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

Rhea-AI Summary

Ryman Hospitality Properties (NYSE: RHP) reported record financial results for Q2 2024.

Key highlights include:

• Net income: $104.7 million, up 49.3% YoY.
• Revenue: $613.3 million, up 21.5% YoY.
• Operating income: $168.1 million, up 37.5% YoY.
• Adjusted EBITDAre: $233.2 million, up 33.5% YoY.
• Significant tax refunds of $9.1 million from Tennessee franchise tax law amendment.
• Refinanced Opry Entertainment Group’s term loan and revolving credit facility, extending maturity dates by two years.
• Record bookings of 781,000 same-store Gross Definite Room Nights for future years.

Guidance for 2024 has been raised for net income, operating income, Adjusted EBITDAre, and adjusted funds from operations (AFFO), primarily due to tax refund benefits and interest expense savings from refinancing.

Positive

• Record second quarter net income of $104.7 million, up 49.3% YoY.
• Record second quarter revenue of $613.3 million, up 21.5% YoY.
• Achieved all-time record operating income of $168.1 million, up 37.5% YoY.
• Adjusted EBITDAre of $233.2 million, up 33.5% YoY.
• Tennessee franchise tax refunds totaling $9.1 million.
• Refinanced $300 million term loan and $80 million revolving credit facility, reducing interest rates and extending maturity dates.
• Record bookings of 781,000 same-store Gross Definite Room Nights for future years.

Negative

• Lowered outlook for same-store Hospitality RevPAR and Total RevPAR growth due to continued leisure transient softness.

Insights

Financial Analyst

As a financial analyst, I find Ryman Hospitality Properties' Q2 2024 results quite impressive. The company achieved record second quarter net income of $104.7 million, up 49.3% year-over-year. This strong performance was driven by record consolidated revenue of $613.3 million, a 21.5% increase from Q2 2023.

A few key highlights stand out:

• All-time record consolidated operating income of $168.1 million, up 37.5% YoY
• Record consolidated Adjusted EBITDAre of $233.2 million, up 33.5% YoY
• Same-store Hospitality RevPAR grew 4.6% to $185.95
• Strong group bookings with over 781,000 room nights booked for future periods

The company's performance demonstrates the strength of its group-oriented business model, even in the face of some leisure travel softness. The raised full-year guidance for key metrics like net income and Adjusted EBITDAre is also encouraging. However, investors should note the lowered outlook for same-store Hospitality RevPAR growth, which could impact near-term performance.

Overall, Ryman appears well-positioned in the hospitality REIT space, with its focus on group travel and conventions providing some insulation from broader leisure travel trends. The company's ability to drive strong ADR growth of 3.8% in Q2 is particularly impressive in the current environment.

Real Estate Investment Analyst

From a real estate investment perspective, Ryman Hospitality Properties' Q2 results demonstrate the strength of its portfolio and business model. The company's focus on large, group-oriented destination hotels in urban and resort markets is paying dividends.

A few key points for REIT investors to consider:

• Same-store Hospitality portfolio achieved record Q2 operating income of $136.4 million and Adjusted EBITDAre of $181.7 million
• Strong ADR growth of 3.8% to $254 for the same-store portfolio
• All-time record banquet and AV revenue, highlighting strength in group business
• Successful completion of first phase of Gaylord Rockies expansion

The company's ability to drive rate growth while maintaining occupancy levels near 73% is impressive. This suggests Ryman's properties remain highly desirable for group customers, who typically book well in advance and are less price-sensitive than leisure travelers.

The raised full-year guidance for Adjusted FFO available to common stockholders and unit holders (now $511.8 million to $543.0 million) is a positive sign for potential dividend growth. With a strong balance sheet and ongoing investments in its portfolio, Ryman appears well-positioned to continue delivering value to shareholders.

However, investors should monitor the impact of ongoing construction and renovation projects, as well as the integration of the recently acquired JW Marriott Hill Country property, which could impact near-term results.

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)
	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

FAQ

What were Ryman Hospitality Properties' Q2 2024 net income results?

Ryman Hospitality Properties reported a record Q2 2024 net income of $104.7 million, a 49.3% increase year-over-year.

What was the Q2 2024 revenue for Ryman Hospitality Properties?

The company reported Q2 2024 revenue of $613.3 million, marking a 21.5% increase year-over-year.

What is Ryman Hospitality Properties' updated 2024 guidance?

Ryman Hospitality Properties raised its 2024 guidance for consolidated net income, operating income, Adjusted EBITDAre, and adjusted funds from operations (AFFO), primarily due to tax refund benefits and interest expense savings from refinancing.

What were the record bookings for Ryman Hospitality Properties in Q2 2024?

The company recorded over 781,000 same-store Gross Definite Room Nights for future years at a record future estimated average daily rate of $284.

What changes were made to Ryman Hospitality Properties' credit facilities?

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, reducing the interest rate spread and extending maturity dates by two years.