Ryman Hospitality Properties, Inc. (reit) · NYSE:RHP
Ryman Hospitality Properties, Inc. (reit) — Ryman Hospitality Properties — Investor Presentation (March 2026)
22 slides from Ryman Hospitality Properties, Inc. (reit)'s investor presentation, Mar 2, 2026
Slide 1: Ryman Hospitality Properties, Inc. Investor Presentation
RYMAN HOSPITALITY PROPERTIES, INC. INVESTOR PRESENTATION MARCH 2, 2026 GAYLORD OPRYLAND, NASHVILLE 1
Slide 2: Forward-Looking Statements and Other Information
FORWARD-LOOKING STATEMENTS AND OTHER INFORMATION This presentation contains “forward-looking statements” of Ryman Hospitality Properties, Inc. (“Ryman,” “RHP” or the "Company") as defined in the Private Securities Litigation Reform Act of 1995. You can identify these statements by the fact that they
Slide 3: Company Overview
GAYLORD ROCKIES, DENVER COMPANY OVERVIEW Unique hospitality platform focused on delivering superior group meetings experiences GROUP MEETINGS THESIS Differentiated business model creates sustainable competitive advantages and attractive ROI opportunities STICKY CUSTOMER 66% BASE GROUP CUSTOMER R
Slide 4: Our Hospitality Portfolio
GAYLORD TEXAN, DALLAS OUR HOSPITALITY PORTFOLIO 12,364 Gaylord Rockies Gaylord National 1,501 rooms 1,996 rooms Acquired 100% in 2021 ROOMS1 Gaylord Opryland 2,888 rooms JW Marriott Gaylord Texan ~3M Desert Ridge SQUARE FEET 950 rooms 1,814 rooms MEETING SPACE Acquired in 2025 Gaylord Palms 1,718 ro
Slide 5: Proven Track Record
PROVEN TRACK RECORD ANNUALIZED TOTAL SHAREHOLDER RETURN1 3 years 5 years 10 years REIT period2 RHP 9.7% 9.9% 10.1% 12.4% MSCI U.S. REIT Index 8.4% 6.6% 5.7% 7.3% Full-service lodging REITs3 4.0% (0.3%) 0.8% 1.8% AFFO PER SHARE CAGR, 2013-20254,5 DIVIDEND PER SHARE CAGR, 2013-20254 7.6% 6.9% 7.3% 6.7
Slide 6: The U.S. Group Meetings Business
GAYLORD PALMS, ORLANDO THE U.S. GROUP MEETINGS BUSINESS Large and diversified customer segment characterized by contracted meeting space and 10 or more hotel rooms; our group business is <1% of the U.S. group segment 2025 TOTAL U.S. HOTEL ROOM NIGHTS1 2025 TOTAL U.S. GROUP ROOM NIGHTS1 RHP portfolio
Slide 7: Our Group Meetings Business
OUR GROUP MEETINGS BUSINESS Our asset base caters to more premium, large groups, which provide longer booking windows and create rate compression for closer-in bookings 2025 SAME-STORE AVERAGE 2025 SAME-STORE ROOM NIGHTS TRAVELED1 BOOKING WINDOW1 3.1 Other 0-600 room YEARS 14% nights on peak WEIGHTE
Slide 8: Our Leisure Business
OUR LEISURE BUSINESS Resort amenities and unique holiday programming induce family leisure demand during low group travel periods AVERAGE MONTHLY SAME-STORE OCCUPANCY1 100% 75% 50% 25% 0% Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Group occupancy Total occupany LEISURE CUSTOMER CHARACTERISTICS2
Slide 9: Differentiated Business Model Creates Sustainable Competitive Advantages
DIFFERENTIATED BUSINESS MODEL CREATES SUSTAINABLE COMPETITIVE ADVANTAGES… FOCUSED CUSTOMER PURPOSE-BUILT DISTRIBUTION IN UNIQUE OWNER/ SEGMENTATION ASSET BASE ATTRACTIVE MARKETS OPERATOR ALIGNMENT Group segment offers “All under one roof” Strong economic and Aligned owner and operator indust
Slide 10: High Group Customer Retention and Loyalty
…HIGH GROUP CUSTOMER RETENTION AND LOYALTY… GROUP CUSTOMER RETENTION ROTATIONAL CUSTOMER BASE PERCENTAGE OF 2025 GROUP PERCENTAGE OF 2025 GROUP ROOM NIGHTS BOOKED1 ROOM NIGHTS BOOKED2 Multiyear New rotational 34% 30% Single year 47% Retention 66% Multiyear single property 23% 1. Defined as group roo
Slide 11: ROI Opportunities with Compelling Returns
…AND ROI OPPORTUNITIES WITH COMPELLING RETURNS VALUE DRIVERS Informed by extensive customer Repositioning underperforming or underutilized knowledge and decision-making data ASSET space ENHANCEMENTS New opportunities identified regularly through Leverages existing high-fixed-cost portfolio bench
Slide 12: Growth Investments Currently Underway
GROWTH INVESTMENTS CURRENTLY UNDERWAY… ASSET ENHANCEMENTS ASSET EXPANSIONS GEOGRAPHIC DISTRIBUTION Gaylord Opryland Gaylord Opryland JW Marriott Desert Ridge Sports bar development Meeting space expansion Acquisition TO BE COMPLETED IN 2026 TO BE COMPLETED IN 2027 COMPLETED IN 2025; INTEGRATION UNDE
Slide 13: Replicate Successful Past Investments
…REPLICATE SUCCESSFUL PAST INVESTMENTS… ASSET ENHANCEMENTS ASSET EXPANSIONS GEOGRAPHIC DISTRIBUTION Gaylord Rockies Gaylord Palms JW Marriott Hill Country Grand Lodge repositioning Rooms and space expansion Acquisition COMPLETED IN 2024 COMPLETED IN 2021 COMPLETED IN 2023 $42M +685 72K $158M +302 +9
Slide 14: Driving All-Time High Future Group Demand
…AND ARE DRIVING ALL-TIME HIGH FUTURE GROUP DEMAND SAME-STORE PROJECTED GROUP ROOMS REVENUE ON THE BOOKS, DOLLARS IN MILLIONS1 As of 12/31/2025, same- ALL-TIME HIGH store projected group rooms $2,357 revenue on the books for T+1 $2,212 (2026), T+2 (2027), T+3 and beyond (2028 and beyond) $1,348 and
Slide 15: All-Time High Share Relative to the Competitive Set
RECENT PERFORMANCE ALSO INDICATES ALL-TIME HIGH SHARE RELATIVE TO THE COMPETITIVE SET REVPAR INDEX AVERAGE TTM REVPAR INDEX TO COMPETITIVE SET2 RevPAR Index measures 130 market share by comparing single-asset RevPAR to that of its competitive set1 120 RevPAR Index above 100 110 indicates “more t
Slide 16: Value Creation Opportunity in OEG
VALUE CREATION OPPORTUNITY IN OEG Country Music continues OEG’s iconic venues, Eventual separation offers to be one of the largest brands and events are opportunity to realize core genres today category leaders standalone value The Grand Ole Opry is a Legacy assets since 1983, the ALL GENRES – U
Slide 17: Strong Financial Position
STRONG FINANCIAL POSITION DIVIDEND POLICY 100% OF REIT TAXABLE INCOME, AT A MINIMUM1 ADJUSTED MATURITY LADDER4 DOLLARS IN MILLIONS ADJUSTED LIQUIDITY2 ADJUSTED NET LEVERAGE3 $850 $1.4B 4.3x $1,000 TOTAL AVAILABLE NET DEBT TO LIQUIDITY ADJUSTED EBITDAre $80 $700 $625 CREDIT RATINGS $600 BB- Ba3 BB $4
Slide 18: Key Takeaways
KEY TAKEAWAYS Differentiated business model creates sustainable competitive advantages and attractive ROI opportunities Competitive advantages and disciplined capital allocation have driven a long-term track record of industry-leading AFFO per share1 and dividend per share growth The stock has
Slide 19: Appendix
APPENDIX 19
Slide 20: Non-GAAP Definitions
NON-GAAP DEFINITIONS FFO, ADJUSTED FFO, AND ADJUSTED FFO AVAILABLE TO COMMON STOCKHOLDERS AND UNIT HOLDERS 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
Slide 21: Non-GAAP Reconciliations: AFFO
NON-GAAP RECONCILIATIONS: AFFO Dollars in thousands, except per-share figures 2013 2025 Consolidated: Net income available to common stockholders $ 113,483 $ 243,425 Noncontrolling interest in OP units - 1,555 Net income available to common stockholders and unit holders $ 113,483 $ 244,980 Depreciat
Slide 22: Non-GAAP Reconciliations: AFFO Per Share
NON-GAAP RECONCILIATIONS: AFFO PER SHARE Dollars in thousands, except per-share figures 2013 2025 Earnings per share: Numerator: Net income available to common stockholders $ 113,483 $ 243,425 Net income attributable to noncontrolling interest in OEG - 4,919 Net income available to common stockholde
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