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): November 1, 2016 (November 1, 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 November 1, 2016, Ryman Hospitality Properties, Inc. issued a press release announcing its financial results for the quarter ended September 30, 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 November 1, 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: November 1, 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 November 1, 2016.

Ryman Hospitality Properties, Inc. Reports Third Quarter 2016 Results
–Net Income Increased 25.9 Percent to $33.6 Million –
–Total Adjusted EBITDA Increased 16.6 Percent to $83.0 Million –
–Recently Announced “Opry City Stage” Concept to Open in Times Square in April 2017–
–Same-Store RevPAR Increased 8.9 Percent, Same-Store Total RevPAR Increased 7.1 Percent –
–Third Quarter Gross Room Nights Booked for All Future Periods Increased 25.4 Percent, a Record for Third Quarter Bookings –
NASHVILLE, Tenn. (Nov. 1, 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 third quarter ended September 30, 2016.
Colin Reed, Chairman and Chief Executive Officer of Ryman Hospitality Properties, said, “We are pleased with the year-over-year results that the Hospitality and Entertainment segments of our business produced in the third quarter, and most notably our 8.9 percent increase in Same-Store RevPAR compared to third quarter 2015.
Despite recent trends that the hospitality industry as a whole has experienced, such as softening corporate transient demand and pressure from increasing hotel supply, our Hospitality segment delivered solid third quarter results. Third quarter gross room night production increased by 25.4 percent, a record for the brand, providing additional evidence to support the thesis that our assets are positioned to benefit from the long-term growth trends that exist in the large 1,000-plus room group meeting segment in the coming years.
Lastly, we are very excited about our recently announced joint venture that will bring country music’s most famous brand to the heart of Times Square in April 2017. Opry City Stage’s four-stories of country music entertainment and restaurant dining represents a key piece of our strategy for the growth of the Opry brand as we seek to expand our Entertainment business and promote interest in our Nashville-based assets. We believe this concept has significant long-term growth potential through expansion opportunities in other major metropolitan destinations across the globe, and we look forward to further developing it over the next few years.”

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

 	  	Three Months Ended
Sep 30,	 	 	Nine Months Ended
Sep 30,	 	
 	  	2016	 	 	2015	 	 	% D	 	 	2016	 	 	2015	 	 	% D	 	
Total Revenue	  	$	271,720	  	 	$	252,820	  	 	 	7.5	% 	 	$	829,432	  	 	$	780,004	  	 	 	6.3	% 	
 	 	 	 	 	 	 	
Operating Income	  	$	46,567	  	 	$	32,768	  	 	 	42.1	% 	 	$	152,306	  	 	$	125,673	  	 	 	21.2	% 	
Operating Income Margin	  	 	17.1	% 	 	 	13.0	% 	 	 	4.1pt	  	 	 	18.4	% 	 	 	16.1	% 	 	 	2.3pt	  	
 	 	 	 	 	 	 	
Net Income (1)	  	$	33,593	  	 	$	26,691	  	 	 	25.9	% 	 	$	111,270	  	 	$	72,612	  	 	 	53.2	% 	
Net Income Margin (1)	  	 	12.4	% 	 	 	10.6	% 	 	 	1.8pt	  	 	 	13.4	% 	 	 	9.3	% 	 	 	4.1pt	  	
Net Income per diluted share (1)	  	$	0.66	  	 	$	0.52	  	 	 	26.9	% 	 	$	2.17	  	 	$	1.41	  	 	 	53.9	% 	
 	 	 	 	 	 	 	
Adjusted EBITDA	  	$	83,046	  	 	$	71,193	  	 	 	16.6	% 	 	$	255,520	  	 	$	236,770	  	 	 	7.9	% 	
Adjusted EBITDA Margin	  	 	30.6	% 	 	 	28.2	% 	 	 	2.4pt	  	 	 	30.8	% 	 	 	30.4	% 	 	 	0.4pt	  	
 	 	 	 	 	 	 	
Same-Store Hospitality Revenue (2)	  	$	238,421	  	 	$	222,335	  	 	 	7.2	% 	 	$	740,107	  	 	$	702,311	  	 	 	5.4	% 	
 	 	 	 	 	 	 	
Same-Store Hospitality RevPAR (2)	  	$	132.50	  	 	$	121.72	  	 	 	8.9	% 	 	$	136.43	  	 	$	130.22	  	 	 	4.8	% 	
Same-Store Hospitality Total RevPAR (2)	  	$	319.48	  	 	$	298.43	  	 	 	7.1	% 	 	$	333.23	  	 	$	317.68	  	 	 	4.9	% 	
 	 	 	 	 	 	 	
Same-Store Hospitality Operating Income (2)	  	$	45,252	  	 	$	33,406	  	 	 	35.5	% 	 	$	152,734	  	 	$	128,995	  	 	 	18.4	% 	
Same-Store Hospitality Operating Income Margin  (2)	  	 	19.0	% 	 	 	15.0	% 	 	 	4.0pt	  	 	 	20.6	% 	 	 	18.4	% 	 	 	2.2pt	  	
 	 	 	 	 	 	 	
Same-Store Hospitality Adjusted EBITDA (2)	  	$	76,126	  	 	$	66,235	  	 	 	14.9	% 	 	$	242,342	  	 	$	226,113	  	 	 	7.2	% 	
Same-Store Hospitality Adjusted EBITDA Margin  (2)	  	 	31.9	% 	 	 	29.8	% 	 	 	2.1pt	  	 	 	32.7	% 	 	 	32.2	% 	 	 	0.5pt	  	
 	 	 	 	 	 	 	
Funds From Operations (FFO)	  	$	60,315	  	 	$	55,189	  	 	 	9.3	% 	 	$	193,195	  	 	$	158,079	  	 	 	22.2	% 	
FFO per diluted share	  	$	1.18	  	 	$	1.07	  	 	 	10.3	% 	 	$	3.77	  	 	$	3.06	  	 	 	23.2	% 	
 	 	 	 	 	 	 	
Adjusted FFO (3)	  	$	65,618	  	 	$	53,814	  	 	 	21.9	% 	 	$	203,754	  	 	$	187,775	  	 	 	8.5	% 	
Adjusted FFO per diluted share	  	$	1.28	  	 	$	1.04	  	 	 	23.1	% 	 	$	3.97	  	 	$	3.64	  	 	 	9.1	% 	
 
(1) 	Net income for nine months ended September 30, 2016 includes a loss of $2.1 million on joint ventures. Net income for nine months ended September 30, 2015 includes an impairment charge of $2.9 million and a loss of $20.2 million on warrant settlements associated with our previous convertible notes.	
(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 RevPAR, 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 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 also reflects the Adjusted FFO definition used for 2016.
 
2

Operating Results
Hospitality Segment
($ in thousands, except ADR, RevPAR and Total RevPAR)
For the three months and nine months ended September 30, 2016 and 2015, the Company reported the following:

 	  	Three Months Ended
Sep 30,	 	 	Nine Months Ended
Sep 30,	 	
 	  	2016	 	 	2015	 	 	% D	 	 	2016	 	 	2015	 	 	% D	 	
Hospitality Results	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Hospitality Revenue	  	$	241,019	  	 	$	224,842	  	 	 	7.2	% 	 	$	747,539	  	 	$	707,131	  	 	 	5.7	% 	
 	 	 	 	 	 	 	
Hospitality Operating Income	  	$	45,718	  	 	$	33,903	  	 	 	34.8	% 	 	$	154,195	  	 	$	129,309	  	 	 	19.2	% 	
Hospitality Operating Income Margin	  	 	19.0	% 	 	 	15.1	% 	 	 	3.9pt	  	 	 	20.6	% 	 	 	18.3	% 	 	 	2.3pt	  	
 	 	 	 	 	 	 	
Hospitality Adjusted EBITDA	  	$	76,908	  	 	$	67,140	  	 	 	14.5	% 	 	$	244,751	  	 	$	228,050	  	 	 	7.3	% 	
Hospitality Adjusted EBITDA Margin	  	 	31.9	% 	 	 	29.9	% 	 	 	2.0pt	  	 	 	32.7	% 	 	 	32.3	% 	 	 	0.4pt	  	
 	 	 	 	 	 	 	
Hospitality Performance Metrics	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Occupancy	  	 	75.5	% 	 	 	71.9	% 	 	 	3.6pt	  	 	 	74.6	% 	 	 	72.7	% 	 	 	1.9pt	  	
Average Daily Rate (ADR)	  	$	175.22	  	 	$	169.24	  	 	 	3.5	% 	 	$	182.46	  	 	$	178.88	  	 	 	2.0	% 	
RevPAR	  	$	132.32	  	 	$	121.71	  	 	 	8.7	% 	 	$	136.08	  	 	$	130.07	  	 	 	4.6	% 	
Total RevPAR	  	$	315.50	  	 	$	294.81	  	 	 	7.0	% 	 	$	328.79	  	 	$	314.88	  	 	 	4.4	% 	
 	 	 	 	 	 	 	
Gross Definite Rooms Nights Booked	  	 	606,960	  	 	 	484,143	  	 	 	25.4	% 	 	 	1,597,619	  	 	 	1,359,678	  	 	 	17.5	% 	
Net Definite Rooms Nights Booked	  	 	502,564	  	 	 	396,810	  	 	 	26.7	% 	 	 	1,251,086	  	 	 	1,062,298	  	 	 	17.8	% 	
Group Attrition (as % of contracted block)	  	 	13.4	% 	 	 	13.7	% 	 	 	-0.3pt	  	 	 	12.4	% 	 	 	12.8	% 	 	 	-0.4pt	  	
Cancellations ITYFTY (1)	  	 	6,871	  	 	 	9,186	  	 	 	(25.2	%) 	 	 	35,383	  	 	 	27,262	  	 	 	29.8	% 	
 	 	 	 	 	 	 	
Same-Store Hospitality Results (2)	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Same-Store Hospitality Revenue	  	$	238,421	  	 	$	222,335	  	 	 	7.2	% 	 	$	740,107	  	 	$	702,311	  	 	 	5.4	% 	
 	 	 	 	 	 	 	
Same-Store Hospitality Operating Income	  	$	45,252	  	 	$	33,406	  	 	 	35.5	% 	 	$	152,734	  	 	$	128,995	  	 	 	18.4	% 	
Same-Store Hospitality Operating Income Margin	  	 	19.0	% 	 	 	15.0	% 	 	 	4.0pt	  	 	 	20.6	% 	 	 	18.4	% 	 	 	2.2pt	  	
 	 	 	 	 	 	 	
Same-Store Hospitality Adjusted EBITDA	  	$	76,126	  	 	$	66,235	  	 	 	14.9	% 	 	$	242,342	  	 	$	226,113	  	 	 	7.2	% 	
Same-Store Hospitality Adjusted EBITDA Margin	  	 	31.9	% 	 	 	29.8	% 	 	 	2.1pt	  	 	 	32.7	% 	 	 	32.2	% 	 	 	0.5pt	  	
 	 	 	 	 	 	 	
Same-Store Hospitality Performance Metrics	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Occupancy	  	 	75.6	% 	 	 	72.1	% 	 	 	3.5pt	  	 	 	74.8	% 	 	 	72.9	% 	 	 	1.9pt	  	
Average Daily Rate (ADR)	  	$	175.24	  	 	$	168.83	  	 	 	3.8	% 	 	$	182.47	  	 	$	178.61	  	 	 	2.2	% 	
RevPAR	  	$	132.50	  	 	$	121.72	  	 	 	8.9	% 	 	$	136.43	  	 	$	130.22	  	 	 	4.8	% 	
Total RevPAR	  	$	319.48	  	 	$	298.43	  	 	 	7.1	% 	 	$	333.23	  	 	$	317.68	  	 	 	4.9	% 	
 
(1) 	“ITYFTY” represents In The Year For The Year.	
(2) 	Same-Store Hospitality excluders the AC Hotel at National Harbor, which opened in April 2015.	
 
3

Property-level results and operating metrics for third 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 third quarter 2016 for the Hospitality segment and at each property include:
 
 	•	 	Hospitality Segment (Same-Store): Total revenue increased 7.2 percent to $238.4 million in third quarter 2016 compared to third quarter 2015. RevPAR increased 8.9 percent, driven by a 3.5 percentage point increase in occupancy and a 3.8 percent increase in ADR. Operating Income increased 35.5 percent to $45.3 million in third quarter 2016 compared to third quarter 2015. Operating Income Margin improved 400 basis points to 19.0 percent. Adjusted EBITDA increased 14.9 percent, as compared to third quarter 2015, to $76.1 million. Adjusted EBITDA Margin improved 210 basis points to 31.9 percent.	
 
 	•	 	Gaylord Opryland: Total revenue for third quarter 2016 increased 3.2 percent to $78.8 million compared to third quarter 2015, driven by strong ADR growth of 9.2 percent and a 1.6 percentage point increase in occupancy. There were approximately 19,700 room nights out of service during the third quarter of 2016 due to a planned rooms renovation, compared to approximately 18,000 room nights out of service over the same period in 2015. Operating Income increased 26.5 percent to $21.7 million in third quarter 2016 compared to third quarter 2015. Operating Income Margin improved 510 basis points to 27.5 percent, driven primarily by the 9.2 percent increase in ADR. Adjusted EBITDA increased 17.4 percent, as compared to third quarter 2015, to $29.1 million, and Adjusted EBITDA Margin improved 440 basis points to 36.9 percent, driven primarily by the 9.2 percent increase in ADR. Operating performance this quarter was driven by combination of a 9.2 percent increase in ADR, favorable utilities expense, higher attrition and cancellation fee collections, and solid expense management as compared to third quarter 2015.	
 
 	•	 	Gaylord Palms: Total revenue for third quarter 2016 increased 33.3 percent to $42.2 million compared to third quarter 2015, driven by an 8.7 percentage point increase in occupancy led by higher group room nights, transient ADR growth and increased banquet revenue. Operating Income increased 734.7 percent to $4.7 million in third quarter 2016 compared to third quarter 2015. Operating Income Margin improved 1,350 basis points to 11.2 percent. Adjusted EBITDA increased 108.2 percent to $10.8 million compared to third quarter 2015, and Adjusted EBITDA Margin improved 920 basis points to 25.6 percent. The shift in the Jewish holiday schedule negatively affected occupancy in third quarter 2015. Third quarter 2016 performance was aided by a $1.2 million group contract settlement that was received in third quarter 2016.	
 
4

 	•	 	Gaylord Texan: Total revenue for third quarter 2016 increased 4.5 percent to $52.5 million compared to third quarter 2015, due to a 4.9 percentage point increase in occupancy that was driven by an increase in association room nights. Operating Income increased 2.1 percent to $11.8 million in third quarter 2016 compared to third quarter 2015. Operating Income Margin decreased 50 basis points to 22.5 percent. Adjusted EBITDA increased 2.0 percent to $16.8 million compared to third quarter 2015. Adjusted EBITDA Margin decreased 80 basis points to 32.1 percent. Flow-through in the third quarter 2016 was negatively impacted by increased sales expense related to record advance group bookings production, the timing of marketing expenses, customer site visits related to the hotel expansion and a year-over-year increase in property taxes.	
 
 	•	 	Gaylord National: Total revenue for third quarter 2016 increased 1.1 percent to $61.0 million, driven by a 1.8 percentage point increase in occupancy resulting from an increase in association and transient room nights. Operating Income increased 31.3 percent to $6.2 million in third quarter 2016 compared to third quarter 2015. Operating Income Margin improved 230 basis points to 10.2 percent. Adjusted EBITDA decreased 2.6 percent to $18.2 million, as compared to third quarter 2015. Adjusted EBITDA Margin decreased 120 basis points to 29.8 percent. Lower ADR, increased sales expense related to record advance group bookings, and the timing of certain marketing expenses negatively impacted flow-through during third quarter 2016.	
Reed continued, “Overall our hotels had a very good quarter driven by solid occupancy and rate growth. Despite some year-over-year increases in sales and marketing costs that impacted flow-through, our Hospitality segment continues to demonstrate strong top-and-bottom-line growth. We view the increased bookings-related sales and marketing costs in the third quarter 2016 as a ‘good problem to have’ as it is a result of a record bookings quarter, which sets us up well for the years ahead. Progress continues on the more than $250 million in capital project investments we are making in 2016 and 2017, including our property expansions, ongoing rooms renovations, as well as the construction of Gaylord Rockies, which we believe puts us in an ideal position to drive growth going forward.”
 
5

Entertainment Segment
For the three months and nine months ended September 30, 2016 and 2015, the Company reported the following:

($ in thousands)	  	Three Months Ended
Sep 30,	 	 	Nine Months Ended
Sep 30,	 	
 	  	2016	 	 	2015	 	 	% D	 	 	2016	 	 	2015	 	 	% D	 	
 	 	 	 	 	 	 	
Revenue	  	$	30,701	  	 	$	27,978	  	 	 	9.7	% 	 	$	81,893	  	 	$	72,873	  	 	 	12.4	% 	
Operating Income	  	$	9,964	  	 	$	7,563	  	 	 	31.7	% 	 	$	22,418	  	 	$	19,841	  	 	 	13.0	% 	
Operating Income Margin	  	 	32.5	% 	 	 	27.0	% 	 	 	5.5pt	  	 	 	27.4	% 	 	 	27.2	% 	 	 	0.2pt	  	
Adjusted EBITDA	  	$	11,777	  	 	$	9,165	  	 	 	28.5	% 	 	$	27,796	  	 	$	24,582	  	 	 	13.1	% 	
Adjusted EBITDA Margin	  	 	38.4	% 	 	 	32.8	% 	 	 	5.6pt	  	 	 	33.9	% 	 	 	33.7	% 	 	 	0.2pt	  	
Reed continued, “Our Entertainment segment continues to enjoy strong year-over-year top-line and bottom-line growth, once again confirming the enduring demand we see for these iconic brands. The year-over-year improvement in third quarter 2016 Operating Income and Adjusted EBITDA was driven by roughly $1 million in costs related to ongoing work with business strategy advisors and consultants incurred in third quarter 2015. Absent these costs, the Entertainment segment would have shown a 16.4 percent increase in Operating Income and a 15.9 percent increase in Adjusted EBITDA for the quarter as compared to third quarter 2015.”
Corporate and Other Segment
For the three months and nine months ended September 30, 2016 and 2015, the Company reported the following:

($ in thousands)	  	Three Months Ended
Sep 30,	 	 	Nine Months Ended
Sep 30,	 	
 	  	2016	 	 	2015	 	 	% D	 	 	2016	 	 	2015	 	 	% D	 	
 	 	 	 	 	 	 	
Operating Loss (1)	  	($	9,115	) 	 	($	8,698	) 	 	 	-4.8	% 	 	($	24,307	) 	 	($	23,477	) 	 	 	-3.5	% 	
Adjusted EBITDA	  	($	5,639	) 	 	($	5,112	) 	 	 	-10.3	% 	 	($	17,027	) 	 	($	15,862	) 	 	 	-7.3	% 	
 
(1) 	Corporate operating loss for the three months and nine months ended September 30, 2016 and 2015 include a non-cash net settlement charge of $1.6 million for the Company’s grandfathered defined benefit pension plan, which was a result of increased lump sum distribution.	
 
6

Dividend Update
The Company paid its third quarter 2016 cash dividend of $0.75 per share of common stock on October 14, 2016 to stockholders of record on September 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 payment occurring in 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 September 30, 2016, the Company had total debt outstanding of $1,486.8 million, net of unamortized deferred financing costs, and unrestricted cash of $35.9 million. As of September 30, 2016, $366.9 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 $331.0 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 7,809 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 .
 
7

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 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.
 
8

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.
 
9

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.
 
10

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 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	  	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
Sep. 30,	 	 	Nine Months Ended
Sep. 30,	 	
 	  	2016	 	 	2015	 	 	2016	 	 	2015	 	
Revenues :	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Rooms	  	$	101,085	  	 	$	92,828	  	 	$	309,385	  	 	$	292,089	  	
Food and beverage	  	 	113,100	  	 	 	108,558	  	 	 	362,550	  	 	 	345,931	  	
Other hotel revenue	  	 	26,834	  	 	 	23,456	  	 	 	75,604	  	 	 	69,111	  	
Entertainment	  	 	30,701	  	 	 	27,978	  	 	 	81,893	  	 	 	72,873	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	  	 	271,720	  	 	 	252,820	  	 	 	829,432	  	 	 	780,004	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating expenses:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Rooms	  	 	28,371	  	 	 	27,347	  	 	 	82,492	  	 	 	80,216	  	
Food and beverage	  	 	64,790	  	 	 	63,797	  	 	 	201,045	  	 	 	193,661	  	
Other hotel expenses	  	 	73,331	  	 	 	70,108	  	 	 	219,510	  	 	 	210,513	  	
Management fees	  	 	4,408	  	 	 	3,213	  	 	 	15,246	  	 	 	10,516	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total hotel operating expenses	  	 	170,900	  	 	 	164,465	  	 	 	518,293	  	 	 	494,906	  	
Entertainment	  	 	19,100	  	 	 	18,954	  	 	 	54,630	  	 	 	48,775	  	
Corporate	  	 	8,447	  	 	 	8,017	  	 	 	22,315	  	 	 	21,384	  	
Preopening costs	  	 	—  	  	 	 	118	  	 	 	—  	  	 	 	909	  	
Impairment and other charges	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	2,890	  	
Depreciation and amortization	  	 	26,706	  	 	 	28,498	  	 	 	81,888	  	 	 	85,467	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total operating expenses	  	 	225,153	  	 	 	220,052	  	 	 	677,126	  	 	 	654,331	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income	  	 	46,567	  	 	 	32,768	  	 	 	152,306	  	 	 	125,673	  	
 	 	 	 	 	
Interest expense, net of amounts capitalized	  	 	(15,947	) 	 	 	(16,138	) 	 	 	(48,002	) 	 	 	(47,765	) 	
Interest income	  	 	2,965	  	 	 	2,982	  	 	 	9,116	  	 	 	9,383	  	
Loss from joint ventures	  	 	(638	) 	 	 	—  	  	 	 	(2,086	) 	 	 	—  	  	
Other gains and (losses), net	  	 	2,468	  	 	 	2,467	  	 	 	2,288	  	 	 	(18,104	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	  	 	35,415	  	 	 	22,079	  	 	 	113,622	  	 	 	69,187	  	
 	 	 	 	 	
Provision (benefit) for income taxes	  	 	(1,822	) 	 	 	4,612	  	 	 	(2,352	) 	 	 	3,425	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income	  	$	33,593	  	 	$	26,691	  	 	$	111,270	  	 	$	72,612	  	

Basic net income per share	  	$	0.66	  	 	$	0.52	  	 	$	2.18	  	 	$	1.42	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Fully diluted net income per share	  	$	0.66	  	 	$	0.52	  	 	$	2.17	  	 	$	1.41	  	

Weighted average common shares for the period:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Basic	  	 	51,004	  	 	 	51,283	  	 	 	51,009	  	 	 	51,226	  	
Diluted	  	 	51,270	  	 	 	51,630	  	 	 	51,279	  	 	 	51,587	  	

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

 	  	Sep. 30,
2016	 	  	Dec. 31,
2015	 	
ASSETS:	  	 	 	 	  	 	 	 	
Property and equipment, net of accumulated depreciation	  	$	1,991,690	  	  	$	1,982,816	  	
Cash and cash equivalents - unrestricted	  	 	35,858	  	  	 	56,291	  	
Cash and cash equivalents - restricted	  	 	25,872	  	  	 	22,355	  	
Notes receivable	  	 	150,517	  	  	 	152,560	  	
Trade receivables, net	  	 	58,253	  	  	 	55,033	  	
Investment in Gaylord Rockies joint venture	  	 	50,385	  	  	 	—  	  	
Prepaid expenses and other assets	  	 	62,537	  	  	 	62,379	  	
 	  	 	 	 	  	 	 	 	
Total assets	  	$	2,375,112	  	  	$	2,331,434	  	
 	  	 	 	 	  	 	 	 	
LIABILITIES AND STOCKHOLDERS’ EQUITY:	  	 	 	 	  	 	 	 	
Debt and capital lease obligations	  	$	1,486,843	  	  	$	1,431,710	  	
Accounts payable and accrued liabilities	  	 	161,347	  	  	 	153,383	  	
Dividends payable	  	 	39,087	  	  	 	36,868	  	
Deferred management rights proceeds	  	 	180,846	  	  	 	183,119	  	
Deferred income taxes, net	  	 	1,367	  	  	 	1,163	  	
Other liabilities	  	 	155,426	  	  	 	145,629	  	
Stockholders’ equity	  	 	350,196	  	  	 	379,562	  	
 	  	 	 	 	  	 	 	 	
Total liabilities and stockholders’ equity	  	$	2,375,112	  	  	$	2,331,434	  	

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

 	  	Three Months Ended Sep. 30,	 	 	Nine Months Ended Sep. 30,	 	
 	  	2016	 	 	2015	 	 	2016	 	 	2015	 	
 	  	$	 	 	Margin	 	 	$	 	 	Margin	 	 	$	 	 	Margin	 	 	$	 	 	Margin	 	
Consolidated	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Revenue	  	$	271,720	  	 	 	 	 	 	$	252,820	  	 	 	 	 	 	$	829,432	  	 	 	 	 	 	$	780,004	  	 	 	 	 	
Net income	  	$	33,593	  	 	 	12.4	% 	 	$	26,691	  	 	 	10.6	% 	 	$	111,270	  	 	 	13.4	% 	 	$	72,612	  	 	 	9.3	% 	
Provision (benefit) for income taxes	  	 	1,822	  	 	 	 	 	 	 	(4,612	) 	 	 	 	 	 	 	2,352	  	 	 	 	 	 	 	(3,425	) 	 	 	 	 	
Other (gains) and losses, net	  	 	(2,468	) 	 	 	 	 	 	 	(2,467	) 	 	 	 	 	 	 	(2,288	) 	 	 	 	 	 	 	18,104	  	 	 	 	 	
Loss from joint ventures	  	 	638	  	 	 	 	 	 	 	—  	  	 	 	 	 	 	 	2,086	  	 	 	 	 	 	 	—  	  	 	 	 	 	
Interest expense, net	  	 	12,982	  	 	 	 	 	 	 	13,156	  	 	 	 	 	 	 	38,886	  	 	 	 	 	 	 	38,382	  	 	 	 	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating Income	  	 	46,567	  	 	 	17.1	% 	 	 	32,768	  	 	 	13.0	% 	 	 	152,306	  	 	 	18.4	% 	 	 	125,673	  	 	 	16.1	% 	
Depreciation & amortization	  	 	26,706	  	 	 	 	 	 	 	28,498	  	 	 	 	 	 	 	81,888	  	 	 	 	 	 	 	85,467	  	 	 	 	 	
Preopening costs	  	 	—  	  	 	 	 	 	 	 	118	  	 	 	 	 	 	 	—  	  	 	 	 	 	 	 	909	  	 	 	 	 	
Non-cash ground lease expense	  	 	1,310	  	 	 	 	 	 	 	1,341	  	 	 	 	 	 	 	3,932	  	 	 	 	 	 	 	4,023	  	 	 	 	 	
Equity-based compensation expense	  	 	1,532	  	 	 	 	 	 	 	1,525	  	 	 	 	 	 	 	4,594	  	 	 	 	 	 	 	4,582	  	 	 	 	 	
Pension settlement charge	  	 	1,567	  	 	 	 	 	 	 	1,593	  	 	 	 	 	 	 	1,567	  	 	 	 	 	 	 	1,593	  	 	 	 	 	
Impairment charges	  	 	—  	  	 	 	 	 	 	 	—  	  	 	 	 	 	 	 	—  	  	 	 	 	 	 	 	2,890	  	 	 	 	 	
Interest income on Gaylord National bonds	  	 	2,951	  	 	 	 	 	 	 	2,967	  	 	 	 	 	 	 	9,045	  	 	 	 	 	 	 	9,347	  	 	 	 	 	
Pro rata adjusted EBITDA from joint ventures	  	 	3	  	 	 	 	 	 	 	—  	  	 	 	 	 	 	 	—  	  	 	 	 	 	 	 	—  	  	 	 	 	 	
Other gains and (losses), net	  	 	2,468	  	 	 	 	 	 	 	2,467	  	 	 	 	 	 	 	2,288	  	 	 	 	 	 	 	(18,104	) 	 	 	 	 	
Loss on warrant settlements	  	 	—  	  	 	 	 	 	 	 	—  	  	 	 	 	 	 	 	—  	  	 	 	 	 	 	 	20,246	  	 	 	 	 	
(Gain) loss on disposal of assets	  	 	(58	) 	 	 	 	 	 	 	(84	) 	 	 	 	 	 	 	(100	) 	 	 	 	 	 	 	144	  	 	 	 	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted EBITDA	  	$	83,046	  	 	 	30.6	% 	 	$	71,193	  	 	 	28.2	% 	 	$	255,520	  	 	 	30.8	% 	 	$	236,770	  	 	 	30.4	% 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Hospitality segment	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Revenue	  	$	241,019	  	 	 	 	 	 	$	224,842	  	 	 	 	 	 	$	747,539	  	 	 	 	 	 	$	707,131	  	 	 	 	 	
Operating income	  	$	45,718	  	 	 	19.0	% 	 	$	33,903	  	 	 	15.1	% 	 	$	154,195	  	 	 	20.6	% 	 	$	129,309	  	 	 	18.3	% 	
Depreciation & amortization	  	 	24,401	  	 	 	 	 	 	 	26,383	  	 	 	 	 	 	 	75,051	  	 	 	 	 	 	 	79,175	  	 	 	 	 	
Preopening costs	  	 	—  	  	 	 	 	 	 	 	91	  	 	 	 	 	 	 	—  	  	 	 	 	 	 	 	851	  	 	 	 	 	
Non-cash lease expense	  	 	1,310	  	 	 	 	 	 	 	1,341	  	 	 	 	 	 	 	3,932	  	 	 	 	 	 	 	4,023	  	 	 	 	 	
Impairment charges	  	 	—  	  	 	 	 	 	 	 	—  	  	 	 	 	 	 	 	—  	  	 	 	 	 	 	 	2,890	  	 	 	 	 	
Interest income on Gaylord National bonds	  	 	2,951	  	 	 	 	 	 	 	2,967	  	 	 	 	 	 	 	9,045	  	 	 	 	 	 	 	9,347	  	 	 	 	 	
Other gains and (losses), net	  	 	2,528	  	 	 	 	 	 	 	2,539	  	 	 	 	 	 	 	2,504	  	 	 	 	 	 	 	2,317	  	 	 	 	 	
(Gain) loss on disposal of assets	  	 	—  	  	 	 	 	 	 	 	(84	) 	 	 	 	 	 	 	24	  	 	 	 	 	 	 	138	  	 	 	 	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted EBITDA	  	$	76,908	  	 	 	31.9	% 	 	$	67,140	  	 	 	29.9	% 	 	$	244,751	  	 	 	32.7	% 	 	$	228,050	  	 	 	32.3	% 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Entertainment segment	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Revenue	  	$	30,701	  	 	 	 	 	 	$	27,978	  	 	 	 	 	 	$	81,893	  	 	 	 	 	 	$	72,873	  	 	 	 	 	
Operating income	  	$	9,964	  	 	 	32.5	% 	 	$	7,563	  	 	 	27.0	% 	 	$	22,418	  	 	 	27.4	% 	 	$	19,841	  	 	 	27.2	% 	
Depreciation & amortization	  	 	1,637	  	 	 	 	 	 	 	1,434	  	 	 	 	 	 	 	4,845	  	 	 	 	 	 	 	4,199	  	 	 	 	 	
Preopening costs	  	 	—  	  	 	 	 	 	 	 	27	  	 	 	 	 	 	 	—  	  	 	 	 	 	 	 	58	  	 	 	 	 	
Equity-based compensation	  	 	173	  	 	 	 	 	 	 	141	  	 	 	 	 	 	 	533	  	 	 	 	 	 	 	484	  	 	 	 	 	
Pro rata adjusted EBITDA from joint ventures	  	 	3	  	 	 	 	 	 	 	—  	  	 	 	 	 	 	 	—  	  	 	 	 	 	 	 	—  	  	 	 	 	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted EBITDA	  	$	11,777	  	 	 	38.4	% 	 	$	9,165	  	 	 	32.8	% 	 	$	27,796	  	 	 	33.9	% 	 	$	24,582	  	 	 	33.7	% 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Corporate and Other segment	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating loss	  	$	(9,115	) 	 	 	 	 	 	$	(8,698	) 	 	 	 	 	 	$	(24,307	) 	 	 	 	 	 	$	(23,477	) 	 	 	 	 	
Depreciation & amortization	  	 	668	  	 	 	 	 	 	 	681	  	 	 	 	 	 	 	1,992	  	 	 	 	 	 	 	2,093	  	 	 	 	 	
Equity-based compensation	  	 	1,359	  	 	 	 	 	 	 	1,384	  	 	 	 	 	 	 	4,061	  	 	 	 	 	 	 	4,098	  	 	 	 	 	
Pension settlement charge	  	 	1,567	  	 	 	 	 	 	 	1,593	  	 	 	 	 	 	 	1,567	  	 	 	 	 	 	 	1,593	  	 	 	 	 	
Other gains and (losses), net	  	 	(60	) 	 	 	 	 	 	 	(72	) 	 	 	 	 	 	 	(216	) 	 	 	 	 	 	 	(20,421	) 	 	 	 	 	
Loss on warrant settlements	  	 	—  	  	 	 	 	 	 	 	—  	  	 	 	 	 	 	 	—  	  	 	 	 	 	 	 	20,246	  	 	 	 	 	
(Gain) loss on disposal of assets	  	 	(58	) 	 	 	 	 	 	 	—  	  	 	 	 	 	 	 	(124	) 	 	 	 	 	 	 	6	  	 	 	 	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted EBITDA	  	$	(5,639	) 	 	 	 	 	 	$	(5,112	) 	 	 	 	 	 	$	(17,027	) 	 	 	 	 	 	$	(15,862	) 	 	 	 	 	

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
Sep. 30,	 	 	Nine Months Ended
Sep. 30,	 	
 	  	2016	 	 	2015	 	 	2016	 	 	2015	 	
Consolidated	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income	  	$	33,593	  	 	$	26,691	  	 	$	111,270	  	 	$	72,612	  	
Depreciation & amortization	  	 	26,706	  	 	 	28,498	  	 	 	81,888	  	 	 	85,467	  	
Pro rata adjustments from joint ventures	  	 	16	  	 	 	—  	  	 	 	37	  	 	 	—  	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
FFO	  	 	60,315	  	 	 	55,189	  	 	 	193,195	  	 	 	158,079	  	
Non-cash lease expense	  	 	1,310	  	 	 	1,341	  	 	 	3,932	  	 	 	4,023	  	
Pension settlement charge	  	 	1,567	  	 	 	1,593	  	 	 	1,567	  	 	 	1,593	  	
Impairment charges	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	2,890	  	
Pro rata adjustments from joint ventures	  	 	381	  	 	 	—  	  	 	 	1,192	  	 	 	—  	  	
Loss on warrant settlements	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	20,246	  	
(Gain) loss on other assets	  	 	(49	) 	 	 	(84	) 	 	 	(59	) 	 	 	144	  	
Write-off of deferred financing costs	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	1,926	  	
Amortization of deferred financing costs	  	 	1,216	  	 	 	1,322	  	 	 	3,648	  	 	 	4,177	  	
Deferred tax (benefit) expense	  	 	878	  	 	 	(5,547	) 	 	 	279	  	 	 	(5,303	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted FFO (1)	  	$	65,618	  	 	$	53,814	  	 	$	203,754	  	 	$	187,775	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Capital expenditures (2)	  	 	(12,318	) 	 	 	(11,195	) 	 	 	(41,809	) 	 	 	(35,987	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted FFO less maintenance capital expenditures	  	$	53,300	  	 	$	42,619	  	 	$	161,945	  	 	$	151,788	  	

Basic net income per share	  	$	0.66	  	 	$	0.52	  	 	$	2.18	  	 	$	1.42	  	
Fully diluted net income per share	  	$	0.66	  	 	$	0.52	  	 	$	2.17	  	 	$	1.41	  	
 	 	 	 	 	
FFO per basic share	  	$	1.18	  	 	$	1.08	  	 	$	3.79	  	 	$	3.09	  	
Adjusted FFO per basic share	  	$	1.29	  	 	$	1.05	  	 	$	3.99	  	 	$	3.67	  	
 	 	 	 	 	
FFO per diluted share	  	$	1.18	  	 	$	1.07	  	 	$	3.77	  	 	$	3.06	  	
Adjusted FFO per diluted share	  	$	1.28	  	 	$	1.04	  	 	$	3.97	  	 	$	3.64	  	
 
(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 Sep. 30,	 	 	Nine Months Ended Sep. 30,	 	
 	  	2016	 	 	2015	 	 	2016	 	 	2015	 	
 	  	$	 	 	Margin	 	 	$	 	 	Margin	 	 	$	 	 	Margin	 	 	$	 	 	Margin	 	
Hospitality segment	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Revenue	  	$	241,019	  	 	 	 	 	 	$	224,842	  	 	 	 	 	 	$	747,539	  	 	 	 	 	 	$	707,131	  	 	 	 	 	
Operating Income	  	$	45,718	  	 	 	19.0	% 	 	$	33,903	  	 	 	15.1	% 	 	$	154,195	  	 	 	20.6	% 	 	$	129,309	  	 	 	18.3	% 	
Depreciation & amortization	  	 	24,401	  	 	 	 	 	 	 	26,383	  	 	 	 	 	 	 	75,051	  	 	 	 	 	 	 	79,175	  	 	 	 	 	
Preopening costs	  	 	—  	  	 	 	 	 	 	 	91	  	 	 	 	 	 	 	—  	  	 	 	 	 	 	 	851	  	 	 	 	 	
Non-cash lease expense	  	 	1,310	  	 	 	 	 	 	 	1,341	  	 	 	 	 	 	 	3,932	  	 	 	 	 	 	 	4,023	  	 	 	 	 	
Impairment charges	  	 	—  	  	 	 	 	 	 	 	—  	  	 	 	 	 	 	 	—  	  	 	 	 	 	 	 	2,890	  	 	 	 	 	
Interest income on Gaylord National bonds	  	 	2,951	  	 	 	 	 	 	 	2,967	  	 	 	 	 	 	 	9,045	  	 	 	 	 	 	 	9,347	  	 	 	 	 	
Other gains and (losses), net	  	 	2,528	  	 	 	 	 	 	 	2,539	  	 	 	 	 	 	 	2,504	  	 	 	 	 	 	 	2,317	  	 	 	 	 	
(Gain) loss on disposal of assets	  	 	—  	  	 	 	 	 	 	 	(84	) 	 	 	 	 	 	 	24	  	 	 	 	 	 	 	138	  	 	 	 	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted EBITDA	  	$	76,908	  	 	 	31.9	% 	 	$	67,140	  	 	 	29.9	% 	 	$	244,751	  	 	 	32.7	% 	 	$	228,050	  	 	 	32.3	% 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Occupancy	  	 	75.5	% 	 	 	 	 	 	 	71.9	% 	 	 	 	 	 	 	74.6	% 	 	 	 	 	 	 	72.7	% 	 	 	 	 	
Average daily rate (ADR)	  	$	175.22	  	 	 	 	 	 	$	169.24	  	 	 	 	 	 	$	182.46	  	 	 	 	 	 	$	178.88	  	 	 	 	 	
RevPAR	  	$	132.32	  	 	 	 	 	 	$	121.71	  	 	 	 	 	 	$	136.08	  	 	 	 	 	 	$	130.07	  	 	 	 	 	
OtherPAR	  	$	183.18	  	 	 	 	 	 	$	173.10	  	 	 	 	 	 	$	192.71	  	 	 	 	 	 	$	184.81	  	 	 	 	 	
Total RevPAR	  	$	315.50	  	 	 	 	 	 	$	294.81	  	 	 	 	 	 	$	328.79	  	 	 	 	 	 	$	314.88	  	 	 	 	 	
 	 	 	 	 	 	 	 	 	
Same-Store Hospitality (1)	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Revenue	  	$	238,421	  	 	 	 	 	 	$	222,335	  	 	 	 	 	 	$	740,107	  	 	 	 	 	 	$	702,311	  	 	 	 	 	
Operating Income	  	$	45,252	  	 	 	19.0	% 	 	$	33,406	  	 	 	15.0	% 	 	$	152,734	  	 	 	20.6	% 	 	$	128,995	  	 	 	18.4	% 	
Depreciation & amortization	  	 	24,085	  	 	 	 	 	 	 	26,066	  	 	 	 	 	 	 	74,103	  	 	 	 	 	 	 	78,403	  	 	 	 	 	
Non-cash lease expense	  	 	1,310	  	 	 	 	 	 	 	1,341	  	 	 	 	 	 	 	3,932	  	 	 	 	 	 	 	4,023	  	 	 	 	 	
Impairment charges	  	 	—  	  	 	 	 	 	 	 	—  	  	 	 	 	 	 	 	—  	  	 	 	 	 	 	 	2,890	  	 	 	 	 	
Interest income on Gaylord National bonds	  	 	2,951	  	 	 	 	 	 	 	2,967	  	 	 	 	 	 	 	9,045	  	 	 	 	 	 	 	9,347	  	 	 	 	 	
Other gains and (losses), net	  	 	2,528	  	 	 	 	 	 	 	2,539	  	 	 	 	 	 	 	2,504	  	 	 	 	 	 	 	2,317	  	 	 	 	 	
(Gain) loss on disposal of assets	  	 	—  	  	 	 	 	 	 	 	(84	) 	 	 	 	 	 	 	24	  	 	 	 	 	 	 	138	  	 	 	 	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted EBITDA	  	$	76,126	  	 	 	31.9	% 	 	$	66,235	  	 	 	29.8	% 	 	$	242,342	  	 	 	32.7	% 	 	$	226,113	  	 	 	32.2	% 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Occupancy	  	 	75.6	% 	 	 	 	 	 	 	72.1	% 	 	 	 	 	 	 	74.8	% 	 	 	 	 	 	 	72.9	% 	 	 	 	 	
Average daily rate (ADR)	  	$	175.24	  	 	 	 	 	 	$	168.83	  	 	 	 	 	 	$	182.47	  	 	 	 	 	 	$	178.61	  	 	 	 	 	
RevPAR	  	$	132.50	  	 	 	 	 	 	$	121.72	  	 	 	 	 	 	$	136.43	  	 	 	 	 	 	$	130.22	  	 	 	 	 	
OtherPAR	  	$	186.98	  	 	 	 	 	 	$	176.71	  	 	 	 	 	 	$	196.80	  	 	 	 	 	 	$	187.46	  	 	 	 	 	
Total RevPAR	  	$	319.48	  	 	 	 	 	 	$	298.43	  	 	 	 	 	 	$	333.23	  	 	 	 	 	 	$	317.68	  	 	 	 	 	
 	 	 	 	 	 	 	 	 	
Gaylord Opryland	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Revenue	  	$	78,840	  	 	 	 	 	 	$	76,396	  	 	 	 	 	 	$	234,062	  	 	 	 	 	 	$	222,325	  	 	 	 	 	
Operating Income	  	$	21,657	  	 	 	27.5	% 	 	$	17,120	  	 	 	22.4	% 	 	$	59,565	  	 	 	25.4	% 	 	$	52,620	  	 	 	23.7	% 	
Depreciation & amortization	  	 	7,460	  	 	 	 	 	 	 	7,689	  	 	 	 	 	 	 	22,349	  	 	 	 	 	 	 	22,967	  	 	 	 	 	
Impairment charges	  	 	—  	  	 	 	 	 	 	 	—  	  	 	 	 	 	 	 	—  	  	 	 	 	 	 	 	690	  	 	 	 	 	
Other gains and (losses), net	  	 	—  	  	 	 	 	 	 	 	15	  	 	 	 	 	 	 	—  	  	 	 	 	 	 	 	15	  	 	 	 	 	
Gain on disposal of assets	  	 	—  	  	 	 	 	 	 	 	(15	) 	 	 	 	 	 	 	—  	  	 	 	 	 	 	 	(15	) 	 	 	 	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted EBITDA	  	$	29,117	  	 	 	36.9	% 	 	$	24,809	  	 	 	32.5	% 	 	$	81,914	  	 	 	35.0	% 	 	$	76,277	  	 	 	34.3	% 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Occupancy	  	 	75.0	% 	 	 	 	 	 	 	73.4	% 	 	 	 	 	 	 	74.5	% 	 	 	 	 	 	 	72.7	% 	 	 	 	 	
Average daily rate (ADR)	  	$	172.90	  	 	 	 	 	 	$	158.38	  	 	 	 	 	 	$	173.41	  	 	 	 	 	 	$	164.46	  	 	 	 	 	
RevPAR	  	$	129.63	  	 	 	 	 	 	$	116.27	  	 	 	 	 	 	$	129.27	  	 	 	 	 	 	$	119.55	  	 	 	 	 	
OtherPAR	  	$	167.35	  	 	 	 	 	 	$	171.86	  	 	 	 	 	 	$	167.01	  	 	 	 	 	 	$	163.02	  	 	 	 	 	
Total RevPAR	  	$	296.98	  	 	 	 	 	 	$	288.13	  	 	 	 	 	 	$	296.28	  	 	 	 	 	 	$	282.57	  	 	 	 	 	
 	 	 	 	 	 	 	 	 	
Gaylord Palms	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Revenue	  	$	42,207	  	 	 	 	 	 	$	31,672	  	 	 	 	 	 	$	143,649	  	 	 	 	 	 	$	125,988	  	 	 	 	 	
Operating Income (loss)	  	$	4,716	  	 	 	11.2	% 	 	$	(743	) 	 	 	-2.3	% 	 	$	27,657	  	 	 	19.3	% 	 	$	17,626	  	 	 	14.0	% 	
Depreciation & amortization	  	 	4,773	  	 	 	 	 	 	 	4,589	  	 	 	 	 	 	 	14,243	  	 	 	 	 	 	 	13,947	  	 	 	 	 	
Non-cash lease expense	  	 	1,310	  	 	 	 	 	 	 	1,341	  	 	 	 	 	 	 	3,932	  	 	 	 	 	 	 	4,023	  	 	 	 	 	
Impairment charges	  	 	—  	  	 	 	 	 	 	 	—  	  	 	 	 	 	 	 	—  	  	 	 	 	 	 	 	797	  	 	 	 	 	
Other gains and (losses), net	  	 	—  	  	 	 	 	 	 	 	26	  	 	 	 	 	 	 	—  	  	 	 	 	 	 	 	26	  	 	 	 	 	
Gain on disposal of assets	  	 	—  	  	 	 	 	 	 	 	(26	) 	 	 	 	 	 	 	—  	  	 	 	 	 	 	 	(26	) 	 	 	 	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted EBITDA	  	$	10,799	  	 	 	25.6	% 	 	$	5,187	  	 	 	16.4	% 	 	$	45,832	  	 	 	31.9	% 	 	$	36,393	  	 	 	28.9	% 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Occupancy	  	 	73.4	% 	 	 	 	 	 	 	64.7	% 	 	 	 	 	 	 	77.8	% 	 	 	 	 	 	 	73.0	% 	 	 	 	 	
Average daily rate (ADR)	  	$	151.02	  	 	 	 	 	 	$	142.29	  	 	 	 	 	 	$	171.70	  	 	 	 	 	 	$	169.18	  	 	 	 	 	
RevPAR	  	$	110.88	  	 	 	 	 	 	$	92.08	  	 	 	 	 	 	$	133.63	  	 	 	 	 	 	$	123.58	  	 	 	 	 	
OtherPAR	  	$	213.11	  	 	 	 	 	 	$	152.78	  	 	 	 	 	 	$	237.48	  	 	 	 	 	 	$	204.65	  	 	 	 	 	
Total RevPAR	  	$	323.99	  	 	 	 	 	 	$	244.86	  	 	 	 	 	 	$	371.11	  	 	 	 	 	 	$	328.23	  	 	 	 	 	
 
(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 Sep. 30,	 	 	Nine Months Ended Sep. 30,	 	
 	  	2016	 	 	2015	 	 	2016	 	 	2015	 	
 	  	$	 	 	Margin	 	 	$	 	 	Margin	 	 	$	 	 	Margin	 	 	$	 	 	Margin	 	
Gaylord Texan	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Revenue	  	$	52,482	  	 	 	 	 	 	$	50,246	  	 	 	 	 	 	$	162,503	  	 	 	 	 	 	$	155,511	  	 	 	 	 	
Operating Income	  	$	11,787	  	 	 	22.5	% 	 	$	11,550	  	 	 	23.0	% 	 	$	41,743	  	 	 	25.7	% 	 	$	38,667	  	 	 	24.9	% 	
Depreciation & amortization	  	 	5,060	  	 	 	 	 	 	 	4,960	  	 	 	 	 	 	 	15,090	  	 	 	 	 	 	 	15,043	  	 	 	 	 	
Impairment charges	  	 	—  	  	 	 	 	 	 	 	—  	  	 	 	 	 	 	 	—  	  	 	 	 	 	 	 	785	  	 	 	 	 	
Other gains and (losses), net	  	 	—  	  	 	 	 	 	 	 	30	  	 	 	 	 	 	 	—  	  	 	 	 	 	 	 	(192	) 	 	 	 	 	
(Gain) loss on disposal of assets	  	 	—  	  	 	 	 	 	 	 	(30	) 	 	 	 	 	 	 	—  	  	 	 	 	 	 	 	192	  	 	 	 	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted EBITDA	  	$	16,847	  	 	 	32.1	% 	 	$	16,510	  	 	 	32.9	% 	 	$	56,833	  	 	 	35.0	% 	 	$	54,495	  	 	 	35.0	% 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Occupancy	  	 	82.0	% 	 	 	 	 	 	 	77.1	% 	 	 	 	 	 	 	78.3	% 	 	 	 	 	 	 	75.6	% 	 	 	 	 	
Average daily rate (ADR)	  	$	186.55	  	 	 	 	 	 	$	186.01	  	 	 	 	 	 	$	190.09	  	 	 	 	 	 	$	189.64	  	 	 	 	 	
RevPAR	  	$	152.98	  	 	 	 	 	 	$	143.48	  	 	 	 	 	 	$	148.84	  	 	 	 	 	 	$	143.42	  	 	 	 	 	
OtherPAR	  	$	224.56	  	 	 	 	 	 	$	217.98	  	 	 	 	 	 	$	243.67	  	 	 	 	 	 	$	233.57	  	 	 	 	 	
Total RevPAR	  	$	377.54	  	 	 	 	 	 	$	361.46	  	 	 	 	 	 	$	392.51	  	 	 	 	 	 	$	376.99	  	 	 	 	 	
 	 	 	 	 	 	 	 	 	
Gaylord National	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Revenue	  	$	61,000	  	 	 	 	 	 	$	60,312	  	 	 	 	 	 	$	188,705	  	 	 	 	 	 	$	188,384	  	 	 	 	 	
Operating Income	  	$	6,248	  	 	 	10.2	% 	 	$	4,759	  	 	 	7.9	% 	 	$	21,467	  	 	 	11.4	% 	 	$	18,272	  	 	 	9.7	% 	
Depreciation & amortization	  	 	6,462	  	 	 	 	 	 	 	8,499	  	 	 	 	 	 	 	21,423	  	 	 	 	 	 	 	25,463	  	 	 	 	 	
Impairment charges	  	 	—  	  	 	 	 	 	 	 	—  	  	 	 	 	 	 	 	—  	  	 	 	 	 	 	 	618	  	 	 	 	 	
Interest income on Gaylord National bonds	  	 	2,951	  	 	 	 	 	 	 	2,967	  	 	 	 	 	 	 	9,045	  	 	 	 	 	 	 	9,347	  	 	 	 	 	
Other gains and (losses), net	  	 	2,528	  	 	 	 	 	 	 	2,468	  	 	 	 	 	 	 	2,504	  	 	 	 	 	 	 	2,468	  	 	 	 	 	
(Gain) loss on disposal of assets	  	 	—  	  	 	 	 	 	 	 	(13	) 	 	 	 	 	 	 	24	  	 	 	 	 	 	 	(13	) 	 	 	 	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted EBITDA	  	$	18,189	  	 	 	29.8	% 	 	$	18,680	  	 	 	31.0	% 	 	$	54,463	  	 	 	28.9	% 	 	$	56,155	  	 	 	29.8	% 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Occupancy	  	 	72.4	% 	 	 	 	 	 	 	70.6	% 	 	 	 	 	 	 	69.8	% 	 	 	 	 	 	 	71.0	% 	 	 	 	 	
Average daily rate (ADR)	  	$	194.37	  	 	 	 	 	 	$	195.38	  	 	 	 	 	 	$	207.48	  	 	 	 	 	 	$	206.32	  	 	 	 	 	
RevPAR	  	$	140.78	  	 	 	 	 	 	$	138.03	  	 	 	 	 	 	$	144.91	  	 	 	 	 	 	$	146.42	  	 	 	 	 	
OtherPAR	  	$	191.41	  	 	 	 	 	 	$	190.41	  	 	 	 	 	 	$	200.13	  	 	 	 	 	 	$	199.30	  	 	 	 	 	
Total RevPAR	  	$	332.19	  	 	 	 	 	 	$	328.44	  	 	 	 	 	 	$	345.04	  	 	 	 	 	 	$	345.72	  	 	 	 	 	
 	 	 	 	 	 	 	 	 	
The AC Hotel at National Harbor	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Revenue	  	$	2,598	  	 	 	 	 	 	$	2,507	  	 	 	 	 	 	$	7,432	  	 	 	 	 	 	$	4,820	  	 	 	 	 	
Operating Income	  	$	466	  	 	 	17.9	% 	 	$	497	  	 	 	19.8	% 	 	$	1,461	  	 	 	19.7	% 	 	$	314	  	 	 	6.5	% 	
Depreciation & amortization	  	 	316	  	 	 	 	 	 	 	317	  	 	 	 	 	 	 	948	  	 	 	 	 	 	 	772	  	 	 	 	 	
Preopening costs	  	 	—  	  	 	 	 	 	 	 	91	  	 	 	 	 	 	 	—  	  	 	 	 	 	 	 	851	  	 	 	 	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted EBITDA	  	$	782	  	 	 	30.1	% 	 	$	905	  	 	 	36.1	% 	 	$	2,409	  	 	 	32.4	% 	 	$	1,937	  	 	 	40.2	% 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Occupancy	  	 	71.5	% 	 	 	 	 	 	 	64.3	% 	 	 	 	 	 	 	66.7	% 	 	 	 	 	 	 	60.3	% 	 	 	 	 	
Average daily rate (ADR)	  	$	174.57	  	 	 	 	 	 	$	188.84	  	 	 	 	 	 	$	181.62	  	 	 	 	 	 	$	199.49	  	 	 	 	 	
RevPAR	  	$	124.74	  	 	 	 	 	 	$	121.47	  	 	 	 	 	 	$	121.18	  	 	 	 	 	 	$	120.33	  	 	 	 	 	
OtherPAR	  	$	22.30	  	 	 	 	 	 	$	20.47	  	 	 	 	 	 	$	20.09	  	 	 	 	 	 	$	17.60	  	 	 	 	 	
Total RevPAR	  	$	147.04	  	 	 	 	 	 	$	141.94	  	 	 	 	 	 	$	141.27	  	 	 	 	 	 	$	137.93	  	 	 	 	 	
 	 	 	 	 	 	 	 	 	
The Inn at Opryland	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Revenue	  	$	3,892	  	 	 	 	 	 	$	3,709	  	 	 	 	 	 	$	11,188	  	 	 	 	 	 	$	10,103	  	 	 	 	 	
Operating Income	  	$	844	  	 	 	21.7	% 	 	$	720	  	 	 	19.4	% 	 	$	2,302	  	 	 	20.6	% 	 	$	1,810	  	 	 	17.9	% 	
Depreciation & amortization	  	 	330	  	 	 	 	 	 	 	329	  	 	 	 	 	 	 	998	  	 	 	 	 	 	 	983	  	 	 	 	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted EBITDA	  	$	1,174	  	 	 	30.2	% 	 	$	1,049	  	 	 	28.3	% 	 	$	3,300	  	 	 	29.5	% 	 	$	2,793	  	 	 	27.6	% 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Occupancy	  	 	81.0	% 	 	 	 	 	 	 	78.3	% 	 	 	 	 	 	 	77.4	% 	 	 	 	 	 	 	73.6	% 	 	 	 	 	
Average daily rate (ADR)	  	$	128.65	  	 	 	 	 	 	$	121.55	  	 	 	 	 	 	$	129.05	  	 	 	 	 	 	$	122.30	  	 	 	 	 	
RevPAR	  	$	104.26	  	 	 	 	 	 	$	95.12	  	 	 	 	 	 	$	99.88	  	 	 	 	 	 	$	89.96	  	 	 	 	 	
OtherPAR	  	$	35.37	  	 	 	 	 	 	$	37.87	  	 	 	 	 	 	$	34.89	  	 	 	 	 	 	$	32.15	  	 	 	 	 	
Total RevPAR	  	$	139.63	  	 	 	 	 	 	$	132.99	  	 	 	 	 	 	$	134.77	  	 	 	 	 	 	$	122.11