UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 28, 2017 (February 28, 2017)

RYMAN HOSPITALITY PROPERTIES, INC.
(Exact name of registrant as specified in its charter)

 
 	 	 	 	 	
Delaware	 	1-13079	 	73-0664379	
(State or other jurisdiction
of incorporation)	 	(Commission
File Number)	 	(I.R.S. Employer
Identification No.)	
 	 	
One Gaylord Drive
Nashville, Tennessee	 	37214	
(Address of principal executive offices)	 	(Zip Code)	
Registrant’s telephone number, including area code: (615) 316-6000
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions ( see  General Instruction A.2. below):
 
☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)	
 
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)	
 
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))	
 
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))	

 

ITEM 2.02.	RESULTS OF OPERATIONS AND FINANCIAL CONDITION.	
On February 28, 2017, Ryman Hospitality Properties, Inc. issued a press release announcing its financial results for the year and quarter ended December 31, 2016 and providing guidance for 2017. A copy of the press release is furnished herewith as  Exhibit 99.1  and incorporated herein by reference.
 
ITEM 9.01.	FINANCIAL STATEMENTS AND EXHIBITS.	
 
 	(d)	Exhibits	
 
 	99.1    	Press Release of Ryman Hospitality Properties, Inc. dated February 28, 2017.	

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 	 	 	 	 	 	RYMAN HOSPITALITY PROPERTIES, INC.	
 	 	 	 	
Date: February 28, 2017	 	 	 	By:	 	/s/ Scott Lynn	
 	 	 	 	Name:	 	Scott Lynn	
 	 	 	 	Title:	 	Senior Vice President, General Counsel and Secretary	

INDEX TO EXHIBITS

 	 	
99.1	  	Press Release of Ryman Hospitality Properties, Inc. dated February 28, 2017.	

Exhibit 99.1

Ryman Hospitality Properties, Inc. Reports Fourth Quarter and Full Year 2016 Results
– Net Income Increased 24 Percent to $48.1 Million for the Quarter and 43 Percent to $159.4 Million for the Year over 2015 periods –
– Reports Full Year Consolidated Adjusted EBITDA of $350.2 Million, an Increase of 7.7 Percent Over Full Year 2016 –
– Achieved Record Gross Advanced Group Bookings in 2016, Surpassing 2015 Previous Record by 9.9 Percent –
– Declares First Quarter 2017 Dividend of $0.80 Per Share; Intends to Pay $3.20 Per Share Annualized Dividend in 2017, a 7 Percent Increase Over Full Year 2016 –
– Issues Full Year 2017 Guidance –
NASHVILLE, Tenn. (Feb. 28, 2017) – Ryman Hospitality Properties, Inc. (NYSE: RHP), a lodging real estate investment trust (“REIT”) specializing in group-oriented, destination hotel assets in urban and resort markets, today reported financial results for the fourth quarter and full year ended December 31, 2016.
Colin Reed, Chairman and Chief Executive Officer of Ryman Hospitality Properties, said, “Our businesses delivered fourth quarter 2016 results that were in line with our expectations going into the quarter and contributed to another record year for our company from a total revenue, net income, Adjusted EBITDA, and hospitality gross group bookings perspective. Full year 2016 results for these measures exceeded last year’s performance by 5.2 percent, 42.9 percent, 7.7 percent, and 9.9 percent, respectively.
We closed fourth quarter 2016 with gross group bookings results that nearly matched our record Q4 2015 production. This strong close solidified 2016 as the best gross room night production year in brand history. We began 2017 with 6.4 million gross room nights on the books for all future years, which, in addition to being a new high-water mark for the brand, is further indication that the group market is alive and well. We remain confident in our market position and the outlook for this segment. While overall industry supply according to STR is expected to grow by a modest 2.0 percent and 2.2 percent in 2017 and 2018, respectively, the demand for hotels of our size and group-oriented nature is robust with little new competitive supply in the pipeline for the foreseeable future.”

Fourth Quarter and Full Year 2016 Results (As Compared to Fourth Quarter and Full Year 2015) Included the Following:
Consolidated Results
($ in thousands, except per share amounts, RevPAR and Total RevPAR)

 	  	Three Months Ended	 	 	Twelve Months Ended	 	
 	  	Dec 31,	 	 	Dec 31,	 	
 	  	2016	 	 	2015	 	 	% D	 	 	2016	 	 	2015	 	 	% D	 	
Total Revenue	  	$	319,775	 	 	$	312,120	 	 	 	2.5	% 	 	$	1,149,207	 	 	$	1,092,124	 	 	 	5.2	% 	
 	 	 	 	 	 	 	
Operating Income (1)	  	$	61,499	 	 	$	36,389	 	 	 	69.0	% 	 	$	213,805	 	 	$	162,062	 	 	 	31.9	% 	
Operating Income Margin	  	 	19.2	% 	 	 	11.7	% 	 	 	7.5	pt 	 	 	18.6	% 	 	 	14.8	% 	 	 	3.8	pt 	
 	 	 	 	 	 	 	
Net Income (1)	  	$	48,096	 	 	$	38,899	 	 	 	23.6	% 	 	$	159,366	 	 	$	111,511	 	 	 	42.9	% 	
Net Income Margin (1)	  	 	15.0	% 	 	 	12.5	% 	 	 	2.5	pt 	 	 	13.9	% 	 	 	10.2	% 	 	 	3.7	pt 	
Net Income per diluted share (1)	  	$	0.94	 	 	$	0.75	 	 	 	25.3	% 	 	$	3.11	 	 	$	2.16	 	 	 	44.0	% 	
 	 	 	 	 	 	 	
Adjusted EBITDA	  	$	94,674	 	 	$	88,298	 	 	 	7.2	% 	 	$	350,194	 	 	$	325,068	 	 	 	7.7	% 	
Adjusted EBITDA Margin	  	 	29.6	% 	 	 	28.3	% 	 	 	1.3	pt 	 	 	30.5	% 	 	 	29.8	% 	 	 	0.7	pt 	
 	 	 	 	 	 	 	
Same-Store Hospitality Revenue (2)	  	$	289,544	 	 	$	285,320	 	 	 	1.5	% 	 	$	1,029,651	 	 	$	987,631	 	 	 	4.3	% 	
 	 	 	 	 	 	 	
Same-Store Hospitality RevPAR (2)	  	$	145.32	 	 	$	148.38	 	 	 	-2.1	% 	 	$	138.67	 	 	$	134.80	 	 	 	2.9	% 	
Same-Store Hospitality Total RevPAR (2)	  	$	387.92	 	 	$	382.97	 	 	 	1.3	% 	 	$	346.99	 	 	$	334.14	 	 	 	3.8	% 	
 	 	 	 	 	 	 	
Same-Store Hospitality Operating Income (2)	  	$	62,959	 	 	$	39,838	 	 	 	58.0	% 	 	$	215,693	 	 	$	168,833	 	 	 	27.8	% 	
Same-Store Hospitality Operating Income Margin  (2)	  	 	21.7	% 	 	 	14.0	% 	 	 	7.7	pt 	 	 	20.9	% 	 	 	17.1	% 	 	 	3.8	pt 	
 	 	 	 	 	 	 	
Same-Store Hospitality Adjusted EBITDA (2)	  	$	91,454	 	 	$	86,857	 	 	 	5.3	% 	 	$	333,796	 	 	$	312,970	 	 	 	6.7	% 	
Same-Store Hospitality Adjusted EBITDA Margin  (2)	  	 	31.6	% 	 	 	30.4	% 	 	 	1.2	pt 	 	 	32.4	% 	 	 	31.7	% 	 	 	0.7	pt 	
 	 	 	 	 	 	 	
Funds From Operations (FFO)	  	$	76,046	 	 	$	67,815	 	 	 	12.1	% 	 	$	269,241	 	 	$	225,894	 	 	 	19.2	% 	
FFO per diluted share	  	$	1.48	 	 	$	1.31	 	 	 	13.0	% 	 	$	5.25	 	 	$	4.38	 	 	 	19.9	% 	
 	 	 	 	 	 	 	
Adjusted FFO (3)	  	$	77,745	 	 	$	72,112	 	 	 	7.8	% 	 	$	281,499	 	 	$	259,887	 	 	 	8.3	% 	
Adjusted FFO per diluted share (3)	  	$	1.51	 	 	$	1.40	 	 	 	7.9	% 	 	$	5.49	 	 	$	5.04	 	 	 	8.9	% 	
 
(1)	Net income for three and twelve months ended December 31, 2016 includes a loss of $0.7 million and $2.8 million, respectively, on joint ventures. Net income and operating income for three and twelve months ended December 31, 2015 includes an impairment charge of $16.3 million and $19.2 million, respectively. Net income for twelve months ended December 31, 2015 includes a loss of $20.2 million on warrant settlements associated with our previous convertible notes. Net income for three and twelve months ended December 31, 2015 includes a $6.9 million gain associated with the reimbursement of costs that were previously incurred related to a proposed Gaylord Rockies development.	
(2)	Same-Store Hospitality excludes the AC Hotel at National Harbor, which opened in April 2015.	
(3)	Adjusted FFO for both periods is presented using the 2016 definition of Adjusted FFO contained in this release.	
For the Company’s definitions of Revenue Per Available Room (RevPAR), Total Revenue Per Available Room (Total RevPAR), Operating Income Margin, Net Income Margin, Adjusted EBITDA, Adjusted EBITDA Margin, FFO, and Adjusted FFO, as well as a reconciliation of the non-GAAP financial measure Adjusted EBITDA to Net Income and a reconciliation of the non-GAAP financial measure
 
2

Adjusted FFO to Net Income, see “Calculation of RevPAR and Total RevPAR,” “Calculation of GAAP Margin Figures,” “Non-GAAP Financial Measures,” “Adjusted EBITDA Definition,” “Adjusted EBITDA Margin Definition,” “Adjusted FFO Definition” and “Supplemental Financial Results” below. Adjusted FFO for 2015 presented herein reflects the Adjusted FFO definition used for 2016.
Operating Results
For the three months and twelve months ended December 31, 2016 and 2015, the Company reported the following:
Hospitality Segment
($ in thousands, except ADR, RevPAR and Total RevPAR)

 	  	Three Months Ended	 	 	Twelve Months Ended	 	
 	  	Dec 31,	 	 	Dec 31,	 	
 	  	2016	 	 	2015	 	 	% D	 	 	2016	 	 	2015	 	 	% D	 	
Hospitality Results	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Hospitality Revenue	  	$	292,104	 	 	$	287,472	 	 	 	1.6	% 	 	$	1,039,643	 	 	$	994,603	 	 	 	4.5	% 	
 	 	 	 	 	 	 	
Hospitality Operating Income (1)	  	$	63,369	 	 	$	40,074	 	 	 	58.1	% 	 	$	217,564	 	 	$	169,383	 	 	 	28.4	% 	
Hospitality Operating Income Margin	  	 	21.7	% 	 	 	13.9	% 	 	 	7.8	pt 	 	 	20.9	% 	 	 	17.0	% 	 	 	3.9	pt 	
 	 	 	 	 	 	 	
Hospitality Adjusted EBITDA	  	$	92,180	 	 	$	87,416	 	 	 	5.4	% 	 	$	336,931	 	 	$	315,466	 	 	 	6.8	% 	
Hospitality Adjusted EBITDA Margin	  	 	31.6	% 	 	 	30.4	% 	 	 	1.2	pt 	 	 	32.4	% 	 	 	31.7	% 	 	 	0.7	pt 	
 	 	 	 	 	 	 	
Hospitality Performance Metrics	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Occupancy	  	 	76.2	% 	 	 	76.4	% 	 	 	-0.2	pt 	 	 	75.0	% 	 	 	73.6	% 	 	 	1.4	pt 	
Average Daily Rate (ADR)	  	$	189.91	 	 	$	192.87	 	 	 	-1.5	% 	 	$	184.36	 	 	$	182.56	 	 	 	1.0	% 	
RevPAR	  	$	144.79	 	 	$	147.33	 	 	 	-1.7	% 	 	$	138.27	 	 	$	134.44	 	 	 	2.8	% 	
Total RevPAR	  	$	382.30	 	 	$	376.93	 	 	 	1.4	% 	 	$	342.25	 	 	$	330.61	 	 	 	3.5	% 	
 	 	 	 	 	 	 	
Gross Definite Rooms Nights Booked	  	 	971,130	 	 	 	976,883	 	 	 	-0.6	% 	 	 	2,568,749	 	 	 	2,336,561	 	 	 	9.9	% 	
Net Definite Rooms Nights Booked	  	 	808,573	 	 	 	835,883	 	 	 	-3.3	% 	 	 	2,059,659	 	 	 	1,898,181	 	 	 	8.5	% 	
Group Attrition (as % of contracted block)	  	 	12.7	% 	 	 	12.7	% 	 	 	0.0	pt 	 	 	12.5	% 	 	 	12.8	% 	 	 	-0.3	pt 	
Cancellations ITYFTY(2)	  	 	5,856	 	 	 	2,484	 	 	 	135.7	% 	 	 	41,239	 	 	 	29,746	 	 	 	38.6	% 	
 	 	 	 	 	 	 	
Same-Store Hospitality Results (3)	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Same-Store Hospitality Revenue	  	$	289,544	 	 	$	285,320	 	 	 	1.5	% 	 	$	1,029,651	 	 	$	987,631	 	 	 	4.3	% 	
 	 	 	 	 	 	 	
Same-Store Hospitality Operating Income (1)	  	$	62,959	 	 	$	39,838	 	 	 	58.0	% 	 	$	215,693	 	 	$	168,833	 	 	 	27.8	% 	
Same-Store Hospitality Operating Income Margin	  	 	21.7	% 	 	 	14.0	% 	 	 	7.7	pt 	 	 	20.9	% 	 	 	17.1	% 	 	 	3.8	pt 	
 	 	 	 	 	 	 	
Same-Store Hospitality Adjusted EBITDA	  	$	91,454	 	 	$	86,857	 	 	 	5.3	% 	 	$	333,796	 	 	$	312,970	 	 	 	6.7	% 	
Same-Store Hospitality Adjusted EBITDA Margin	  	 	31.6	% 	 	 	30.4	% 	 	 	1.2	pt 	 	 	32.4	% 	 	 	31.7	% 	 	 	0.7	pt 	
 	 	 	 	 	 	 	
Same-Store Hospitality Performance Metrics	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Occupancy	  	 	76.5	% 	 	 	76.9	% 	 	 	-0.4	pt 	 	 	75.2	% 	 	 	73.9	% 	 	 	1.3	pt 	
Average Daily Rate (ADR)	  	$	190.00	 	 	$	192.83	 	 	 	-1.5	% 	 	$	184.40	 	 	$	182.34	 	 	 	1.1	% 	
RevPAR	  	$	145.32	 	 	$	148.38	 	 	 	-2.1	% 	 	$	138.67	 	 	$	134.80	 	 	 	2.9	% 	
Total RevPAR	  	$	387.92	 	 	$	382.97	 	 	 	1.3	% 	 	$	346.99	 	 	$	334.14	 	 	 	3.8	% 	
 
(1)	Operating income for three and twelve months ended December 31, 2015 includes an impairment charge of $16.3 million and $19.2 million, respectively.	
(2)	“ITYFTY” represents In The Year For The Year.	
(3)	Same-Store Hospitality excludes the AC Hotel at National Harbor, which opened in April 2015.	
 
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Property-level results and operating metrics for fourth quarter and full year 2016 are presented in greater detail below and under “Supplemental Financial Results—Hospitality Segment Adjusted EBITDA Reconciliations,” which includes a reconciliation of the non-GAAP financial measures Hospitality Adjusted EBITDA to Hospitality Operating Income, Same-Store Hospitality Adjusted EBITDA to Same-Store Hospitality Operating Income, and property-level Adjusted EBITDA to property-level Operating Income for each of the hotel properties. Highlights for fourth quarter 2016 for the Hospitality segment and at each property include:
 
 	•	 	Hospitality Segment (Same-Store): Total revenue increased 1.5 percent to $289.5 million in fourth quarter 2016 compared to fourth quarter 2015. RevPAR decreased 2.1 percent in the fourth quarter 2016 compared to the fourth quarter 2015, driven primarily by the unfavorable impact of group cancellations as a result of Hurricane Matthew and the Jewish holiday shift from third quarter 2015 to fourth quarter 2016, both of which impacted the Gaylord Palms the most. The decline due to the hurricane was partially offset by a pickup in groups associated with hurricane cleanup efforts. We estimate that the Jewish holiday shift represented approximately 85 basis points of the fourth quarter 2016 RevPAR decline as compared to fourth quarter 2015. Total RevPAR increased 1.3 percent in the fourth quarter 2016 compared to the fourth quarter 2015, driven by strong-performing holiday programming. Fourth quarter 2015 included a $16.3 million impairment charge related to a change in our expansion plans for the Gaylord Texan property. In addition, during full year 2015, the hospitality segment incurred $2.9 million in impairment charges related to assets previously used in special events programming that was discontinued. Operating income increased 58.0 percent to $63.0 million in fourth quarter 2016, as compared to fourth quarter 2015, driven by the Gaylord Texan, as described below. Operating income margin improved nearly 800 basis points to 21.7 percent. Adjusted EBITDA increased 5.3 percent to $91.5 million in fourth quarter 2016, as compared to fourth quarter 2015. Adjusted EBITDA margin improved 120 basis points to 31.6 percent.	
 
 	•	 	Gaylord Opryland: Total revenue for fourth quarter 2016 increased 0.9 percent to $97.8 million compared to fourth quarter 2015, driven by modestly higher occupancy and a 0.7 percent year-over-year increase in outside-the-room spend related to strong banquet and holiday performance. Gains in outside-the-room spending offset a 2.0 percent year-over-year decline in RevPAR related to an unfavorable group mix shift that also impacted ADR. Operating income increased 12.4 percent to $26.6 million in fourth quarter 2016, as compared to fourth quarter 2015. Operating income margin improved 280 basis points to 27.2 percent. Adjusted EBITDA increased 9.9 percent year-over-year, to $34.6 million, and Adjusted EBITDA margin improved 290 basis points to 35.4 percent, due to cost savings and productivity gains.	
 
4

 	•	 	Gaylord Palms: Total revenue for fourth quarter 2016 decreased 0.4 percent to $52.1 million compared to fourth quarter 2015, driven by a 4.6 percent decrease in RevPAR as a result of a 2.9 percentage point decrease in occupancy related to group cancellations as a result of Hurricane Matthew and the shift in the Jewish holiday. The decline due to the hurricane was partially offset by a pickup in groups associated with hurricane cleanup efforts who used the hotel as a staging area; however, these groups were at a lower room rate and incurred little to no outside-the-room spending on food and beverage. The shift in the Jewish holiday represented roughly an estimated 400 basis point decline in RevPAR for fourth quarter 2016 as compared to fourth quarter 2015. Total RevPAR decreased 1.1 percent compared to fourth quarter 2015. Robust holiday programming sales partially offset hurricane-related year-over-year Total RevPAR declines. Operating income decreased 11.8 percent to $7.4 million in fourth quarter 2016, as compared to fourth quarter 2015. Operating income margin declined 180 basis points to 14.1 percent. Adjusted EBITDA decreased 6.0 percent to $13.5 million compared to fourth quarter 2015, and Adjusted EBITDA margin declined 150 basis points to 26.0 percent, due primarily to the impact of Hurricane Matthew.	
 
 	•	 	Gaylord Texan: Total revenue for fourth quarter 2016 increased 5.7 percent to $68.7 million compared to fourth quarter 2015, driven by a 2.5 percent increase in ADR related to a favorable mix shift to corporate room nights. Total RevPAR increased 5.7 percent in fourth quarter 2016, compared to fourth quarter 2015, related to strong banquet performance and strong holiday programming revenue. Operating income increased 1,656 percent to $19.8 million in fourth quarter 2016, as compared to fourth quarter 2015. Fourth quarter 2015 included a $16.3 million impairment charge related to a change in our expansion plans for the property. Operating income margin increased 2,720 basis points to 28.9 percent. Adjusted EBITDA increased 11.4 percent to $24.9 million compared to fourth quarter 2015. Adjusted EBITDA margin increased 190 basis points to 36.3 percent on strong overall performance.	
 
 	•	 	Gaylord National: Total revenue for fourth quarter 2016 decreased 0.7 percent to $67.1 million, compared to fourth quarter 2015, due to a decline in both occupancy and ADR related to a decrease in group room nights, which was partially offset by an increase in transient room nights. Total RevPAR declined 0.7 percent in fourth quarter 2016 compared to fourth quarter 2015. Operating income increased 45.6 percent to $7.3 million in fourth quarter 2016, as compared to	
 
5

 	fourth quarter 2015. Operating income margin improved 350 basis points to 10.9 percent. Adjusted EBITDA decreased 2.2 percent to $16.2 million, as compared to fourth quarter 2015. Adjusted EBITDA margin decreased 40 basis points to 24.1 percent.	
Reed continued, “Overall, 2016 was an excellent year for our hotels, with Gaylord Opryland and Gaylord Texan both surpassing their previous full year revenue, operating income, and Adjusted EBITDA records. Despite some unforeseen challenges in the fourth quarter related to Hurricane Matthew, Gaylord Palms led the Gaylord Hotels brand in full year revenue growth and achieved its best-ever full year results in revenue, operating income, and Adjusted EBITDA. While Gaylord National’s performance was relatively flat in 2016, we believe the future is bright for this hotel as it is poised to benefit from its new riverfront ballroom, set to open in May of 2017, as well as the neighboring MGM National Harbor, which continues to ramp up its operations.”
Entertainment Segment
For the three months and twelve months ended December 31, 2016 and 2015, the Company reported the following:

 	  	Three Months Ended	 	  	Twelve Months Ended	 	
($ in thousands)	  	Dec 31,	 	  	Dec 31,	 	
 	  	2016	 	  	2015	 	  	% D	 	  	2016	 	  	2015	 	  	% D	 	
Revenue	  	$	27,671	 	  	$	24,648	 	  	 	12.3	% 	  	$	109,564	 	  	$	97,521	 	  	 	12.3	% 	
Operating Income	  	$	5,562	 	  	$	4,512	 	  	 	23.3	% 	  	$	27,980	 	  	$	24,353	 	  	 	14.9	% 	
Operating Income Margin	  	 	20.1	% 	  	 	18.3	% 	  	 	1.8	pt 	  	 	25.5	% 	  	 	25.0	% 	  	 	0.5	pt 	
Adjusted EBITDA	  	$	7,929	 	  	$	6,205	 	  	 	27.8	% 	  	$	35,725	 	  	$	30,787	 	  	 	16.0	% 	
Adjusted EBITDA Margin	  	 	28.7	% 	  	 	25.2	% 	  	 	3.5	pt 	  	 	32.6	% 	  	 	31.6	% 	  	 	1.0	pt 	
Reed continued, “2016 is the third consecutive year that our Entertainment segment has produced double-digit revenue, operating income, and Adjusted EBITDA growth and the first year we have seen this segment surpass $100 million in revenue. With Opry City Stage in New York City set to open this year and our plans for Ole Red taking shape, we continue to believe there is additional upside potential for this segment in the years ahead as we begin to extend the reach of our iconic Entertainment brands both inside and outside Nashville.”
 
6

Corporate and Other Segment
For the three months and twelve months ended December 31, 2016 and 2015, the Company reported the following:

 	  	Three Months Ended	 	 	Twelve Months Ended	 	
($ in thousands)	  	Dec 31,	 	 	Dec 31,	 	
 	  	2016	 	 	2015	 	 	% D	 	 	2016	 	 	2015	 	 	% D	 	
Operating Loss (1)	  	($	7,432	) 	 	($	8,197	) 	 	 	9.3	% 	 	($	31,739	) 	 	($	31,674	) 	 	 	-0.2	% 	
Adjusted EBITDA	  	($	5,435	) 	 	($	5,323	) 	 	 	-2.1	% 	 	($	22,462	) 	 	($	21,185	) 	 	 	-6.0	% 	
 
(1)	Corporate operating loss includes a non-cash net settlement charge for the three months and twelve months ended December 31, 2016 of $0.1 million and $1.7 million, respectively, and for the three months and twelve months ended December 31, 2015 of $0.8 million and $2.4 million, respectively, for the Company’s defined benefit pension plan, which was a result of increased lump sum distributions.	
Development Update
Subsequent to the end of the fourth quarter, the Company announced two development projects that are set to open in 2018. Both projects will be funded with cash on hand and borrowings under the Company’s credit facility.
On January 5, 2017, the Company announced plans to transform Blake Shelton’s breakout hit “Ol’ Red” into a new lifestyle brand anchored by a $20 million multi-level entertainment venue in the heart of Music City’s famed Lower Broadway. Ole Red Nashville will be a multi-level 26,000-square-foot entertainment venue, with a two-story bar and restaurant, retail area, performance space, dance floor and private VIP booths for small groups. The complex will also include a large, private event space and a 6,000-square-foot rooftop featuring an indoor/outdoor bar and restaurant with panoramic views of Lower Broadway. The Company also announced it will open a smaller, similarly-branded Ole Red concept in Shelton’s hometown of Tishomingo, Oklahoma in late 2017.
On January 25, 2017, the Company announced plans for SoundWaves, a proposed $90 million luxury indoor/outdoor waterpark, adjacent to Gaylord Opryland Resort & Convention Center in Nashville. The proposed project includes nearly 111,000 square feet of upscale indoor water attractions and activities over three levels and another 106,000 square feet of outdoor water amenities. The project will have dedicated indoor and outdoor recreation zones for adults, young children and families, as well as dining options and private cabana rentals. Adult guests will have exclusive access to adults-only indoor and outdoor pools, bars and lounging areas throughout the complex.
Guidance
The following business performance outlook is based on current information as of February 28, 2017. The Company does not expect to update the guidance provided below before next quarter’s earnings release. However, the Company may update its full business outlook or any portion thereof at any time for any reason. The Hospitality segment guidance for RevPAR and Total RevPAR provided herein includes the AC Hotel at National Harbor.
 
7

Reed continued, “As we communicated to you throughout 2016, our group room nights on the books for 2017 were pacing in line with what we saw going into 2016, and while we believe 2017 will be another solid year for our hospitality business, we anticipate flat to modest year-over-year growth in hospitality revenue. In addition, we anticipate having approximately 49,000 room nights out of service in 2017 as we complete a planned renovation of the Delta portion of our Gaylord Opryland property. As such, we expect both RevPAR and Total RevPAR growth in 2017 in the range of 0% – 3%.
For full year 2017, net income assumes a range of $139.8 to $157.6 million. Our Adjusted EBITDA guidance range for full year 2017 for our Hospitality segment is $330.0 to $344.0 million. This Adjusted EBITDA guidance for our Hospitality segment includes the impact of continued room renovation work at Gaylord Opryland and we anticipate a meaningful increase in property tax payments across our portfolio due to the improved financial performance we have had at our hotels since our last major assessments took place in 2013.
Our 2017 Adjusted EBITDA guidance for the Entertainment segment is $34.0 to $38.0 million and Corporate & Other guidance for Adjusted EBITDA in 2017 is a loss of $24.0 to $22.0 million. As a result, our guidance for 2017 Adjusted EBITDA on a consolidated basis is $340.0 to $360.0 million.
We entered 2017 with 6.4 million gross room nights on the books for all future years, and we remain confident in our ability to capitalize on the strength of the group market in the short term and especially in 2018 and beyond when we will begin to see the benefit of our capital reinvestments at Gaylord Texan and Gaylord Opryland, as well as our investment in Gaylord Rockies. Coupled with our aggressive growth plans on the Entertainment side of our business, we believe the future looks tremendous for our Company.”
 
8

 	 	 	 	 	 	 	 	 	
$ in millions, except per share figures	  	Guidance	 	
 	  	Full Year 2017	 	
 	  	Low	 	 	High	 	
Hospitality RevPAR 1,2	  	 	0.0	% 	 	 	3.0	% 	
Hospitality Total RevPAR 1,2	  	 	0.0	% 	 	 	3.0	% 	
 	 	 	
Net Income	  	$	139.8	 	 	$	157.6	 	
 	 	 	
Adjusted EBITDA	  	 	 	 	 	 	 	 	
Hospitality 1,2	  	$	330.0	 	 	$	344.0	 	
Entertainment	  	 	34.0	 	 	 	38.0	 	
Corporate and Other	  	 	(24.0	) 	 	 	(22.0	) 	
 	  	 	 	 	 	 	 	 	
Consolidated Adjusted EBITDA	  	$	340.0	 	 	$	360.0	 	
 	  	 	 	 	 	 	 	 	
Funds from Operations (FFO)	  	$	253.3	 	 	$	274.1	 	
Adjusted FFO	  	$	264.5	 	 	$	285.5	 	
 	 	 	
Net Income per Diluted Share	  	$	2.73	 	 	$	3.07	 	
 	 	 	
FFO per Diluted Share	  	$	4.94	 	 	$	5.34	 	
 	 	 	
Estimated Diluted Shares Outstanding	  	 	51.3	 	 	 	51.3	 	
 
(1)	Hospitality segment guidance for RevPAR, Total RevPAR, and Hospitality Adjusted EBITDA include the AC Hotel.	
(2)	Hospitality segment guidance assumes approximately 49,000 room nights out of service in 2017 due to the renovation of rooms at Gaylord Opryland. The out of service rooms are included in the total available room count for calculating hotel metrics (e.g., RevPAR and Total RevPAR).	
For reconciliations of Adjusted EBITDA, FFO and Adjusted FFO guidance to Net Income and reconciliations of segment Adjusted EBITDA to segment Operating Income, see “Reconciliations of Forward-Looking Statements,” below.
Dividend Update
The Company paid its fourth quarter 2016 cash dividend of $0.75 per share of common stock on January 13, 2017 to stockholders of record on December 30, 2016. Including the fourth quarter cash dividend payment, the Company paid a total of $3.00 per share of dividends to its common shareholders for the full year 2016.
Today, the Company declared its first quarter cash dividend of $0.80 per share of common stock payable on April 14, 2017 to stockholders of record on March 31, 2017. It is the Company’s current plan to distribute total 2017 annual dividends of approximately $3.20 per share in cash in equal quarterly payments in April, July, and October of 2017 and in January of 2018, which is a 7 percent increase over
 
9

the full year 2016 dividend of $3.00. If expected regular quarterly dividends for 2017 do not satisfy the Company’s annual distribution requirements, the Company would satisfy the annual distribution requirement by paying a “catch up” dividend in January 2018. Any future dividend is subject to the board’s future determinations as to the amount of quarterly distributions and the timing thereof.
Balance Sheet/Liquidity Update
As of December 31, 2016, the Company had total debt outstanding of $1,502.6 million (net of unamortized deferred financing costs) and unrestricted cash of $59.1 million. As of December 31, 2016, $382.4 million of borrowings were drawn under the revolving credit line of the Company’s credit facility, and the lending banks had issued $2.1 million in letters of credit, which left $315.5 million of availability for borrowing under the credit facility.
Earnings Call Information
Ryman Hospitality Properties will hold a conference call to discuss this release today at 10 a.m. ET. Investors can listen to the conference call over the Internet at www.rymanhp.com. To listen to the live call, please go to the Investor Relations section of the website (Investor Relations/Presentations, Earnings and Webcasts) at least 15 minutes prior to the call to register and download any necessary audio software. For those who cannot listen to the live broadcast, a replay will be available shortly after the call and will be available for at least 30 days.
About Ryman Hospitality Properties, Inc.
Ryman Hospitality Properties, Inc. (NYSE: RHP) is a REIT for federal income tax purposes, specializing in group-oriented, destination hotel assets in urban and resort markets. The Company’s owned assets include a network of four upscale, meetings-focused resorts totaling 7,811 rooms that are managed by lodging operator Marriott International, Inc. under the Gaylord Hotels brand. Other owned assets managed by Marriott International, Inc. include Gaylord Springs Golf Links, the Wildhorse Saloon, the General Jackson Showboat, The Inn at Opryland, a 303-room overflow hotel adjacent to Gaylord Opryland and AC Hotel Washington, DC at National Harbor, a 192-room hotel near Gaylord National. The Company also owns and operates media and entertainment assets, including the Grand Ole Opry (opry.com), the legendary weekly showcase of country music’s finest performers for over 90 years; the Ryman Auditorium, the storied former home of the Grand Ole Opry located in downtown Nashville; and 650 AM WSM, the Opry’s radio home. For additional information about Ryman Hospitality Properties, visit  www.rymanhp.com .
 
10

Cautionary Note Regarding Forward-Looking Statements
This press release contains statements as to the Company’s beliefs and expectations of the outcome of future events that are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. You can identify these statements by the fact that they do not relate strictly to historical or current facts. Examples of these statements include, but are not limited to, statements regarding the future performance of our business, estimated capital expenditures, new projects or investments, out-of-service rooms, the expected approach to making dividend payments, the board’s ability to alter the dividend policy at any time and other business or operational issues. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the statements made. These include the risks and uncertainties associated with economic conditions affecting the hospitality business generally, the geographic concentration of the Company’s hotel properties, business levels at the Company’s hotels, the effect of the Company’s election to be taxed as a REIT for federal income tax purposes commencing with the year ended December 31, 2013, the Company’s ability to remain qualified as a REIT, the Company’s ability to execute its strategic goals as a REIT, the Company’s ability to generate cash flows to support dividends, future board determinations regarding the timing and amount of dividends and changes to the dividend policy, which could be made at any time, the determination of Adjusted FFO and REIT taxable income, and the Company’s ability to borrow funds pursuant to its credit agreement. Other factors that could cause operating and financial results to differ are described in the filings made from time to time by the Company with the U.S. Securities and Exchange Commission (SEC) and include the risk factors and other risks and uncertainties described in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2015 and its Quarterly Reports on Form 10-Q and subsequent filings. The Company does not undertake any obligation to release publicly any revisions to forward-looking statements made by it to reflect events or circumstances occurring after the date hereof or the occurrence of unanticipated events.
Additional Information
This release should be read in conjunction with the consolidated financial statements and notes thereto included in our most recent annual report on Form 10-K. Copies of our reports are available on our website at no expense at www.rymanhp.com and through the SEC’s Electronic Data Gathering Analysis and Retrieval System (“EDGAR”) at www.sec.gov.
 
11

Calculation of RevPAR and Total RevPAR
We calculate revenue per available room (“RevPAR”) for our hotels by dividing room revenue by room nights available to guests for the period. We calculate total revenue per available room (“Total RevPAR”) for our hotels by dividing the sum of room revenue, food & beverage and other ancillary services revenue by room nights available to guests for the period.
Calculation of GAAP Margin Figures
We calculate Net Income Margin by dividing GAAP consolidated Net Income by GAAP consolidated Total Revenue. We calculate consolidated, Same-Store Hospitality, segment, or property-level Operating Income Margin by dividing consolidated, Same-Store Hospitality, segment, or property-level GAAP Operating Income by consolidated, Same-Store Hospitality, segment, or property-level GAAP Revenue.
Non-GAAP Financial Measures
We present the following non-GAAP financial measures we believe are useful to investors as key measures of our operating performance:
Adjusted EBITDA Definition
To calculate Adjusted EBITDA, we first determine Operating Income, which represents Net Income (loss) determined in accordance with GAAP, plus, to the extent the following adjustments occurred during the periods presented: loss (income) from discontinued operations, net; provision (benefit) for income taxes; other (gains) and losses, net; loss on extinguishment of debt; (income) loss from joint ventures; and interest expense, net. Adjusted EBITDA is then calculated as Operating Income, plus, to the extent the following adjustments occurred during the periods presented: depreciation and amortization; preopening costs; non-cash ground lease expense; equity-based compensation expense; impairment charges; any closing costs of completed acquisitions; interest income on Gaylord National bonds; other gains and (losses), net; (gains) losses on warrant settlements; pension settlement charges; pro rata Adjusted EBITDA from joint ventures, (gains) losses on the disposal of assets, and any other adjustments we have identified in this release. We believe Adjusted EBITDA is useful to investors in evaluating our operating performance because this measure helps investors evaluate and compare the results of our operations from period to period by removing the impact of our capital structure (primarily interest expense) and our asset base (primarily depreciation and amortization) from our operating results. A reconciliation of Net Income (loss) to Operating Income and Adjusted EBITDA and a reconciliation of segment, same-store, and property-level Operating Income to segment, same-store, and property-level Adjusted EBITDA are set forth below under “Supplemental Financial Results.” Hospitality Adjusted EBITDA—Same-Store excludes the AC Hotel at National Harbor.
 
12

Adjusted EBITDA Margin Definition
We calculate consolidated Adjusted EBITDA Margin by dividing consolidated Adjusted EBITDA by GAAP consolidated Total Revenue. We calculate Same-Store Hospitality, segment, or property-level Adjusted EBITDA Margin by dividing Same-Store Hospitality, segment, or property-level Adjusted EBITDA by Same-Store Hospitality, segment, or property-level GAAP Revenue. We believe Adjusted EBITDA Margin is useful to investors in evaluating our operating performance because this non-GAAP financial measure helps investors evaluate and compare the results of our operations from period to period by presenting a ratio showing the quantitative relationship between Adjusted EBITDA and GAAP consolidated Total Revenue or Same-Store Hospitality, segment, or property-level GAAP Revenue, as applicable.
Adjusted FFO Definition
We calculate Adjusted FFO to mean Net Income (loss) (computed in accordance with GAAP), excluding, to the extent the following adjustments occurred during the periods presented: non-controlling interests, and (gains) and losses from sales of property; depreciation and amortization (excluding amortization of deferred financing costs and debt discounts) and certain pro rata adjustments from joint ventures (which equals FFO). We then exclude, to the extent the following adjustments occurred during the periods presented, impairment charges; write-offs of deferred financing costs, non-cash ground lease expense, amortization of debt discounts and amortization of deferred financing cost, pension settlement charges, additional pro rata adjustments from joint ventures, (gains) losses on other assets, and (gains) losses on extinguishment of debt and warrant settlements. Beginning in 2016, we exclude the impact of deferred income tax expense (benefit). We believe that the presentation of Adjusted FFO provides useful information to investors regarding the performance of our ongoing operations because it is a measure of our operations without regard to specified non-cash items such as real estate depreciation and amortization, gain or loss on sale of assets and certain other items which we believe are not indicative of the performance of our underlying hotel properties. We believe that these items are more representative of our asset base than our ongoing operations. We also use Adjusted FFO as one measure in determining our results after taking into account the impact of our capital structure. A reconciliation of Net Income (loss) to Adjusted FFO is set forth below under “Supplemental Financial Results.” 2015 Adjusted FFO figures are presented using the 2016 definition of Adjusted FFO.
We caution investors that amounts presented in accordance with our definitions of Adjusted EBITDA, Adjusted EBITDA Margin, and Adjusted FFO may not be comparable to similar measures disclosed by
 
13

other companies, because not all companies calculate these non-GAAP measures in the same manner. Adjusted EBITDA, Adjusted EBITDA Margin, and Adjusted FFO, and any related per share measures, should not be considered as alternative measures of our Net Income (loss), operating performance, cash flow or liquidity. Adjusted EBITDA and Adjusted FFO may include funds that may not be available for our discretionary use due to functional requirements to conserve funds for capital expenditures and property acquisitions and other commitments and uncertainties. Although we believe that Adjusted EBITDA, Adjusted EBITDA Margin, and Adjusted FFO can enhance an investor’s understanding of our results of operations, these non-GAAP financial measures, when viewed individually, are not necessarily better indicators of any trend as compared to GAAP measures such as Net Income (loss), Net Income Margin, Operating Income (loss), Operating Income Margin, or cash flow from operations. In addition, you should be aware that adverse economic and market and other conditions may harm our cash flow.

Investor Relations Contacts:	 	Media Contacts:	
Mark Fioravanti, President and Chief Financial Officer	 	Brian Abrahamson, Vice President of Corporate Communications	
Ryman Hospitality Properties, Inc.	 	Ryman Hospitality Properties, Inc.	
(615) 316-6588	 	(615) 316-6302	
mfioravanti@rymanhp.com	 	babrahamson@rymanhp.com	
 	 	
~or~	 	~or~	
 	 	
Todd Siefert, Vice President of Corporate Finance & Treasurer	 	Robert Winters or Sam Gibbons	
Ryman Hospitality Properties, Inc.	 	Alpha IR Group	
(615) 316-6344	 	(929) 266-6315 or (312) 445-2874	
tsiefert@rymanhp.com	 	robert.winters@alpha-ir.com; sam.gibbons@alpha-ir.com	
 
14

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Unaudited
(In thousands, except per share data)

 	  	Three Months Ended	 	 	Twelve Months Ended	 	
 	  	Dec. 31,	 	 	Dec. 31,	 	
 	  	2016	 	 	2015	 	 	2016	 	 	2015	 	
Revenues :	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Rooms	  	$	110,626	 	 	$	112,368	 	 	$	420,011	 	 	$	404,457	 	
Food and beverage	  	 	114,943	 	 	 	115,226	 	 	 	477,493	 	 	 	461,157	 	
Other hotel revenue	  	 	66,535	 	 	 	59,878	 	 	 	142,139	 	 	 	128,989	 	
Entertainment	  	 	27,671	 	 	 	24,648	 	 	 	109,564	 	 	 	97,521	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	  	 	319,775	 	 	 	312,120	 	 	 	1,149,207	 	 	 	1,092,124	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating expenses:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Rooms	  	 	27,126	 	 	 	29,851	 	 	 	109,618	 	 	 	110,067	 	
Food and beverage	  	 	66,262	 	 	 	67,919	 	 	 	267,307	 	 	 	261,580	 	
Other hotel expenses	  	 	103,264	 	 	 	102,476	 	 	 	322,774	 	 	 	312,989	 	
Management fees	  	 	6,948	 	 	 	4,141	 	 	 	22,194	 	 	 	14,657	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total hotel operating expenses	  	 	203,600	 	 	 	204,387	 	 	 	721,893	 	 	 	699,293	 	
Entertainment	  	 	19,920	 	 	 	18,588	 	 	 	74,550	 	 	 	67,363	 	
Corporate	  	 	6,828	 	 	 	7,530	 	 	 	29,143	 	 	 	28,914	 	
Preopening costs	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	909	 	
Impairment and other charges	  	 	—  	 	 	 	16,310	 	 	 	—  	 	 	 	19,200	 	
Depreciation and amortization	  	 	27,928	 	 	 	28,916	 	 	 	109,816	 	 	 	114,383	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total operating expenses	  	 	258,276	 	 	 	275,731	 	 	 	935,402	 	 	 	930,062	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income	  	 	61,499	 	 	 	36,389	 	 	 	213,805	 	 	 	162,062	 	
 	 	 	 	 	
Interest expense, net of amounts capitalized	  	 	(15,904	) 	 	 	(16,136	) 	 	 	(63,906	) 	 	 	(63,901	) 	
Interest income	  	 	2,384	 	 	 	3,001	 	 	 	11,500	 	 	 	12,384	 	
Loss from joint ventures	  	 	(708	) 	 	 	—  	 	 	 	(2,794	) 	 	 	—  	 	
Other gains and (losses), net	  	 	1,873	 	 	 	7,215	 	 	 	4,161	 	 	 	(10,889	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	  	 	49,144	 	 	 	30,469	 	 	 	162,766	 	 	 	99,656	 	
 	 	 	 	 	
(Provision) / benefit for income taxes	  	 	(1,048	) 	 	 	8,430	 	 	 	(3,400	) 	 	 	11,855	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income	  	$	48,096	 	 	$	38,899	 	 	$	159,366	 	 	$	111,511	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Basic net income per share	  	$	0.94	 	 	$	0.76	 	 	$	3.12	 	 	$	2.18	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Fully diluted net income per share	  	$	0.94	 	 	$	0.75	 	 	$	3.11	 	 	$	2.16	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Weighted average common shares for the period:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Basic	  	 	51,008	 	 	 	51,287	 	 	 	51,009	 	 	 	51,241	 	
Diluted	  	 	51,337	 	 	 	51,684	 	 	 	51,312	 	 	 	51,612	 	

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
Unaudited
(In thousands)

 	  	Dec. 31,	 	  	Dec. 31,	 	
 	  	2016	 	  	2015	 	
ASSETS:	  	 	 	 	  	 	 	 	
Property and equipment, net of accumulated depreciation	  	$	1,998,012	 	  	$	1,982,816	 	
Cash and cash equivalents - unrestricted	  	 	59,128	 	  	 	56,291	 	
Cash and cash equivalents - restricted	  	 	22,062	 	  	 	22,355	 	
Notes receivable	  	 	152,882	 	  	 	152,560	 	
Trade receivables, net	  	 	47,818	 	  	 	55,033	 	
Investment in Gaylord Rockies joint venture	  	 	70,440	 	  	 	—  	 	
Prepaid expenses and other assets	  	 	55,411	 	  	 	62,379	 	
 	  	 	 	 	  	 	 	 	
Total assets	  	$	2,405,753	 	  	$	2,331,434	 	
 	  	 	 	 	  	 	 	 	
LIABILITIES AND STOCKHOLDERS’ EQUITY:	  	 	 	 	  	 	 	 	
Debt and capital lease obligations	  	$	1,502,554	 	  	$	1,431,710	 	
Accounts payable and accrued liabilities	  	 	163,205	 	  	 	153,383	 	
Dividends payable	  	 	39,404	 	  	 	36,868	 	
Deferred management rights proceeds	  	 	180,088	 	  	 	183,119	 	
Deferred income taxes, net	  	 	1,469	 	  	 	1,163	 	
Other liabilities	  	 	151,036	 	  	 	145,629	 	
Stockholders’ equity	  	 	367,997	 	  	 	379,562	 	
 	  	 	 	 	  	 	 	 	
Total liabilities and stockholders’ equity	  	$	2,405,753	 	  	$	2,331,434	 	

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES
SUPPLEMENTAL FINANCIAL RESULTS
ADJUSTED EBITDA RECONCILIATION
Unaudited
(in thousands)

 	 	Three Months Ended Dec. 31,	 	 	Twelve Months Ended Dec. 31,	 	
 	 	2016	 	 	2015	 	 	2016	 	 	2015	 	
 	 	$	 	 	Margin	 	 	$	 	 	Margin	 	 	$	 	 	Margin	 	 	$	 	 	Margin	 	
Consolidated	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Revenue	 	$	319,775	 	 	 	 	 	 	$	312,120	 	 	 	 	 	 	$	1,149,207	 	 	 	 	 	 	$	1,092,124	 	 	 	 	 	
Net income	 	$	48,096	 	 	 	15.0	% 	 	$	38,899	 	 	 	12.5	% 	 	$	159,366	 	 	 	13.9	% 	 	$	111,511	 	 	 	10.2	% 	
Provision (benefit) for income taxes	 	 	1,048	 	 	 	 	 	 	 	(8,430	) 	 	 	 	 	 	 	3,400	 	 	 	 	 	 	 	(11,855	) 	 	 	 	 	
Other (gains) and losses, net	 	 	(1,873	) 	 	 	 	 	 	 	(7,215	) 	 	 	 	 	 	 	(4,161	) 	 	 	 	 	 	 	10,889	 	 	 	 	 	
Loss from joint ventures	 	 	708	 	 	 	 	 	 	 	—  	 	 	 	 	 	 	 	2,794	 	 	 	 	 	 	 	—  	 	 	 	 	 	
Interest expense, net	 	 	13,520	 	 	 	 	 	 	 	13,135	 	 	 	 	 	 	 	52,406	 	 	 	 	 	 	 	51,517	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating Income	 	 	61,499	 	 	 	19.2	% 	 	 	36,389	 	 	 	11.7	% 	 	 	213,805	 	 	 	18.6	% 	 	 	162,062	 	 	 	14.8	% 	
Depreciation & amortization	 	 	27,928	 	 	 	 	 	 	 	28,916	 	 	 	 	 	 	 	109,816	 	 	 	 	 	 	 	114,383	 	 	 	 	 	
Preopening costs	 	 	—  	 	 	 	 	 	 	 	—  	 	 	 	 	 	 	 	—  	 	 	 	 	 	 	 	909	 	 	 	 	 	
Non-cash ground lease expense	 	 	1,311	 	 	 	 	 	 	 	1,341	 	 	 	 	 	 	 	5,243	 	 	 	 	 	 	 	5,364	 	 	 	 	 	
Equity-based compensation expense	 	 	1,534	 	 	 	 	 	 	 	1,576	 	 	 	 	 	 	 	6,128	 	 	 	 	 	 	 	6,158	 	 	 	 	 	
Pension settlement charge	 	 	148	 	 	 	 	 	 	 	763	 	 	 	 	 	 	 	1,715	 	 	 	 	 	 	 	2,356	 	 	 	 	 	
Impairment charges	 	 	—  	 	 	 	 	 	 	 	16,310	 	 	 	 	 	 	 	—  	 	 	 	 	 	 	 	19,200	 	 	 	 	 	
Interest income on Gaylord National bonds	 	 	2,365	 	 	 	 	 	 	 	2,990	 	 	 	 	 	 	 	11,410	 	 	 	 	 	 	 	12,337	 	 	 	 	 	
Other gains and (losses), net	 	 	1,873	 	 	 	 	 	 	 	7,215	 	 	 	 	 	 	 	4,161	 	 	 	 	 	 	 	(10,889	) 	 	 	 	 	
Loss on warrant settlements	 	 	—  	 	 	 	 	 	 	 	—  	 	 	 	 	 	 	 	—  	 	 	 	 	 	 	 	20,246	 	 	 	 	 	
Gain on disposal of assets	 	 	(1,984	) 	 	 	 	 	 	 	(7,202	) 	 	 	 	 	 	 	(2,084	) 	 	 	 	 	 	 	(7,058	) 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted EBITDA	 	$	94,674	 	 	 	29.6	% 	 	$	88,298	 	 	 	28.3	% 	 	$	350,194	 	 	 	30.5	% 	 	$	325,068	 	 	 	29.8	% 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Hospitality segment	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Revenue	 	$	292,104	 	 	 	 	 	 	$	287,472	 	 	 	 	 	 	$	1,039,643	 	 	 	 	 	 	$	994,603	 	 	 	 	 	
Operating income	 	$	63,369	 	 	 	21.7	% 	 	$	40,074	 	 	 	13.9	% 	 	$	217,564	 	 	 	20.9	% 	 	$	169,383	 	 	 	17.0	% 	
Depreciation & amortization	 	 	25,135	 	 	 	 	 	 	 	26,701	 	 	 	 	 	 	 	100,186	 	 	 	 	 	 	 	105,876	 	 	 	 	 	
Preopening costs	 	 	—  	 	 	 	 	 	 	 	—  	 	 	 	 	 	 	 	—  	 	 	 	 	 	 	 	851	 	 	 	 	 	
Non-cash lease expense	 	 	1,311	 	 	 	 	 	 	 	1,341	 	 	 	 	 	 	 	5,243	 	 	 	 	 	 	 	5,364	 	 	 	 	 	
Impairment charges	 	 	—  	 	 	 	 	 	 	 	16,310	 	 	 	 	 	 	 	—  	 	 	 	 	 	 	 	19,200	 	 	 	 	 	
Interest income on Gaylord National bonds	 	 	2,365	 	 	 	 	 	 	 	2,990	 	 	 	 	 	 	 	11,410	 	 	 	 	 	 	 	12,337	 	 	 	 	 	
Other gains and (losses), net	 	 	1,955	 	 	 	 	 	 	 	—  	 	 	 	 	 	 	 	4,459	 	 	 	 	 	 	 	2,317	 	 	 	 	 	
(Gain) loss on disposal of assets	 	 	(1,955	) 	 	 	 	 	 	 	—  	 	 	 	 	 	 	 	(1,931	) 	 	 	 	 	 	 	138	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted EBITDA	 	$	92,180	 	 	 	31.6	% 	 	$	87,416	 	 	 	30.4	% 	 	$	336,931	 	 	 	32.4	% 	 	$	315,466	 	 	 	31.7	% 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Entertainment segment	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Revenue	 	$	27,671	 	 	 	 	 	 	$	24,648	 	 	 	 	 	 	$	109,564	 	 	 	 	 	 	$	97,521	 	 	 	 	 	
Operating income	 	$	5,562	 	 	 	20.1	% 	 	$	4,512	 	 	 	18.3	% 	 	$	27,980	 	 	 	25.5	% 	 	$	24,353	 	 	 	25.0	% 	
Depreciation & amortization	 	 	2,189	 	 	 	 	 	 	 	1,548	 	 	 	 	 	 	 	7,034	 	 	 	 	 	 	 	5,747	 	 	 	 	 	
Preopening costs	 	 	—  	 	 	 	 	 	 	 	—  	 	 	 	 	 	 	 	—  	 	 	 	 	 	 	 	58	 	 	 	 	 	
Equity-based compensation	 	 	178	 	 	 	 	 	 	 	145	 	 	 	 	 	 	 	711	 	 	 	 	 	 	 	629	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted EBITDA	 	$	7,929	 	 	 	28.7	% 	 	$	6,205	 	 	 	25.2	% 	 	$	35,725	 	 	 	32.6	% 	 	$	30,787	 	 	 	31.6	% 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Corporate and Other segment	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating loss	 	$	(7,432	) 	 	 	 	 	 	$	(8,197	) 	 	 	 	 	 	$	(31,739	) 	 	 	 	 	 	$	(31,674	) 	 	 	 	 	
Depreciation & amortization	 	 	604	 	 	 	 	 	 	 	667	 	 	 	 	 	 	 	2,596	 	 	 	 	 	 	 	2,760	 	 	 	 	 	
Equity-based compensation	 	 	1,356	 	 	 	 	 	 	 	1,431	 	 	 	 	 	 	 	5,417	 	 	 	 	 	 	 	5,529	 	 	 	 	 	
Pension settlement charge	 	 	148	 	 	 	 	 	 	 	763	 	 	 	 	 	 	 	1,715	 	 	 	 	 	 	 	2,356	 	 	 	 	 	
Other gains and (losses), net	 	 	(82	) 	 	 	 	 	 	 	7,215	 	 	 	 	 	 	 	(298	) 	 	 	 	 	 	 	(13,206	) 	 	 	 	 	
Loss on warrant settlements	 	 	—  	 	 	 	 	 	 	 	—  	 	 	 	 	 	 	 	—  	 	 	 	 	 	 	 	20,246	 	 	 	 	 	
Gain on disposal of assets	 	 	(29	) 	 	 	 	 	 	 	(7,202	) 	 	 	 	 	 	 	(153	) 	 	 	 	 	 	 	(7,196	) 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted EBITDA	 	$	(5,435	) 	 	 	 	 	 	$	(5,323	) 	 	 	 	 	 	$	(22,462	) 	 	 	 	 	 	$	(21,185	) 	 	 	 	 	

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES
SUPPLEMENTAL FINANCIAL RESULTS
FUNDS FROM OPERATIONS (“FFO”) AND ADJUSTED FFO RECONCILIATION
Unaudited
(in thousands, except per share data)

 	  	Three Months Ended Dec. 31,	 	 	Twelve Months Ended Dec. 31,	 	
 	  	2016	 	 	2015	 	 	2016	 	 	2015	 	
Consolidated	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income	  	$	48,096	 	 	$	38,899	 	 	$	159,366	 	 	$	111,511	 	
Depreciation & amortization	  	 	27,928	 	 	 	28,916	 	 	 	109,816	 	 	 	114,383	 	
Pro rata adjustments from joint ventures	  	 	22	 	 	 	—  	 	 	 	59	 	 	 	—  	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
FFO	  	 	76,046	 	 	 	67,815	 	 	 	269,241	 	 	 	225,894	 	
 	 	 	 	 	
Non-cash lease expense	  	 	1,311	 	 	 	1,341	 	 	 	5,243	 	 	 	5,364	 	
Pension settlement charge	  	 	148	 	 	 	763	 	 	 	1,715	 	 	 	2,356	 	
Impairment charges	  	 	—  	 	 	 	16,310	 	 	 	—  	 	 	 	19,200	 	
Pro rata adjustments from joint ventures	  	 	185	 	 	 	—  	 	 	 	1,377	 	 	 	—  	 	
Loss on warrant settlements	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	20,246	 	
Gain on other assets	  	 	(1,202	) 	 	 	(6,903	) 	 	 	(1,261	) 	 	 	(6,759	) 	
Write-off of deferred financing costs	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	1,926	 	
Amortization of deferred financing costs	  	 	1,215	 	 	 	1,330	 	 	 	4,863	 	 	 	5,507	 	
Deferred tax (benefit) expense	  	 	42	 	 	 	(8,544	) 	 	 	321	 	 	 	(13,847	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted FFO (1)	  	$	77,745	 	 	$	72,112	 	 	$	281,499	 	 	$	259,887	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Capital expenditures (2)	  	 	(16,944	) 	 	 	(15,001	) 	 	 	(58,753	) 	 	 	(50,988	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted FFO less maintenance capital expenditures	  	$	60,801	 	 	$	57,111	 	 	$	222,746	 	 	$	208,899	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Basic net income per share	  	$	0.94	 	 	$	0.76	 	 	$	3.12	 	 	$	2.18	 	
Fully diluted net income per share	  	$	0.94	 	 	$	0.75	 	 	$	3.11	 	 	$	2.16	 	
 	 	 	 	 	
FFO per basic share	  	$	1.49	 	 	$	1.32	 	 	$	5.28	 	 	$	4.41	 	
Adjusted FFO per basic share	  	$	1.52	 	 	$	1.41	 	 	$	5.52	 	 	$	5.07	 	
 	 	 	 	 	
FFO per diluted share	  	$	1.48	 	 	$	1.31	 	 	$	5.25	 	 	$	4.38	 	
Adjusted FFO per diluted share	  	$	1.51	 	 	$	1.40	 	 	$	5.49	 	 	$	5.04	 	
 
(1)	Adjusted FFO for both periods is presented using the 2016 definition of Adjusted FFO contained in this release.    	
(2)	Represents FF&E reserve for managed properties and maintenance capital expenditures for non-managed properties.    	

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES
SUPPLEMENTAL FINANCIAL RESULTS
HOSPITALITY SEGMENT ADJUSTED EBITDA RECONCILIATIONS AND OPERATING METRICS
Unaudited
(in thousands)

 	 	Three Months Ended Dec. 31,	 	 	Twelve Months Ended Dec. 31,	 	
 	 	2016	 	 	2015	 	 	2016	 	 	2015	 	
 	 	$	 	 	Margin	 	 	$	 	 	Margin	 	 	$	 	 	Margin	 	 	$	 	 	Margin	 	
Hospitality segment	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Revenue	 	$	292,104	 	 	 	 	 	 	$	287,472	 	 	 	 	 	 	$	1,039,643	 	 	 	 	 	 	$	994,603	 	 	 	 	 	
Operating Income	 	$	63,369	 	 	 	21.7	% 	 	$	40,074	 	 	 	13.9	% 	 	$	217,564	 	 	 	20.9	% 	 	$	169,383	 	 	 	17.0	% 	
Depreciation & amortization	 	 	25,135	 	 	 	 	 	 	 	26,701	 	 	 	 	 	 	 	100,186	 	 	 	 	 	 	 	105,876	 	 	 	 	 	
Preopening costs	 	 	—  	 	 	 	 	 	 	 	—  	 	 	 	 	 	 	 	—  	 	 	 	 	 	 	 	851	 	 	 	 	 	
Non-cash lease expense	 	 	1,311	 	 	 	 	 	 	 	1,341	 	 	 	 	 	 	 	5,243	 	 	 	 	 	 	 	5,364	 	 	 	 	 	
Impairment charges	 	 	—  	 	 	 	 	 	 	 	16,310	 	 	 	 	 	 	 	—  	 	 	 	 	 	 	 	19,200	 	 	 	 	 	
Interest income on Gaylord National bonds	 	 	2,365	 	 	 	 	 	 	 	2,990	 	 	 	 	 	 	 	11,410	 	 	 	 	 	 	 	12,337	 	 	 	 	 	
Other gains and (losses), net	 	 	1,955	 	 	 	 	 	 	 	—  	 	 	 	 	 	 	 	4,459	 	 	 	 	 	 	 	2,317	 	 	 	 	 	
(Gain) loss on disposal of assets	 	 	(1,955	) 	 	 	 	 	 	 	—  	 	 	 	 	 	 	 	(1,931	) 	 	 	 	 	 	 	138	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted EBITDA	 	$	92,180	 	 	 	31.6	% 	 	$	87,416	 	 	 	30.4	% 	 	$	336,931	 	 	 	32.4	% 	 	$	315,466	 	 	 	31.7	% 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Occupancy	 	 	76.2	% 	 	 	 	 	 	 	76.4	% 	 	 	 	 	 	 	75.0	% 	 	 	 	 	 	 	73.6	% 	 	 	 	 	
Average daily rate (ADR)	 	$	189.91	 	 	 	 	 	 	$	192.87	 	 	 	 	 	 	$	184.36	 	 	 	 	 	 	$	182.56	 	 	 	 	 	
RevPAR	 	$	144.79	 	 	 	 	 	 	$	147.33	 	 	 	 	 	 	$	138.27	 	 	 	 	 	 	$	134.44	 	 	 	 	 	
OtherPAR	 	$	237.51	 	 	 	 	 	 	$	229.60	 	 	 	 	 	 	$	203.98	 	 	 	 	 	 	$	196.17	 	 	 	 	 	
Total RevPAR	 	$	382.30	 	 	 	 	 	 	$	376.93	 	 	 	 	 	 	$	342.25	 	 	 	 	 	 	$	330.61	 	 	 	 	 	
Same-Store Hospitality (1)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Revenue	 	$	289,544	 	 	 	 	 	 	$	285,320	 	 	 	 	 	 	$	1,029,651	 	 	 	 	 	 	$	987,631	 	 	 	 	 	
Operating Income	 	$	62,959	 	 	 	21.7	% 	 	$	39,838	 	 	 	14.0	% 	 	$	215,693	 	 	 	20.9	% 	 	$	168,833	 	 	 	17.1	% 	
Depreciation & amortization	 	 	24,819	 	 	 	 	 	 	 	26,378	 	 	 	 	 	 	 	98,922	 	 	 	 	 	 	 	104,781	 	 	 	 	 	
Non-cash lease expense	 	 	1,311	 	 	 	 	 	 	 	1,341	 	 	 	 	 	 	 	5,243	 	 	 	 	 	 	 	5,364	 	 	 	 	 	
Impairment charges	 	 	—  	 	 	 	 	 	 	 	16,310	 	 	 	 	 	 	 	—  	 	 	 	 	 	 	 	19,200	 	 	 	 	 	
Interest income on Gaylord National bonds	 	 	2,365	 	 	 	 	 	 	 	2,990	 	 	 	 	 	 	 	11,410	 	 	 	 	 	 	 	12,337	 	 	 	 	 	
Other gains and (losses), net	 	 	1,955	 	 	 	 	 	 	 	—  	 	 	 	 	 	 	 	4,459	 	 	 	 	 	 	 	2,317	 	 	 	 	 	
(Gain) loss on disposal of assets	 	 	(1,955	) 	 	 	 	 	 	 	—  	 	 	 	 	 	 	 	(1,931	) 	 	 	 	 	 	 	138	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted EBITDA	 	$	91,454	 	 	 	31.6	% 	 	$	86,857	 	 	 	30.4	% 	 	$	333,796	 	 	 	32.4	% 	 	$	312,970	 	 	 	31.7	% 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Occupancy	 	 	76.5	% 	 	 	 	 	 	 	76.9	% 	 	 	 	 	 	 	75.2	% 	 	 	 	 	 	 	73.9	% 	 	 	 	 	
Average daily rate (ADR)	 	$	190.00	 	 	 	 	 	 	$	192.83	 	 	 	 	 	 	$	184.40	 	 	 	 	 	 	$	182.34	 	 	 	 	 	
RevPAR	 	$	145.32	 	 	 	 	 	 	$	148.38	 	 	 	 	 	 	$	138.67	 	 	 	 	 	 	$	134.80	 	 	 	 	 	
OtherPAR	 	$	242.60	 	 	 	 	 	 	$	234.59	 	 	 	 	 	 	$	208.32	 	 	 	 	 	 	$	199.34	 	 	 	 	 	
Total RevPAR	 	$	387.92	 	 	 	 	 	 	$	382.97	 	 	 	 	 	 	$	346.99	 	 	 	 	 	 	$	334.14	 	 	 	 	 	
Gaylord Opryland	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Revenue	 	$	97,766	 	 	 	 	 	 	$	96,886	 	 	 	 	 	 	$	331,828	 	 	 	 	 	 	$	319,211	 	 	 	 	 	
Operating Income	 	$	26,633	 	 	 	27.2	% 	 	$	23,688	 	 	 	24.4	% 	 	$	86,198	 	 	 	26.0	% 	 	$	76,308	 	 	 	23.9	% 	
Depreciation & amortization	 	 	7,994	 	 	 	 	 	 	 	7,826	 	 	 	 	 	 	 	30,343	 	 	 	 	 	 	 	30,793	 	 	 	 	 	
Impairment charges	 	 	—  	 	 	 	 	 	 	 	—  	 	 	 	 	 	 	 	—  	 	 	 	 	 	 	 	690	 	 	 	 	 	
Other gains and (losses), net	 	 	—  	 	 	 	 	 	 	 	—  	 	 	 	 	 	 	 	—  	 	 	 	 	 	 	 	15	 	 	 	 	 	
Gain on disposal of assets	 	 	—  	 	 	 	 	 	 	 	—  	 	 	 	 	 	 	 	—  	 	 	 	 	 	 	 	(15	) 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted EBITDA	 	$	34,627	 	 	 	35.4	% 	 	$	31,514	 	 	 	32.5	% 	 	$	116,541	 	 	 	35.1	% 	 	$	107,791	 	 	 	33.8	% 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Occupancy	 	 	81.9	% 	 	 	 	 	 	 	81.5	% 	 	 	 	 	 	 	76.4	% 	 	 	 	 	 	 	74.9	% 	 	 	 	 	
Average daily rate (ADR)	 	$	181.59	 	 	 	 	 	 	$	186.21	 	 	 	 	 	 	$	175.61	 	 	 	 	 	 	$	170.42	 	 	 	 	 	
RevPAR	 	$	148.72	 	 	 	 	 	 	$	151.75	 	 	 	 	 	 	$	134.16	 	 	 	 	 	 	$	127.66	 	 	 	 	 	
OtherPAR	 	$	219.35	 	 	 	 	 	 	$	213.66	 	 	 	 	 	 	$	180.19	 	 	 	 	 	 	$	175.79	 	 	 	 	 	
Total RevPAR	 	$	368.07	 	 	 	 	 	 	$	365.41	 	 	 	 	 	 	$	314.35	 	 	 	 	 	 	$	303.45	 	 	 	 	 	
Gaylord Palms	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Revenue	 	$	52,070	 	 	 	 	 	 	$	52,291	 	 	 	 	 	 	$	195,719	 	 	 	 	 	 	$	178,279	 	 	 	 	 	
Operating Income	 	$	7,351	 	 	 	14.1	% 	 	$	8,330	 	 	 	15.9	% 	 	$	35,008	 	 	 	17.9	% 	 	$	25,956	 	 	 	14.6	% 	
Depreciation & amortization	 	 	4,855	 	 	 	 	 	 	 	4,704	 	 	 	 	 	 	 	19,098	 	 	 	 	 	 	 	18,651	 	 	 	 	 	
Non-cash lease expense	 	 	1,311	 	 	 	 	 	 	 	1,341	 	 	 	 	 	 	 	5,243	 	 	 	 	 	 	 	5,364	 	 	 	 	 	
Impairment charges	 	 	—  	 	 	 	 	 	 	 	—  	 	 	 	 	 	 	 	—  	 	 	 	 	 	 	 	797	 	 	 	 	 	
Other gains and (losses), net	 	 	—  	 	 	 	 	 	 	 	—  	 	 	 	 	 	 	 	—  	 	 	 	 	 	 	 	26	 	 	 	 	 	
Gain on disposal of assets	 	 	—  	 	 	 	 	 	 	 	—  	 	 	 	 	 	 	 	—  	 	 	 	 	 	 	 	(26	) 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted EBITDA	 	$	13,517	 	 	 	26.0	% 	 	$	14,375	 	 	 	27.5	% 	 	$	59,349	 	 	 	30.3	% 	 	$	50,768	 	 	 	28.5	% 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Occupancy	 	 	76.5	% 	 	 	 	 	 	 	79.4	% 	 	 	 	 	 	 	77.5	% 	 	 	 	 	 	 	74.6	% 	 	 	 	 	
Average daily rate (ADR)	 	$	182.26	 	 	 	 	 	 	$	184.05	 	 	 	 	 	 	$	174.32	 	 	 	 	 	 	$	173.17	 	 	 	 	 	
RevPAR	 	$	139.41	 	 	 	 	 	 	$	146.08	 	 	 	 	 	 	$	135.08	 	 	 	 	 	 	$	129.25	 	 	 	 	 	
OtherPAR	 	$	260.30	 	 	 	 	 	 	$	258.17	 	 	 	 	 	 	$	243.23	 	 	 	 	 	 	$	218.14	 	 	 	 	 	
Total RevPAR	 	$	399.71	 	 	 	 	 	 	$	404.25	 	 	 	 	 	 	$	378.31	 	 	 	 	 	 	$	347.39	 	 	 	 	 	
 
(1)	Same-store excludes the AC Hotel at National Harbor.                	

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES
SUPPLEMENTAL FINANCIAL RESULTS
HOSPITALITY SEGMENT ADJUSTED EBITDA RECONCILIATIONS AND OPERATING METRICS
Unaudited
(in thousands)

 	  	Three Months Ended Dec. 31,	 	 	Twelve Months Ended Dec. 31,	 	
 	  	2016	 	 	2015	 	 	2016	 	 	2015	 	
 	  	$	 	 	Margin	 	 	$	 	 	Margin	 	 	$	 	 	Margin	 	 	$	 	 	Margin	 	
Gaylord Texan	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Revenue	  	$	68,676	 	 	 	 	 	 	$	64,975	 	 	 	 	 	 	$	231,179	 	 	 	 	 	 	$	220,486	 	 	 	 	 	
Operating Income	  	$	19,843	 	 	 	28.9	% 	 	$	1,130	 	 	 	1.7	% 	 	$	61,586	 	 	 	26.6	% 	 	$	39,797	 	 	 	18.0	% 	
Depreciation & amortization	  	 	5,094	 	 	 	 	 	 	 	4,943	 	 	 	 	 	 	 	20,184	 	 	 	 	 	 	 	19,986	 	 	 	 	 	
Impairment charges	  	 	—  	 	 	 	 	 	 	 	16,310	 	 	 	 	 	 	 	—  	 	 	 	 	 	 	 	17,095	 	 	 	 	 	
Other gains and (losses), net	  	 	1,955	 	 	 	 	 	 	 	—  	 	 	 	 	 	 	 	1,955	 	 	 	 	 	 	 	(192	) 	 	 	 	 	
(Gain) loss on disposal of assets	  	 	(1,955	) 	 	 	 	 	 	 	—  	 	 	 	 	 	 	 	(1,955	) 	 	 	 	 	 	 	192	 	 	 	 	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted EBITDA	  	$	24,937	 	 	 	36.3	% 	 	$	22,383	 	 	 	34.4	% 	 	$	81,770	 	 	 	35.4	% 	 	$	76,878	 	 	 	34.9	% 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Occupancy	  	 	78.8	% 	 	 	 	 	 	 	79.7	% 	 	 	 	 	 	 	78.4	% 	 	 	 	 	 	 	76.7	% 	 	 	 	 	
Average daily rate (ADR)	  	$	206.24	 	 	 	 	 	 	$	201.17	 	 	 	 	 	 	$	194.17	 	 	 	 	 	 	$	192.66	 	 	 	 	 	
RevPAR	  	$	162.41	 	 	 	 	 	 	$	160.34	 	 	 	 	 	 	$	152.25	 	 	 	 	 	 	$	147.69	 	 	 	 	 	
OtherPAR	  	$	331.62	 	 	 	 	 	 	$	307.06	 	 	 	 	 	 	$	265.78	 	 	 	 	 	 	$	252.09	 	 	 	 	 	
Total RevPAR	  	$	494.03	 	 	 	 	 	 	$	467.40	 	 	 	 	 	 	$	418.03	 	 	 	 	 	 	$	399.78	 	 	 	 	 	
Gaylord National	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Revenue	  	$	67,141	 	 	 	 	 	 	$	67,636	 	 	 	 	 	 	$	255,846	 	 	 	 	 	 	$	256,020	 	 	 	 	 	
Operating Income	  	$	7,296	 	 	 	10.9	% 	 	$	5,011	 	 	 	7.4	% 	 	$	28,763	 	 	 	11.2	% 	 	$	23,283	 	 	 	9.1	% 	
Depreciation & amortization	  	 	6,539	 	 	 	 	 	 	 	8,570	 	 	 	 	 	 	 	27,962	 	 	 	 	 	 	 	34,033	 	 	 	 	 	
Impairment charges	  	 	—  	 	 	 	 	 	 	 	—  	 	 	 	 	 	 	 	—  	 	 	 	 	 	 	 	618	 	 	 	 	 	
Interest income on Gaylord National bonds	  	 	2,365	 	 	 	 	 	 	 	2,990	 	 	 	 	 	 	 	11,410	 	 	 	 	 	 	 	12,337	 	 	 	 	 	
Other gains and (losses), net	  	 	—  	 	 	 	 	 	 	 	—  	 	 	 	 	 	 	 	2,504	 	 	 	 	 	 	 	2,468	 	 	 	 	 	
(Gain) loss on disposal of assets	  	 	—  	 	 	 	 	 	 	 	(1	) 	 	 	 	 	 	 	24	 	 	 	 	 	 	 	(14	) 	 	 	 	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted EBITDA	  	$	16,200	 	 	 	24.1	% 	 	$	16,570	 	 	 	24.5	% 	 	$	70,663	 	 	 	27.6	% 	 	$	72,725	 	 	 	28.4	% 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Occupancy	  	 	66.4	% 	 	 	 	 	 	 	66.9	% 	 	 	 	 	 	 	69.0	% 	 	 	 	 	 	 	70.0	% 	 	 	 	 	
Average daily rate (ADR)	  	$	208.94	 	 	 	 	 	 	$	216.54	 	 	 	 	 	 	$	207.83	 	 	 	 	 	 	$	208.79	 	 	 	 	 	
RevPAR	  	$	138.70	 	 	 	 	 	 	$	144.97	 	 	 	 	 	 	$	143.35	 	 	 	 	 	 	$	146.06	 	 	 	 	 	
OtherPAR	  	$	226.92	 	 	 	 	 	 	$	223.35	 	 	 	 	 	 	$	206.87	 	 	 	 	 	 	$	205.35	 	 	 	 	 	
Total RevPAR	  	$	365.62	 	 	 	 	 	 	$	368.32	 	 	 	 	 	 	$	350.22	 	 	 	 	 	 	$	351.41	 	 	 	 	 	
The AC Hotel at National Harbor  (2)	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Revenue	  	$	2,560	 	 	 	 	 	 	$	2,152	 	 	 	 	 	 	$	9,992	 	 	 	 	 	 	$	6,972	 	 	 	 	 	
Operating Income	  	$	410	 	 	 	16.0	% 	 	$	236	 	 	 	11.0	% 	 	$	1,871	 	 	 	18.7	% 	 	$	550	 	 	 	7.9	% 	
Depreciation & amortization	  	 	316	 	 	 	 	 	 	 	323	 	 	 	 	 	 	 	1,264	 	 	 	 	 	 	 	1,095	 	 	 	 	 	
Preopening costs	  	 	—  	 	 	 	 	 	 	 	—  	 	 	 	 	 	 	 	—  	 	 	 	 	 	 	 	851	 	 	 	 	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted EBITDA	  	$	726	 	 	 	28.4	% 	 	$	559	 	 	 	26.0	% 	 	$	3,135	 	 	 	31.4	% 	 	$	2,496	 	 	 	35.8	% 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Occupancy	  	 	65.9	% 	 	 	 	 	 	 	52.7	% 	 	 	 	 	 	 	66.5	% 	 	 	 	 	 	 	57.8	% 	 	 	 	 	
Average daily rate (ADR)	  	$	185.40	 	 	 	 	 	 	$	195.87	 	 	 	 	 	 	$	182.56	 	 	 	 	 	 	$	198.38	 	 	 	 	 	
RevPAR	  	$	122.13	 	 	 	 	 	 	$	103.30	 	 	 	 	 	 	$	121.42	 	 	 	 	 	 	$	114.61	 	 	 	 	 	
OtherPAR	  	$	22.80	 	 	 	 	 	 	$	18.55	 	 	 	 	 	 	$	20.77	 	 	 	 	 	 	$	17.92	 	 	 	 	 	
Total RevPAR	  	$	144.93	 	 	 	 	 	 	$	121.85	 	 	 	 	 	 	$	142.19	 	 	 	 	 	 	$	132.53	 	 	 	 	 	
The Inn at Opryland (3)	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Revenue	  	$	3,891	 	 	 	 	 	 	$	3,532	 	 	 	 	 	 	$	15,079	 	 	 	 	 	 	$	13,635	 	 	 	 	 	
Operating Income	  	$	1,836	 	 	 	47.2	% 	 	$	1,679	 	 	 	47.5	% 	 	$	4,138	 	 	 	27.4	% 	 	$	3,489	 	 	 	25.6	% 	
Depreciation & amortization	  	 	337	 	 	 	 	 	 	 	335	 	 	 	 	 	 	 	1,335	 	 	 	 	 	 	 	1,318	 	 	 	 	 	
Loss on disposal of assets	  	 	—  	 	 	 	 	 	 	 	1	 	 	 	 	 	 	 	—  	 	 	 	 	 	 	 	1	 	 	 	 	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted EBITDA	  	$	2,173	 	 	 	55.8	% 	 	$	2,015	 	 	 	57.0	% 	 	$	5,473	 	 	 	36.3	% 	 	$	4,808	 	 	 	35.3	% 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Occupancy	  	 	80.1	% 	 	 	 	 	 	 	74.7	% 	 	 	 	 	 	 	78.1	% 	 	 	 	 	 	 	73.8	% 	 	 	 	 	
Average daily rate (ADR)	  	$	123.45	 	 	 	 	 	 	$	120.32	 	 	 	 	 	 	$	127.60	 	 	 	 	 	 	$	121.80	 	 	 	 	 	
RevPAR	  	$	98.90	 	 	 	 	 	 	$	89.82	 	 	 	 	 	 	$	99.64	 	 	 	 	 	 	$	89.93	 	 	 	 	 	
OtherPAR	  	$	40.68	 	 	 	 	 	 	$	37.03	 	 	 	 	 	 	$	36.34	 	 	 	 	 	 	$	33.38	 	 	 	 	 	
Total RevPAR	  	$	139.58	 	 	 	 	 	 	$	126.85	 	 	 	 	 	 	$	135.98	 	 	 	 	 	 	$	123.31	 	 	 	 	 	
 
(2)	The AC Hotel at National Harbor opened in April 2015.                	
(3)	Includes other hospitality revenue and expense                	

Ryman Hospitality Properties, Inc. and Subsidiaries
Reconciliation of Forward-Looking Statements
Unaudited
(in thousands)
Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (“Adjusted EBITDA”) and Adjusted Funds From Operations (“AFFO”) reconciliation:

 	  	GUIDANCE RANGE	 	
 	  	FOR FULL YEAR 2017	 	
 	  	Low	 	 	High	 	
Ryman Hospitality Properties, Inc.	  	 	 	 	 	 	 	 	
Net Income	  	$	139,800	 	 	$	157,600	 	
Provision (benefit) for income taxes	  	 	2,500	 	 	 	3,000	 	
Interest expense	  	 	70,500	 	 	 	69,000	 	
Interest income	  	 	(10,000	) 	 	 	(11,000	) 	
 	  	 	 	 	 	 	 	 	
Operating Income	  	 	202,800	 	 	 	218,600	 	
Depreciation and amortization	  	 	113,500	 	 	 	116,500	 	
Non-cash lease expense	  	 	5,000	 	 	 	5,000	 	
Preopening expense	  	 	400	 	 	 	500	 	
Equity based compensation	  	 	6,300	 	 	 	6,400	 	
Pension settlement charge, Other	  	 	2,000	 	 	 	2,000	 	
Interest income	  	 	10,000	 	 	 	11,000	 	
 	  	 	 	 	 	 	 	 	
Adjusted EBITDA	  	$	340,000	 	 	$	360,000	 	
 	  	 	 	 	 	 	 	 	
Hospitality Segment	  	 	 	 	 	 	 	 	
Operating Income	  	$	212,000	 	 	$	222,000	 	
Depreciation and amortization	  	 	103,000	 	 	 	106,000	 	
Non-cash lease expense	  	 	5,000	 	 	 	5,000	 	
Interest income	  	 	10,000	 	 	 	11,000	 	
 	  	 	 	 	 	 	 	 	
Adjusted EBITDA	  	$	330,000	 	 	$	344,000	 	
 	  	 	 	 	 	 	 	 	
Entertainment Segment	  	 	 	 	 	 	 	 	
Operating Income	  	$	24,800	 	 	$	28,600	 	
Depreciation and amortization	  	 	8,000	 	 	 	8,000	 	
Preopening expense	  	 	400	 	 	 	500	 	
Equity based compensation	  	 	800	 	 	 	900	 	
 	  	 	 	 	 	 	 	 	
Adjusted EBITDA	  	$	34,000	 	 	$	38,000	 	
 	  	 	 	 	 	 	 	 	
Corporate and Other Segment	  	 	 	 	 	 	 	 	
Operating Income	  	$	(34,000	) 	 	$	(32,000	) 	
Depreciation and amortization	  	 	2,500	 	 	 	2,500	 	
Equity based compensation	  	 	5,500	 	 	 	5,500	 	
Pension settlement charge, Other	  	 	2,000	 	 	 	2,000	 	
 	  	 	 	 	 	 	 	 	
Adjusted EBITDA	  	$	(24,000	) 	 	$	(22,000	) 	
 	  	 	 	 	 	 	 	 	
Ryman Hospitality Properties, Inc.	  	 	 	 	 	 	 	 	
Net income	  	$	139,800	 	 	$	157,600	 	
Depreciation & amortization	  	 	113,500	 	 	 	116,500	 	
 	  	 	 	 	 	 	 	 	
Funds from Operations (FFO)	  	 	253,300	 	 	 	274,100	 	
Non-cash lease expense	  	 	5,000	 	 	 	5,000	 	
Amortization of DFC	  	 	5,000	 	 	 	5,200	 	
Deferred tax expense	  	 	(800	) 	 	 	(800	) 	
Pension settlement charge	  	 	2,000	 	 	 	2,000	 	
 	  	 	 	 	 	 	 	 	
Adjusted FFO	  	$	264,500	 	 	$	285,500