Fourth Quarter 2025 Highlights and Recent Developments:
The Company reported all-time quarterly record consolidated revenue of $737.8 million, driven by quarterly record same-store Hospitality(1) segment revenue of $578.2 million and record fourth quarter Entertainment segment revenue of $109.5 million.
The Company generated fourth quarter net income of $74.5 million and consolidated Adjusted EBITDAre of $224.3 million.
During the fourth quarter, the Company booked over 1.2 million same-store Hospitality(1) Gross Definite Room Nights for all future periods. The estimated average daily rate (ADR) for these bookings was approximately $299, an increase of 6.1% compared to prior year quarter estimated ADR for future bookings and a new record.
Subsequent to quarter-end, the Company refinanced its corporate revolving credit facility, increasing the size from $700 million to $850 million and extending the maturity from May 2027 to January 2030. The amended revolving credit facility maintains the same pricing, and other terms of the agreement are largely similar to the Company's previous credit facility agreement.
Subsequent to quarter-end, Opry Entertainment Group (OEG) announced the development of a third Category 10 located at Universal Orlando Resort's CityWalk, expected to open in late 2027. In addition, the City of Simpsonville, South Carolina selected OEG's bid to manage the CCNB Amphitheatre, beginning in February 2026.
The Company declared a cash dividend of $1.20 per share for the first quarter of 2026. The dividend is payable on April 15, 2026, to stockholders of record as of March 31, 2026.
Full Year 2025 Highlights:
The Company generated record full year consolidated revenue of $2.6 billion, with net income of $247.3 million and consolidated Adjusted EBITDAre of $794.7 million.
The Company booked nearly 3.0 million same-store Hospitality Gross Definite Room Nights for all future periods. The estimated ADR for those bookings was approximately $292, an increase of 3.5% over 2024 estimated ADR for future bookings and a new record.
In 2025, the Company declared total dividends of $4.65 per share, an increase of 4.5% from total dividends declared in 2024; it intends to pay aggregate minimum dividends for 2026 of $4.80 per share, subject to the Board's future determinations.
Mark Fioravanti, President and Chief Executive Officer of Ryman Hospitality Properties, said, "We are very pleased to deliver strong full year results, near the top end of our most recent guidance ranges, with our Entertainment segment, as well as AFFO and AFFO per diluted share, surpassing the high end of those expectations. Our fourth quarter performance reflected strong demand for our holiday programming in our Hospitality segment and stronger-than-anticipated volumes across our downtown Nashville Entertainment venues.
In our Hospitality business, meeting planner sentiment strengthened as the quarter progressed, driving monthly record same-store gross group room night, projected revenue, and projected ADR bookings production for all future periods during December. This momentum underscores the effectiveness of our long-term capital deployment strategy, which we believe positions our portfolio for sustained growth."
Fioravanti continued, "Looking ahead, projected same-store group rooms revenue on the books for 2026 is pacing up approximately 6% compared to the same time last year for 2025, supported by expected mid-single-digit ADR growth on these bookings for 2026. We believe the investments we've made, and continue to make across our portfolio, are creating durable demand and positioning the business for another strong year."
____________________
(1)
Same-store Hospitality excludes JW Marriott Desert Ridge, which was acquired June 10, 2025.
Fourth Quarter and Full Year 2025 Results (as compared to Fourth Quarter and Full Year 2024):
Three Months Ended
Year Ended
December 31,
December 31,
($ in thousands, except per share amounts)
%
%
2025
2024
Change
2025
2024
Change
Total revenue
$
737,808
$
647,633
13.9
%
$
2,577,061
$
2,339,226
10.2
%
Operating income
$
142,854
$
120,502
18.5
%
$
487,012
$
490,834
(0.8
)
%
Operating income margin
19.4
%
18.6
%
0.8
pts
18.9
%
21.0
%
(2.1
)
pts
Net income
$
74,462
$
72,291
3.0
%
$
247,310
$
280,190
(11.7
)
%
Net income margin
10.1
%
11.2
%
(1.1
)
pts
9.6
%
12.0
%
(2.4
)
pts
Net income available to common stockholders
$
73,825
$
68,766
7.4
%
$
243,425
$
271,638
(10.4
)
%
Net income available to common stockholders margin
10.0
%
10.6
%
(0.6
)
pts
9.4
%
11.6
%
(2.2
)
pts
Net income available to common stockholders per diluted share(1)
$
1.11
$
1.13
(1.8
)
%
$
3.77
$
4.38
(13.9
)
%
Adjusted EBITDAre
$
224,262
$
188,642
18.9
%
$
794,693
$
757,705
4.9
%
Adjusted EBITDAre margin
30.4
%
29.1
%
1.3
pts
30.8
%
32.4
%
(1.6
)
pts
Adjusted EBITDAre, excluding noncontrolling interest
$
214,489
$
179,015
19.8
%
$
761,294
$
725,959
4.9
%
Adjusted EBITDAre, excluding noncontrolling interest margin
29.1
%
27.6
%
1.5
pts
29.5
%
31.0
%
(1.5
)
pts
Funds From Operations (FFO) available to common stockholders and unit holders
$
145,376
$
127,691
13.8
%
$
510,561
$
500,016
2.1
%
FFO available to common stockholders and unit holders per diluted share/unit(1)
$
2.19
$
2.08
5.3
%
$
7.93
$
8.05
(1.5
)
%
Adjusted FFO available to common stockholders and unit holders
$
154,572
$
131,460
17.6
%
$
539,592
$
527,821
2.2
%
Adjusted FFO available to common stockholders and unit holders per diluted share/unit(1)
$
2.38
$
2.15
10.7
%
$
8.46
$
8.54
(0.9
)
%
____________________
(1)
Diluted weighted average common shares for the three and twelve months ended December 31, 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 December 31, 2025 and 2024 include 4.4 million and 3.5 million, respectively, and for the twelve months ended December 31, 2025 and 2024 include 3.9 million and 3.5 million, respectively, in equivalent shares related to the currently unexercisable investor put rights associated with the noncontrolling interest in the Company's OEG business, which may be settled in cash or shares at the Company's option.
Note: Consolidated results for the twelve months ended December 31, 2024 reflect franchise tax refunds for the 2020 through 2023 tax periods, totaling approximately $9.1 million.
Note: For the Company's definitions of Adjusted EBITDAre, Adjusted EBITDAre margin, Adjusted EBITDAre, excluding noncontrolling interest, Adjusted EBITDAre, excluding noncontrolling interest margin, FFO available to common stockholders and unit holders, and Adjusted FFO available to common stockholders and unit holders, as well as a reconciliation of the non-GAAP financial measure Adjusted EBITDAre to Net Income and a reconciliation of the non-GAAP financial measures FFO available to common stockholders and unit holders and Adjusted FFO available to common stockholders and unit holders to Net Income, see "Non-GAAP Financial Measures," "EBITDAre, Adjusted EBITDAre and Adjusted EBITDAre, Excluding Noncontrolling Interest Definition," "Adjusted EBITDAre Margin and Adjusted EBITDAre, Excluding Noncontrolling Interest Margin Definition" "FFO, Adjusted FFO, and Adjusted FFO Available to Common Stockholders and Unit Holders Definition" and "Supplemental Financial Results" below.
Hospitality Segment
Three Months Ended
Year Ended
December 31,
December 31,
($ in thousands, except ADR, RevPAR, and Total RevPAR)
%
%
2025
2024
Change
2025
2024
Change
Hospitality revenue
$
628,276
$
549,450
14.3
%
$
2,143,086
$
1,997,050
7.3
%
Same-store Hospitality revenue(1)
$
578,160
$
549,450
5.2
%
$
2,051,503
$
1,997,050
2.7
%
Hospitality operating income
$
131,370
$
110,258
19.1
%
$
462,177
$
467,109
(1.1
)
%
Hospitality operating income margin
20.9
%
20.1
%
0.8
pts
21.6
%
23.4
%
(1.8
)
pts
Hospitality Adjusted EBITDAre
$
198,220
$
165,272
19.9
%
$
713,944
$
684,049
4.4
%
Hospitality Adjusted EBITDAre margin
31.5
%
30.1
%
1.4
pts
33.3
%
34.3
%
(1.0
)
pts
Same-store Hospitality operating income(1)
$
125,890
$
110,258
14.2
%
$
462,956
$
467,109
(0.9
)
%
Same-store Hospitality operating income margin(1)
21.8
%
20.1
%
1.7
pts
22.6
%
23.4
%
(0.8
)
pts
Same-store Hospitality Adjusted EBITDAre(1)
$
183,721
$
165,272
11.2
%
$
695,070
$
684,049
1.6
%
Same-store Hospitality Adjusted EBITDAre margin(1)
31.8
%
30.1
%
1.7
pts
33.9
%
34.3
%
(0.4
)
pts
Hospitality performance metrics:
Occupancy
65.7
%
66.7
%
(1.0
)
pts
68.7
%
69.1
%
(0.4
)
pts
Average Daily Rate (ADR)
$
286.46
$
267.45
7.1
%
$
266.79
$
257.81
3.5
%
RevPAR
$
188.09
$
178.37
5.4
%
$
183.29
$
178.24
2.8
%
Total RevPAR
$
552.34
$
523.24
5.6
%
$
491.44
$
478.05
2.8
%
Same-store Hospitality performance metrics:(1)
Occupancy
66.0
%
66.7
%
(0.7
)
pts
69.2
%
69.1
%
0.1
pts
ADR
$
280.98
$
267.45
5.1
%
$
265.44
$
257.81
3.0
%
RevPAR
$
185.41
$
178.37
3.9
%
$
183.73
$
178.24
3.1
%
Total RevPAR
$
550.58
$
523.24
5.2
%
$
492.43
$
478.05
3.0
%
Gross definite room nights booked
1,233,797
1,373,303
(10.2
)
%
2,985,990
3,158,681
(5.5
)
%
Net definite room nights booked
1,004,590
1,154,743
(13.0
)
%
2,209,541
2,469,881
(10.5
)
%
Group attrition (as % of contracted block)
15.5
%
15.8
%
(0.3
)
pts
15.6
%
15.4
%
0.2
pts
Cancellations ITYFTY(2)
5,584
2,435
129.3
%
68,570
41,087
66.9
%
____________________
(1)
Same-store Hospitality excludes 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 twelve months ended December 31, 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 fourth 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.
2025 Hospitality Segment Highlights
The same-store Hospitality portfolio generated record full year RevPAR of approximately $184, an increase of 3.1% from 2024, and record Total RevPAR of approximately $492, an increase of 3.0% from 2024. Full year same-store operating income was $463.0 million, and same-store Adjusted EBITDAre was $695.1 million, both setting new all-time records.
Record fourth quarter same-store banquet and AV revenue increased 4.6% year over year, driven by higher contribution per group room night, a proxy for catering spend per group guest.
Same-store attrition and cancellation fee revenue was approximately $15.9 million for the fourth quarter and $43.7 million for the full year.
The Company's ICE! programming attracted over 1.5 million ticketed guests, an increase of 14.2% compared to last year, led by record property-level ticket sales at Gaylord Opryland and Gaylord Rockies.
As of December 31, 2025 for 2026, projected same-store group rooms revenue on the books was 6.0% above projected group rooms revenue on the books as of December 31, 2024 for 2025 ("same time last year"). As of December 31, 2025, projected same-store occupancy on the books for 2026 was approximately 50%, and projected ADR on the books was approximately 4.6% over same time last year.
Gaylord Opryland
Three Months Ended
Year Ended
December 31,
December 31,
($ in thousands, except ADR, RevPAR, and Total RevPAR)
%
%
2025
2024
Change
2025
2024
Change
Revenue
$
147,383
$
138,706
6.3
%
$
484,104
$
495,552
(2.3
)
%
Operating income
$
48,188
$
40,807
18.1
%
$
144,113
$
152,896
(5.7
)
%
Operating income margin
32.7
%
29.4
%
3.3
pts
29.8
%
30.9
%
(1.1
)
pts
Adjusted EBITDAre
$
56,534
$
48,850
15.7
%
$
177,197
$
185,442
(4.4
)
%
Adjusted EBITDAre margin
38.4
%
35.2
%
3.2
pts
36.6
%
37.4
%
(0.8
)
pts
Performance metrics:
Occupancy
72.3
%
71.2
%
1.1
pts
69.1
%
70.9
%
(1.8
)
pts
ADR
$
288.21
$
272.81
5.6
%
$
266.19
$
258.62
2.9
%
RevPAR
$
208.34
$
194.35
7.2
%
$
184.00
$
183.35
0.4
%
Total RevPAR
$
554.70
$
522.05
6.3
%
$
459.25
$
468.82
(2.0
)
%
Note: Gaylord Opryland results for the twelve months ended December 31, 2024 reflect franchise tax refunds for the 2020 through 2023 tax periods, totaling approximately $5.4 million.
Gaylord Palms
Three Months Ended
Year Ended
December 31,
December 31,
($ in thousands, except ADR, RevPAR, and Total RevPAR)
%
%
2025
2024
Change
2025
2024
Change
Revenue
$
88,247
$
79,867
10.5
%
$
316,498
$
302,371
4.7
%
Operating income
$
16,646
$
12,420
34.0
%
$
62,096
$
63,228
(1.8
)
%
Operating income margin
18.9
%
15.6
%
3.3
pts
19.6
%
20.9
%
(1.3
)
pts
Adjusted EBITDAre
$
26,330
$
20,805
26.6
%
$
100,316
$
92,672
8.2
%
Adjusted EBITDAre margin
29.8
%
26.0
%
3.8
pts
31.7
%
30.6
%
1.1
pts
Performance metrics:
Occupancy
63.8
%
60.3
%
3.5
pts
70.7
%
64.6
%
6.1
pts
ADR
$
283.58
$
269.95
5.0
%
$
258.14
$
249.98
3.3
%
RevPAR
$
181.06
$
162.87
11.2
%
$
182.45
$
161.45
13.0
%
Total RevPAR
$
558.32
$
505.31
10.5
%
$
504.73
$
480.88
5.0
%
Gaylord Texan
Three Months Ended
Year Ended
December 31,
December 31,
($ in thousands, except ADR, RevPAR, and Total RevPAR)
%
%
2025
2024
Change
2025
2024
Change
Revenue
$
106,311
$
109,256
(2.7
)
%
$
349,264
$
351,151
(0.5
)
%
Operating income
$
31,053
$
35,373
(12.2
)
%
$
100,230
$
106,416
(5.8
)
%
Operating income margin
29.2
%
32.4
%
(3.2
)
pts
28.7
%
30.3
%
(1.6
)
pts
Adjusted EBITDAre
$
37,422
$
41,207
(9.2
)
%
$
124,906
$
129,605
(3.6
)
%
Adjusted EBITDAre margin
35.2
%
37.7
%
(2.5
)
pts
35.8
%
36.9
%
(1.1
)
pts
Performance metrics:
Occupancy
67.1
%
74.7
%
(7.6
)
pts
69.8
%
74.6
%
(4.8
)
pts
ADR
$
277.67
$
270.13
2.8
%
$
259.13
$
252.65
2.6
%
RevPAR
$
186.41
$
201.76
(7.6
)
%
$
180.80
$
188.58
(4.1
)
%
Total RevPAR
$
637.02
$
654.66
(2.7
)
%
$
527.50
$
528.90
(0.3
)
%
Gaylord National
Three Months Ended
Year Ended
December 31,
December 31,
($ in thousands, except ADR, RevPAR, and Total RevPAR)
%
%
2025
2024
Change
2025
2024
Change
Revenue
$
93,917
$
84,936
10.6
%
$
336,257
$
311,330
8.0
%
Operating income
$
15,061
$
10,269
46.7
%
$
51,693
$
46,306
11.6
%
Operating income margin
16.0
%
12.1
%
3.9
pts
15.4
%
14.9
%
0.5
pts
Adjusted EBITDAre
$
24,534
$
19,849
23.6
%
$
93,115
$
87,849
6.0
%
Adjusted EBITDAre margin
26.1
%
23.4
%
2.7
pts
27.7
%
28.2
%
(0.5
)
pts
Performance metrics:
Occupancy
63.9
%
60.4
%
3.5
pts
67.4
%
64.8
%
2.6
pts
ADR
$
275.24
$
265.94
3.5
%
$
257.22
$
251.80
2.2
%
RevPAR
$
175.76
$
160.71
9.4
%
$
173.38
$
163.16
6.3
%
Total RevPAR
$
511.44
$
462.53
10.6
%
$
461.55
$
426.17
8.3
%
Gaylord Rockies
Three Months Ended
Year Ended
December 31,
December 31,
($ in thousands, except ADR, RevPAR, and Total RevPAR)
%
%
2025
2024
Change
2025
2024
Change
Revenue
$
82,612
$
76,825
7.5
%
$
313,233
$
290,141
8.0
%
Operating income
$
12,413
$
6,755
83.8
%
$
66,190
$
56,233
17.7
%
Operating income margin
15.0
%
8.8
%
6.2
pts
21.1
%
19.4
%
1.7
pts
Adjusted EBITDAre
$
27,458
$
21,395
28.3
%
$
125,897
$
113,327
11.1
%
Adjusted EBITDAre margin
33.2
%
27.8
%
5.4
pts
40.2
%
39.1
%
1.1
pts
Performance metrics:
Occupancy
67.4
%
71.5
%
(4.1
)
pts
75.9
%
74.3
%
1.6
pts
ADR
$
277.48
$
252.73
9.8
%
$
264.85
$
253.11
4.6
%
RevPAR
$
187.15
$
180.80
3.5
%
$
201.02
$
188.09
6.9
%
Total RevPAR
$
598.24
$
556.33
7.5
%
$
571.73
$
528.14
8.3
%
JW Marriott Hill Country
Three Months Ended
Year Ended
December 31,
December 31,
($ in thousands, except ADR, RevPAR, and Total RevPAR)
%
%
2025
2024
Change
2025
2024
Change
Revenue
$
53,718
$
53,460
0.5
%
$
227,182
$
220,524
3.0
%
Operating income
$
2,454
$
3,860
(36.4
)
%
$
37,402
$
38,408
(2.6
)
%
Operating income margin
4.6
%
7.2
%
(2.6
)
pts
16.5
%
17.4
%
(0.9
)
pts
Adjusted EBITDAre
$
10,548
$
11,612
(9.2
)
%
$
69,183
$
68,601
0.8
%
Adjusted EBITDAre margin
19.6
%
21.7
%
(2.1
)
pts
30.5
%
31.1
%
(0.6
)
pts
Performance metrics:
Occupancy
58.5
%
60.4
%
(1.9
)
pts
67.2
%
69.2
%
(2.0
)
pts
ADR
$
310.71
$
301.63
3.0
%
$
329.16
$
317.32
3.7
%
RevPAR
$
181.62
$
182.17
(0.3
)
%
$
221.06
$
219.58
0.7
%
Total RevPAR
$
582.72
$
579.93
0.5
%
$
621.17
$
601.32
3.3
%
JW Marriott Desert Ridge(2)
Three Months Ended
Period Ended
December 31,
December 31,
($ in thousands, except ADR, RevPAR, and Total RevPAR)
2025
2025
Revenue
$
50,116
$
91,583
Operating income (loss)
$
5,480
$
(779
)
Operating income (loss) margin
10.9
%
(0.9
)
%
Adjusted EBITDAre
$
14,499
$
18,874
Adjusted EBITDAre margin
28.9
%
20.6
%
Performance metrics:
Occupancy
61.7
%
57.7
%
ADR
$
356.94
$
301.38
RevPAR
$
220.26
$
173.85
Total RevPAR
$
573.42
$
470.26
____________________
(1)
JW Marriott Desert Ridge was acquired by the Company on June 10, 2025, therefore there are no comparison figures.
Entertainment Segment
Three Months Ended
Year Ended
December 31,
December 31,
($ in thousands)
%
%
2025
2024
Change
2025
2024
Change
Revenue
$
109,532
$
98,183
11.6
%
$
433,975
$
342,176
26.8
%
Operating income
$
22,901
$
21,208
8.0
%
$
68,539
$
66,192
3.5
%
Operating income margin
20.9
%
21.6
%
(0.7
)
pts
15.8
%
19.3
%
(3.5
)
pts
Adjusted EBITDAre
$
34,878
$
31,938
9.2
%
$
114,463
$
105,672
8.3
%
Adjusted EBITDAre margin
31.8
%
32.5
%
(0.7
)
pts
26.4
%
30.9
%
(4.5
)
pts
Note: Entertainment results for the twelve months ended December 31, 2024 reflect franchise tax refunds for the 2020 through 2023 tax periods, totaling approximately $3.4 million.
Fioravanti continued, "Our Entertainment business exceeded our expectations in the fourth quarter, driven by stronger volumes in our downtown Nashville venues and record performance metrics for the Opry during its October birthday month. Building on the successes of 2025, we recently announced several new growth opportunities, including two amphitheater venues under management and further expansion of the Category 10 brand in Las Vegas and Orlando. Demand for country music and live entertainment remains robust, and our unique portfolio of iconic brands is well-positioned for continued growth in 2026 and beyond."
Corporate and Other Segment
Three Months Ended
Year Ended
December 31,
December 31,
($ in thousands)
%
%
2025
2024
Change
2025
2024
Change
Operating loss
$
(11,417
)
$
(10,964
)
(4.1
)
%
$
(43,704
)
$
(42,467
)
(2.9
)
%
Adjusted EBITDAre
$
(8,836
)
$
(8,568
)
(3.1
)
%
$
(33,714
)
$
(32,016
)
(5.3
)
%
Note: Corporate and Other results for the twelve months ended December 31, 2024 reflect franchise tax refunds for the 2020 through 2023 tax periods, totaling approximately $0.1 million.
Capital Expenditures
In 2025, the Company's capital expenditures totaled approximately $358.2 million, primarily related to its Hospitality business. The Company estimates the full year 2025 impact of construction-related disruption to its same-store Hospitality business was approximately 190 basis points to RevPAR, 170 basis points to Total RevPAR, and $23 million to operating income and Adjusted EBITDAre, an improvement relative to the Company's estimates at the beginning of 2025 due to timing shifts related to the Gaylord Texan rooms renovation and less-than-anticipated disruption at Gaylord Opryland. During the year, the Company completed meeting space renovations at Gaylord Opryland and JW Marriott Desert Ridge.
In 2026, the Company expects to spend approximately $350 to $450 million on capital expenditures.
Ongoing projects continuing into 2026 include:
Continuation of the Foundry Fieldhouse 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;
Renovation of the rooms at Gaylord Texan, which began in July 2025 and is expected to be completed by mid-year 2026; and
The development of Category 10 Las Vegas, which is expected to be completed in late 2026.
Additional major projects planned for 2026 include:
Renovation of the rooms at JW Marriott Hill Country (estimated project cost: $90 million), which is expected to begin in April 2026 and continue through the first quarter of 2027; and
The development of Category 10 in Orlando (estimated project cost: $35 million), which is expected to begin in summer 2026 with an expected completion date in late 2027.
2026 Guidance
The Company is providing its 2026 business performance outlook based on current information as of February 23, 2026, including the estimated business impact from Winter Storm Fern. 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.
Fioravanti concluded, "We are pleased to initiate our outlook for 2026, which, at the midpoint, reflects low single-digit Adjusted EBITDAre growth for the same-store Hospitality segment and high single-digit Adjusted EBITDAre growth for the Entertainment segment. Our outlook for the same-store Hospitality segment assumes growth in our group business and a stable leisure business. Our outlook for the Entertainment segment reflects momentum behind Opry 100 and our investments in festivals, amphitheaters and Category 10 Las Vegas."
Guidance Range
(in millions, except per share figures)
For Full Year 2026(1)
Low
High
Midpoint
Same-store Hospitality RevPAR growth(2)
1.50
%
3.50
%
2.50
%
Same-store Hospitality Total RevPAR growth(2)
1.50
%
3.50
%
2.50
%
Operating income:
Hospitality (same-store)(2)
$
466.5
$
483.5
$
475.0
JW Marriott Desert Ridge
30.5
33.0
31.8
Entertainment
74.8
79.5
77.1
Corporate and Other
(50.5
)
(49.0
)
(49.8
)
Consolidated operating income
$
521.3
$
547.0
$
534.1
Adjusted EBITDAre:
Hospitality (same-store)(2)
$
700.0
$
730.0
$
715.0
JW Marriott Desert Ridge
65.0
70.0
67.5
Entertainment
120.0
130.0
125.0
Corporate and Other
(39.0
)
(35.0
)
(37.0
)
Consolidated Adjusted EBITDAre
$
846.0
$
895.0
$
870.5
Net income
$
260.0
$
273.0
$
266.5
Net income available to common stockholders
$
250.0
$
261.0
$
255.5
FFO available to common stockholders and unit holders
$
535.0
$
563.5
$
549.3
Adjusted FFO available to common stockholders and unit holders
$
559.3
$
597.0
$
578.1
Net income available to common stockholders per diluted share(3)
$
3.80
$
3.93
$
3.87
Adjusted FFO available to common stockholders and unit holders
per diluted share/unit(3)
$
8.50
$
9.00
$
8.75
Weighted average shares outstanding - diluted(3)
68.4
68.4
68.4
Weighted average shares and OP units outstanding - diluted(3)
68.8
68.8
68.8
____________________
(1)
Includes JW Marriott Desert Ridge, except as otherwise noted. Amounts are calculated based on unrounded numbers.
(2)
Same-store Hospitality excludes 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.
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 unit holders to Net Income available to common stockholders, see "Reconciliation of Forward-Looking Statements."
Dividend Update
On January 15, 2026, the Company paid the previously announced quarterly cash dividend of $1.20 per common share, which was paid to stockholders of record as of December 31, 2025.
Today, the Company declared its first quarter 2026 cash dividend of $1.20 per share of common stock, payable on April 15, 2026, to stockholders of record as of March 31, 2026. 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 December 31, 2025, the Company had unrestricted cash of $471.4 million and total debt outstanding of $3,976.9 million, net of unamortized deferred financing costs. As of December 31, 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.
In December, Fitch upgraded the Company's corporate family rating to "BB" (from "BB-"), the senior secured credit facility to "BBB-" (from "BB+"), and the senior unsecured notes to "BB" (from "BB-"). Based on ...
