Good afternoon. I'm Scott Lynn, the Executive Vice President and General Counsel of Ryman Hospitality Properties and the presiding officer at today's meeting. I would like to welcome you and to formally convene the 2026 Annual Meeting of Stockholders and call the meeting to order. I would now like to recognize Colin Reed, the Executive Chairman of the company.
Thank you, Scott. Good morning, everyone, and thank you for joining us today for our annual stockholders meeting. In typical fashion, I'll begin today by introducing our board, then we will take care of some formal administrative items, including voting on the matters outlined in the proxy statement. While we are tabulating your votes, Mark Fioravanti, our President and Chief Executive Officer, will provide you with some of our thoughts about 2025, and then we'll close with some additional formalities, including the announcement of the results of the vote. With that in mind, allow me first to introduce our board members and nominees for director that were included in the proxy statement for consideration by our shareholders. First, Rachna Bhasin, who is founder and CEO of EQ Partners. Eric Bolton, who is Executive Chairman of the Board of Directors of Mid-America Apartment Communities.
Alvin Bowles, who is Global Chief Client Officer of Kantar. Mark Fioravanti, who is our President and Chief Executive Officer. Bill Haslam, a private investor and formerly the governor of the state of Tennessee from 2011 to 2019, who is attending today's meeting virtually. Erin Mulligan Helgren, who serves as CEO of OfficeSpace Software Inc. Christine Pantoya, who is a Partner and Chief Transformation Officer of Astra Capital Management. Bob Prather, who is President and CEO of Heartland Media. And Michael Roth, who is the retired Chairman and Chief Executive Officer of Interpublic Group of Companies. Thank you, directors. I would also like to recognize Nate Brahms from Ernst & Young, our auditor.
Stockholders joining us in person will have an opportunity to meet with me, Mark, and our management, and the members of our board, and with representatives of Ernst & Young following conclusion of the meeting. As a reminder, our stockholders are always free to reach out to me, Mark, or other members of management at any time if there is any issue that you wish to raise with our company. It is now time for the formal business portion of our meeting. I want to acknowledge the appointment of Ken Frank of Broadridge as Inspector of Election for today's meeting. He will determine the presence of a quorum and will serve as judge of voting on all matters requiring a stockholder vote at the meeting. Mr. Lynn, Scott Lynn here will serve as the Secretary of the annual meeting this morning.
The secretary has a list of all stockholders entitled to vote at this meeting and has demonstrated that a proper notice of the meeting was given to all stockholders of record as of the close of business on March 25th, 2026. Scott, have you determined whether a quorum is present?
Yes. The inspector has informed me that the shareholder list shows that holders of 1,109,270 shares of common stock of the company are entitled to vote at the meeting. They are represented in person or by proxy 59,147,731 shares of common stock, or approximately 93.7% of all of the shares entitled to vote at the meeting. A quorum is therefore present, and I declare that this meeting is legally convened and ready to transact business. I would again like to recognize Colin.
Thank you, Scott. We're convened today to vote on the following three proposals properly brought before the meeting by the company. One, to elect the directors, the 10 nominees identified in the proxy statement, Rachna Bhasin, Eric Bolton, Alvin Bowles, Mark Fioravanti, Bill Haslam, Erin Mulligan Helgren, Christine Pantoya, Bob Prather, Colin Reed, and Michael Roth, to serve until the next annual meeting of stockholders and until their successors are duly elected and qualified. Two, to approve on an advisory basis the company's executive compensation program. Three, to ratify the appointment of Ernst & Young LLP as the company's independent registered public accounting firm for the 2026 fiscal year. I now declare the polls of this meeting to be open to vote upon the three proposals presented by the company.
If any of those present today, in person have a ballot to turn in, I ask you to do so at this time. After the votes are counted, I'll ask Scott to announce the result of the voting, and while the votes are being tabulated, I want to invite Mark to provide a recap of our performance for 2025. Mark.
Well, thank you, Colin. 2025 was an exceptional year for our company and one of the most successful years in our history. We delivered strong performance across both our hospitality and entertainment businesses while continuing to execute on the vision and strategy that has helped shape our growth over the past two decades. 2025 was a record-setting year where we generated consolidated revenue of $2.6 billion, net income of $247 million, and Adjusted EBITDAre of $795 million, reflecting the continued strength of both sides of our business. We also took significant steps in 2025 to continue this growth in the years to come, including further strengthening our hotel portfolio with the acquisition of the 950-room JW Marriott Phoenix Desert Ridge Resort & Spa.
This is a top-tier resort property in a premier group meetings market that fits well with the value-creating integration approach we established with the JW Marriott Hill Country. We also made meaningful progress in our multi-year capital investment program for our existing hotel assets, which we first outlined at our 2024 Investor Day. In 2025, our focus was Gaylord Opryland, where these enhancements will add incremental food and beverage capacity and 108,000 square feet of new premium meeting space to better accommodate the corporate demand we are seeing at this flagship asset. Across the portfolio, group demand remained strong throughout the year and continues to be a key source of confidence in our outlook. In 2025, we booked nearly 3 million same-store gross definite room nights for all future years at a record projected ADR of $292.
We also ended the year with a record projected group revenue of approximately $2.4 billion on the books for all future years, which gives us meaningful visibility into our future group business. Our entertainment business also delivered an extraordinary year. The Grand Ole Opry's centennial generated global attention and brought fans together for a record number of star-studded performances. Programming for this milestone year included a nationally televised special that reached millions of viewers, as well as the Opry's first international televised performance at Royal Albert Hall in London, celebrating a century of country music and highlighting its growing global appeal. What the Opry's centennial represented went far beyond a milestone anniversary.
Its timeless relevance of our entertainment assets, the enduring emotional connection fans have to the Opry brand, and the unique platform we have to share country music with audiences around the world. We believe those qualities continue to differentiate our entertainment business and create long-term value for shareholders. We also expanded our entertainment footprint during the year through new strategic investments, including a controlling interest in a leading independent music festival and live events operator. We secured the contract to operate the 6,800 seat Ascend Amphitheater in Nashville, and recently secured the contract to operate the 14,000 seat CCNB Amphitheatre in Simpsonville, South Carolina. To continue to expand our Category 10 footprint with new locations under development on the Las Vegas Strip and in Orlando, Florida. Together, these investments position us well to meet the growing demand for country music.
The growth in our business is aided by a strong balance sheet. We ended the year with nearly $1.3 billion in available liquidity, giving us the flexibility to invest in the business while maintaining a disciplined approach to capital deployment. In underscoring our commitment to shareholders, in 2025, we declared $4.65 per share in dividends, reflecting a 4.5% increase from 2024, and continuing our long-term track record of consistent dividend growth. As we look ahead, our company stands stronger, more diversified, and better positioned for the future. We continue to work within our entertainment business and with our hotel manager, Marriott, to leverage advances in technology, including AI, to improve guest experience and drive operational excellence.
At the same time, our core drivers, destination hospitality, recurring group demand, live entertainment, and disciplined capital deployment, remain powerful engines of long-term shareholder value creation. Before I turn things back over to Colin, I wanna thank our board of directors for their continued support and our management team and all of our employees for their dedication and hard work. To our shareholders, thank you again for your continued trust, partnership, and support. Colin, I'll now turn it back over to you for any additional comments before we return to the formal portion of the meeting.
Thank you, Mark. I also want to add my thanks to our management team, to our employees, to our partners at Marriott, and to our entertainment segment joint venture partners at Atairos, as well as our stellar board of directors. Now back to the formal part of the meeting. Scott, will you share the voting results, please?
All ballots have been received, and the polls are now closed. The inspector's report shows that each of the 10 directors nominated by the board for election have received the requisite number of votes cast for election. The inspector's report shows that with respect to the approval on an advisory basis of the company's executive compensation program, that 96.9% of the votes cast today voted in favor of approval. The inspector's report also shows that with respect to the ratification of the company's independent registered public accounting firm for 2026, 97.6% of the votes cast today voted in favor of ratification. All of the three proposals before you today submitted by the company have passed and are duly adopted. I will now entertain a motion for adjournment of the formal business portion of the meeting.
Moved.
Second.
All in favor say aye.
Aye.
Those opposed. The business portion of the meeting is now adjourned, Colin.
Thank you, Scott. If there are any questions, we look forward to entertaining those. If there are no questions, we'll get back to our regular board meeting. Meeting adjourned. Thank you, everyone.
Thank you.
Thank you.
Thank you for attending today's presentation. You may now disconnect.