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LEASES

9 Months Ended

Sep. 30, 2025

10. LEASES:

The Company is a lessee of a 65.3-acre site in Osceola County, Florida on which Gaylord Palms is located; a 234-acre site in Maricopa County, Arizona on which a portion of JW Marriott Desert Ridge is located; building or land leases for Ole Red Gatlinburg, Ole Red Orlando, Ole Red Tishomingo, Ole Red Nashville International Airport, Ole Red Las Vegas and Category 10 Las Vegas; and various warehouse, general office and other equipment leases. The Gaylord Palms land lease has a term through 2074, which may be extended through January 2101, at the Company’s discretion. The JW Marriott Desert Ridge land lease has a term through 2092. The leases for Ole Red locations range from five to ten years, with renewal options ranging from five to fifty-five years, at the Company’s discretion, with the exception of Ole Red Nashville International Airport, which has no extension option. The lease for Category 10 Las Vegas includes an initial ten-year term, with two, five-year renewal options, at the Company’s discretion. Extension options were not considered reasonably assured to be exercised as of the date of the agreement and, as a result, are not included in the Company’s calculation of its right-of-use assets and lease liabilities.

The terms of the Gaylord Palms lease include variable lease payments based upon net revenues at Gaylord Palms, and certain other of the Company’s leases include rental payments adjusted periodically for inflation. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants.

The Company’s lease costs for the three and nine months ended September 30, 2025 and 2024 are as follows (in thousands):


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2025		2024		2025		2024
Operating lease cost	$	5,256	$	4,746	$	15,304	$	14,313
Finance lease cost:
Amortization of right-of-use assets		149		47		247		142
Interest on lease liabilities		14		1		22		2
Net lease cost	$	5,419	$	4,794	$	15,573	$	14,457

Future minimum lease payments under non-cancelable leases at September 30, 2025 are as follows (in thousands):


	Operating		Finance
	Leases		Leases
Year 1	$	10,676	$	367
Year 2		13,100		247
Year 3		13,860		124
Year 4		12,846		21
Year 5		12,924		—
Years thereafter		622,507		—
Total future minimum lease payments		685,913		759
Less amount representing interest		(528,001)		(60)
Total present value of minimum payments	$	157,912	$	699

The remaining lease term and discount rate for the Company’s leases are as follows:


Weighted-average remaining lease term:
Operating leases	40.3	years
Finance leases	2.4	years
Weighted-average discount rate:
Operating leases	7.2	%
Finance leases	5.9	%