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
Change
Total 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
)pts
Net 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
)pts
Adjusted 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
Change
Hospitality 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
)pts
Hospitality 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
)pts
Same-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
)pts
Average 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
%
0.3
pts
ADR
$
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
%
0.3
pts
15.7
%
15.3
%
0.4
pts
Cancellations 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
Change
Revenue
$
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
)pts
Adjusted 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
)pts
ADR
$
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
Change
Revenue
$
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
)pts
Adjusted 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
%
0.1
pts
Performance metrics:
Occupancy
64.2
%
61.0
%
3.2
pts
73.0
%
66.0
%
7.0
pts
ADR
$
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
Change
Revenue
$
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
)pts
Adjusted 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
)pts
ADR
$
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
Change
Revenue
$
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
%
2.3
pts
15.1
%
15.9
%
(0.8
)pts
Adjusted EBITDAre
$
24,130
$
21,260
13.5
%
$
68,581
$
68,000
0.9
%
Adjusted EBITDAre margin
30.9
%
30.5
%
0.4
pts
28.3
%
30.0
%
(1.7
)pts
Performance metrics:
Occupancy
65.7
%
63.5
%
2.2
pts
68.6
%
66.3
%
2.3
pts
ADR
$
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
Change
Revenue
$
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
%
0.1
pts
Adjusted 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
%
2.8
pts
78.7
%
75.2
%
3.5
pts
ADR
$
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
Change
Revenue
$
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
)pts
Adjusted 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
)pts
ADR
$
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
2025
Revenue
$
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
Change
Revenue
$
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
)pts
Adjusted 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
Change
Operating 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; and
Renovation 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
Midpoint
Same-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; and
any 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); and
any 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) Hutcheson, Chief Financial Officer(615) Martin, Vice President, Investor Relations(615)
Media Contact:Shannon Sullivan, Vice President, Corporate and Brand Communications(615)
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
