CORRECTION — Ryman Hospitality Properties, Inc. Reports Second Quarter 2024 Results

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3 months ago

This press release corrects a clerical error regarding the omission of pro rata adjustments from joint ventures and loss on extinguishment of debt in the reconciliation to net income of funds from operations and adjusted funds from operations in the prior version of the press release issued on July 31, 2024. There are no other changes to the prior version of the press release, and the amount of funds from operations and adjusted funds from operations for the periods presented remains unchanged from the prior version of the press release. The updated release reads:

NASHVILLE, Tenn., Aug. 01, 2024 (GLOBE NEWSWIRE) — Ryman Hospitality Properties, Inc. (NYSE: RHP), a lodging real estate investment trust (“REIT”) specializing in group-oriented, destination hotel assets in urban and resort markets, today reported financial results for the three and six months ended June 30, 2024.

Second Quarter 2024 Highlights and Recent Developments:

The Company generated record second quarter net income of $104.7 million and record second quarter net income available to common stockholders of $100.8 million, which were records even without the impact of the Tennessee franchise tax refunds for prior years of approximately $9.1 million.¹
Reported record second quarter consolidated revenue of $613.3 million, including record second quarter same-store Hospitality revenue of $456.2 million. ²
Achieved all-time record consolidated operating income of $168.1 million and all-time record consolidated Adjusted EBITDAre of $233.2 million, which were records even without the impact of the Tennessee franchise tax refunds.
During the second quarter, the Company booked over 781,000 same-store Gross Definite Room Nights for all future years, at a record future estimated average daily rate (ADR) of $284, an increase of 7.3% over Q2 2023 estimated ADR for future bookings.
The Company refinanced Opry Entertainment Group’s term loan B and revolving credit facility with a new $300 million term loan B and $80 million revolving credit facility. The refinanced credit facility and term loan B also reduce the applicable interest rate spread on SOFR loans and extend the applicable maturity dates by two years.
The Company is raising its full year 2024 outlook for consolidated net income, operating income, Adjusted EBITDAre and adjusted funds from operations (AFFO), primarily to reflect Tennessee franchise tax savings and estimated cash interest expense savings from the OEG refinancing. The Company is lowering its outlook for same-store Hospitality RevPAR and Total RevPAR growth to account for continued leisure transient softness.

________________________
_{¹ In May 2024, Tennessee amended its franchise tax law, making the Company eligible for refunds for the prior tax years of 2020 through 2023. The Company’s aggregate eligible refunds total approximately $9.1 million (reflected as a reduction in operating expenses), which is allocated by segment in the following approximate amounts in second quarter 2024: $5.6 million (Hospitality), $3.4 million (Entertainment) and $0.1 million (Corporate & Other).}
_{² Same-store Hospitality portfolio excludes JW Marriott Hill Country, which was acquired June 30, 2023.}

Mark Fioravanti, President and Chief Executive Officer of Ryman Hospitality Properties, said, “Our second quarter results continue to demonstrate the strength of both business segments, delivering record second quarter net income, and all-time records for consolidated operating income and consolidated Adjusted EBITDAre despite some expected construction disruption and continued leisure transient softness. Projected rooms revenue from second quarter bookings production for all future years set a second quarter record for the same-store portfolio, which together with all-time record banquet and AV results indicate our core group customer demand remains strong.”

Second Quarter 2024 Results (as compared to second quarter 2023):

($ in thousands, except per share amounts)	Three Months Ended					Six Months Ended
	June 30,					June 30,
		2024		2023	% ∆		2024		2023	% ∆
Total Revenue	$	613,290	$	504,843	21.5%	$	1,141,635	$	996,562	14.6%

Operating income	$	168,071	$	122,240	37.5%	$	264,452	$	227,890	16.0%
Operating income margin		27.4%		24.2%	3.2pt		23.2%		22.9%	0.3pt

Net income	$	104,740	$	70,143	49.3%	$	147,501	$	131,137	12.5%
Net income margin		17.1%		13.9%	3.2pt		12.9%		13.2%	-0.3pt

Net income available to common stockholders	$	100,805	$	66,543	51.5%	$	143,861	$	127,863	12.5%
Net income available to common stockholders margin		16.4%		13.2%	3.2pt		12.6%		12.8%	-0.2pt
Net income available to common stockholders per diluted share ⁽¹⁾	$	1.65	$	1.15	43.5%	$	2.31	$	2.17	6.5%

Adjusted EBITDAre	$	233,195	$	174,702	33.5%	$	394,260	$	332,377	18.6%
Adjusted EBITDAre margin		38.0%		34.6%	3.4pt		34.5%		33.4%	1.1pt
Adjusted EBITDAre, excluding noncontrolling interest in consolidated joint venture	$	222,473	$	165,883	34.1%	$	378,876	$	319,262	18.7%
Adjusted EBITDAre, excluding noncontrolling interest in consolidated joint venture margin		36.3%		32.9%	3.4pt		33.2%		32.0%	1.2pt

Funds From Operations (FFO) available to common stockholders and unit holders	$	157,647	$	113,639	38.7%	$	256,120	$	222,165	15.3%
FFO available to common stockholders and unit holders per diluted share/unit ⁽¹⁾	$	2.53	$	1.92	31.8%	$	4.05	$	3.72	8.9%

Adjusted FFO available to common stockholders and unit holders	$	173,432	$	122,392	41.7%	$	276,126	$	235,985	17.0%
Adjusted FFO available to common stockholders and unit holders per diluted share/unit ⁽¹⁾	$	2.78	$	2.06	35.0%	$	4.37	$	3.95	10.6%

_{(1) Diluted weighted average common shares for the three months ended June 30, 2024 and 2023 include 3.1 million and 3.9 million, respectively, and the six months ended June 30, 2024 and 2023 include 3.3 million and 4.0 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 second quarter 2024 results reflect franchise tax refunds for prior tax periods of 2020 through 2023 totaling approximately $9.1 million. Excluding the franchise tax refund related to prior years, for the three and six months ended June 30, 2024, net income was approximately $97.9 million and $140.6 million, respectively; operating income was approximately $159.0 million and $255.4 million, respectively; operating income margin was approximately 25.9% and 22.4%, respectively; Adjusted EBITDAre was approximately $224.1 million and $385.2 million, respectively; and Adjusted EBITDAre margin was approximately 36.5% and 33.7%, respectively.}

_{Note: For the Company’s definitions of Adjusted EBITDAre, Adjusted EBITDAre margin, Adjusted EBITDAre, excluding noncontrolling interest in consolidated joint venture, Adjusted EBITDAre, excluding noncontrolling interest in consolidated joint venture margin, FFO available to common stockholders and unit holders, and Adjusted FFO available to common stockholders and unit holders, as well as a reconciliation of the non-GAAP financial measure Adjusted EBITDAre to Net Income and a reconciliation of the non-GAAP financial measures FFO available to common stockholders and unit holders and Adjusted FFO available to common stockholders and unit holders to Net Income, see “Non-GAAP Financial Measures,” “EBITDAre, Adjusted EBITDAre and Adjusted EBITDAre, Excluding Noncontrolling Interest in Consolidated Joint Venture Definition,” “Adjusted EBITDAre, Excluding Noncontrolling Interest in Consolidated Joint Venture Margin Definition” “FFO, Adjusted FFO, and Adjusted FFO available to common stockholders and unit holders Definition” and “Supplemental Financial Results” below.}

Hospitality Segment

($ in thousands, except ADR, RevPAR, and Total RevPAR)

	Three Months Ended					Six Months Ended
	June 30,					June 30,
		2024		2023	% ∆		2024		2023	% ∆

Hospitality Revenue	$519,087		$417,685		24.3%	$980,557		$842,124		16.4%
Same-Store Hospitality Revenue ⁽¹⁾	$456,237		$417,685		9.2%	$867,766		$842,124		3.0%

Hospitality operating income	$151,885		$107,733		41.0%	$254,070		$213,803		18.8%
Hospitality operating income margin		29.3%		25.8%	3.5pt		25.9%		25.4%	0.5pt
Hospitality Adjusted EBITDAre	$204,615		$152,667		34.0%	$359,208		$303,902		18.2%
Hospitality Adjusted EBITDAre margin		39.4%		36.6%	2.8pt		36.6%		36.1%	0.5pt

Same-Store Hospitality operating income ⁽¹⁾	$136,447		$107,733		26.7%	$229,498		$213,803		7.3%
Same-Store Hospitality operating income margin ⁽¹⁾		29.9%		25.8%	4.1pt		26.4%		25.4%	1.0pt
Same-Store Hospitality Adjusted EBITDAre ⁽¹⁾	$181,706		$152,667		19.0%	$319,768		$303,902		5.2%
Same-Store Hospitality Adjusted EBITDAre margin ⁽¹⁾		39.8%		36.6%	3.2pt		36.8%		36.1%	0.7pt

Hospitality Performance Metrics
Occupancy		73.7%		72.7%	1.0pt		70.2%		72.5%	-2.3pt
Average Daily Rate (ADR)	$260.76		$244.77		6.5%	$255.87		$241.38		6.0%
RevPAR	$192.12		$177.83		8.0%	$179.64		$174.97		2.7%
Total RevPAR	$499.90		$440.12		13.6%	$472.09		$446.49		5.7%

Same-Store Hospitality Performance Metrics ⁽¹⁾
Occupancy		73.2%		72.7%	0.5pt		70.1%		72.5%	-2.4pt
Average Daily Rate (ADR)	$254.16		$244.77		3.8%	$249.71		$241.38		3.5%
RevPAR	$185.95		$177.83		4.6%	$175.06		$174.97		0.1%
Total RevPAR	$481.67		$440.12		9.4%	$458.00		$446.49		2.6%

Gross Definite Rooms Nights Booked		781,235		651,507	19.9%		1,069,187		1,000,155	6.9%
Net Definite Rooms Nights Booked		596,661		450,269	32.5%		748,337		700,587	6.8%
Group Attrition (as % of contracted block)		15.2%		16.3%	-1.1pt		15.0%		15.9%	-0.9pt
Cancellations ITYFTY ⁽²⁾		13,961		21,748	-35.8		26,151		53,968	-51.5

_{(1) Same-Store Hospitality segment excludes JW Marriott Hill Country, which was acquired June 30, 2023.}

_{(2) “ITYFTY” represents In The Year For The Year.}

_{Note: Hospitality segment and the Same-Store Hospitality portfolio second quarter 2024 results reflect franchise tax refunds for prior tax periods of 2020 through 2023 totaling approximately $5.6 million. Excluding the franchise tax refund related to prior years, for the three and six months ended June 30, 2024, Hospitality operating income was approximately $146.3 million and $248.5 million, respectively; Hospitality operating income margin was approximately 28.2% and 25.3%, respectively; Hospitality Adjusted EBITDAre was approximately $199.0 million and $353.6 million, respectively; Hospitality Adjusted EBITDAre margin was approximately 38.3% and 36.1%, respectively; same-store Hospitality operating income was approximately $130.9 million and $223.9 million, respectively; same-store Hospitality operating income margin was approximately 28.7% and 25.8%, respectively; same-store Hospitality Adjusted EBITDAre was approximately $176.1 million and $314.2 million, respectively; and same-store Hospitality Adjusted EBITDAre margin was approximately 38.6% and 36.2%, respectively.}

_{Note: For the Company’s definitions of Revenue Per Available Room (RevPAR) and Total Revenue Per Available Room (Total RevPAR), see “Calculation of RevPAR, Total RevPAR, and Occupancy” below. Property-level results and operating metrics for Second quarter 2024 are presented in greater detail below and under “Supplemental Financial Results—Hospitality Segment Adjusted EBITDAre Reconciliations and Operating Metrics,” which includes a reconciliation of the non-GAAP financial measures Hospitality Adjusted EBITDAre to Hospitality Operating Income, and property-level Adjusted EBITDAre to property-level Operating Income for each of the hotel properties.}

Hospitality Segment Highlights

Same-store Hospitality portfolio achieved all-time record operating income of $136.4 million and record Adjusted EBITDAre of $181.7 million for the quarter, which were records even without the impact of the Tennessee franchise tax refunds.
Banquet and AV revenue set an all-time record for the same-store Hospitality portfolio, reflecting the strength of our core group business.
The same-store Hospitality portfolio achieved a second quarter record ADR of $254, an increase of 3.8% from Q2 2023, maintaining our continued rate growth.
On a same-store basis, cancellations in the year for the year decreased by 36% in Q2 2024 compared to Q2 2023, and attrition and cancellation fee collections declined to $9.3 million in Q2 2024 from $10.3 million in Q2 2023.
Successfully completed the first phase of the Gaylord Rockies Grand Lodge repositioning and the development of a new group pavilion.

Gaylord Opryland

($ in thousands, except ADR, RevPAR, and Total RevPAR)

	Three Months Ended					Six Months Ended
	June 30,					June 30,
		2024		2023	% ∆		2024		2023	% ∆

Revenue	$130,352		$110,475		18.0%	$234,187		$222,281		5.4%
Operating income	$50,642		$32,011		58.2%	$75,467		$63,706		18.5%
Operating income margin		38.9%		29.0%	9.9pt		32.2%		28.7%	3.5pt
Adjusted EBITDAre	$58,830		$40,511		45.2%	$91,777		$80,748		13.7%
Adjusted EBITDAre margin		45.1%		36.7%	8.4pt		39.2%		36.3%	2.9pt

Occupancy		75.4%		71.2%	4.2pt		70.2%		71.9%	-1.7pt
Average daily rate (ADR)	$260.98		$252.01		3.6%	$253.71		$246.07		3.1%
RevPAR	$196.85		$179.38		9.7%	$178.23		$176.90		0.8%
Total RevPAR	$496.00		$420.36		18.0%	$445.55		$425.23		4.8%

_{Note: Gaylord Opryland second quarter 2024 results reflect franchise tax refunds for prior tax periods of 2020 through 2023 totaling approximately $5.4 million. Excluding the franchise tax refund related to prior years, for the three and six months ended June 30, 2024, operating income was approximately $45.3 million and $70.1 million, respectively; operating income margin was approximately 34.7% and 29.9%, respectively; Adjusted EBITDAre was approximately $53.5 million and $86.4 million, respectively; and Adjusted EBITDAre margin was approximately 41.0% and 36.9%, respectively.}

Gaylord Palms

($ in thousands, except ADR, RevPAR, and Total RevPAR)

	Three Months Ended					Six Months Ended
	June 30,					June 30,
		2024		2023	% ∆		2024		2023	% ∆

Revenue	$68,799		$73,829		-6.8%	$154,262		$158,375		-2.6%
Operating income	$13,479		$18,322		-26.4%	$38,485		$45,956		-16.3%
Operating income margin		19.6%		24.8%	-5.2pt		24.9%		29.0%	-4.1pt
Adjusted EBITDAre	$20,361		$24,895		-18.2%	$52,232		$59,170		-11.7%
Adjusted EBITDAre margin		29.6%		33.7%	-4.1pt		33.9%		37.4%	-3.5pt

Occupancy		62.5%		75.8%	-13.3pt		68.5%		77.6%	-9.1pt
Average daily rate (ADR)	$235.54		$243.55		-3.3%	$253.19		$250.74		1.0%
RevPAR	$147.22		$184.58		-20.2%	$173.55		$194.62		-10.8%
Total RevPAR	$440.07		$472.24		-6.8%	$493.36		$509.31		-3.1%

Gaylord Texan

($ in thousands, except ADR, RevPAR, and Total RevPAR)

	Three Months Ended					Six Months Ended
	June 30,					June 30,
		2024		2023	% ∆		2024		2023	% ∆

Revenue	$83,897		$81,479		3.0%	$168,799		$167,877		0.5%
Operating income	$26,314		$26,105		0.8%	$52,346		$54,193		-3.4%
Operating income margin		31.4%		32.0%	-0.6pt		31.0%		32.3%	-1.3pt
Adjusted EBITDAre	$32,058		$31,823		0.7%	$63,981		$65,677		-2.6%
Adjusted EBITDAre margin		38.2%		39.1%	-0.9pt		37.9%		39.1%	-1.2pt

Occupancy		78.8%		75.1%	3.7pt		76.0%		76.1%	-0.1pt
Average daily rate (ADR)	$252.61		$234.86		7.6%	$246.43		$232.83		5.8%
RevPAR	$199.18		$176.49		12.9%	$187.36		$177.19		5.7%
Total RevPAR	$508.24		$493.59		3.0%	$511.28		$511.30		-0.0%

Gaylord National

($ in thousands, except ADR, RevPAR, and Total RevPAR)

	Three Months Ended					Six Months Ended
	June 30,					June 30,
		2024		2023	% ∆		2024		2023	% ∆

Revenue	$88,369		$77,014		14.7%	$156,643		$149,786		4.6%
Operating income	$22,321		$14,926		49.5%	$27,544		$22,981		19.9%
Operating income margin		25.3%		19.4%	5.9pt		17.6%		15.3%	2.3pt
Adjusted EBITDAre	$31,921		$24,453		30.5%	$46,740		$42,073		11.1%
Adjusted EBITDAre margin		36.1%		31.8%	4.3pt		29.8%		28.1%	1.7pt

Occupancy		70.8%		67.8%	3.0pt		67.6%		67.6%	0.0pt
Average daily rate (ADR)	$263.88		$251.80		4.8%	$250.67		$245.80		2.0%
RevPAR	$186.90		$170.65		9.5%	$169.54		$166.06		2.1%
Total RevPAR	$486.52		$424.00		14.7%	$431.20		$414.60		4.0%

Gaylord Rockies

($ in thousands, except ADR, RevPAR, and Total RevPAR)

	Three Months Ended					Six Months Ended
	June 30,					June 30,
		2024		2023	% ∆		2024		2023	% ∆

Revenue	$76,836		$67,127		14.5%	$140,658		$131,174		7.2%
Operating income	$21,436		$14,691		45.9%	$33,433		$25,559		30.8%
Operating income margin		27.9%		21.9%	6.0pt		23.8%		19.5%	4.3pt
Adjusted EBITDAre	$35,574		$28,815		23.5%	$61,412		$53,728		14.3%
Adjusted EBITDAre margin		46.3%		42.9%	3.4pt		43.7%		41.0%	2.7pt

Occupancy		80.4%		77.8%	2.6pt		72.4%		73.9%	-1.5pt
Average daily rate (ADR)	$255.44		$247.92		3.0%	$249.55		$240.94		3.6%
RevPAR	$205.25		$192.84		6.4%	$180.77		$177.98		1.6%
Total RevPAR	$562.53		$491.45		14.5%	$514.89		$482.82		6.6%

JW Marriott Hill Country⁽¹⁾

($ in thousands, except ADR, RevPAR, and Total RevPAR)

	Three Months Ended		Six Months Ended
	June 30,		June 30,
		2024		2024

Revenue	$62,850		$112,791
Operating income	$15,438		$24,572
Operating income margin		24.6%		21.8%
Adjusted EBITDAre	$22,909		$39,440
Adjusted EBITDAre margin		36.5%		35.0%

Occupancy		79.0%		71.3%
Average daily rate (ADR)	$324.18		$318.83
RevPAR	$256.23		$227.31
Total RevPAR	$689.28		$618.50

_{⁽¹⁾ JW Marriott Hill Country was acquired by the Company on June 30, 2023, therefore there are no comparison figures.}

Entertainment Segment

($ in thousands)

	Three Months Ended					Six Months Ended
	June 30,					June 30,
		2024		2023	% ∆		2024		2023	% ∆

Revenue	$94,203		$87,158		8.1%	$161,078		$154,438		4.3%
Operating income	$25,822		$24,601		5.0%	$31,934		$34,992		-8.7%
Operating income margin		27.4%		28.2%	-0.8pt		19.8%		22.7%	-2.9pt
Adjusted EBITDAre	$35,744		$29,416		21.5%	$51,283		$43,762		17.2%
Adjusted EBITDAre margin		37.9%		33.8%	4.1pt		31.8%		28.3%	3.5pt

_{Note: Entertainment segment second quarter 2024 results reflect franchise tax refunds for prior tax periods of 2020 through 2023 totaling approximately $3.4 million. Excluding the franchise tax refund related to prior years, for the three and six months ended June 30, 2024, operating income was approximately $22.4 million and $28.6 million, respectively; operating income margin was approximately 23.8% and 17.7%, respectively; Adjusted EBITDAre was approximately $32.4 million and $47.9 million, respectively; and Adjusted EBITDAre margin was approximately 34.4% and 29.7%, respectively.}

Fioravanti continued, “Our Entertainment business delivered solid performance, including an all-time quarterly record for revenue led by the Grand Ole Opry and our Ole Red brand. We are particularly pleased with these results given the planned construction-related disruption at Category 10 and the W Austin Hotel at Block 21. We look forward to their enhanced contribution in 2025.”

Corporate and Other Segment

($ in thousands)
	Three Months Ended						Six Months Ended
	June 30,						June 30,
		2024		2023		% ∆		2024		2023		% ∆

Operating loss		($9,636	)	($10,094	)	4.5%		($21,552	)	($20,905	)	-3.1%
Adjusted EBITDAre		($7,164	)	($7,381	)	2.9%		($16,231	)	($15,287	)	-6.2%

_{Note: Corporate and Other segment second quarter 2024 results reflect franchise tax refunds for prior tax periods of 2020 through 2023 totaling approximately $0.1 million.}

2024 Guidance

Fioravanti concluded, “We are pleased to increase our full year 2024 outlook for consolidated net income, operating income, Adjusted EBITDAre and Adjusted FFO, to reflect the change in Tennessee franchise tax law and estimated cash interest expense savings from the OEG refinancing. Our outlook assumes continued strength in our group business and our anticipated strong operating expense discipline, which we believe will offset the profitability impact of continued leisure transient softness. We remain confident in our group-centric model and the investments we are making across our portfolio to continue to create value for our guests and shareholders.”

The Company is updating its 2024 business performance outlook based on current information as of July 31, 2024. The Company does not expect to update the guidance provided below before next quarter’s earnings release. However, the Company may update its full business outlook or any portion thereof at any time for any reason.


($ in millions, except per share figures)	New Guidance						New FY			Prior Guidance						Prior FY			Change ⁽¹⁾
	Full Year 2024⁽¹⁾						2024 Guidance⁽¹⁾			Full Year 2024⁽¹⁾						2024 Guidance⁽¹⁾			Change ⁽¹⁾
	Low			High			Midpoint			Low			High			Midpoint			Midpoint

Consolidated Hospitality RevPAR growth (same-store) ⁽²⁾		1.00	%		3.00	%		2.00	%		3.50	%		5.50	%		4.50	%		-2.50	%
Consolidated Hospitality Total RevPAR growth (same-store) ⁽²⁾		2.75	%		4.75	%		3.75	%		3.25	%		5.25	%		4.25	%		-0.50	%

Operating Income
Hospitality (same-store) ⁽²⁾	$	447.5		$	456.0		$	451.8		$	434.5		$	450.5		$	442.5		$	9.3
JW Marriott Hill Country		37.0			38.0			37.5			35.0			40.0			37.5			–
Entertainment		70.5			73.5			72.0			65.5			71.5			68.5			3.5
Corporate and Other		(44.8	)		(43.0	)		(43.9	)		(44.8	)		(43.0	)		(43.9	)		–
Consolidated Operating Income		510.2			524.5			517.4			490.2			519.0			504.6			12.8

Adjusted EBITDAre
Hospitality (same-store) ⁽²⁾	$	625.5		$	640.5		$	633.0		$	612.5		$	635.0		$	623.8		$	9.3
JW Marriott Hill Country		65.0			70.0			67.5			63.0			72.0			67.5			–
Entertainment		105.0			112.0			108.5			100.0			110.0			105.0			3.5
Corporate and Other		(35.0	)		(32.0	)		(33.5	)		(35.0	)		(32.0	)		(33.5	)		–
Consolidated Adjusted EBITDAre		760.5			790.5			775.5			740.5			785.0			762.8			12.8

Net Income	$	281.0		$	287.5		$	284.3		$	259.0		$	280.0		$	269.5		$	14.8
Net Income available to common stockholders	$	271.0		$	281.5		$	276.3		$	249.0		$	274.0		$	261.5		$	14.8

Funds from Operations (FFO) available to common stockholders and unit holders	$	485.3		$	508.0		$	496.6		$	463.3		$	500.5		$	481.9		$	14.8
Adjusted FFO available to common stockholders and unit holders	$	511.8		$	543.0		$	527.4		$	489.8		$	535.5		$	512.6		$	14.8

Diluted income per share available to common stockholders	$	4.38		$	4.49		$	4.44		$	4.01		$	4.33		$	4.17		$	0.27
Adjusted FFO available to common stockholders and unit holders per diluted share	$	8.09		$	8.51		$	8.30		$	7.69		$	8.33		$	8.01		$	0.29

Estimated diluted shares outstanding to common stockholders ⁽³⁾		64.1			64.1			64.1			64.6			64.6			64.6			(0.5	)
Estimated diluted shares outstanding to common stockholders and unit holders ⁽³⁾		64.5			64.5			64.5			65.0			65.0			65.0			(0.5	)

₍₁₎	_{Includes JW Marriott Hill Country, except as otherwise noted. Amounts are calculated based on unrounded numbers.}
₍₂₎	_{Same-store excludes JW Marriott Hill Country.}
₍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, property-level Adjusted EBITDAre for JW Marriott Hill Country to property-level Operating Income, and FFO and Adjusted FFO available to common stockholders and unitholders to Net Income, see “Reconciliation of Forward-Looking Statements” below.}

Capital Expenditures Update
As of June 30, 2024, full year 2024 capital expenditures are estimated to be $375 million to $425 million, unchanged at the midpoint of $400 million.

Dividend Update
On July 15, 2024, the Company paid the previously declared second quarter 2024 cash dividend of $1.10 per share of common stock, to stockholders of record as of June 28, 2024. The Company’s dividend policy provides that it will distribute minimum dividends of 100% of REIT taxable income annually. It is the Company’s current plan to distribute aggregate minimum dividends for 2024 of $4.40 per share in cash. Future dividends are subject to the Board’s future determinations as to amount and timing.

Balance Sheet/Liquidity Update
As of June 30, 2024, the Company had total debt outstanding of $3,373.4 million, net of unamortized deferred financing costs, and unrestricted cash of $498.4 million. As of June 30, 2024, there were no amounts drawn under the Company’s revolving credit facility, $17.0 million was drawn under OEG’s revolving credit facility, and the lending banks had issued $4.3 million in letters of credit under the Company’s revolving credit facility, which left $758.7 million of aggregate borrowing availability under the Company’s revolving credit facility and OEG’s revolving credit facility.

Earnings Call Information
Ryman Hospitality Properties will hold a conference call to discuss this release tomorrow, August 1, 2024, at 11:00 a.m. ET. Investors can listen to the conference call over the Internet at www.rymanhp.com. To listen to the live call, please go to the Investor Relations section of the website (Investor Relations/News & Events/Events & Presentation) at least 15 minutes prior to the call to register and download any necessary audio software. For those who cannot listen to the live broadcast, a replay will be available shortly after the call and will be available for at least 30 days.

About Ryman Hospitality Properties, Inc.
Ryman Hospitality Properties, Inc. (NYSE: RHP) is a leading lodging and hospitality real estate investment trust that specializes in upscale convention center resorts and entertainment experiences. The Company’s holdings include Gaylord Opryland Resort & Convention Center; Gaylord Palms Resort & Convention Center; Gaylord Texan Resort & Convention Center; Gaylord National Resort & Convention Center; and Gaylord Rockies Resort & Convention Center, five of the top seven largest non-gaming convention center hotels in the United States based on total indoor meeting space. The Company also owns the JW Marriott San Antonio Hill Country Resort & Spa as well as two ancillary hotels adjacent to our Gaylord Hotels properties. The Company’s hotel portfolio is managed by Marriott International and includes a combined total of 11,414 rooms as well as more than 3 million square feet of total indoor and outdoor meeting space in top convention and leisure destinations across the country. RHP also owns a 70% controlling ownership interest in Opry Entertainment Group (OEG), which is composed of entities owning a growing collection of iconic and emerging country music brands, including the Grand Ole Opry, Ryman Auditorium, WSM 650 AM, Ole Red, Nashville-area attractions, and 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. 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 on the Company’s business, including the effects on costs of labor and supplies and effects on group customers at the Company’s hotels and customers in OEG’s businesses, the Company’s ability to remain qualified as a REIT, the Company’s ability to execute our strategic goals as a REIT, the Company’s ability to generate cash flows to support dividends, future board determinations regarding the timing and amount of dividends and changes to the dividend policy, the Company’s ability to borrow funds pursuant to its credit agreements and to refinance indebtedness and/or to successfully amend the agreements governing its indebtedness in the future, and changes in interest rates. Other factors that could cause operating and financial results to differ are described in the filings made from time to time by the Company with the U.S. Securities and Exchange Commission (SEC) and include the risk factors and other risks and uncertainties described in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, and subsequent filings. The Company does not undertake any obligation to release publicly any revisions to forward-looking statements made by it to reflect events or circumstances occurring after the date hereof or the occurrence of unanticipated events.

Additional 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 RevPAR
We 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 Figures
We 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 Measures
We present the following non-GAAP financial measures we believe are useful to investors as key measures of our operating performance:

EBITDAre, Adjusted EBITDAre and Adjusted EBITDAre, Excluding Noncontrolling Interest in Consolidated Joint Venture Definition
We 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 in consolidated joint ventures to calculate Adjusted EBITDAre, Excluding Noncontrolling Interest in Consolidated Joint Venture.

We use EBITDAre, Adjusted EBITDAre and Adjusted EBITDAre, Excluding Noncontrolling Interest in Consolidated Joint Venture and segment or property-level EBITDAre and Adjusted EBITDAre to evaluate our operating performance. We believe that the presentation of these non-GAAP financial measures provides useful information to investors regarding our operating performance and debt leverage metrics, and that the presentation of these non-GAAP financial measures, when combined with the primary GAAP presentation of Net Income or Operating Income, as applicable, is beneficial to an investor’s complete understanding of our operating performance. We make additional adjustments to EBITDAre when evaluating our performance because we believe that presenting Adjusted EBITDAre and Adjusted EBITDAre, Excluding Noncontrolling Interest in Consolidated Joint Venture provides useful information to investors regarding our operating performance and debt leverage metrics.

Adjusted EBITDAre Margin and Adjusted EBITDAre, Excluding Noncontrolling Interest in Consolidated Joint Venture Margin Definition
We calculate consolidated Adjusted EBITDAre, Excluding Noncontrolling Interest in Consolidated Joint Venture Margin by dividing consolidated Adjusted EBITDAre, Excluding Noncontrolling Interest in Consolidated Joint Venture by GAAP consolidated Total Revenue. We calculate consolidated, segment or property-level Adjusted EBITDAre Margin by dividing consolidated, segment-, or property-level Adjusted EBITDAre by consolidated, segment-, or property-level GAAP Revenue. We believe Adjusted EBITDAre, Excluding Noncontrolling Interest in Consolidated Joint Venture Margin is useful to investors in evaluating our operating performance because this non-GAAP financial measure helps investors evaluate and compare the results of our operations from period to period by presenting a ratio showing the quantitative relationship between Adjusted EBITDAre, Excluding Noncontrolling Interest in Consolidated Joint Venture and GAAP consolidated Total Revenue or segment or property-level GAAP Revenue, as applicable.

FFO, Adjusted FFO, and Adjusted FFO available to common stockholders and unit holders Definition
We 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 for 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 on acquisitions;
deferred income tax expense (benefit); and
any other adjustments we have identified herein.

We present Adjusted FFO available to common stockholders and unit holders per diluted share as a non-GAAP measure of our performance in addition to our 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 as our 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 (Loss), Operating Income (Loss), or cash flow from operations.

Investor Relations Contacts:	Media Contacts:
Mark Fioravanti, President and Chief Executive Officer	Shannon Sullivan, Vice President Corporate and Brand Communications
Ryman Hospitality Properties, Inc.	Ryman Hospitality Properties, Inc.
(615) 316-6588	(615) 316-6725
mfioravanti@rymanhp.com	ssullivan@rymanhp.com
~or~
Jennifer Hutcheson, Chief Financial Officer
Ryman Hospitality Properties, Inc.
(615) 316-6320
jhutcheson@rymanhp.com
~or~
Sarah Martin, Vice President Investor Relations
Ryman Hospitality Properties, Inc.
(615) 316-6011
sarah.martin@rymanhp.com


RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Unaudited
(In thousands, except per share data)

		Three Months Ended						Six Months Ended
		Jun. 30,						Jun. 30,
			2024			2023			2024			2023
Revenues :
	Rooms	$	199,497		$	168,492		$	373,130		$	329,743
	Food and beverage		259,386			197,908			494,469			413,712
	Other hotel revenue		60,204			51,285			112,958			98,669
	Entertainment		94,203			87,158			161,078			154,438
	Total revenues		613,290			504,843			1,141,635			996,562

Operating expenses:
	Rooms		45,062			40,272			89,163			82,331
	Food and beverage		132,369			107,026			260,548			222,207
	Other hotel expenses		117,769			104,590			236,582			207,649
	Management fees		21,449			15,418			39,411			30,613
	Total hotel operating expenses		316,649			267,306			625,704			542,800
	Entertainment		59,560			57,088			112,147			108,522
	Corporate		9,402			9,885			21,356			20,479
	Preopening costs		1,055			67			2,491			257
	Gain on sale of assets		–			–			(270	)		–
	Depreciation and amortization		58,553			48,257			115,755			96,614
	Total operating expenses		445,219			382,603			877,183			768,672

Operating income			168,071			122,240			264,452			227,890

Interest expense, net of amounts capitalized			(56,577	)		(49,179	)		(117,020	)		(91,707	)
Interest income			7,064			5,318			14,586			7,865
Loss on extinguishment of debt			(1,797	)		(2,252	)		(2,319	)		(2,252	)
Income (loss) from unconsolidated joint ventures			183			(2,153	)		215			(4,959	)
Other gains and (losses), net			(4	)		(287	)		317			(523	)
Income before income taxes			116,940			73,687			160,231			136,314

Provision for income taxes			(12,200	)		(3,544	)		(12,730	)		(5,177	)
Net income			104,740			70,143			147,501			131,137

Net income attributable to noncontrolling interest in consolidated joint venture			(3,270	)		(3,134	)		(2,691	)		(2,371	)
Net income attributable to noncontrolling interest in Operating Partnership			(665	)		(466	)		(949	)		(903	)
Net income available to common stockholders		$	100,805		$	66,543		$	143,861		$	127,863

Basic income per share available to common stockholders		$	1.68		$	1.18		$	2.41		$	2.29
Diluted income per share available to common stockholders ⁽¹⁾		$	1.65		$	1.15		$	2.31		$	2.17

Weighted average common shares for the period:
	Basic		59,895			56,329			59,817			55,759
	Diluted ⁽¹⁾		63,223			60,489			63,446			59,973

₍₁₎	_{Diluted weighted average common shares for the three and six months ended June 30, 2024 include 3.1 million and 3.3 million, respectively, and the three and six months ended June 30, 2023 include 3.9 million and 4.0 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 SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
Unaudited
(In thousands)

			Jun. 30,		Dec. 31,
			2024		2023

ASSETS:
	Property and equipment, net of accumulated depreciation		$	4,045,466	$	3,955,586
	Cash and cash equivalents – unrestricted			498,371		591,833
	Cash and cash equivalents – restricted			51,908		108,608
	Notes receivable			61,892		61,760
	Trade receivables, net			127,281		110,029
	Deferred income tax assets, net			71,023		81,624
	Prepaid expenses and other assets			163,786		154,810
	Intangible assets			120,231		124,287
		Total assets	$	5,139,958	$	5,188,537


LIABILITIES AND EQUITY:
	Debt and finance lease obligations		$	3,373,383	$	3,377,028
	Accounts payable and accrued liabilities			406,245		464,720
	Dividends payable			67,734		67,932
	Deferred management rights proceeds			165,121		165,174
	Operating lease liabilities			130,411		129,122
	Other liabilities			68,140		66,658
	Noncontrolling interest in consolidated joint venture			362,603		345,126
	Total equity			566,321		572,777
		Total liabilities and equity	$	5,139,958	$	5,188,537

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES
SUPPLEMENTAL FINANCIAL RESULTS
ADJUSTED EBITDAre RECONCILIATION
Unaudited
(in thousands)

		Three Months Ended Jun. 30,										Six Months Ended Jun. 30,
			2024					2023					2024					2023
		$			Margin		$			Margin		$			Margin		$			Margin
	Consolidated
	Revenue	$	613,290				$	504,843				$	1,141,635				$	996,562
	Net income	$	104,740		17.1	%	$	70,143		13.9	%	$	147,501		12.9	%	$	131,137		13.2	%
	Interest expense, net		49,513					43,861					102,434					83,842
	Provision for income taxes		12,200					3,544					12,730					5,177
	Depreciation & amortization		58,553					48,257					115,755					96,614
	Gain on sale of assets		–					–					(270	)				–
	Pro rata EBITDAre from unconsolidated joint ventures		2					8					4					17
	EBITDAre		225,008		36.7	%		165,813		32.8	%		378,154		33.1	%		316,787		31.8	%
	Preopening costs		1,055					67					2,491					257
	Non-cash lease expense		933					1,499					1,858					3,000
	Equity-based compensation expense		3,383					3,801					7,245					7,540
	Interest income on Gaylord National bonds		1,195					1,270					2,390					2,541
	Loss on extinguishment of debt		1,797					2,252					2,319					2,252
	Pro rata adjusted EBITDAre from unconsolidated joint ventures		(176	)				–					(197	)				–
	Adjusted EBITDAre	$	233,195		38.0	%	$	174,702		34.6	%	$	394,260		34.5	%	$	332,377		33.4	%
	Adjusted EBITDAre of noncontrolling interest in consolidated joint venture	$	(10,722	)			$	(8,819	)			$	(15,384	)			$	(13,115	)
	Adjusted EBITDAre, excluding noncontrolling interest in consolidated joint venture	$	222,473		36.3	%	$	165,883		32.9	%	$	378,876		33.2	%	$	319,262		32.0	%

	Hospitality segment
	Revenue	$	519,087				$	417,685				$	980,557				$	842,124
	Operating income	$	151,885		29.3	%	$	107,733		25.8	%	$	254,070		25.9	%	$	213,803		25.4	%
	Depreciation & amortization		50,553					42,646					100,783					85,521
	Non-cash lease expense		982					1,018					1,965					2,037
	Interest income on Gaylord National bonds		1,195					1,270					2,390					2,541
	Adjusted EBITDAre	$	204,615		39.4	%	$	152,667		36.6	%	$	359,208		36.6	%	$	303,902		36.1	%

	Same-Store Hospitality segment ⁽¹⁾
	Revenue	$	456,237				$	417,685				$	867,766				$	842,124
	Operating income	$	136,447		29.9	%	$	107,733		25.8	%	$	229,498		26.4	%	$	213,803		25.4	%
	Depreciation & amortization		43,082					42,646					85,915					85,521
	Non-cash lease expense		982					1,018					1,965					2,037
	Interest income on Gaylord National bonds		1,195					1,270					2,390					2,541
	Adjusted EBITDAre	$	181,706		39.8	%	$	152,667		36.6	%	$	319,768		36.8	%	$	303,902		36.1	%

	Entertainment segment
	Revenue	$	94,203				$	87,158				$	161,078				$	154,438
	Operating income	$	25,822		27.4	%	$	24,601		28.2	%	$	31,934		19.8	%	$	34,992		22.7	%
	Depreciation & amortization		7,766					5,402					14,506					10,667
	Preopening costs		1,055					67					2,491					257
	Non-cash lease (revenue) expense		(49	)				481					(107	)				963
	Equity-based compensation		1,005					1,010					1,893					1,826
	Other gains and (losses), net		137					–					545					–
	Pro rata adjusted EBITDAre from unconsolidated joint ventures		8					(2,145	)				21					(4,943	)
	Adjusted EBITDAre	$	35,744		37.9	%	$	29,416		33.8	%	$	51,283		31.8	%	$	43,762		28.3	%

	Corporate and Other segment
	Operating loss	$	(9,636	)			$	(10,094	)			$	(21,552	)			$	(20,905	)
	Depreciation & amortization		234					209					466					426
	Other gains and (losses), net		(140	)				(287	)				(227	)				(522	)
	Equity-based compensation		2,378					2,791					5,352					5,714
	Gain on sale of assets		–					–					(270	)				–
	Adjusted EBITDAre	$	(7,164	)			$	(7,381	)			$	(16,231	)			$	(15,287	)

₍₁₎	_{Same-Store Hospitality segment excludes JW Marriott Hill Country, which was acquired on June 30, 2023.}

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES
SUPPLEMENTAL FINANCIAL RESULTS
FUNDS FROM OPERATIONS (“FFO”) AND ADJUSTED FFO RECONCILIATION
Unaudited
(in thousands, except per share data)


		Three Months Ended Jun. 30,						Six Months Ended Jun. 30,
			2024			2023			2024			2023
	Consolidated
	Net income	$	104,740		$	70,143		$	147,501		$	131,137
	Noncontrolling interest in consolidated joint venture		(3,270	)		(3,134	)		(2,691	)		(2,371	)
	Net income available to common stockholders and unit holders		101,470			67,009			144,810			128,766
	Depreciation & amortization		58,506			48,227			115,660			96,553
	Adjustments for noncontrolling interest		(2,331	)		(1,620	)		(4,352	)		(3,200	)
	Pro rata adjustments from joint ventures		2			23			2			46
	FFO available to common stockholders and unit holders		157,647			113,639			256,120			222,165

	Right-of-use asset amortization		47			30			95			61
	Non-cash lease expense		933			1,499			1,858			3,000
	Pro rata adjustments from joint ventures		(176	)		–			(197	)		–
	Gain on other assets		–			–			(270	)		–
	Amortization of deferred financing costs		2,627			2,633			5,348			5,307
	Amortization of debt discounts and premiums		658			545			1,307			1,051
	Loss on extinguishment of debt		1,797			2,252			2,319			2,252
	Adjustments for noncontrolling interest		(1,253	)		(870	)		(1,118	)		(1,282	)
	Deferred tax provision (benefit)		11,152			2,664			10,664			3,431
	Adjusted FFO available to common stockholders and unit holders	$	173,432		$	122,392		$	276,126		$	235,985


	Basic net income per share	$	1.68		$	1.18		$	2.41		$	2.29
	Diluted net income per share	$	1.65		$	1.15		$	2.31		$	2.17

	FFO available to common stockholders and unit holders per basic share/unit	$	2.61		$	2.00		$	4.25		$	3.96
	Adjusted FFO available to common stockholders and unit holders per basic share/unit	$	2.88		$	2.16		$	4.59		$	4.20

	FFO available to common stockholders and unit holders per diluted share/unit ⁽¹⁾	$	2.53		$	1.92		$	4.05		$	3.72
	Adjusted FFO available to common stockholders and unit holders per diluted share/unit ⁽¹⁾	$	2.78		$	2.06		$	4.37		$	3.95

	Weighted average common shares and OP units for the period:
	Basic		60,290			56,724			60,212			56,154
	Diluted ⁽¹⁾		63,618			60,884			63,841			60,368

₍₁₎	_{Diluted weighted average common shares and OP units for the three and six months ended June 30, 2024 include 3.1 million and 3.3 million, respectively, and the three and six months ended June 30, 2023 include 3.9 million and 4.0 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 SUBSIDIARIES
SUPPLEMENTAL FINANCIAL RESULTS
HOSPITALITY SEGMENT ADJUSTED EBITDAre RECONCILIATIONS AND OPERATING METRICS
Unaudited
(in thousands)


		Three Months Ended Jun. 30,										Six Months Ended Jun. 30,
			2024					2023					2024					2023
		$			Margin		$			Margin		$			Margin		$			Margin
	Hospitality segment
	Revenue	$	519,087				$	417,685				$	980,557				$	842,124
	Operating income	$	151,885		29.3	%	$	107,733		25.8	%	$	254,070		25.9	%	$	213,803		25.4	%
	Depreciation & amortization		50,553					42,646					100,783					85,521
	Non-cash lease expense		982					1,018					1,965					2,037
	Interest income on Gaylord National bonds		1,195					1,270					2,390					2,541
	Adjusted EBITDAre	$	204,615		39.4	%	$	152,667		36.6	%	$	359,208		36.6	%	$	303,902		36.1	%

	Occupancy		73.7%					72.7%					70.2%					72.5%
	Average daily rate (ADR)	$	260.76				$	244.77				$	255.87				$	241.38
	RevPAR	$	192.12				$	177.83				$	179.64				$	174.97
	OtherPAR	$	307.78				$	262.29				$	292.45				$	271.52
	Total RevPAR	$	499.90				$	440.12				$	472.09				$	446.49



	Same-Store Hospitality segment ⁽¹⁾
	Revenue	$	456,237				$	417,685				$	867,766				$	842,124
	Operating income	$	136,447		29.9	%	$	107,733		25.8	%	$	229,498		26.4	%	$	213,803		25.4	%
	Depreciation & amortization		43,082					42,646					85,915					85,521
	Non-cash lease expense		982					1,018					1,965					2,037
	Interest income on Gaylord National bonds		1,195					1,270					2,390					2,541
	Adjusted EBITDAre	$	181,706		39.8	%	$	152,667		36.6	%	$	319,768		36.8	%	$	303,902		36.1	%

	Occupancy		73.2%					72.7%					70.1%					72.5%
	Average daily rate (ADR)	$	254.16				$	244.77				$	249.71				$	241.38
	RevPAR	$	185.95				$	177.83				$	175.06				$	174.97
	OtherPAR	$	295.72				$	262.29				$	282.94				$	271.52
	Total RevPAR	$	481.67				$	440.12				$	458.00				$	446.49



	Gaylord Opryland
	Revenue	$	130,352				$	110,475				$	234,187				$	222,281
	Operating income	$	50,642		38.9	%	$	32,011		29.0	%	$	75,467		32.2	%	$	63,706		28.7	%
	Depreciation & amortization		8,199					8,512					16,332					17,066
	Non-cash lease revenue		(11	)				(12	)				(22	)				(24	)
	Adjusted EBITDAre	$	58,830		45.1	%	$	40,511		36.7	%	$	91,777		39.2	%	$	80,748		36.3	%

	Occupancy		75.4%					71.2%					70.2%					71.9%
	Average daily rate (ADR)	$	260.98				$	252.01				$	253.71				$	246.07
	RevPAR	$	196.85				$	179.38				$	178.23				$	176.90
	OtherPAR	$	299.15				$	240.98				$	267.32				$	248.33
	Total RevPAR	$	496.00				$	420.36				$	445.55				$	425.23



	Gaylord Palms
	Revenue	$	68,799				$	73,829				$	154,262				$	158,375
	Operating income	$	13,479		19.6	%	$	18,322		24.8	%	$	38,485		24.9	%	$	45,956		29.0	%
	Depreciation & amortization		5,889					5,543					11,760					11,153
	Non-cash lease expense		993					1,030					1,987					2,061
	Adjusted EBITDAre	$	20,361		29.6	%	$	24,895		33.7	%	$	52,232		33.9	%	$	59,170		37.4	%

	Occupancy		62.5%					75.8%				$	0.69				$	0.78
	Average daily rate (ADR)	$	235.54				$	243.55				$	253.19				$	250.74
	RevPAR	$	147.22				$	184.58				$	173.55				$	194.62
	OtherPAR	$	292.85				$	287.66				$	319.81				$	314.69
	Total RevPAR	$	440.07				$	472.24				$	493				$	509



	Gaylord Texan
	Revenue	$	83,897				$	81,479				$	168,799				$	167,877
	Operating income	$	26,314		31.4	%	$	26,105		32.0	%	$	52,346		31.0	%	$	54,193		32.3	%
	Depreciation & amortization		5,744					5,718					11,635					11,484
	Adjusted EBITDAre	$	32,058		38.2	%	$	31,823		39.1	%	$	63,981		37.9	%	$	65,677		39.1	%

	Occupancy		78.8%					75.1%					76.0%					76.1%
	Average daily rate (ADR)	$	252.61				$	234.86				$	246.43				$	232.83
	RevPAR	$	199.18				$	176.49				$	187.36				$	177.19
	OtherPAR	$	309.06				$	317.10				$	323.92				$	334.11
	Total RevPAR	$	508.24				$	493.59				$	511.28				$	511.30

₍₁₎	_{Same-Store Hospitality segment excludes JW Marriott Hill Country, which was acquired on June 30, 2023.}

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES
SUPPLEMENTAL FINANCIAL RESULTS
HOSPITALITY SEGMENT ADJUSTED EBITDAre RECONCILIATIONS AND OPERATING METRICS
Unaudited
(in thousands)


		Three Months Ended Jun. 30,								Six Months Ended Jun. 30,
			2024				2023				2024				2023
		$		Margin		$		Margin		$		Margin		$		Margin
	Gaylord National
	Revenue	$	88,369			$	77,014			$	156,643			$	149,786
	Operating income	$	22,321	25.3	%	$	14,926	19.4	%	$	27,544	17.6	%	$	22,981	15.3	%
	Depreciation & amortization		8,405				8,257				16,806				16,551
	Interest income on Gaylord National bonds		1,195				1,270				2,390				2,541
	Adjusted EBITDAre	$	31,921	36.1	%	$	24,453	31.8	%	$	46,740	29.8	%	$	42,073	28.1	%

	Occupancy		70.8%				67.8%				67.6%				67.6%
	Average daily rate (ADR)	$	263.88			$	251.80			$	250.67			$	245.80
	RevPAR	$	186.90			$	170.65			$	169.54			$	166.06
	OtherPAR	$	299.62			$	253.35			$	261.66			$	248.54
	Total RevPAR	$	486.52			$	424.00			$	431.20			$	414.60



	Gaylord Rockies
	Revenue	$	76,836			$	67,127			$	140,658			$	131,174
	Operating income	$	21,436	27.9	%	$	14,691	21.9	%	$	33,433	23.8	%	$	25,559	19.5	%
	Depreciation & amortization		14,138				14,124				27,979				28,169
	Adjusted EBITDAre	$	35,574	46.3	%	$	28,815	42.9	%	$	61,412	43.7	%	$	53,728	41.0	%

	Occupancy		80.4%				77.8%				72.4%				73.9%
	Average daily rate (ADR)	$	255.44			$	247.92			$	249.55			$	240.94
	RevPAR	$	205.25			$	192.84			$	180.77			$	177.98
	OtherPAR	$	357.28			$	298.61			$	334.12			$	304.84
	Total RevPAR	$	562.53			$	491.45			$	514.89			$	482.82



	JW Marriott Hill Country ⁽²⁾
	Revenue	$	62,850			$	–			$	112,791			$	–
	Operating income	$	15,438	24.6	%	$	–			$	24,572	21.8	%	$	–
	Depreciation & amortization		7,471				–				14,868				–
	Adjusted EBITDAre	$	22,909	36.5	%	$	–			$	39,440	35.0	%	$	–

	Occupancy		79.0%			n/a					71.3%			n/a
	Average daily rate (ADR)	$	324.18			n/a				$	318.83			n/a
	RevPAR	$	256.23			n/a				$	227.31			n/a
	OtherPAR	$	433.05			n/a				$	391.19			n/a
	Total RevPAR	$	689.28			n/a				$	618.50			n/a



	The AC Hotel at National Harbor
	Revenue	$	4,107			$	3,401			$	6,929			$	5,612
	Operating income (loss)	$	1,404	34.2	%	$	923	27.1	%	$	1,731	25.0	%	$	745	13.3	%
	Depreciation & amortization		218				171				468				452
	Adjusted EBITDAre	$	1,622	39.5	%	$	1,094	32.2	%	$	2,199	31.7	%	$	1,197	21.3	%

	Occupancy		66.9%				64.0%				61.9%				59.1%
	Average daily rate (ADR)	$	299.54			$	277.86			$	276.78			$	250.79
	RevPAR	$	200.39			$	177.77			$	171.32			$	148.32
	OtherPAR	$	34.67			$	16.91			$	26.97			$	13.17
	Total RevPAR	$	235.06			$	194.68			$	198.29			$	161.49



	The Inn at Opryland ⁽³⁾
	Revenue	$	3,877			$	4,360			$	6,288			$	7,019
	Operating loss	$	851	21.9	%	$	755	17.3	%	$	492	7.8	%	$	663	9.4	%
	Depreciation & amortization		489				321				935				646
	Adjusted EBITDAre	$	1,340	34.6	%	$	1,076	24.7	%	$	1,427	22.7	%	$	1,309	18.6	%

	Occupancy		61.6%				66.3%				51.9%				61.5%
	Average daily rate (ADR)	$	179.80			$	159.71			$	172.78			$	150.36
	RevPAR	$	110.78			$	105.84			$	89.65			$	92.43
	OtherPAR	$	31.35			$	26.08			$	24.99			$	22.39
	Total RevPAR	$	142.13			$	131.92			$	114.64			$	114.82

₍₁₎	_{Same-Store Hospitality segment excludes JW Marriott Hill Country, which was acquired on June 30, 2023.}
₍₂₎	_{JW Marriott Hill Country was acquired by the Company on June 30, 2023, therefore there are no comparison figures.}
₍₃₎	_{Includes other hospitality revenue and expense.}

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES
SUPPLEMENTAL FINANCIAL RESULTS
EARNINGS PER SHARE, FFO PER SHARE AND ADJUSTED FFO PER SHARE CALCULATIONS
Unaudited
(In thousands, except per share data)


	Three Months Ended				Six Months Ended
	Jun. 30,				Jun. 30,
		2024		2023		2024		2023
Earnings per share:

Numerator:
Net income available to common stockholders	$	100,805	$	66,543	$	143,861	$	127,863
Net loss attributable to noncontrolling interest in consolidated joint venture		3,270		3,134		2,691		2,371
Net income available to common stockholders – if-converted method	$	104,075	$	69,677	$	146,552	$	130,234

Denominator:
Weighted average shares outstanding – basic		59,895		56,329		59,817		55,759
Effect of dilutive stock-based compensation		206		232		314		256
Effect of dilutive put rights ⁽¹⁾		3,122		3,928		3,315		3,958
Weighted average shares outstanding – diluted		63,223		60,489		63,446		59,973

Basic income per share available to common stockholders	$	1.68	$	1.18	$	2.41	$	2.29
Diluted income per share available to common stockholders	$	1.65	$	1.15	$	2.31	$	2.17


FFO and Adjusted FFO per share:

Numerator – FFO:
FFO available to common stockholders and unit holders	$	157,647	$	113,639	$	256,120	$	222,165
Net loss attributable to noncontrolling interest in consolidated joint venture		3,270		3,134		2,691		2,371
FFO available to common stockholders and unit holders- if-converted method	$	160,917	$	116,773	$	258,811	$	224,536

Numerator – Adjusted FFO:
Adjusted FFO available to common stockholders and unit holders	$	173,432	$	122,392	$	276,126	$	235,985
Net loss attributable to noncontrolling interest in consolidated joint venture		3,270		3,134		2,691		2,371
Adjusted FFO available to common stockholders and unit holders – if-converted method	$	176,702	$	125,526	$	278,817	$	238,356

Denominator:
Weighted average shares and OP units outstanding – basic		60,290		56,724		60,212		56,154
Effect of dilutive stock-based compensation		206		232		314		256
Effect of dilutive put rights ⁽¹⁾		3,122		3,928		3,315		3,958
Weighted average shares and OP units outstanding – diluted		63,618		60,884		63,841		60,368

FFO available to common stockholders and unit holders per basic share/unit	$	2.61	$	2.00	$	4.25	$	3.96
Adjusted FFO available to common stockholders and unit holders per basic share/unit	$	2.88	$	2.16	$	4.59	$	4.20

FFO available to common stockholders and unit holders per diluted share/unit ⁽¹⁾	$	2.53	$	1.92	$	4.05	$	3.72
Adjusted FFO available to common stockholders and unit holders per diluted share/unit ⁽¹⁾	$	2.78	$	2.06	$	4.37	$	3.95


_{(1) Represents 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 Subsidiaries
Reconciliation of Forward-Looking Statements
Unaudited
(dollars in thousands, except per share data)
Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (“Adjusted EBITDAre”)
Funds From Operations (“FFO”) and Adjusted FFO Reconciliation

		New Guidance Range
		For Full Year 2024
		Low			High			Midpoint
Ryman Hospitality Properties, Inc.
	Net Income	$	281,000		$	287,500		$	284,250
	Provision for income taxes		15,250			17,000			16,125
	Interest Expense, net		214,775			221,275			218,025
	Depreciation and amortization		224,250			234,500			229,375
	(Gain) / Loss on disposal of fixed assets		(275	)		(275	)		(275	)
	EBITDAre	$	735,000		$	760,000		$	747,500
	Non-cash lease expense		3,500			4,500			4,000
	Preopening expense		3,000			3,500			3,250
	Equity-based compensation		12,500			13,500			13,000
	Pension settlement charge		1,500			1,750			1,625
	Interest income on Gaylord National bonds		4,500			5,500			5,000
	Other gains and (losses), net		500			1,750			1,125
	Adjusted EBITDAre	$	760,500		$	790,500		$	775,500

Hospitality Segment
	Operating Income	$	484,500		$	494,000		$	489,250
	Depreciation and amortization		195,000			202,500			198,750
	Non-cash lease expense		3,500			4,500			4,000
	Interest income on Gaylord National Bonds		4,500			5,500			5,000
	Other gains and (losses), net		3,000			4,000			3,500
	Loss (gain) on extinguishment of debt		–			–			–
	Adjusted EBITDAre	$	690,500		$	710,500		$	700,500

Hospitality Segment (same-store)
	Operating Income	$	447,500		$	456,000		$	451,750
	Depreciation and amortization		167,000			170,500			168,750
	Non-cash lease expense		3,500			4,500			4,000
	Interest income on Gaylord National Bonds		4,500			5,500			5,000
	Other gains and (losses), net		3,000			4,000			3,500
	Loss (gain) on extinguishment of debt		–			–			–
	Adjusted EBITDAre	$	625,500		$	640,500		$	633,000

JW Marriott Hill Country
	Operating Income	$	37,000		$	38,000		$	37,500
	Depreciation and amortization		28,000			32,000			30,000
	Adjusted EBITDAre	$	65,000		$	70,000		$	67,500

Ryman Hospitality Properties, Inc. and Subsidiaries
Reconciliation of Forward-Looking Statements
Unaudited
(dollars in thousands, except per share data)
Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (“Adjusted EBITDAre”)
Funds From Operations (“FFO”) and Adjusted FFO Reconciliation

		New Guidance Range
		For Full Year 2024
		Low			High			Midpoint
Entertainment Segment
	Operating Income	$	70,500		$	73,500		$	72,000
	Depreciation and amortization		27,500			30,000			28,750
	Preopening expense		3,000			3,500			3,250
	Equity-based compensation		3,500			4,000			3,750
	Pro rata adjusted EBITDAre from unconsolidated joint ventures		500			1,000			750
	Adjusted EBITDAre	$	105,000		$	112,000		$	108,500

Corporate and Other Segment
	Operating Loss	$	(44,750	)	$	(43,000	)	$	(43,875	)
	Depreciation and amortization		1,750			2,000			1,875
	Equity-based compensation		9,000			9,500			9,250
	Pension settlement charge		1,500			1,750			1,625
	Other gains and (losses), net		(2,500	)		(2,250	)		(2,375	)
	Adjusted EBITDAre	$	(35,000	)	$	(32,000	)	$	(33,500	)

Ryman Hospitality Properties, Inc.
	Net Income	$	281,000		$	287,500		$	284,250
	Noncontrolling interest in consolidated joint venture		(10,000	)		(6,000	)		(8,000	)
	Net Income available to common stockholders and unit holders	$	271,000		$	281,500		$	276,250
	Depreciation and amortization		224,250			234,500			229,375
	Adjustments for noncontrolling interest		(10,000	)		(8,000	)		(9,000	)
	FFO available to common stockholders and unit holders	$	485,250		$	508,000		$	496,625
	Right of use amortization		–			500			250
	Non-cash lease expense		3,500			4,500			4,000
	Pension settlement charge		1,500			1,750			1,625
	Other gains and (losses), net		500			1,750			1,125
	Loss (gain) on extinguishment of debt		–			–			–
	Adjustments for noncontrolling interest		(3,000	)		(2,000	)		(2,500	)
	Amortization of deferred financing costs		9,500			11,500			10,500
	Amortization of debt discounts and premiums		2,500			3,500			3,000
	Deferred Taxes		12,000			13,500			12,750
	Adjusted FFO available to common stockholders and unit holders	$	511,750		$	543,000		$	527,375

	Diluted income per share available to common stockholders	$	4.38		$	4.49		$	4.44
	Adjusted FFO available to common stockholders and unit holders per diluted share	$	8.09		$	8.51		$	8.30

	Estimated diluted shares outstanding to common stockholders (in millions)		64.1			64.1			64.1
	Estimated diluted shares outstanding to common stockholders and unit holders (in millions)		64.5			64.5			64.5

Ryman Hospitality Properties, Inc. and Subsidiaries
Reconciliation of Forward-Looking Statements
Unaudited
(dollars in thousands, except per share data)
Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (“Adjusted EBITDAre”)
Funds From Operations (“FFO”) and Adjusted FFO Reconciliation

		Prior Guidance Range
		For Full Year 2024
		Low		High		Midpoint
Ryman Hospitality Properties, Inc.
	Net Income	$	259,000	$	280,000	$	269,500
	Provision for income taxes		15,250		17,000		16,125
	Interest Expense, net		216,775		223,275		220,025
	Depreciation and amortization		224,250		234,500		229,375
	(Gain) / Loss on disposal of fixed assets		(275)		(275)		(275)
	EBITDAre	$	715,000	$	754,500	$	734,750
	Non-cash lease expense		3,500		4,500		4,000
	Preopening expense		3,000		3,500		3,250
	Equity-based compensation		12,500		13,500		13,000
	Pension settlement charge		1,500		1,750		1,625
	Interest income on Gaylord National bonds		4,500		5,500		5,000
	Other gains and (losses), net		500		1,750		1,125
	Adjusted EBITDAre	$	740,500	$	785,000	$	762,750

Hospitality Segment
	Operating Income	$	469,500	$	490,500	$	480,000
	Depreciation and amortization		195,000		202,500		198,750
	Non-cash lease expense		3,500		4,500		4,000
	Interest income on Gaylord National Bonds		4,500		5,500		5,000
	Other gains and (losses), net		3,000		4,000		3,500
	Adjusted EBITDAre	$	675,500	$	707,000	$	691,250

Hospitality Segment (same-store)
	Operating Income	$	434,500	$	450,500	$	442,500
	Depreciation and amortization		167,000		170,500		168,750
	Non-cash lease expense		3,500		4,500		4,000
	Interest income on Gaylord National Bonds		4,500		5,500		5,000
	Other gains and (losses), net		3,000		4,000		3,500
	Adjusted EBITDAre	$	612,500	$	635,000	$	623,750

JW Marriott Hill Country
	Operating Income	$	35,000	$	40,000	$	37,500
	Depreciation and amortization		28,000		32,000		30,000
	Adjusted EBITDAre	$	63,000	$	72,000	$	67,500

Ryman Hospitality Properties, Inc. and Subsidiaries
Reconciliation of Forward-Looking Statements
Unaudited
(dollars in thousands, except per share data)
Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (“Adjusted EBITDAre”)
Funds From Operations (“FFO”) and Adjusted FFO Reconciliation

		Prior Guidance Range
		For Full Year 2024
		Low			High			Midpoint
Entertainment Segment
	Operating Income	$	65,500		$	71,500		$	68,500
	Depreciation and amortization		27,500			30,000			28,750
	Preopening expense		3,000			3,500			3,250
	Equity-based compensation		3,500			4,000			3,750
	Pro rata adjusted EBITDAre from unconsolidated joint ventures		500			1,000			750
	Adjusted EBITDAre	$	100,000		$	110,000		$	105,000

Corporate and Other Segment
	Operating Loss	$	(44,750	)	$	(43,000	)	$	(43,875	)
	Depreciation and amortization		1,750			2,000			1,875
	Equity-based compensation		9,000			9,500			9,250
	Pension settlement charge		1,500			1,750			1,625
	Other gains and (losses), net		(2,500	)		(2,250	)		(2,375	)
	Adjusted EBITDAre	$	(35,000	)	$	(32,000	)	$	(33,500	)

Ryman Hospitality Properties, Inc.
	Net Income	$	259,000		$	280,000		$	269,500
	Noncontrolling interest in consolidated joint venture		(10,000	)		(6,000	)		(8,000	)
	Net Income available to common stockholders and unit holders	$	249,000		$	274,000		$	261,500
	Depreciation and amortization		224,250			234,500			229,375
	Adjustments for noncontrolling interest		(10,000	)		(8,000	)		(9,000	)
	FFO available to common stockholders and unit holders	$	463,250		$	500,500		$	481,875
	Right of use amortization		–			500			250
	Non-cash lease expense		3,500			4,500			4,000
	Pension settlement charge		1,500			1,750			1,625
	Other gains and (losses), net		500			1,750			1,125
	Adjustments for noncontrolling interest		(3,000	)		(2,000	)		(2,500	)
	Amortization of deferred financing costs		9,500			11,500			10,500
	Amortization of debt discounts and premiums		2,500			3,500			3,000
	Deferred Taxes		12,000			13,500			12,750
	Adjusted FFO available to common stockholders and unit holders	$	489,750		$	535,500		$	512,625

	Diluted income per share available to common stockholders	$	4.01		$	4.33		$	4.17
	Adjusted FFO available to common stockholders and unit holders per diluted share	$	7.69		$	8.33		$	8.01

	Estimated diluted shares outstanding to common stockholders (in millions)		64.6			64.6			64.6
	Estimated diluted shares outstanding to common stockholders and unit holders (in millions)		65.0			65.0			65.0

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