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Ryman Hospitality Properties, Inc. Reports Second Quarter 2025 Results

1. RHP reported record revenue of $659.5 million in Q2 2025. 2. Acquisition of JW Marriott Desert Ridge enhances RHP's market presence significantly. 3. Adjusted EBITDA decreased by 9.2%, indicating operational challenges. 4. A public offering raised $625 million to finance acquisitions and operations. 5. Long-term group meeting demand remains strong despite economic uncertainties.

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FAQ

Why Neutral?

Record revenue and acquisition are strong positives, but declining adjusted EBITDA and net income raise concerns. Historical performance shows that initial revenue boosts from acquisitions do not always translate into long-term profitability without sustained cost management.

How important is it?

While record revenue is a positive sign, the decline in key profitability metrics could temper market reaction. Investors may be cautious given the competitive pressures highlighted and new projects affecting financial performance.

Why Short Term?

Immediate impacts from acquisition and financial results are evident, but sustained effects depend on economic climate and booking trends. Previous acquisitions often show transient gains before stabilizing in long-term metrics.

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MARHLTWHHST
NASHVILLE, Tenn., Aug. 04, 2025 (GLOBE NEWSWIRE) -- Ryman Hospitality Properties, Inc. (NYSE: RHP), a leading 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 six months ended June 30, 2025. Second Quarter 2025 Highlights and Recent Developments: The Company reported all-time quarterly record consolidated revenue of $659.5 million, driven by Hospitality segment revenue of $516.2 million and all-time quarterly record Entertainment segment revenue of $143.3 million. Generated consolidated net income of $75.9 million and consolidated Adjusted EBITDAre of $211.9 million.Booked over 720,000 same-store Hospitality1 Gross Definite Room Nights for all future periods, at an estimated average daily rate (ADR) of $285.Completed the acquisition of the 950-room JW Marriott Phoenix Desert Ridge Resort & Spa (the “JW Marriott Desert Ridge”) on June 10, 2025, adding a turnkey asset in a top 10 group meetings market2 and creating incremental group customer rotation opportunities.Completed an underwritten public offering of approximately 3.0 million common shares at a price to the public of $96.20 per share and a private placement of $625 million of 6.500% senior unsecured notes due 2033, the net proceeds of which were used to fund the acquisition of the JW Marriott Desert Ridge. OEG refinanced its Block 21 CMBS loan with $130 million in incremental borrowings under OEG’s existing Term Loan B, simplifying OEG's capital structure.The Company is revising its full year 2025 outlook to include the acquisition of the JW Marriott Desert Ridge and to account for incremental transient rate risk, primarily for its Nashville-based hotel properties. Mark Fioravanti, President and Chief Executive Officer of Ryman Hospitality Properties, said, “We are pleased to have delivered first-half results in line with our expectations and to have acquired the JW Marriott Desert Ridge, which has long been at the top of our acquisition list. Despite the current uncertain economic environment, we have continued to demonstrate the strength of our business model through strong cost management, aggressive closure of in-the-year-for-the-year group bookings and efficient capital deployment, all with an eye toward long-term portfolio enhancement and customer retention. Group business on the books for 2026 and beyond remains healthy, which, together with favorable competitive supply dynamics, positions our portfolio to benefit from growing group meeting demand in the years to come.” __________________(1) Same-store Hospitality includes the JW Marriott Hill Country for all periods presented and excludes the JW Marriott Desert Ridge, which was acquired June 10, 2025.(2) Based on the Cvent Top 50 meeting Destinations in North America, 2025. Second Quarter 2025 Results (as compared to Second Quarter 2024):                            Three Months Ended  Six Months Ended  June 30,  June 30, ($ in thousands, except per share amounts)          %           % 2025 2024 Change    2025 2024ChangeTotal revenue$659,515   $613,290   7.5 % $1,246,795   $1,141,635   9.2 %                          Operating income$139,425   $168,071   (17.0)% $255,546   $264,452   (3.4)%Operating income margin 21.1 %  27.4 % (6.3)pts  20.5 %  23.2 % (2.7)pts                          Net income$75,875   $104,740   (27.6)% $138,889   $147,501   (5.8)%Net income margin 11.5 %  17.1 % (5.6)pts  11.1 %  12.9 % (1.8)pts                          Net income available to common stockholders$71,753   $100,805   (28.8)% $134,714   $143,861   (6.4)%Net income available to common stockholders margin 10.9 %  16.4 % (5.5)pts  10.8 %  12.6 % (1.8)ptsNet income available to common stockholders per diluted share (1)$1.12   $1.65   (32.1)% $2.13   $2.31   (7.8)%                          Adjusted EBITDAre$211,856   $233,195   (9.2)% $397,358   $394,260   0.8 %Adjusted EBITDAre margin 32.1 %  38.0 % (5.9)pts  31.9 %  34.5 % (2.6)ptsAdjusted EBITDAre, excluding noncontrolling interest$200,561   $222,473   (9.8)% $380,437   $378,876   0.4 %Adjusted EBITDAre, excluding noncontrolling interest margin 30.4 %  36.3 % (5.9)pts  30.5 %  33.2 % (2.7)pts                          Funds From Operations (FFO) available to common stockholders and unit holders$137,145   $157,647   (13.0)% $260,047   $256,120   1.5 %FFO available to common stockholders and unit holders per diluted share/unit (1)$2.14   $2.57   (16.7)% $4.13   $4.12   0.2 %                          Adjusted FFO available to common stockholders and unit holders$148,845   $173,432   (14.2)% $278,668   $276,126   0.9 %Adjusted FFO available to common stockholders and unit holders per diluted share/unit (1)$2.35   $2.83   (17.0)% $4.44   $4.45   (0.2)% __________________1 Diluted weighted average common shares for the three and six months ended June 30, 2025 includes the impact of approximately 3.0 million additional shares issued on May 21, 2025. Diluted weighted average common shares for the three months ended June 30, 2025 and 2024 include 4.2 million and 3.1 million, respectively, and for the six months ended June 30, 2025 and 2024 include 3.7 million and 3.3 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 results for the 2024 periods reflect franchise tax refunds for the 2020 through 2023 tax periods, totaling approximately $9.1 million. Note: For the Company’s definitions of Adjusted EBITDAre, Adjusted EBITDAre margin, Adjusted EBITDAre, excluding noncontrolling interest, Adjusted EBITDAre, excluding noncontrolling interest margin, FFO available to common stockholders and unit holders, and Adjusted FFO available to common stockholders and unit holders, as well as a reconciliation of the non-GAAP financial measure Adjusted EBITDAre to Net Income and a reconciliation of the non-GAAP financial measures FFO available to common stockholders and unit holders and Adjusted FFO available to common stockholders and unit holders to Net Income, see “Non-GAAP Financial Measures,” “EBITDAre, Adjusted EBITDAre and Adjusted EBITDAre, Excluding Noncontrolling Interest Definition,” “Adjusted EBITDAre Margin and Adjusted EBITDAre, Excluding Noncontrolling Interest Margin Definition” “FFO, Adjusted FFO, and Adjusted FFO Available to Common Stockholders and Unit Holders Definition” and “Supplemental Financial Results” below. Hospitality Segment                            Three Months Ended  Six Months Ended  June 30,  June 30, ($ in thousands, except ADR, RevPAR, and Total RevPAR)          %           % 2025 2024 Change    2025 2024 ChangeHospitality revenue$516,211   $519,087   (0.6)% $1,013,941   $980,557   3.4 %Same-store Hospitality revenue (1)$510,862   $519,087   (1.6)% $1,008,592   $980,557   2.9 %                          Hospitality operating income$126,920   $151,885   (16.4)% $243,729   $254,070   (4.1)%Hospitality operating income margin 24.6 %  29.3 % (4.7)pts  24.0 %  25.9 % (1.9)ptsHospitality Adjusted EBITDAre$186,435   $204,615   (8.9)% $359,409   $359,208   0.1 %Hospitality Adjusted EBITDAre margin 36.1 %  39.4 % (3.3)pts  35.4 %  36.6 % (1.2)pts                          Same-store Hospitality operating income (1)$129,503   $151,885   (14.7)% $246,312   $254,070   (3.1)%Same-store Hospitality operating income margin (1) 25.3 %  29.3 % (4.0)pts  24.4 %  25.9 % (1.5)ptsSame-store Hospitality Adjusted EBITDAre (1)$187,017   $204,615   (8.6)% $359,991   $359,208   0.2 %Same-store Hospitality Adjusted EBITDAre margin (1) 36.6 %  39.4 % (2.8)pts  35.7 %  36.6 % (0.9)pts                          Hospitality performance metrics:                         Occupancy 73.3 %  73.7 % (0.4)pts  71.5 %  70.2 % 1.3 ptsAverage Daily Rate (ADR)$258.88   $260.76   (0.7)% $261.53   $255.87   2.2 %RevPAR$189.77   $192.07   (1.2)% $187.03   $179.62   4.1 %Total RevPAR$487.62   $499.76   (2.4)% $486.10   $472.02   3.0 %                          Same-store Hospitality performance metrics: (1)                         Occupancy 74.0 %  73.7 % 0.3 pts  71.8 %  70.2 % 1.6 ptsADR$259.19   $260.76   (0.6)% $261.71   $255.87   2.3 %RevPAR$191.70   $192.07   (0.2)% $187.97   $179.62   4.6 %Total RevPAR$491.84   $499.76   (1.6)% $488.20   $472.02   3.4 %                          Gross definite room nights booked 720,644    844,170   (14.6)%  1,084,548    1,173,865   (7.6)%Net definite room nights booked 539,860    648,434   (16.7)%  745,054    838,017   (11.1)%Group attrition (as % of contracted block) 15.2 %  15.1 % 0.1 pts  15.4 %  15.0 % 0.4 ptsCancellations ITYFTY (2) 17,287    13,987   23.6 %  40,066    27,037   48.2 % __________________1 Same-store Hospitality includes the JW Marriott Hill Country for all periods presented and excludes the JW Marriott Desert Ridge, which was acquired June 10, 2025. 2 “ITYFTY” represents In The Year For The Year. Note: Hospitality and same-store Hospitality results for the 2024 periods reflect franchise tax refunds for the 2020 through 2023 tax periods, totaling approximately $5.6 million. Note: For the Company’s definitions of Revenue Per Available Room (RevPAR) and Total Revenue Per Available Room (Total RevPAR), see “Calculation of RevPAR and Total RevPAR” below. Property-level results and operating metrics for second 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. Second Quarter 2025 Hospitality Segment Highlights The same-store Hospitality portfolio generated second quarter operating income of $129.5 million and Adjusted EBITDAre of $187.0 million. The timing of the Easter holiday, unusually strong corporate group mix, and one-time franchise tax refunds in the second quarter of 2024 contributed to challenging year-over-year comparisons. As anticipated, association group room nights traveled in the quarter were approximately 49,000 higher than the prior-year quarter, and corporate group room nights traveled declined by a similar amount. As a result, banquet and AV revenue declined approximately $16 million, driven primarily by the group mix shift.Same-store gross group room nights booked in the second quarter for the current year were up 3% compared to last year, despite lower ITYFTY lead volumes. For the six-month period, ITYFTY same-store gross group room nights booked were flat compared to last year, and ADR on those bookings increased mid-single digits.Second quarter attrition and cancellation revenue was approximately $9.5 million, a decrease of $0.3 million compared to the prior-year period. In June 2025, the Company completed the renovation of the Presidential ballroom and meeting space at Gaylord Opryland. Gaylord Opryland                            Three Months Ended  Six Months Ended  June 30,  June 30, ($ in thousands, except ADR, RevPAR, and Total RevPAR)          %           % 2025 2024 Change    2025 2024 ChangeRevenue$116,465   $130,352   (10.7)% $226,643   $234,187   (3.2)%                          Operating income$35,144   $50,642   (30.6)% $65,242   $75,467   (13.5)%Operating income margin 30.2 %  38.9 % (8.7)pts  28.8 %  32.2 % (3.4)ptsAdjusted EBITDAre$43,710   $58,830   (25.7)% $81,858   $91,777   (10.8)%Adjusted EBITDAre margin 37.5 %  45.1 % (7.6)pts  36.1 %  39.2 % (3.1)pts                          Performance metrics:                         Occupancy 75.2 %  75.4 % (0.2)pts  70.1 %  70.2 % (0.1)ptsADR$246.17   $260.98   (5.7)% $253.72   $253.71   0.0 %RevPAR$185.19   $196.85   (5.9)% $177.88   $178.23   (0.2)%Total RevPAR$443.16   $496.00   (10.7)% $433.58   $445.55   (2.7)% Note: Gaylord Opryland results for the 2024 periods reflect franchise tax refunds for the 2020 through 2023 tax periods, totaling approximately $5.4 million. Gaylord Palms                            Three Months Ended  Six Months Ended  June 30,  June 30, ($ in thousands, except ADR, RevPAR, and Total RevPAR)          %           % 2025 2024 Change    2025 2024 ChangeRevenue$73,113   $68,799   6.3 %   $161,506   $154,262   4.7 %                            Operating income$13,671   $13,479   1.4 %   $37,453   $38,485   (2.7)%  Operating income margin 18.7 %    19.6 %   (0.9)pts  23.2 %    24.9 %   (1.7)ptsAdjusted EBITDAre$23,236   $20,361   14.1 %   $56,183   $52,232   7.6 %  Adjusted EBITDAre margin 31.8 %    29.6 %   2.2 pts  34.8 %    33.9 %   0.9 pts                          Performance metrics:                             Occupancy 78.9 %    62.5 %   16.4 pts  77.4 %    68.5 %   8.9 ptsADR$243.35   $235.54   3.3 %   $259.34   $253.19   2.4 %  RevPAR$192.00   $147.22   30.4 %   $200.80   $173.55   15.7 %  Total RevPAR$467.66   $440.07   6.3 %   $519.38   $493.36   5.3 %   Gaylord Texan                            Three Months Ended  Six Months Ended  June 30,  June 30, ($ in thousands, except ADR, RevPAR, and Total RevPAR)          %           % 2025 2024 Change    2025 2024 ChangeRevenue$82,494   $83,897   (1.7)% $168,871   $168,799   0.0 %                          Operating income$25,002   $26,314   (5.0)% $52,697   $52,346   0.7 %Operating income margin 30.3 %  31.4 % (1.1)pts  31.2 %  31.0 % 0.2 ptsAdjusted EBITDAre$31,159   $32,058   (2.8)% $64,783   $63,981   1.3 %Adjusted EBITDAre margin 37.8 %  38.2 % (0.4)pts  38.4 %  37.9 % 0.5 pts                          Performance metrics:                         Occupancy 72.0 %  78.8 % (6.8)pts  72.5 %  76.0 % (3.5)ptsADR$253.06   $252.61   0.2 % $255.16   $246.43   3.5 %RevPAR$182.32   $199.18   (8.5)% $185.04   $187.36   (1.2)%Total RevPAR$499.74   $508.24   (1.7)% $514.33   $511.28   0.6 % Gaylord National                            Three Months Ended  Six Months Ended  June 30,  June 30, ($ in thousands, except ADR, RevPAR, and Total RevPAR)          %           % 2025 2024 Change    2025 2024 ChangeRevenue$83,413   $88,369   (5.6)% $164,242   $156,643   4.9 %                          Operating income$15,818   $22,321   (29.1)% $25,292   $27,544   (8.2)%Operating income margin 19.0 %  25.3 % (6.3)pts  15.4 %  17.6 % (2.2)ptsAdjusted EBITDAre$25,420   $31,921   (20.4)% $44,451   $46,740   (4.9)%Adjusted EBITDAre margin 30.5 %  36.1 % (5.6)pts  27.1 %  29.8 % (2.7)pts                          Performance metrics:                         Occupancy 67.8 %  70.8 % (3.0)pts  70.1 %  67.6 % 2.5 ptsADR$263.97   $263.88   0.0 % $256.29   $250.67   2.2 %RevPAR$178.85   $186.90   (4.3)% $179.59   $169.54   5.9 %Total RevPAR$459.23   $486.52   (5.6)% $454.62   $431.20   5.4 % Gaylord Rockies                            Three Months Ended  Six Months Ended  June 30,  June 30, ($ in thousands, except ADR, RevPAR, and Total RevPAR)          %           % 2025 2024 Change    2025 2024 ChangeRevenue$81,722   $76,836   6.4 % $152,670   $140,658   8.5 %                          Operating income$21,798   $21,436   1.7 % $36,621   $33,433   9.5 %Operating income margin 26.7 %  27.9 % (1.2)pts  24.0 %  23.8 % 0.2 ptsAdjusted EBITDAre$36,695   $35,574   3.2 % $66,370   $61,412   8.1 %Adjusted EBITDAre margin 44.9 %  46.3 % (1.4)pts  43.5 %  43.7 % (0.2)pts                          Performance metrics:                         Occupancy 80.3 %  80.4 % (0.1)pts  76.3 %  72.4 % 3.9 ptsADR$259.78   $255.44   1.7 % $258.52   $249.55   3.6 %RevPAR$208.62   $205.25   1.6 % $197.21   $180.77   9.1 %Total RevPAR$598.29   $562.53   6.4 % $561.94   $514.89   9.1 % JW Marriott Hill Country                             Three Months Ended  Six Months Ended  June 30,  June 30, ($ in thousands, except ADR, RevPAR, and Total RevPAR)          %           % 2025 2024 Change    2025 2024 ChangeRevenue$66,573   $62,850   5.9 % $121,849   $112,791   8.0 %                           Operating income$17,250   $15,438   11.7 % $28,099   $24,572   14.4 %Operating income margin 25.9 %  24.6 % 1.3 pts  23.1 %  21.8 % 1.3 ptsAdjusted EBITDAre$25,169   $22,909   9.9 % $43,849   $39,440   11.2 %Adjusted EBITDAre margin 37.8 %  36.5 % 1.3 pts  36.0 %  35.0 % 1.0 pts                           Performance metrics:                          Occupancy 75.6 %  79.0 % (3.4)pts  71.8 %  71.3 % 0.5 ptsADR$342.79   $324.18   5.7 % $332.79   $318.83   4.4 %RevPAR$259.31   $256.23   1.2 % $238.96   $227.31   5.1 %Total RevPAR$730.11   $689.28   5.9 % $671.85   $618.50   8.6 % JW Marriott Desert Ridge1      Period Ended June 30, ($ in thousands, except ADR, RevPAR, and Total RevPAR)    2025Revenue$5,349      Operating loss$(2,583) Operating loss margin (48.3)%Adjusted EBITDAre$(582) Adjusted EBITDAre margin (10.9)%    Performance metrics:   Occupancy 39.3 %ADR$228.50  RevPAR$89.76  Total RevPAR$268.11   __________________(1) The JW Marriott Desert Ridge was acquired by the Company on June 10, 2025, therefore there are no comparison figures. Entertainment Segment                            Three Months Ended  Six Months Ended  June 30,  June 30, ($ in thousands)          %           % 2025 2024 Change    2025 2024 ChangeRevenue$143,304   $94,203   52.1 % $232,854   $161,078   44.6 %                          Operating income$23,495   $25,822   (9.0)% $33,811   $31,934   5.9 %Operating income margin 16.4 %  27.4 % (11.0)pts  14.5 %  19.8 % (5.3)ptsAdjusted EBITDAre$33,908   $35,744   (5.1)% $54,847   $51,283   6.9 %Adjusted EBITDAre margin 23.7 %  37.9 % (14.2)pts  23.6 %  31.8 % (8.2)pts Note: Entertainment results for the 2024 periods reflect franchise tax refunds for the 2020 through 2023 tax periods, totaling approximately $3.4 million. Fioravanti continued, “Our Entertainment segment delivered all-time record revenue, driven by continued momentum from our recent investments, including Category 10, Block 21 and Southern Entertainment. As anticipated, our investment in Southern Entertainment, together with the one-time franchise tax refunds received in the prior-year quarter, contributed to a lower Adjusted EBITDAre margin. The festivals business is seasonally weighted to the second quarter, and this year was impacted by some unfavorable weather conditions. We continue to see healthy demand and consumer enthusiasm for live experiences, highlighting the strength of the industry and our portfolio of iconic brands and venues.” Corporate and Other Segment                        Three Months Ended  Six Months Ended  June 30,  June 30, ($ in thousands)        %         % 2025 2024 Change    2025 2024 ChangeOperating loss$(10,990)  $(9,636)  (14.1)% $(21,994)  $(21,552)  (2.1)%Adjusted EBITDAre$(8,487)  $(7,164)  (18.5)% $(16,898)  $(16,231)  (4.1)% Note: Corporate and Other results for the 2024 periods reflect franchise tax refunds for the 2020 through 2023 tax periods, totaling approximately $0.1 million. Capital Expenditures In 2025, the Company continues to expect to spend approximately $350 to $450 million on capital expenditures, primarily related to its Hospitality business, which includes approximately $182 million spent in the first half of 2025. Major Hospitality projects planned for the second half of 2025 include: 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 began in July 2025 and is expected to be completed by mid-year 2026. Included in the Company’s capital expenditure estimates are modest investments planned at the JW Marriott Desert Ridge, including completion of the meeting space renovations currently underway; conversion of approximately 5,000 square feet of vacant office space to additional carpeted breakout space; and event lawn enhancements to support the addition of ICE! programming in 2026. Disruption For 2025, the Company affirms its previously-stated expectation that the full year impact of construction-related disruption to its same-store 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. For the second half of the year, construction-related disruption is expected to impact results at Gaylord Opryland and Gaylord Texan. 2025 Guidance The Company is updating its 2025 business performance outlook based on current information as of August 4, 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 adjusting our full year 2025 outlook for the acquisition of the JW Marriott Desert Ridge, and we are updating the range of expected outcomes for same-store Hospitality Adjusted EBITDAre to account for incremental transient rate risk for our Nashville-based hotels in the second half of the year. Visitation and tourism trends for Nashville remain robust; however, new hotel supply in the market, particularly at the high end, has impacted transient occupancy levels, and, more recently, room rates. We remain bullish on the long-term trajectory of the markets in which we do business, and our competitive positioning within them.”                                Guidance Range  Prior Guidance Range     (in millions, except per share figures)For Full Year 2025 (1)  Full Year 2025   Change Low High Midpoint  Low High Midpoint  MidpointSame-store Hospitality RevPAR growth (2) 1.25 %  3.75 %  2.50 %   1.25 %  3.75 %  2.50 %   - %Same-store Hospitality Total RevPAR growth (2) 0.75 %  3.25 %  2.00 %   0.75 %  3.25 %  2.00 %   - %                              Operating income:                             Same-store Hospitality (2)$444.0   $458.0   $451.0    $444.0   $468.0   $456.0    $(5.0) JW Marriott Desert Ridge –    2.0    1.0     –    –    –     1.0  Entertainment 65.8    69.8    67.8     65.8    69.8    67.8     -  Corporate and Other (48.0)   (47.5)   (47.8)    (48.0)   (47.5)   (47.8)    -  Consolidated operating income$ 461.7   $ 482.3   $ 472.0    $ 461.7   $ 490.3   $ 476.0    $ (4.0)                               Adjusted EBITDAre:                             Same-store Hospitality (2)$675.0   $705.0   $690.0    $675.0   $715.0   $695.0    $(5.0) JW Marriott Desert Ridge 18.0    22.0    20.0     –    –    –     20.0  Entertainment 110.0    120.0    115.0     110.0    120.0    115.0     -  Corporate and Other (36.0)   (34.0)   (35.0)    (36.0)   (34.0)   (35.0)    -  Consolidated Adjusted EBITDAre$ 767.0   $ 813.0   $ 790.0    $ 749.0   $ 801.0   $ 775.0    $ 15.0                                Net income$225.8   $236.8   $231.3    $245.3   $261.0   $253.1    $(21.9) Net income available to common stockholders$216.8   $228.8   $222.8    $237.3   $255.0   $246.1    $(23.4)                               FFO available to common stockholders and unit holders$485.9   $520.3   $503.1    $487.4   $524.5   $505.9    $(2.8) Adjusted FFO available to common stockholders and unit holders$505.0   $546.5   $525.8    $510.0   $555.0   $532.5    $(6.8)                               Net income available to common stockholders per diluted share (3)$3.40   $3.55   $3.47    $3.80   $4.05   $3.93    $(0.46) Adjusted FFO available to common stockholders and unit holders                             per diluted share/unit (3)$7.93   $8.49   $8.21    $8.24   $8.86   $8.55    $(0.34)                               Weighted average shares outstanding - diluted (3) 66.2    66.2    66.2     64.5    64.5    64.5     1.7  Weighted average shares and OP units outstanding - diluted (3) 66.6    66.6    66.6     64.9    64.9    64.9     1.7   __________________(1)   Includes the JW Marriott Desert Ridge, except as otherwise noted. Amounts are calculated based on unrounded numbers.(2)   Same-store Hospitality includes the JW Marriott Hill Country and excludes the JW Marriott Desert Ridge, which was acquired on June 10, 2025.(3)   Includes shares related to the currently unexercisable investor put rights associated with the noncontrolling interest in the Company’s OEG business, which may be settled in cash or shares at the Company’s option, and the impact of approximately 3.0 million additional shares issued on May 21, 2025. 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 available to common stockholders, see “Reconciliation of Forward-Looking Statements.” Dividend Update On July 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 June 30, 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 June 30, 2025, the Company had unrestricted cash of $420.6 million and total debt outstanding of $3,975.2 million, net of unamortized deferred financing costs. As of June 30, 2025, there were no amounts drawn under the Company’s revolving credit facility or OEG’s revolving credit facility, which left $780.0 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, August 5, at 10:00 a.m. ET. Investors can listen to the conference call over the Internet at www.rymanhp.com. To listen to the live call, please go to the Investor Relations section of the website (Investor Relations/News & Events/Events & Presentation) at least 15 minutes prior to the call to register and download any necessary audio software. For those who cannot listen to the live broadcast, a replay will be available shortly after the call and will be available for at least 30 days. About Ryman Hospitality Properties, Inc. Ryman Hospitality Properties, Inc. (NYSE: RHP) is a leading lodging and hospitality real estate investment trust that specializes in 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 Phoenix Desert Ridge Resort & Spa and 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 12,364 rooms as well as more than 3 million square feet of total indoor and outdoor meeting space in top convention and leisure destinations across the country. RHP also owns an approximate 70% controlling ownership interest in Opry Entertainment Group (OEG), which is composed of entities owning a growing collection of iconic and emerging country music brands, including the Grand Ole Opry; Ryman Auditorium; WSM 650 AM; Ole Red; Category 10; Nashville-area attractions; 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, changes in interest rates, the Company’s integration of the JW Marriott Desert Ridge, the Company’s ability to identify and capitalize on additional value creation opportunities at the JW Marriott Desert Ridge and the occurrence of any event, change or other circumstance that could limit the Company’s ability to capitalize on any additional value creation opportunities it identifies at the JW Marriott Desert Ridge. Other factors that could cause operating and financial results to differ are described in the filings made from time to time by the Company with the U.S. Securities and Exchange Commission (SEC) and include the risk factors and other risks and uncertainties described in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, and subsequent filings. Except as required by law, 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:Mark Fioravanti, President and Chief Executive Officer(615) 316-6588mfioravanti@rymanhp.comJennifer Hutcheson, Chief Financial Officer(615) 316-6320jhutcheson@rymanhp.comSarah Martin, Vice President, Investor Relations(615) 316-6011sarah.martin@rymanhp.comMedia Contact:Shannon Sullivan, Vice President, Corporate and Brand Communications(615) 316-6725ssullivan@rymanhp.com Ryman Hospitality Properties, Inc. and SubsidiariesCondensed Consolidated Statements of OperationsUnaudited(In thousands, except per share data)             Three Months Ended  Six Months Ended  June 30,  June 30,  2025    2024    2025    2024Revenues:           Rooms$200,900  $199,497  $390,132  $373,130 Food and beverage 250,391   259,386   503,654   494,469 Other hotel revenue 64,920   60,204   120,155   112,958 Entertainment 143,304   94,203   232,854   161,078 Total revenues 659,515   613,290   1,246,795   1,141,635             Operating expenses:           Rooms 47,238   45,062   93,527   89,163 Food and beverage 136,152   132,369   274,291   260,548 Other hotel expenses 130,588   117,769   254,512   236,582 Management fees, net 17,916   21,449   36,379   39,411 Total hotel operating expenses 331,894   316,649   658,709   625,704 Entertainment 110,376   59,560   180,146   112,147 Corporate 10,759   9,402   21,529   21,356 Preopening costs 98   1,055   185   2,491 Gain on sale of assets –   –   –   (270)Depreciation and amortization 66,963   58,553   130,680   115,755 Total operating expenses 520,090   445,219   991,249   877,183             Operating income 139,425   168,071   255,546   264,452             Interest expense, net of amounts capitalized (58,534)  (56,577)  (112,817)  (117,020)Interest income 5,583   7,064   11,042   14,586 Loss on extinguishment of debt (2,542)  (1,797)  (2,542)  (2,319)Income (loss) from unconsolidated joint ventures (13)  183   (29)  215 Other gains and (losses), net (196)  (4)  (304)  317 Income before income taxes 83,723   116,940   150,896   160,231 Provision for income taxes (7,848)  (12,200)  (12,007)  (12,730)Net income 75,875   104,740   138,889   147,501             Net income attributable to noncontrolling interest in OEG (2,094)  (3,270)  (2,805)  (2,691)Net income attributable to other noncontrolling interests (2,028)  (665)  (1,370)  (949)Net income available to common stockholders$71,753  $100,805  $134,714  $143,861             Basic income per share available to common stockholders$1.17  $1.68  $2.22  $2.41 Diluted income per share available to common stockholders (1)$1.12  $1.65  $2.13  $2.31             Weighted average common shares for the period:           Basic 61,352   59,895   60,639   59,817 Diluted (1) 65,732   63,223   64,577   63,446  __________________(1)   Diluted weighted average common shares for the three and six months ended June 30, 2025 include the impact of approximately 3.0 million additional shares issued on May 21, 2025. Diluted weighted average common shares for the three months ended June 30, 2025 and 2024 include 4.2 million and 3.1 million, respectively, and the six months ended June 30, 2025 and 2024 include 3.7 million and 3.3 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)       June 30,     December 31,  2025 2024ASSETS:       Property and equipment, net of accumulated depreciation$4,926,280 $4,124,382Cash and cash equivalents - unrestricted 420,579  477,694Cash and cash equivalents - restricted 30,126  98,534Notes receivable, net 57,933  57,801Trade receivables, net 131,962  94,184Deferred income tax assets, net 61,094  70,511Prepaid expenses and other assets 187,725  178,091Intangible assets and goodwill, net 294,921  116,376Total assets$6,110,620 $5,217,573      LIABILITIES AND EQUITY:      Debt and finance lease obligations$3,975,213 $3,378,396Accounts payable and accrued liabilities 435,537  466,571Dividends payable 74,721  71,444Deferred management rights proceeds 164,442  164,658Operating lease liabilities 144,493  135,117Other liabilities 72,483  66,805Noncontrolling interest in OEG 401,286  381,945Total equity 842,445  552,637Total liabilities and equity$6,110,620 $5,217,573 Ryman Hospitality Properties, Inc. and SubsidiariesSupplemental Financial ResultsAdjusted EBITDAre ReconciliationUnaudited(In thousands)                             Three Months Ended  Six Months Ended  June 30,  June 30,  2025    2024 2025    2024 $ Margin $ Margin $ Margin $ MarginConsolidated:                           Revenue$659,515      $613,290      $1,246,795      $1,141,635     Net income$75,875  11.5 % $104,740  17.1 % $138,889  11.1 % $147,501  12.9 %Interest expense, net 52,951       49,513       101,775       102,434     Provision for income taxes 7,848       12,200       12,007       12,730     Depreciation and amortization 66,963       58,553       130,680       115,755     Gain on sale of assets –       –       –       (270)    Pro rata EBITDAre from unconsolidated joint ventures 1       2       2       4     EBITDAre 203,638  30.9 %  225,008  36.7 %  383,353  30.7 %  378,154  33.1 %Preopening costs 98       1,055       185       2,491     Non-cash lease expense 945       933       1,834       1,858     Equity-based compensation expense 3,495       3,383       7,117       7,245     Interest income on Gaylord National bonds 1,113       1,195       2,227       2,390     Loss on extinguishment of debt 2,542       1,797       2,542       2,319     Transaction costs for acquisitions 25       –       100       –     Pro rata adjusted EBITDAre from unconsolidated joint ventures –       (176)      –       (197)    Adjusted EBITDAre 211,856  32.1 %  233,195  38.0 %  397,358  31.9 %  394,260  34.5 %Adjusted EBITDAre of noncontrolling interest (11,295)      (10,722)      (16,921)      (15,384)    Adjusted EBITDAre, excluding noncontrolling interest$200,561  30.4 % $222,473  36.3 % $380,437  30.5 % $378,876  33.2 %                            Hospitality segment:                           Revenue$516,211      $519,087      $1,013,941      $980,557     Operating income$126,920  24.6 % $151,885  29.3 % $243,729  24.0 % $254,070  25.9 %Depreciation and amortization 57,397       50,553       111,503       100,783     Non-cash lease expense 1,005       982       1,950       1,965     Interest income on Gaylord National bonds 1,113       1,195       2,227       2,390     Adjusted EBITDAre$186,435  36.1 % $204,615  39.4 % $359,409  35.4 % $359,208  36.6 %                            Same-store Hospitality segment: (1)                           Revenue$510,862      $519,087      $1,008,592      $980,557     Operating income$129,503  25.3 % $151,885  29.3 % $246,312  24.4 % $254,070  25.9 %Depreciation and amortization 55,454       50,553       109,560       100,783     Non-cash lease expense 947       982       1,892       1,965     Interest income on Gaylord National bonds 1,113       1,195       2,227       2,390     Adjusted EBITDAre$187,017  36.6 % $204,615  39.4 % $359,991  35.7 % $359,208  36.6 %                            Entertainment segment:                           Revenue$143,304      $94,203      $232,854      $161,078     Operating income$23,495  16.4 % $25,822  27.4 % $33,811  14.5 % $31,934  19.8 %Depreciation and amortization 9,335       7,766       18,712       14,506     Preopening costs 98       1,055       185       2,491     Non-cash lease revenue (60)      (49)      (116)      (107)    Equity-based compensation 1,028       1,005       2,048       1,893     Other gains and (losses), net –       137       136       545     Transaction costs for acquisitions 25       –       100       –     Pro rata adjusted EBITDAre from unconsolidated joint ventures (13)      8       (29)      21     Adjusted EBITDAre$33,908  23.7 % $35,744  37.9 % $54,847  23.6 % $51,283  31.8 %                            Corporate and Other segment:                           Operating loss$(10,990)     $(9,636)     $(21,994)     $(21,552)    Depreciation and amortization 231       234       465       466     Other gains and (losses), net (195)      (140)      (438)      (227)    Equity-based compensation 2,467       2,378       5,069       5,352     Gain on sale of assets –       –       –       (270)    Adjusted EBITDAre$(8,487)     $(7,164)     $(16,898)     $(16,231)     __________________(1)   Same-store Hospitality includes the JW Marriott Hill Country for all periods presented and excludes the JW Marriott Desert Ridge, which was acquired June 10, 2025. Ryman Hospitality Properties, Inc. and SubsidiariesSupplemental Financial ResultsFunds From Operations (“FFO”) and Adjusted FFO ReconciliationUnaudited(In thousands, except per share data)             Three Months Ended  Six Months Ended  June 30,  June 30,  2025    2024 2025    2024Net income available to common stockholders$71,753  $100,805  $134,714  $143,861 Noncontrolling interest in OP Units 1,532   665   874   949 Net income available to common stockholders and unit holders 73,285   101,470   135,588   144,810 Depreciation and amortization 66,906   58,506   130,582   115,660 Adjustments for noncontrolling interest (3,046)  (2,331)  (6,123)  (4,352)Pro rata adjustments from joint ventures –   2   –   2 FFO available to common stockholders and unit holders 137,145   157,647   260,047   256,120             Right-of-use asset amortization 57   47   98   95 Non-cash lease expense 945   933   1,834   1,858 Pro rata adjustments from joint ventures –   (176)  –   (197)Gain on other assets –   –   –   (270)Amortization of deferred financing costs 2,900   2,627   5,607   5,348 Amortization of debt discounts and premiums 430   658   988   1,307 Loss on extinguishment of debt 2,542   1,797   2,542   2,319 Adjustments for noncontrolling interest (1,736)  (1,253)  (2,018)  (1,118)Transaction cost of acquisitions 25   –   100   – Deferred tax provision 6,537   11,152   9,470   10,664 Adjusted FFO available to common stockholders and unit holders$148,845  $173,432  $278,668  $276,126             Basic net income per share$1.17  $1.68  $2.22  $2.41 Diluted net income per share$1.12  $1.65  $2.13  $2.31             FFO available to common stockholders and unit holders per basic share/unit$2.22  $2.61  $4.26  $4.25 Adjusted FFO available to common stockholders and unit holders per basic share/unit$2.41  $2.88  $4.57  $4.59             FFO available to common stockholders and unit holders per diluted share/unit (1)$2.14  $2.57  $4.13  $4.12 Adjusted FFO available to common stockholders and unit holders per diluted share/unit (1)$2.35  $2.83  $4.44  $4.45             Weighted average common shares and OP units for the period:           Basic 61,747   60,290   61,034   60,212 Diluted (1) 66,127   63,618   64,972   63,841  __________________(1)   Diluted weighted average common shares for the three and six months ended June 30, 2025 include the impact of approximately 3.0 million additional shares issued on May 21, 2025. Diluted weighted average common shares for the three months ended June 30, 2025 and 2024 include 4.2 million and 3.1 million, respectively, and for the six months ended June 30, 2025 and 2024 include 3.7 million and 3.3 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  Six Months Ended  June 30,  June 30,  2025    2024 2025    2024 $ Margin $ Margin $ Margin $ MarginHospitality segment:                           Revenue$516,211      $519,087      $1,013,941      $980,557     Operating income$126,920  24.6 % $151,885  29.3 % $243,729  24.0 % $254,070  25.9 %Depreciation and amortization 57,397       50,553       111,503       100,783     Non-cash lease expense 1,005       982       1,950       1,965     Interest income on Gaylord National bonds 1,113       1,195       2,227       2,390     Adjusted EBITDAre$186,435  36.1 % $204,615  39.4 % $359,409  35.4 % $359,208  36.6 %                            Performance metrics:                           Occupancy 73.3 %     73.7 %     71.5 %     70.2 %   ADR$258.88      $260.76      $261.53      $255.87     RevPAR$189.77      $192.07      $187.03      $179.62     OtherPAR$297.85      $307.69      $299.07      $292.40     Total RevPAR$487.62      $499.76      $486.10      $472.02                                 Same-store Hospitality segment: (1)                           Revenue$510,862      $519,087      $1,008,592      $980,557     Operating income$129,503  25.3 % $151,885  29.3 % $246,312  24.4 % $254,070  25.9 %Depreciation and amortization 55,454       50,553       109,560       100,783     Non-cash lease expense 947       982       1,892       1,965     Interest income on Gaylord National bonds 1,113       1,195       2,227       2,390     Adjusted EBITDAre$187,017  36.6 % $204,615  39.4 % $359,991  35.7 % $359,208  36.6 %                            Performance metrics:                           Occupancy 74.0 %     73.7 %     71.8 %     70.2 %   ADR$259.19      $260.76      $261.71      $255.87     RevPAR$191.70      $192.07      $187.97      $179.62     OtherPAR$300.14      $307.69      $300.23      $292.40     Total RevPAR$491.84      $499.76      $488.20      $472.02                                 Gaylord Opryland:                           Revenue$116,465      $130,352      $226,643      $234,187     Operating income$35,144  30.2 % $50,642  38.9 % $65,242  28.8 % $75,467  32.2 %Depreciation and amortization 8,575       8,199       16,635       16,332     Non-cash lease revenue (9)      (11)      (19)      (22)    Adjusted EBITDAre$43,710  37.5 % $58,830  45.1 % $81,858  36.1 % $91,777  39.2 %                            Performance metrics:                           Occupancy 75.2 %     75.4 %     70.1 %     70.2 %   ADR$246.17      $260.98      $253.72      $253.71     RevPAR$185.19      $196.85      $177.88      $178.23     OtherPAR$257.97      $299.15      $255.70      $267.32     Total RevPAR$443.16      $496.00      $433.58      $445.55                                 Gaylord Palms:                           Revenue$73,113      $68,799      $161,506      $154,262     Operating income$13,671  18.7 % $13,479  19.6 % $37,453  23.2 % $38,485  24.9 %Depreciation and amortization 8,609       5,889       16,819       11,760     Non-cash lease expense 956       993       1,911       1,987     Adjusted EBITDAre$23,236  31.8 % $20,361  29.6 % $56,183  34.8 % $52,232  33.9 %                            Performance metrics:                           Occupancy 78.9 %     62.5 %     77.4 %     68.5 %   ADR$243.35      $235.54      $259.34      $253.19     RevPAR$192.00      $147.22      $200.80      $173.55     OtherPAR$275.66      $292.85      $318.58      $319.81     Total RevPAR$467.66      $440.07      $519.38      $493.36      _______________(1)   Same-store Hospitality includes the JW Marriott Hill Country for all periods presented and excludes the JW Marriott Desert Ridge, which was acquired June 10, 2025. Ryman Hospitality Properties, Inc. and SubsidiariesSupplemental Financial ResultsHospitality Segment Adjusted EBITDAre Reconciliation and Operating MetricsUnaudited(In thousands)                                 Three Months Ended  Six Months Ended  June 30,  June 30,  2025    2024 2025    2024 $ Margin $ Margin $ Margin $ MarginGaylord Texan:                               Revenue$82,494      $83,897      $168,871      $168,799     Operating income$25,002  30.3 % $26,314  31.4 % $52,697  31.2 % $52,346  31.0 %Depreciation and amortization 6,157       5,744       12,086       11,635     Adjusted EBITDAre$31,159  37.8 % $32,058  38.2 % $64,783  38.4 % $63,981  37.9 %                                Performance metrics:                               Occupancy 72.0 %     78.8 %     72.5 %     76.0 %   ADR$253.06      $252.61      $255.16      $246.43     RevPAR$182.32      $199.18      $185.04      $187.36     OtherPAR$317.42      $309.06      $329.29      $323.92     Total RevPAR$499.74      $508.24      $514.33      $511.28                                     Gaylord National:                               Revenue$83,413      $88,369      $164,242      $156,643     Operating income$15,818  19.0 % $22,321  25.3 % $25,292  15.4 % $27,544  17.6 %Depreciation and amortization 8,489       8,405       16,932       16,806     Interest income on Gaylord National bonds 1,113       1,195       2,227       2,390     Adjusted EBITDAre$25,420  30.5 % $31,921  36.1 % $44,451  27.1 % $46,740  29.8 %                                Performance metrics:                               Occupancy 67.8 %     70.8 %     70.1 %     67.6 %   ADR$263.97      $263.88      $256.29      $250.67     RevPAR$178.85      $186.90      $179.59      $169.54     OtherPAR$280.38      $299.62      $275.03      $261.66     Total RevPAR$459.23      $486.52      $454.62      $431.20                                     Gaylord Rockies:                               Revenue$81,722      $76,836      $152,670      $140,658     Operating income$21,798  26.7 % $21,436  27.9 % $36,621  24.0 % $33,433  23.8 %Depreciation and amortization 14,897       14,138       29,749       27,979     Adjusted EBITDAre$36,695  44.9 % $35,574  46.3 % $66,370  43.5 % $61,412  43.7 %                                Performance metrics:                               Occupancy 80.3 %     80.4 %     76.3 %     72.4 %   ADR$259.78      $255.44      $258.52      $249.55     RevPAR$208.62      $205.25      $197.21      $180.77     OtherPAR$389.67      $357.28      $364.73      $334.12     Total RevPAR$598.29      $562.53      $561.94      $514.89                                     JW Marriott Hill Country:                               Revenue$66,573      $62,850      $121,849      $112,791     Operating income$17,250  25.9 % $15,438  24.6 % $28,099  23.1 % $24,572  21.8 %Depreciation and amortization 7,919       7,471       15,750       14,868     Adjusted EBITDAre$25,169  37.8 % $22,909  36.5 % $43,849  36.0 % $39,440  35.0 %                                Performance metrics:                               Occupancy 75.6 %     79.0 %     71.8 %     71.3 %   ADR$342.79      $324.18      $332.79      $318.83     RevPAR$259.31      $256.23      $238.96      $227.31     OtherPAR$470.80      $433.05      $432.89      $391.19     Total RevPAR$730.11      $689.28      $671.85      $618.50      Ryman Hospitality Properties, Inc. and SubsidiariesSupplemental Financial ResultsHospitality Segment Adjusted EBITDAre Reconciliation and Operating MetricsUnaudited(In thousands)                             Three Months Ended  Six Months Ended  June 30,  June 30,  2025    2024 2025    2024 $ Margin $ Margin $ Margin $ MarginJW Marriott Desert Ridge:                           Revenue$5,349     $–      $5,349     $–     Operating loss$(2,583) (48.3)% $–  N/A % $(2,583) (48.3)% $–  N/A %Depreciation and amortization 1,943      –       1,943      –     Non-cash lease expense 58      –       58      –     Adjusted EBITDAre$(582) (10.9)% $–  N/A % $(582) (10.9)% $–  N/A %                            Performance metrics:                           Occupancy 39.3 %    N/A %     39.3 %    N/A %   ADR$228.50     $N/A      $228.50     $N/A     RevPAR$89.76     $N/A      $89.76     $N/A     OtherPAR$178.35     $N/A      $178.35     $N/A     Total RevPAR$268.11     $N/A      $268.11     $N/A                                 The AC Hotel at National Harbor:                           Revenue$3,562     $4,107      $6,260     $6,929     Operating income$757  21.3 % $1,404  34.2 % $871  13.9 % $1,731  25.0 %Depreciation and amortization 223      218       445      468     Adjusted EBITDAre$980  27.5 % $1,622  39.5 % $1,316  21.0 % $2,199  31.7 %                            Performance metrics:                           Occupancy 59.8 %    66.9 %     57.3 %    61.9 %   ADR$286.90     $299.54      $271.75     $276.78     RevPAR$171.54     $200.39      $155.71     $171.32     OtherPAR$32.33     $34.67      $24.43     $26.97     Total RevPAR$203.87     $235.06      $180.14     $198.29                                 The Inn at Opryland: (1)                           Revenue$3,520     $3,877      $6,551     $6,288     Operating income$63  1.8 % $851  21.9 % $37  0.6 % $492  7.8 %Depreciation and amortization 585      489       1,144      935     Adjusted EBITDAre$648  18.4 % $1,340  34.6 % $1,181  18.0 % $1,427  22.7 %                            Performance metrics:                           Occupancy 58.1 %    60.9 %     51.0 %    51.6 %   ADR$168.74     $179.80      $177.02     $172.78     RevPAR$98.04     $109.56      $90.29     $89.16     OtherPAR$29.63     $31.01      $29.15     $24.85     Total RevPAR$127.67     $140.57      $119.44     $114.01      _______________(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  Six Months Ended  June 30,  June 30,  2025    2024    2025    2024Earnings per share:                       Numerator:           Net income available to common stockholders$71,753 $100,805 $134,714 $143,861Net income attributable to noncontrolling interest in OEG 2,094  3,270  2,805  2,691Net income available to common stockholders - if-converted method$73,847 $104,075 $137,519 $146,552            Denominator:           Weighted average shares outstanding - basic 61,352  59,895  60,639  59,817Effect of dilutive stock-based compensation 147  206  194  314Effect of dilutive put rights (1) 4,233  3,122  3,744  3,315Weighted average shares outstanding - diluted 65,732  63,223  64,577  63,446            Basic income per share available to common stockholders$1.17 $1.68 $2.22 $2.41Diluted income per share available to common stockholders (1)$1.12 $1.65 $2.13 $2.31            FFO per share/unit:                       Numerator:           FFO available to common stockholders and unit holders$137,145 $157,647 $260,047 $256,120Net income attributable to noncontrolling interest in OEG 2,094  3,270  2,805  2,691FFO adjustments for noncontrolling interest 2,601  2,331  5,234  4,352FFO available to common stockholders and unit holders - if-converted method$141,840 $163,248 $268,086 $263,163            Denominator:           Weighted average shares and OP units outstanding - basic 61,747  60,290  61,034  60,212Effect of dilutive stock-based compensation 147  206  194  314Effect of dilutive put rights (1) 4,233  3,122  3,744  3,315Weighted average shares and OP units outstanding - diluted 66,127  63,618  64,972  63,841            FFO available to common stockholders and unit holders per basic share/unit$2.22 $2.61 $4.26 $4.25FFO available to common stockholders and unit holders per diluted share/unit (1)$2.14 $2.57 $4.13 $4.12            Adjusted FFO per share/unit:                       Numerator:           Adjusted FFO available to common stockholders and unit holders$148,845 $173,432 $278,668 $276,126Net income attributable to noncontrolling interest in OEG 2,094  3,270  2,805  2,691FFO adjustments for noncontrolling interest 2,601  2,331  5,234  4,352Adjusted FFO adjustments for noncontrolling interest 1,736  1,253  2,018  1,118Adjusted FFO available to common stockholders and unit holders - if-converted method$155,276 $180,286 $288,725 $284,287            Denominator:           Weighted average shares and OP units outstanding - basic 61,747  60,290  61,034  60,212Effect of dilutive stock-based compensation 147  206  194  314Effect of dilutive put rights (1) 4,233  3,122  3,744  3,315Weighted average shares and OP units outstanding - diluted 66,127  63,618  64,972  63,841            Adjusted FFO available to common stockholders and unit holders per basic share/unit$2.41 $2.88 $4.57 $4.59Adjusted FFO available to common stockholders and unit holders per diluted share/unit (1)$2.35 $2.83 $4.44 $4.45 _______________(1)   Includes equivalent shares related to the currently unexercisable investor put rights associated with the noncontrolling interest in the Company’s OEG business, which may be settled in cash or shares at the Company’s option. Ryman Hospitality Properties, Inc. and SubsidiariesReconciliation of Forward-Looking StatementsAdjusted Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (“Adjusted EBITDAre”)Unaudited($ in thousands, except per share data)           Guidance Range For Full Year 2025 (1) Low High MidpointConsolidated:        Net income$ 225,750  $ 236,750  $ 231,250 Provision for income taxes 9,000   10,500   9,750 Interest expense, net 226,000   235,000   230,500 Depreciation and amortization 280,625   300,000   290,313 EBITDAre$ 741,375  $ 782,250  $ 761,813 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 2,250   2,750   2,500 Adjusted EBITDAre$ 767,000  $ 813,000  $ 790,000          Hospitality segment:        Operating income$ 444,000  $ 460,000  $ 452,000 Depreciation and amortization 239,000   254,000   246,500 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$ 693,000  $ 727,000  $ 710,000          Same-store Hospitality segment: (2)        Operating income$ 444,000  $ 458,000  $ 451,000 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  $ 705,000  $ 690,000          JW Marriott Desert Ridge        Operating income$ –  $ 2,000  $ 1,000 Depreciation and amortization 18,000   20,000   19,000 Adjusted EBITDAre$ 18,000  $ 22,000  $ 20,000          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)          _______________(1)   Includes the JW Marriott Desert Ridge, except as otherwise noted. Amounts are calculated based on unrounded numbers. (2)   Same-store Hospitality includes the JW Marriott Hill Country and excludes the JW Marriott Desert Ridge, which was acquired June 10, 2025. 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 (1) Low High MidpointConsolidated:        Net income available to common stockholders$ 216,750  $ 228,750  $ 222,750 Noncontrolling interest in OP Units 1,000   2,000   1,500 Net income available to common stockholders and unit holders$ 217,750  $ 230,750  $ 224,250 Depreciation and amortization 280,625   300,000   290,313 Adjustments for noncontrolling interest (12,500)  (10,500)  (11,500)FFO available to common stockholders and unit holders$ 485,875  $ 520,250  $ 503,063 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 2,250   2,750   2,500 Adjustments for noncontrolling interest (4,375)  (3,750)  (4,063)Amortization of deferred financing costs 11,500   12,500   12,000 Amortization of debt discounts and premiums 1,500   2,500   2,000 Deferred tax provision 4,000   6,000   5,000 Adjusted FFO available to common stockholders and unit holders$ 505,000  $ 546,500  $ 525,750          Net income available to common stockholders per diluted share (2)$ 3.40  $ 3.55  $ 3.47 Adjusted FFO available to common stockholders and unit holders per diluted share/unit (2)$ 7.93  $ 8.49  $ 8.21          Estimated weighted average shares outstanding - diluted (in millions) (2)  66.2    66.2    66.2 Estimated weighted average shares and OP units outstanding - diluted (in millions) (2)  66.6    66.6    66.6  _______________(1)  Includes the JW Marriott Desert Ridge, except as otherwise noted. Amounts are calculated based on unrounded numbers.(2)  Includes equivalent shares related to the currently unexercisable investor put rights associated with the noncontrolling interest in the Company’s OEG business, which may be settled in cash or shares at the Company’s option. Also includes the impact of approximately 3.0 million additional shares issued on May 21, 2025. 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$216,750 $228,750 $222,750Net income attributable to noncontrolling interest in OEG 8,000  6,000  7,000Net income available to common stockholders - if-converted method$224,750 $234,750 $229,750         Denominator:        Estimated weighted average shares outstanding - diluted (in millions) (1) 66.2  66.2  66.2         Diluted income per share available to common stockholders$ 3.40 $ 3.55 $ 3.47                  Adjusted FFO per share:        Numerator:        Adjusted FFO available to common stockholders and unit holders$505,000 $546,500 $525,750Net income attributable to noncontrolling interest in OEG 8,000  6,000  7,000FFO adjustments for noncontrolling interest 11,000  9,000  10,000Adjusted FFO Adjustments for noncontrolling interest 4,375  3,750  4,063Adjusted FFO available to common stockholders and unit holders - if-converted method$528,375 $565,250 $546,813         Denominator:        Estimated weighted average shares and OP units outstanding - diluted (in millions) (1) 66.6  66.6  66.6         Adjusted FFO available to common stockholders and unit holders per diluted share/unit$ 7.93 $ 8.49 $ 8.21  _______________(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. Also includes the impact of approximately 3.0 million additional shares issued on May 21, 2025. 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) Prior 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 StatementsEarnings Per Share and Adjusted FFO Per ShareUnaudited(dollars in thousands, except per share data)          Prior Guidance Range For Full Year 2025 Low High MidpointConsolidated:        Net income available to common stockholders$ 237,250  $ 255,000  $ 246,125 Noncontrolling interest in OP Units –   –   – 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)  64.5    64.5    64.5 Estimated weighted average shares and OP units outstanding - diluted (in millions)  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 StatementsFunds From Operations (“FFO”) and Adjusted FFOUnaudited($ in thousands, except per share data)          Prior 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 OEG 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 OEG 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.

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