, 2024 2023 2024 2023Earnings per share: Numerator: Net income available to common stockholders $68,766 $142,127 $271,638 $311,217Net income attributable to noncontrolling interest in consolidated joint venture 3,072 – 6,760 –Net income available to common stockholders - if-converted method $71,838 $142,127 $278,398 $311,217 Denominator: Weighted average shares outstanding - basic 59,902 59,710 59,859 57,750Effect of dilutive stock-based compensation 265 348 281 311Effect of dilutive put rights (1) 3,531 – 3,492 –Weighted average shares outstanding - diluted 63,698 60,058 63,632 58,061 Basic income per share available to common stockholders $1.15 $2.38 $4.54 $5.39Diluted income per share available to common stockholders (1) $1.13 $2.37 $4.38 $5.36 FFO per share/unit: Numerator: FFO available to common stockholders and unit holders $127,691 $197,293 $500,016 $517,389Net income attributable to noncontrolling interest in consolidated joint venture 3,072 – 6,760 –FFO adjustments for noncontrolling interest 2,303 – 8,856 –FFO available to common stockholders and unit holders - if-converted method $133,066 $197,293 $515,632 $517,389 Denominator: Weighted average shares and OP units outstanding - basic 60,297 60,105 60,254 58,145Effect of dilutive stock-based compensation 265 348 281 311Effect of dilutive put rights (1) 3,531 – 3,492 –Weighted average shares and OP units outstanding - diluted 64,093 60,453 64,027 58,456 FFO available to common stockholders and unit holders per basic share/unit $2.12 $3.28 $8.30 $8.90FFO available to common stockholders and unit holders per diluted share/unit (1) $2.08 $3.26 $8.05 $8.85 Adjusted FFO per share/unit: Numerator: Adjusted FFO available to common stockholders and unit holders $131,460 $125,869 $527,821 $473,133Net income attributable to noncontrolling interest in consolidated joint venture 3,072 – 6,760 –FFO adjustments for noncontrolling interest 2,303 – 8,856 –Adjusted FFO adjustments for noncontrolling interest 1,117 – 3,137 –Adjusted FFO available to common stockholders and unit holders - if-converted method $137,952 $125,869 $546,574 $473,133 Denominator: Weighted average shares and OP units outstanding - basic 60,297 60,105 60,254 58,145Effect of dilutive stock-based compensation 265 348 281 311Effect of dilutive put rights (1) 3,531 – 3,492 –Weighted average shares and OP units outstanding - diluted 64,093 60,453 64,027 58,456 Adjusted FFO available to common stockholders and unit holders per basic share/unit $2.18 $2.09 $8.76 $8.14Adjusted FFO available to common stockholders and unit holders per diluted share/unit (1) $2.15 $2.08 $8.54 $8.09 (1) Includes equivalent shares related to the currently unexercisable investor put rights associated with the noncontrolling interest in the Company’s OEG business, which may be settled in cash or shares at the Company’s option. Ryman Hospitality Properties, Inc. and SubsidiariesReconciliation of Forward-Looking StatementsAdjusted Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (“Adjusted EBITDAre”)Unaudited($ 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 consolidated joint venture (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 $246,125Net income attributable to noncontrolling interest in consolidated joint venture 8,000 6,000 7,000Net 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 $532,500Net income attributable to noncontrolling interest in consolidated joint venture 8,000 6,000 7,000FFO adjustments for noncontrolling interest 12,500 10,500 11,500Adjusted FFO Adjustments for noncontrolling interest 4,375 3,750 4,063Adjusted 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.

Ryman Hospitality Properties, Inc. Reports Fourth Quarter and Full Year 2024 Results

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