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  4. [8-K] Ryman Hospitality Properties, Inc. Reports Material Event

Ryman Hospitality Properties, Inc. reported $2.6B in revenue and $243.4M in net income for fiscal 2025. See the full RHP financial statements: income statement, balance sheet, cash flow and ratios, each column linked to its SEC filing.

Ryman buys $1.38B Orlando resorts, lifts 2026 view

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Ryman Hospitality Properties, Inc. (RHP) announced that subsidiary RHP Property GLO, LLC closed the acquisition of the JW Marriott Orlando Grande Lakes Resort and The Ritz-Carlton Orlando, Grande Lakes for an aggregate purchase price of approximately $1.38 billion. The price was funded through an underwritten offering of 5,865,000 common shares at $117.00 per share, a private placement of $700 million 6.250% senior notes due 2035, and cash on hand.

Grande Lakes Orlando spans more than 400 acres and includes a 1,010-room JW Marriott, a 582-room Ritz-Carlton, about 320,000 square feet of meeting and event space, a waterpark, spa & fitness center, 14 food and beverage outlets, and an 18-hole Greg Norman–designed golf course. For 2026, Ryman now guides Grande Lakes Orlando to operating income of $11–14 million and Adjusted EBITDAre of $30–35 million.

Ryman updated its full-year 2026 outlook to include the expected contribution from Grande Lakes Orlando. Consolidated operating income guidance is now $554.8–571.0 million (midpoint $562.9 million), and consolidated Adjusted EBITDAre guidance is $908.0–945.0 million (midpoint $926.5 million), each $12.5 million and $32.5 million higher at the midpoints than prior guidance.

Positive

  • Acquisition adds meaningful EBITDA: 2026 guidance now assumes Grande Lakes Orlando contributes midpoint $32.5 million of Adjusted EBITDAre, lifting consolidated Adjusted EBITDAre midpoint from $894.0 million to $926.5 million and Adjusted FFO midpoint by $17.0 million to $621.5 million.

Negative

  • None.

Filing Explained

The acquisition is complete, while revised 2026 diluted EPS guidance falls to $3.93.

As of September 1, 2026, the acquisition was completed, and the company had issued 5,865,000 common shares to help fund it.

Under the supplied dilution definition, issuing additional shares increases total shares and reduces an existing holder’s percentage ownership absent offsetting changes.

Revised 2026 guidance lowers diluted income per share midpoint and Adjusted FFO per diluted share/unit midpoint, even as aggregate operating income and Adjusted EBITDAre guidance rises.

The company says it does not expect to update this guidance before next quarter’s earnings release, but may revise or withdraw it earlier.

Item 2.01 Completion of Acquisition or Disposition of Assets Financial
The company completed a significant acquisition or sale of business assets.
Item 7.01 Regulation FD Disclosure Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Grande Lakes Orlando purchase price $1.38 billion Aggregate purchase price for JW Marriott Orlando Grande Lakes and The Ritz-Carlton Orlando, Grande Lakes
Common shares issued in offering 5,865,000 shares at $117.00 per share Underwritten registered public offering used to help fund the acquisition
Senior notes private placement $700 million, 6.250% senior notes due 2035 Debt financing component for the Grande Lakes Orlando acquisition
2026 consolidated Adjusted EBITDAre guidance range $908.0–945.0 million Full-year 2026 guidance including Grande Lakes Orlando; midpoint $926.5 million
Grande Lakes Orlando 2026 Adjusted EBITDAre $30.0–35.0 million Full-year 2026 guidance for the acquired property; midpoint $32.5 million
2026 Adjusted FFO guidance midpoint $621.5 million Adjusted FFO available to common stockholders and unit holders for full-year 2026
2026 net income per diluted share guidance $3.90–3.95 Net income available to common stockholders per diluted share for full-year 2026; midpoint $3.93
Estimated diluted shares outstanding 2026 70.7 million Estimated weighted average shares outstanding - diluted for full-year 2026 guidance
RevPAR financial
"We calculate revenue per available room (“RevPAR”) for our hotels by dividing"
RevPAR, or revenue per available room, is a measure used in the hotel industry to show how much money a hotel earns from each of its rooms over a certain period. It helps investors understand how well a hotel is performing financially, similar to how a store's sales per square foot reveal its profitability. Higher RevPAR indicates better use of resources and stronger financial health.
Total RevPAR financial
"We calculate total revenue per available room (“Total RevPAR”) for our hotels by"
Total revenue per available room (total revpar) measures how much money a hotel earns from all its rooms during a specific period, considering both occupied and vacant rooms. It helps investors understand the overall revenue generated by a hotel's entire inventory, similar to how a store's total sales reflect its overall performance. This metric is important because it shows the hotel's ability to maximize income from its available space, regardless of how many rooms are booked.
Adjusted EBITDAre financial
"Adjusted EBITDAre is then calculated as EBITDAre, plus to the extent the"
Adjusted EBITDA is a measure of a company's earnings that shows its profitability by focusing on core operations, excluding certain expenses or income that are unusual or not part of normal business activities. It provides investors with a clearer picture of how well the company is performing day-to-day, much like evaluating a restaurant's regular sales without counting special event or one-time expenses. This helps investors compare companies more fairly and assess their ongoing financial health.
Funds From Operations financial
"We calculate FFO, which definition is clarified by NAREIT in its"
Funds from operations (FFO) measures the cash a real estate-focused company generates from its core property operations by adjusting net income to add back non-cash expenses like building depreciation and removing one-time gains or losses from property sales. Investors use FFO like a household’s monthly take-home pay—it's a clearer view of ongoing cash available to pay dividends, maintain properties and fund growth than raw accounting profit.
non-GAAP financial measures financial
"We present the following non-GAAP financial measures we believe are useful to"
Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.
if-converted method financial
"Net income available to common stockholders - if-converted method"
An accounting rule used when calculating diluted earnings per share that imagines what would happen if all convertible securities—like convertible bonds, preferred shares, or options—had already been turned into common stock. It adjusts the company’s reported profit per share downward to show how earnings would be shared if ownership were spread across a larger number of shares, similar to checking how a pie’s slice size changes if more people join the table. This matters to investors because it reveals a more conservative view of each share’s claim on profits and potential future ownership dilution.

FAQ

What major transaction did Ryman Hospitality Properties (RHP) announce on September 1, 2026?
Ryman Hospitality Properties closed the acquisition of Grande Lakes Orlando, consisting of the JW Marriott Orlando Grande Lakes and The Ritz-Carlton Orlando, Grande Lakes, for an aggregate purchase price of approximately $1.38 billion, effective September 1, 2026.

How did RHP finance the $1.38 billion Grande Lakes Orlando acquisition?
RHP financed the approximately $1.38 billion Grande Lakes Orlando purchase with the net proceeds of an underwritten public offering of 5,865,000 common shares at $117.00 per share, a private placement of $700 million 6.250% senior notes due 2035, and cash on hand.

What is RHP’s updated 2026 consolidated Adjusted EBITDAre guidance after the acquisition?
For full-year 2026, Ryman guides consolidated Adjusted EBITDAre to a range of $908.0–945.0 million, with a midpoint of $926.5 million, compared with the prior midpoint of $894.0 million, reflecting the expected contribution from Grande Lakes Orlando.

What 2026 operating income and Adjusted EBITDAre does RHP expect from Grande Lakes Orlando?
For 2026, Ryman expects Grande Lakes Orlando to generate operating income of $11.0–14.0 million (midpoint $12.5 million) and Adjusted EBITDAre of $30.0–35.0 million (midpoint $32.5 million).

How did RHP’s 2026 Adjusted FFO guidance change with the Grande Lakes Orlando acquisition?
Adjusted FFO available to common stockholders and unit holders for 2026 is now guided to $606.8–636.3 million, midpoint $621.5 million, up from the prior midpoint of $604.5 million, an increase of $17.0 million at the midpoint.

What is RHP’s updated 2026 net income per diluted share guidance?
Ryman now expects 2026 net income available to common stockholders per diluted share of $3.90–3.95, midpoint $3.93, compared with prior guidance of $4.10–4.11, midpoint $4.11.

How many diluted shares does RHP assume in its updated 2026 guidance?
The updated 2026 outlook assumes estimated weighted average diluted shares outstanding of 70.7 million and weighted average diluted shares and OP units of 71.1 million, versus prior guidance that assumed 68.4 million diluted shares and 68.8 million diluted shares and OP units.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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false 0001040829 0001040829 2026-09-01 2026-09-01 iso4217:USD xbrli:shares iso4217:USD xbrli:shares

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

 

FORM 8-K

 

 

 

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): September 1, 2026

 

 

 

RYMAN HOSPITALITY PROPERTIES, INC.

(Exact name of registrant as specified in its charter)

 

 

 

Delaware   1-13079   73-0664379

(State or other jurisdiction

of incorporation)

  

(Commission

File Number)

  

(I.R.S. Employer

Identification No.)

 

 

One Gaylord Drive
Nashville, Tennessee

 37214  
  (Address of principal executive offices) (Zip Code)  

 

Registrant’s telephone number, including area code: (615) 316-6000

 

(Former name or former address, if changed since last report)

 

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

  Securities registered pursuant to Section 12(b) of the Act:

  

Title of Each Class   Trading Symbol(s)   Name of Each Exchange on
Which Registered
Common Stock, par value $.01   RHP   New York Stock Exchange

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2).

 

Emerging growth company  ¨

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ¨

 

 

 

 

 

 

ITEM 2.01.COMPLETION OF ACQUISITION OR DISPOSITION OF ASSETS.

 

On September 1, 2026, a subsidiary of Ryman Hospitality Properties, Inc. (the “Company”), RHP Property GLO, LLC (“Buyer”), completed the previously announced purchase of the JW Marriott Orlando Grande Lakes Resort and The Ritz-Carlton Orlando, Grande Lakes located in Orlando, Florida (collectively, the “Grande Lakes Acquisition”), pursuant to an Agreement of Purchase and Sale (the “Purchase Agreement”) with GLO Hotel Owner LLC. The aggregate purchase price paid by Buyer was approximately $1.38 billion, which was funded with the net proceeds of an underwritten registered public offering of 5,865,000 shares of common stock of the Company at a public offering price of $117.00 per share, which closed on August 12, 2026, a private placement of $700 million aggregate principal amount of 6.250% senior notes due 2035, which closed on August 25, 2026, and cash on hand.

 

The foregoing description of the Purchase Agreement and the transactions pursuant thereto does not purport to be and is not complete and is subject to and qualified in its entirety by reference to the full text of the Purchase Agreement, which was filed as Exhibit 10.1 to the Company’s Current Report on Form 8-K, filed with the Securities and Exchange Commission on August 10, 2026, and is incorporated herein by reference.

 

ITEM 7.01REGULATION FD DISCLOSURE.

 

On September 1, 2026, the Company issued a press release announcing the closing of the Grande Lakes Acquisition and revising guidance for certain financial measures for 2026. A copy of the press release is furnished herewith as Exhibit 99.1 and is incorporated herein by reference.

 

The information furnished under Item 7.01 in this Current Report on Form 8-K shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section and shall not be deemed incorporated by reference in any filing made by the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as set forth by specific reference herein or in such filing.

 

ITEM 9.01FINANCIAL STATEMENTS AND EXHIBITS.

 

(d)Exhibits

 

99.1Press Release of Ryman Hospitality Properties, Inc. dated September 1, 2026.

 

104Cover Page Interactive Data File (embedded within the Inline XBRL document).

 

 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

  RYMAN HOSPITALITY PROPERTIES, INC.
 
Date: September 1, 2026 By: /s/ Scott J. Lynn
  Name: Scott J. Lynn
  Title: Executive Vice President, General Counsel and Secretary

 

 

 

 

Exhibit 99.1

 

 

Ryman Hospitality Properties, Inc. Closes Acquisition of Grande Lakes Orlando Resort and Updates 2026 Outlook

 

NASHVILLE, Tenn. (September 1, 2026) – Ryman Hospitality Properties, Inc. (NYSE: RHP) (“Ryman” or the “Company”), a lodging real estate investment trust (“REIT”) specializing in group-oriented, upscale convention center resorts and entertainment experiences, announced today it has closed the previously announced acquisition of Grande Lakes Orlando Resort (“Grande Lakes Orlando”) in Orlando, Florida.

 

Mark Fioravanti, President and Chief Executive Officer of Ryman Hospitality Properties, said, “I want to thank the Ryman team for their dedication and execution in successfully completing this acquisition. I also want to recognize Trinity Investments for their collaboration throughout the transaction. The addition of Grande Lakes Orlando represents a compelling strategic fit for Ryman. This property expands our group customer rotation opportunities and further strengthens our position in the nation’s largest meetings market, which we believe will enhance our ability to generate sustainable growth and long-term shareholder value.”

 

Set on more than 400 acres, Grande Lakes Orlando is one of the largest resorts in the greater Orlando area and includes two hotels, a 1,010-room JW Marriott and a 582-room Ritz-Carlton. Grande Lakes Orlando features approximately 320,000 square feet of meeting and event space and an array of world-class amenities, including the Ritz-Carlton spa & fitness center; 14 food and beverage outlets; the Grande Lakes Waterpark; and a Greg Norman-designed 18-hole golf course at The Ritz-Carlton Golf & Tennis Club, home of the PNC Championship. The purchase price for the acquisition, subject to certain purchase price adjustments, totaled approximately $1.38 billion.

 

 

 

 

2026 Guidance

 

The Company is updating its 2026 business performance outlook to include the expected contribution from Grande Lakes Orlando based on information available as of September 1, 2026. The Company does not expect to update the guidance provided below before next quarter’s earnings release. However, the Company may update or withdraw its full business outlook or any portion thereof at any time for any reason.

 

   Guidance Range   Prior Guidance Range     
(in millions, except per share figures)  For Full Year 2026 (1)   Full Year 2026 (2)   Change to 
   Low   High   Midpoint   Low   High   Midpoint   Midpoint 
Same-store Hospitality RevPAR growth(3)   3.50%   4.50%   4.00%   3.50%   4.50%   4.00%   -%
Same-store Hospitality Total RevPAR growth(3)   3.50%   4.50%   4.00%   3.50%   4.50%   4.00%   -%
                                    
Operating income:                                   
Hospitality (same-store) (3)  $484.5   $489.5   $487.0   $484.5   $489.5   $487.0   $- 
JW Marriott Desert Ridge   35.0    37.0    36.0    35.0    37.0    36.0    - 
Grande Lakes Orlando   11.0    14.0    12.5    N/A    N/A    N/A    12.5 
Entertainment   74.8    79.5    77.1    74.8    79.5    77.1    - 
Corporate and Other   (50.5)   (49.0)   (49.8)   (50.5)   (49.0)   (49.8)   - 
Consolidated operating income  $554.8   $571.0   $562.9   $543.8   $557.0   $550.4   $12.5 
                                    
Adjusted EBITDAre:                                   
Hospitality (same-store) (3)  $728.0   $742.0   $735.0   $728.0   $742.0   $735.0   $- 
JW Marriott Desert Ridge   69.0    73.0    71.0    69.0    73.0    71.0    - 
Grande Lakes Orlando   30.0    35.0    32.5    N/A    N/A    N/A    32.5 
Entertainment   120.0    130.0    125.0    120.0    130.0    125.0    - 
Corporate and Other   (39.0)   (35.0)   (37.0)   (39.0)   (35.0)   (37.0)   - 
Consolidated Adjusted EBITDAre  $908.0   $945.0   $926.5   $878.0   $910.0   $894.0   $32.5 
                                    
Net income  $276.0   $283.5   $279.8   $280.5   $285.5   $283.0   $(3.3)
Net income available to common stockholders  $266.0   $271.5   $268.8   $270.5   $273.5   $272.0   $(3.3)
                                    
FFO available to common stockholders and unit holders  $580.0   $601.0   $590.5   $565.5   $582.0   $573.8   $16.8 
Adjusted FFO available to common stockholders and unit holders  $606.8   $636.3   $621.5   $592.3   $616.8   $604.5   $17.0 
                                    
Net income available to common stockholders per diluted share (4)  $3.90   $3.95   $3.93   $4.10   $4.11   $4.11   $(0.18)
Adjusted FFO available to common stockholders and unit holders per diluted share/unit (4)  $8.90   $9.26   $9.08   $8.98   $9.28   $9.13   $(0.05)
                                    
Weighted average shares outstanding - diluted (4)   70.7    70.7    70.7    68.4    68.4    68.4    2.3 
Weighted average shares and OP units outstanding - diluted (4)   71.1    71.1    71.1    68.8    68.8    68.8    2.3 

 

 

(1)Includes JW Marriott Desert Ridge and Grande Lakes Orlando, except as otherwise noted. Amounts are calculated based on unrounded numbers.

(2)Includes JW Marriott Desert Ridge, except as otherwise noted. Amounts are calculated based on unrounded numbers.

(3)Same-store Hospitality excludes JW Marriott Desert Ridge, which was acquired June 10, 2025 and Grande Lakes Orlando, which was acquired September 1, 2026.

(4)Includes shares related to the currently unexercisable investor put rights associated with the noncontrolling interest in the Company’s OEG business, which may be settled in cash or shares at the Company’s option.

 

Note: For reconciliations of Consolidated Adjusted EBITDAre guidance to Net Income, segment-level Adjusted EBITDAre to segment-level Operating Income, and FFO and Adjusted FFO available to common stockholders and unit holders to Net Income available to common stockholders, see “Reconciliation of Forward-Looking Statements.”

 

 

 

 

About Ryman Hospitality Properties, Inc.

 

Ryman Hospitality Properties, Inc. (NYSE: RHP) is a leading lodging and hospitality real estate investment trust that specializes in group-oriented, 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 Grande Lakes Orlando Resort, the JW Marriott Phoenix Desert Ridge Resort & Spa and the JW Marriott San Antonio Hill Country Resort & Spa as well as two ancillary hotels adjacent to the Company’s Gaylord Hotels properties. The Company’s hotel portfolio is managed by Marriott International and includes a combined total of 13,956 rooms as well as more than 3 million square feet of total indoor and outdoor meeting space in top convention and leisure destinations across the country. RHP also owns an approximate 70% controlling ownership interest in Opry Entertainment Group (OEG), which is composed of entities owning a growing collection of iconic and emerging country music brands, including the Grand Ole Opry; Ryman Auditorium; WSM 650 AM; Ole Red; Category 10; Nashville-area attractions; 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. OEG manages select outdoor live music venues, including Ascend Federal Credit Union Amphitheater in Nashville and CCNB Amphitheatre in Simpsonville, South Carolina. OEG also owns a majority interest in Southern Entertainment, a leading festival and events business. RHP operates OEG as its Entertainment segment in a taxable REIT subsidiary, and its results are consolidated in the Company’s financial results.

 

Cautionary Note Regarding Forward-Looking Statements

 

This press release contains statements as to the Company’s beliefs and expectations of the outcome of future events that are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. You can identify these statements by the fact that they do not relate strictly to historical or current facts. Examples of these statements include, but are not limited to, statements regarding the integration of Grande Lakes Orlando and the Company’s expectations for Grande Lakes Orlando, including the Company’s expectations regarding the revised guidance ranges for the full year 2026. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the statements made. These risks and uncertainties include the risks and uncertainties associated with the Company’s integration of Grande Lakes Orlando, the financial performance of Grande Lakes Orlando for the remainder of the 2026 calendar year, and ability to identify and capture strategic and operational benefits at Grande Lakes Orlando. 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, 2025, the Company’s Quarterly Reports on Form 10-Q for the quarterly periods ended March 31, 2026 and June 30, 2026, and subsequent filings, including the Current Report on Form 8-K on August 10, 2026. Except as required by law, the Company does not undertake any obligation to release publicly any revisions to forward-looking statements made by it to reflect events or circumstances occurring after the date hereof or the occurrence of unanticipated events.

 

 

 

 

Additional Information

 

This release should be read in conjunction with the consolidated financial statements and notes thereto included in our most recent Annual Report on Form 10-K. Copies of our reports are available on our website at no expense at www.rymanhp.com and through the SEC’s Electronic Data Gathering Analysis and Retrieval System (“EDGAR”) at www.sec.gov.

 

Calculation of RevPAR and Total 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 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 to calculate Adjusted EBITDAre, Excluding Noncontrolling Interest.

 

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

 

Adjusted EBITDAre Margin and Adjusted EBITDAre, Excluding Noncontrolling Interest Margin Definition

 

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

 

FFO, Adjusted FFO, and Adjusted FFO Available to Common Stockholders and Unit Holders 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 from unconsolidated joint ventures.

 

To calculate Adjusted FFO available to common stockholders and unit holders, we then exclude, to the extent the following adjustments occurred during the periods presented:

 

·right-of-use asset amortization;

 

·impairment charges that do not meet the NAREIT definition above;

 

 

 

 

·write-offs of deferred financing costs;

 

·amortization of debt discounts or premiums and amortization of deferred financing costs;

 

·loss on extinguishment of debt;

 

·non-cash lease expense;

 

·credit loss on held-to-maturity securities;

 

·pension settlement charges;

 

·additional pro rata adjustments from unconsolidated joint ventures;

 

·(gains) losses on other assets;

 

·transaction costs of acquisitions;

 

·deferred income tax expense (benefit); and

 

·any other adjustments we have identified herein.

 

FFO available to common stockholders and unit holders and Adjusted FFO available to common stockholders and unit holders exclude the ownership portion of the joint ventures not controlled or owned by the Company.

 

We present Adjusted FFO available to common stockholders and unit holders per diluted share/unit as a non-GAAP measure of our performance in addition to net income available to common stockholders per diluted share (calculated in accordance with GAAP). We calculate Adjusted FFO available to common stockholders and unit holders per diluted share/unit as Adjusted FFO (defined as set forth above) for a given operating period, as adjusted for the effect of dilutive securities, divided by the number of diluted shares and units outstanding during such period.

 

We believe that the presentation of these non-GAAP financial measures provides useful information to investors regarding the performance of our ongoing operations because each presents a measure of our operations without regard to specified non-cash items such as real estate depreciation and amortization, gain or loss on sale of assets and certain other items, which we believe are not indicative of the performance of our underlying hotel properties. We believe that these items are more representative of our asset base than our ongoing operations. We also use these non-GAAP financial measures as measures in determining our results after considering the impact of our capital structure.

 

We caution investors that non-GAAP financial measures we present may not be comparable to similar measures disclosed by other companies, because not all companies calculate these non-GAAP measures in the same manner. The non-GAAP financial measures we present, and any related per share measures, should not be considered as alternative measures of our net income, operating performance, cash flow or liquidity. These non-GAAP financial measures may include funds that may not be available for our discretionary use due to functional requirements to conserve funds for capital expenditures and property acquisitions and other commitments and uncertainties. Although we believe that these non-GAAP financial measures can enhance an investor’s understanding of our results of operations, these non-GAAP financial measures, when viewed individually, are not necessarily better indicators of any trend as compared to GAAP measures such as net income, operating income, or cash flow from operations.

 

 

 

 

Investor Relations Contacts:

Mark Fioravanti, President and Chief Executive Officer

(615) 316-6588

mfioravanti@rymanhp.com

 

Jennifer Hutcheson, Chief Financial Officer

(615) 316-6320

jhutcheson@rymanhp.com

 

Sarah Martin, Vice President, Investor Relations

(615) 316-6011

sarah.martin@rymanhp.com

Media Contact:

Shannon Sullivan, Vice President, Corporate and Brand Communications

(615) 316-6725

ssullivan@rymanhp.com

 

 

 

 

Ryman Hospitality Properties, Inc. and Subsidiaries

Reconciliation of Forward-Looking Statements

Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (“Adjusted EBITDAre”)

Unaudited

($ in thousands, except per share data)

 

   Guidance Range 
   For Full Year 2026(1) 
   Low   High   Midpoint 
Consolidated:               
Net income  $276,000   $283,500   $279,750 
Provision for income taxes   12,500    14,500    13,500 
Interest expense, net   262,250    269,500    265,875 
Depreciation and amortization   325,500    339,000    332,250 
EBITDAre  $876,250   $906,500   $891,375 
Non-cash lease expense   2,750    4,000    3,375 
Preopening costs   4,500    5,500    5,000 
Equity-based compensation expense   15,000    17,000    16,000 
Pension settlement charge   4,000    4,500    4,250 
Interest income on Gaylord National bonds   3,500    4,500    4,000 
Loss on extinguishment of debt   2,000    3,000    2,500 
Adjusted EBITDAre  $908,000   $945,000   $926,500 
                
Hospitality segment:               
Operating income  $530,500   $540,500   $535,500 
Depreciation and amortization   287,000    297,000    292,000 
Non-cash lease expense   3,000    4,000    3,500 
Interest income on Gaylord National bonds   3,500    4,500    4,000 
Other gains and (losses), net   3,000    4,000    3,500 
Adjusted EBITDAre  $827,000   $850,000   $838,500 
                
Hospitality segment (same-store)(2)               
Operating income  $484,500   $489,500   $487,000 
Depreciation and amortization   234,000    240,000    237,000 
Non-cash lease expense   3,000    4,000    3,500 
Interest income on Gaylord National bonds   3,500    4,500    4,000 
Other gains and (losses), net   3,000    4,000    3,500 
Adjusted EBITDAre  $728,000   $742,000   $735,000 
                
JW Marriott Desert Ridge               
Operating income  $35,000   $37,000   $36,000 
Depreciation and amortization   34,000    36,000    35,000 
Adjusted EBITDAre  $69,000   $73,000   $71,000 
                
Grande Lakes Orlando               
Operating income  $11,000   $14,000   $12,500 
Depreciation and amortization   19,000    21,000    20,000 
Adjusted EBITDAre  $30,000   $35,000   $32,500 
                
Entertainment segment:               
Operating income  $74,750   $79,500   $77,125 
Depreciation and amortization   36,500    39,500    38,000 
Non-cash lease revenue   (250)   –    (125)
Preopening costs   4,500    5,500    5,000 
Equity-based compensation   4,500    5,500    5,000 
Adjusted EBITDAre  $120,000   $130,000   $125,000 
                
Corporate and Other segment:               
Operating loss  $(50,500)  $(49,000)  $(49,750)
Depreciation and amortization   2,000    2,500    2,250 
Equity-based compensation   10,500    11,500    11,000 
Pension settlement charge   4,000    4,500    4,250 
Other gains and (losses), net   (5,000)   (4,500)   (4,750)
Adjusted EBITDAre  $(39,000)  $(35,000)  $(37,000)

 

 

(1)Includes JW Marriott Desert Ridge and Grande Lakes Orlando, except as otherwise noted. Amounts are calculated based on unrounded numbers.

(2)Same-store Hospitality excludes JW Marriott Desert Ridge, which was acquired June 10, 2025 and Grande Lakes Orlando, which was acquired September 1, 2026.

 

 

 

 

Ryman Hospitality Properties, Inc. and Subsidiaries

Reconciliation of Forward-Looking Statements

Funds From Operations (“FFO”) and Adjusted FFO

Unaudited

($ in thousands, except per share data)

 

   Guidance Range 
   For Full Year 2026(1) 
   Low   High   Midpoint 
Consolidated:               
Net income available to common stockholders  $266,000   $271,500   $268,750 
Noncontrolling interest in OP units   1,000    2,000    1,500 
Net income available to common stockholders and unit holders  $267,000   $273,500   $270,250 
Depreciation and amortization   325,500    339,000    332,250 
Adjustments for noncontrolling interest   (12,500)   (11,500)   (12,000)
FFO available to common stockholders and unit holders  $580,000   $601,000   $590,500 
Right-of-use asset amortization   –    500    250 
Non-cash lease expense   2,750    4,000    3,375 
Pension settlement charge   4,000    4,500    4,250 
Loss on extinguishment of debt   2,000    3,000    2,500 
Adjustments for noncontrolling interest   (5,000)   (4,000)   (4,500)
Amortization of deferred financing costs   13,000    14,500    13,750 
Amortization of debt discounts and premiums   1,500    2,500    2,000 
Deferred tax provision   8,500    10,250    9,375 
Adjusted FFO available to common stockholders and unit holders  $606,750   $636,250   $621,500 
                
Net income available to common stockholders per diluted share (2)  $3.90   $3.95   $3.93 
Adjusted FFO available to common stockholders and unit holders per diluted share/unit (2)  $8.90   $9.26   $9.08 
                
Estimated weighted average shares outstanding - diluted (in millions) (2)   70.7    70.7    70.7 
Estimated weighted average shares and OP units outstanding - diluted (in millions) (2)   71.1    71.1    71.1 

 

 

(1)Includes JW Marriott Desert Ridge and Grande Lakes Orlando. Amounts are calculated based on unrounded numbers.

(2)Includes the impact of approximately 5.9 million shares issued August 12, 2026. Includes equivalent shares related to the currently unexercisable investor put rights associated with the noncontrolling interest in the Company’s OEG business, which may be settled in cash or shares at the Company’s option.

 

 

 

 

Ryman Hospitality Properties, Inc. and Subsidiaries

Reconciliation of Forward-Looking Statements

Earnings Per Share and Adjusted FFO Per Share

Unaudited

($ in thousands, except per share data)

 

   Guidance Range 
   For Full Year 2026 
   Low   High   Midpoint 
Earnings per share:               
Numerator:               
Net income available to common stockholders  $266,000   $271,500   $268,750 
Net income attributable to noncontrolling interest in OEG   10,000    8,000    9,000 
Net income available to common stockholders - if-converted method  $276,000   $279,500   $277,750 
                
Denominator:               
Estimated weighted average shares outstanding - diluted (in millions) (1)   70.7    70.7    70.7 
                
Diluted income per share available to common stockholders  $3.90   $3.95   $3.93 
                
Adjusted FFO per share:               
Numerator:               
Adjusted FFO available to common stockholders and unit holders  $606,750   $636,250   $621,500 
Net income attributable to noncontrolling interest in OEG   10,000    8,000    9,000 
FFO adjustments for noncontrolling interest in OEG   11,000    10,000    10,500 
Adjusted FFO Adjustments for noncontrolling interest in OEG   5,000    4,000    4,500 
Adjusted FFO available to common stockholders and unit holders - if-converted method  $632,750   $658,250   $645,500 
                
Denominator:               
Estimated weighted average shares and OP units outstanding - diluted (in millions) (1)   71.1    71.1    71.1 
                
Adjusted FFO available to common stockholders and unit holders per diluted share/unit  $8.90   $9.26   $9.08 

 

 

(1)Includes the impact of approximately 5.9 million shares issued August 12, 2026. Includes equivalent shares related to the currently unexercisable investor put rights associated with the noncontrolling interest in the Company’s OEG business, which may be settled in cash or shares at the Company’s option.

 

 

 

 

Ryman Hospitality Properties, Inc. and Subsidiaries

Reconciliation of Forward-Looking Statements

Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (“Adjusted EBITDAre”)

Unaudited

($ in thousands, except per share data)

 

   Prior Guidance Range 
   For Full Year 2026(1) 
   Low   High   Midpoint 
Consolidated:               
Net income  $280,500   $285,500   $283,000 
Provision for income taxes   13,000    14,500    13,750 
Interest expense, net   246,250    253,500    249,875 
Depreciation and amortization   306,500    318,000    312,250 
EBITDAre  $846,250   $871,500   $858,875 
Non-cash lease expense   2,750    4,000    3,375 
Preopening costs   4,500    5,500    5,000 
Equity-based compensation expense   15,000    17,000    16,000 
Pension settlement charge   4,000    4,500    4,250 
Interest income on Gaylord National bonds   3,500    4,500    4,000 
Loss on extinguishment of debt   2,000    3,000    2,500 
Adjusted EBITDAre  $878,000   $910,000   $894,000 
                
Hospitality segment:               
Operating income  $519,500   $526,500   $523,000 
Depreciation and amortization   268,000    276,000    272,000 
Non-cash lease expense   3,000    4,000    3,500 
Interest income on Gaylord National bonds   3,500    4,500    4,000 
Other gains and (losses), net   3,000    4,000    3,500 
Adjusted EBITDAre  $797,000   $815,000   $806,000 
                
Hospitality segment (same-store)(2)               
Operating income  $484,500   $489,500   $487,000 
Depreciation and amortization   234,000    240,000    237,000 
Non-cash lease expense   3,000    4,000    3,500 
Interest income on Gaylord National bonds   3,500    4,500    4,000 
Other gains and (losses), net   3,000    4,000    3,500 
Adjusted EBITDAre  $728,000   $742,000   $735,000 
                
JW Marriott Desert Ridge               
Operating income  $35,000   $37,000   $36,000 
Depreciation and amortization   34,000    36,000    35,000 
Adjusted EBITDAre  $69,000   $73,000   $71,000 
                
Entertainment segment:               
Operating income  $74,750   $79,500   $77,125 
Depreciation and amortization   36,500    39,500    38,000 
Non-cash lease revenue   (250)   –    (125)
Preopening costs   4,500    5,500    5,000 
Equity-based compensation   4,500    5,500    5,000 
Adjusted EBITDAre  $120,000   $130,000   $125,000 
                
Corporate and Other segment:               
Operating loss  $(50,500)  $(49,000)  $(49,750)
Depreciation and amortization   2,000    2,500    2,250 
Equity-based compensation   10,500    11,500    11,000 
Pension settlement charge   4,000    4,500    4,250 
Other gains and (losses), net   (5,000)   (4,500)   (4,750)
Adjusted EBITDAre  $(39,000)  $(35,000)  $(37,000)

 

 

(1)Includes JW Marriott Desert Ridge, except as otherwise noted. Amounts are calculated based on unrounded numbers.

(2)Same-store Hospitality excludes JW Marriott Desert Ridge, which was acquired June 10, 2025.

 

 

 

 

Ryman Hospitality Properties, Inc. and Subsidiaries

Reconciliation of Forward-Looking Statements

Funds From Operations (“FFO”) and Adjusted FFO

Unaudited

($ in thousands, except per share data)

 

   Prior Guidance Range 
   For Full Year 2026(1) 
   Low   High   Midpoint 
Consolidated:               
Net income available to common stockholders  $270,500   $273,500   $272,000 
Noncontrolling interest in OP units   1,000    2,000    1,500 
Net income available to common stockholders and unit holders  $271,500   $275,500   $273,500 
Depreciation and amortization   306,500    318,000    312,250 
Adjustments for noncontrolling interest   (12,500)   (11,500)   (12,000)
FFO available to common stockholders and unit holders  $565,500   $582,000   $573,750 
Right-of-use asset amortization   –    500    250 
Non-cash lease expense   2,750    4,000    3,375 
Pension settlement charge   4,000    4,500    4,250 
Loss on extinguishment of debt   2,000    3,000    2,500 
Adjustments for noncontrolling interest   (5,000)   (4,000)   (4,500)
Amortization of deferred financing costs   12,500    14,000    13,250 
Amortization of debt discounts and premiums   1,500    2,500    2,000 
Deferred tax provision   9,000    10,250    9,625 
Adjusted FFO available to common stockholders and unit holders  $592,250   $616,750   $604,500 
                
Net income available to common stockholders per diluted share (2)  $4.10   $4.11   $4.11 
Adjusted FFO available to common stockholders and unit holders per diluted share/unit (2)  $8.98   $9.28   $9.13 
                
Estimated weighted average shares outstanding - diluted (in millions) (2)   68.4    68.4    68.4 
Estimated weighted average shares and OP units outstanding - diluted (in millions) (2)   68.8    68.8    68.8 

 

 

(1)Includes JW Marriott Desert Ridge. Amounts are calculated based on unrounded numbers.

(2)Includes equivalent shares related to the currently unexercisable investor put rights associated with the noncontrolling interest in the Company’s OEG business, which may be settled in cash or shares at the Company’s option.

 

 

 

 

Ryman Hospitality Properties, Inc. and Subsidiaries

Reconciliation of Forward-Looking Statements

Earnings Per Share and Adjusted FFO Per Share

Unaudited

($ in thousands, except per share data)

 

   Prior Guidance Range 
   For Full Year 2026 
   Low   High   Midpoint 
Earnings per share:               
Numerator:               
Net income available to common stockholders  $270,500   $273,500   $272,000 
Net income attributable to noncontrolling interest in OEG   10,000    8,000    9,000 
Net income available to common stockholders - if-converted method  $280,500   $281,500   $281,000 
                
Denominator:               
Estimated weighted average shares outstanding - diluted (in millions) (1)   68.4    68.4    68.4 
                
Diluted income per share available to common stockholders  $4.10   $4.11   $4.11 
                
Adjusted FFO per share:               
Numerator:               
Adjusted FFO available to common stockholders and unit holders  $592,250   $616,750   $604,500 
Net income attributable to noncontrolling interest in OEG   10,000    8,000    9,000 
FFO adjustments for noncontrolling interest in OEG   11,000    10,000    10,500 
Adjusted FFO Adjustments for noncontrolling interest in OEG   5,000    4,000    4,500 
Adjusted FFO available to common stockholders and unit holders - if-converted method  $618,250   $638,750   $628,500 
                
Denominator:               
Estimated weighted average shares and OP units outstanding - diluted (in millions) (1)   68.8    68.8    68.8 
                
Adjusted FFO available to common stockholders and unit holders per diluted share/unit  $8.98   $9.28   $9.13 

 

 

(1)Includes equivalent shares related to the currently unexercisable investor put rights associated with the noncontrolling interest in the Company’s OEG business, which may be settled in cash or shares at the Company’s option.

 

 

 

Source: View Original Filing on SEC EDGAR

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