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Ryman Hospitality Properties, Inc. Reports Third Quarter 2025 Results

1. RHP reported Q3 consolidated revenue of $592.5 million, up 7.7%. 2. Third-quarter net income fell 43.8% compared to last year. 3. Same-store Hospitality group rooms revenue for 2026 is up nearly 8%. 4. OEG plans major development on the Las Vegas Strip, opening late 2026. 5. Company revised down 2025 outlook due to tariff impacts and cancellations.

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OEGMARHLT
NASHVILLE, Tenn., Nov. 03, 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 nine months ended September 30, 2025. Third Quarter 2025 Highlights and Recent Developments: The Company reported consolidated revenue of $592.5 million, driven by Hospitality segment revenue of $500.9 million and Entertainment segment revenue of $91.6 million. Generated consolidated net income of $34.0 million and consolidated Adjusted EBITDAre of $173.1 million.Booked over 667,000 same-store Hospitality(1) Gross Definite Room Nights for all future periods, at an all-time quarterly record estimated average daily rate (ADR) of $291. The JW Marriott Desert Ridge booked nearly 50,000 Gross Definite Rooms Nights for all future periods, at an estimated ADR of $372.Subsequent to quarter-end, Opry Entertainment Group (OEG) and Luke Combs jointly announced the planned development of a second Category 10 location in the Flamingo Las Vegas Hotel & Casino complex, with frontage on the Las Vegas Strip, expected to open in late 2026. The Company is narrowing the ranges of its full year 2025 outlook, which results in slightly lower midpoints for operating income, Adjusted EBITDAre and Adjusted FFO available to common stockholders and unitholders per diluted share/unit. Mark Fioravanti, President and Chief Executive Officer of Ryman Hospitality Properties, said, “We were pleased to deliver third quarter results largely in line with our expectations. As anticipated, the uncertainty associated with the new U.S. tariff announcements earlier in the year and the pause in meeting planner decision-making that followed marginally impacted our group business in the third quarter. However, estimated same-store group rooms revenue on the books for the fourth quarter is comparable to the same time last year, and for 2026 it is pacing up nearly 8 percent as compared to estimated group rooms revenue on the books at the same time last year for 2025. Recently completed major capital projects, particularly at Gaylord Rockies, are delivering returns above our underwriting expectations, and meeting planners continue to be enthusiastic about the transformational investments currently underway.” ________________________________ (1)Same-store Hospitality includes the JW Marriott Hill Country for all periods presented and excludes the JW Marriott Desert Ridge, which was acquired June 10, 2025.   Third Quarter 2025 Results (as compared to Third Quarter 2024):   Three Months Ended  Nine Months Ended   September 30,  September 30, ($ in thousands, except per share amounts)         %         %     2025 2024 Change    2025 2024 ChangeTotal revenue $592,458  $549,958  7.7)% $1,839,253  $1,691,593  8.7%                       Operating income $88,612  $105,880  (16.3)% $344,158  $370,332  (7.1)%Operating income margin  15.0%    19.3%   (4.3)pts  18.7%    21.9%   (3.2)pts                       Net income $33,959  $60,398  (43.8)% $172,848  $207,899  (16.9)%Net income margin  5.7%    11.0%   (5.3)pts  9.4%    12.3%   (2.9)pts                       Net income available to common stockholders $34,886  $59,011  (40.9)% $169,600  $202,872  (16.4)%Net income available to common stockholders margin  5.9%    10.7%   (4.8)pts  9.2%    12.0%   (2.8)ptsNet income available to common stockholders per diluted share (1) $0.53  $0.94  (43.6)% $2.65  $3.25  (18.5)%                       Adjusted EBITDAre $173,073  $174,803  (1.0)% $570,431  $569,063  0.2%Adjusted EBITDAre margin  29.2%    31.8%   (2.6)pts  31.0%    33.6%   (2.6)ptsAdjusted EBITDAre, excluding noncontrolling interest $166,368  $168,068  (1.0)% $546,805  $546,944  (0.0)%Adjusted EBITDAre, excluding noncontrolling interest margin  28.1%    30.6%   (2.5)pts  29.7%    32.3%   (2.6)pts                       Funds From Operations (FFO) available to common stockholders and unit holders $105,138  $116,205  (9.5)% $365,185  $372,325  (1.9)%FFO available to common stockholders and unit holders per diluted share/unit (1) $1.60  $1.86  (14.0)% $5.72  $5.98  (4.3)%                       Adjusted FFO available to common stockholders and unit holders $106,352  $120,235  (11.5)% $385,020  $396,361  (2.9)%Adjusted FFO available to common stockholders and unit holders per diluted share/unit (1) $1.63  $1.93  (15.5)% $6.06  $6.39  (5.2)% ________________________________ (1)Diluted weighted average common shares for the three and nine months ended September 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 September 30, 2025 and 2024 include 4.2 million and 3.8 million, respectively, and for the nine months ended September 30, 2025 and 2024 include 3.8 million and 3.4 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 nine months ended September 30, 2024 reflect franchise tax refunds for the 2020 through 2023 tax periods, totaling approximately $9.1 million. Note: For the Company’s definitions of Adjusted EBITDAre, Adjusted EBITDAre margin, Adjusted EBITDAre, excluding noncontrolling interest, Adjusted EBITDAre, excluding noncontrolling interest margin, FFO available to common stockholders and unit holders, and Adjusted FFO available to common stockholders and unit holders, as well as a reconciliation of the non-GAAP financial measure Adjusted EBITDAre to Net Income and a reconciliation of the non-GAAP financial measures FFO available to common stockholders and unit holders and Adjusted FFO available to common stockholders and unit holders to Net Income, see “Non-GAAP Financial Measures,” “EBITDAre, Adjusted EBITDAre and Adjusted EBITDAre, Excluding Noncontrolling Interest Definition,” “Adjusted EBITDAre Margin and Adjusted EBITDAre, Excluding Noncontrolling Interest Margin Definition” “FFO, Adjusted FFO, and Adjusted FFO Available to Common Stockholders and Unit Holders Definition” and “Supplemental Financial Results” below. Hospitality Segment   Three Months Ended  Nine Months Ended   September 30,  September 30, ($ in thousands, except ADR, RevPAR, and Total RevPAR)         %         %     2025 2024 Change    2025 2024 ChangeHospitality revenue $500,869  $467,043  7.2% $1,514,810  $1,447,600  4.6%Same-store Hospitality revenue (1) $464,751  $467,043  (0.5)% $1,473,343  $1,447,600  1.8%                       Hospitality operating income $87,078  $102,781  (15.3)% $330,807  $356,851  (7.3)%Hospitality operating income margin  17.4%  22.0% (4.6)pts  21.8%  24.7% (2.9)ptsHospitality Adjusted EBITDAre $156,315  $159,569  (2.0)% $515,724  $518,777  (0.6)%Hospitality Adjusted EBITDAre margin  31.2%  34.2% (3.0)pts  34.0%  35.8% (1.8)pts                       Same-store Hospitality operating income (1) $90,754  $102,781  (11.7)% $337,066  $356,851  (5.5)%Same-store Hospitality operating income margin (1)  19.5%  22.0% (2.5)pts  22.9%  24.7% (1.8)ptsSame-store Hospitality Adjusted EBITDAre (1) $151,358  $159,569  (5.1)% $511,349  $518,777  (1.4)%Same-store Hospitality Adjusted EBITDAre margin (1)  32.6%  34.2% (1.6)pts  34.7%  35.8% (1.1)pts                       Hospitality performance metrics:                          Occupancy  66.6%  69.5% (2.9)pts  69.8%  70.0% (0.2)ptsAverage Daily Rate (ADR) $257.74  $252.42  2.1% $260.25  $254.72  2.2%RevPAR $171.63  $175.37  (2.1)% $181.60  $178.19  1.9%Total RevPAR $440.33  $444.77  (1.0)% $469.95  $462.87  1.5%                       Same-store Hospitality performance metrics: (1)                         Occupancy  67.3%  69.5% (2.2)pts  70.3%  70.0% 0.3ptsADR $258.04  $252.42  2.2% $260.52  $254.72  2.3%RevPAR $173.71  $175.37  (0.9)% $183.17  $178.19  2.8%Total RevPAR $442.58  $444.77  (0.5% $472.83  $462.87  2.2%                       Gross definite room nights booked  667,645   611,513  9.2%  1,752,193   1,785,378  (1.9)%Net definite room nights booked  459,897   477,121  (3.6)%  1,204,951   1,315,138  (8.4)%Group attrition (as % of contracted block)  16.3%  16.0% 0.3pts  15.7%  15.3% 0.4ptsCancellations ITYFTY (2)  22,920   11,615  97.3%  62,986   38,652  63.0% ________________________________ (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 nine months ended September 30. 2024 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 third 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. Third Quarter 2025 Hospitality Segment Highlights The same-store Hospitality portfolio generated third quarter operating income of $90.8 million and Adjusted EBITDAre of $151.4 million; strong corporate group mix in the third quarter of 2024 contributed to challenging year-over-year comparisons. Same-store Hospitality corporate group room nights traveled in the quarter were approximately 20,000 room nights lower than the prior-year quarter. As a result, same-store banquet and AV revenue declined approximately $13.6 million, driven primarily by the group mix shift.As anticipated, macroeconomic uncertainty has resulted in higher group cancellation trends compared to the prior year quarter, particularly for government and government-related groups. Same-store attrition and cancellation fee revenue was approximately $11.6 million, an increase of $3.7 million compared to the prior year quarter. In July 2025, the Company started a rooms renovation at the Gaylord Texan, and in September 2025, the Company completed meeting space renovations at the JW Marriott Desert Ridge. Gaylord Opryland   Three Months Ended  Nine Months Ended   September 30,  September 30, ($ in thousands, except ADR, RevPAR, and Total RevPAR)         %         %     2025 2024 Change    2025 2024 ChangeRevenue $110,078  $122,659  (10.3)%   $336,721  $356,846  (5.6)%                         Operating income $30,683  $36,622  (16.2)%   $95,925  $112,089  (14.4)%  Operating income margin  27.9%    29.9%   (2.0)pts  28.5%    31.4%   (2.9)ptsAdjusted EBITDAre $38,805  $44,815  (13.4)%   $120,663  $136,592  (11.7)%  Adjusted EBITDAre margin  35.3%    36.5%   (1.2)pts  35.8%    38.3%   (2.5)pts                       Performance metrics:                          Occupancy  64.0%    71.8%   (7.8)pts  68.1%    70.8%   (2.7)ptsADR $268.20  $254.05  5.6%   $258.31  $235.83  9.5%  RevPAR $171.68  $182.49  (5.9)%   $175.79  $179.66  (2.2)%  Total RevPAR $414.30  $461.65  (10.3)%   $427.08  $450.95  (5.3)%   Note: Gaylord Opryland results for the nine months ended September 30, 2024 reflect franchise tax refunds for the 2020 through 2023 tax periods, totaling approximately $5.4 million. Gaylord Palms   Three Months Ended  Nine Months Ended   September 30,  September 30, ($ in thousands, except ADR, RevPAR, and Total RevPAR)         %         %     2025 2024 Change    2025 2024 ChangeRevenue $66,745  $68,242  (2.2)%   $228,251  $222,504  2.6%                         Operating income $7,997  $12,323  (35.1)%   $45,450  $50,808  (10.5)%  Operating income margin  12.0%    18.1%   (6.1)pts  19.9%    22.8%   (2.9)ptsAdjusted EBITDAre $17,803  $19,635  (9.3)%   $73,986  $71,867  2.9%  Adjusted EBITDAre margin  26.7%    28.8%   (2.1)pts  32.4%    32.3%   0.1pts                       Performance metrics:                          Occupancy  64.2%    61.0%   3.2pts  73.0%    66.0%   7.0ptsADR $230.01  $223.10  3.1%   $250.64  $243.86  2.8%  RevPAR $147.75  $136.09  8.6%   $182.92  $160.98  13.6%  Total RevPAR $422.29  $431.76  (2.2)%   $486.66  $472.68  3.0%                          Gaylord Texan   Three Months Ended  Nine Months Ended   September 30,  September 30, ($ in thousands, except ADR, RevPAR, and Total RevPAR)         %         %     2025 2024 Change    2025 2024 ChangeRevenue $74,082  $73,096  1.3%   $242,953  $241,895  0.4%                         Operating income $16,480  $18,697  (11.9)%   $69,177  $71,043  (2.6)%  Operating income margin  22.2%    25.6%   (3.4)pts  28.5%    29.4%   (0.9)ptsAdjusted EBITDAre $22,701  $24,417  (7.0)%   $87,484  $88,398  (1.0)%  Adjusted EBITDAre margin  30.6%    33.4%   (2.8)pts  36.0%    36.5%   (0.5)pts                       Performance metrics:                          Occupancy  67.0%    71.8%   (4.8)pts  70.7%    74.6%   (3.9)ptsADR $248.99  $247.51  0.6%   $253.19  $246.78  2.6%  RevPAR $166.86  $177.82  (6.2)%   $178.91  $184.16  (2.9)%  Total RevPAR $443.90  $437.99  1.3%   $490.59  $486.68  0.8%                          Gaylord National   Three Months Ended  Nine Months Ended   September 30,  September 30, ($ in thousands, except ADR, RevPAR, and Total RevPAR)         %         %     2025 2024 Change    2025 2024 ChangeRevenue $78,098  $69,751  12.0%   $242,340  $226,394  7.0%                         Operating income $11,340  $8,493  33.5%   $36,632  $36,037  1.7%  Operating income margin  14.5%    12.2%   2.3pts  15.1%    15.9%   (0.8)ptsAdjusted EBITDAre $24,130  $21,260  13.5%   $68,581  $68,000  0.9%  Adjusted EBITDAre margin  30.9%    30.5%   0.4pts  28.3%    30.0%   (1.7)pts                       Performance metrics:                          Occupancy  65.7%    63.5%   2.2pts  68.6%    66.3%   2.3ptsADR $241.65  $240.73  0.4%   $251.56  $247.47  1.7%  RevPAR $158.79  $152.98  3.8%   $172.58  $163.98  5.2%  Total RevPAR $425.30  $379.84  12.0%   $444.74  $413.96  7.4%                          Gaylord Rockies   Three Months Ended  Nine Months Ended   September 30,  September 30, ($ in thousands, except ADR, RevPAR, and Total RevPAR)         %         %     2025 2024 Change    2025 2024 ChangeRevenue $77,951  $72,658  7.3%   $230,621  $213,316  8.1%                         Operating income $17,156  $16,045  6.9%   $53,777  $49,478  8.7%  Operating income margin  22.0%    22.1%   (0.1)pts  23.3%    23.2%   0.1ptsAdjusted EBITDAre $32,069  $30,520  5.1%   $98,439  $91,932  7.1%  Adjusted EBITDAre margin  41.1%    42.0%   (0.9)pts  42.7%    43.1%   (0.4)pts                       Performance metrics:                          Occupancy  83.6%    80.8%   2.8pts  78.7%    75.2%   3.5ptsADR $266.03  $259.76  2.4%   $261.20  $253.23  3.1%  RevPAR $222.36  $209.86  6.0%   $205.69  $190.54  8.0%  Total RevPAR $564.49  $526.16  7.3%   $562.80  $518.67  8.5%                          JW Marriott Hill Country   Three Months Ended  Nine Months Ended   September 30,  September 30, ($ in thousands, except ADR, RevPAR, and Total RevPAR)         %         %     2025 2024 Change    2025 2024 ChangeRevenue $51,615  $54,273  (4.9)%   $173,464  $167,064  3.8%                         Operating income $6,849  $9,976  (31.3)%   $34,948  $34,548  1.2%  Operating income margin  13.3%    18.4%   (5.1)pts  20.1%    20.7%   (0.6)ptsAdjusted EBITDAre $14,786  $17,549  (15.7)%   $58,635  $56,989  2.9%  Adjusted EBITDAre margin  28.6%    32.3%   (3.7)pts  33.8%    34.1%   (0.3)pts                       Performance metrics:                          Occupancy  66.7%    73.8%   (7.1)pts  70.1%    72.2%   (2.1)ptsADR $337.63  $327.27  3.2%   $334.35  $321.73  3.9%  RevPAR $225.31  $241.68  (6.8)%   $234.36  $232.14  1.0%  Total RevPAR $559.92  $588.74  (4.9)%   $634.13  $608.50  4.2%                          JW Marriott Desert Ridge(2)   Three Months Ended  Period Ended  September 30,  September 30, ($ in thousands, except ADR, RevPAR, and Total RevPAR)             2025    2025Revenue $36,118  $41,467          Operating loss $(3,676) $(6,259)Operating loss margin  (10.2)%    (15.1)%  Adjusted EBITDAre $4,957  $4,375 Adjusted EBITDAre margin  13.7%    10.6%           Performance metrics:          Occupancy  57.9%    54.4%  ADR $253.43  $250.08 RevPAR $146.63  $136.07 Total RevPAR $413.25  $386.27  ________________________________ (1)The JW Marriott Desert Ridge was acquired by the Company on June 10, 2025, therefore there are no comparison figures.   Entertainment Segment   Three Months Ended  Nine Months Ended   September 30,  September 30, ($ in thousands)         %         %     2025 2024 Change    2025 2024 ChangeRevenue $91,589  $82,915  10.5%   $324,443  $243,993  33.0%                         Operating income $11,827  $13,050  (9.4)%   $45,638  $44,984  1.5%  Operating income margin  12.9%    15.7%   (2.8)pts  14.1%    18.4%   (4.3)ptsAdjusted EBITDAre $24,738  $22,451  10.2%   $79,585  $73,734  7.9%  Adjusted EBITDAre margin  27.0%    27.1%   (0.1)pts  24.5%    30.2%   (5.7)pts                        Note: Entertainment results for the nine months ended September 30, 2024 reflect franchise tax refunds for the 2020 through 2023 tax periods, totaling approximately $3.4 million. Fioravanti continued, “In our Entertainment business, we remain focused on expanding the reach of the Grand Ole Opry brand in connection with its 100-year celebration. In September, the Opry traveled to the Royal Albert Hall in London for the first international performance in its history. International engagement with the Opry brand has exceeded our expectations, which we believe bodes well for future demand for the Opry and Nashville more broadly. In addition, we recently announced the expansion of the Category 10 brand with a second location on the Las Vegas Strip, expected to open in late 2026. Despite increased competitive supply of live entertainment options in downtown Nashville, we continue to see healthy demand and consumer enthusiasm for our iconic brands and venues, underscoring the unique nature of our portfolio.” Corporate and Other Segment   Three Months Ended  Nine Months Ended   September 30,  September 30, ($ in thousands)       %       %     2025 2024 Change    2025 2024 ChangeOperating loss $(10,293) $(9,951) (3.4)%   $(32,287) $(31,503) (2.5)%  Adjusted EBITDAre $(7,980) $(7,217) (10.6)%   $(24,878) $(23,448) (6.1)%                          Note: Corporate and Other results for the nine months ended September 30, 2024 reflect franchise tax refunds for the 2020 through 2023 tax periods, totaling approximately $0.1 million. Capital Expenditures In 2025, the Company expects to spend approximately $375 to $425 million on capital expenditures, primarily related to its Hospitality business, which includes approximately $252 million spent through September 30, 2025. Major ongoing Hospitality projects include: Continuation of the sports bar, pavilion and event lawn development at Gaylord Opryland, which is expected to be completed in April 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 at the JW Marriott Desert Ridge; accelerated materials purchasing for the anticipated 2026 rooms renovation at the JW Marriott Hill Country; and initial project costs for the development of Category 10 Las Vegas. The Company estimates the total project cost for Category 10 Las Vegas will be approximately $35 million, with the majority of cash spending occurring 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 remainder of 2025, construction-related disruption is expected to impact results at Gaylord Texan. 2025 Guidance The Company is updating its 2025 business performance outlook based on current information as of November 3, 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, “With much of the year behind us, we are narrowing the range of expectations for our full year 2025 outlook, including modestly lowering the midpoint for the Entertainment segment due to the impact of new supply of live entertainment venues in downtown Nashville. Demand for country music and Nashville-based tourism remains robust, and our iconic brands and experiences continue to resonate with consumers in the United States and abroad.”   Guidance Range Prior Guidance Range     (in millions, except per share figures) For Full Year 2025 (1) Full Year 2025 (1)   Change to   Low High Midpoint Low High Midpoint  MidpointSame-store Hospitality RevPAR growth(2)  1.50%  3.50%  2.50%  1.25%  3.75%  2.50%   -%Same-store Hospitality Total RevPAR growth(2)  1.00%  3.00%  2.00%  0.75%  3.25%  2.00%   -%                              Operating income:                             Hospitality (same-store) (2) $446.0  $456.0  $451.0  $444.0  $458.0  $451.0   $- JW Marriott Desert Ridge  –   2.0   1.0   –   2.0   1.0    - Entertainment  64.3   65.3   64.8   65.8   69.8   67.8    (3.0)Corporate and Other  (48.0)  (47.5)  (47.8)  (48.0)  (47.5)  (47.8)   - Consolidated operating income $ 462.3  $ 475.8  $ 469.0  $ 461.8  $ 482.3  $ 472.0   $ (3.0)                              Adjusted EBITDAre:                             Hospitality (same-store) (2) $680.0  $700.0  $690.0  $675.0  $705.0  $690.0   $- JW Marriott Desert Ridge  18.0   22.0   20.0   18.0   22.0   20.0    - Entertainment  110.0   114.0   112.0   110.0   120.0   115.0    (3.0)Corporate and Other  (36.0)  (34.0)  (35.0)  (36.0)  (34.0)  (35.0)   - Consolidated Adjusted EBITDAre $ 772.0  $ 802.0  $ 787.0  $ 767.0  $ 813.0  $ 790.0   $ (3.0)                              Net income $227.0  $235.5  $231.3  $225.8  $236.8  $231.3   $- Net income available to common stockholders $218.0  $227.5  $222.8  $216.8  $228.8  $222.8   $-                               FFO available to common stockholders and unit holders $490.1  $512.0  $501.1  $485.9  $520.3  $503.1   $(2.0)Adjusted FFO available to common stockholders and unit holders $509.5  $538.0  $523.8  $505.0  $546.5  $525.8   $(2.0)                              Net income available to common stockholders per diluted share (3) $3.41  $3.53  $3.47  $3.40  $3.55  $3.47   $- Adjusted FFO available to common stockholders and unit holders                             per diluted share/unit (3) $8.00  $8.38  $8.19  $7.93  $8.49  $8.21   $(0.02)                              Weighted average shares outstanding - diluted (3)  66.2   66.2   66.2   66.2   66.2   66.2    - Weighted average shares and OP units outstanding - diluted (3)  66.6   66.6   66.6   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)Same-store Hospitality includes the JW Marriott Hill Country and excludes the JW Marriott Desert Ridge, which was acquired 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 October 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 September 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 September 30, 2025, the Company had unrestricted cash of $483.3 million and total debt outstanding of $3,976.0 million, net of unamortized deferred financing costs. As of September 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, November 4, 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. Ryman Hospitality Properties, Inc. and SubsidiariesCondensed Consolidated Statements of OperationsUnaudited(In thousands, except per share data)               Three Months Ended  Nine Months Ended   September 30,  September 30,      2025     2024     2025     2024 Revenues:                Rooms $195,227  $184,154  $585,359  $557,284 Food and beverage  233,674   224,835   737,328   719,304 Other hotel revenue  71,968   58,054   192,123   171,012 Entertainment  91,589   82,915   324,443   243,993 Total revenues  592,458   549,958   1,839,253   1,691,593              Operating expenses:              Rooms  48,668   45,129   142,195   134,292 Food and beverage  139,961   127,040   414,252   387,588 Other hotel expenses  144,882   123,716   399,394   360,298 Management fees, net  16,551   16,889   52,930   56,300 Total hotel operating expenses  350,062   312,774   1,008,771   938,478 Entertainment  67,935   61,659   248,081   173,806 Corporate  10,062   9,724   31,591   31,080 Preopening costs  1,289   870   1,474   3,361 (Gain) loss on sale of assets  1,296   –   1,296   (270)Depreciation and amortization  73,202   59,051   203,882   174,806 Total operating expenses  503,846   444,078   1,495,095   1,321,261              Operating income  88,612   105,880   344,158   370,332              Interest expense, net of amounts capitalized  (64,873)  (54,546)  (177,690)  (171,566)Interest income  4,836   7,219   15,878   21,805 Loss on extinguishment of debt  (380)  –   (2,922)  (2,319)Income (loss) from unconsolidated joint ventures  (37)  9   (66)  224 Other gains and (losses), net  2,168   2,758   1,864   3,075 Income before income taxes  30,326   61,320   181,222   221,551 (Provision) benefit for income taxes  3,633   (922)  (8,374)  (13,652)Net income  33,959   60,398   172,848   207,899              Net income attributable to noncontrolling interest in OEG  (987)  (997)  (3,792)  (3,688)Net (income) loss attributable to other noncontrolling interests  1,914   (390)  544   (1,339)Net income available to common stockholders $34,886  $59,011  $169,600  $202,872              Basic income per share available to common stockholders(1) $0.55  $0.99  $2.76  $3.39 Diluted income per share available to common stockholders(1) $0.53  $0.94  $2.65  $3.25              Weighted average common shares for the period:            Basic(1)  63,000   59,900   61,435   59,845 Diluted(1)  67,335   63,901   65,463   63,535  ________________________________ (1)Basic and diluted weighted average common shares for the three and nine months ended September 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 September 30, 2025 and 2024 include 4.2 million and 3.8 million, respectively, and the nine months ended September 30, 2025 and 2024 include 3.8 million and 3.4 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)            September 30,     December 31,   2025 2024ASSETS:        Property and equipment, net of accumulated depreciation $4,932,998 $4,124,382Cash and cash equivalents - unrestricted  483,330  477,694Cash and cash equivalents - restricted  33,225  98,534Notes receivable, net  52,425  57,801Trade receivables, net  111,147  94,184Deferred income tax assets, net  65,019  70,511Prepaid expenses and other assets  227,733  178,091Intangible assets and goodwill, net  290,768  116,376Total assets $6,196,645 $5,217,573       LIABILITIES AND EQUITY:       Debt and finance lease obligations $3,976,019 $3,378,396Accounts payable and accrued liabilities  540,790  466,571Dividends payable  75,045  71,444Deferred management rights proceeds  164,203  164,658Operating lease liabilities  157,912  135,117Other liabilities  72,546  66,805Noncontrolling interest in OEG  411,989  381,945Total equity  798,141  552,637Total liabilities and equity $6,196,645 $5,217,573        Ryman Hospitality Properties, Inc. and SubsidiariesSupplemental Financial ResultsAdjusted EBITDAre ReconciliationUnaudited(In thousands)                           Three Months Ended  Nine Months Ended   September 30,  September 30,   2025    2024 2025    2024  $ Margin $ Margin $ Margin $ MarginConsolidated:                        Revenue $592,458     $549,958     $1,839,253     $1,691,593    Net income $33,959  5.7% $60,398  11.0% $172,848  9.4% $207,899  12.3%Interest expense, net  60,037      47,327      161,812      149,761    Provision (benefit) for income taxes  (3,633)     922      8,374      13,652    Depreciation and amortization  73,202      59,051      203,882      174,806    (Gain) loss on sale of assets  1,296      –      1,296      (270)   Pro rata EBITDAre from unconsolidated joint ventures  (1)     1      1      5    EBITDAre  164,860  27.8%  167,699  30.5%  548,213  29.8%  545,853  32.3%Preopening costs  1,289      870      1,474      3,361    Non-cash lease expense  1,219      1,046      3,053      2,904    Equity-based compensation expense  3,660      3,479      10,777      10,724    Pension settlement charge  640      597      640      597    Interest income on Gaylord National bonds  1,025      1,113      3,252      3,503    Loss on extinguishment of debt  380      –      2,922      2,319    Transaction costs of acquisitions  –      –      100      –    Pro rata adjusted EBITDAre from unconsolidated joint ventures  –      (1)     –      (198)   Adjusted EBITDAre  173,073  29.2%  174,803  31.8%  570,431  31.0%  569,063  33.6%Adjusted EBITDAre of noncontrolling interest  (6,705)     (6,735)     (23,626)     (22,119)   Adjusted EBITDAre, excluding noncontrolling interest $166,368  28.1% $168,068  30.6% $546,805  29.7% $546,944  32.3%                         Hospitality segment:                        Revenue $500,869     $467,043     $1,514,810     $1,447,600    Operating income $87,078  17.4% $102,781  22.0% $330,807  21.8% $356,851  24.7%Depreciation and amortization  63,729      51,488      175,232      152,271    Non-cash lease expense  1,184      984      3,134      2,949    Interest income on Gaylord National bonds  1,025      1,113      3,252      3,503    Other gains and (losses), net  3,299      3,203      3,299      3,203    Adjusted EBITDAre $156,315  31.2% $159,569  34.2% $515,724  34.0% $518,777  35.8%                         Same-store Hospitality segment: (1)                        Revenue $464,751     $467,043     $1,473,343     $1,447,600    Operating income $90,754  19.5% $102,781  22.0% $337,066  22.9% $356,851  24.7%Depreciation and amortization  55,335      51,488      164,895      152,271    Non-cash lease expense  945      984      2,837      2,949    Interest income on Gaylord National bonds  1,025      1,113      3,252      3,503    Other gains and (losses), net  3,299      3,203      3,299      3,203    Adjusted EBITDAre $151,358  32.6% $159,569  34.2% $511,349  34.7% $518,777  35.8%                         Entertainment segment:                        Revenue $91,589     $82,915     $324,443     $243,993    Operating income $11,827  12.9% $13,050  15.7% $45,638  14.1% $44,984  18.4%Depreciation and amortization  9,242      7,336      27,954      21,842    Preopening costs  1,289      870      1,474      3,361    Non-cash lease (revenue) expense  35      62      (81)     (45)   Equity-based compensation  1,087      989      3,135      2,882    Loss on sale of assets  1,296      –      1,296      –    Other gains and (losses), net  –      135      136      680    Transaction costs of acquisitions  –      –      100      –    Pro rata adjusted EBITDAre from unconsolidated joint ventures  (38)     9      (67)     30    Adjusted EBITDAre $24,738  27.0% $22,451  27.1% $79,585  24.5% $73,734  30.2%                         Corporate and Other segment:                        Operating loss $(10,293)    $(9,951)    $(32,287)    $(31,503)   Depreciation and amortization  231      227      696      693    Other gains and (losses), net  (1,131)     (580)     (1,569)     (807)   Equity-based compensation  2,573      2,490      7,642      7,842    Gain on sale of assets  –      –      –      (270)   Pension settlement charge  640      597      640      597    Adjusted EBITDAre $(7,980)    $(7,217)    $(24,878)    $(23,448)    ________________________________ (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  Nine Months Ended   September 30,  September 30,   2025     2024  2025     2024 Net income available to common stockholders $34,886  $59,011  $169,600  $202,872 Noncontrolling interest in OP Units  218   390   1,092   1,339 Net income available to common stockholders and unit holders  35,104   59,401   170,692   204,211 Depreciation and amortization  73,053   59,004   203,635   174,664 Adjustments for noncontrolling interest  (3,019)  (2,201)  (9,142)  (6,553)Pro rata adjustments from joint ventures  –   1   –   3 FFO available to common stockholders and unit holders  105,138   116,205   365,185   372,325              Right-of-use asset amortization  149   47   247   142 Non-cash lease expense  1,219   1,046   3,053   2,904 Pension settlement charge  640   597   640   597 Pro rata adjustments from joint ventures  –   (1)  –   (198)(Gain) loss on other assets  1,296   –   1,296   (270)Amortization of deferred financing costs  3,155   2,647   8,762   7,995 Amortization of debt discounts and premiums  387   545   1,375   1,852 Loss on extinguishment of debt  380   –   2,922   2,319 Adjustments for noncontrolling interest  (1,621)  (902)  (3,639)  (2,020)Transaction costs of acquisitions  –   –   100   – Deferred tax provision (benefit)  (4,391)  51   5,079   10,715 Adjusted FFO available to common stockholders and unit holders $106,352  $120,235  $385,020  $396,361              Basic net income per share(1) $0.55  $0.99  $2.76  $3.39 Diluted net income per share(1) $0.53  $0.94  $2.65  $3.25              FFO available to common stockholders and unit holders per basic share/unit(1) $1.66  $1.93  $5.91  $6.18 Adjusted FFO available to common stockholders and unit holders per basic share/unit(1) $1.68  $1.99  $6.23  $6.58              FFO available to common stockholders and unit holders per diluted share/unit (1) $1.60  $1.86  $5.72  $5.98 Adjusted FFO available to common stockholders and unit holders per diluted share/unit (1) $1.63  $1.93  $6.06  $6.39              Weighted average common shares and OP units for the period:            Basic(1)  63,395   60,295   61,830   60,240 Diluted (1)  67,730   64,296   65,858   63,930  ________________________________ (1)Basic and diluted weighted average common shares for the three and nine months ended September 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 September 30, 2025 and 2024 include 4.2 million and 3.8 million, respectively, and for the nine months ended September 30, 2025 and 2024 include 3.8 million and 3.4 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  Nine Months Ended   September 30,  September 30,   2025    2024 2025    2024  $ Margin $ Margin $ Margin $ MarginHospitality segment:                        Revenue $500,869     $467,043     $1,514,810     $1,447,600    Operating income $87,078  17.4% $102,781  22.0% $330,807  21.8% $356,851  24.7%Depreciation and amortization  63,729      51,488      175,232      152,271    Non-cash lease expense  1,184      984      3,134      2,949    Interest income on Gaylord National bonds  1,025      1,113      3,252      3,503    Other gains and (losses), net  3,299      3,203      3,299      3,203    Adjusted EBITDAre $156,315  31.2% $159,569  34.2% $515,724  34.0% $518,777  35.8%                         Performance metrics:                        Occupancy  66.6 %    69.5 %    69.8 %    70.0 %  ADR $257.74     $252.42     $260.25     $254.72    RevPAR $171.63     $175.37     $181.60     $178.19    OtherPAR $268.70     $269.40     $288.35     $284.68    Total RevPAR $440.33     $444.77     $469.95     $462.87                             Same-store Hospitality segment: (1)                        Revenue $464,751     $467,043     $1,473,343     $1,447,600    Operating income $90,754  19.5% $102,781  22.0% $337,066  22.9% $356,851  24.7%Depreciation and amortization  55,335      51,488      164,895      152,271    Non-cash lease expense  945      984      2,837      2,949    Interest income on Gaylord National bonds  1,025      1,113      3,252      3,503    Other gains and (losses), net  3,299      3,203      3,299      3,203    Adjusted EBITDAre $151,358  32.6% $159,569  34.2% $511,349  34.7% $518,777  35.8%                         Performance metrics:                        Occupancy  67.3 %    69.5 %    70.3 %    70.0 %  ADR $258.04     $252.42     $260.52     $254.72    RevPAR $173.71     $175.37     $183.17     $178.19    OtherPAR $268.87     $269.40     $289.66     $284.68    Total RevPAR $442.58     $444.77     $472.83     $462.87                             Gaylord Opryland:                        Revenue $110,078     $122,659     $336,721     $356,846    Operating income $30,683  27.9% $36,622  29.9% $95,925  28.5% $112,089  31.4%Depreciation and amortization  8,132      8,203      24,767      24,535    Non-cash lease revenue  (10)     (10)     (29)     (32)   Adjusted EBITDAre $38,805  35.3% $44,815  36.5% $120,663  35.8% $136,592  38.3%                         Performance metrics:                        Occupancy  64.0 %    71.8 %    68.1 %    70.8 %  ADR $268.20     $254.05     $258.31     $235.83    RevPAR $171.68     $182.49     $175.79     $179.66    OtherPAR $242.62     $279.16     $251.29     $271.29    Total RevPAR $414.30     $461.65     $427.08     $450.95                             Gaylord Palms:                        Revenue $66,745     $68,242     $228,251     $222,504    Operating income $7,997  12.0% $12,323  18.1% $45,450  19.9% $50,808  22.8%Depreciation and amortization  8,851      6,318      25,670      18,078    Non-cash lease expense  955      994      2,866      2,981    Adjusted EBITDAre $17,803  26.7% $19,635  28.8% $73,986  32.4% $71,867  32.3%                         Performance metrics:                        Occupancy  64.2 %    61.0 %    73.0 %    66.0 %  ADR $230.01     $223.10     $250.64     $243.86    RevPAR $147.75     $136.09     $182.92     $160.98    OtherPAR $274.54     $295.67     $303.74     $311.70    Total RevPAR $422.29     $431.76     $486.66     $472.68     ________________________________ (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  Nine Months Ended   September 30,  September 30,   2025    2024 2025    2024  $ Margin $ Margin $ Margin $ MarginGaylord Texan:                        Revenue $74,082    $73,096    $242,953    $241,895   Operating income $16,480 22.2% $18,697 25.6% $69,177 28.5% $71,043 29.4%Depreciation and amortization  6,221     5,720     18,307     17,355   Adjusted EBITDAre $22,701 30.6% $24,417 33.4% $87,484 36.0% $88,398 36.5%                         Performance metrics:                        Occupancy  67.0%    71.8%    70.7%    74.6%  ADR $248.99    $247.51    $253.19    $246.78   RevPAR $166.86    $177.82    $178.91    $184.16   OtherPAR $277.04    $260.17    $311.68    $302.52   Total RevPAR $443.90    $437.99    $490.59    $486.68                            Gaylord National:                        Revenue $78,098    $69,751    $242,340    $226,394   Operating income $11,340 14.5% $8,493 12.2% $36,632 15.1% $36,037 15.9%Depreciation and amortization  8,466     8,451     25,398     25,257   Interest income on Gaylord National bonds  1,025     1,113     3,252     3,503   Other gains and (losses), net  3,299     3,203     3,299     3,203   Adjusted EBITDAre $24,130 30.9% $21,260 30.5% $68,581 28.3% $68,000 30.0%                         Performance metrics:                        Occupancy  65.7%    63.5%    68.6%    66.3%  ADR $241.65    $240.73    $251.56    $247.47   RevPAR $158.79    $152.98    $172.58    $163.98   OtherPAR $266.51    $226.86    $272.16    $249.98   Total RevPAR $425.30    $379.84    $444.74    $413.96                            Gaylord Rockies:                        Revenue $77,951    $72,658    $230,621    $213,316   Operating income $17,156 22.0% $16,045 22.1% $53,777 23.3% $49,478 23.2%Depreciation and amortization  14,913     14,475     44,662     42,454   Adjusted EBITDAre $32,069 41.1% $30,520 42.0% $98,439 42.7% $91,932 43.1%                         Performance metrics:                        Occupancy  83.6%    80.8%    78.7%    75.2%  ADR $266.03    $259.76    $261.20    $253.23   RevPAR $222.36    $209.86    $205.69    $190.54   OtherPAR $342.13    $316.30    $357.11    $328.13   Total RevPAR $564.49    $526.16    $562.80    $518.67                            JW Marriott Hill Country:                        Revenue $51,615    $54,273    $173,464    $167,064   Operating income $6,849 13.3% $9,976 18.4% $34,948 20.1% $34,548 20.7%Depreciation and amortization  7,937     7,573     23,687     22,441   Adjusted EBITDAre $14,786 28.6% $17,549 32.3% $58,635 33.8% $56,989 34.1%                         Performance metrics:                        Occupancy  66.7%    73.8%    70.1%    72.2%  ADR $337.63    $327.27    $334.35    $321.73   RevPAR $225.31    $241.68    $234.36    $232.14   OtherPAR $334.61    $347.06    $399.77    $376.36   Total RevPAR $559.92    $588.74    $634.13    $608.50                             Ryman Hospitality Properties, Inc. and SubsidiariesSupplemental Financial ResultsHospitality Segment Adjusted EBITDAre Reconciliation and Operating MetricsUnaudited(In thousands)                            Three Months Ended  Nine Months Ended   September 30,  September 30,   2025    2024 2025    2024  $ Margin $  Margin $ Margin $  MarginJW Marriott Desert Ridge:                         Revenue $36,118    $–     $41,467     $–    Operating loss $(3,676) (10.2)% $–  N/A% $(6,259) (15.1)%  $–  N/A%Depreciation and amortization  8,394     –      10,337      –    Non-cash lease expense  239     –      297      –    Adjusted EBITDAre $4,957  13.7% $–  N/A% $4,375  10.6%  $–  N/A%                          Performance metrics:                         Occupancy  57.9%    N/A%     54.4%     N/A%   ADR $253.43    $N/A     $250.08     $N/A    RevPAR $146.63    $N/A     $136.07     $N/A    OtherPAR $266.62    $N/A     $250.20     $N/A    Total RevPAR $413.25    $N/A     $386.27     $N/A                              The AC Hotel at National Harbor:                         Revenue $2,880    $2,686     $9,140     $9,615    Operating income $253  8.8% $133  5.0% $1,124  12.3%  $1,864  19.4%Depreciation and amortization  224     235      669      703    Adjusted EBITDAre $477  16.6% $368  13.7% $1,793  19.6%  $2,567  26.7%                          Performance metrics:                         Occupancy  61.7%    54.9%     58.8%     59.6%   ADR $233.22    $234.78     $258.12     $263.77    RevPAR $143.95    $129.01     $151.75     $157.11    OtherPAR $19.07    $23.04     $22.62     $25.65    Total RevPAR $163.02    $152.05     $174.37     $182.76                              The Inn at Opryland: (1)                         Revenue $3,302    $3,678     $9,853     $9,966    Operating income (loss) $(4) (0.1)% $492  13.4% $33  0.3%  $984  9.9%Depreciation and amortization  591     513      1,735      1,448    Adjusted EBITDAre $587  17.8% $1,005  27.3% $1,768  17.9%  $2,432  24.4%                          Performance metrics:                         Occupancy  53.6%    58.7%     51.9%     54.0%   ADR $161.88    $174.34     $171.75     $173.35    RevPAR $86.81    $102.30     $89.12     $93.57    OtherPAR $31.61    $29.72     $29.98     $26.49    Total RevPAR $118.42    $132.02     $119.10     $120.06     ________________________________ (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  Nine Months Ended   September 30,  September 30,      2025    2024    2025    2024Earnings per share:                         Numerator:            Net income available to common stockholders $34,886 $59,011 $169,600 $202,872Net income attributable to noncontrolling interest in OEG  987  997  3,792  3,688Net income available to common stockholders - if-converted method $35,873 $60,008 $173,392 $206,560             Denominator:            Weighted average shares outstanding - basic  63,000  59,900  61,435  59,845Effect of dilutive stock-based compensation  166  223  184  287Effect of dilutive put rights (1)  4,169  3,778  3,844  3,403Weighted average shares outstanding - diluted  67,335  63,901  65,463  63,535             Basic income per share available to common stockholders $0.55 $0.99 $2.76 $3.39Diluted income per share available to common stockholders (1) $0.53 $0.94 $2.65 $3.25             FFO per share/unit:                         Numerator:            FFO available to common stockholders and unit holders $105,138 $116,205 $365,185 $372,325Net income attributable to noncontrolling interest in OEG  987  997  3,792  3,688FFO adjustments for noncontrolling interest in OEG  2,574  2,201  7,808  6,553FFO available to common stockholders and unit holders - if-converted method $108,699 $119,403 $376,785 $382,566             Denominator:            Weighted average shares and OP units outstanding - basic  63,395  60,295  61,830  60,240Effect of dilutive stock-based compensation  166  223  184  287Effect of dilutive put rights (1)  4,169  3,778  3,844  3,403Weighted average shares and OP units outstanding - diluted  67,730  64,296  65,858  63,930             FFO available to common stockholders and unit holders per basic share/unit $1.66 $1.93 $5.91 $6.18FFO available to common stockholders and unit holders per diluted share/unit (1) $1.60 $1.86 $5.72 $5.98             Adjusted FFO per share/unit:                         Numerator:            Adjusted FFO available to common stockholders and unit holders $106,352 $120,235 $385,020 $396,361Net income attributable to noncontrolling interest in OEG  987  997  3,792  3,688FFO adjustments for noncontrolling interest in OEG  2,574  2,201  7,808  6,553Adjusted FFO adjustments for noncontrolling interest in OEG  661  902  2,679  2,020Adjusted FFO available to common stockholders and unit holders - if-converted method $110,574 $124,335 $399,299 $408,622             Denominator:            Weighted average shares and OP units outstanding - basic  63,395  60,295  61,830  60,240Effect of dilutive stock-based compensation  166  223  184  287Effect of dilutive put rights (1)  4,169  3,778  3,844  3,403Weighted average shares and OP units outstanding - diluted  67,730  64,296  65,858  63,930             Adjusted FFO available to common stockholders and unit holders per basic share/unit $1.68 $1.99 $6.23 $6.58Adjusted FFO available to common stockholders and unit holders per diluted share/unit (1) $1.63 $1.93 $6.06 $6.39 ________________________________ (1)Includes equivalent shares related to the currently unexercisable investor put rights associated with the noncontrolling interest in the Company’s OEG business, which may be settled in cash or shares at the Company’s option.   Ryman Hospitality Properties, Inc. and SubsidiariesReconciliation of Forward-Looking StatementsAdjusted Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (“Adjusted EBITDAre”)Unaudited($ in thousands, except per share data)             Guidance Range  For Full Year 2025(1)  Low High MidpointConsolidated:         Net income $ 227,000  $ 235,500  $ 231,250 Provision for income taxes  9,000   9,250   9,125 Interest expense, net  224,250   230,000   227,125 Depreciation and amortization  283,625   294,000   288,813 (Gain) loss on sale of assets  1,250   1,500   1,375 EBITDAre $ 745,125  $ 770,250  $ 757,688 Non-cash lease expense  3,000   4,750   3,875 Preopening costs  1,000   1,500   1,250 Equity-based compensation expense  14,875   15,750   15,313 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  3,000   3,250   3,125 Transaction costs of acquisitions  –   250   125 Adjusted EBITDAre $ 772,000  $ 802,000  $ 787,000           Hospitality segment:         Operating income $ 446,000  $ 458,000  $ 452,000 Depreciation and amortization  242,000   250,500   246,250 Non-cash lease expense  3,250   4,750   4,000 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 $ 698,000  $ 722,000  $ 710,000           Hospitality segment (same-store)(2)         Operating income $ 446,000  $ 456,000  $ 451,000 Depreciation and amortization  224,000   231,000   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 $ 680,000  $ 700,000  $ 690,000           JW Marriott Desert Ridge         Operating income $ –  $ 2,000  $ 1,000 Depreciation and amortization  18,000   19,500   18,750 Non-cash lease expense  –   500   250 Adjusted EBITDAre $ 18,000  $ 22,000  $ 20,000           Entertainment segment:         Operating income $ 64,250  $ 65,250  $ 64,750 Depreciation and amortization  39,500   41,000   40,250 Non-cash lease expense (revenue)  (250)  –   (125)Preopening costs  1,000   1,500   1,250 Equity-based compensation  4,500   4,750   4,625 Other gains and (losses), net  1,000   1,500   1,250 Adjusted EBITDAre $ 110,000  $ 114,000  $ 112,000           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 $ 218,000  $ 227,500  $ 222,750 Noncontrolling interest in OP units  1,000   2,000   1,500 Net income available to common stockholders and unit holders $ 219,000  $ 229,500  $ 224,250 Depreciation and amortization  283,625   294,000   288,813 Adjustments for noncontrolling interest  (12,500)  (11,500)  (12,000)FFO available to common stockholders and unit holders $ 490,125  $ 512,000  $ 501,063 Right-of-use asset amortization  –   500   250 (Gain) loss on sale of assets  1,250   1,500   1,375 Non-cash lease expense  3,000   4,750   3,875 Pension settlement charge  1,250   1,500   1,375 Loss on extinguishment of debt  3,000   3,250   3,125 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   2,250   1,875 Transaction costs of acquisitions  -   250   125 Deferred tax provision  2,250   3,250   2,750 Adjusted FFO available to common stockholders and unit holders $ 509,500  $ 538,000  $ 523,750           Net income available to common stockholders per diluted share (2) $ 3.41  $ 3.53  $ 3.47 Adjusted FFO available to common stockholders and unit holders per diluted share/unit (2) $ 8.00  $ 8.38  $ 8.19           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 2025  Low High MidpointEarnings per share:         Numerator:         Net income available to common stockholders $218,000 $227,500 $222,750Net income attributable to noncontrolling interest in OEG  8,000  6,000  7,000Net income available to common stockholders - if-converted method $226,000 $233,500 $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 $ 3.41 $ 3.53 $ 3.47                    Adjusted FFO per share:         Numerator:         Adjusted FFO available to common stockholders and unit holders $509,500 $538,000 $523,750Net income attributable to noncontrolling interest in OEG  8,000  6,000  7,000FFO adjustments for noncontrolling interest in OEG  11,000  10,000  10,500Adjusted FFO Adjustments for noncontrolling interest in OEG  4,375  3,750  4,063Adjusted FFO available to common stockholders and unit holders - if-converted method $532,875 $557,750 $545,313          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 $ 8.00 $ 8.38 $ 8.19 ________________________________ (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 $ 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           Hospitality segment (same-store)         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)              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 $ 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 (1) $ 3.40  $ 3.55  $ 3.47 Adjusted FFO available to common stockholders and unit holders per diluted share/unit (1) $ 7.93  $ 8.49  $ 8.21           Estimated weighted average shares outstanding - diluted (in millions) (1)   66.2    66.2    66.2 Estimated weighted average shares and OP units outstanding - diluted (in millions) (1)   66.6    66.6    66.6  ________________________________ (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 2025  Low High MidpointEarnings per share:         Numerator:         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 in OEG  11,000  9,000  10,000Adjusted FFO Adjustments for noncontrolling interest in OEG  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.  

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