Ryman Hospitality (RHP) Stock: Dividend, AFFO, Grande Lakes
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Quick Answer
Ryman Hospitality Properties (NYSE: RHP, SEC CIK 1040829) pays a $1.20 quarterly dividend, $4.80 a year, declared on September 15, 2026 for payment on October 15, 2026. Adjusted FFO (funds from operations before one-time items) was $2.77 per diluted share in the second quarter of 2026, so the July dividend took 43.3% of it (our arithmetic). Over the last four quarters the company paid $4.75 against $9.10 of Adjusted FFO, 52.2% (our arithmetic). On September 1, 2026 the company closed the $1.38 billion purchase of Grande Lakes Orlando and cut its 2026 Adjusted FFO per share guidance midpoint from $9.13 to $9.08 (range $8.90 to $9.26), because it sold 5,865,000 new shares at $117.00 and issued $700 million of 6.250% notes due 2035 to pay for it. $4.80 is 52.9% of the new midpoint (our arithmetic) but 122% of guided GAAP earnings of $3.93 a share (our arithmetic). As of October 19, 2026, the Q3 2026 10-Q had not been filed; the last filed period is the quarter ended June 30, 2026 (10-Q filed August 7, 2026).
Key Takeaways
- The dividend is covered by Adjusted FFO about 1.9 times, and by little else. $4.80 a year is 52.9% of the $9.08 guidance midpoint and 53.9% to 51.8% across the $8.90 to $9.26 range (our arithmetic). Dividends declared were $3.85 in 2023, $4.45 in 2024 and $4.65 in 2025: 52.1% of 2024 Adjusted FFO of $8.54 and 55.0% of 2025 Adjusted FFO of $8.46 (our arithmetic). Against guided GAAP net income of $3.93 a share, $4.80 is 122% (our arithmetic), which is why aggregator sites show payout ratios above 100%. The company says its policy is to pay “minimum dividends of 100% of REIT taxable income annually,” and its credit facility caps distributions at 95% of FFO as defined in that facility.
- The seasonal low is the third quarter, and it is the next to report. Adjusted FFO was $1.63 in Q3 2025, against $2.38 in Q4, $2.32 in Q1 2026 and $2.77 in Q2. The $1.15 dividend paid on October 15, 2025 took 70.6% of that $1.63 (our arithmetic). The $1.20 paid on October 15, 2026 will be measured against a quarter that normally earns the least.
- The Grande Lakes deal added earnings but not per-share earnings. The September 1 update lifts the total 2026 Adjusted FFO midpoint by $17.0 million to $621.5 million, but the weighted diluted share count rises from 68.4 million to 70.7 million, so the per-share midpoint falls $0.05 to $9.08. The company bought 1,592 rooms at 12.5 times trailing Adjusted EBITDAre of $110.0 million, and says it expects the deal to be “accretive to adjusted funds from operations” per share in 2027.
- Shares outstanding rise about 9%. The 10-Q shows 63,119,288 shares at July 31, 2026. The August 12 offering closed 5,865,000 more at $117.00 each, about $686 million before fees, taking the count to about 68,984,000 (our arithmetic: +9.3%). The previous deal followed the same pattern: about 3.0 million shares at $96.20 and $625 million of 6.50% notes for JW Marriott Desert Ridge in June 2025.
- Debt is $3.97 billion today and about $4.7 billion of principal after the new notes. Total debt was $3,969.5 million at June 30, 2026 with $366.1 million of cash and $930.0 million of undrawn borrowing availability. The 2027 notes were refinanced in March 2026 with $700 million of 5.75% notes due 2034, so the first note maturity is $400 million of 7.25% notes in July 2028. The $700 million of 6.250% notes issued August 25 cost $43.75 million a year in coupon (our arithmetic). Gross principal over last-twelve-month Adjusted EBITDAre goes from 4.6 to 4.8 times (our arithmetic).
- Growth is rate, not occupancy. In Q2 2026 same-store RevPAR rose 5.2% to $201.67 while occupancy fell 1.2 points to 72.8% and ADR (average daily rate) rose 6.9% to $277.19. Group room nights booked rose 6.7% in Q2 after a 26.7% jump in Q1, but fell 5.5% for all of 2025 (gross) and 10.5% on a net basis.
- Every hotel is run by one manager. Marriott International manages the whole hotel portfolio of 13,956 rooms, and charged $52.4 million of base fees and $27.4 million of incentive fees in 2025. Hospitality produced $713.9 million of the $794.7 million of 2025 consolidated Adjusted EBITDAre; the Opry-branded Entertainment business, 70% owned, produced $114.5 million.
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Ryman Hospitality Properties (RHP): dividends vs Adjusted FFO, guidance, Grande Lakes financing, share count, debt and operating statistics
127 rows from Ryman Hospitality's FY2025 10-K, 10-Qs for Q3 2025 to Q2 2026, five earnings releases and six 8-Ks: dividends and Adjusted FFO by quarter, four guidance updates, the Grande Lakes deal, share counts, debt and hotel statistics.
The dividend against Adjusted FFO, quarter by quarter
Ryman reports FFO and Adjusted FFO per diluted share and unit; the per-share figures include about 4.5 million shares that stand in for the minority investor's put rights in the Opry business, and about 3.0 million shares issued in May 2025. The company pays its dividend on the 15th of the month after the quarter ends, to holders of record on the last day of the quarter, so the table lines each payment up with the quarter that just ended.
| Quarter | FFO per share | Adjusted FFO per share | Dividend paid per share | Paid as % of Adjusted FFO (our arithmetic) |
|---|---|---|---|---|
| Q2 2025 | $2.14 | $2.35 | $1.15 (Jul 15, 2025) | 48.9% |
| Q3 2025 | $1.60 | $1.63 | $1.15 (Oct 15, 2025) | 70.6% |
| Q4 2025 | $2.19 | $2.38 | $1.20 (Jan 15, 2026) | 50.4% |
| Q1 2026 | $2.14 | $2.32 | $1.20 (Apr 15, 2026) | 51.7% |
| Q2 2026 | $2.54 | $2.77 | $1.20 (Jul 15, 2026) | 43.3% |
| Last four quarters (Q3 2025 to Q2 2026) | $8.47 | $9.10 | $4.75 | 52.2% |
| Full year 2025 | $7.93 | $8.46 | $4.65 declared | 55.0% |
| Full year 2024 | $8.05 | $8.54 | $4.45 declared | 52.1% |
| 2026 guidance (Sep 1), high / low | n/a | $9.26 / $8.90 | $4.80 (three paid, Q3 declared) | 51.8% / 53.9% |
The coverage is steady, not thin. The payout has stayed between 43% and 55% except in the third quarter, the weakest of the year (Q3 2025 Adjusted FFO was $1.63 against $2.35 in Q2). Dividends have moved up with Adjusted FFO: from $4.45 declared in 2024 to $4.65 in 2025 and a quarterly rate of $1.20 since the January 2026 payment, up from $1.15.
Two covenants set the ceiling. The 10-K states: “We are restricted in our ability to pay a dividend to our stockholders if the aggregate amount of all distributions to our stockholders in a given year exceeds 95% of our funds from operations (as defined in the credit facility) for that fiscal year.” Separately, each quarterly release repeats: “The Company’s dividend policy provides that it will distribute minimum dividends of 100% of REIT taxable income annually.” Neither is a promise to keep the amount, and the releases add that future dividends are subject to the board.
The GAAP view is much tighter. Guided net income available to common stockholders is $3.90 to $3.95 per diluted share for 2026, $3.93 at the midpoint, against $4.80 of dividends: 122% (our arithmetic). The gap is depreciation, a large cost for a company that owns convention hotels and is spending $400 million to $500 million on capital projects in 2026. REITs are usually read on FFO for that reason, but a holder should know the aggregator payout ratios above 100% come from this GAAP line.
Yield depends on a price this page does not have. The filings give two reference prices: $96.20 for the shares sold in May 2025 and $117.00 for those sold in August 2026. The annual dividend was 4.8% of the first (on the $4.60 then paid) and is 4.1% of the second (our arithmetic). Neither is today's yield; check a live quote.
What changed in the second quarter
Second-quarter 2026 revenue was a record $749.0 million (up 13.6%), net income $102.1 million (up 34.5%) and consolidated Adjusted EBITDAre $258.3 million (up 21.9%). The company raised full-year guidance on August 6 on the strength of the quarter and “a modest increase” in expectations for the second half.
| Same-store hospitality, change vs a year earlier | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 |
|---|---|---|---|---|
| Occupancy | 67.3% (-2.2 pts) | 66.0% (-0.7 pts) | 67.7% (-2.0 pts) | 72.8% (-1.2 pts) |
| ADR (average daily rate) | $258.04 (+2.2%) | $280.98 (+5.1%) | $277.76 (+5.1%) | $277.19 (+6.9%) |
| RevPAR (rooms revenue per available room) | $173.71 (-0.9%) | $185.41 (+3.9%) | $188.07 (+2.1%) | $201.67 (+5.2%) |
| Total RevPAR (all hotel revenue per available room) | $442.58 (-0.5%) | $550.58 (+5.2%) | $497.95 (+2.8%) | $524.05 (+6.5%) |
| Gross definite room nights booked (for all future periods) | 667,645 (+9.2%) | 1,233,797 (-10.2%) | 460,938 (+26.7%) | 768,697 (+6.7%) |
Occupancy fell in each of the last four quarters; price did the work. The company says bookings made in Q2 carried an estimated ADR of about $310, up 8.6%, an all-time quarterly record for future bookings. A price-led year has a limit: occupancy of 72.8% in the strongest quarter is 1.2 points lower than a year ago, and group attrition (rooms contracted but not used) was 14.6% of the contracted block in Q2 and 17.7% in Q1. Q1 2026 booking volume of 460,938 room nights, up 26.7%, follows a 2025 in which gross bookings fell 5.5% and net bookings 10.5%, so part of the 2026 increase is a rebound from a weak comparison (our reading).
Entertainment. The Opry-branded segment (Grand Ole Opry, Ryman Auditorium, Ole Red, Block 21 in Austin) had record Q2 Adjusted EBITDAre of $43.9 million, up 29.5%, on revenue of $144.0 million, up 0.5%. Segment guidance for 2026 is $120 million to $130 million of Adjusted EBITDAre, against $114.5 million in 2025. The company owns about 70%; an Atairos affiliate owns the rest. The Q2 release says the company is evaluating “a path to greater independence” for OEG, has no agreement with a third-party investor, and that “Atairos’ liquidity request rights, including its put right, are currently unexercisable.” That put right is why the per-share counts above include 4.9 million equivalent shares.
Guidance: raised twice, then reset by the acquisition
| 2026 guidance given on | Adjusted FFO per share (low / high / midpoint) | Adjusted FFO total, midpoint | Consolidated Adjusted EBITDAre, midpoint | Weighted diluted shares |
|---|---|---|---|---|
| February 23, 2026 | $8.50 / $9.00 / $8.75 | $578.1 million | $870.5 million | 68.4 million |
| April 30, 2026 | $8.77 / $9.14 / $8.96 | $592.1 million | $883.0 million | 68.4 million |
| August 6, 2026 | $8.98 / $9.28 / $9.13 | $604.5 million | $894.0 million | 68.4 million |
| September 1, 2026 (includes Grande Lakes) | $8.90 / $9.26 / $9.08 | $621.5 million | $926.5 million | 70.7 million |
The midpoint rose from $8.75 to $9.13, up $0.38 or 4.3% (our arithmetic), before the share issue took $0.05 back. Against the 2025 result of $8.46, the $9.08 midpoint is up 7.3% (our arithmetic). The September 1 update adds only four months of Grande Lakes: $30.0 million to $35.0 million of Adjusted EBITDAre and $11.0 million to $14.0 million of operating income. The company says it does not expect to update guidance again before the next earnings release.
Grande Lakes: what was bought and how it was paid for
On August 10, 2026 a subsidiary agreed to buy the JW Marriott Orlando, Grande Lakes Resort (1,010 rooms) and the Ritz-Carlton Orlando, Grande Lakes (582 rooms) for about $1.38 billion, a 12.5 times multiple of $110.0 million of Adjusted EBITDAre for the twelve months to June 30, 2026. The seller's figures are unaudited, and the same table shows $10.4 million of net income for the period. The deal closed September 1 and Marriott continues to operate both hotels. Total rooms went from 12,364 to 13,956.
| Funding piece | Date | Amount | Terms |
|---|---|---|---|
| Common stock, public offering | Closed Aug 12, 2026 | 5,865,000 shares at $117.00 (about $686 million gross, our arithmetic) | Includes full exercise of the underwriters' option |
| Senior notes due 2035 | Closed Aug 25, 2026 | $700 million | 6.250%; unsecured; special mandatory redemption if the deal had not closed |
| Cash on hand | Sep 1, 2026 | Balance of about $1.38 billion | Cash was $366.1 million at June 30 |
What it costs, in the company's own numbers. The new notes carry $43.75 million of annual interest (our arithmetic). The new shares carry $28.2 million of annual dividends at $4.80 (our arithmetic). Together that is $71.9 million a year against $110.0 million of Adjusted EBITDAre before capital spending and taxes. Interest is already rising: Q2 interest expense was $63.9 million against $58.5 million a year earlier, before the August notes.
Debt: $3.97 billion at June 30, one maturity wall moved to 2034
| Debt at June 30, 2026 | Principal | Rate | Due |
|---|---|---|---|
| Term Loan B | $288.4 million | SOFR + 1.75% | May 18, 2030 |
| Senior notes | $400.0 million | 7.25% | July 15, 2028 |
| Senior notes | $600.0 million | 4.50% | February 15, 2029 |
| Senior notes | $1,000.0 million | 6.50% | April 1, 2032 |
| Senior notes | $625.0 million | 6.50% | June 15, 2033 |
| Senior notes (issued March 2026) | $700.0 million | 5.75% | March 15, 2034 |
| OEG Term Loan | $423.1 million | SOFR + 3.50% | June 28, 2031 |
| Revolver ($850 million) and OEG revolver ($80 million) | $0 drawn | SOFR + 1.50% (RHP revolver) | January 28, 2030 / June 28, 2029 |
| Senior notes (issued August 25, 2026, after quarter end) | $700.0 million | 6.250% | 2035 |
Principal at June 30 adds up to $4,037.0 million (our arithmetic) against $3,969.5 million on the balance sheet after deferred financing costs; the 2035 notes bring principal to about $4,737.0 million. Twelve-month Adjusted EBITDAre to June 30 was $874.9 million (our arithmetic: $794.7 million for 2025 plus $477.6 million for the first half of 2026 less $397.4 million for the first half of 2025). Gross principal divided by that figure is 4.6 times, and 4.8 times after adding the notes and Grande Lakes' $110.0 million (our arithmetic, gross debt including the $423.1 million OEG loan, before netting cash). The company's own covenants are tested differently: the revolver allows a consolidated net leverage ratio up to 7.25 times.
Refinancing is done through 2027. In March 2026 the company issued the 5.75% notes due 2034 and redeemed its $700 million 4.75% notes due October 2027; the cost is one percentage point more on $700 million, $7 million a year (our arithmetic). In January 2026 it enlarged the revolver from $700 million to $850 million and moved its maturity from May 2027 to January 2030. Fitch raised the corporate family rating to BB from BB- in December 2025.
What the portfolio is, and who runs it
The company owns five Gaylord Hotels convention resorts (Opryland, Palms, Texan, National, Rockies), JW Marriott Hill Country, JW Marriott Desert Ridge, two overflow hotels and now Grande Lakes. The 10-K ranks Gaylord Opryland (2,888 rooms, 640,000 square feet of meeting space) first among non-gaming U.S. hotels by meeting space. Marriott manages all of it. Fees to Marriott were $52.4 million of base and $27.4 million of incentive in 2025 (total $79.8 million, our arithmetic). The 10-K lists the geographic concentration of the hotels as a risk factor, naming local conditions, disasters, air travel and a decline in convention business at any property as ways it could “negatively affect” distributions.
| 2025 segment results | Revenue | Adjusted EBITDAre | Share of consolidated Adjusted EBITDAre (our arithmetic) |
|---|---|---|---|
| Hospitality | $2,143.1 million | $713.9 million | 89.8% |
| Entertainment | $434.0 million | $114.5 million | 14.4% |
| Corporate and other | n/a | about -$33.7 million (our arithmetic) | -4.2% |
| Consolidated | $2,577.1 million | $794.7 million | 100% |
RHP against the non-traded hotel vehicles
Ryman reports every quarter, files an audited 10-K and has a daily price. Compare that with the private hotel vehicles we cover. Lodging Fund REIT III has filed late-filing notices for 14 of its last 16 periodic reports. The Moody National REIT II review covers a hotel REIT whose liquidation plan was approved on September 30, 2025 and whose estimated liquidating distributions were “approximately $0 per share.” Hospitality Investors Trust sold $25 shares and ended with one non-transferable CVR capped at $6.00 per share in a 2021 bankruptcy. For a listed hotel company in a contested vote, see Braemar Hotels (BHR); for the structural comparison, see non-traded vs publicly-traded REITs. The difference is that RHP's dividend can be checked against its own FFO every quarter and its shares sold on any trading day. That does not make the dividend safer, only checkable.
What a holder or reader can do with this
This page is analysis of public documents, not investment, legal or tax advice. What the filings let you check yourself:
- Compare the dividend with Adjusted FFO per share, not with total FFO. The August share issue is why total Adjusted FFO rose $17.0 million while the per-share midpoint fell $0.05.
- Read the third-quarter result against the low base. Q3 2025 Adjusted FFO was $1.63. The Q3 2026 release will include only one month of Grande Lakes.
- Watch five dated items. The Q3 2026 10-Q (the Q3 2025, Q1 2026 and Q2 2026 10-Qs were filed November 4, 2025, May 1, 2026 and August 7, 2026, one day or the same day as the releases; we expect early November 2026, our estimate and not a company statement); the board's declaration for the January 2027 payment; the Opry Entertainment Group investor process; group booking pace and attrition; and the capital budget of $400 million to $500 million for 2026.
- Count your hotel exposure. If you also own a non-traded hotel REIT, Marriott's role at Ryman and the sponsor's role in the private vehicle are separate risks.
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When Ryman Hospitality Properties files: what changed, the one number that matters, and the accession number to check it yourself.
FAQ
All figures are from Ryman Hospitality Properties, Inc. (SEC CIK 1040829) filings read on EDGAR on October 19, 2026: Form 10-K for 2025 (accession 0001104659-26-019035, filed February 24, 2026); Forms 10-Q for Q3 2025 (0001104659-25-106165), Q1 2026 (0001104659-26-053780) and Q2 2026 (0001104659-26-092580, filed August 7, 2026); earnings releases attached to Forms 8-K for Q2 2025 (0001558370-25-010196), Q3 2025 (0001104659-25-105982), Q4 2025 (0001104659-26-018817), Q1 2026 (0001104659-26-053499) and Q2 2026 (0001104659-26-092380); and Forms 8-K of December 4, 2025 (0001104659-25-118486), January 28, 2026 (0001104659-26-007488), March 11, 2026 (0001140361-26-009036), August 10, 2026 (0001104659-26-092958), August 25, 2026 (0001104659-26-100822), September 1, 2026 (0001104659-26-104349) and September 15, 2026 (0001104659-26-107949). Our own pages are cited from their published descriptions. Computed ratios are identified as our arithmetic. This is analysis of public documents, not investment, legal or tax advice.
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