Ryman Hospitality Properties (RHP) 47th Annual Raymond James Institutional Investor Conference summary

Business model and market positioning

• Focuses on large group meetings with a single brand and manager, driving high customer retention, long booking windows averaging over three years, and high guest satisfaction through unique amenities and aligned incentives.

• Owns five of the ten largest non-gaming hotels in the U.S., with 12,364 rooms and about 3 million square feet of meeting space, located in top meetings and economically strong markets.

• Group business is 70% of total, with 66% customer retention, an average booking window of 3.1 years, and strong revenue capture from ancillary services.

• Leisure business is regional, supplementing group demand with unique holiday programming, water parks, and resort amenities to attract family travelers during low group periods.

• Opry Entertainment Group (OEG) provides exposure to the growing live entertainment and country lifestyle segments, representing 15% of revenue and profitability.

Financial performance and capital allocation

• Delivered industry-leading AFFO per share growth (7.6% CAGR) and dividend growth (up to 7.3%) since REIT conversion in 2013.

• Outperformed the MSCI U.S. REIT Index and full-service lodging REITs in shareholder returns over 3-, 5-, and 10-year periods.

• Maintains a 5% FF&E reserve for maintenance, with total maintenance CapEx averaging 5.5-6% of revenue.

• Recent CapEx spend was $358 million, with similar levels expected, focused on high-return projects and asset enhancements.

• Balance sheet is strong with $1.4 billion liquidity, 4.3x net leverage, and no maturities until 2028, supported by recent refinancing and a pending $700 million senior notes offering.

Growth strategy and portfolio development

• Growth achieved through acquisitions and high-return enhancements to existing hotels, leveraging customer feedback and data.

• Recent projects include a $40 million sports bar, $131 million meeting space expansion at Opryland, and renovations at Gaylord Palms and JW Marriott Hill Country.

• Desert Ridge acquisition in Phoenix added a 950-room asset with strong group/leisure mix and ongoing enhancements, including the $865 million JW Marriott Desert Ridge purchase in 2025.

• Limited competition due to high barriers to entry and geographic distribution, with few new large-scale hotels being developed.

• Plans to expand existing properties, such as adding rooms at Rockies and in Texas, rather than broadening geographic reach.