NASHVILLE, Tenn., Feb. 22, 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 months and year ended December 31, 2023.

Fourth Quarter 2023 Highlights and Recent Developments:

• The Company generated net income of $169.9 million and net income available to common stockholders of $142.1 million or $2.37 per diluted share.
• Reported all-time quarterly record consolidated revenue of $633.1 million, led by quarterly records in both our same-store Hospitality segment (Hospitality segment excluding JW Marriott San Antonio Hill Country Resort & Spa (“JW Marriott Hill Country”)) and Entertainment segment.
• Same-store Hospitality segment achieved all-time quarterly record operating income of $110.7 million and Adjusted EBITDAre of $156.4 million.
• Entertainment segment achieved operating income of $20.6 million and Adjusted EBITDAre of $30.3 million.
• During the fourth quarter, the Company booked over 1.2 million same-store Gross Definite Room Nights for all future years, at a record average daily rate (ADR) of over $275, an increase of 8.5% over Q4 2022 ADR for future bookings.
• The Company declared a cash dividend of $1.10 per share for the first quarter of 2024.

Full Year 2023 Highlights:

• Reported consolidated revenue of $2.2 billion, an annual record for the Company.
• The Company reported a full year record in operating income of $453.7 million and reported full year record operating income margin of 21.0% for 2023.
• The Company reported record net income of $341.8 million and record Adjusted EBITDAre of $690.7 million.
• Same-store Gross Definite Room Nights Booked in full year 2023 of nearly 2.9 million room nights for all future years, represents a 9.6% increase over 2022.
• The Company declared total 2023 dividends of $3.85 per share; intends to pay aggregate minimum dividends for 2024 of $4.40 per share, subject to the Board’s future determinations.

Mark Fioravanti, President and Chief Executive Officer of Ryman Hospitality Properties, said, “We finished 2023 on a strong note, with numerous records achieved in the fourth quarter and for the full year across our Hospitality and Entertainment businesses. Lead volumes, bookings, and ADR all reached new highs, building on the strong group momentum we have created across our Hospitality business. Our operating results and forward group booking pace support the continued capital investments we are making across our portfolio.”

Fourth Quarter 2023 Results (as compared to Fourth Quarter 2022):

($ in thousands, except per share amounts)	Three Months Ended											Twelve Months Ended
	December 31,											December 31,
		2023				2022			% ∆				2023				2022			% ∆
Total Revenue	$	633,063			$	568,875			11.3%			$	2,158,136			$	1,805,969			19.5%
Operating income	$	123,871			$	116,303			6.5%			$	453,684			$	327,150			38.7%
Operating income margin		19.6%				20.4%			-0.8pt				21.0%				18.1%			2.9pt
Net income (1) (2)	$	169,878			$	61,370			176.8%			$	341,800			$	134,948			153.3%
Net income margin (1) (2)		26.8%				10.8%			16.0pt				15.8%				7.5%			8.3pt
Net income available to common stockholders (1) (2)	$	142,127			$	58,089			144.7%			$	311,217			$	128,993			141.3%
Net income available to common stockholders margin (1) (2)		22.5%				10.2%			12.3pt				14.4%				7.1%			7.3pt
Net income available to common stockholders per diluted share (1) (2) (3)	$	2.37			$	1.03			130.1%			$	5.36			$	2.33			130.0%
Adjusted EBITDAre	$	187,494			$	168,110			11.5%			$	690,745			$	555,854			24.3%
Adjusted EBITDAre margin		29.6%				29.6%			0.0pt				32.0%				30.8%			1.2pt
Adjusted EBITDAre, excluding noncontrolling interest in consolidated joint venture	$	178,411			$	160,277			11.3%			$	660,861			$	540,545			22.3%
Adjusted EBITDAre, excluding noncontrolling interest in consolidated joint venture margin		28.2%				28.2%			0.0pt				30.6%				29.9%			0.7pt
Funds From Operations (FFO) available to common stockholders and unit holders (2)	$	197,293			$	104,864			88.1%			$	517,389			$	335,156			54.4%
FFO available to common stockholders and unit holders per diluted share/unit (2) (3)	$	3.26			$	1.80			81.1%			$	8.85			$	6.01			47.3%
Adjusted FFO available to common stockholders and unit holders	$	125,869			$	113,039			11.4%			$	473,133			$	363,501			30.2%
Adjusted FFO available to common stockholders and unit holders per diluted share/unit (3)	$	2.08			$	1.94			7.2%			$	8.09			$	6.52			24.1%
(1) In September 2023, we determined to pivot from television network ownership in favor of a distribution approach. Therefore, we and our joint venture partner agreed to wind down the Circle joint venture, with operations ceasing December 31, 2023. As a result, we incurred a loss related to Circle of approximately $10.5 million in the twelve months ended December 31, 2023.
(2) The Company recorded a $112.5 million deferred tax benefit in the fourth quarter of 2023 for the release of income tax valuation allowance.
(3) Diluted weighted average common shares for the three months ended December 31, 2022 includes 3.9 million 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: 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 measure 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											Twelve Months Ended
	December 31,											December 31,
		2023				2022			% ∆				2023				2022			% ∆
Hospitality Revenue	$545,156				$484,459				12.5%			$1,833,478				$1,537,974				19.2%
Same-Store Hospitality Revenue (1)	$503,090				$484,459				3.8%			$1,740,665				$1,537,974				13.2%
Hospitality operating income	$115,738				$105,782				9.4%			$421,264				$310,924				35.5%
Hospitality operating income margin		21.2%				21.8%			-0.6pt				23.0%				20.2%			2.8pt
Hospitality Adjusted EBITDAre	$166,714				$150,720				10.6%			$623,160				$512,745				21.5%
Hospitality Adjusted EBITDAre margin		30.6%				31.1%			-0.5pt				34.0%				33.3%			0.7pt
Same-Store Hospitality operating income (1)	$110,659				$105,782				4.6%			$408,081				$310,924				31.2%
Same-Store Hospitality operating income margin (1)		22.0%				21.8%			0.2pt				23.4%				20.2%			3.2pt
Same-Store Hospitality Adjusted EBITDAre (1)	$156,418				$150,720				3.8%			$595,259				$512,745				16.1%
Same-Store Hospitality Adjusted EBITDAre margin (1)		31.1%				31.1%			0.0pt				34.2%				33.3%			0.9pt
Hospitality Performance Metrics
Occupancy		69.8%				72.8%			-3.0pt				71.6%				66.2%			5.4pt
Average Daily Rate (ADR)	$260.81				$254.57				2.5%			$245.74				$236.86				3.7%
RevPAR	$181.97				$185.31				-1.8%			$175.96				$156.71				12.3%
Total RevPAR	$519.15				$505.75				2.6%			$460.12				$404.69				13.7%
Same-Store Hospitality Performance Metrics (1)
Occupancy		70.9%				72.8%			-1.9pt				71.9%				66.2%			5.7pt
Average Daily Rate (ADR)	$259.67				$254.57				2.0%			$243.19				$236.86				2.7%
RevPAR	$184.17				$185.31				-0.6%			$174.92				$156.71				11.6%
Total RevPAR	$525.20				$505.75				3.8%			$458.02				$404.69				13.2%
Gross Definite Rooms Nights Booked		1,235,718				1,037,603			19.1%				2,931,296				2,675,174			9.6%
Net Definite Rooms Nights Booked		1,055,406				810,760			30.2%				2,302,717				1,805,598			27.5%
Group Attrition (as % of contracted block)		14.0%				15.5%			-1.5pt				15.2%				20.6%			-5.4pt
Cancellations ITYFTY (2)		3,249				2,533			28.3%				68,436				205,662			-66.7%
(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: 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 fourth quarter 2023 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

• In the fourth quarter, same-store Hospitality portfolio achieved a record total RevPAR of $525, a 3.8% increase over Q4 2022, driven by record ADR of nearly $260, an increase of 2.0% from Q4 2022.
• In the fourth quarter, Gaylord Opryland set an all-time portfolio total revenue record and Gaylord Texan set an all-time portfolio total RevPAR record for any quarter.
• ICE! programming generated strong results, with over 1.2 million tickets sold.
• Projected room revenues from bookings production for all future years set a fourth quarter and full year record for the same-store portfolio.
• On a same-store basis, cancellations in the year for the year for 2023 decreased by 67% compared to 2022, and attrition and cancellation fee collections for 2023 declined to $42.7 million from $57.3 million in 2022.
• Same-store incentive management fee expense increased to $8.3 million in the quarter and $29.1 million for the year, up from $6.2 million in Q4 2022 and $12.8 million in full year 2022.

Gaylord Opryland
($ in thousands, except ADR, RevPAR, and Total RevPAR)
			Three Months Ended											Twelve Months Ended
			December 31,											December 31,
				2023				2022			% ∆				2023				2022			% ∆
Revenue			$140,664				$138,353				1.7%			$474,884				$424,188				12.0%
Operating income			$42,299				$41,981				0.8%			$135,554				$118,895				14.0%
Operating income margin				30.1%				30.3%			-0.2pt				28.5%				28.0%			0.5pt
Adjusted EBITDAre			$50,248				$50,554				-0.6%			$169,018				$153,250				10.3%
Adjusted EBITDAre margin				35.7%				36.5%			-0.8pt				35.6%				36.1%			-0.5pt
Occupancy				75.5%				80.7%			-5.2pt				73.0%				69.5%			3.5pt
Average daily rate (ADR)			$268.39				$258.08				4.0%			$250.96				$242.71				3.4%
RevPAR			$202.70				$208.39				-2.7%			$183.22				$168.73				8.6%
Total RevPAR			$529.42				$520.72				1.7%			$450.50				$402.41				12.0%

Gaylord Palms
($ in thousands, except ADR, RevPAR, and Total RevPAR)
			Three Months Ended											Twelve Months Ended
			December 31,											December 31,
				2023				2022			% ∆				2023				2022			% ∆
Revenue			$87,356				$90,925				-3.9%			$309,616				$279,578				10.7%
Operating income			$16,194				$20,514				-21.1%			$71,399				$64,201				11.2%
Operating income margin				18.5%				22.6%			-4.1pt				23.1%				23.0%			0.1pt
Adjusted EBITDAre			$23,062				$27,204				-15.2%			$98,162				$90,735				8.2%
Adjusted EBITDAre margin				26.4%				29.9%			-3.5pt				31.7%				32.5%			-0.8pt
Occupancy				72.3%				77.9%			-5.6pt				73.7%				68.4%			5.3pt
Average daily rate (ADR)			$261.71				$265.66				-1.5%			$245.04				$241.85				1.3%
RevPAR			$189.19				$206.94				-8.6%			$180.58				$165.40				9.2%
Total RevPAR			$552.69				$575.27				-3.9%			$493.75				$445.85				10.7%

Gaylord Texan
($ in thousands, except ADR, RevPAR, and Total RevPAR)
			Three Months Ended											Twelve Months Ended
			December 31,											December 31,
				2023				2022			% ∆				2023				2022			% ∆
Revenue			$116,531				$102,283				13.9%			$358,399				$307,318				16.6%
Operating income			$37,955				$30,631				23.9%			$111,703				$88,154				26.7%
Operating income margin				32.6%				29.9%			2.7pt				31.2%				28.7%			2.5pt
Adjusted EBITDAre			$43,748				$36,287				20.6%			$134,650				$111,954				20.3%
Adjusted EBITDAre margin				37.5%				35.5%			2.0pt				37.6%				36.4%			1.2pt
Occupancy				74.6%				72.9%			1.7pt				74.9%				69.0%			5.9pt
Average daily rate (ADR)			$277.12				$270.93				2.3%			$244.21				$238.77				2.3%
RevPAR			$206.82				$197.44				4.8%			$183.02				$164.65				11.2%
Total RevPAR			$698.26				$612.88				13.9%			$541.30				$464.15				16.6%

Gaylord National
($ in thousands, except ADR, RevPAR, and Total RevPAR)
			Three Months Ended											Twelve Months Ended
			December 31,											December 31,
				2023				2022			% ∆				2023				2022			% ∆
Revenue			$85,229				$76,114				12.0%			$307,139				$249,849				22.9%
Operating income			$9,841				$9,016				9.2%			$42,677				$19,609				117.6%
Operating income margin				11.5%				11.8%			-0.3pt				13.9%				7.8%			6.1pt
Adjusted EBITDAre			$19,426				$18,625				4.3%			$87,104				$61,402				41.9%
Adjusted EBITDAre margin				22.8%				24.5%			-1.7pt				28.4%				24.6%			3.8pt
Occupancy				66.8%				60.5%			6.3pt				68.4%				56.5%			11.9pt
Average daily rate (ADR)			$254.45				$254.09				0.1%			$240.30				$238.13				0.9%
RevPAR			$170.01				$153.60				10.7%			$164.30				$134.45				22.2%
Total RevPAR			$464.13				$414.49				12.0%			$421.58				$342.94				22.9%

Gaylord Rockies
($ in thousands, except ADR, RevPAR, and Total RevPAR)
			Three Months Ended											Twelve Months Ended
			December 31,											December 31,
				2023				2022			% ∆				2023				2022			% ∆
Revenue			$67,360				$70,438				-4.4%			$266,737				$253,326				5.3%
Operating income			$4,325				$2,780				55.6%			$44,854				$17,178				161.1%
Operating income margin				6.4%				3.9%			2.5pt				16.8%				6.8%			10.0pt
Adjusted EBITDAre			$18,798				$16,556				13.5%			$101,697				$89,955				13.1%
Adjusted EBITDAre margin				27.9%				23.5%			4.4pt				38.1%				35.5%			2.6pt
Occupancy				66.1%				69.9%			-3.8pt				73.4%				68.3%			5.1pt
Average daily rate (ADR)			$241.79				$239.57				0.9%			$242.39				$234.19				3.5%
RevPAR			$159.91				$167.35				-4.4%			$178.02				$159.87				11.4%
Total RevPAR			$487.79				$510.08				-4.4%			$486.87				$462.39				5.3%

JW Marriott Hill Country1
($ in thousands, except ADR, RevPAR, and Total RevPAR)
			Three Months Ended			Period Ended
			December 31,			December 31,
			2023			2023
Revenue			$42,066			$92,813
Operating income			$5,079			$13,183
Operating income margin			12.1%			14.2%
Adjusted EBITDAre			$10,296			$27,901
Adjusted EBITDAre margin			24.5%			30.1%
Occupancy			57.8%			64.9%
Average daily rate (ADR)			$275.32			$304.07
RevPAR			$159.17			$197.30
Total RevPAR			$456.32			$503.41
(1) JW Marriott Hill Country was acquired by the Company on June 30, 2023, therefore there are no comparison figures. Fourth quarter 2023 represents the second full quarter of operations for the hotel under the Company’s ownership, and the period ended December 31, 2023, represents two full quarters of operations for the hotel under the Company’s ownership.

Entertainment Segment

For the three and twelve months ended December 31, 2023, and 2022, the Company reported the following:

($ in thousands)	Three Months Ended												Twelve Months Ended
	December 31,												December 31,
	2023				2022					% ∆			2023				2022					% ∆
Revenue	$87,907			$84,416						4.1%			$324,658					$267,995				21.1%
Operating income	$20,561			$22,286						-7.7%			$76,076				$60,498					25.7%
Operating income margin		23.4%				26.4%				-3.0pt				23.4%				22.6%				0.8pt
Adjusted EBITDAre	$30,278			$26,136						15.8%			$99,658				$74,173					34.4%
Adjusted EBITDAre margin		34.4%				31.0%				3.4pt				30.7%				27.7%				3.0pt

Fioravanti continued, “Our Entertainment segment delivered another record performance in 2023. Ole Red Las Vegas opened its doors in mid-January 2024 to strong demand, and we are enthusiastic about the potential of this asset in the Las Vegas market. We were also pleased to unveil, as part of our January 2024 Investor Day, the reimagination of the Wildhorse Saloon as Category 10 in collaboration with country music superstar, Luke Combs. We have already started construction on this multi-use venue and anticipate a phased reopening beginning in the third quarter of 2024.”

Corporate and Other Segment

For the three and twelve months ended December 31, 2023, and 2022, the Company reported the following:

($ in thousands)	Three Months Ended									Twelve Months Ended
	December 31,									December 31,
		2023			2022		% ∆				2023			2022		% ∆
Operating loss	($12,428)			($11,765)			-5.6%			($43,656)			($44,272)			1.4%
Adjusted EBITDAre	($9,498)			($8,746)			-8.6%			($32,073)			($31,064)			-3.2%

Fioravanti concluded, “We enter 2024 with considerable momentum and strength across both our Hospitality and Entertainment segments. As we recently outlined at our January 2024 Investor Day, over the past 20 years our management team has built valuable long-standing relationships with our group customers and an industry-leading portfolio of hotels and iconic entertainment brands. The value proposition we have created, and continue to enhance, garners strong demand and pricing power, as evidenced in our forward book of group hotel business. Furthermore, we believe the high-return investments we are pursuing across our Hospitality and Entertainment assets will create value for our stakeholders in the years to come.”

2024 Guidance

The Company is reiterating its 2024 business performance outlook based on current information as of February 22, 2024. The Company does not expect to update the guidance provided 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.

Current full year 2024 guidance is inclusive of the following assumptions:

• Disruption from planned capital investments is estimated to result in a negative impact of approximately 215 basis points to same-store Hospitality RevPAR growth and approximately 160 basis points to same-store Hospitality Total RevPAR growth. In addition, the Company expects disruption to result in a negative impact of approximately $18 million to $21 million to Consolidated Adjusted EBITDAre, including $10 million to $11 million to same-store Hospitality Adjusted EBITDAre and $8 million to $10 million to Entertainment Adjusted EBITDAre.
• Capital expenditures are estimated to be $360 million to $440 million.

($ in millions, except per share figures)	Full Year								Full Year
	2024 Guidance 1								2024 Guidance 1
	Low				High				Midpoint
Consolidated Hospitality RevPAR growth (same-store) 2	3.50%				5.50%				4.50%
Consolidated Hospitality Total RevPAR growth (same-store) 2	3.25%				5.25%				4.25%
Operating Income
Hospitality (same-store) 2	$	434.5			$	450.5			$	442.5
JW Marriott Hill Country		35.0				40.0				37.5
Entertainment		65.5				71.5				68.5
Corporate and Other		(44.8	)			(43.0	)			(43.9	)
Consolidated Operating Income		490.2				519.0				504.6
Adjusted EBITDAre
Hospitality (same-store) 2	$	612.5			$	635.0			$	623.8
JW Marriott Hill Country		63.0				72.0				67.5
Entertainment		100.0				110.0				105.0
Corporate and Other		(35.0	)			(32.0	)			(33.5	)
Consolidated Adjusted EBITDAre		740.5				785.0				762.8
Net Income	$	253.0			$	272.0			$	262.5
Net Income available to common stockholders	$	243.0			$	266.0			$	254.5
Funds from Operations (FFO) available to common stockholders and unit holders	$	457.3			$	492.5			$	474.9
Adjusted FFO available to common stockholders and unit holders	$	484.3			$	527.0			$	505.6
Diluted income per share available to common stockholders	$	3.92			$	4.21			$	4.06
Adjusted FFO available to common stockholders and unit holders per diluted share	$	7.60			$	8.20			$	7.90
Estimated diluted shares outstanding to common stockholders 3		64.6				64.6				64.6
Estimated diluted shares outstanding to common stockholders and unit holders 3		65.0				65.0				65.0
(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.

Dividend Update
On January 16, 2024, the Company paid the previously announced quarterly cash dividend of $1.10 per common share, which was paid to stockholders of record as of December 29, 2023.

Today, the Company declared its first quarter 2024 cash dividend of $1.10 per share of common stock, payable on April 15, 2024, to stockholders of record as of March 29, 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 December 31, 2023, the Company had total debt outstanding of $3,377.0 million, net of unamortized deferred financing costs, and unrestricted cash of $591.8 million. As of December 31, 2023, there were no amounts drawn under the Company’s revolving credit facility, $5.0 million was drawn under OEG’s revolving credit facility, and the lending banks had issued $14.6 million in letters of credit under the Company’s revolving credit facility, which left $745.4 million of aggregate borrowing availability for borrowing 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, February 23, 2024, at 12:00 p.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/Presentations, Earnings and Webcasts) 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, changes in interest rates, the Company’s integration of the JW Marriott Hill Country, the Company’s ability to identify and capitalize on additional value creation opportunities at the JW Marriott Hill Country or other assets and the occurrence of any event, change or other circumstance that could limit the Company’s ability to capitalize on any additional value creation opportunities it identifies at the JW Marriott Hill Country or other assets. 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, 2022, and its Quarterly Reports on Form 10-Q 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.

To calculate Adjusted FFO available to common stockholders and unit holders (excluding maintenance capex), we then exclude FF&E reserve contributions for managed properties and maintenance capital expenditures for non-managed properties. FFO available to common stockholders and unit holders, Adjusted FFO available to common stockholders and unit holders and Adjusted FFO available to common stockholders and unit holders (excluding maintenance capex) exclude the ownership portion of joint ventures not controlled or owned by the Company.

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
[email protected]	[email protected]
~or~	~or~
Jennifer Hutcheson, Chief Financial Officer	Robert Winters
Ryman Hospitality Properties, Inc.	Alpha IR Group
(615) 316-6320	(929) 266-6315
[email protected]	[email protected]
~or~
Sarah Martin, Vice President Investor Relations
Ryman Hospitality Properties, Inc.
(615) 316-6011
[email protected]

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Unaudited
(In thousands, except per share data)
		Three Months Ended								Twelve Months Ended
		Dec. 31,								Dec. 31,
			2023				2022				2023				2022
Revenues :
	Rooms	$	191,086			$	177,505			$	701,138			$	595,544
	Food and beverage		215,234				180,622				831,796				667,009
	Other hotel revenue		138,836				126,332				300,544				275,421
	Entertainment		87,907				84,416				324,658				267,995
	Total revenues		633,063				568,875				2,158,136				1,805,969
Operating expenses:
	Rooms		45,539				43,077				173,749				155,817
	Food and beverage		126,321				109,103				465,963				381,142
	Other hotel expenses		188,931				168,043				519,328				457,291
	Management fees		19,865				15,883				66,425				43,425
	Total hotel operating expenses		380,656				336,106				1,225,465				1,037,675
	Entertainment		58,919				56,996				223,663				188,545
	Corporate		12,207				11,559				42,789				42,982
	Preopening costs		883				7				1,308				532
	Loss on sale of assets		–				–				–				469
	Depreciation and amortization		56,527				47,904				211,227				208,616
	Total operating expenses		509,192				452,572				1,704,452				1,478,819
Operating income			123,871				116,303				453,684				327,150
Interest expense, net of amounts capitalized			(61,142	)			(42,419	)			(211,370	)			(148,406	)
Interest income			7,446				1,612				21,423				5,750
Loss on extinguishment of debt			–				–				(2,252	)			(1,547	)
Income (loss) from unconsolidated joint ventures (1)			217				(2,619	)			(17,308	)			(10,967	)
Other gains and (losses), net			(1,549	)			(479	)			3,921				1,743
Income before income taxes			68,843				72,398				248,098				173,723
(Provision) benefit for income taxes			101,035				(11,028	)			93,702				(38,775	)
Net income			169,878				61,370				341,800				134,948
Net income attributable to noncontrolling interest in consolidated joint venture			(26,809	)			(2,865	)			(28,465	)			(5,032	)
Net income attributable to noncontrolling interest in Operating Partnership			(942	)			(416	)			(2,118	)			(923	)
Net income available to common stockholders		$	142,127			$	58,089			$	311,217			$	128,993
Basic income per share available to common stockholders		$	2.38			$	1.05			$	5.39			$	2.34
Diluted income per share available to common stockholders (2)		$	2.37			$	1.03			$	5.36			$	2.33
Weighted average common shares for the period:
	Basic		59,710				55,165				57,750				55,140
	Diluted (2)		60,058				59,368				58,061				55,377
(1) In September 2023, we determined to pivot from television network ownership in favor of a distribution approach. Therefore, we and our joint venture partner agreed to wind down the Circle joint venture, with operations ceasing December 31, 2023. As a result, we incurred a loss related to Circle of approximately $10.5 million in the twelve months ended December 31, 2023.
(2) Diluted weighted average common shares for the three months ended December 31, 2022 includes 3.9 million 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)
				Dec. 31,				Dec. 31,
				2023				2022
ASSETS:
	Property and equipment, net of accumulated depreciation			$	3,955,586			$	3,171,708
	Cash and cash equivalents – unrestricted				591,833				334,194
	Cash and cash equivalents – restricted				108,608				110,136
	Notes receivable				61,760				67,628
	Trade receivables, net				110,029				116,836
	Deferred income tax assets, net				81,624				–
	Prepaid expenses and other assets				154,810				134,170
	Intangible assets				124,287				105,951
		Total assets		$	5,188,537			$	4,040,623
LIABILITIES AND EQUITY:
	Debt and finance lease obligations			$	3,377,028			$	2,862,592
	Accounts payable and accrued liabilities				464,719				385,159
	Dividends payable				67,933				14,121
	Deferred management rights proceeds				165,174				167,495
	Operating lease liabilities				129,122				125,759
	Deferred income tax liabilities, net				–				12,915
	Other liabilities				66,658				64,824
	Noncontrolling interest in consolidated joint venture				345,126				311,857
	Total equity				572,777				95,901
		Total liabilities and equity		$	5,188,537			$	4,040,623

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES
SUPPLEMENTAL FINANCIAL RESULTS
ADJUSTED EBITDAre RECONCILIATION
Unaudited
(in thousands)
		Three Months Ended Dec. 31,												Twelve Months Ended Dec. 31,
		2023						2022						2023						2022
		$			Margin			$			Margin			$			Margin			$			Margin
	Consolidated
	Revenue	$	633,063					$	568,875					$	2,158,136					$	1,805,969
	Net income	$	169,878		26.8%			$	61,370		10.8%			$	341,800		15.8%			$	134,948		7.5%
	Interest expense, net		53,696						40,807						189,947						142,656
	Provision (benefit) for income taxes		(101,035	)					11,028						(93,702	)					38,775
	Depreciation & amortization		56,527						47,904						211,227						208,616
	Loss on sale of assets		–						–						–						327
	Pro rata EBITDAre from unconsolidated joint ventures		3						21						25						89
	EBITDAre		179,069		28.3%				161,130		28.3%				649,297		30.1%				525,411		29.1%
	Preopening costs		883						7						1,308						532
	Non-cash lease expense		1,215						1,491						5,710						4,831
	Equity-based compensation expense		3,941						3,851						15,421						14,985
	Pension settlement charge		1,313						318						1,313						1,894
	Interest income on Gaylord National bonds		1,194						1,313						4,936						5,306
	Loss on extinguishment of debt		–						–						2,252						1,547
	Transaction costs of acquisitions		–						–						–						1,348
	Pro rata adjusted EBITDAre from unconsolidated joint ventures (1)		(121	)					–						10,508						–
	Adjusted EBITDAre	$	187,494		29.6%			$	168,110		29.6%			$	690,745		32.0%			$	555,854		30.8%
	Adjusted EBITDAre of noncontrolling interest in consolidated joint venture	$	(9,083	)				$	(7,833	)				$	(29,884	)				$	(15,309	)
	Adjusted EBITDAre, excluding noncontrolling interest in consolidated joint venture	$	178,411		28.2%			$	160,277		28.2%			$	660,861		30.6%			$	540,545		29.9%
	Hospitality segment
	Revenue	$	545,156					$	484,459					$	1,833,478					$	1,537,974
	Operating income	$	115,738		21.2%			$	105,782		21.8%			$	421,264		23.0%			$	310,924		20.2%
	Depreciation & amortization		48,762						42,571						186,749						189,375
	Non-cash lease expense		1,020						1,054						4,077						4,216
	Interest income on Gaylord National bonds		1,194						1,313						4,936						5,306
	Other gains and (losses), net		–						–						6,134						2,924
	Adjusted EBITDAre	$	166,714		30.6%			$	150,720		31.1%			$	623,160		34.0%			$	512,745		33.3%
	Same-Store Hospitality segment (2)
	Revenue	$	503,090					$	484,459					$	1,740,665					$	1,537,974
	Operating income	$	110,659		22.0%			$	105,782		21.8%			$	408,081		23.4%			$	310,924		20.2%
	Depreciation & amortization		43,545						42,571						172,031						189,375
	Non-cash lease expense		1,020						1,054						4,077						4,216
	Interest income on Gaylord National bonds		1,194						1,313						4,936						5,306
	Other gains and (losses), net		–						–						6,134						2,924
	Adjusted EBITDAre	$	156,418		31.1%			$	150,720		31.1%			$	595,259		34.2%			$	512,745		33.3%
	Entertainment segment
	Revenue	$	87,907						84,416					$	324,658						267,995
	Operating income	$	20,561		23.4%				22,286		26.4%			$	76,076		23.4%				60,498		22.6%
	Depreciation & amortization		7,544						5,127						23,611						18,420
	Preopening costs		883						7						1,308						532
	Non-cash lease expense		195						437						1,633						615
	Equity-based compensation		995						876						3,805						3,637
	Transaction costs of acquisitions		–						–						–						1,348
	Pro rata adjusted EBITDAre from unconsolidated joint ventures		100						(2,597	)					(6,775	)					(10,877	)
	Adjusted EBITDAre	$	30,278		34.4%			$	26,136		31.0%			$	99,658		30.7%			$	74,173		27.7%
	Corporate and Other segment
	Operating loss	$	(12,428	)				$	(11,765	)				$	(43,656	)				$	(44,272	)
	Depreciation & amortization		221						206						867						821
	Other gains and (losses), net		(1,550	)					(480	)					(2,213	)					(855	)
	Equity-based compensation		2,946						2,975						11,616						11,348
	Pension settlement charge		1,313						318						1,313						1,894
	Adjusted EBITDAre	$	(9,498	)				$	(8,746	)				$	(32,073	)				$	(31,064	)
	(1) In September 2023, we determined to pivot from television network ownership in favor of a distribution approach. Therefore, we and our joint venture partner agreed to wind down the Circle joint venture, with operations ceasing December 31, 2023. As a result, we incurred a loss related to Circle of approximately $10.5 million in the twelve months ended December 31, 2023.
	(2) Same-Store Hospitality segment excludes JW Marriott Hill Country, which was acquired 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 Dec. 31,								Twelve Months Ended Dec. 31,
		2023				2022				2023				2022
	Consolidated
	Net income	$	169,878			$	61,370			$	341,800			$	134,948
	Noncontrolling interest in consolidated joint venture		(26,809	)			(2,865	)			(28,465	)			(5,032	)
	Net income available to common stockholders and unit holders		143,069				58,505				313,335				129,916
	Depreciation & amortization		56,483				47,874				211,064				208,494
	Adjustments for noncontrolling interest		(2,263	)			(1,538	)			(7,083	)			(3,346	)
	Pro rata adjustments from joint ventures		4				23				73				92
	FFO available to common stockholders and unit holders		197,293				104,864				517,389				335,156
	Right-of-use asset amortization		44				30				163				122
	Non-cash lease expense		1,215				1,491				5,710				4,831
	Pension settlement charge		1,313				318				1,313				1,894
	Pro rata adjustments from joint ventures (1)		(121	)			–				10,508				–
	Loss on other assets		–				–				–				469
	Amortization of deferred financing costs		2,674				2,651				10,663				9,829
	Amortization of debt discounts and premiums		637				500				2,325				989
	Loss on extinguishment of debt		–				–				2,252				1,547
	Adjustments for noncontrolling interest		23,533				(514	)			18,635				(928	)
	Transaction costs of acquisitions		–				–				–				1,348
	Deferred tax provision (benefit)		(100,719	)			3,699				(95,825	)			8,244
	Adjusted FFO available to common stockholders and unit holders	$	125,869			$	113,039			$	473,133			$	363,501
	Capital expenditures (2)		(27,923	)			(27,149	)			(128,011	)			(82,263	)
	Adjusted FFO available to common stockholders and unit holders (ex. maintenance capex)	$	97,946			$	85,890			$	345,122			$	281,238
	Basic net income per share	$	2.38			$	1.05			$	5.39			$	2.34
	Diluted net income per share	$	2.37			$	1.03			$	5.36			$	2.33
	FFO available to common stockholders and unit holders per basic share/unit	$	3.28			$	1.89			$	8.90			$	6.04
	Adjusted FFO available to common stockholders and unit holders per basic share/unit	$	2.09			$	2.03			$	8.14			$	6.55
	FFO available to common stockholders and unit holders per diluted share/unit (3)	$	3.26			$	1.80			$	8.85			$	6.01
	Adjusted FFO available to common stockholders and unit holders per diluted share/unit (3)	$	2.08			$	1.94			$	8.09			$	6.52
	Weighted average common shares and OP units for the period:
	Basic		60,105				55,560				58,145				55,535
	Diluted (3)		60,453				59,763				58,456				55,772
	(1) In September 2023, we determined to pivot from television network ownership in favor of a distribution approach. Therefore, we and our joint venture partner agreed to wind down the Circle joint venture, with operations ceasing December 31, 2023. As a result, we incurred a loss related to Circle of approximately $10.5 million in the twelve months ended December 31, 2023.
	(2) Represents FF&E reserve contribution for managed properties and maintenance capital expenditures for non-managed properties.
	(3) Diluted weighted average common shares and OP units for the three months ended December 31, 2022 includes 3.9 million 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 Dec. 31,										Twelve Months Ended Dec. 31,
		2023					2022					2023					2022
		$			Margin		$			Margin		$			Margin		$			Margin
	Hospitality segment
	Revenue	$	545,156				$	484,459				$	1,833,478				$	1,537,974
	Operating income	$	115,738		21.2%		$	105,782		21.8%		$	421,264		23.0%		$	310,924		20.2%
	Depreciation & amortization		48,762					42,571					186,749					189,375
	Non-cash lease expense		1,020					1,054					4,077					4,216
	Interest income on Gaylord National bonds		1,194					1,313					4,936					5,306
	Other gains and (losses), net		–					–					6,134					2,924
	Adjusted EBITDAre	$	166,714		30.6%		$	150,720		31.1%		$	623,160		34.0%		$	512,745		33.3%
	Occupancy		69.8%					72.8%					71.6%					66.2%
	Average daily rate (ADR)	$	260.81				$	254.57				$	245.74				$	236.86
	RevPAR	$	181.97				$	185.31				$	175.96				$	156.71
	OtherPAR	$	337.18				$	320.44				$	284.16				$	247.98
	Total RevPAR	$	519.15				$	505.75				$	460.12				$	404.69
	Same-Store Hospitality segment (1)
	Revenue	$	503,090				$	484,459				$	1,740,665				$	1,537,974
	Operating income	$	110,659		22.0%		$	105,782		21.8%		$	408,081		23.4%		$	310,924		20.2%
	Depreciation & amortization		43,545					42,571					172,031					189,375
	Non-cash lease expense		1,020					1,054					4,077					4,216
	Interest income on Gaylord National bonds		1,194					1,313					4,936					5,306
	Other gains and (losses), net		–					–					6,134					2,924
	Adjusted EBITDAre	$	156,418		31.1%		$	150,720		31.1%		$	595,259		34.2%		$	512,745		33.3%
	Occupancy		70.9%					72.8%					71.9%					66.2%
	Average daily rate (ADR)	$	259.67				$	254.57				$	243.19				$	236.86
	RevPAR	$	184.17				$	185.31				$	174.92				$	156.71
	OtherPAR	$	341.03				$	320.44				$	283.10				$	247.98
	Total RevPAR	$	525.20				$	505.75				$	458.02				$	404.69
	Gaylord Opryland
	Revenue	$	140,664				$	138,353				$	474,884				$	424,188
	Operating income	$	42,299		30.1%		$	41,981		30.3%		$	135,554		28.5%		$	118,895		28.0%
	Depreciation & amortization		7,960					8,586					33,510					34,406
	Non-cash lease revenue		(11	)				(13	)				(46	)				(51	)
	Adjusted EBITDAre	$	50,248		35.7%		$	50,554		36.5%		$	169,018		35.6%		$	153,250		36.1%
	Occupancy		75.5%					80.7%					73.0%					69.5%
	Average daily rate (ADR)	$	268.39				$	258.08				$	250.96				$	242.71
	RevPAR	$	202.70				$	208.39				$	183.22				$	168.73
	OtherPAR	$	326.72				$	312.33				$	267.28				$	233.68
	Total RevPAR	$	529.42				$	520.72				$	450.50				$	402.41
	Gaylord Palms
	Revenue	$	87,356				$	90,925				$	309,616				$	279,578
	Operating income	$	16,194		18.5%		$	20,514		22.6%		$	71,399		23.1%		$	64,201		23.0%
	Depreciation & amortization		5,837					5,623					22,640					22,267
	Non-cash lease expense		1,031					1,067					4,123					4,267
	Adjusted EBITDAre	$	23,062		26.4%		$	27,204		29.9%		$	98,162		31.7%		$	90,735		32.5%
	Occupancy		72.3%					77.9%					73.7%					68.4%
	Average daily rate (ADR)	$	261.71				$	265.66				$	245.04				$	241.85
	RevPAR	$	189.19				$	206.94				$	180.58				$	165.40
	OtherPAR	$	363.50				$	368.33				$	313.17				$	280.45
	Total RevPAR	$	552.69				$	575.27				$	493.75				$	445.85
	Gaylord Texan
	Revenue	$	116,531				$	102,283				$	358,399				$	307,318
	Operating income	$	37,955		32.6%		$	30,631		29.9%		$	111,703		31.2%		$	88,154		28.7%
	Depreciation & amortization		5,793					5,656					22,947					23,800
	Adjusted EBITDAre	$	43,748		37.5%		$	36,287		35.5%		$	134,650		37.6%		$	111,954		36.4%
	Occupancy		74.6%					72.9%					74.9%					69.0%
	Average daily rate (ADR)	$	277.12				$	270.93				$	244.21				$	238.77
	RevPAR	$	206.82				$	197.44				$	183.02				$	164.65
	OtherPAR	$	491.44				$	415.44				$	358.28				$	299.50
	Total RevPAR	$	698.26				$	612.88				$	541.30				$	464.15

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES
SUPPLEMENTAL FINANCIAL RESULTS
HOSPITALITY SEGMENT ADJUSTED EBITDAre RECONCILIATIONS AND OPERATING METRICS
Unaudited
(in thousands)
		Three Months Ended Dec. 31,										Twelve Months Ended Dec. 31,
		2023					2022					2023					2022
		$			Margin		$			Margin		$			Margin		$			Margin
	Gaylord National
	Revenue	$	85,229				$	76,114				$	307,139				$	249,849
	Operating income	$	9,841		11.5%		$	9,016		11.8%		$	42,677		13.9%		$	19,609		7.8%
	Depreciation & amortization		8,391					8,296					33,357					33,563
	Interest income on Gaylord National bonds		1,194					1,313					4,936					5,306
	Other gains and (losses), net		–					–					6,134					2,924
	Adjusted EBITDAre	$	19,426		22.8%		$	18,625		24.5%		$	87,104		28.4%		$	61,402		24.6%
	Occupancy		66.8%					60.5%					68.4%					56.5%
	Average daily rate (ADR)	$	254.45				$	254.09				$	240.30				$	238.13
	RevPAR	$	170.01				$	153.60				$	164.30				$	134.45
	OtherPAR	$	294.12				$	260.89				$	257.28				$	208.49
	Total RevPAR	$	464.13				$	414.49				$	421.58				$	342.94
	Gaylord Rockies
	Revenue	$	67,360				$	70,438				$	266,737				$	253,326
	Operating income	$	4,325		6.4%		$	2,780		3.9%		$	44,854		16.8%		$	17,178		6.8%
	Depreciation & amortization		14,473					13,776					56,843					72,777
	Adjusted EBITDAre	$	18,798		27.9%		$	16,556		23.5%		$	101,697		38.1%		$	89,955		35.5%
	Occupancy		66.1%					69.9%					73.4%					68.3%
	Average daily rate (ADR)	$	241.79				$	239.57				$	242.39				$	234.19
	RevPAR	$	159.91				$	167.35				$	178.02				$	159.87
	OtherPAR	$	327.88				$	342.73				$	308.85				$	302.52
	Total RevPAR	$	487.79				$	510.08				$	486.87				$	462.39
	JW Marriott Hill Country (2)
	Revenue	$	42,066				$	–				$	92,813				$	–
	Operating income	$	5,079		12.1%		$	–				$	13,183		14.2%		$	–
	Depreciation & amortization		5,217					–					14,718					–
	Adjusted EBITDAre	$	10,296		24.5%		$	–				$	27,901		30.1%		$	–
	Occupancy		57.8%				n/a						64.9%				n/a
	Average daily rate (ADR)	$	275.32				n/a					$	304.07				n/a
	RevPAR	$	159.17				n/a					$	197.30				n/a
	OtherPAR	$	297.15				n/a					$	306.11				n/a
	Total RevPAR	$	456.32				n/a					$	503.41				n/a
	The AC Hotel at National Harbor
	Revenue	$	3,141				$	2,619				$	11,997				$	10,419
	Operating income	$	597		19.0%		$	192		7.3%		$	2,010		16.8%		$	793		7.6%
	Depreciation & amortization		229					311					904					1,293
	Adjusted EBITDAre	$	826		26.3%		$	503		19.2%		$	2,914		24.3%		$	2,086		20.0%
	Occupancy		69.7%					62.3%					64.8%					62.9%
	Average daily rate (ADR)	$	221.92				$	203.03				$	238.01				$	207.70
	RevPAR	$	154.58				$	126.55				$	154.20				$	130.71
	OtherPAR	$	23.24				$	21.73				$	16.99				$	17.96
	Total RevPAR	$	177.82				$	148.28				$	171.19				$	148.67
	The Inn at Opryland (3)
	Revenue	$	2,809				$	3,727				$	11,893				$	13,296
	Operating income (loss)	$	(552	)	-19.7%		$	668		17.9%		$	(116	)	-1.0%		$	2,094		15.7%
	Depreciation & amortization		862					323					1,830					1,269
	Adjusted EBITDAre	$	310		11.0%		$	991		26.6%		$	1,714		14.4%		$	3,363		25.3%
	Occupancy		48.6%					70.0%					54.0%					60.3%
	Average daily rate (ADR)	$	155.32				$	149.94				$	153.60				$	153.87
	RevPAR	$	75.54				$	104.90				$	82.95				$	92.73
	OtherPAR	$	25.28				$	28.87				$	24.59				$	27.50
	Total RevPAR	$	100.82				$	133.77				$	107.54				$	120.23
	(1) Same-Store Hospitality segment excludes JW Marriott Hill Country, which was acquired 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								Twelve Months Ended
		Dec. 31,								Dec. 31,
		2023				2022				2023				2022
Earnings per share:
Numerator:
	Net income available to common stockholders	$	142,127			$	58,089			$	311,217			$	128,993
	Net income attributable to noncontrolling interest in consolidated joint venture		–				2,865				–				–
	Net income available to common stockholders – if-converted method	$	142,127			$	60,954			$	311,217			$	128,993
Denominator:
	Weighted average shares outstanding – basic		59,710				55,165				57,750				55,140
	Effect of dilutive stock-based compensation		348				256				311				237
	Effect of dilutive put rights (1)		–				3,947				–				–
	Weighted average shares outstanding – diluted		60,058				59,368				58,061				55,377
Basic income per share available to common stockholders		$	2.38			$	1.05			$	5.39			$	2.34
Diluted income per share available to common stockholders		$	2.37			$	1.03			$	5.36			$	2.33
FFO and Adjusted FFO per share:
Numerator – FFO:
	FFO available to common stockholders and unit holders	$	197,293			$	104,864			$	517,389			$	335,156
	Net income attributable to noncontrolling interest in consolidated joint venture		–				2,865				–				–
	FFO available to common stockholders and unit holders- if-converted method	$	197,293			$	107,729			$	517,389			$	335,156
Numerator – Adjusted FFO:
	Adjusted FFO available to common stockholders and unit holders	$	125,869			$	113,039			$	473,133			$	363,501
	Net income attributable to noncontrolling interest in consolidated joint venture		–				2,865				–				–
	Adjusted FFO available to common stockholders and unit holders – if-converted method	$	125,869			$	115,904			$	473,133			$	363,501
Denominator:
	Weighted average shares and OP units outstanding – basic		60,105				55,560				58,145				55,535
	Effect of dilutive stock-based compensation		348				256				311				237
	Effect of dilutive put rights (1)		–				3,947				–				–
	Weighted average shares outstanding – diluted		60,453				59,763				58,456				55,772
FFO available to common stockholders and unit holders per basic share/unit		$	3.28			$	1.89			$	8.90			$	6.04
Adjusted FFO available to common stockholders and unit holders per basic share/unit		$	2.09			$	2.03			$	8.14			$	6.55
FFO available to common stockholders and unit holders per diluted share/unit (1)		$	3.26			$	1.80			$	8.85			$	6.01
Adjusted FFO available to common stockholders and unit holders per diluted share/unit (1)		$	2.08			$	1.94			$	8.09			$	6.52
(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. The Put Rights were anti-dilutive for the three months ended December 31, 2023, twelve months ended December 31, 2023, and twelve months ended December 31, 2022, so the incremental shares were excluded from the computation of dilutive earnings per share for those periods.

	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
				Full Year 2024
				Guidance Range
				Low				High				Midpoint
	Ryman Hospitality Properties, Inc.
		Net Income		$	253,000			$	272,000			$	262,500
		Provision for income taxes			15,250				17,000				16,125
		Interest Expense, net			222,500				231,000				226,750
		Depreciation and amortization			224,250				234,500				229,375
		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
				Full Year 2024
				Guidance Range
				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		$	253,000			$	272,000			$	262,500
		Noncontrolling interest in consolidated joint venture			(10,000	)			(6,000	)			(8,000	)
		Net Income available to common stockholders and unit holders		$	243,000			$	266,000			$	254,500
		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		$	457,250			$	492,500			$	474,875
		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			10,000				11,000				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		$	484,250			$	527,000			$	505,625
		Diluted income per share available to common stockholders		$	3.92			$	4.21			$	4.06
		Adjusted FFO available to common stockholders and unit holders per diluted share		$	7.60			$	8.20			$	7.90
		Estimated diluted shares outstanding to common stockholders (in millions)			64.6				64.6				64.6
		Estimated diluted shares outstanding to common stockholders and unit holders (in millions)			65.0				65.0				65.0

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