On this page of StockholderLetter.com we present the latest annual shareholder letter from Ryman Hospitality Properties, Inc. — ticker symbol RHP. Reading current and past RHP letters to shareholders can bring important insights into the investment thesis.
2 0 2 4 Ryman Hospitality Properties, Inc. A N N U A L R E P O R T A Real Estate Investment Trust
Ryman Hospitality Properties, Inc. A Real Estate Investment Trust 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, ve 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; Category 10; Nashville-area attractions; 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; and 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 nancial results. GAYLORD OPRYLAND RESORT & CONVENTION CENTER GAYLORD PALMS RESORT & CONVENTION CENTER GAYLORD TEXAN RESORT & CONVENTION CENTER Nashville, Tennessee Kissimmee, Florida Grapevine, Texas 2800 Opryland Drive, Nashville, TN 37214 615.889.1000 gaylordopryland.com 6000 West Osceola Parkway, Kissimmee, FL 34746 407.586.0000 gaylordpalms.com 1501 Gaylord Trail, Grapevine, TX 76051 817.778.1000 gaylordtexan.com GAYLORD NATIONAL RESORT & CONVENTION CENTER GAYLORD ROCKIES RESORT & CONVENTION CENTER JW MARRIOTT SAN ANTONIO HILL COUNTRY RESORT & SPA National Harbor, Maryland Aurora, Colorado San Antonio, Texas 201 Waterfront Street, National Harbor, MD 20745 301.965.2000 gaylordnational.com 6700 North Gaylord Rockies Boulevard , Aurora, CO 80019 720.452.6900 gaylordrockies.com 23808 Resort Parkway, San Antonio, TX 78261 210.276.2500 jwsanantonio.com
Dear Ryman Hospitality Properties Shareholders, Reflecting on the past year is always a privilege, and this year has been no exception. We are pleased to report another strong year in 2024, marked by record performance across both our Hospitality and Entertainment businesses, despite significant levels of construction disruption from planned investments. We are extremely proud of what our team accomplished in 2024: 1 Across our businesses, we achieved several full year records in 2024, including consolidated total revenue of over $2.3 billion, an increase of 8.4% year over year, consolidated operating income of $490.8 million, an increase of 8.2%, and consolidated Adjusted EBITDAre of $757.7 million, an increase of 9.7% year over year. We continue to prioritize earnings growth, delivering Adjusted FFO growth of 11.6% year over year. In our Hospitality business, we embarked on the first phase of our multiyear capital program, making investments at Gaylord Opryland, Gaylord Palms and Gaylord Rockies. As a reminder, during our 2024 Investor Day, we outlined over $1 billion in high-return investment opportunities across the portfolio aimed at inducing and capturing incremental premium group demand. Early returns from these investments, including a record number of group room nights on the books for all future years across our portfolio, reinforce our confidence in our capital investments. In 2024, our major projects included: At Gaylord Rockies, we repositioned the Grand Lodge atrium, increasing seating capacity and enhancing food and beverage offerings. Additionally, we developed a 26,000-square-foot group pavilion, providing flexible indoor and outdoor event space. At Gaylord Opryland, we completed renovations of the Governor s ballroom, meeting rooms, and pre-function space, and we started the development of a new 550-seat sports bar, a 3,000-square-foot pavilion, and an adjacent event lawn. Finally, we completed a major transformation of the Gaylord Palms lobby and guest rooms, effectively creating a brand-new offering that elevates the guest experience. New group bookings production remained strong, indicating healthy future group demand and positive early reception to the improvements we are making to the portfolio. In 2024, we booked over 2.9 million same-store1 gross definite room nights for all future years at a record estimated average daily rate (ADR) of $282. 2024 was our first full year of ownership of the JW Hill Country, which we acquired in June 2023. As we continue to integrate the property into our portfolio, we are focused on enhancing the guest experience and creating long-term value, highlighted by the introduction of ICE! in the fourth quarter. We remain optimistic about the long-term potential of this property and the San Antonio market. In our Entertainment business, we opened Ole Red Las Vegas, our sixth Ole Red location, to capacity crowds in early 2024, exceeding our internal expectations. Additionally, in the fourth quarter, we debuted Category 10, the first venue launched under our collaboration with country music superstar Luke Combs. We believe the Category 10 brand has significant growth potential, with opportunities to expand into new markets and reach more country music fans. In 2024, we also completed the renovation of the W Austin Hotel at Block 21, positioning it as a premier destination in the vibrant downtown Austin market. The same-store Hospitality segment excludes JW Marriott Hill Country, which was acquired on June 30, 2023. i
Our balance sheet remains strong, and we ended the year with total available liquidity of $1.2 billion and a 3.9x net leverage ratio, comfortably within our targeted range. In 2024, we declared a total of $4.45 in dividends per share to shareholders, reflecting a nearly 16% increase from 2023 and a 7.5% compound annual growth rate since our REIT conversion in 2013, underscoring our commitment to creating value for our shareholders. Our success is driven by the dedication of our employees, and we remain steadfast in our commitment to fostering a workplace culture that prioritizes engagement, growth and support. In 2024, employee turnover remained below industry benchmarks, a testament to our people-first philosophy. Additionally, we continue to focus on our leadership development initiatives, equipping future leaders with the skills necessary to capitalize on new opportunities as we enter our next phase of growth. We recently announced a $131 million 108,000 square foot meeting space expansion at Gaylord Opryland, building on our ongoing enhancements to meeting space across our portfolio. As Nashville solidifies its position as a top meetings destination, the modernization of our group spaces alongside the addition of a new sports bar and event lawn further strengthens Opryland s appeal to high-quality group travelers. Meanwhile, our Entertainment segment is poised for another exciting year. The Grand Ole Opry s centennial birthday celebration named Opry 100 , will be a year-long tribute to this iconic institution, supported by new growth initiatives across our live experiences, artist partnerships, and direct-to-consumer platforms. At the start of 2025, we made a strategic investment in Southern Entertainment, a leading independent music festival and live events operator. This expansion into the festival space enhances our ability to connect artists with fans and further strengthen our live entertainment portfolio. We are incredibly proud of all that we accomplished in 2024, and we recognize that none of this would be possible without our loyal customers, the dedication of our employees, the support of our board of directors, and the confidence of you, our shareholders. Thank you for your continued trust in Ryman Hospitality Properties. As we embark on 2025, we remain committed to executing our strategy with discipline and agility, building value for our shareholders while continuing to deliver exceptional experiences for our guests. We look forward to another year of growth and success. Warm Regards, Colin V. Reed Executive Chairman Mark Fioravanti President & CEO ii
The graph below matches Ryman Hospitality Properties, Inc. s cumulative 5-year total shareholder return on common stock with the cumulative total returns of the S&P 500 index and the FTSE Nareit Equity REITs index. The graph tracks the performance of a $100 investment in our common stock and in each index (with the reinvestment of all dividends) from December 31, 2019 to December 31, 2024. COMPARISON OF 5 YEAR CUMULATIVE TOTAL RETURN* Among Ryman Hospitality Properties Inc, the S&P 500 Index, the FTSE Nareit Equity REITs Index, $250 $200 $150 $100 $50 $0 12/19 12/20 12/21 12/22 Ryman Hospitality Properties Inc 12/23 S&P 500 12/24 FTSE Nareit Equity REITs *$100 invested on 12/31/19 in stock or index, including reinvestment of dividends. Fiscal year ending December 31. Copyright 2025 Standard & Poor's, a division of S&P Global. All rights reserved. The stock price performance included in this graph is not necessarily indicative of future stock price performance. Ryman Hospitality Properties, Inc. . . . . . . . S&P 500. . . . . . . . . . . . . . . . . . . . . . . . . . . . . FTSE NAREIT Equity REITs. . . . . . . . . . . . 12/19 12/20 12/21 12/22 12/23 12/24 $100.00 $100.00 $100.00 $ 80.26 $118.40 $ 92.00 $108.93 $152.39 $131.78 $ 97.30 $124.79 $ 99.67 $136.43 $157.59 $113.35 $134.83 $197.02 $123.25 iii
 • shareholder letter icon 4/4/2025 Letter Continued (Full PDF)
 • stockholder letter icon 4/4/2023 RHP Stockholder Letter
 • stockholder letter icon 4/4/2024 RHP Stockholder Letter
 • stockholder letter icon More "REITs" Category Stockholder Letters
 • Benford's Law Stocks icon RHP Benford's Law Stock Score = 63


RHP Shareholder/Stockholder Letter Transcript:

2 0 2 4
Ryman Hospitality Properties, Inc.
A N N U A L
R E P O R T
A Real Estate Investment Trust

Ryman Hospitality Properties, Inc.
A Real Estate Investment Trust
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,    ve 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; Category 10; Nashville-area attractions; 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; and 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    nancial results.
GAYLORD OPRYLAND
RESORT & CONVENTION CENTER
GAYLORD PALMS
RESORT & CONVENTION CENTER
GAYLORD TEXAN
RESORT & CONVENTION CENTER
Nashville, Tennessee
Kissimmee, Florida
Grapevine, Texas
2800 Opryland Drive, Nashville, TN 37214
615.889.1000
gaylordopryland.com
6000 West Osceola Parkway, Kissimmee, FL 34746
407.586.0000
gaylordpalms.com
1501 Gaylord Trail, Grapevine, TX 76051
817.778.1000
gaylordtexan.com
GAYLORD NATIONAL
RESORT & CONVENTION CENTER
GAYLORD ROCKIES
RESORT & CONVENTION CENTER
JW MARRIOTT SAN ANTONIO
HILL COUNTRY RESORT & SPA
National Harbor, Maryland
Aurora, Colorado
San Antonio, Texas
201 Waterfront Street, National Harbor, MD 20745
301.965.2000
gaylordnational.com
6700 North Gaylord Rockies Boulevard , Aurora, CO 80019
720.452.6900
gaylordrockies.com
23808 Resort Parkway, San Antonio, TX 78261
210.276.2500
jwsanantonio.com

Dear Ryman Hospitality Properties Shareholders,
Reflecting on the past year is always a privilege, and this year has been no exception. We are pleased to report
another strong year in 2024, marked by record performance across both our Hospitality and Entertainment
businesses, despite significant levels of construction disruption from planned investments.
We are extremely proud of what our team accomplished in 2024:
1

Across our businesses, we achieved several full year records in 2024, including consolidated total
revenue of over $2.3 billion, an increase of 8.4% year over year, consolidated operating income of
$490.8 million, an increase of 8.2%, and consolidated Adjusted EBITDAre of $757.7 million, an
increase of 9.7% year over year. We continue to prioritize earnings growth, delivering Adjusted FFO
growth of 11.6% year over year.

In our Hospitality business, we embarked on the first phase of our multiyear capital program, making
investments at Gaylord Opryland, Gaylord Palms and Gaylord Rockies. As a reminder, during our
2024 Investor Day, we outlined over $1 billion in high-return investment opportunities across the portfolio
aimed at inducing and capturing incremental premium group demand. Early returns from these investments,
including a record number of group room nights on the books for all future years across our portfolio,
reinforce our confidence in our capital investments. In 2024, our major projects included:

At Gaylord Rockies, we repositioned the Grand Lodge atrium, increasing seating capacity and
enhancing food and beverage offerings. Additionally, we developed a 26,000-square-foot group
pavilion, providing flexible indoor and outdoor event space.

At Gaylord Opryland, we completed renovations of the Governor   s ballroom, meeting rooms, and
pre-function space, and we started the development of a new 550-seat sports bar, a
3,000-square-foot pavilion, and an adjacent event lawn.

Finally, we completed a major transformation of the Gaylord Palms lobby and guest rooms,
effectively creating a brand-new offering that elevates the guest experience.

New group bookings production remained strong, indicating healthy future group demand and positive
early reception to the improvements we are making to the portfolio. In 2024, we booked over
2.9 million same-store1 gross definite room nights for all future years at a record estimated average
daily rate (ADR) of $282.

2024 was our first full year of ownership of the JW Hill Country, which we acquired in June 2023. As
we continue to integrate the property into our portfolio, we are focused on enhancing the guest
experience and creating long-term value, highlighted by the introduction of ICE! in the fourth quarter.
We remain optimistic about the long-term potential of this property and the San Antonio market.

In our Entertainment business, we opened Ole Red Las Vegas, our sixth Ole Red location, to capacity
crowds in early 2024, exceeding our internal expectations. Additionally, in the fourth quarter, we
debuted Category 10, the first venue launched under our collaboration with country music superstar
Luke Combs. We believe the Category 10 brand has significant growth potential, with opportunities to
expand into new markets and reach more country music fans. In 2024, we also completed the
renovation of the W Austin Hotel at Block 21, positioning it as a premier destination in the vibrant
downtown Austin market.
The same-store Hospitality segment excludes JW Marriott Hill Country, which was acquired on June 30, 2023.
i


Our balance sheet remains strong, and we ended the year with total available liquidity of $1.2 billion
and a 3.9x net leverage ratio, comfortably within our targeted range. In 2024, we declared a total of
$4.45 in dividends per share to shareholders, reflecting a nearly 16% increase from 2023 and a 7.5%
compound annual growth rate since our REIT conversion in 2013, underscoring our commitment to
creating value for our shareholders.
Our success is driven by the dedication of our employees, and we remain steadfast in our commitment to
fostering a workplace culture that prioritizes engagement, growth and support. In 2024, employee turnover
remained below industry benchmarks, a testament to our people-first philosophy. Additionally, we continue to
focus on our leadership development initiatives, equipping future leaders with the skills necessary to capitalize on
new opportunities as we enter our next phase of growth.
We recently announced a $131 million 108,000 square foot meeting space expansion at Gaylord Opryland,
building on our ongoing enhancements to meeting space across our portfolio. As Nashville solidifies its position
as a top meetings destination, the modernization of our group spaces   alongside the addition of a new sports bar
and event lawn   further strengthens Opryland   s appeal to high-quality group travelers.
Meanwhile, our Entertainment segment is poised for another exciting year. The Grand Ole Opry   s centennial
birthday celebration named    Opry 100   , will be a year-long tribute to this iconic institution, supported by new
growth initiatives across our live experiences, artist partnerships, and direct-to-consumer platforms. At the start of
2025, we made a strategic investment in Southern Entertainment, a leading independent music festival and live
events operator. This expansion into the festival space enhances our ability to connect artists with fans and
further strengthen our live entertainment portfolio.
We are incredibly proud of all that we accomplished in 2024, and we recognize that none of this would be
possible without our loyal customers, the dedication of our employees, the support of our board of directors, and
the confidence of you, our shareholders. Thank you for your continued trust in Ryman Hospitality Properties.
As we embark on 2025, we remain committed to executing our strategy with discipline and agility, building
value for our shareholders while continuing to deliver exceptional experiences for our guests. We look forward to
another year of growth and success.
Warm Regards,
Colin V. Reed
Executive Chairman
Mark Fioravanti
President & CEO
ii

The graph below matches Ryman Hospitality Properties, Inc.   s cumulative 5-year total shareholder return on
common stock with the cumulative total returns of the S&P 500 index and the FTSE Nareit Equity REITs index.
The graph tracks the performance of a $100 investment in our common stock and in each index (with the
reinvestment of all dividends) from December 31, 2019 to December 31, 2024.
COMPARISON OF 5 YEAR CUMULATIVE TOTAL RETURN*
Among Ryman Hospitality Properties Inc, the S&P 500 Index, the FTSE Nareit Equity REITs
Index,
$250
$200
$150
$100
$50
$0
12/19
12/20
12/21
12/22
Ryman Hospitality Properties Inc
12/23
S&P 500
12/24
FTSE Nareit Equity REITs
*$100 invested on 12/31/19 in stock or index, including reinvestment of dividends.
Fiscal year ending December 31.
Copyright   2025 Standard & Poor's, a division of S&P Global. All rights reserved.
The stock price performance included in this graph is not necessarily indicative of future stock price performance.
Ryman Hospitality Properties, Inc. . . . . . . .
S&P 500. . . . . . . . . . . . . . . . . . . . . . . . . . . . .
FTSE NAREIT Equity REITs. . . . . . . . . . . .
12/19
12/20
12/21
12/22
12/23
12/24
$100.00
$100.00
$100.00
$ 80.26
$118.40
$ 92.00
$108.93
$152.39
$131.78
$ 97.30
$124.79
$ 99.67
$136.43
$157.59
$113.35
$134.83
$197.02
$123.25
iii



shareholder letter icon 4/4/2025 Letter Continued (Full PDF)
 

RHP Stockholder/Shareholder Letter (Ryman Hospitality Properties, Inc.) | www.StockholderLetter.com
Copyright © 2023 - 2026, All Rights Reserved

Nothing in StockholderLetter.com is intended to be investment advice, nor does it represent the opinion of, counsel from, or recommendations by BNK Invest Inc. or any of its affiliates, subsidiaries or partners. None of the information contained herein constitutes a recommendation that any particular security, portfolio, transaction, or investment strategy is suitable for any specific person. All viewers agree that under no circumstances will BNK Invest, Inc,. its subsidiaries, partners, officers, employees, affiliates, or agents be held liable for any loss or damage caused by your reliance on information obtained. By visiting, using or viewing this site, you agree to the following Full Disclaimer & Terms of Use and Privacy Policy.