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

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 26, 2016 (February 26, 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 February 26, 2016, Ryman Hospitality Properties, Inc. issued a press release announcing its financial results for the quarter and year ended December 31, 2015 and providing 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 February 26, 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: February 26, 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 February 26, 2016.	

Exhibit 99.1

Ryman Hospitality Properties, Inc. Reports Fourth Quarter and Full Year 2015 Results
- Reports Full Year Net Income of $111.5 Million -
- Reports Record Full Year Consolidated Adjusted EBITDA of $325.1 Million, an Increase of 11.7
Percent Over Full Year 2014 -
- Declares First Quarter 2016 Dividend of $0.75 Per Share; Intends to Pay a $3.00 Per Share Annual
Dividend, an 11 Percent Increase Over Full Year 2015 -
- Gross Advanced Group Bookings Increase 12.3 Percent Over Fourth Quarter 2014 -
- Issues 2016 Guidance -
NASHVILLE, Tenn. (Feb. 26, 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 fourth quarter and full year ended December 31, 2015.
Colin Reed, chairman and chief executive officer of Ryman Hospitality Properties, said, “We stated at the outset of 2015 that we believed it would be another strong year for our company, and as we finished the year with solid fourth quarter results, 2015 went into the books as our very best year on record from a revenue, profitability and hospitality bookings perspective. The double-digit Adjusted EBITDA growth we realized in full year 2015 when compared to full year 2014 speaks to the tremendous operational leverage that exists within our Hospitality segment and is further evidence of the work we have done with Marriott to fine tune this business and position our hotels to take full advantage of the demand we see on the horizon for our unique group-centric model.
“Both the full year and fourth quarter of 2015 were records for the company in terms of gross room night production. The strong production levels we have had over the past few years have positioned us well for 2016 and beyond, particularly given the lack of new group-oriented competitive supply we are seeing in our markets and across the United States for the next several years.”

The Company’s results include the following:
Consolidated Results
($ in thousands, except per share amounts, RevPAR and Total RevPAR)

 	 	Three Months Ended	 	 	Twelve Months Ended	 	
 	 	December 31,	 	 	December 31,	 	
 	 	As Reported	 	 	 	 	 	Pro Forma	 	 	 	 	 	As Reported	 	 	 	 	 	Pro Forma	 	 	 	 	
 	 	2015	 	 	2014	 	 	%D	 	 	2014 (1)	 	 	% D	 	 	2015	 	 	2014	 	 	% D	 	 	2014 (1)	 	 	% D	 	
Total Revenue	 	$	312,120	  	 	$	291,612	  	 	 	7.0	% 	 	$	290,013	  	 	 	7.6	% 	 	$	1,092,124	  	 	$	1,040,991	  	 	 	4.9	% 	 	$	1,035,188	  	 	 	5.5	% 	
 	 	 	 	 	 	 	 	 	 	 	
Same-Store Hospitality Revenue  (2)	 	$	285,320	  	 	$	269,931	  	 	 	5.7	% 	 	$	268,332	  	 	 	6.3	% 	 	$	987,631	  	 	$	954,166	  	 	 	3.5	% 	 	$	948,363	  	 	 	4.1	% 	
 	 	 	 	 	 	 	 	 	 	 	
Same-Store RevPAR  (2)	 	$	148.38	  	 	$	136.04	  	 	 	9.1	% 	 	 	 	 	 	 	 	 	 	$	134.80	  	 	$	129.98	  	 	 	3.7	% 	 	 	 	 	 	 	 	 	
Same-Store Total RevPAR  (2)	 	$	382.97	  	 	$	362.32	  	 	 	5.7	% 	 	$	360.17	  	 	 	6.3	% 	 	$	334.14	  	 	$	322.81	  	 	 	3.5	% 	 	$	320.85	  	 	 	4.1	% 	
 	 	 	 	 	 	 	 	 	 	 	
Adjusted EBITDA	 	$	88,298	  	 	$	77,683	  	 	 	13.7	% 	 	 	 	 	 	 	 	 	 	$	325,068	  	 	$	291,080	  	 	 	11.7	% 	 	 	 	 	 	 	 	 	
Adjusted EBITDA Margin	 	 	28.3	% 	 	 	26.6	% 	 	 	1.7	pt 	 	 	26.8	% 	 	 	1.5	pt 	 	 	29.8	% 	 	 	28.0	% 	 	 	1.8	pt 	 	 	28.1	% 	 	 	1.7	pt 	
 	 	 	 	 	 	 	 	 	 	 	
Same-Store Hospitality Adjusted EBITDA (2)	 	$	86,856	  	 	$	77,889	  	 	 	11.5	% 	 	 	 	 	 	 	 	 	 	$	312,970	  	 	$	285,869	  	 	 	9.5	% 	 	 	 	 	 	 	 	 	
Same-Store Hospitality Adjusted EBITDA Margin (2)	 	 	30.4	% 	 	 	28.9	% 	 	 	1.5	pt 	 	 	29.0	% 	 	 	1.4	pt 	 	 	31.7	% 	 	 	30.0	% 	 	 	1.7	pt 	 	 	30.1	% 	 	 	1.6	pt 	
 	 	 	 	 	 	 	 	 	 	 	
Adjusted FFO	 	$	80,656	  	 	$	65,531	  	 	 	23.1	% 	 	 	 	 	 	 	 	 	 	$	273,734	  	 	$	240,272	  	 	 	13.9	% 	 	 	 	 	 	 	 	 	
Adjusted FFO per diluted share	 	$	1.56	  	 	$	1.27	  	 	 	22.8	% 	 	 	 	 	 	 	 	 	 	$	5.30	  	 	$	4.30	  	 	 	23.3	% 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	
Operating income (3)	 	$	36,389	  	 	$	43,739	  	 	 	(16.8	%) 	 	 	 	 	 	 	 	 	 	$	162,062	  	 	$	153,105	  	 	 	5.9	% 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	
Net income available to common shareholders (3) (4) (5)	 	$	38,899	  	 	$	62,213	  	 	 	(37.5	%) 	 	 	 	 	 	 	 	 	 	$	111,511	  	 	$	121,035	  	 	 	(7.9	%) 	 	 	 	 	 	 	 	 	
Net income per diluted share available to common shareholders (3) (4) (5)	 	$	0.75	  	 	$	1.21	  	 	 	(38.0	%) 	 	 	 	 	 	 	 	 	 	$	2.16	  	 	$	2.17	  	 	 	(0.5	%) 	 	 	 	 	 	 	 	 	
 
(1)	Shown pro forma to present 2014 results with an accounting change related to parking fees as stipulated by the hospitality industry’s  Uniform System of Accounts for the Lodging Industry, Eleventh Revised Edition,  which became effective in January 2015. Prior to 2015, all revenue and expense associated with managed parking services at our hotels were reported on a gross basis. Beginning in 2015, only the net fee received from the parking manager is recorded as revenue.	
(2)	Same-Store excludes the AC Hotel at National Harbor, which opened in April 2015.	
(3)	Includes the impact of impairment charges recognized in 2015, which are costs associated with our decision to move forward with an expansion of the guest rooms and convention space at Gaylord Texan. This capital project replaced a previously contemplated expansion that we began incurring design costs for during 2007 and had been subsequently put on hold. As the new project will be substantially different from the previously contemplated project, we incurred an impairment charge of $16.3 million for the fourth quarter of 2015.	
(4)	Includes a $6.9 million gain in the fourth quarter of 2015 associated with the reimbursement of costs that were previously incurred related to a proposed development in Aurora, Colorado that were reimbursed by the current developer.	
(5)	Net income for full year 2015 and 2014 includes losses of $20.2 million and $4.2 million, respectively, on warrant settlements associated with our previous convertible notes. Net income available to common shareholders for full year 2014 also includes a $5.4 million loss on the call spread and warrant modifications related to these convertible notes. Net Income for fourth quarter and full year 2014 includes a gain of $26.1 million related to the sale of the Company’s rights pursuant to a letter of intent with The Peterson Companies.	
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.
 
2

Operating Results
Hospitality Segment
For the three months and twelve months ended December 31, 2015 and 2014, the Company reported the following:
Hospitality Segment Results
($ in thousands, except for ADR, RevPAR and Total RevPAR)

 	 	Three Months Ended	 	 	Twelve Months Ended	 	
 	 	December 31,	 	 	December 31,	 	
 	 	As Reported	 	 	 	 	 	Pro Forma	 	 	 	 	 	As Reported	 	 	 	 	 	Pro Forma	 	 	 	 	
 	 	2015	 	 	2014	 	 	% D	 	 	2014 (1)	 	 	% D	 	 	2015	 	 	2014	 	 	% D	 	 	2014 (1)	 	 	% D	 	
Hospitality Results	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	
Hospitality Revenue  (2)	 	$	287,472	  	 	$	269,931	  	 	 	6.5	% 	 	$	268,332	  	 	 	7.1	% 	 	$	994,603	  	 	$	954,166	  	 	 	4.2	% 	 	$	948,363	  	 	 	4.9	% 	
Hospitality Adjusted EBITDA	 	$	87,416	  	 	$	77,889	  	 	 	12.2	% 	 	 	 	 	 	 	 	 	 	$	315,466	  	 	$	285,869	  	 	 	10.4	% 	 	 	 	 	 	 	 	 	
Hospitality Adjusted EBITDA Margin	 	 	30.4	% 	 	 	28.9	% 	 	 	1.5	pt 	 	 	29.0	% 	 	 	1.4	pt 	 	 	31.7	% 	 	 	30.0	% 	 	 	1.7	pt 	 	 	30.1	% 	 	 	1.6	pt 	
 	 	 	 	 	 	 	 	 	 	 	
Hospitality Performance Metrics  (2)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Occupancy	 	 	76.4	% 	 	 	74.2	% 	 	 	2.2	pt 	 	 	 	 	 	 	 	 	 	 	73.6	% 	 	 	73.3	% 	 	 	0.3	pt 	 	 	 	 	 	 	 	 	
Average Daily Rate (ADR)	 	$	192.87	  	 	$	183.24	  	 	 	5.3	% 	 	 	 	 	 	 	 	 	 	$	182.56	  	 	$	177.27	  	 	 	3.0	% 	 	 	 	 	 	 	 	 	
RevPAR	 	$	147.33	  	 	$	136.04	  	 	 	8.3	% 	 	 	 	 	 	 	 	 	 	$	134.44	  	 	$	129.98	  	 	 	3.4	% 	 	 	 	 	 	 	 	 	
Total RevPAR	 	$	376.93	  	 	$	362.32	  	 	 	4.0	% 	 	$	360.17	  	 	 	4.7	% 	 	$	330.61	  	 	$	322.81	  	 	 	2.4	% 	 	$	320.85	  	 	 	3.0	% 	
 	 	 	 	 	 	 	 	 	 	 	
Gross Definite Rooms Nights Booked	 	 	976,883	  	 	 	870,144	  	 	 	12.3	% 	 	 	 	 	 	 	 	 	 	 	2,336,561	  	 	 	2,272,629	  	 	 	2.8	% 	 	 	 	 	 	 	 	 	
Net Definite Rooms Nights Booked	 	 	835,883	  	 	 	774,765	  	 	 	7.9	% 	 	 	 	 	 	 	 	 	 	 	1,898,181	  	 	 	1,814,044	  	 	 	4.6	% 	 	 	 	 	 	 	 	 	
Group Attrition (as % of contracted block)	 	 	12.7	% 	 	 	11.5	% 	 	 	(1.2	pt) 	 	 	 	 	 	 	 	 	 	 	12.8	% 	 	 	10.6	% 	 	 	(2.2	pt) 	 	 	 	 	 	 	 	 	
Cancellations ITYFTY  (3)	 	 	2,484	  	 	 	7,339	  	 	 	66.2	% 	 	 	 	 	 	 	 	 	 	 	29,746	  	 	 	31,707	  	 	 	6.2	% 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	
Same-Store Hospitality Results (4)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Same-Store Hospitality Revenue  (2)	 	$	285,320	  	 	$	269,931	  	 	 	5.7	% 	 	$	268,332	  	 	 	6.3	% 	 	$	987,631	  	 	$	954,166	  	 	 	3.5	% 	 	$	948,363	  	 	 	4.1	% 	
 	 	 	 	 	 	 	 	 	 	 	
Same-Store Hospitality Adjusted EBITDA	 	$	86,856	  	 	$	77,889	  	 	 	11.5	% 	 	 	 	 	 	 	 	 	 	$	312,970	  	 	$	285,869	  	 	 	9.5	% 	 	 	 	 	 	 	 	 	
Same-Store Hospitality Adjusted EBITDA Margin	 	 	30.4	% 	 	 	28.9	% 	 	 	1.5	pt 	 	 	29.0	% 	 	 	1.4	pt 	 	 	31.7	% 	 	 	30.0	% 	 	 	1.7	pt 	 	 	30.1	% 	 	 	1.6	pt 	
 	 	 	 	 	 	 	 	 	 	 	
Same-Store Hospitality Performance Metrics  (2)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Occupancy	 	 	76.9	% 	 	 	74.2	% 	 	 	2.7	pt 	 	 	 	 	 	 	 	 	 	 	73.9	% 	 	 	73.3	% 	 	 	0.6	pt 	 	 	 	 	 	 	 	 	
Average Daily Rate (ADR)	 	$	192.83	  	 	$	183.24	  	 	 	5.2	% 	 	 	 	 	 	 	 	 	 	$	182.34	  	 	$	177.27	  	 	 	2.9	% 	 	 	 	 	 	 	 	 	
RevPAR	 	$	148.38	  	 	$	136.04	  	 	 	9.1	% 	 	 	 	 	 	 	 	 	 	$	134.80	  	 	$	129.98	  	 	 	3.7	% 	 	 	 	 	 	 	 	 	
Total RevPAR	 	$	382.97	  	 	$	362.32	  	 	 	5.7	% 	 	$	360.17	  	 	 	6.3	% 	 	$	334.14	  	 	$	322.81	  	 	 	3.5	% 	 	$	320.85	  	 	 	4.1	% 	
 
(1)	Shown pro forma to present 2014 results with an accounting change related to parking fees as stipulated by the hospitality industry’s  Uniform System of Accounts for the Lodging Industry, Eleventh Revised Edition , which became effective in January 2015. Prior to 2015, all revenue and expense associated with managed parking services at our hotels were reported on a gross basis. Beginning in 2015, only the net fee received from the parking manager is recorded as revenue.	
(2)	During the twelve months ended December 31, 2015, Gaylord Opryland had approximately 18,000 room nights out of service due to a room renovation project that was completed in September 2015. During the twelve months ended December 31, 2014, Gaylord Texan had approximately 36,000 room nights out of service due to a room renovation project that was completed in August 2014. Out of service rooms do not impact total available room count for calculating hotel metrics (e.g., Occupancy, RevPAR, and Total RevPAR).	
(3)	“ITYFTY” represents In The Year For The Year.	
(4)	Same-Store excludes the AC Hotel at National Harbor, which opened in April 2015.	
 
3

Property-level results and operating metrics for fourth quarter and full year 2015 are presented in greater detail below and under “Supplemental Financial Results.” Highlights for fourth quarter 2015 for the Hospitality segment and at each property include:
 
 	•	 	Hospitality Segment (Same-Store): Total revenue increased 5.7 percent to $285.3 million in fourth quarter 2015 compared to fourth quarter 2014. RevPAR increased 9.1 percent in fourth quarter 2015 compared to fourth quarter 2014, driven primarily by an increase in ADR. Total RevPAR increased 5.7 percent in fourth quarter 2015 compared to fourth quarter 2014, driven primarily by occupancy increases and food and beverage revenues. Adjusted EBITDA for fourth quarter 2015 increased 11.5 percent, as compared to fourth quarter 2014, to $86.9 million, and Adjusted EBITDA margin grew by 150 basis points compared to the prior-year quarter.	
 
 	•	 	Gaylord Opryland: Total revenue for fourth quarter 2015 increased 7.1 percent, compared to fourth quarter 2014, to $96.9 million, driven by strong ADR growth of 6.4 percent primarily from association and transient rate growth. An increase in banquet revenue also led to the year-over-year increase in total revenue. Adjusted EBITDA increased 18.7 percent in fourth quarter 2015, compared to fourth quarter 2014, to $31.5 million and Adjusted EBITDA margin grew by 320 basis points compared to the same period in 2014, again driven by strong ADR growth, banquet revenue and strong overall expense management.	
 
 	•	 	Gaylord Palms: Total revenue for fourth quarter 2015 was $52.3 million, a 13.7 percent increase from the 2014 period, driven equally by growth in occupancy and ADR related to an increase in group business, as well as an increase in transient business related to holiday programming. Adjusted EBITDA increased 25.1 percent, as compared to fourth quarter 2014, to $14.4 million, and Adjusted EBITDA margin increased by 250 basis points from the same period in 2014 to 27.5 percent. Decreased attrition and cancellation revenue and higher administrative costs, including increases in property tax and property insurance negatively impacted the hotel’s margin for the quarter.	
 
 	•	 	Gaylord Texan: Total revenue for fourth quarter 2015 was $65.0 million, a 3.5 percent increase from the 2014 period, driven primarily by a total occupancy increase of 7.4 points that included a shift to association room nights, as well as higher-rated transient business related to holiday programming. Adjusted EBITDA increased 3.7 percent, as compared to fourth quarter 2014, to $22.4 million. Adjusted EBITDA margin was flat compared to the same period in 2014 at 34.4 percent.	
 
 	•	 	Gaylord National: Total revenue for fourth quarter 2015 was flat at $67.6 million compared to the 2014 period. Adjusted EBITDA increased 2.0 percent, as compared to fourth quarter 2014, to $16.6 million, driven primarily by a modest increase in ADR, and Adjusted EBITDA margin was flat at 24.5 percent.	
 
4

Reed continued, “Overall, our hotels had an excellent close to the year with three of our four hotels experiencing occupancy levels approaching or over 80 percent during the fourth quarter of 2015, which coupled with healthy ADR growth, outside-the-room spending and good expense management led to an 11.5 percent increase in same-store Hospitality Adjusted EBITDA, when compared to fourth quarter 2014, and a 30 percent Adjusted EBITDA margin. We were pleased to see Gaylord Palms rebound from a challenging third quarter, while both Gaylord Opryland and Gaylord Texan closed out their best years on record from a revenue and profitability standpoint. We remain excited by the strong short- and long-term group and leisure demand we are seeing in the greater Dallas market.”
Entertainment Segment
For the three months and twelve months ended December 31, 2015 and 2014, the Company reported the following:

 	  	Three Months Ended	 	 	Twelve Months Ended	 	
($ in thousands)	  	December 31,	 	 	December 31,	 	
 	  	2015	 	 	2014	 	 	% D	 	 	2015	 	 	2014	 	 	% D	 	
Revenue	  	$	24,648	  	 	$	21,681	  	 	 	13.7	% 	 	$	97,521	  	 	$	86,825	  	 	 	12.3	% 	
Operating Income	  	$	4,512	  	 	$	4,830	  	 	 	-6.6	% 	 	$	24,353	  	 	$	21,752	  	 	 	12.0	% 	
Adjusted EBITDA	  	$	6,205	  	 	$	6,238	  	 	 	-0.5	% 	 	$	30,787	  	 	$	27,529	  	 	 	11.8	% 	
Adjusted EBITDA Margin	  	 	25.2	% 	 	 	28.8	% 	 	 	-3.6	pt 	 	 	31.6	% 	 	 	31.7	% 	 	 	-0.1	pt 	
Reed continued, “Our Entertainment segment had another impressive year with double-digit revenue gains in the fourth quarter and full year of 2015, compared to 2014, as well as an 11.8 percent increase in Adjusted EBITDA for full year 2015. This business segment continues to strengthen, and we are enthusiastic about its future growth prospects, which we plan to discuss at our upcoming Institutional Investor and Analyst Day in March.”
 
5

Corporate and Other Segment Results
For the three months and twelve months ended December 31, 2015 and 2014, the Company reported the following:

 	  	Three Months Ended	 	 	Twelve Months Ended	 	
($ in thousands)	  	December 31,	 	 	December 31,	 	
 	  	2015	 	 	2014	 	 	% D	 	 	2015	 	 	2014	 	 	% D	 	
Operating Loss (1)	  	($	8,197	) 	 	($	8,582	) 	 	 	4.5	% 	 	($	31,674	) 	 	($	31,171	) 	 	 	(1.6	%) 	
Adjusted EBITDA	  	($	5,323	) 	 	($	6,444	) 	 	 	17.4	% 	 	($	21,185	) 	 	($	22,318	) 	 	 	5.1	% 	
 
(1)	Corporate operating loss for the three months and twelve months ended December 31, 2015 includes a non-cash settlement charge of $0.8 million and $2.4 million, respectively, for the Company’s grandfathered defined benefit pension plan, which was a result of increased lump sum distributions during 2015.	
Development Update
Subsequent to the end of the quarter, on January 20, 2016, the Company announced a $120 million expansion of Gaylord Texan Resort and Convention Center. The planned expansion will add 300 guest rooms and 86,000 square feet of carpeted meeting space, bringing the Texan’s total room count to 1,811 rooms and the total meeting space to approximately 490,000 square feet. Construction is expected to begin in fourth quarter 2016 and expected to be completed during the second quarter of 2018. The project also includes a $5 million resort pool expansion, which is expected to be completed for the 2016 summer season. The project will be funded with cash on hand and borrowings under the Company’s revolving credit facility. In addition, the City of Grapevine has agreed to rebate $1 million of the hotel’s rooms tax annually for a ten-year period upon the completion of the expansion, for a total of $10 million in city incentives.
Dividend Update
The Company paid its fourth quarter 2015 cash dividend of $0.70 per share of common stock on January 15, 2016 to stockholders of record on December 30, 2015. Including the fourth quarter cash dividend payment, the Company paid a total of $2.70 per share of common stock for full year 2015.
Today, the Company declared its first quarter cash dividend of $0.75 per share of common stock payable on April 15, 2016 to stockholders of record on March 31, 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 in April, July, and October of 2016 and in January of 2017, which is an 11 percent increase over the full year 2015 dividend of $2.70. If expected regular quarterly dividends for 2016 do not satisfy the Company’s annual distribution requirements, the Company would satisfy the annual distribution requirement by paying a “catch up” dividend in January 2017. Any future dividend is subject to the board’s future determinations as to the amount of quarterly distributions and the timing thereof.
 
6

Balance Sheet/Liquidity Update
As of December 31, 2015, the Company had total debt outstanding of $1,431.7 million, net of unamortized deferred financing costs, and unrestricted cash of $56.3 million. As of December 31, 2015, $306.4 million of borrowings were drawn under the revolving credit line of the Company’s credit facility, and the lending banks had issued $1.8 million in letters of credit, which left $391.8 million of availability for borrowing under the credit facility.
Share Repurchase Authorization Update
On August 20, 2015, the Board of Directors authorized a share repurchase program for up to $100 million of the Company’s common stock using cash on hand and borrowings under its revolving credit line. The repurchases are intended to be implemented through open market transactions on U.S. exchanges or in privately negotiated transactions, in accordance with applicable securities laws, and any market purchases will be made during open trading window periods or pursuant to any applicable Rule 10b5-1 trading plans. The repurchase authorization extends until December 31, 2016. The timing, prices, and sizes of repurchases will depend upon prevailing market prices, general economic and market conditions and other considerations. The repurchase program does not obligate the Company to acquire any particular amount of stock. As of February 25, 2016, the Company had repurchased and cancelled approximately 500,000 shares of its common stock during the first quarter of 2016 for an aggregate purchase price of approximately $23.0 million, which the Company funded using cash on hand and borrowings under the revolving credit line of its credit facility.
Reed continued, “We put this share repurchase program in place so we would be well-positioned to enter the market in the event that we felt our equity price was not reflective of the intrinsic value of our business and our irreplaceable assets. We are bullish on our business, and these repurchases represent an important part of both our capital allocation and long-term value creation strategies for our shareholders.”
 
7

Guidance
The following business performance outlook is based on current information as of February 26, 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.
Reed continued, “As we have discussed over the past year, 2016 has been building for some time to be a strong year for our company. We entered 2016 with more group room nights on the books than we had going into 2015, and a majority of these additional room nights are in the corporate group segment, which typically drives higher room rate and outside-the-room spend. While overall economic outlook remains uncertain, we believe this solid base of group bookings will allow us to drive steady growth in revenue. As such, we are reflecting an anticipated RevPAR growth of 3.5% to 6.0% versus 2015. Given the group business we have on the books for 2016, we expect outside-the-room spending to remain healthy as well. As such, we believe we will generate between 3.5% and 6.0% growth in Total RevPAR over 2015.
We are providing full year 2016 Adjusted EBITDA guidance for our Hospitality segment of $328.0 to $338.0 million, and we anticipate Adjusted EBITDA margin will improve by 30 to 50 basis points. In addition, this Adjusted EBITDA guidance for our Hospitality segment includes the impact of continued room renovation work at Gaylord Opryland, which we believe will result in approximately 34,100 room nights out of service for 2016. For comparability purposes, we have not included the 192-room AC Hotel in our Hospitality RevPAR and Hospitality Total RevPAR guidance, as this property opened in April 2015. Adjusted EBITDA guidance for this property for full year 2016 is $3.0 to $4.0 million. Our 2016 Adjusted EBITDA guidance for the Entertainment segment is $31.0 to $35.0 million and Corporate & Other guidance for Adjusted EBITDA in 2016 is a loss of $23.0 to $21.0 million. As a result, our guidance for 2016 Adjusted EBITDA on a consolidated basis is $339.0 to $356.0 million.”
 
8

 	 	 	 	 	 	 	 	 	
$ in millions, except per share figures	  	Guidance	 	
 	  	Full Year 2016	 	
 	  	Low	 	 	High	 	
Hospitality RevPAR 1	  	 	3.5	% 	 	 	6.0	% 	
Hospitality Total RevPAR 1	  	 	3.5	% 	 	 	6.0	% 	
Hospitality Adjusted EBITDA Margin Change	  	 	+ 30 bps	  	 	 	+ 50 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	  	$	4.83	  	 	$	5.24	  	
Adjusted FFO per Diluted Share	  	$	5.24	  	 	$	5.63	  	
 	 	 	
Estimated Diluted Shares Outstanding	  	 	51.3	  	 	 	51.3	  	
 
1.	Hospitality segment guidance for RevPAR and Total RevPAR does not include the AC Hotel.	
2.	Hospitality segment guidance assumes approximately 34,100 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).	
Earnings Call Information
Ryman Hospitality Properties will hold a conference call to discuss this release today at 11 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.
2016 Institutional Investor and Analyst Day
The Company will hold its 2016 Institutional Investor and Analyst Day on March 9 and 10, 2016 at Gaylord Opryland Resort and Convention Center in Nashville, Tennessee. Information on how to register and attend may be found at http://rymanhp.com/investor-analyst-day/. The presentation portion of the
 
9

event will be webcast and can be accessed through Ryman Hospitality Properties’ website at http://rymanhp.com. To listen to the webcast, please visit the investor relations section of the website at least 15 minutes prior to the beginning of the scheduled presentation to register, download and install necessary multimedia streaming software. For those who cannot listen to the live broadcast, a replay will be available after the presentation and will run for 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 7,795 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 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
 
10

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, 2014 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 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 unconsolidated entities; interest expense; and depreciation and amortization, less interest income. Adjusted EBITDA is 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
 
11

settlements; pension settlement charges; (gain) on sale of Peterson LOI 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 operating income to segment Adjusted EBITDA are set forth below under “Supplemental Financial Results.” The losses on the call spread and warrant modifications related to our convertible notes and warrant repurchases do not result in a charge to net income; therefore, Adjusted EBITDA does not reflect the impact of these losses. 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 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, gain on the sale of the Peterson LOI and gains (losses) on extinguishment of debt and warrant settlements. For periods prior to 2015, we also deducted certain capital expenditures. Beginning in 2016, we will 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.” The losses on the call spread and warrant modifications related to our convertible notes and warrant repurchases do not result in a charge to net income; therefore, Adjusted FFO does not reflect the impact of these losses.
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
 
12

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 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	
 
13

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

 	  	Three Months Ended	 	 	Twelve Months Ended	 	
 	  	Dec. 31,	 	 	Dec. 31,	 	
 	  	2015	 	 	2014	 	 	2015	 	 	2014	 	
Revenues :	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Rooms	  	$	112,368	  	 	$	101,349	  	 	$	404,457	  	 	$	384,185	  	
Food and beverage	  	 	115,226	  	 	 	106,295	  	 	 	461,157	  	 	 	437,673	  	
Other hotel revenue	  	 	59,878	  	 	 	62,287	  	 	 	128,989	  	 	 	132,308	  	
Entertainment (previously Opry and Attractions)	  	 	24,648	  	 	 	21,681	  	 	 	97,521	  	 	 	86,825	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	  	 	312,120	  	 	 	291,612	  	 	 	1,092,124	  	 	 	1,040,991	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating expenses:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Rooms	  	 	29,851	  	 	 	29,086	  	 	 	110,067	  	 	 	111,864	  	
Food and beverage	  	 	67,919	  	 	 	63,610	  	 	 	261,580	  	 	 	248,358	  	
Other hotel expenses	  	 	102,476	  	 	 	99,048	  	 	 	312,989	  	 	 	311,836	  	
Management fees	  	 	4,141	  	 	 	4,666	  	 	 	14,657	  	 	 	16,151	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total hotel operating expenses	  	 	204,387	  	 	 	196,410	  	 	 	699,293	  	 	 	688,209	  	
Entertainment (previously Opry and Attractions)	  	 	18,588	  	 	 	15,576	  	 	 	67,363	  	 	 	59,815	  	
Corporate	  	 	7,530	  	 	 	7,866	  	 	 	28,914	  	 	 	27,573	  	
Preopening costs	  	 	—  	  	 	 	11	  	 	 	909	  	 	 	11	  	
Impairment and other charges	  	 	16,310	  	 	 	—  	  	 	 	19,200	  	 	 	—  	  	
Depreciation and amortization	  	 	28,916	  	 	 	28,010	  	 	 	114,383	  	 	 	112,278	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total operating expenses	  	 	275,731	  	 	 	247,873	  	 	 	930,062	  	 	 	887,886	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income	  	 	36,389	  	 	 	43,739	  	 	 	162,062	  	 	 	153,105	  	
 	 	 	 	 	
Interest expense, net of amounts capitalized	  	 	(16,136	) 	 	 	(13,170	) 	 	 	(63,901	) 	 	 	(61,447	) 	
Interest income	  	 	3,001	  	 	 	3,005	  	 	 	12,384	  	 	 	12,075	  	
Loss on extinguishment of debt	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	(2,148	) 	
Other gains and (losses), net	  	 	7,215	  	 	 	28,008	  	 	 	(10,889	) 	 	 	23,400	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	  	 	30,469	  	 	 	61,582	  	 	 	99,656	  	 	 	124,985	  	
 	 	 	 	 	
Benefit for income taxes	  	 	8,430	  	 	 	1,096	  	 	 	11,855	  	 	 	1,467	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income	  	 	38,899	  	 	 	62,678	  	 	 	111,511	  	 	 	126,452	  	
 	 	 	 	 	
Loss on call spread and warrant modifications related to convertible notes	  	 	—  	  	 	 	(465	) 	 	 	—  	  	 	 	(5,417	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income available to common shareholders	  	$	38,899	  	 	$	62,213	  	 	$	111,511	  	 	$	121,035	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Basic net income per share available to common shareholders	  	$	0.76	  	 	$	1.22	  	 	$	2.18	  	 	$	2.38	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Fully diluted net income per share available to common shareholders	  	$	0.75	  	 	$	1.21	  	 	$	2.16	  	 	$	2.17	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Weighted average common shares for the period:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Basic	  	 	51,287	  	 	 	51,026	  	 	 	51,241	  	 	 	50,861	  	
Diluted (1)	  	 	51,684	  	 	 	51,483	  	 	 	51,612	  	 	 	55,880	  	
 
(1)	Represents GAAP calculation of diluted shares and does not consider anti-dilutive effect of the Company’s purchased call options associated with its previously outstanding convertible notes. For the twelve months ended December 31, 2014, the purchased call options effectively reduce dilution by approximately 4.5 million shares of common stock.	

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

 	  	Dec. 31,	 	  	Dec. 31,	 	
 	  	2015	 	  	2014	 	
ASSETS:	  	 	 	 	  	 	 	 	
Property and equipment, net of accumulated depreciation	  	$	1,982,816	  	  	$	2,036,261	  	
Cash and cash equivalents - unrestricted	  	 	56,291	  	  	 	76,408	  	
Cash and cash equivalents - restricted	  	 	22,355	  	  	 	17,410	  	
Notes receivable	  	 	152,560	  	  	 	149,612	  	
Trade receivables, net	  	 	55,033	  	  	 	45,188	  	
Prepaid expenses and other assets	  	 	62,379	  	  	 	66,621	  	
 	  	 	 	 	  	 	 	 	
Total assets	  	$	2,331,434	  	  	$	2,391,500	  	
 	  	 	 	 	  	 	 	 	
LIABILITIES AND STOCKHOLDERS’ EQUITY:	  	 	 	 	  	 	 	 	
Debt and capital lease obligations	  	$	1,431,710	  	  	$	1,319,909	  	
Accounts payable and accrued liabilities	  	 	153,383	  	  	 	166,848	  	
Deferred income taxes	  	 	1,163	  	  	 	14,284	  	
Deferred management rights proceeds	  	 	183,119	  	  	 	183,423	  	
Dividends payable	  	 	36,868	  	  	 	29,133	  	
Derivative liabilities	  	 	—  	  	  	 	134,477	  	
Other liabilities	  	 	145,629	  	  	 	142,019	  	
Stockholders’ equity	  	 	379,562	  	  	 	401,407	  	
 	  	 	 	 	  	 	 	 	
Total liabilities and stockholders’ equity	  	$	2,331,434	  	  	$	2,391,500	  	

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

 	 	Three Months Ended Dec. 31,	 	 	Twelve Months Ended Dec. 31,	 	
 	 	2015	 	 	2014	 	 	2015	 	 	2014	 	
 	 	$	 	 	Margin	 	 	$	 	 	Margin	 	 	$	 	 	Margin	 	 	$	 	 	Margin	 	
Consolidated	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Revenue	 	$	312,120	  	 	 	 	 	 	$	291,612	  	 	 	 	 	 	$	1,092,124	  	 	 	 	 	 	$	1,040,991	  	 	 	 	 	
Net income	 	$	38,899	  	 	 	 	 	 	$	62,678	  	 	 	 	 	 	$	111,511	  	 	 	 	 	 	$	126,452	  	 	 	 	 	
Benefit for income taxes	 	 	(8,430	) 	 	 	 	 	 	 	(1,096	) 	 	 	 	 	 	 	(11,855	) 	 	 	 	 	 	 	(1,467	) 	 	 	 	 	
Other (gains) and losses, net	 	 	(7,215	) 	 	 	 	 	 	 	(28,008	) 	 	 	 	 	 	 	10,889	  	 	 	 	 	 	 	(23,400	) 	 	 	 	 	
Net loss on the extinguishment of debt	 	 	—  	  	 	 	 	 	 	 	—  	  	 	 	 	 	 	 	—  	  	 	 	 	 	 	 	2,148	  	 	 	 	 	
Interest expense, net	 	 	13,135	  	 	 	 	 	 	 	10,165	  	 	 	 	 	 	 	51,517	  	 	 	 	 	 	 	49,372	  	 	 	 	 	
Depreciation & amortization	 	 	28,916	  	 	 	 	 	 	 	28,010	  	 	 	 	 	 	 	114,383	  	 	 	 	 	 	 	112,278	  	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
EBITDA	 	 	65,305	  	 	 	20.9	% 	 	 	71,749	  	 	 	24.6	% 	 	 	276,445	  	 	 	25.3	% 	 	 	265,383	  	 	 	25.5	% 	
Preopening costs	 	 	—  	  	 	 	 	 	 	 	11	  	 	 	 	 	 	 	909	  	 	 	 	 	 	 	11	  	 	 	 	 	
Non-cash lease expense	 	 	1,341	  	 	 	 	 	 	 	1,370	  	 	 	 	 	 	 	5,364	  	 	 	 	 	 	 	5,481	  	 	 	 	 	
Equity-based compensation	 	 	1,576	  	 	 	 	 	 	 	1,554	  	 	 	 	 	 	 	6,158	  	 	 	 	 	 	 	5,773	  	 	 	 	 	
Pension settlement charge	 	 	763	  	 	 	 	 	 	 	—  	  	 	 	 	 	 	 	2,356	  	 	 	 	 	 	 	—  	  	 	 	 	 	
Impairment charges	 	 	16,310	  	 	 	 	 	 	 	—  	  	 	 	 	 	 	 	19,200	  	 	 	 	 	 	 	—  	  	 	 	 	 	
Interest income on Gaylord National bonds	 	 	2,990	  	 	 	 	 	 	 	2,998	  	 	 	 	 	 	 	12,337	  	 	 	 	 	 	 	12,054	  	 	 	 	 	
Other gains and (losses), net	 	 	7,215	  	 	 	 	 	 	 	28,008	  	 	 	 	 	 	 	(10,889	) 	 	 	 	 	 	 	23,400	  	 	 	 	 	
Gain on Peterson LOI	 	 	—  	  	 	 	 	 	 	 	(26,135	) 	 	 	 	 	 	 	—  	  	 	 	 	 	 	 	(26,135	) 	 	 	 	 	
(Gain) loss on warrant settlements	 	 	—  	  	 	 	 	 	 	 	(1,822	) 	 	 	 	 	 	 	20,246	  	 	 	 	 	 	 	4,243	  	 	 	 	 	
(Gain) loss on disposal of assets	 	 	(7,202	) 	 	 	 	 	 	 	(50	) 	 	 	 	 	 	 	(7,058	) 	 	 	 	 	 	 	870	  	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted EBITDA	 	$	88,298	  	 	 	28.3	% 	 	$	77,683	  	 	 	26.6	% 	 	$	325,068	  	 	 	29.8	% 	 	$	291,080	  	 	 	28.0	% 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Hospitality segment	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Revenue	 	$	287,472	  	 	 	 	 	 	$	269,931	  	 	 	 	 	 	$	994,603	  	 	 	 	 	 	$	954,166	  	 	 	 	 	
Operating income	 	$	40,074	  	 	 	 	 	 	$	47,491	  	 	 	 	 	 	$	169,383	  	 	 	 	 	 	$	162,524	  	 	 	 	 	
Depreciation & amortization	 	 	26,701	  	 	 	 	 	 	 	26,019	  	 	 	 	 	 	 	105,876	  	 	 	 	 	 	 	103,422	  	 	 	 	 	
Preopening costs	 	 	—  	  	 	 	 	 	 	 	11	  	 	 	 	 	 	 	851	  	 	 	 	 	 	 	11	  	 	 	 	 	
Non-cash lease expense	 	 	1,341	  	 	 	 	 	 	 	1,370	  	 	 	 	 	 	 	5,364	  	 	 	 	 	 	 	5,481	  	 	 	 	 	
Impairment charges	 	 	16,310	  	 	 	 	 	 	 	—  	  	 	 	 	 	 	 	19,200	  	 	 	 	 	 	 	—  	  	 	 	 	 	
Interest income on Gaylord National bonds	 	 	2,990	  	 	 	 	 	 	 	2,998	  	 	 	 	 	 	 	12,337	  	 	 	 	 	 	 	12,054	  	 	 	 	 	
Other gains and (losses), net	 	 	—  	  	 	 	 	 	 	 	—  	  	 	 	 	 	 	 	2,317	  	 	 	 	 	 	 	2,377	  	 	 	 	 	
Loss on disposal of assets	 	 	—  	  	 	 	 	 	 	 	—  	  	 	 	 	 	 	 	138	  	 	 	 	 	 	 	—  	  	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted EBITDA	 	$	87,416	  	 	 	30.4	% 	 	$	77,889	  	 	 	28.9	% 	 	$	315,466	  	 	 	31.7	% 	 	$	285,869	  	 	 	30.0	% 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Entertainment segment (previously Opry and Attractions)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Revenue	 	$	24,648	  	 	 	 	 	 	$	21,681	  	 	 	 	 	 	$	97,521	  	 	 	 	 	 	$	86,825	  	 	 	 	 	
Operating income	 	$	4,512	  	 	 	 	 	 	$	4,830	  	 	 	 	 	 	$	24,353	  	 	 	 	 	 	$	21,752	  	 	 	 	 	
Depreciation & amortization	 	 	1,548	  	 	 	 	 	 	 	1,275	  	 	 	 	 	 	 	5,747	  	 	 	 	 	 	 	5,258	  	 	 	 	 	
Preopening costs	 	 	—  	  	 	 	 	 	 	 	—  	  	 	 	 	 	 	 	58	  	 	 	 	 	 	 	—  	  	 	 	 	 	
Equity-based compensation	 	 	145	  	 	 	 	 	 	 	133	  	 	 	 	 	 	 	629	  	 	 	 	 	 	 	519	  	 	 	 	 	
Other gains and (losses), net	 	 	—  	  	 	 	 	 	 	 	—  	  	 	 	 	 	 	 	—  	  	 	 	 	 	 	 	152	  	 	 	 	 	
Gain on disposal of assets	 	 	—  	  	 	 	 	 	 	 	—  	  	 	 	 	 	 	 	—  	  	 	 	 	 	 	 	(152	) 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted EBITDA	 	$	6,205	  	 	 	25.2	% 	 	$	6,238	  	 	 	28.8	% 	 	$	30,787	  	 	 	31.6	% 	 	$	27,529	  	 	 	31.7	% 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Corporate and Other segment	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating loss	 	$	(8,197	) 	 	 	 	 	 	$	(8,582	) 	 	 	 	 	 	$	(31,674	) 	 	 	 	 	 	$	(31,171	) 	 	 	 	 	
Depreciation & amortization	 	 	667	  	 	 	 	 	 	 	716	  	 	 	 	 	 	 	2,760	  	 	 	 	 	 	 	3,598	  	 	 	 	 	
Equity-based compensation	 	 	1,431	  	 	 	 	 	 	 	1,421	  	 	 	 	 	 	 	5,529	  	 	 	 	 	 	 	5,254	  	 	 	 	 	
Pension settlement charge	 	 	763	  	 	 	 	 	 	 	—  	  	 	 	 	 	 	 	2,356	  	 	 	 	 	 	 	—  	  	 	 	 	 	
Impairment charges	 	 	—  	  	 	 	 	 	 	 	—  	  	 	 	 	 	 	 	—  	  	 	 	 	 	 	 	—  	  	 	 	 	 	
Other gains and (losses), net	 	 	7,215	  	 	 	 	 	 	 	28,008	  	 	 	 	 	 	 	(13,206	) 	 	 	 	 	 	 	20,871	  	 	 	 	 	
Gain on Peterson LOI	 	 	—  	  	 	 	 	 	 	 	(26,135	) 	 	 	 	 	 	 	—  	  	 	 	 	 	 	 	(26,135	) 	 	 	 	 	
(Gain) loss on warrant settlements	 	 	—  	  	 	 	 	 	 	 	(1,822	) 	 	 	 	 	 	 	20,246	  	 	 	 	 	 	 	4,243	  	 	 	 	 	
(Gain) loss on disposal of assets	 	 	(7,202	) 	 	 	 	 	 	 	(50	) 	 	 	 	 	 	 	(7,196	) 	 	 	 	 	 	 	1,022	  	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted EBITDA	 	$	(5,323	) 	 	 	 	 	 	$	(6,444	) 	 	 	 	 	 	$	(21,185	) 	 	 	 	 	 	$	(22,318	) 	 	 	 	 	

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

 	  	Three Months Ended Dec. 31,	 	 	Twelve Months Ended Dec. 31,	 	
 	  	2015	 	 	2014	 	 	2015	 	 	2014	 	
Consolidated	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income	  	$	38,899	  	 	$	62,678	  	 	$	111,511	  	 	$	126,452	  	
Depreciation & amortization	  	 	28,916	  	 	 	28,010	  	 	 	114,383	  	 	 	112,278	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
FFO	  	 	67,815	  	 	 	90,688	  	 	 	225,894	  	 	 	238,730	  	
Non-cash lease expense	  	 	1,341	  	 	 	1,370	  	 	 	5,364	  	 	 	5,481	  	
Pension settlement charge	  	 	763	  	 	 	—  	  	 	 	2,356	  	 	 	—  	  	
Impairment charges	  	 	16,310	  	 	 	104	  	 	 	19,200	  	 	 	104	  	
Gain on Peterson LOI	  	 	—  	  	 	 	(26,135	) 	 	 	—  	  	 	 	(26,135	) 	
Loss on extinguishment of debt	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	2,148	  	
(Gain) loss on warrant settlements	  	 	—  	  	 	 	(1,822	) 	 	 	20,246	  	 	 	4,243	  	
(Gain) loss on other assets	  	 	(6,903	) 	 	 	(101	) 	 	 	(6,759	) 	 	 	1,007	  	
Write-off of deferred financing costs	  	 	—  	  	 	 	—  	  	 	 	1,926	  	 	 	—  	  	
Amortization of deferred financing costs	  	 	1,330	  	 	 	1,427	  	 	 	5,507	  	 	 	5,959	  	
Amortization of debt discounts	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	8,735	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted FFO	  	$	80,656	  	 	$	65,531	  	 	$	273,734	  	 	$	240,272	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Capital expenditures (1)	  	 	(15,001	) 	 	 	(11,437	) 	 	 	(50,988	) 	 	 	(40,356	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted FFO less maintenance capital expenditures	  	$	65,655	  	 	$	54,094	  	 	$	222,746	  	 	$	199,916	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
FFO per basic share	  	$	1.32	  	 	$	1.78	  	 	$	4.41	  	 	$	4.69	  	
Adjusted FFO per basic share	  	$	1.57	  	 	$	1.28	  	 	$	5.34	  	 	$	4.72	  	
 	 	 	 	 	
FFO per diluted share (2)	  	$	1.31	  	 	$	1.76	  	 	$	4.38	  	 	$	4.27	  	
Adjusted FFO per diluted share (2)	  	$	1.56	  	 	$	1.27	  	 	$	5.30	  	 	$	4.30	  	
 
(1)	Represents FF&E reserve for managed properties and maintenance capital expenditures for non-managed properties.	
(2)	The GAAP calculation of diluted shares does not consider anti-dilutive effect of the Company’s purchased call options associated with its previously outstanding convertible notes. For the twelve months ended December 31, 2014, the purchased call options effectively reduce dilution by approximately 4.5 million shares of common stock.	

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES
SUPPLEMENTAL FINANCIAL RESULTS
Unaudited
(in thousands, except operating metrics)

 	  	Three Months Ended Dec. 31,	 	 	Twelve Months Ended Dec. 31,	 	
 	  	2015	 	 	2014	 	 	2014 (1)	 	 	2015	 	 	2014	 	 	2014 (1)	 	
HOSPITALITY OPERATING METRICS:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	
Hospitality Segment	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	
Occupancy	  	 	76.4	% 	 	 	74.2	% 	 	 	74.2	% 	 	 	73.6	% 	 	 	73.3	% 	 	 	73.3	% 	
Average daily rate (ADR)	  	$	192.87	  	 	$	183.24	  	 	$	183.24	  	 	$	182.56	  	 	$	177.27	  	 	$	177.27	  	
RevPAR	  	$	147.33	  	 	$	136.04	  	 	$	136.04	  	 	$	134.44	  	 	$	129.98	  	 	$	129.98	  	
OtherPAR	  	$	229.60	  	 	$	226.28	  	 	$	224.13	  	 	$	196.17	  	 	$	192.83	  	 	$	190.87	  	
Total RevPAR	  	$	376.93	  	 	$	362.32	  	 	$	360.17	  	 	$	330.61	  	 	$	322.81	  	 	$	320.85	  	
 	 	 	 	 	 	 	
Revenue	  	$	287,472	  	 	$	269,931	  	 	$	268,332	  	 	$	994,603	  	 	$	954,166	  	 	$	948,363	  	
Adjusted EBITDA	  	$	87,416	  	 	$	77,889	  	 	$	77,889	  	 	$	315,466	  	 	$	285,869	  	 	$	285,869	  	
Adjusted EBITDA Margin	  	 	30.4	% 	 	 	28.9	% 	 	 	29.0	% 	 	 	31.7	% 	 	 	30.0	% 	 	 	30.1	% 	
 	 	 	 	 	 	 	
Same-Store Hospitality Segment (2)	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	
Occupancy	  	 	76.9	% 	 	 	74.2	% 	 	 	74.2	% 	 	 	73.9	% 	 	 	73.3	% 	 	 	73.3	% 	
Average daily rate (ADR)	  	$	192.83	  	 	$	183.24	  	 	$	183.24	  	 	$	182.34	  	 	$	177.27	  	 	$	177.27	  	
RevPAR	  	$	148.38	  	 	$	136.04	  	 	$	136.04	  	 	$	134.80	  	 	$	129.98	  	 	$	129.98	  	
OtherPAR	  	$	234.59	  	 	$	226.28	  	 	$	224.13	  	 	$	199.34	  	 	$	192.83	  	 	$	190.87	  	
Total RevPAR	  	$	382.97	  	 	$	362.32	  	 	$	360.17	  	 	$	334.14	  	 	$	322.81	  	 	$	320.85	  	
 	 	 	 	 	 	 	
Revenue	  	$	285,320	  	 	$	269,931	  	 	$	268,332	  	 	$	987,631	  	 	$	954,166	  	 	$	948,363	  	
Adjusted EBITDA	  	$	86,856	  	 	$	77,889	  	 	$	77,889	  	 	$	312,970	  	 	$	285,869	  	 	$	285,869	  	
Adjusted EBITDA Margin	  	 	30.4	% 	 	 	28.9	% 	 	 	29.0	% 	 	 	31.7	% 	 	 	30.0	% 	 	 	30.1	% 	
 	 	 	 	 	 	 	
Gaylord Opryland	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	
Occupancy	  	 	81.5	% 	 	 	80.1	% 	 	 	80.1	% 	 	 	74.9	% 	 	 	76.2	% 	 	 	76.2	% 	
Average daily rate (ADR)	  	$	186.21	  	 	$	174.94	  	 	$	174.94	  	 	$	170.42	  	 	$	167.53	  	 	$	167.53	  	
RevPAR	  	$	151.75	  	 	$	140.18	  	 	$	140.18	  	 	$	127.66	  	 	$	127.60	  	 	$	127.60	  	
OtherPAR	  	$	213.66	  	 	$	200.94	  	 	$	198.75	  	 	$	175.79	  	 	$	168.49	  	 	$	166.59	  	
Total RevPAR	  	$	365.41	  	 	$	341.12	  	 	$	338.93	  	 	$	303.45	  	 	$	296.09	  	 	$	294.19	  	
 	 	 	 	 	 	 	
Revenue	  	$	96,886	  	 	$	90,446	  	 	$	89,865	  	 	$	319,211	  	 	$	311,461	  	 	$	309,466	  	
Adjusted EBITDA	  	$	31,515	  	 	$	26,539	  	 	$	26,539	  	 	$	107,791	  	 	$	100,181	  	 	$	100,181	  	
Adjusted EBITDA Margin	  	 	32.5	% 	 	 	29.3	% 	 	 	29.5	% 	 	 	33.8	% 	 	 	32.2	% 	 	 	32.4	% 	
 	 	 	 	 	 	 	
Gaylord Palms	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	
Occupancy	  	 	79.4	% 	 	 	73.7	% 	 	 	73.7	% 	 	 	74.6	% 	 	 	75.6	% 	 	 	75.6	% 	
Average daily rate (ADR)	  	$	184.05	  	 	$	171.68	  	 	$	171.68	  	 	$	173.17	  	 	$	169.80	  	 	$	169.80	  	
RevPAR	  	$	146.08	  	 	$	126.51	  	 	$	126.51	  	 	$	129.25	  	 	$	128.29	  	 	$	128.29	  	
OtherPAR	  	$	258.17	  	 	$	229.09	  	 	$	226.21	  	 	$	218.14	  	 	$	216.26	  	 	$	213.73	  	
Total RevPAR	  	$	404.25	  	 	$	355.60	  	 	$	352.72	  	 	$	347.39	  	 	$	344.55	  	 	$	342.02	  	
 	 	 	 	 	 	 	
Revenue	  	$	52,291	  	 	$	45,996	  	 	$	45,624	  	 	$	178,279	  	 	$	176,818	  	 	$	175,522	  	
Adjusted EBITDA	  	$	14,375	  	 	$	11,493	  	 	$	11,493	  	 	$	50,768	  	 	$	48,900	  	 	$	48,900	  	
Adjusted EBITDA Margin	  	 	27.5	% 	 	 	25.0	% 	 	 	25.2	% 	 	 	28.5	% 	 	 	27.7	% 	 	 	27.9	% 	
 	 	 	 	 	 	 	
Gaylord Texan	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	
Occupancy	  	 	79.7	% 	 	 	72.3	% 	 	 	72.3	% 	 	 	76.7	% 	 	 	70.9	% 	 	 	70.9	% 	
Average daily rate (ADR)	  	$	201.17	  	 	$	189.34	  	 	$	189.34	  	 	$	192.66	  	 	$	182.23	  	 	$	182.23	  	
RevPAR	  	$	160.34	  	 	$	136.87	  	 	$	136.87	  	 	$	147.69	  	 	$	129.12	  	 	$	129.12	  	
OtherPAR	  	$	307.06	  	 	$	314.84	  	 	$	312.25	  	 	$	252.09	  	 	$	237.92	  	 	$	235.94	  	
Total RevPAR	  	$	467.40	  	 	$	451.71	  	 	$	449.12	  	 	$	399.78	  	 	$	367.04	  	 	$	365.06	  	
 	 	 	 	 	 	 	
Revenue	  	$	64,975	  	 	$	62,793	  	 	$	62,433	  	 	$	220,486	  	 	$	202,430	  	 	$	201,338	  	
Adjusted EBITDA	  	$	22,383	  	 	$	21,594	  	 	$	21,594	  	 	$	76,878	  	 	$	63,724	  	 	$	63,724	  	
Adjusted EBITDA Margin	  	 	34.4	% 	 	 	34.4	% 	 	 	34.6	% 	 	 	34.9	% 	 	 	31.5	% 	 	 	31.7	% 	
 	 	 	 	 	 	 	
Gaylord National	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	
Occupancy	  	 	66.9	% 	 	 	66.9	% 	 	 	66.9	% 	 	 	70.0	% 	 	 	69.6	% 	 	 	69.6	% 	
Average daily rate (ADR)	  	$	216.54	  	 	$	214.62	  	 	$	214.62	  	 	$	208.79	  	 	$	205.04	  	 	$	205.04	  	
RevPAR	  	$	144.97	  	 	$	143.62	  	 	$	143.62	  	 	$	146.06	  	 	$	142.72	  	 	$	142.72	  	
OtherPAR	  	$	223.35	  	 	$	222.84	  	 	$	221.29	  	 	$	205.35	  	 	$	201.73	  	 	$	199.78	  	
Total RevPAR	  	$	368.32	  	 	$	366.46	  	 	$	364.91	  	 	$	351.41	  	 	$	344.45	  	 	$	342.50	  	
 	 	 	 	 	 	 	
Revenue	  	$	67,636	  	 	$	67,295	  	 	$	67,009	  	 	$	256,020	  	 	$	250,948	  	 	$	249,528	  	
Adjusted EBITDA	  	$	16,571	  	 	$	16,253	  	 	$	16,253	  	 	$	72,725	  	 	$	68,728	  	 	$	68,728	  	
Adjusted EBITDA Margin	  	 	24.5	% 	 	 	24.2	% 	 	 	24.3	% 	 	 	28.4	% 	 	 	27.4	% 	 	 	27.5	% 	
 	 	 	 	 	 	 	
The AC Hotel at National Harbor (3)	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	
Occupancy	  	 	52.7	% 	 	 	n/a	  	 	 	n/a	  	 	 	57.8	% 	 	 	n/a	  	 	 	n/a	  	
Average daily rate (ADR)	  	$	195.87	  	 	 	n/a	  	 	 	n/a	  	 	$	198.38	  	 	 	n/a	  	 	 	n/a	  	
RevPAR	  	$	103.30	  	 	 	n/a	  	 	 	n/a	  	 	$	114.61	  	 	 	n/a	  	 	 	n/a	  	
OtherPAR	  	$	18.55	  	 	 	n/a	  	 	 	n/a	  	 	$	17.92	  	 	 	n/a	  	 	 	n/a	  	
Total RevPAR	  	$	121.85	  	 	 	n/a	  	 	 	n/a	  	 	$	132.53	  	 	 	n/a	  	 	 	n/a	  	
 	 	 	 	 	 	 	
Revenue	  	$	2,152	  	 	 	n/a	  	 	 	n/a	  	 	$	6,972	  	 	 	n/a	  	 	 	n/a	  	
Adjusted EBITDA	  	$	560	  	 	 	n/a	  	 	 	n/a	  	 	$	2,496	  	 	 	n/a	  	 	 	n/a	  	
Adjusted EBITDA Margin	  	 	26.0	% 	 	 	n/a	  	 	 	n/a	  	 	 	35.8	% 	 	 	n/a	  	 	 	n/a	  	
 	 	 	 	 	 	 	
The Inn at Opryland (4)	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	
Occupancy	  	 	74.7	% 	 	 	78.7	% 	 	 	78.7	% 	 	 	73.8	% 	 	 	72.7	% 	 	 	72.7	% 	
Average daily rate (ADR)	  	$	120.32	  	 	$	110.21	  	 	$	110.21	  	 	$	121.80	  	 	$	111.15	  	 	$	111.15	  	
RevPAR	  	$	89.82	  	 	$	86.74	  	 	$	86.74	  	 	$	89.93	  	 	$	80.77	  	 	$	80.77	  	
OtherPAR	  	$	37.03	  	 	$	35.23	  	 	$	35.23	  	 	$	33.38	  	 	$	32.33	  	 	$	32.33	  	
Total RevPAR	  	$	126.85	  	 	$	121.97	  	 	$	121.97	  	 	$	123.31	  	 	$	113.10	  	 	$	113.10	  	
 	 	 	 	 	 	 	
Revenue	  	$	3,532	  	 	$	3,401	  	 	$	3,401	  	 	$	13,635	  	 	$	12,509	  	 	$	12,509	  	
Adjusted EBITDA	  	$	2,012	  	 	$	2,010	  	 	$	2,010	  	 	$	4,808	  	 	$	4,336	  	 	$	4,336	  	
Adjusted EBITDA Margin	  	 	57.0	% 	 	 	59.1	% 	 	 	59.1	% 	 	 	35.3	% 	 	 	34.7	% 	 	 	34.7	% 	
 
(1)	Shown pro forma to present 2014 results with an accounting change related to parking fees as stipulated by the hospitality industry’s Uniform System of Accounts for the Lodging Industry, Eleventh Revised Edition, which became effective in January 2015. Prior to 2015, all revenue and expense associated with managed parking services at our hotels were reported on a gross basis. Beginning in 2015, only the net fee received from the parking manager is recorded as revenue.	
(2)	Same-store excludes the AC Hotel at National Harbor.	
(3)	The AC Hotel at National Harbor opened in April 2015.	
(4)	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 Segment1	  	 	 	 	 	 	 	 	
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