Ryman Hospitality Properties (RHP) Raymond James & Associates’ 46th Annual Institutional Investors Conference 2025 summary

Business overview and strategy

• Operates two main businesses: a group-focused hotel REIT and a live entertainment segment centered on country music.

• Hotels are among the largest non-gaming meeting facilities in the U.S., with high meeting space per room and a single manager (Marriott).

• Entertainment business owns iconic brands like Grand Ole Opry and Ryman Auditorium, with strategic partnerships for media and content.

• Focuses on sustainable earnings, efficient capital deployment, and serving attractive customer segments.

• Management team has deep expertise in large group business and a proven track record.

Financial performance and capital allocation

• Since REIT conversion in 2013, annualized total shareholder return is 14.1%, outpacing peers.

• Dividend yield is 4.7% with a 7.5% growth rate since conversion; 100% of REIT taxable income is distributed.

• Capital is allocated to dividends, property enhancements, expansions, and selective acquisitions, with limited asset trading.

• Recent acquisition: JW Marriott in San Antonio, with plans for expansion and value creation.

• Balance sheet is strong, with $1.2B liquidity, manageable debt, and net leverage at 3.9x trailing adjusted EBITDA.

Group business model and market dynamics

• Group segment provides stability with a three-year average booking window and high contractual revenue.

• Cancellation and attrition fees buffer profitability during downturns.

• Leading indicators for 2024 and early 2025 remain positive, with strong outside-the-room spending and booking production.

• 2023 saw record bookings: 2.9M room nights at $282 ADR; 2025 revenue on the books is 3% higher than 2024.

• Limited new supply in large group hotels creates favorable supply-demand dynamics and pricing power.