Decade of Resilience: Ryman Hospitality Properties Outperforms REIT Benchmarks Despite Volatility

In the ever-shifting landscape of real estate investment trusts (REITs), Ryman Hospitality Properties (RHP) has carved a unique trajectory over the past decade. From navigating the turbulence of the 2020 pandemic to leveraging post-pandemic recovery, RHP's performance offers critical insights into long-term real estate investment strategies. This analysis examines RHP's shareholder returns from 2015 to 2025, contextualizing its performance against broader REIT benchmarks and highlighting the interplay of risk, reward, and strategic resilience.

A Decade of Mixed Fortunes

RHP's financial journey from 2015 to 2025 has been anything but linear. The company reported a net income of $112 million in 2015, which grew to $272 million by 2024, despite a catastrophic $417 million loss in 2020, according to MarketBeat financials. Revenue peaked at $2.34 billion in 2024, reflecting a recovery fueled by strong demand for hospitality assets post-pandemic, per MarketBeat financials. However, the stock's volatility-marked by a beta of 1.57 over five years-underscores its sensitivity to market swings, according to FinanceCharts performance data.

The stock price itself tells a story of resilience. As of October 10, 2025, RHP closed at $86.74, down 21.8% from its 52-week high, per FinanceCharts performance data. Yet, over the full decade, a $10,000 investment in RHP would have yielded a total return of 117.19%, combining capital appreciation and dividends, according to FinanceCharts performance data. This outperformance is driven by a consistent dividend policy: annual dividends rose from $2.70 per share in 2015 to $4.45 in 2024, per MarketBeat financials, providing a critical buffer during downturns.

Benchmarking Against REIT Averages

To assess RHP's performance, it's essential to compare it with broader REIT benchmarks. According to an InvestGuiding analysis, the average total return for REITs over the past decade was 55%, equivalent to a 4.5% annualized return. The InvestGuiding analysis notes that industrial and data center REITs outperformed, while office and mall REITs lagged due to structural challenges.

The MSCI US REIT Index, a key benchmark, experienced mixed returns from 2015 to 2025, according to MSCI US REIT Index data. Annual returns included a 2.52% gain in 2015, a 25.84% surge in 2019, and a -24.51% drop in 2022, and as of 2025 the index recorded a modest 1.67% return, per MSCI US REIT Index data. While exact 10-year total return data for the MSCI index is not explicitly provided, the cumulative effect of these annual swings suggests a total return significantly lower than RHP's 117.19%.

Risk and Reward: The Volatility Factor

RHP's outperformance comes with caveats. Its beta of 1.57 indicates higher volatility than the market average, per FinanceCharts performance data, and the stock's 52-week decline of 21.8% highlights its exposure to short-term market sentiment, according to FinanceCharts performance data. This volatility is partly due to RHP's focus on hospitality assets, which are cyclical and sensitive to economic shifts. For instance, the 2020 pandemic devastated occupancy rates, leading to a $417 million net loss, as shown in MarketBeat financials.

However, RHP's strategic acquisitions, such as the JW Marriott Phoenix Desert Ridge Resort & Spa in 2025 (noted in FinanceCharts performance data), and its disciplined leverage management (maintaining debt below 4.5x EBITDAre), according to the InvestGuiding analysis, have positioned it for long-term stability. These moves contrast with REITs like Lippo Malls Trust, which the InvestGuiding analysis reports saw a 93% decline in total return over the same period.

The Dividend Edge

RHP's dividend policy has been a cornerstone of its appeal. While many REITs cut dividends during the 2020 crisis, RHP maintained its payouts, increasing them by 65% over the decade, per MarketBeat financials. This consistency not only preserved investor confidence but also amplified total returns. For example, a $10,000 investment in RHP would have generated $5,347 in dividends alone over 10 years, according to FinanceCharts performance data, a critical differentiator in a sector where payout reliability varies widely.

Conclusion: A Model for Resilient Real Estate Investing

Ryman Hospitality Properties' decade-long performance demonstrates that long-term real estate investment success hinges on a blend of strategic resilience, dividend discipline, and sector-specific advantages. While the company's volatility may deter risk-averse investors, its ability to outperform REIT benchmarks-despite a pandemic-induced setback-highlights the value of a diversified, forward-looking approach. For investors seeking exposure to the hospitality sector, RHP offers a compelling case study in balancing risk with reward.