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): August 2, 2016 (August 2, 2016)

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 August 2, 2016, Ryman Hospitality Properties, Inc. issued a press release announcing its financial results for the quarter ended June 30, 2016 and providing updated guidance for 2016. 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 August 2, 2016.	

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: August 2, 2016	 	 	 	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 August 2, 2016.	

Exhibit 99.1

Ryman Hospitality Properties, Inc. Reports Second Quarter 2016 Results
– Second Quarter Net Income of $51.3 Million –
– Total Adjusted EBITDA of $99.1 Million –
– Same-Store RevPAR Increased 5.9 Percent, Same-Store Total RevPAR Increased 6.4 Percent –
– Second Quarter Gross Room Nights Booked for All Future Years Increased 13.5 Percent –
– Updates Full-Year Guidance –
NASHVILLE, Tenn. (Aug. 2, 2016) – 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 second quarter ended June 30, 2016.
Colin Reed, chairman and chief executive officer of Ryman Hospitality Properties, said, “We are very pleased with our solid second quarter 2016 results from a revenue and Adjusted EBITDA perspective. We anticipated that the second quarter would be strong for our Hospitality segment, which generated same-store RevPAR growth of 5.9 percent and same-store Total RevPAR growth of 6.4 percent when compared to the second quarter of 2015.
Along with our peers, we did experience some in the year for the year softness during the second quarter of 2016; however, the contractual nature of our business affords us a measure of profitability protection during times of macroeconomic uncertainty that differentiates our model from others in our sector.
On the bookings front, we bested our impressive 2015 second quarter gross definite room night bookings for all future periods by 13.5 percent in the second quarter of 2016, which is indicative of the continued strength we see in our core group business in the years ahead.”

Second Quarter and Year-to-Date 2016 Results (As Compared to Second Quarter and Year-to-Date 2015) Included the Following:
($ in thousands, except RevPAR and Total RevPAR)

 	  	Three Months Ended
June 30,	 	 	Six Months Ended
June 30,	 	
 	  	2016	 	 	2015	 	 	% D	 	 	2016	 	 	2015	 	 	% D	 	
Total Revenue	  	$	296,215	  	 	$	274,036	  	 	 	8.1	% 	 	$	557,712	  	 	$	527,184	  	 	 	5.8	% 	
 	 	 	 	 	 	 	
Same-Store Hospitality Revenue (1)	  	$	259,307	  	 	$	243,522	  	 	 	6.5	% 	 	$	501,686	  	 	$	479,976	  	 	 	4.5	% 	
 	 	 	 	 	 	 	
Same-Store RevPAR (1)	  	$	147.32	  	 	$	139.07	  	 	 	5.9	% 	 	$	138.42	  	 	$	134.54	  	 	 	2.9	% 	
Same-Store Total RevPAR (1)	  	$	351.45	  	 	$	330.46	  	 	 	6.4	% 	 	$	340.18	  	 	$	327.46	  	 	 	3.9	% 	
 	 	 	 	 	 	 	
Operating income	  	$	66,945	  	 	$	57,015	  	 	 	17.4	% 	 	$	105,739	  	 	$	92,905	  	 	 	13.8	% 	
 	 	 	 	 	 	 	
Net income (2)	  	$	51,331	  	 	$	41,389	  	 	 	24.0	% 	 	$	77,677	  	 	$	45,921	  	 	 	69.2	% 	
Net income per diluted share (2)	  	$	1.00	  	 	$	0.80	  	 	 	25.0	% 	 	$	1.51	  	 	$	0.89	  	 	 	69.7	% 	
 	 	 	 	 	 	 	
Adjusted EBITDA	  	$	99,058	  	 	$	91,751	  	 	 	8.0	% 	 	$	172,474	  	 	$	165,577	  	 	 	4.2	% 	
Adjusted EBITDA Margin	  	 	33.4	% 	 	 	33.5	% 	 	 	-0.1pt	  	 	 	30.9	% 	 	 	31.4	% 	 	 	-0.5pt	  	
 	 	 	 	 	 	 	
Same-Store Hospitality Adjusted EBITDA (1)	  	$	90,262	  	 	$	84,035	  	 	 	7.4	% 	 	$	166,216	  	 	$	159,878	  	 	 	4.0	% 	
Same-Store Hospitality Adjusted EBITDA Margin  (1)	  	 	34.8	% 	 	 	34.5	% 	 	 	0.3pt	  	 	 	33.1	% 	 	 	33.3	% 	 	 	-0.2pt	  	
 	 	 	 	 	 	 	
Funds From Operations (FFO)	  	$	77,756	  	 	$	69,788	  	 	 	11.4	% 	 	$	132,880	  	 	$	102,890	  	 	 	29.1	% 	
FFO per diluted share	  	$	1.52	  	 	$	1.35	  	 	 	12.6	% 	 	$	2.59	  	 	$	2.00	  	 	 	29.5	% 	
 	 	 	 	 	 	 	
Adjusted FFO (3)	  	$	81,586	  	 	$	75,287	  	 	 	8.4	% 	 	$	138,136	  	 	$	133,961	  	 	 	3.1	% 	
Adjusted FFO per diluted share	  	$	1.59	  	 	$	1.46	  	 	 	8.9	% 	 	$	2.69	  	 	$	2.60	  	 	 	3.5	% 	
 
(1)	Same-Store excludes the AC Hotel at National Harbor, which opened in April 2015.	
(2)	Net income for the six months ended June 30, 2015 includes a loss of $20.2 million on warrant settlements associated with our previous convertible notes.	
(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 RevPAR, Total RevPAR, Adjusted EBITDA 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 Adjusted FFO to Net Income, see “Calculation of RevPAR and Total RevPAR,” “Non-GAAP Financial Measures,” “Revised Adjusted FFO Definition” and “Supplemental Financial Results” below. Adjusted FFO for 2015 presented herein also reflects the revised Adjusted FFO definition used for 2016.
 
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Operating Results
Hospitality Segment
($ in thousands, except per share amounts, RevPAR and Total RevPAR)
For the three months and six months ended June 30, 2016 and 2015, the Company reported the following:

 	  	Three Months Ended
June 30,	 	 	Six Months Ended
June 30,	 	
 	  	2016	 	 	2015	 	 	% D	 	 	2016	 	 	2015	 	 	% D	 	
Hospitality Results	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Hospitality Revenue	  	$	262,329	  	 	$	245,835	  	 	 	6.7	% 	 	$	506,520	  	 	$	482,289	  	 	 	5.0	% 	
 	 	 	 	 	 	 	
Hospitality Operating Income	  	$	63,018	  	 	$	53,827	  	 	 	17.1	% 	 	$	108,477	  	 	$	95,406	  	 	 	13.7	% 	
 	 	 	 	 	 	 	
Hospitality Adjusted EBITDA	  	$	91,502	  	 	$	85,066	  	 	 	7.6	% 	 	$	167,843	  	 	$	160,910	  	 	 	4.3	% 	
Hospitality Adjusted EBITDA Margin	  	 	34.9	% 	 	 	34.6	% 	 	 	0.3pt	  	 	 	33.1	% 	 	 	33.4	% 	 	 	-0.3pt	  	
 	 	 	 	 	 	 	
Hospitality Performance Metrics	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Occupancy	  	 	78.0	% 	 	 	75.2	% 	 	 	2.8pt	  	 	 	74.1	% 	 	 	73.1	% 	 	 	1.0pt	  	
Average Daily Rate (ADR)	  	$	188.86	  	 	$	184.32	  	 	 	2.5	% 	 	$	186.19	  	 	$	183.75	  	 	 	1.3	% 	
RevPAR	  	$	147.40	  	 	$	138.61	  	 	 	6.3	% 	 	$	137.98	  	 	$	134.36	  	 	 	2.7	% 	
Total RevPAR	  	$	347.32	  	 	$	325.96	  	 	 	6.6	% 	 	$	335.51	  	 	$	325.21	  	 	 	3.2	% 	
 	 	 	 	 	 	 	
Gross Definite Rooms Nights Booked	  	 	604,093	  	 	 	532,270	  	 	 	13.5	% 	 	 	990,659	  	 	 	875,535	  	 	 	13.1	% 	
Net Definite Rooms Nights Booked	  	 	429,507	  	 	 	402,433	  	 	 	6.7	% 	 	 	748,522	  	 	 	665,488	  	 	 	12.5	% 	
Group Attrition (as % of contracted block)	  	 	12.8	% 	 	 	13.4	% 	 	 	-0.6pt	  	 	 	11.9	% 	 	 	12.4	% 	 	 	-0.5pt	  	
Cancellations ITYFTY(1)	  	 	12,739	  	 	 	6,057	  	 	 	110.3	% 	 	 	28,512	  	 	 	18,076	  	 	 	57.7	% 	
 	 	 	 	 	 	 	
Same-Store Hospitality Results(2)	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Same-Store Hospitality Revenue	  	$	259,307	  	 	$	243,522	  	 	 	6.5	% 	 	$	501,686	  	 	$	479,976	  	 	 	4.5	% 	
 	 	 	 	 	 	 	
Same-Store Hospitality Operating Income	  	$	62,094	  	 	$	53,264	  	 	 	16.6	% 	 	$	107,482	  	 	$	95,589	  	 	 	12.4	% 	
 	 	 	 	 	 	 	
Same-Store Hospitality Adjusted EBITDA	  	$	90,262	  	 	$	84,035	  	 	 	7.4	% 	 	$	166,216	  	 	$	159,878	  	 	 	4.0	% 	
Same-Store Hospitality Adjusted EBITDA Margin	  	 	34.8	% 	 	 	34.5	% 	 	 	0.3pt	  	 	 	33.1	% 	 	 	33.3	% 	 	 	-0.2pt	  	
 	 	 	 	 	 	 	
Same-Store Hospitality Performance Metrics	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Occupancy	  	 	78.0	% 	 	 	75.6	% 	 	 	2.4pt	  	 	 	74.3	% 	 	 	73.3	% 	 	 	1.0pt	  	
Average Daily Rate (ADR)	  	$	188.86	  	 	$	183.83	  	 	 	2.7	% 	 	$	186.20	  	 	$	183.49	  	 	 	1.5	% 	
RevPAR	  	$	147.32	  	 	$	139.07	  	 	 	5.9	% 	 	$	138.42	  	 	$	134.54	  	 	 	2.9	% 	
Total RevPAR	  	$	351.45	  	 	$	330.46	  	 	 	6.4	% 	 	$	340.18	  	 	$	327.46	  	 	 	3.9	% 	
 
(1)	“ITYFTY” represents In The Year For The Year.	
(2)	Same-Store excludes the AC Hotel at National Harbor, which opened in April 2015.	
Property-level results and operating metrics for second quarter 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 second quarter 2016 for the Hospitality segment and at each property include:
 
 	•	 	Hospitality Segment (Same-Store): Total revenue increased 6.5 percent to $259.3 million in second quarter 2016 compared to second quarter 2015. RevPAR increased 5.9 percent, driven by an increase in occupancy of 2.4 percentage points and a 2.7 percent increase in ADR. Operating income increased 16.6 percent to $62.1 million in second quarter 2016 compared to second quarter 2015. Adjusted EBITDA increased 7.4 percent, as compared to second quarter 2015, to $90.3 million. Adjusted EBITDA margin was up slightly compared to second quarter 2015. Adjusted EBITDA for second quarter 2016 includes the accrual of approximately $0.7 million in additional incentive management fees payable to our operator based on full-year 2016 performance expectations.	
 
3

 	•	 	Gaylord Opryland: Total revenue for second quarter 2016 increased 1.5 percent to $79.6 million compared to second quarter 2015, driven by strong ADR growth and solid food and beverage performance despite a decrease in occupancy of 2.3 percentage points compared to second quarter 2015. There were 8,630 room nights out of service during the second quarter of 2016 due to a planned rooms renovation. Operating income decreased 3.6 percent to $21.4 million in second quarter 2016 compared to second quarter 2015. Adjusted EBITDA decreased 3.3 percent, as compared to second quarter 2015, to $28.7 million, and Adjusted EBITDA margin decreased by 180 basis points due to lower attrition and cancellation fees collected, non-capitalized costs associated with a planned rooms renovation, an increase in group commissions paid and an increase in costs associated with the accrual of incentive management fees.	
 
 	•	 	Gaylord Palms: Total revenue for second quarter 2016 increased 11.6 percent to $45.7 million compared to second quarter 2015 due to a 6.5 percentage point increase in occupancy coupled with an increase in food and beverage revenue. Strong banquet revenue and new and refurbished dining outlets that opened in the second quarter of 2016 were the main drivers for the year-over-year food and beverage increase. Operating income increased 56.5 percent to $8.1 million in second quarter 2016 compared to second quarter 2015. Adjusted EBITDA increased 27.0 percent to $14.1 million compared to second quarter 2015, and Adjusted EBITDA margin increased by 370 basis points.	
 
 	•	 	Gaylord Texan: Total revenue for second quarter 2016 increased 12.8 percent to $56.4 million, due to a 6.1 percentage point increase in occupancy as well as a 5.9 percent increase in ADR compared to second quarter 2015. Operating income increased 29.4 percent to $15.6 million in second quarter 2016 compared to second quarter 2015. Adjusted EBITDA increased 20.6 percent to $20.6 million compared to second quarter 2015, driven by the growth in rooms revenue	
 
4

 	coupled with an increase in food and beverage revenue related to strong group performance and summer holiday programming. Adjusted EBITDA margin increased by 240 basis points compared to second quarter 2015.	
 
 	•	 	Gaylord National: Total revenue for second quarter 2016 increased 4.3 percent to $73.6 million, driven by a 2.8 percentage point increase in occupancy and an increase in food and beverage revenue compared to second quarter 2015. Operating income increased 23.0 percent to $16.0 million in second quarter 2016 compared to second quarter 2015. Adjusted EBITDA increased 2.0 percent to $25.4 million, as compared to second quarter 2015. Adjusted EBITDA margin decreased by 80 basis points due to a decrease in bond interest income as a result of a note receivable discount amortization, higher sales and marketing expenses and an increase in group commissions paid during the second quarter of 2016 as compared to second quarter 2015.	
Reed continued, “We are pleased with the top- and bottom-line growth our hotels produced on association and transient-driven occupancy increases this quarter as compared to the second quarter of 2015. We are especially pleased with these results given that we had the equivalent of approximately 1.2 points of occupancy out of service in the second quarter due to the rooms renovation program at Gaylord Opryland.
We saw strong group performance at Gaylord Texan, which led the brand in occupancy this quarter. This strong group performance was augmented by high-rated leisure business due in part to the debut of the resort’s $5 million pool expansion over Memorial Day weekend. We look forward to breaking ground on the larger Gaylord Texan rooms and meeting space expansion in the third quarter.”
Entertainment Segment
For the three months and six months ended June 30, 2016 and 2015, the Company reported the following:

($ in thousands)	  	Three Months Ended
June 30,	 	 	Six Months Ended
June 30,	 	
 	  	2016	 	 	2015	 	 	% D	 	 	2016	 	 	2015	 	 	% D	 	
 	 	 	 	 	 	 	
Revenue	  	$	33,886	  	 	$	28,201	  	 	 	20.2	% 	 	$	51,192	  	 	$	44,895	  	 	 	14.0	% 	
Operating Income	  	$	11,491	  	 	$	10,158	  	 	 	13.1	% 	 	$	12,454	  	 	$	12,278	  	 	 	1.4	% 	
Adjusted EBITDA	  	$	13,247	  	 	$	11,674	  	 	 	13.5	% 	 	$	16,019	  	 	$	15,417	  	 	 	3.9	% 	
Adjusted EBITDA Margin	  	 	39.1	% 	 	 	41.4	% 	 	 	-2.3pt	  	 	 	31.3	% 	 	 	34.3	% 	 	 	-3.0pt	  	
Reed continued, “Our Entertainment segment produced strong, double-digit year-over-year increases in both revenue and Adjusted EBITDA in the second quarter compared to the prior-year quarter, which further demonstrates the increased demand for our one-of-a-kind assets. Our previously-announced Wildhorse Saloon renovation was completed in May, and early feedback from our group customers and leisure guests has been positive.
 
5

We continued to make investments in people and resources during the second quarter to help us pursue growth opportunities for this segment, which is reflected in our Adjusted EBITDA margin. In addition to these investments, we recruited a chief operating officer during the quarter, who officially joined the Company in July to oversee our flagship Entertainment assets as we pursue our strategic growth initiatives.”
Corporate and Other Segment
For the three months and six months ended June 30, 2016 and 2015, the Company reported the following:

($ in thousands)	  	Three Months Ended
June 30,	 	 	Six Months Ended
June 30,	 	
 	  	2016	 	 	2015	 	 	% D	 	 	2016	 	 	2015	 	 	% D	 	
 	 	 	 	 	 	 	
Operating Loss	  	($	7,564	) 	 	($	6,970	) 	 	 	-8.5	% 	 	($	15,192	) 	 	($	14,779	) 	 	 	-2.8	% 	
Adjusted EBITDA	  	($	5,691	) 	 	($	4,989	) 	 	 	-14.1	% 	 	($	11,388	) 	 	($	10,750	) 	 	 	-5.9	% 	
Dividend Update
The Company paid its second quarter 2016 cash dividend of $0.75 per share of common stock on July 15, 2016 to stockholders of record on June 30, 2016. It is the Company’s current plan to distribute total 2016 annual dividends of approximately $3.00 per share in cash in equal quarterly payments with the remaining payments occurring in October 2016 and January 2017. Any future dividend is subject to the Board of Director’s determinations as to the amount of quarterly distributions and the timing thereof.
Balance Sheet/Liquidity Update
As of June 30, 2016, the Company had total debt outstanding of $1,493.6 million, net of unamortized deferred financing costs, and unrestricted cash of $50.7 million. As of June 30, 2016, $373.9 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 $324.0 million of availability for borrowing under the credit facility.
Guidance
The Company is updating its 2016 guidance provided on February 26, 2016, which was reaffirmed on May 3, 2016, to reflect its expectations for Hospitality RevPAR and Hospitality Total RevPAR for the full year. The following business performance outlook is based on current information as of August 2, 2016. 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.
 
6

Reed continued, “We remain bullish on the long-term strength of our business and our group-centric model; however, recent short-term economic uncertainty has tempered our in the year for the year revenue expectations for our Hospitality segment. In addition, we experienced a meaningful in the year for the year group cancellation in the second quarter that has affected our RevPAR growth expectations for the remainder of the year. We have since received $1.9 million in cancellation fees associated with this group, which has provided a measure of profitability protection. In addition, we have plans in place at each of our hotels to preserve full-year profitability expectations. As such, while we are revising our Hospitality RevPAR and Hospitality Total RevPAR guidance ranges, our outlook for Adjusted EBITDA remains unchanged. Finally, we are modestly adjusting our estimated shares outstanding to account for share repurchases and employee stock option redemptions that have occurred year to date, as these items were not contemplated in our original guidance.”

$ in millions, except per share figures	  	Updated Guidance
Full Year 2016	 	 	Variance to Prior Guidance	 	
 	  	Low	 	 	High	 	 	Low	 	 	High	 	
 	 	 	 	 	
Hospitality RevPAR (1)	  	 	3.0	% 	 	 	4.0	% 	 	 	-0.5	% 	 	 	-2.0	% 	
Hospitality Total RevPAR (1)	  	 	3.0	% 	 	 	4.0	% 	 	 	-0.5	% 	 	 	-2.0	% 	
Hospitality Adjusted EBITDA Margin Change	  	 	+ 50 bps	  	 	 	+ 110 bps	  	 	 	+ 20 bps	  	 	 	+ 60 bps	  	
 	 	 	 	 	
Adjusted EBITDA	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Hospitality (2)	  	$	328.0	  	 	$	338.0	  	 	$	—  	  	 	$	—  	  	
AC Hotel	  	 	3.0	  	 	 	4.0	  	 	 	—  	  	 	 	—  	  	
Entertainment (Opry and Attractions)	  	 	31.0	  	 	 	35.0	  	 	 	—  	  	 	 	—  	  	
Corporate and Other	  	 	(23.0	) 	 	 	(21.0	) 	 	 	—  	  	 	 	—  	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Consolidated Adjusted EBITDA	  	$	339.0	  	 	$	356.0	  	 	$	—  	  	 	$	—  	  	

Funds from Operations (FFO)	  	$	247.8	  	 	$	268.8	  	 	$	—  	  	 	$	—  	  	
Adjusted FFO (3)	  	$	268.6	  	 	$	289.0	  	 	$	—  	  	 	$	—  	  	
 	 	 	 	 	
FFO per Diluted Share	  	$	4.85	  	 	$	5.26	  	 	$	0.02	  	 	$	0.02	  	
Adjusted FFO per Diluted Share	  	$	5.26	  	 	$	5.66	  	 	$	0.02	  	 	$	0.03	  	
 	 	 	 	 	
Estimated Diluted Shares Outstanding	  	 	51.1	  	 	 	51.1	  	 	 	(0.2	) 	 	 	(0.2	) 	
 
(1)	Hospitality segment guidance for RevPAR and Total RevPAR does not include the AC Hotel.	
(2)	Hospitality segment guidance assumes approximately 35,800 room nights out of service in 2016 due to the renovation of rooms at Gaylord Opryland. The out of service rooms do not impact total available room count for calculating hotel metrics (e.g., RevPAR and Total RevPAR).	
(3)	See “Revised Adjusted FFO Definition” below for a description of how we calculate AFFO and certain changes to this calculation beginning in 2016 (which changes are reflected in the guidance range above).	
 
7

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 7,805 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 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.
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, out-of-service rooms, plans to engage in common stock repurchase transactions and the timing and form of such transactions, 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
 
8

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.
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.
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:
To calculate Adjusted EBITDA, we determine EBITDA, which represents net income (loss) determined in accordance with GAAP, plus 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; interest expense; and depreciation and amortization, less interest income. Adjusted EBITDA is
 
9

calculated as EBITDA plus 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); (gains) and losses on warrant settlements; pension settlement charges; pro rata Adjusted EBITDA from joint ventures, 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 EBITDA and Adjusted EBITDA and a reconciliation of segment and property-level operating income to segment 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.
Revised Adjusted FFO Definition
We calculate Adjusted FFO to mean net income (loss) (computed in accordance with GAAP), excluding non-controlling interests, and gains and losses from sales of property; plus depreciation and amortization (excluding amortization of deferred financing costs and debt discounts) and pro rata adjustments from joint ventures (which equals FFO). We then exclude impairment losses; we also exclude written-off deferred financing costs, non-cash ground lease expense, amortization of debt discounts and amortization of deferred financing cost, pension settlement charges 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 our operating performance 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.”
We caution investors that amounts presented in accordance with our definitions of Adjusted EBITDA and Adjusted FFO may not be comparable to similar measures disclosed by other companies, because not all companies calculate these non-GAAP measures in the same manner. Adjusted EBITDA 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
 
10

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 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) 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	  	Josh Hochberg or Dan Zacchei	
Ryman Hospitality Properties, Inc.	  	Sloane & Company	
(615) 316-6344	  	(212) 446-1892 or (212) 446-1882	
tsiefert@rymanhp.com	  	jhochberg@sloanepr.com; dzacchei@sloanepr.com	
 
11

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

 	  	Three Months Ended	 	 	Six Months Ended	 	
 	  	Jun. 30,	 	 	Jun. 30,	 	
 	  	2016	 	 	2015	 	 	2016	 	 	2015	 	
Revenues:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Rooms	  	$	111,331	  	 	$	104,540	  	 	$	208,300	  	 	$	199,261	  	
Food and beverage	  	 	127,217	  	 	 	119,042	  	 	 	249,450	  	 	 	237,373	  	
Other hotel revenue	  	 	23,781	  	 	 	22,253	  	 	 	48,770	  	 	 	45,655	  	
Entertainment	  	 	33,886	  	 	 	28,201	  	 	 	51,192	  	 	 	44,895	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	  	 	296,215	  	 	 	274,036	  	 	 	557,712	  	 	 	527,184	  	

Operating expenses:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Rooms	  	 	28,140	  	 	 	26,802	  	 	 	54,121	  	 	 	52,869	  	
Food and beverage	  	 	67,998	  	 	 	64,789	  	 	 	136,255	  	 	 	129,864	  	
Other hotel expenses	  	 	73,491	  	 	 	70,109	  	 	 	146,179	  	 	 	140,405	  	
Management fees	  	 	5,501	  	 	 	3,791	  	 	 	10,838	  	 	 	7,303	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total hotel operating expenses	  	 	175,130	  	 	 	165,491	  	 	 	347,393	  	 	 	330,441	  	
Entertainment	  	 	20,834	  	 	 	16,659	  	 	 	35,530	  	 	 	29,821	  	
Corporate	  	 	6,897	  	 	 	6,273	  	 	 	13,868	  	 	 	13,367	  	
Preopening costs	  	 	—  	  	 	 	199	  	 	 	—  	  	 	 	791	  	
Impairment and other charges	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	2,890	  	
Depreciation and amortization	  	 	26,409	  	 	 	28,399	  	 	 	55,182	  	 	 	56,969	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total operating expenses	  	 	229,270	  	 	 	217,021	  	 	 	451,973	  	 	 	434,279	  	

Operating income	  	 	66,945	  	 	 	57,015	  	 	 	105,739	  	 	 	92,905	  	
 	 	 	 	 	
Interest expense, net of amounts capitalized	  	 	(16,016	) 	 	 	(17,814	) 	 	 	(32,055	) 	 	 	(31,627	) 	
Interest income	  	 	3,008	  	 	 	3,393	  	 	 	6,151	  	 	 	6,401	  	
Loss from joint ventures	  	 	(1,058	) 	 	 	—  	  	 	 	(1,448	) 	 	 	—  	  	
Other gains and (losses), net	  	 	(133	) 	 	 	(339	) 	 	 	(180	) 	 	 	(20,571	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	  	 	52,746	  	 	 	42,255	  	 	 	78,207	  	 	 	47,108	  	
 	 	 	 	 	
Provision for income taxes	  	 	(1,415	) 	 	 	(866	) 	 	 	(530	) 	 	 	(1,187	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income	  	$	51,331	  	 	$	41,389	  	 	$	77,677	  	 	$	45,921	  	

Basic net income per share	  	$	1.01	  	 	$	0.81	  	 	$	1.52	  	 	$	0.90	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Fully diluted net income per share	  	$	1.00	  	 	$	0.80	  	 	$	1.51	  	 	$	0.89	  	

Weighted average common shares for the period:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Basic	  	 	50,977	  	 	 	51,269	  	 	 	51,011	  	 	 	51,196	  	
Diluted	  	 	51,221	  	 	 	51,601	  	 	 	51,296	  	 	 	51,562	  	

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

 	  	Jun. 30,	 	  	Dec. 31,	 	
 	  	2016	 	  	2015	 	
 	 	 	
ASSETS:	  	 	 	 	  	 	 	 	
Property and equipment, net of accumulated depreciation	  	$	1,984,035	  	  	$	1,982,816	  	
Cash and cash equivalents - unrestricted	  	 	50,732	  	  	 	56,291	  	
Cash and cash equivalents - restricted	  	 	29,966	  	  	 	22,355	  	
Notes receivable	  	 	155,357	  	  	 	152,560	  	
Trade receivables, net	  	 	52,568	  	  	 	55,033	  	
Prepaid expenses and other assets	  	 	83,230	  	  	 	62,379	  	
 	  	 	 	 	  	 	 	 	
Total assets	  	$	2,355,888	  	  	$	2,331,434	  	

LIABILITIES AND STOCKHOLDERS’ EQUITY:	  	 	 	 	  	 	 	 	
Debt and capital lease obligations	  	$	1,493,632	  	  	$	1,431,710	  	
Accounts payable and accrued liabilities	  	 	136,683	  	  	 	153,383	  	
Dividends payable	  	 	38,949	  	  	 	36,868	  	
Deferred management rights proceeds	  	 	181,603	  	  	 	183,119	  	
Deferred income taxes, net	  	 	520	  	  	 	1,163	  	
Other liabilities	  	 	147,536	  	  	 	145,629	  	
Stockholders’ equity	  	 	356,965	  	  	 	379,562	  	
 	  	 	 	 	  	 	 	 	
Total liabilities and stockholders’ equity	  	$	2,355,888	  	  	$	2,331,434	  	

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

 	  	Three Months Ended Jun. 30,	 	 	Six Months Ended Jun. 30,	 	
 	  	2016	 	 	2015	 	 	2016	 	 	2015	 	
 	  	$	 	 	Margin	 	 	$	 	 	Margin	 	 	$	 	 	Margin	 	 	$	 	 	Margin	 	
Consolidated	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Revenue	  	$	296,215	  	 	 	 	 	 	$	274,036	  	 	 	 	 	 	$	557,712	  	 	 	 	 	 	$	527,184	  	 	 	 	 	
Net income	  	$	51,331	  	 	 	 	 	 	$	41,389	  	 	 	 	 	 	$	77,677	  	 	 	 	 	 	$	45,921	  	 	 	 	 	
Provision for income taxes	  	 	1,415	  	 	 	 	 	 	 	866	  	 	 	 	 	 	 	530	  	 	 	 	 	 	 	1,187	  	 	 	 	 	
Other (gains) and losses, net	  	 	133	  	 	 	 	 	 	 	339	  	 	 	 	 	 	 	180	  	 	 	 	 	 	 	20,571	  	 	 	 	 	
Loss from joint ventures	  	 	1,058	  	 	 	 	 	 	 	—  	  	 	 	 	 	 	 	1,448	  	 	 	 	 	 	 	—  	  	 	 	 	 	
Interest expense, net	  	 	13,008	  	 	 	 	 	 	 	14,421	  	 	 	 	 	 	 	25,904	  	 	 	 	 	 	 	25,226	  	 	 	 	 	
Depreciation & amortization	  	 	26,409	  	 	 	 	 	 	 	28,399	  	 	 	 	 	 	 	55,182	  	 	 	 	 	 	 	56,969	  	 	 	 	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
EBITDA	  	 	93,354	  	 	 	31.5	% 	 	 	85,414	  	 	 	31.2	% 	 	 	160,921	  	 	 	28.9	% 	 	 	149,874	  	 	 	28.4	% 	
Preopening costs	  	 	—  	  	 	 	 	 	 	 	199	  	 	 	 	 	 	 	—  	  	 	 	 	 	 	 	791	  	 	 	 	 	
Non-cash lease expense	  	 	1,311	  	 	 	 	 	 	 	1,341	  	 	 	 	 	 	 	2,622	  	 	 	 	 	 	 	2,682	  	 	 	 	 	
Equity-based compensation	  	 	1,513	  	 	 	 	 	 	 	1,467	  	 	 	 	 	 	 	3,062	  	 	 	 	 	 	 	3,057	  	 	 	 	 	
Impairment charges	  	 	—  	  	 	 	 	 	 	 	—  	  	 	 	 	 	 	 	—  	  	 	 	 	 	 	 	2,890	  	 	 	 	 	
Interest income on Gaylord National bonds	  	 	2,992	  	 	 	 	 	 	 	3,381	  	 	 	 	 	 	 	6,094	  	 	 	 	 	 	 	6,380	  	 	 	 	 	
Pro rata adjusted EBITDA from joint ventures	  	 	(3	) 	 	 	 	 	 	 	—  	  	 	 	 	 	 	 	(3	) 	 	 	 	 	 	 	—  	  	 	 	 	 	
Other gains and (losses), net	  	 	(133	) 	 	 	 	 	 	 	(339	) 	 	 	 	 	 	 	(180	) 	 	 	 	 	 	 	(20,571	) 	 	 	 	 	
Loss on warrant settlements	  	 	—  	  	 	 	 	 	 	 	60	  	 	 	 	 	 	 	—  	  	 	 	 	 	 	 	20,246	  	 	 	 	 	
(Gain) loss on disposal of assets	  	 	24	  	 	 	 	 	 	 	228	  	 	 	 	 	 	 	(42	) 	 	 	 	 	 	 	228	  	 	 	 	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted EBITDA	  	$	99,058	  	 	 	33.4	% 	 	$	91,751	  	 	 	33.5	% 	 	$	172,474	  	 	 	30.9	% 	 	$	165,577	  	 	 	31.4	% 	

Hospitality segment	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Revenue	  	$	262,329	  	 	 	 	 	 	$	245,835	  	 	 	 	 	 	$	506,520	  	 	 	 	 	 	$	482,289	  	 	 	 	 	
Operating income	  	$	63,018	  	 	 	 	 	 	$	53,827	  	 	 	 	 	 	$	108,477	  	 	 	 	 	 	$	95,406	  	 	 	 	 	
Depreciation & amortization	  	 	24,181	  	 	 	 	 	 	 	26,349	  	 	 	 	 	 	 	50,650	  	 	 	 	 	 	 	52,792	  	 	 	 	 	
Preopening costs	  	 	—  	  	 	 	 	 	 	 	168	  	 	 	 	 	 	 	—  	  	 	 	 	 	 	 	760	  	 	 	 	 	
Non-cash lease expense	  	 	1,311	  	 	 	 	 	 	 	1,341	  	 	 	 	 	 	 	2,622	  	 	 	 	 	 	 	2,682	  	 	 	 	 	
Impairment charges	  	 	—  	  	 	 	 	 	 	 	—  	  	 	 	 	 	 	 	—  	  	 	 	 	 	 	 	2,890	  	 	 	 	 	
Interest income on Gaylord National bonds	  	 	2,992	  	 	 	 	 	 	 	3,381	  	 	 	 	 	 	 	6,094	  	 	 	 	 	 	 	6,380	  	 	 	 	 	
Other gains and (losses), net	  	 	(24	) 	 	 	 	 	 	 	(222	) 	 	 	 	 	 	 	(24	) 	 	 	 	 	 	 	(222	) 	 	 	 	 	
Loss on disposal of assets	  	 	24	  	 	 	 	 	 	 	222	  	 	 	 	 	 	 	24	  	 	 	 	 	 	 	222	  	 	 	 	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted EBITDA	  	$	91,502	  	 	 	34.9	% 	 	$	85,066	  	 	 	34.6	% 	 	$	167,843	  	 	 	33.1	% 	 	$	160,910	  	 	 	33.4	% 	

Entertainment segment	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Revenue	  	$	33,886	  	 	 	 	 	 	$	28,201	  	 	 	 	 	 	$	51,192	  	 	 	 	 	 	$	44,895	  	 	 	 	 	
Operating income	  	$	11,491	  	 	 	 	 	 	$	10,158	  	 	 	 	 	 	$	12,454	  	 	 	 	 	 	$	12,278	  	 	 	 	 	
Depreciation & amortization	  	 	1,561	  	 	 	 	 	 	 	1,353	  	 	 	 	 	 	 	3,208	  	 	 	 	 	 	 	2,765	  	 	 	 	 	
Preopening costs	  	 	—  	  	 	 	 	 	 	 	31	  	 	 	 	 	 	 	—  	  	 	 	 	 	 	 	31	  	 	 	 	 	
Equity-based compensation	  	 	198	  	 	 	 	 	 	 	132	  	 	 	 	 	 	 	360	  	 	 	 	 	 	 	343	  	 	 	 	 	
Pro rata adjusted EBITDA from joint ventures	  	 	(3	) 	 	 	 	 	 	 	—  	  	 	 	 	 	 	 	(3	) 	 	 	 	 	 	 	—  	  	 	 	 	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted EBITDA	  	$	13,247	  	 	 	39.1	% 	 	$	11,674	  	 	 	41.4	% 	 	$	16,019	  	 	 	31.3	% 	 	$	15,417	  	 	 	34.3	% 	

Corporate and Other segment	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating loss	  	$	(7,564	) 	 	 	 	 	 	$	(6,970	) 	 	 	 	 	 	$	(15,192	) 	 	 	 	 	 	$	(14,779	) 	 	 	 	 	
Depreciation & amortization	  	 	667	  	 	 	 	 	 	 	697	  	 	 	 	 	 	 	1,324	  	 	 	 	 	 	 	1,412	  	 	 	 	 	
Equity-based compensation	  	 	1,315	  	 	 	 	 	 	 	1,335	  	 	 	 	 	 	 	2,702	  	 	 	 	 	 	 	2,714	  	 	 	 	 	
Other gains and (losses), net	  	 	(109	) 	 	 	 	 	 	 	(117	) 	 	 	 	 	 	 	(156	) 	 	 	 	 	 	 	(20,349	) 	 	 	 	 	
Loss on warrant settlements	  	 	—  	  	 	 	 	 	 	 	60	  	 	 	 	 	 	 	—  	  	 	 	 	 	 	 	20,246	  	 	 	 	 	
(Gain) loss on disposal of assets	  	 	—  	  	 	 	 	 	 	 	6	  	 	 	 	 	 	 	(66	) 	 	 	 	 	 	 	6	  	 	 	 	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted EBITDA	  	$	(5,691	) 	 	 	 	 	 	$	(4,989	) 	 	 	 	 	 	$	(11,388	) 	 	 	 	 	 	$	(10,750	) 	 	 	 	 	

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 Jun. 30,	 	 	Six Months Ended Jun. 30,	 	
 	  	2016	 	 	2015	 	 	2016	 	 	2015	 	
Consolidated	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income	  	$	51,331	  	 	$	41,389	  	 	$	77,677	  	 	$	45,921	  	
Depreciation & amortization	  	 	26,409	  	 	 	28,399	  	 	 	55,182	  	 	 	56,969	  	
Pro rata adjustments from joint ventures	  	 	16	  	 	 	—  	  	 	 	21	  	 	 	—  	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
FFO	  	 	77,756	  	 	 	69,788	  	 	 	132,880	  	 	 	102,890	  	
 	 	 	 	 	
Non-cash lease expense	  	 	1,311	  	 	 	1,341	  	 	 	2,622	  	 	 	2,682	  	
Impairment charges	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	2,890	  	
Pro rata adjustments from joint ventures	  	 	417	  	 	 	—  	  	 	 	811	  	 	 	—  	  	
Loss on warrant settlements	  	 	—  	  	 	 	60	  	 	 	—  	  	 	 	20,246	  	
(Gain) loss on other assets	  	 	24	  	 	 	228	  	 	 	(10	) 	 	 	228	  	
Write-off of deferred financing costs	  	 	—  	  	 	 	1,926	  	 	 	—  	  	 	 	1,926	  	
Amortization of deferred financing costs	  	 	1,216	  	 	 	1,459	  	 	 	2,432	  	 	 	2,855	  	
Deferred tax (benefit) expense	  	 	862	  	 	 	485	  	 	 	(599	) 	 	 	244	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted FFO (1)	  	$	81,586	  	 	$	75,287	  	 	$	138,136	  	 	$	133,961	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Capital expenditures (2)	  	 	(15,795	) 	 	 	(12,357	) 	 	 	(29,491	) 	 	 	(24,792	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted FFO less maintenance capital expenditures	  	$	65,791	  	 	$	62,930	  	 	$	108,645	  	 	$	109,169	  	

FFO per basic share	  	$	1.53	  	 	$	1.36	  	 	$	2.60	  	 	$	2.01	  	
Adjusted FFO per basic share	  	$	1.60	  	 	$	1.47	  	 	$	2.71	  	 	$	2.62	  	
 	 	 	 	 	
FFO per diluted share	  	$	1.52	  	 	$	1.35	  	 	$	2.59	  	 	$	2.00	  	
Adjusted FFO per diluted share	  	$	1.59	  	 	$	1.46	  	 	$	2.69	  	 	$	2.60	  	
 
(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
Unaudited
(in thousands, except operating metrics)

 	  	Three Months Ended Jun. 30,	 	 	Six Months Ended Jun. 30,	 	
 	  	2016	 	 	2015	 	 	2016	 	 	2015	 	
 	 	 	 	 	
HOSPITALITY OPERATING METRICS:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	
Hospitality Segment	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	
Occupancy	  	 	78.0	% 	 	 	75.2	% 	 	 	74.1	% 	 	 	73.1	% 	
Average daily rate (ADR)	  	$	188.86	  	 	$	184.32	  	 	$	186.19	  	 	$	183.75	  	
RevPAR	  	$	147.40	  	 	$	138.61	  	 	$	137.98	  	 	$	134.36	  	
OtherPAR	  	$	199.92	  	 	$	187.35	  	 	$	197.53	  	 	$	190.85	  	
Total RevPAR	  	$	347.32	  	 	$	325.96	  	 	$	335.51	  	 	$	325.21	  	
 	 	 	 	 	
Revenue	  	$	262,329	  	 	$	245,835	  	 	$	506,520	  	 	$	482,289	  	
Adjusted EBITDA	  	$	91,502	  	 	$	85,066	  	 	$	167,843	  	 	$	160,910	  	
Adjusted EBITDA Margin	  	 	34.9	% 	 	 	34.6	% 	 	 	33.1	% 	 	 	33.4	% 	
 	 	 	 	 	
Same-Store Hospitality Segment (1)	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	
Occupancy	  	 	78.0	% 	 	 	75.6	% 	 	 	74.3	% 	 	 	73.3	% 	
Average daily rate (ADR)	  	$	188.86	  	 	$	183.83	  	 	$	186.20	  	 	$	183.49	  	
RevPAR	  	$	147.32	  	 	$	139.07	  	 	$	138.42	  	 	$	134.54	  	
OtherPAR	  	$	204.13	  	 	$	191.39	  	 	$	201.76	  	 	$	192.92	  	
Total RevPAR	  	$	351.45	  	 	$	330.46	  	 	$	340.18	  	 	$	327.46	  	
 	 	 	 	 	
Revenue	  	$	259,307	  	 	$	243,522	  	 	$	501,686	  	 	$	479,976	  	
Adjusted EBITDA	  	$	90,262	  	 	$	84,035	  	 	$	166,216	  	 	$	159,878	  	
Adjusted EBITDA Margin	  	 	34.8	% 	 	 	34.5	% 	 	 	33.1	% 	 	 	33.3	% 	
 	 	 	 	 	
Gaylord Opryland	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	
Occupancy	  	 	77.2	% 	 	 	79.5	% 	 	 	74.3	% 	 	 	72.3	% 	
Average daily rate (ADR)	  	$	180.88	  	 	$	170.83	  	 	$	173.67	  	 	$	167.59	  	
RevPAR	  	$	139.58	  	 	$	135.76	  	 	$	129.08	  	 	$	121.21	  	
OtherPAR	  	$	163.87	  	 	$	163.11	  	 	$	166.85	  	 	$	158.54	  	
Total RevPAR	  	$	303.45	  	 	$	298.87	  	 	$	295.93	  	 	$	279.75	  	
 	 	 	 	 	
Revenue	  	$	79,582	  	 	$	78,382	  	 	$	155,222	  	 	$	145,929	  	
Adjusted EBITDA	  	$	28,707	  	 	$	29,702	  	 	$	52,797	  	 	$	51,468	  	
Adjusted EBITDA Margin	  	 	36.1	% 	 	 	37.9	% 	 	 	34.0	% 	 	 	35.3	% 	
 	 	 	 	 	
Gaylord Palms	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	
Occupancy	  	 	78.3	% 	 	 	71.8	% 	 	 	80.1	% 	 	 	77.3	% 	
Average daily rate (ADR)	  	$	167.77	  	 	$	164.72	  	 	$	181.31	  	 	$	180.63	  	
RevPAR	  	$	131.37	  	 	$	118.22	  	 	$	145.16	  	 	$	139.59	  	
OtherPAR	  	$	223.15	  	 	$	201.73	  	 	$	249.86	  	 	$	231.02	  	
Total RevPAR	  	$	354.52	  	 	$	319.95	  	 	$	395.02	  	 	$	370.61	  	
 	 	 	 	 	
Revenue	  	$	45,683	  	 	$	40,936	  	 	$	101,442	  	 	$	94,316	  	
Adjusted EBITDA	  	$	14,135	  	 	$	11,131	  	 	$	35,033	  	 	$	31,206	  	
Adjusted EBITDA Margin	  	 	30.9	% 	 	 	27.2	% 	 	 	34.5	% 	 	 	33.1	% 	
 	 	 	 	 	
Gaylord Texan	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	
Occupancy	  	 	79.8	% 	 	 	73.7	% 	 	 	76.4	% 	 	 	74.9	% 	
Average daily rate (ADR)	  	$	198.00	  	 	$	187.03	  	 	$	192.02	  	 	$	191.53	  	
RevPAR	  	$	158.09	  	 	$	137.75	  	 	$	146.74	  	 	$	143.39	  	
OtherPAR	  	$	251.72	  	 	$	225.51	  	 	$	253.33	  	 	$	241.50	  	
Total RevPAR	  	$	409.81	  	 	$	363.26	  	 	$	400.07	  	 	$	384.89	  	
 	 	 	 	 	
Revenue	  	$	56,350	  	 	$	49,950	  	 	$	110,021	  	 	$	105,265	  	
Adjusted EBITDA	  	$	20,633	  	 	$	17,105	  	 	$	39,986	  	 	$	37,985	  	
Adjusted EBITDA Margin	  	 	36.6	% 	 	 	34.2	% 	 	 	36.3	% 	 	 	36.1	% 	
 	 	 	 	 	
Gaylord National	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	
Occupancy	  	 	76.6	% 	 	 	73.8	% 	 	 	68.5	% 	 	 	71.1	% 	
Average daily rate (ADR)	  	$	217.96	  	 	$	223.74	  	 	$	214.48	  	 	$	211.85	  	
RevPAR	  	$	167.01	  	 	$	165.13	  	 	$	147.00	  	 	$	150.69	  	
OtherPAR	  	$	237.92	  	 	$	223.07	  	 	$	204.54	  	 	$	203.81	  	
Total RevPAR	  	$	404.93	  	 	$	388.20	  	 	$	351.54	  	 	$	354.50	  	
 	 	 	 	 	
Revenue	  	$	73,550	  	 	$	70,510	  	 	$	127,705	  	 	$	128,072	  	
Adjusted EBITDA	  	$	25,363	  	 	$	24,868	  	 	$	36,274	  	 	$	37,475	  	
Adjusted EBITDA Margin	  	 	34.5	% 	 	 	35.3	% 	 	 	28.4	% 	 	 	29.3	% 	
 	 	 	 	 	
The AC Hotel at National Harbor (2)	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	
Occupancy	  	 	79.8	% 	 	 	56.2	% 	 	 	64.3	% 	 	 	56.2	% 	
Average daily rate (ADR)	  	$	188.82	  	 	$	211.94	  	 	$	185.57	  	 	$	211.94	  	
RevPAR	  	$	150.63	  	 	$	119.17	  	 	$	119.38	  	 	$	119.17	  	
OtherPAR	  	$	22.39	  	 	$	14.67	  	 	$	18.98	  	 	$	14.67	  	
Total RevPAR	  	$	173.02	  	 	$	133.84	  	 	$	138.36	  	 	$	133.84	  	
 	 	 	 	 	
Revenue	  	$	3,022	  	 	$	2,313	  	 	$	4,834	  	 	$	2,313	  	
Adjusted EBITDA	  	$	1,240	  	 	$	1,031	  	 	$	1,627	  	 	$	1,032	  	
Adjusted EBITDA Margin	  	 	41.0	% 	 	 	44.6	% 	 	 	33.7	% 	 	 	44.6	% 	
 	 	 	 	 	
The Inn at Opryland (3)	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	
Occupancy	  	 	84.5	% 	 	 	79.4	% 	 	 	75.6	% 	 	 	71.2	% 	
Average daily rate (ADR)	  	$	132.64	  	 	$	128.65	  	 	$	129.27	  	 	$	122.73	  	
RevPAR	  	$	112.14	  	 	$	102.13	  	 	$	97.67	  	 	$	87.34	  	
OtherPAR	  	$	38.06	  	 	$	33.69	  	 	$	34.64	  	 	$	29.24	  	
Total RevPAR	  	$	150.20	  	 	$	135.82	  	 	$	132.31	  	 	$	116.58	  	
 	 	 	 	 	
Revenue	  	$	4,142	  	 	$	3,744	  	 	$	7,296	  	 	$	6,394	  	
Adjusted EBITDA	  	$	1,424	  	 	$	1,229	  	 	$	2,126	  	 	$	1,744	  	
Adjusted EBITDA Margin	  	 	34.4	% 	 	 	32.8	% 	 	 	29.1	% 	 	 	27.3	% 	
 
(1)	Same-store excludes the AC Hotel at National Harbor.	
(2)	The AC Hotel at National Harbor opened in April 2015.	
(3)	Includes other hospitality revenue and expense.	

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

 	  	Three Months Ended Jun. 30,	 	 	Six Months Ended Jun. 30,	 	
 	  	2016	 	 	2015	 	 	2016	 	 	2015	 	
 	  	$	 	 	Margin	 	 	$	 	 	Margin	 	 	$	 	 	Margin	 	 	$	 	 	Margin	 	
Hospitality segment	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Revenue	  	$	262,329	  	 	 	 	 	 	$	245,835	  	 	 	 	 	 	$	506,520	  	 	 	 	 	 	$	482,289	  	 	 	 	 	
Operating income	  	$	63,018	  	 	 	 	 	 	$	53,827	  	 	 	 	 	 	$	108,477	  	 	 	 	 	 	$	95,406	  	 	 	 	 	
Depreciation & amortization	  	 	24,181	  	 	 	 	 	 	 	26,349	  	 	 	 	 	 	 	50,650	  	 	 	 	 	 	 	52,792	  	 	 	 	 	
Preopening costs	  	 	—  	  	 	 	 	 	 	 	168	  	 	 	 	 	 	 	—  	  	 	 	 	 	 	 	760	  	 	 	 	 	
Non-cash lease expense	  	 	1,311	  	 	 	 	 	 	 	1,341	  	 	 	 	 	 	 	2,622	  	 	 	 	 	 	 	2,682	  	 	 	 	 	
Impairment charges	  	 	—  	  	 	 	 	 	 	 	—  	  	 	 	 	 	 	 	—  	  	 	 	 	 	 	 	2,890	  	 	 	 	 	
Interest income on Gaylord National bonds	  	 	2,992	  	 	 	 	 	 	 	3,381	  	 	 	 	 	 	 	6,094	  	 	 	 	 	 	 	6,380	  	 	 	 	 	
Other gains and (losses), net	  	 	(24	) 	 	 	 	 	 	 	(222	) 	 	 	 	 	 	 	(24	) 	 	 	 	 	 	 	(222	) 	 	 	 	 	
Loss on disposal of assets	  	 	24	  	 	 	 	 	 	 	222	  	 	 	 	 	 	 	24	  	 	 	 	 	 	 	222	  	 	 	 	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted EBITDA	  	$	91,502	  	 	 	34.9	% 	 	$	85,066	  	 	 	34.6	% 	 	$	167,843	  	 	 	33.1	% 	 	$	160,910	  	 	 	33.4	% 	

Same-Store Hospitality segment (1)	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Revenue	  	$	259,307	  	 	 	 	 	 	$	243,522	  	 	 	 	 	 	$	501,686	  	 	 	 	 	 	$	479,976	  	 	 	 	 	
Operating income	  	$	62,094	  	 	 	 	 	 	$	53,264	  	 	 	 	 	 	$	107,482	  	 	 	 	 	 	$	95,589	  	 	 	 	 	
Depreciation & amortization	  	 	23,865	  	 	 	 	 	 	 	26,049	  	 	 	 	 	 	 	50,018	  	 	 	 	 	 	 	52,337	  	 	 	 	 	
Non-cash lease expense	  	 	1,311	  	 	 	 	 	 	 	1,341	  	 	 	 	 	 	 	2,622	  	 	 	 	 	 	 	2,682	  	 	 	 	 	
Impairment charges	  	 	—  	  	 	 	 	 	 	 	—  	  	 	 	 	 	 	 	—  	  	 	 	 	 	 	 	2,890	  	 	 	 	 	
Interest income on Gaylord National bonds	  	 	2,992	  	 	 	 	 	 	 	3,381	  	 	 	 	 	 	 	6,094	  	 	 	 	 	 	 	6,380	  	 	 	 	 	
Other gains and (losses), net	  	 	(24	) 	 	 	 	 	 	 	(222	) 	 	 	 	 	 	 	(24	) 	 	 	 	 	 	 	(222	) 	 	 	 	 	
Loss on disposal of assets	  	 	24	  	 	 	 	 	 	 	222	  	 	 	 	 	 	 	24	  	 	 	 	 	 	 	222	  	 	 	 	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted EBITDA	  	$	90,262	  	 	 	34.8	% 	 	$	84,035	  	 	 	34.5	% 	 	$	166,216	  	 	 	33.1	% 	 	$	159,878	  	 	 	33.3	% 	

Gaylord Opryland	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Revenue	  	$	79,582	  	 	 	 	 	 	$	78,382	  	 	 	 	 	 	$	155,222	  	 	 	 	 	 	$	145,929	  	 	 	 	 	
Operating income	  	$	21,359	  	 	 	 	 	 	$	22,152	  	 	 	 	 	 	$	37,908	  	 	 	 	 	 	$	35,500	  	 	 	 	 	
Depreciation & amortization	  	 	7,348	  	 	 	 	 	 	 	7,550	  	 	 	 	 	 	 	14,889	  	 	 	 	 	 	 	15,278	  	 	 	 	 	
Impairment charges	  	 	—  	  	 	 	 	 	 	 	—  	  	 	 	 	 	 	 	—  	  	 	 	 	 	 	 	690	  	 	 	 	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted EBITDA	  	$	28,707	  	 	 	36.1	% 	 	$	29,702	  	 	 	37.9	% 	 	$	52,797	  	 	 	34.0	% 	 	$	51,468	  	 	 	35.3	% 	

Gaylord Palms	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Revenue	  	$	45,683	  	 	 	 	 	 	$	40,936	  	 	 	 	 	 	$	101,442	  	 	 	 	 	 	$	94,316	  	 	 	 	 	
Operating income	  	$	8,062	  	 	 	 	 	 	$	5,150	  	 	 	 	 	 	$	22,941	  	 	 	 	 	 	$	18,369	  	 	 	 	 	
Depreciation & amortization	  	 	4,762	  	 	 	 	 	 	 	4,640	  	 	 	 	 	 	 	9,470	  	 	 	 	 	 	 	9,358	  	 	 	 	 	
Non-cash lease expense	  	 	1,311	  	 	 	 	 	 	 	1,341	  	 	 	 	 	 	 	2,622	  	 	 	 	 	 	 	2,682	  	 	 	 	 	
Impairment charges	  	 	—  	  	 	 	 	 	 	 	—  	  	 	 	 	 	 	 	—  	  	 	 	 	 	 	 	797	  	 	 	 	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted EBITDA	  	$	14,135	  	 	 	30.9	% 	 	$	11,131	  	 	 	27.2	% 	 	$	35,033	  	 	 	34.5	% 	 	$	31,206	  	 	 	33.1	% 	

Gaylord Texan	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Revenue	  	$	56,350	  	 	 	 	 	 	$	49,950	  	 	 	 	 	 	$	110,021	  	 	 	 	 	 	$	105,265	  	 	 	 	 	
Operating income	  	$	15,607	  	 	 	 	 	 	$	12,063	  	 	 	 	 	 	$	29,956	  	 	 	 	 	 	$	27,117	  	 	 	 	 	
Depreciation & amortization	  	 	5,026	  	 	 	 	 	 	 	5,042	  	 	 	 	 	 	 	10,030	  	 	 	 	 	 	 	10,083	  	 	 	 	 	
Impairment charges	  	 	—  	  	 	 	 	 	 	 	—  	  	 	 	 	 	 	 	—  	  	 	 	 	 	 	 	785	  	 	 	 	 	
Other gains and (losses), net	  	 	—  	  	 	 	 	 	 	 	(222	) 	 	 	 	 	 	 	—  	  	 	 	 	 	 	 	(222	) 	 	 	 	 	
Loss on disposal of assets	  	 	—  	  	 	 	 	 	 	 	222	  	 	 	 	 	 	 	—  	  	 	 	 	 	 	 	222	  	 	 	 	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted EBITDA	  	$	20,633	  	 	 	36.6	% 	 	$	17,105	  	 	 	34.2	% 	 	$	39,986	  	 	 	36.3	% 	 	$	37,985	  	 	 	36.1	% 	

Gaylord National	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Revenue	  	$	73,550	  	 	 	 	 	 	$	70,510	  	 	 	 	 	 	$	127,705	  	 	 	 	 	 	$	128,072	  	 	 	 	 	
Operating income	  	$	15,976	  	 	 	 	 	 	$	12,993	  	 	 	 	 	 	$	15,219	  	 	 	 	 	 	$	13,513	  	 	 	 	 	
Depreciation & amortization	  	 	6,395	  	 	 	 	 	 	 	8,494	  	 	 	 	 	 	 	14,961	  	 	 	 	 	 	 	16,964	  	 	 	 	 	
Impairment charges	  	 	—  	  	 	 	 	 	 	 	—  	  	 	 	 	 	 	 	—  	  	 	 	 	 	 	 	618	  	 	 	 	 	
Interest income on Gaylord National bonds	  	 	2,992	  	 	 	 	 	 	 	3,381	  	 	 	 	 	 	 	6,094	  	 	 	 	 	 	 	6,380	  	 	 	 	 	
Other gains and (losses), net	  	 	(24	) 	 	 	 	 	 	 	—  	  	 	 	 	 	 	 	(24	) 	 	 	 	 	 	 	—  	  	 	 	 	 	
Loss on disposal of assets	  	 	24	  	 	 	 	 	 	 	—  	  	 	 	 	 	 	 	24	  	 	 	 	 	 	 	—  	  	 	 	 	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted EBITDA	  	$	25,363	  	 	 	34.5	% 	 	$	24,868	  	 	 	35.3	% 	 	$	36,274	  	 	 	28.4	% 	 	$	37,475	  	 	 	29.3	% 	

The AC Hotel at National Harbor (2)	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Revenue	  	$	3,022	  	 	 	 	 	 	$	2,313	  	 	 	 	 	 	$	4,834	  	 	 	 	 	 	$	2,313	  	 	 	 	 	
Operating income (loss)	  	$	924	  	 	 	 	 	 	$	563	  	 	 	 	 	 	$	995	  	 	 	 	 	 	$	(183	) 	 	 	 	 	
Depreciation & amortization	  	 	316	  	 	 	 	 	 	 	300	  	 	 	 	 	 	 	632	  	 	 	 	 	 	 	455	  	 	 	 	 	
Preopening costs	  	 	—  	  	 	 	 	 	 	 	168	  	 	 	 	 	 	 	—  	  	 	 	 	 	 	 	760	  	 	 	 	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted EBITDA	  	$	1,240	  	 	 	41.0	% 	 	$	1,031	  	 	 	44.6	% 	 	$	1,627	  	 	 	33.7	% 	 	$	1,032	  	 	 	44.6	% 	

The Inn at Opryland(3)	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Revenue	  	$	4,142	  	 	 	 	 	 	$	3,744	  	 	 	 	 	 	$	7,296	  	 	 	 	 	 	$	6,394	  	 	 	 	 	
Operating income	  	$	1,090	  	 	 	 	 	 	$	906	  	 	 	 	 	 	$	1,458	  	 	 	 	 	 	$	1,090	  	 	 	 	 	
Depreciation & amortization	  	 	334	  	 	 	 	 	 	 	323	  	 	 	 	 	 	 	668	  	 	 	 	 	 	 	654	  	 	 	 	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted EBITDA	  	$	1,424	  	 	 	34.4	% 	 	$	1,229	  	 	 	32.8	% 	 	$	2,126	  	 	 	29.1	% 	 	$	1,744	  	 	 	27.3	% 	

(1)	Same-store excludes the AC Hotel at National Harbor.	
(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 2016	 	
 	  	Low	 	 	High	 	
Ryman Hospitality Properties, Inc.	  	 	 	 	 	 	 	 	
Net Income	  	$	136,200	  	 	$	157,200	  	
Provision (benefit) for income taxes	  	 	10,000	  	 	 	8,000	  	
Other (gains) and losses, net	  	 	—  	  	 	 	—  	  	
Interest expense	  	 	68,000	  	 	 	66,000	  	
Interest income	  	 	(11,300	) 	 	 	(11,300	) 	
 	  	 	 	 	 	 	 	 	
Operating Income	  	 	202,900	  	 	 	219,900	  	
Depreciation and amortization	  	 	111,600	  	 	 	111,600	  	
 	  	 	 	 	 	 	 	 	
EBITDA	  	 	314,500	  	 	 	331,500	  	
Non-cash lease expense	  	 	5,200	  	 	 	5,200	  	
Preopening expense	  	 	—  	  	 	 	—  	  	
Equity based compensation	  	 	6,000	  	 	 	6,000	  	
Pension settlement charge, Other	  	 	2,000	  	 	 	2,000	  	
Other gains and (losses), net	  	 	—  	  	 	 	—  	  	
Interest income	  	 	11,300	  	 	 	11,300	  	
 	  	 	 	 	 	 	 	 	
Adjusted EBITDA	  	$	339,000	  	 	$	356,000	  	

Hospitality Segment 1	  	 	 	 	 	 	 	 	
Operating Income	  	$	212,100	  	 	$	223,100	  	
Depreciation and amortization	  	 	102,400	  	 	 	102,400	  	
 	  	 	 	 	 	 	 	 	
EBITDA	  	 	314,500	  	 	 	325,500	  	
Non-cash lease expense	  	 	5,200	  	 	 	5,200	  	
Preopening expense	  	 	—  	  	 	 	—  	  	
Equity based compensation	  	 	—  	  	 	 	—  	  	
Other gains and (losses), net	  	 	—  	  	 	 	—  	  	
Interest income	  	 	11,300	  	 	 	11,300	  	
 	  	 	 	 	 	 	 	 	
Adjusted EBITDA	  	$	331,000	  	 	$	342,000	  	

Entertainment Segment	  	 	 	 	 	 	 	 	
Operating Income	  	$	24,600	  	 	$	28,600	  	
Depreciation and amortization	  	 	5,700	  	 	 	5,700	  	
 	  	 	 	 	 	 	 	 	
EBITDA	  	 	30,300	  	 	 	34,300	  	
Equity based compensation	  	 	700	  	 	 	700	  	
 	  	 	 	 	 	 	 	 	
Adjusted EBITDA	  	$	31,000	  	 	$	35,000	  	

Corporate and Other Segment	  	 	 	 	 	 	 	 	
Operating Income	  	$	(33,800	) 	 	$	(31,800	) 	
Depreciation and amortization	  	 	3,500	  	 	 	3,500	  	
 	  	 	 	 	 	 	 	 	
EBITDA	  	 	(30,300	) 	 	 	(28,300	) 	
Equity based compensation	  	 	5,300	  	 	 	5,300	  	
Pension settlement charge, Other	  	 	2,000	  	 	 	2,000	  	
Other gains and (losses), net	  	 	—  	  	 	 	—  	  	
 	  	 	 	 	 	 	 	 	
Adjusted EBITDA	  	$	(23,000	) 	 	$	(21,000	) 	

Ryman Hospitality Properties, Inc.	  	 	 	 	 	 	 	 	
Net income	  	$	136,200	  	 	$	157,200	  	
Depreciation & amortization	  	 	111,600	  	 	 	111,600	  	
 	  	 	 	 	 	 	 	 	
Funds from Operations (FFO)	  	 	247,800	  	 	 	268,800	  	
Non-cash lease expense	  	 	5,200	  	 	 	5,200	  	
Amortization of DFC	  	 	5,400	  	 	 	5,200	  	
Deferred tax expense	  	 	7,600	  	 	 	7,600	  	
Pension settlement charge	  	 	2,600	  	 	 	2,200	  	
 	  	 	 	 	 	 	 	 	
Adjusted FFO	  	$	268,600	  	 	$	289,000	  	

1	Hospitality includes AC Hotel