On this page of StockholderLetter.com we present the 4/4/2024 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.

 •  4/4/2024 Letter Continued (Full PDF)
 •  4/4/2023 RHP Stockholder Letter
 •  4/4/2025 RHP Stockholder Letter
 •  More "REITs" Category Stockholder Letters
 •  RHP Benford's Law Stock Score = 63

RHP 4/4/2024 Shareholder/Stockholder Letter Transcript:

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

About Us
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 nongaming 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, 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    nancial results.
One Gaylord Drive
Nashville, TN 37214
615-316-6000
RymanHP.com

Dear Ryman Hospitality Properties Shareholders,
2023 was a remarkably successful year, as our businesses achieved certain new financial performance records at
both the segment and consolidated levels. These strong results enabled us to deliver a total shareholder return of
40%, outperforming both the FTSE NAREIT All Equity REITs Index, which returned 14%, and the broader
S&P 500 Index, which returned 26%. In December, our stock reached an all-time high of $111, which we have
already surpassed in 2024.
We are immensely proud of what we accomplished as a team in 2023:

Our Hospitality business generated record revenue, RevPAR, Total RevPAR, ADR, same-store operating
income and same-store Adjusted EBITDAre in 2023.1 Same-store Hospitality group production marked
a return to pre-pandemic levels, totaling over 2.9 million gross definite room nights booked in 2023, an
increase of 10% over 2022 and 7% over 2019. Same-store Hospitality new definite rooms revenue and
ADR production in 2023 were all-time records. These results demonstrate the strength of our
relationships with meeting planners and the value we provide to our customers with the strategic
investments we have made over the past several years.

In June, we completed the acquisition of the 1,002-room JW Marriott San Antonio Hill Country
Resort & Spa. Located in an attractive and growing market with no emerging competitive supply, this
unique resort is a natural complement to our existing Gaylord Hotels portfolio (and one we have been
interested in acquiring for some time). In the near term, we are focused on getting to know the
JW Marriott customer and leveraging our scale to create growth and profitability synergies. Over the
next several years, we intend to enhance and expand this property, much as we have done elsewhere in
our portfolio.

Our Entertainment business delivered record revenue, operating income and Adjusted EBITDAre in
2023, driven by continued robust demand for live entertainment experiences. The momentum in our
business, and the country music and lifestyle category broadly, positions us favorably to continue
pursuing growth. Ole Red Las Vegas, our sixth and largest location to date, opened in
mid-January 2024 to an encouraging early start. Several other investments are underway, including the
repositioning of the Wildhorse Saloon to Category 10, our newest brand partnership with country music
superstar Luke Combs, and the renovation of the W Austin, part of Block 21 in Austin, Texas.

Our balance sheet is in excellent shape, supported by strong operating cash flow generation. Over the
course of 2023, we declared dividends of $3.85 per share, and as of year-end 2023, our total available
liquidity was $1.3 billion, and our leverage levels remained comfortably within our targeted range.
None of these accomplishments would be possible, of course, without our people. Guided by our people-first
approach, employee engagement and development remain top priorities. In 2023, employee turnover remained
well below the broader industry despite a competitive labor market, driven in large part by high employee
satisfaction and engagement. Furthermore, we enhanced our leadership development opportunities, which we
believe will set the stage for our next phase of growth by equipping leaders with the skills they need to take on
new opportunities.
We continue to advance diversity and inclusion as a catalyst for broadening the customer base and thus inducing
demand for what we do. We are proud to report that the artists who took the Opry stage in 2023 were more
racially diverse than in years past, surpassing the meaningful strides we made in 2022.
1
The same-store Hospitality portfolio excludes the JW Marriott San Antonio Hill Country, which was acquired on June 30, 2023.
i

Looking forward to 2024 and beyond, as we discussed at our recent investor day, our differentiated business
model and the underlying strength of our brands affords us many ways to grow the business and thus create
shareholder value:

In our Hospitality business, we are monetizing the enhancements we have made to the customer value
proposition over the last several years, and we have outlined more than $1 billion of high-return capital
investments that will drive growth in the years to come. Major enhancements include transforming and
expanding the carpeted meeting space at Gaylord Opryland, allowing us to capture more premium
group business; repositioning and expanding food and beverage capacity at Gaylord Opryland to meet
demand; repositioning the Grand Lodge, adding a new group pavilion, and expanding the room count
at Gaylord Rockies, inducing incremental demand and allowing us to maximize out-of-room spend; and
analyzing feasibility of our successful SoundWaves water amenity at Gaylord Rockies and Gaylord
Texan, potentially enhancing our leisure offerings at those properties.

In our Entertainment business, we continue to pursue growth and scale in three verticals     (1) venues
and live experiences, (2) artist partnerships, and (3) direct-to-consumer and content distribution. We
look forward to opening Category 10 and completing the comprehensive renovation of the W Austin
later this year.
As a result of these initiatives, we have many ways to grow the Company and thus create shareholder value.
In closing, we extend a sincere thank you to our employees, partners, customers and board of directors, for their
support of our Company in 2023. We are so proud of the work we have already accomplished together, and we
are confident we will continue to create value for you, our shareholders, in 2024 and beyond.
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 12/31/2018 to 12/31/2023.
COMPARISON OF 5 YEAR CUMULATIVE TOTAL RETURN*
Among Ryman Hospitality Properties, Inc., the S&P 500 Index
and the FTSE Nareit Equity REITs Index
$250
$200
$150
$100
$50
$0
12/18
12/19
12/20
12/21
Ryman Hospitality Properties, Inc.
12/22
S&P 500
12/23
FTSE Nareit Equity REITs
*$100 invested on 12/31/18 in stock or index, including reinvestment of dividends.
Fiscal year ending December 31.
Copyright   2024 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. . . . . . . . . . . .
12/18
12/19
12/20
12/21
12/22
12/23
$100.00
$100.00
$100.00
$135.68
$131.49
$126.00
$108.90
$155.68
$115.92
$147.79
$200.37
$166.04
$132.02
$164.08
$125.58
$185.11
$207.21
$142.83
iii



 4/4/2024 Letter Continued (Full PDF)