Ryman Hospitality Properties, Inc. (reit) · NYSE:RHP
Ryman Hospitality Properties, Inc. (reit) — Q1 2025 Earnings Presentation
27 slides from Ryman Hospitality Properties, Inc. (reit)'s earnings presentation, May 2, 2025
Slide 1: Ryman Hospitality Properties, Inc. Investor Presentation
RYMAN HOSPITALITY PROPERTIES, INC. INVESTOR PRESENTATION MAY 5, 2025 GAYLORD ROCKIES, DENVER
Slide 2: Cautionary Note Regarding Forward-Looking Statements and Other Disclaimers
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS AND OTHER DISCLAIMERS This presentation contains “forward-looking statements” of Ryman Hospitality Properties, Inc. (“Ryman” or the “Company”) as defined in the Private Securities Litigation Reform Act of 1995. You can identify these statements by
Slide 3: A Unique Real Estate Platform for Large Group Meetings
A UNIQUE REAL ESTATE PLATFORM FOR LARGE GROUP MEETINGS… HOSPITALITY SEGMENT PORTFOLIO MAP AT A GLANCE1 ▪ Only publicly-traded group hospitality-focused REIT LEGEND ▪ 11,414 keys and 5 of the top 10 largest U.S. non- Gaylord Hotels5 gaming hotels by meeting space2 ▪ Presence in 5 of the top 15 meetin
Slide 4: With Value Creation Opportunity in Opry Entertainment Group
...WITH VALUE CREATION OPPORTUNITY IN OPRY ENTERTAINMENT GROUP OPRY ENTERTAINMENT GROUP PORTFOLIO MAP AT A GLANCE1 ▪ Opry Entertainment Group (OEG) is the preeminent live entertainment company with brands that reach country music and lifestyle fans globally WILDWOOD, NJ ▪ Demand for live entertainme
Slide 5: Investment Highlights – Recurring Revenue, Sustainable Earnings Growth and Capital Efficiency
INVESTMENT HIGHLIGHTS – RECURRING REVENUE, SUSTAINABLE EARNINGS GROWTH AND CAPITAL EFFICIENCY PROVEN TRACK ▪ Superior historical total shareholder return and earnings growth relative to full-service lodging REITs1 RECORD ▪ Focus on earnings growth and capital efficiency to drive future returns ▪ Nat
Slide 6: Proven Track Record of Superior Total Return and Growth
PROVEN TRACK RECORD OF SUPERIOR TOTAL RETURN AND GROWTH… AS OF MARCH 31, 2025 Total Return1 3 Year 5 Year 10 Year Since REIT ▪ RHP has generated an annualized Announcement2 total shareholder return of 10% since May 31, 20122 RHP 2.9% 23.0% 7.9% 10.0% ▪ Dividend and FFO/AFFO CAGR Full-Service Lodging
Slide 7: Driven by Efficient Capital Allocation
…DRIVEN BY EFFICIENT CAPITAL ALLOCATION 1 ▪ Dividend policy based on 100% of REIT taxable income DIVIDEND ▪ Annualized dividend of $4.60 per share equates to a 4.9% dividend yield1 ▪ Dividends have grown at a 7.5% CAGR since 2013 2 ▪ Investment opportunities informed by customer research ENHANCEMENT
Slide 8: The Attractive Group Customer Segment Provides Visibility and Downside Protection
THE ATTRACTIVE GROUP CUSTOMER SEGMENT PROVIDES VISIBILITY AND A MEASURE OF DOWNSIDE PROTECTION… Group advance booking windows provide Attrition and cancellation fees help offset lost profitability from sector-leading visibility travel that actualizes below contractual expectations AVERAGE BOOKING WI
Slide 9: And Our Forward Book of Business Remains Healthy
…AND OUR FORWARD BOOK OF BUSINESS REMAINS HEALTHY Drivers of group rooms revenue pace TOTAL PORTFOLIO PROJECTED ROOMS REVENUE ON THE BOOKS1 +9% ▪ Group rooms revenue on the books +13% $462 increases approaching travel year T+0; $425 $401 +8% typically, the largest groups book farthest in $355 $296 +
Slide 10: Differentiated Group Hospitality-Focused Platform Offers Distinct Competitive Advantages
DIFFERENTIATED GROUP HOSPITALITY-FOCUSED PLATFORM OFFERS DISTINCT COMPETITIVE ADVANTAGES… Unique, purpose-built “All under one roof” destination assets in top meetings markets with industry-leading assets meetings capacity are expensive and challenging for competitors to replicate Experienced Manage
Slide 11: Resulting in a Meaningful Recurring Revenue Stream
…RESULTING IN A MEANINGFUL RECURRING REVENUE STREAM Group customer rotation and retention, together with repeat leisure stays, create a recurring revenue model RHP TOTAL PORTFOLIO GAYLORD HOTELS PORTFOLIO NEW GROUP ROOM NIGHT NEW GROUP ROOM NIGHT RHP TOTAL PORTFOLIO PRODUCTION, 2024 PRODUCTION, 2024
Slide 12: Platform Enhancements Are Capital Efficient and Replicable
PLATFORM ENHANCEMENTS ARE CAPITAL EFFICIENT AND REPLICABLE, RESULTING IN ATTRACTIVE RETURNS GAYLORD OPRYLAND GAYLORD ROCKIES GAYLORD TEXAN JW HILL COUNTRY GAYLORD PALMS RESORT EXPANSIONS ▪ 2025-2027: 108,000 S.F. ▪ In Planning: 450-room resort meeting space expansion expansion and SoundWaves develop
Slide 13: Gaylord Rockies Enhancements: Before and After
GAYLORD ROCKIES ENHANCEMENTS: BEFORE AND AFTER… REPOSITIONED GRAND LODGE, BEFORE NEW INDOOR/OUTDOOR GROUP PAVILION NEW INDOOR/OUTDOOR GROUP PAVILION AFTER 13
Slide 14: Including Outlet Repositionings That Increase Food and Beverage Capacity
…INCLUDING OUTLET REPOSITIONINGS THAT INCREASE FOOD AND BEVERAGE CAPACITY NEW FORTUNATE PROSPECTOR ENGLISH PUB REPOSITIONED OLD HICKORY STEAKHOUSE NEW GARDEN + GRAIN HEALTHY FARE NEW COPPER TABLE COLORADO FARE 14
Slide 15: Gaylord Palms Rooms and Lobby Renovations: Before and After
GAYLORD PALMS ROOMS AND LOBBY RENOVATIONS: BEFORE AND AFTER BEFORE AFTER LOBBY REPOSITIONING 15
Slide 16: Opportunistic Platform Expansion Through Acquisitions/Development
OPPORTUNISTIC PLATFORM EXPANSION THROUGH ACQUISITIONS/DEVELOPMENT BENEFITS FROM PORTFOLIO SYNERGIES AND ROTATIONAL CUSTOMER MODEL Successful “Ryman-ization” of JW Hill Country after 2023 acquisition serves as a model for future opportunities ✓ ❑ Accretive to AFFO per fully diluted share in first ful
Slide 17: OEG Is Accretive to Earnings, With Value Creation From Eventual Separation
OEG IS ACCRETIVE TO EARNINGS PERFORMANCE, WITH INCREMENTAL VALUE CREATION OPPORTUNITY FROM EVENTUAL SEPARATION Preeminent live entertainment company for country music lifestyle fans globally Iconic venues and live Growth in country music is OEG platform offers Growth in digital content Eventual sepa
Slide 18: Opry 100: A Live Celebration Was a Resounding Success
OPRY 100: A LIVE CELEBRATION WAS A RESOUNDING SUCCESS Highlights ▪ Opry 100: A Live Celebration marked the first televised special in the Opry 100 campaign ▪ Attracted an audience of nearly 7.5 million viewers1 ▪ Surpassed previous Opry specials viewership by roughly 1 million viewers ▪ Delivered a
Slide 19: Financial Position and 2025 Guidance
FINANCIAL POSITION AND 2025 GUIDANCE 19 CATEGORY 10, NASHVILLE
Slide 20: Strong Balance Sheet Provides Downside Protection and Strategic Flexibility
STRONG BALANCE SHEET PROVIDES DOWNSIDE PROTECTION AND STRATEGIC FLEXIBILITY TOTAL AVAILABLE LIQUIDITY1 PRO FORMA MATURITY LADDER2 PRO FORMA AS OF MARCH 31, 2025 DOLLARS IN MILLIONS KEY METRICS2 $700 4.8 WEIGHTED AVERAGE MATURITY (YEARS) $1.2 $1,000 BILLION $700 $80 $600 79% UNSECURED DEBT $400 $429
Slide 21: 2025 Guidance, Inclusive of Disruption from Planned Capital Projects
2025 GUIDANCE, INCLUSIVE OF DISRUPTION FROM PLANNED CAPITAL PROJECTS1 CAPITAL EXPENDITURES & 2025 Guidance DISRUPTION ESTIMATES In millions, except for per-share amounts Low High Midpoint Hospitality $ 444.0 $ 468.0 $ 456.0 Entertainment Corporate and Other 65.8 (48.0) 69.8 (47.5) 67.8 (47.8) $350-4
Slide 22: Key Takeaways
KEY TAKEAWAYS ▪ Differentiated REIT platform purpose-built for the attractive large group meetings segment, with distinct competitive advantages ▪ Customer-informed build/buy-hold-enhance investment strategy creates a tangible path to organic growth ▪ Favorable supply and demand tailwinds support pr
Slide 23: Appendix
APPENDIX 23 GAYLORD PALMS, ORLANDO
Slide 24: Non-GAAP Definitions: EBITDAre and Adjusted EBITDAre
NON-GAAP DEFINITIONS: EBITDAre AND ADJUSTED EBITDAre The Company calculates 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 expens
Slide 25: Non-GAAP Definitions: FFO and AFFO
NON-GAAP DEFINITIONS: FFO AND AFFO The Company calculates 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),
Slide 26: Reconciliations: Historical FFO and AFFO Per Diluted Share/Unit
RECONCILIATIONS: HISTORICAL FFO AND AFFO AVAILABLE TO COMMON STOCKHOLDERS AND UNITHOLDERS PER DILUTED SHARE/UNIT 1. 2013 AFFO available to common stockholders and unitholders excludes capital expenditures of $29.8 million and tax effected REIT conversion costs, consistent with the current definition
Slide 27: Reconciliations: 2025 Guidance
RECONCILIATIONS: 2025 GUIDANCE 27 1. 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.
Ryman Hospitality Properties, Inc. (REIT) — Q1 2025 Earnings Presentation on 6ix