0001104659-22-026903.txt : 20220225 0001104659-22-026903.hdr.sgml : 20220225 20220225060232 ACCESSION NUMBER: 0001104659-22-026903 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20220224 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20220225 DATE AS OF CHANGE: 20220225 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Ryman Hospitality Properties, Inc. CENTRAL INDEX KEY: 0001040829 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 730664379 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-13079 FILM NUMBER: 22674187 BUSINESS ADDRESS: STREET 1: ONE GAYLORD DR CITY: NASHVILLE STATE: TN ZIP: 37214 BUSINESS PHONE: 6153166000 MAIL ADDRESS: STREET 1: ONE GAYLORD DRIVE CITY: NASHVILLE STATE: TN ZIP: 37214 FORMER COMPANY: FORMER CONFORMED NAME: GAYLORD ENTERTAINMENT CO /DE DATE OF NAME CHANGE: 19971002 FORMER COMPANY: FORMER CONFORMED NAME: NEW GAYLORD ENTERTAINMENT CO DATE OF NAME CHANGE: 19970611 8-K 1 tm227367d1_8k.htm FORM 8-K

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 25, 2022 (February 24, 2022)

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:

¨	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))

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class		Trading Symbol(s)		Name of Each Exchange on Which Registered
Common Stock, par value $.01		RHP		New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2).

Emerging growth company ¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

ITEM 2.02.

RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

On February 24, 2022, Ryman Hospitality Properties, Inc., a Delaware corporation (the “Company”), issued a press release announcing its financial results for the three months and year ended December 31, 2021. A copy of the press release is furnished herewith as Exhibit 99.1 and incorporated herein by reference.

The information furnished under this Item 2.02, including Exhibit 99.1 hereto, is being furnished pursuant to Item 2.02 and shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and Section 11 of the Securities Act of 1933, as amended, and shall not be otherwise subject to the liabilities of those sections. The Company does not undertake a duty to update the information in this Current Report on Form 8-K and cautions that the information included in this Current Report on Form 8-K under Item 2.02 is current only as of February 24, 2022 and may change thereafter.

ITEM 5.02.

DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS.

On February 24, 2022, the Board of Directors (the “Board”) of the Company expanded the number of directors of the Company from eight to ten and appointed Michael I. Roth and Mark Fioravanti to fill the vacancies created by such expansion.

The Board has determined that Mr. Roth qualifies as an independent director within the meaning of the New York Stock Exchange listing standards. Mr. Roth has been named to the Human Resources Committee and the Nominating and Corporate Governance Committee of the Board concurrently with his appointment to the Board. Mr. Roth’s compensation for his services as director will be consistent with that of the Company’s other non-employee directors, as described in Exhibit 10.27 to the Company’s 2020 Annual Report on Form 10-K filed with the Securities and Exchange Commission on February 26, 2021. Other than the foregoing standard compensation arrangements, there are no other arrangements or understandings between Mr. Roth and any other person pursuant to which he was appointed as a director. Mr. Roth is not a party to any transaction with the Company that would require disclosure under Item 404(a) of Regulation S-K.

Mr. Fioravanti has not been named to any committee of the Board. Mr. Fioravanti will not receive any additional compensation for his services as director, and Mr. Fioravanti’s compensation for his service as the Company’s President and Chief Financial Officer was not modified in connection with his appointment to the Board. There are no arrangements or understandings between Mr. Fioravanti and any other person pursuant to which he was appointed as a director. Mr. Fioravanti is not a party to any transaction with the Company that would require disclosure under Item 404(a) of Regulation S-K.

Each of Mr. Roth and Mr. Fioravanti will hold office until the Company’s 2022 annual meeting of stockholders, at which time each will be considered for election for a one-year term expiring in 2023.

ITEM 9.01.

FINANCIAL STATEMENTS AND EXHIBITS.

(d)

Exhibits

99.1

Press Release of Ryman Hospitality Properties, Inc. dated February 24, 2022.

104

Cover Page Interactive Data File (embedded within the Inline XBRL document).

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 25, 2022	By:	/s/ Scott J. Lynn
	Name:	Scott J. Lynn
	Title:	Executive Vice President, General Counsel and Secretary

EX-99.1 2 tm227367d1_ex99-1.htm EXHIBIT 99.1

Exhibit 99.1

Ryman Hospitality Properties, Inc. Reports Fourth Quarter and Full Year 2021 Results

NASHVILLE, Tenn. (February 24, 2022) – 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 three months and year ended December 31, 2021.

Fourth Quarter 2021 Highlights and Recent Developments:

·

Q4 2021 Net Loss available to common shareholders of $(6.0) million improved sequentially by 30.0% from Q3 2021.

·

Q4 2021 consolidated Adjusted EBITDAre of $85.6 million driven by strong leisure occupancy and ADR.

·

Despite larger than expected group cancellations driven by Delta and Omicron variants, occupancy for the Hospitality segment was 53.0% in Q4 2021, with nearly 236,000 group room nights traveling during the quarter representing 46.4% of total occupancy.

	·	The Company collected $20.5 million in cancellation and attrition fees in Q4 2021 bringing full year collections to $48.5 million.

·

Strong ADR performance across our five Gaylord Hotels, with ADR reaching almost $247 per night in Q4 2021, an increase of 17.7% compared to the Q4 2020 and 19.6% compared to Q4 2019.

·

Gross Advanced Group Room Bookings in full year 2021 of 2.5 million room nights for all future years, represents a 10.8% increase over 2020 and a decrease of 8.7% compared to 2019.

·

Early in Q4 2021, the Company announced a proposed transaction to acquire Block 21, a mixed-use entertainment complex in Austin Texas with an expected closing to be by the end of the Q1 2022.

·

Today the Company expanded its Board of Directors to 10 members and appointed Michael Roth and Mark Fioravanti to the Board.

Colin Reed, Chairman and Chief Executive Officer of Ryman Hospitality Properties, said, “We believe that our fourth quarter and full year performance has demonstrated once again that we have built a powerful and nimble business positioned to thrive in the face of uncertainty. While the Delta and Omicron variants created headwinds, we are pleased to note improvement in group travel as compared to 2020 and encouraging trends for future periods as national health conditions improve. Leisure demand was a bright spot throughout the year for our hospitality and entertainment businesses and contributed to full year results that exceeded our internal expectations. The significant capital investments we have made across our hotel portfolio over the last several years in upscale amenities and unique leisure offerings, such as our world-class SoundWaves resort amenity, have created additional growth opportunities and further differentiate our product versus the competition allowing us to sustain continued rate growth by delivering added value to our customers. Despite experiencing occupancy levels well below 2019 levels for the same period, our hotel operators delivered impressive Adjusted EBITDAre performance, thanks in part to the flexibility of our unique model.”

Fourth Quarter and Full Year 2021 Results (as compared to Fourth Quarter and Full Year 2020):

	Three Months Ended									Twelve Months Ended
Consolidated Results	December 31,									December 31,
($ in thousands, except per share amounts)	2021			2020			% ∆			2021			2020			% ∆
Total Revenue	$	377,431		$	126,515			198.3	%	$	939,373		$	524,475			79.1	%

Operating income (loss)⁽¹⁾	$	26,134		$	(64,680	)		140.4	%	$	(58,675	)	$	(303,831	)		80.7	%
Operating income (loss) margin		6.9	%		-51.1	%		58.0	pt		-6.2	%		-57.9	%		51.7	pt

Net loss available to common shareholders ^{(1) (2) (3)}	$	(5,980	)	$	(79,724	)		92.5	%	$	(176,966	)	$	(417,391	)		57.6	%
Net loss available to common shareholders margin		-1.6	%		-63.0	%		61.4	pt		-18.8	%		-79.6	%		60.8	pt
Net loss available to common shareholders per diluted share	$	(0.11	)	$	(1.45	)		92.4	%	$	(3.21	)	$	(7.59	)		57.7	%

Adjusted EBITDAre	$	85,641		$	(6,633	)		1391.1	%	$	177,339		$	(40,279	)		540.3	%
Adjusted EBITDAre margin		22.7	%		-5.2	%		27.9	pt		18.9	%		-7.7	%		26.6	pt
Adjusted EBITDAre, excluding noncontrolling interest in consolidated joint venture	$	85,641		$	(5,534	)		1647.5	%	$	178,356		$	(44,268	)		502.9	%
Adjusted EBITDAre, excluding noncontrolling interest in consolidated joint venture margin		22.7	%		-4.4	%		27.1	pt		19.0	%		-8.4	%		27.4	pt

Funds From Operations (FFO) available to common shareholders and unit holders ^{(1) (2) (3)}	$	50,238		$	(34,421	)		246.0	%	$	30,915		$	(236,577	)		113.1	%
FFO available to common shareholders and unit holders per diluted share/unit	$	0.91		$	(0.62	)		246.8	%	$	0.56		$	(4.29	)		113.1	%

Adjusted FFO available to common shareholders and unit holders	$	52,069		$	(31,042	)		267.7	%	$	52,030		$	(149,598	)		134.8	%
Adjusted FFO available to common shareholders and unit holders per diluted share/unit	$	0.94		$	(0.56	)		267.9	%	$	0.94		$	(2.71	)		134.7	%

(1)

For the twelve months ended December 31, 2020, includes approximately $32.8 million for credit losses on held-to-maturity securities.

(2)

For the twelve months ended December 31, 2020, includes $26.7 million in expense for income tax valuation allowances.

(3)

For the twelve months ended December 31, 2020, includes $15.0 million of expense related to the forfeiture of the earnest money deposit associated with the previously terminated potential acquisition of Block 21.

Note: For the Company’s definitions of Adjusted EBITDAre, Adjusted EBITDAre margin, Adjusted EBITDAre, excluding noncontrolling interest in consolidated joint venture, Adjusted EBITDAre, excluding noncontrolling interest in consolidated joint venture margin, FFO available to common shareholders and unit holders, and Adjusted FFO available to common shareholders and unit holders, as well as a reconciliation of the non-GAAP financial measure Adjusted EBITDAre to Net Income/(Loss) and a reconciliation of the non-GAAP financial measure Adjusted FFO available to common shareholders and unit holders to Net Income/(Loss), see “Non-GAAP Financial Measures,” “EBITDAre, Adjusted EBITDAre and Adjusted EBITDAre, Excluding Noncontrolling Interest in Consolidated Joint Venture Definition,” “Adjusted EBITDAre, Excluding Noncontrolling Interest in Consolidated Joint Venture Margin Definition” “FFO, Adjusted FFO, and Adjusted FFO available to common shareholders and unit holders Definition” and “Supplemental Financial Results” below.

Hospitality Segment

($ in thousands, except ADR, RevPAR, and Total RevPAR)

	Three Months Ended									Twelve Months Ended
	December 31,									December 31,
	2021			2020			% ∆			2021			2020			% ∆
Hospitality Revenue ⁽¹⁾	$	323,240		$	112,091			188.4	%	$	786,583		$	466,045			68.8	%

Hospitality Operating income (loss) ^{(1) (2) (5)}	$	27,833		$	(50,389	)		155.2	%	$	(38,427	)	$	(236,790	)		83.8	%
Hospitality Operating income/(loss) margin ^{(1) (2) (5)}		8.6	%		-45.0	%		53.6	pt		-4.9	%		-50.8	%		45.9	pt
Hospitality Adjusted EBITDAre ^{(1) (5)}	$	82,343		$	1,791			4497.6	%	$	175,648		$	6,701			2521.2	%
Hospitality Adjusted EBITDAre margin ^{(1) (5)}		25.5	%		1.6	%		23.9	pt		22.3	%		1.4	%		20.9	pt

Hospitality Performance Metrics ^{(1) (3)}
Occupancy		53.0	%		19.6	%		33.4	pt		39.5	%		23.2	%		16.3	pt
Average Daily Rate (ADR)	$	246.96		$	209.81			17.7	%	$	221.33		$	200.02			10.7	%
RevPAR	$	131.00		$	41.18			218.1	%	$	87.53		$	46.41			88.6	%
Total RevPAR	$	337.44		$	120.51			180.0	%	$	209.34		$	125.95			66.2	%

Gross Definite Rooms Nights Booked		993,543			569,978			74.3	%		2,504,975			2,260,761			10.8	%
Net Definite Rooms Nights Booked		728,720			(90,460	)		905.6	%		1,201,268			(783,304	)		253.4	%
Group Attrition (as % of contracted block)		23.2	%		50.7	%		-27.5	pt		26.9	%		40.3	%		-13.4	pt
Cancellations ITYFTY ⁽⁴⁾		28,071			20,934			34.1	%		571,663			1,540,366			-62.9	%

(1)

Gaylord National closed on March 25, 2020 and remained closed until July 1, 2021.

(2)

For the twelve months ended December 31, 2020, includes approximately $32.8 million for credit losses on held-to-maturity securities.

(3)

Calculation of hospitality performance metrics includes closed hotel room nights available; includes the addition of 302 additional guest rooms due to Gaylord Palms expansion beginning June 1, 2021. ADR is for occupied rooms.

(4)

"ITYFTY" represents In The Year For The Year.

(5)

For the three and twelve months ended December 31, 2021, includes approximately $1.9 million and $4.6 million in credits, respectively, which are net of $0.3 million and $4.1 million of payroll tax credits afforded under the 2020 Coronavirus Aid, Relief, and Economic Security Act (the "CARES" Act). For the three and twelve months ended December 31, 2020, includes approximately $0.4 million in net credits and $34.5 million in COVID-19 related expenses, respectively, which are each net of $7.9 million in payroll tax credits afforded under the CARES act.

Note: For the Company’s definitions of Revenue Per Available Room (RevPAR) and Total Revenue Per Available Room (Total RevPAR), see “Calculation of RevPAR, Total RevPAR, and Occupancy” below. Property-level results and operating metrics for fourth quarter 2021 are presented in greater detail below and under “Supplemental Financial Results—Hospitality Segment Adjusted EBITDAre Reconciliations and Operating Metrics,” which includes a reconciliation of the non-GAAP financial measures Hospitality Adjusted EBITDAre to Hospitality Operating Income/(Loss), and property-level Adjusted EBITDAre to property-level Operating Income/(Loss) for each of the hotel properties.

Hospitality Segment Highlights

·

Hotel occupancy reached 53.0% in the Q4 2021; an increase of 33.4 percentage points compared to Q4 2020. Of the room nights that traveled during Q4 2021, 46.4% were groups while the remaining 53.6% were leisure customers.

·

Driven by strong transient ADR, Gaylord Hotels came within 1.0% of its all-time monthly room revenue record in December, despite an occupancy rate of 60.3% compared to the historic record month (March 2019) with an occupancy rate of 79.0%.

·

Gaylord Texan led the brand in occupancy, generating 62.6% occupancy in Q4 2021.

·

Gaylord Opryland was a close second at 61.4% occupancy for the quarter and achieved record monthly revenue and Adjusted EBITDAre for the hotel in December 2021.

·

In Q4 2021, Gaylord Hotels set quarterly records for transient ADR ($277) and transient room nights (272,000).

2

Gaylord Opryland

($ in thousands, except ADR, RevPAR, and Total RevPAR)

	Three Months Ended									Twelve Months Ended
	December 31,									December 31,
	2021			2020			% ∆			2021			2020			% ∆
Revenue	$	96,323		$	38,372			151.0	%	$	238,567		$	133,333			78.9	%
Operating income (loss)	$	23,764		$	(3,899	)		709.5	%	$	34,729		$	(28,301	)		222.7	%
Operating income (loss) margin		24.7	%		-10.2	%		34.9	pt		14.6	%		-21.2	%		35.8	pt
Adjusted EBITDAre	$	32,237		$	4,876			561.1	%	$	68,531		$	5,560			1132.6	%
Adjusted EBITDAre margin		33.5	%		12.7	%		20.8	pt		28.7	%		4.2	%		24.5	pt

Occupancy ⁽¹⁾		61.4	%		24.9	%		36.5	pt		44.2	%		25.0	%		19.2	pt
Average daily rate (ADR)	$	254.37		$	224.87			13.1	%	$	234.15		$	201.82			16.0	%
RevPAR ⁽¹⁾	$	156.17		$	56.02			178.8	%	$	103.47		$	50.40			105.3	%
Total RevPAR ⁽¹⁾	$	362.53		$	144.42			151.0	%	$	226.32		$	126.14			79.4	%

(1) Calculation of hospitality performance metrics includes closed hotel room nights available.

Gaylord Palms

($ in thousands, except ADR, RevPAR, and Total RevPAR)

	Three Months Ended									Twelve Months Ended
	December 31,									December 31,
	2021			2020			% ∆			2021			2020			% ∆
Revenue	$	56,835		$	23,971			137.1	%	$	139,130		$	77,819			78.8	%
Operating income (loss)	$	8,053		$	(3,123	)		357.9	%	$	3,539		$	(22,245	)		115.9	%
Operating income (loss) margin		14.2	%		-13.0	%		27.2	pt		2.5	%		-28.6	%		31.1	pt
Adjusted EBITDAre	$	14,989		$	2,218			575.8	%	$	29,789		$	(801	)		3819.0	%
Adjusted EBITDAre margin		26.4	%		9.3	%		17.1	pt		21.4	%		-1.0	%		22.4	pt

Occupancy ⁽¹⁾		54.0	%		27.1	%		26.9	pt		44.6	%		26.2	%		18.4	pt
Average daily rate (ADR)	$	266.16		$	216.34			23.0	%	$	220.90		$	209.22			5.6	%
RevPAR ⁽¹⁾	$	143.60		$	58.58			145.1	%	$	98.46		$	54.91			79.3	%
Total RevPAR ⁽¹⁾	$	359.57		$	184.01			95.4	%	$	238.19		$	150.15			58.6	%

(1) Calculation of hospitality performance metrics includes closed hotel room nights available; includes 302 expansion rooms completed during June 2021.

3

Gaylord Texan

($ in thousands, except ADR, RevPAR, and Total RevPAR)

	Three Months Ended									Twelve Months Ended
	December 31,									December 31,
	2021			2020			% ∆			2021			2020			% ∆
Revenue	$	71,563		$	30,117			137.6	%	$	180,031		$	111,236			61.8	%
Operating income (loss)	$	17,811		$	(1,122	)		1687.4	%	$	28,948		$	(5,821	)		597.3	%
Operating income (loss) margin		24.9	%		-3.7	%		28.6	pt		16.1	%		-5.2	%		21.3	pt
Adjusted EBITDAre	$	23,954		$	5,243			356.9	%	$	53,660		$	19,728			172.0	%
Adjusted EBITDAre margin		33.5	%		17.4	%		16.1	pt		29.8	%		17.7	%		12.1	pt

Occupancy ⁽¹⁾		62.6	%		28.8	%		33.8	pt		49.1	%		29.3	%		19.8	pt
Average daily rate (ADR)	$	250.13		$	219.82			13.8	%	$	221.00		$	204.38			8.1	%
RevPAR ⁽¹⁾	$	156.51		$	63.40			146.9	%	$	108.52		$	59.97			81.0	%
Total RevPAR ⁽¹⁾	$	428.81		$	180.46			137.6	%	$	271.91		$	167.54			62.3	%

(1) Calculation of hospitality performance metrics includes closed hotel room nights available.

Gaylord National

($ in thousands, except ADR, RevPAR, and Total RevPAR)

	Three Months Ended									Twelve Months Ended
	December 31,									December 31,
	2021			2020			% ∆			2021			2020			% ∆
Revenue ⁽¹⁾	$	39,843		$	1,970			1922.5	%	$	79,419		$	52,026			52.7	%
Operating loss	$	(9,340	)	$	(15,110	)		38.2	%	$	(47,448	)	$	(94,908	)		50.0	%
Operating loss margin		-23.4	%		-767.0	%		743.6	pt		-59.7	%		-182.4	%		122.7	pt
Adjusted EBITDAre	$	265		$	(6,711	)		103.9	%	$	(11,484	)	$	(25,445	)		54.9	%
Adjusted EBITDAre margin		0.7	%		-340.7	%		341.4	pt		-14.5	%		-48.9	%		34.4	pt

Occupancy ⁽²⁾		31.6	%		0.0	%		31.6	pt		19.1	%		12.9	%		6.2	pt
Average daily rate (ADR)	$	258.49		$	0.00			NA		$	230.12		$	207.12			11.1	%
RevPAR ⁽²⁾	$	81.76		$	0.00			NA		$	43.93		$	26.74			64.3	%
Total RevPAR ⁽²⁾	$	216.98		$	10.73			1922.2	%	$	109.01		$	71.22			53.1	%

(1) Revenue for the three months ended December 31, 2020 consisted primarily of attrition and cancellation fees.

(2) Calculation of hospitality performance metrics includes closed hotel room nights available.

4

Gaylord Rockies

($ in thousands, except ADR, RevPAR, and Total RevPAR)

	Three Months Ended									Twelve Months Ended
	December 31,									December 31,
	2021			2020			% ∆			2021			2020			% ∆
Revenue	$	54,425		$	16,380			232.3	%	$	135,942		$	84,715			60.5	%
Operating loss ⁽¹⁾	$	(12,334	)	$	(25,615	)		51.8	%	$	(56,034	)	$	(79,469	)		29.5	%
Operating loss margin		-22.7	%		-156.4	%		133.7	pt		-41.2	%		-93.8	%		52.6	pt
Adjusted EBITDAre ⁽¹⁾	$	10,375		$	(2,979	)		448.3	%	$	34,728		$	11,064			213.9	%
Adjusted EBITDAre margin		19.1	%		-18.2	%		37.3	pt		25.5	%		13.1	%		12.4	pt

Occupancy ⁽²⁾		54.0	%		17.1	%		36.9	pt		39.9	%		23.6	%		16.3	pt
Average daily rate (ADR)	$	224.13		$	175.12			28.0	%	$	215.17		$	192.89			11.6	%
RevPAR ⁽²⁾	$	121.06		$	29.95			304.2	%	$	85.90		$	45.58			88.5	%
Total RevPAR ⁽²⁾	$	394.12		$	118.62			232.3	%	$	248.13		$	154.21			60.9	%

	(1)	Operating loss and Adjusted EBITDAre for Gaylord Rockies for the twelve months ended December 31, 2021 exclude forgiven asset management fees previously owed to RHP of $0.3 million. Operating loss and Adjusted EBITDAre for Gaylord Rockies for the three months and twelve months ended December 31, 2020 exclude asset management fees owed to RHP of $0.2 million and $0.8 million, respectively.
	(2)	Calculation of hospitality performance metrics includes closed hotel room nights available.

Entertainment Segment

For the three and twelve months ended December 31, 2021, and 2020, the Company reported the following:

($ in thousands)	Three Months Ended									Twelve Months Ended
	December 31,									December 31,
	2021			2020			% ∆			2021			2020			% ∆
Revenue	$	54,191		$	14,424			275.7	%	$	152,790		$	58,430			161.5	%
Operating income (loss)⁽¹⁾	$	10,305		$	(7,624	)		235.2	%	$	20,376		$	(35,608	)		157.2	%
Operating income (loss) margin		19.0	%		-52.9	%		71.9	pt		13.3	%		-60.9	%		74.2	pt
Adjusted EBITDAre⁽¹⁾	$	11,946		$	(4,292	)		378.3	%	$	28,854		$	(24,377	)		218.4	%
Adjusted EBITDAre margin		22.0	%		-29.8	%		51.8	pt		18.9	%		-41.7	%		60.6	pt

(1)

Includes approximately $0.5 million and $6.9 million in COVID-19 related costs, which are primarily employment costs, in the three months and twelve months ended December 31, 2020, respectively, partially offset by $0.5 million and $2.3 million in payroll tax credits provided by the CARES Act in the three months and twelve months ended December 31, 2020, respectively.

Reed continued, “Demand for our unique live entertainment offerings was robust throughout 2021, and we were pleased to end the year ahead of our internal expectations. Despite pandemic uncertainty, we doubled down on our strategy to communicate and connect with country lifestyle consumers, both digitally through our content and physically through unique assets in tourist-driven markets. Our previously announced Block 21 acquisition is on track to close by the end of Q1 2022, subject to the timely satisfaction or waiver of various closing conditions, including the consent of the loan servicer to the assumption of the existing mortgage loan, the consent of the hotel operator, an affiliate of Marriott, to the assumption of the hotel operating agreement by an affiliate of the Company, the absence of a material adverse effect, and other customary closing conditions. Our planned Ole Red Las Vegas expansion remains on pace for an expected late 2023 opening.”

5

Corporate and Other Segment

For the three and twelve months ended December 31, 2021, and 2020, the Company reported the following:

($ in thousands)	Three Months Ended									Twelve Months Ended
	December 31,									December 31,
	2021			2020			% ∆			2021			2020			% ∆
Operating loss⁽¹⁾	$	(12,004	)	$	(6,667	)		-80.1	%	$	(40,624	)	$	(31,433	)		-29.2	%
Adjusted EBITDAre⁽¹⁾	$	(8,648	)	$	(4,132	)		-109.3	%	$	(27,163	)	$	(22,603	)		-20.2	%

(1)

Total COVID-19 related costs were approximately $0.6 million during the twelve months ended December 31, 2020, and consisted primarily of wages and benefits costs for furloughed employees.

The increase in Corporate and Other Segment Operating Loss and decrease in Adjusted EBITDAre for the 2021 periods resulted from an increase in administrative and employment costs associated with the hiring of additional employees and increased wages to support the Company’s growth.

Reed concluded, “As we approach the two-year anniversary of the near-total shutdown of our businesses due to the COVID-19 pandemic, I am pleased to
see that our team remains focused on the future. We have continued to invest in our people and portfolio, and we will emerge a stronger and more resilient company than ever before. I want to thank our management team, our employees, our artists, and our partners at Marriott for the tremendous effort in 2021. We enter 2022 in a position of strength, and this one-of-a-kind business is well-positioned for the future.

I am excited to welcome Michael Roth back to our Board after a one-year absence. He is a trusted advisor and brings both experience and institutional knowledge of our Company at an important time as we chart the next phase of our growth. I am equally excited to have Mark Fioravanti join our Board. Mark has played a central role in creating the strategic direction of this company for nearly 20 years. Under his prudent financial leadership, we have created a thriving business with a healthy balance sheet that has allowed us to invest in our future and create tremendous shareholder value. Mark has been a key advisor to me and our Board for many years. I have great confidence that his direct influence will serve us well as we continue our next phases of growth in the years ahead.”

6

Balance Sheet/Liquidity Update

As of December 31, 2021, the Company had total debt outstanding of $2,936.8 million, net of unamortized deferred financing costs, and unrestricted cash
of $140.7 million. As of December 31, 2021, $190.0 million was drawn under the revolving credit line of the Company’s credit facility, and the lending banks had issued $0.2 million in letters of credit, which left $509.8 million of availability for borrowing under the credit facility.

On May 27, 2021, the Company entered into an at-the-market (ATM) equity distribution agreement that allows the Company to issue and sell up to 4 million shares of stock through sales agents. No shares were issued under the ATM agreement during the three and twelve months ended December 31, 2021.

Earnings Call Information

Ryman Hospitality Properties will hold a conference call to discuss this release tomorrow, February 25, 2022, at 10 a.m. EST. 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 leading lodging and hospitality real estate investment trust that specializes in upscale convention center resorts and country music entertainment experiences. The Company’s core holdings, Gaylord Opryland Resort & Convention Center, Gaylord Palms Resort & Convention Center, Gaylord Texan Resort & Convention Center, Gaylord National Resort & Convention Center, and Gaylord Rockies Resort & Convention Center are five of the top 10 largest non-gaming convention center hotels in the United States based on total indoor meeting space. These convention center resorts operate under the Gaylord Hotels brand and are managed by Marriott International. The Company also owns two adjacent ancillary hotels and a small number of attractions managed by Marriott International for a combined total of 10,412 rooms and more than 2.7 million square feet of total indoor and outdoor meeting space in top convention and leisure destinations across the country. The Company’s Entertainment segment includes a growing collection of iconic and emerging country music brands operated by the Company, including the Grand Ole Opry; Ryman Auditorium; WSM 650 AM; Ole Red and a 50% interest in Circle, a country lifestyle media network the Company owns in a joint venture with Gray Television; as well as other Nashville-area attractions managed by Marriott. The Company operates its Entertainment segment as part of a taxable REIT subsidiary. Visit RymanHP.com for more information.

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, the impact of COVID-19 on travel, transient and group demand, the effects of COVID-19 on our results of operations, rebooking efforts, our liquidity, recovery of group business to pre-pandemic levels, anticipated business levels and anticipated financial results for the Company during future periods, the pending acquisition of Block 21, the Company’s expectations for Block 21 upon the closing of the transaction, 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 the COVID-19 pandemic, including the effects of the COVID-19 pandemic on us and the hospitality and entertainment industries generally, the effects of the COVID-19 pandemic on the demand for travel, transient and group business (including government-imposed restrictions), levels of consumer confidence in the safety of travel and group gathering as a result of COVID-19, the duration and severity of the COVID-19 pandemic in the United States and the pace of recovery following the COVID-19 pandemic, the duration and severity of the COVID-19 pandemic in the markets where our assets are located, governmental restrictions on our businesses, economic conditions affecting the hospitality business generally, the geographic concentration of the Company’s hotel properties, business levels at the Company’s hotels, the Company’s ability to remain qualified as a REIT for federal income tax purposes, the Company’s ability to execute its strategic goals as a REIT, the Company’s ability to generate cash flows to support dividends, the suspension of our dividend and our dividend policy, including the frequency and amount of any dividend we may pay, the Company’s ability to borrow funds pursuant to its credit agreement, the occurrence of any event, change or other circumstance that could delay the closing of the Block 21 acquisition, or result in the termination of the agreement for the Block 21 acquisition, adverse effects on the Company’s common stock because of the failure to complete the Block 21 acquisition, and the Company’s ability to otherwise obtain cash to fund the Block 21 acquisition. 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, 2020, 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, Total RevPAR, and Occupancy

We calculate revenue per available room (“RevPAR”) for our hotels by dividing room revenue by room nights available to guests for the period. Room nights available to guests include nights the hotels are closed. 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. Rooms out of service for renovation are included in room nights available. For the three and twelve months ended December 31, 2021, and 2020, the calculation of RevPAR and Total RevPAR in our tabular presentations has not been changed as a result of the COVID-19 pandemic and the resulting hotel closures and is consistent with prior periods. The closure of our Gaylord Hotel properties, including Gaylord National, which reopened July 1, 2021, and reopening under capacity restrictions has resulted in the significant decrease in performance reflected in these metrics for the three and twelve months ended December 31, 2021, and 2020 as compared to historical periods. Occupancy figures reflect an additional 302 rooms available at Gaylord Palms beginning in June 2021.

Calculation of GAAP Margin Figures

We calculate Net Income available to common shareholders margin by dividing GAAP consolidated Net Income available to common shareholders by GAAP consolidated Total Revenue. We calculate consolidated, segment or property-level Operating Income Margin by dividing consolidated, segment or property-level GAAP Operating Income by consolidated, 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:

EBITDAre, Adjusted EBITDAre and Adjusted EBITDAre, Excluding Noncontrolling Interest in Consolidated Joint Venture Definition

We calculate EBITDAre, which is defined by the National Association of Real Estate Investment Trusts (“NAREIT”) in its September 2017 white paper as net income (calculated in accordance with GAAP) plus interest expense, income tax expense, depreciation and amortization, gains or losses on the disposition of depreciated property (including gains or losses on change in control), impairment write-downs of depreciated property and of investments in unconsolidated affiliates caused by a decrease in the value of depreciated property or the affiliate, and adjustments to reflect the entity’s share of EBITDAre of unconsolidated affiliates.

Adjusted EBITDAre is then calculated as EBITDAre, plus to the extent the following adjustments occurred during the periods presented:

·

preopening costs;

·

non-cash lease expense;

·

equity-based compensation expense;

·

impairment charges that do not meet the NAREIT definition above;

·

credit losses on held-to-maturity securities;

·

any transaction costs of acquisitions;

·

interest income on bonds;

·

loss on extinguishment of debt;

·

pension settlement charges;

·

pro rata Adjusted EBITDAre from unconsolidated joint venture; and

·

any other adjustments we have identified herein.

9

We then exclude noncontrolling interests in consolidated joint venture to calculate Adjusted EBITDAre, Excluding Noncontrolling Interest in Consolidated Joint Venture.

We use EBITDAre, Adjusted EBITDAre and Adjusted EBITDAre, Excluding Noncontrolling Interest in Consolidated Joint Venture and segment or property-level EBITDAre and Adjusted EBITDAre to evaluate our operating performance. We believe that the presentation of these non-GAAP metrics provides useful information to investors regarding our operating performance and debt leverage metrics, and that the presentation of these non-GAAP metrics, when combined with the primary GAAP presentation of net income or operating income, as applicable, is beneficial to an investor’s complete understanding of our operating performance. We make additional adjustments to EBITDAre when evaluating our performance because we believe that presenting Adjusted EBITDAre and Adjusted EBITDAre, Excluding Noncontrolling Interest in Consolidated Joint Venture provides useful information to investors regarding our operating performance and debt leverage metrics.

Adjusted EBITDAre, Excluding Noncontrolling Interest in Consolidated Joint Venture Margin Definition

We calculate consolidated Adjusted EBITDAre, Excluding Noncontrolling Interest in Consolidated Joint Venture Margin by dividing consolidated Adjusted EBITDAre, Excluding Noncontrolling Interest in Consolidated Joint Venture by GAAP consolidated Total Revenue. We calculate consolidated, segment or property-level Adjusted EBITDAre Margin by dividing consolidated, segment-, or property-level Adjusted EBITDAre by consolidated, segment-, or property-level GAAP Revenue. We believe Adjusted EBITDAre, Excluding Noncontrolling Interest in Consolidated Joint Venture 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 EBITDAre, Excluding Noncontrolling Interest in Consolidated Joint Venture and GAAP consolidated Total Revenue or segment or property-level GAAP Revenue, as applicable.

FFO, Adjusted FFO, and Adjusted FFO available to common shareholders and unit holders Definition

We calculate FFO, which definition is clarified by NAREIT in its December 2018 white paper as net income (calculated in accordance with GAAP) excluding depreciation and amortization (excluding amortization of deferred financing costs and debt discounts), gains and losses from the sale of certain real estate assets, gains and losses from a change in control, impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciated real estate held by the entity, income (loss) from consolidated joint venture attributable to noncontrolling interest, and pro rata adjustments for unconsolidated joint venture.

To calculate Adjusted FFO available to common shareholders and unit holders, we then exclude, to the extent the following adjustments occurred during the periods presented:

10

·

right-of-use asset amortization;

·

impairment charges that do not meet the NAREIT definition above;

·

write-offs of deferred financing costs;

·

amortization of debt discounts or premiums and amortization of deferred financing costs;

·

(gains) losses on extinguishment of debt

·

non-cash lease expense;

·

credit loss on held-to-maturity securities;

·

pension settlement charges;

·

additional pro rata adjustments from unconsolidated joint venture;

·

(gains) losses on other assets;

·

transaction costs on acquisitions;

·

deferred income tax expense (benefit); and

·

any other adjustments we have identified herein.

To calculate Adjusted FFO available to common shareholders and unit holders (excluding maintenance capex), we then exclude FF&E reserve for managed properties and maintenance capital expenditures for non-managed properties. FFO available to common shareholders and unit holders and Adjusted FFO available to common shareholders and unit holders and Adjusted FFO available to common shareholders and unit holders (excluding maintenance capex) exclude the ownership portion of Gaylord Rockies joint venture not controlled or owned by the Company in prior periods.

We believe that the presentation of these non-GAAP financial measures provides useful information to investors regarding the performance of our ongoing operations because each presents 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 these non-GAAP financial measures as measures in determining our results after considering the impact of our capital structure.

We caution investors that non-GAAP financial measures we present may not be comparable to similar measures disclosed by other companies, because not all companies calculate these non-GAAP measures in the same manner. The non-GAAP financial measures we present, and any related per share measures, should not be considered as alternative measures of our Net Income (Loss), operating performance, cash flow or liquidity. These non-GAAP financial measures 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 these non-GAAP financial measures 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), Operating Income (Loss), or cash flow from operations.

*Investor Relations Contacts:*	*Media Contacts:*
Mark Fioravanti, President & Chief Financial Officer	Shannon Sullivan, Vice President Corporate and Brand Communications
Ryman Hospitality Properties, Inc.	Ryman Hospitality Properties, Inc.
(615) 316-6588	(615) 316-6725
mfioravanti@rymanhp.com	ssullivan@rymanhp.com
*~or~*	*~or~*
Todd Siefert, Senior Vice President Corporate Finance & Treasurer	Robert Winters
Ryman Hospitality Properties, Inc.	Alpha IR Group
(615) 316-6344	(929) 266-6315
tsiefert@rymanhp.com	robert.winters@alpha-ir.com

11

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
	2021			2020			2021			2020
Revenues :
Rooms	$	125,483		$	38,301		$	328,874		$	171,718
Food and beverage		109,892			24,061			279,489			187,538
Other hotel revenue		87,865			49,729			178,220			106,789
Entertainment		54,191			14,424			152,790			58,430
Total revenues		377,431			126,515			939,373			524,475

Operating expenses:
Rooms		32,926			11,883			88,244			58,943
Food and beverage		72,573			31,206			190,855			146,141
Other hotel expenses		131,666			68,210			327,791			260,690
Management fees		6,222			1,621			14,031			7,066
Total hotel operating expenses		243,387			112,920			620,921			472,840
Entertainment		39,956			18,155			117,753			78,301
Corporate		11,675			6,102			38,597			28,795
Preopening costs		3			68			737			1,665
(Gain) loss on sale of assets		-			100			(317	)		(1,161	)
Credit loss on held-to-maturity securities		-			-			-			32,784
Depreciation and amortization		56,276			53,850			220,357			215,082
Total operating expenses		351,297			191,195			998,048			828,306

Operating income (loss)		26,134			(64,680	)		(58,675	)		(303,831	)

Interest expense, net of amounts capitalized		(32,291	)		(28,256	)		(125,347	)		(115,783	)
Interest income		1,431			1,539			5,685			7,304
Loss on extinguishment of debt		-			-			(2,949	)		-
Loss from consolidated joint ventures		(3,132	)		(969	)		(8,963	)		(6,451	)
Other gains and (losses), net		151			(145	)		405			(14,976	)
Loss before income taxes		(7,707	)		(92,511	)		(189,844	)		(433,737	)

(Provision) benefit for income taxes		1,683			(38	)		(4,957	)		(27,084	)
Net loss		(6,024	)		(92,549	)		(194,801	)		(460,821	)

Net loss attributable to noncontrolling interest in consolidated joint venture		-			12,194			16,501			42,474
Net loss attributable to noncontrolling interest in Operating Partnership		44			631			1,334			956
Net loss available to common shareholders	$	(5,980	)	$	(79,724	)	$	(176,966	)	$	(417,391	)

Basic loss per share available to common shareholders	$	(0.11	)	$	(1.45	)	$	(3.21	)	$	(7.59	)
Diluted loss per share available to common shareholders	$	(0.11	)	$	(1.45	)	$	(3.21	)	$	(7.59	)

Weighted average common shares for the period:
Basic		55,068			54,981			55,047			54,962
Diluted		55,068			54,981			55,047			54,962

12

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

Unaudited

(In thousands)

	Dec. 31			Dec. 31,
	2021			2020
ASSETS:
Property and equipment, net of accumulated depreciation	$	3,031,844		$	3,117,247
Cash and cash equivalents - unrestricted		140,688			56,697
Cash and cash equivalents - restricted		22,312			23,057
Notes receivable		71,228			71,923
Trade receivables, net		74,745			20,106
Prepaid expenses and other assets		112,904			100,494
Intangible assets		126,804			166,971
Total assets	$	3,580,525		$	3,556,495


LIABILITIES AND EQUITY:
Debt and finance lease obligations	$	2,936,819		$	2,658,008
Accounts payable and accrued liabilities		304,719			203,121
Dividends payable		386			843
Deferred management rights proceeds		170,614			172,724
Operating lease liabilities		113,770			107,569
Deferred income tax liabilities, net		4,671			665
Other liabilities		71,939			92,779
Noncontrolling interest in consolidated joint venture		-			100,969
Total equity (deficit)		(22,393	)		219,817
Total liabilities and equity	$	3,580,525		$	3,556,495

13

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

SUPPLEMENTAL FINANCIAL RESULTS

ADJUSTED EBITDAre RECONCILIATION

Unaudited

(in thousands)

	Three Months Ended Dec. 31,												Twelve Months Ended Dec. 31,
	2021						2020						2021						2020
	$			Margin			$			Margin			$			Margin			$			Margin
Consolidated
Revenue	$	377,431					$	126,515					$	939,373					$	524,475
Net loss	$	(6,024	)		-1.6	%	$	(92,549	)		-73.2	%	$	(194,801	)		-20.7	%	$	(460,821	)		-87.9	%
Interest expense, net		30,860						26,717						119,662						108,479
Provision (benefit) for income taxes		(1,683	)					38						4,957						27,084
Depreciation & amortization		56,276						53,850						220,357						215,082
(Gain) loss on sale of assets		-						101						(315	)					(1,154	)
Pro rata EBITDAre from unconsolidated joint ventures		20						32						73						48
EBITDAre		79,449			21.0	%		(11,811	)		-9.3	%		149,933			16.0	%		(111,282	)		-21.2	%
Preopening costs		3						68						737						1,665
Non-cash lease expense		1,121						1,116						4,375						4,474
Equity-based compensation expense		3,160						2,109						12,104						8,732
Pension settlement charge		370						397						1,379						1,740
Credit loss on held-to-maturity securities		-						-						-						32,784
Interest income on Gaylord National bonds		1,388						1,488						5,502						6,171
Loss on extinguishment of debt		-						-						2,949						-
Transaction costs of acquisitions		150						-						360						15,437
Adjusted EBITDAre	$	85,641			22.7	%	$	(6,633	)		-5.2	%	$	177,339			18.9	%	$	(40,279	)		-7.7	%
Adjusted EBITDAre of noncontrolling interest in consolidated joint venture		-						1,099						1,017					$	(3,989	)
Adjusted EBITDAre, excluding noncontrolling interest in consolidated joint venture	$	85,641			22.7	%	$	(5,534	)		-4.4	%	$	178,356			19.0	%	$	(44,268	)		-8.4	%

Hospitality segment
Revenue	$	323,240					$	112,091					$	786,583					$	466,045
Operating income (loss)	$	27,833			8.6	%	$	(50,389	)		-45.0	%	$	(38,427	)		-4.9	%	$	(236,790	)		-50.8	%
Depreciation & amortization		52,020						49,406						203,675						198,073
(Gain) loss on sale of assets		-						85						(317	)					(1,176	)
Preopening costs		-						69						731						314
Non-cash lease expense		1,102						1,132						4,409						4,479
Credit loss on held-to-maturity securities		-						-						-						32,784
Interest income on Gaylord National bonds		1,388						1,488						5,502						6,171
Transaction costs of acquisitions		-						-						75						-
Other gains and (losses), net		-						-						-						2,846
Adjusted EBITDAre	$	82,343			25.5	%	$	1,791			1.6	%	$	175,648			22.3	%	$	6,701			1.4	%

Entertainment segment
Revenue	$	54,191					$	14,424					$	152,790					$	58,430
Operating income (loss)	$	10,305			19.0	%	$	(7,624	)		-52.9	%	$	20,376			13.3	%	$	(35,608	)		-60.9	%
Depreciation & amortization		3,927						3,879						14,655						14,371
Loss on disposal of assets		-						15						-						15
Preopening costs		3						(1	)					6						1,351
Non-cash lease (revenue) expense		19						(16	)					(34	)					(5	)
Equity-based compensation		654						392						2,456						1,465
Transaction costs of acquisitions (1)		150						-						285						437
Pro rata adjusted EBITDAre from unconsolidated joint ventures		(3,112	)					(937	)					(8,890	)					(6,403	)
Adjusted EBITDAre	$	11,946			22.0	%	$	(4,292	)		-29.8	%	$	28,854			18.9	%	$	(24,377	)		-41.7	%

Corporate and Other segment
Operating loss	$	(12,004	)				$	(6,667	)				$	(40,624	)				$	(31,433	)
Depreciation & amortization		329						565						2,027						2,638
Other gains and (losses), net		151						(144	)					407						(2,815	)
Equity-based compensation		2,506						1,717						9,648						7,267
Pension settlement charge		370						397						1,379						1,740
Adjusted EBITDAre	$	(8,648	)				$	(4,132	)				$	(27,163	)				$	(22,603	)

(1) Twelve months ended December 31, 2020 excludes $15.0 million of forfeited deposit on terminated Block 21 acquisition recorded in Other Gains (Losses), Net

14

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,
	2021			2020			2021			2020
Consolidated
Net loss	$	(6,024	)	$	(92,549	)	$	(194,801	)	$	(460,821	)
Noncontrolling interest in consolidated joint venture		-			12,194			16,501			42,474
Net loss available to common shareholders and unit holders		(6,024	)		(80,355	)		(178,300	)		(418,347	)
Depreciation & amortization		56,242			53,813			220,211			214,933
Adjustments for noncontrolling interest		-			(7,911	)		(11,069	)		(33,213	)
Pro rata adjustments from joint ventures		20			32			73			50
FFO available to common shareholders and unit holders		50,238			(34,421	)		30,915			(236,577	)

Right-of-use asset amortization		34			37			146			149
Non-cash lease expense		1,121			1,116			4,375			4,474
Pension settlement charge		370			397			1,379			1,740
Credit loss on held-to-maturity securities		-			-			-			32,784
(Gain) loss on other assets		-			100			(317	)		(1,161	)
Write-off of deferred financing costs		-			35			-			281
Amortization of deferred financing costs		2,211			2,059			8,790			7,948
Amortization of debt premiums		(70	)		(67	)		(279	)		(267	)
Loss on extinguishment of debt		-			-			2,949			-
Adjustments for noncontrolling interest		-			(217	)		(294	)		(932	)
Transaction costs of acquisitions		150			-			360			15,437
Deferred tax (benefit) expense		(1,985	)		(81	)		4,006			26,526
Adjusted FFO available to common shareholders and unit holders	$	52,069		$	(31,042	)	$	52,030		$	(149,598	)
Capital expenditures (1)		(7,817	)		(597	)		(38,451	)		(17,341	)
Adjusted FFO available to common shareholders and unit holders (ex. maintenance capex)	$	44,252		$	(31,639	)	$	13,579		$	(166,939	)


Basic net loss per share	$	(0.11	)	$	(1.45	)	$	(3.21	)	$	(7.59	)
Diluted net loss per share	$	(0.11	)	$	(1.45	)	$	(3.21	)	$	(7.59	)

FFO available to common shareholders and unit holders per basic share/unit	$	0.91		$	(0.62	)	$	0.56		$	(4.29	)
Adjusted FFO available to common shareholders and unit holders per basic share/unit	$	0.94		$	(0.56	)	$	0.94		$	(2.71	)

FFO available to common shareholders and unit holders per diluted share/unit	$	0.91		$	(0.62	)	$	0.56		$	(4.29	)
Adjusted FFO available to common shareholders and unit holders per diluted share/unit	$	0.94		$	(0.56	)	$	0.94		$	(2.71	)

Weighted average common shares and OP units for the period:
Basic		55,467			55,416			55,454			55,108
Diluted		55,467			55,416			55,454			55,108

(1) Represents FF&E reserve contribution for managed properties and maintenance capital expenditures for non-managed properties. Note that beginning in March 2020, as a result of the COVID-19 pandemic, contributions to the FF&E reserve for managed properties have been temporarily suspended, although we have made voluntary contributions to fund various maintenance capital expenditures, including the rooms renovation at Gaylord National.

15

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

SUPPLEMENTAL FINANCIAL RESULTS

HOSPITALITY SEGMENT ADJUSTED EBITDAre RECONCILIATIONS AND OPERATING METRICS

Unaudited

(in thousands)

	Three Months Ended Dec. 31,												Twelve Months Ended Dec. 31,
	2021						2020						2021						2020
	$			Margin			$			Margin			$			Margin			$			Margin
Hospitality segment
Revenue	$	323,240					$	112,091					$	786,583					$	466,045
Operating income (loss)	$	27,833			8.6	%	$	(50,389	)		-45.0	%	$	(38,427	)		-4.9	%	$	(236,790	)		-50.8	%
Depreciation & amortization		52,020						49,406						203,675						198,073
(Gain) loss on sale of assets		-						85						(317	)					(1,176	)
Preopening costs		-						69						731						314
Non-cash lease expense		1,102						1,132						4,409						4,479
Credit loss on held-to-maturity securities		-						-						-						32,784
Interest income on Gaylord National bonds		1,388						1,488						5,502						6,171
Transaction costs of acquisitions		-						-						75						-
Other gains and (losses), net		-						-						-						2,846
Pro rata adjusted EBITDA from joint ventures		-						-						-						-
Adjusted EBITDAre	$	82,343			25.5	%	$	1,791			1.6	%	$	175,648			22.3	%	$	6,701			1.4	%

Occupancy		53.0	%					19.6	%					39.5	%					23.2	%
Average daily rate (ADR)	$	246.96					$	209.81					$	221.33					$	200.02
RevPAR	$	131.00					$	41.18					$	87.53					$	46.41
OtherPAR	$	206.44					$	79.33					$	121.81					$	79.54
Total RevPAR	$	337.44					$	120.51					$	209.34					$	125.95

Gaylord Opryland
Revenue	$	96,323					$	38,372					$	238,567					$	133,333
Operating income (loss)	$	23,764			24.7	%	$	(3,899	)		-10.2	%	$	34,729			14.6	%	$	(28,301	)		-21.2	%
Depreciation & amortization		8,473						8,720						34,117						35,126
(Gain) loss on sale of assets		-						59						(317	)					(1,202	)
Preopening costs		-						-						-						-
Non-cash lease (revenue) expense		-						(4	)					2						(63	)
Adjusted EBITDAre	$	32,237			33.5	%	$	4,876			12.7	%	$	68,531			28.7	%	$	5,560			4.2	%

Occupancy		61.4	%					24.9	%					44.2	%					25.0	%
Average daily rate (ADR)	$	254.37					$	224.87					$	234.15					$	201.82
RevPAR	$	156.17					$	56.02					$	103.47					$	50.40
OtherPAR	$	206.36					$	88.40					$	122.85					$	75.74
Total RevPAR	$	362.53					$	144.42					$	226.32					$	126.14

Gaylord Palms
Revenue	$	56,835					$	23,971					$	139,130					$	77,819
Operating income (loss)	$	8,053			14.2	%	$	(3,123	)		-13.0	%	$	3,539			2.5	%	$	(22,245	)		-28.6	%
Depreciation & amortization		5,834						4,134						21,112						16,586
Loss on disposal of assets		-						2						-						2
Preopening costs		-						69						731						314
Non-cash lease expense		1,102						1,136						4,407						4,542
Impairment charges		-						-						-						-
Adjusted EBITDAre	$	14,989			26.4	%	$	2,218			9.3	%	$	29,789			21.4	%	$	(801	)		-1.0	%

Occupancy		54.0	%					27.1	%					44.6	%					26.2	%
Average daily rate (ADR)	$	266.16					$	216.34					$	220.90					$	209.22
RevPAR	$	143.60					$	58.58					$	98.46					$	54.91
OtherPAR	$	215.97					$	125.43					$	139.73					$	95.24
Total RevPAR	$	359.57					$	184.01					$	238.19					$	150.15

Gaylord Texan
Revenue	$	71,563					$	30,117					$	180,031					$	111,236
Operating income (loss)	$	17,811			24.9	%	$	(1,122	)		-3.7	%	$	28,948			16.1	%	$	(5,821	)		-5.2	%
Depreciation & amortization		6,143						6,362						24,712						25,546
Loss on disposal of assets		-						3						-						3
Preopening costs		-						-						-						-
Impairment charges		-						-						-						-
Adjusted EBITDAre	$	23,954			33.5	%	$	5,243			17.4	%	$	53,660			29.8	%	$	19,728			17.7	%

Occupancy		62.6	%					28.8	%					49.1	%					29.3	%
Average daily rate (ADR)	$	250.13					$	219.82					$	221.00					$	204.38
RevPAR	$	156.51					$	63.40					$	108.52					$	59.97
OtherPAR	$	272.30					$	117.06					$	163.39					$	107.57
Total RevPAR	$	428.81					$	180.46					$	271.91					$	167.54

16

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

SUPPLEMENTAL FINANCIAL RESULTS

HOSPITALITY SEGMENT ADJUSTED EBITDAre RECONCILIATIONS AND OPERATING METRICS

Unaudited

(in thousands)

	Three Months Ended Dec. 31,												Twelve Months Ended Dec. 31,
	2021						2020						2021						2020
	$			Margin			$			Margin			$			Margin			$			Margin
Gaylord National
Revenue	$	39,843					$	1,970					$	79,419					$	52,026
Operating loss	$	(9,340	)		-23.4	%	$	(15,110	)		-767.0	%	$	(47,448	)		-59.7	%	$	(94,908	)		-182.4	%
Depreciation & amortization		8,217						6,890						30,462						27,641
Loss on disposal of assets		-						21						-						21
Preopening costs		-						-						-						-
Credit loss on held-to-maturity securities		-						-						-						32,784
Interest income on Gaylord National bonds		1,388						1,488						5,502						6,171
Other gains and (losses), net		-						-						-						2,846
Adjusted EBITDAre	$	265			0.7	%	$	(6,711	)		-340.7	%	$	(11,484	)		-14.5	%	$	(25,445	)		-48.9	%

Occupancy		31.6	%					0.0	%					19.1	%					12.9	%
Average daily rate (ADR)	$	258.49					$	-					$	230.12					$	207.12
RevPAR	$	81.76					$	-					$	43.93					$	26.74
OtherPAR	$	135.22					$	10.73					$	65.08					$	44.48
Total RevPAR	$	216.98					$	10.73					$	109.01					$	71.22

Gaylord Rockies
Revenue	$	54,425					$	16,380					$	135,942					$	84,715
Operating loss ⁽¹⁾	$	(12,334	)		-22.7	%	$	(25,615	)		-156.4	%	$	(56,034	)		-41.2	%	$	(79,469	)		-93.8	%
Depreciation & amortization		22,709						22,636						90,687						90,533
Loss on disposal of assets		-						-						-						-
Preopening costs		-						-						-						-
Impairment charges		-						-						-						-
Transaction costs on acquisitions		-						-						75						-
Adjusted EBITDAre ⁽¹⁾	$	10,375			19.1	%	$	(2,979	)		-18.2	%	$	34,728			25.5	%	$	11,064			13.1	%

Occupancy		54.0	%					17.1	%					39.9	%					23.6	%
Average daily rate (ADR)	$	224.13					$	175.12					$	215.17					$	192.89
RevPAR	$	121.06					$	29.95					$	85.90					$	45.58
OtherPAR	$	273.06					$	88.67					$	162.23					$	108.63
Total RevPAR	$	394.12					$	118.62					$	248.13					$	154.21

The AC Hotel at National Harbor
Revenue	$	1,728					$	602					$	5,838					$	3,332
Operating loss	$	(349	)		-20.2	%	$	(737	)		-122.4	%	$	(1,631	)		-27.9	%	$	(2,736	)		-82.1	%
Depreciation & amortization		327						329						1,313						1,323
Gain on disposal of assets		-						-						-						-
Preopening costs		-						-						-
Adjusted EBITDAre	$	(22	)		-1.3	%	$	(408	)		-67.8	%	$	(318	)		-5.4	%	$	(1,413	)		-42.4	%

Occupancy		48.3	%					22.5	%					44.5	%					25.2	%
Average daily rate (ADR)	$	177.93					$	132.99					$	167.77					$	166.89
RevPAR	$	85.92					$	29.97					$	74.73					$	42.13
OtherPAR	$	11.90					$	4.12					$	8.58					$	5.29
Total RevPAR	$	97.82					$	34.09					$	83.31					$	47.42

The Inn at Opryland ⁽²⁾
Revenue	$	2,523					$	679					$	7,656					$	3,584
Operating income (loss)	$	228			9.0	%	$	(783	)		-115.3	%	$	(530	)		-6.9	%	$	(3,310	)		-92.4	%
Depreciation & amortization		317						335						1,272						1,318
Loss on disposal of assets		-						-						-						-
Preopening costs		-						-						-						-
Pro rata adjusted EBITDA from joint ventures		-						-						-						-
Transaction costs of acquisitions		-						-						-						-
Adjusted EBITDAre	$	545			21.6	%	$	(448	)		-66.0	%	$	742			9.7	%	$	(1,992	)		-55.6	%

Occupancy		50.6	%					19.2	%					41.2	%					19.7	%
Average daily rate (ADR)	$	136.40					$	100.96					$	134.70					$	120.93
RevPAR	$	68.95					$	19.40					$	55.53					$	23.81
OtherPAR	$	21.52					$	4.89					$	13.69					$	8.50
Total RevPAR	$	90.47					$	24.29					$	69.22					$	32.31

(1)

Operating loss and Adjusted EBITDAre for Gaylord Rockies for the twelve months ended December 31, 2021 exclude forgiven asset management fees previously owed to RHP of $0.3 million.Operating loss and Adjusted EBITDAre for Gaylord Rockies for the three months and twelve months ended December 31, 2020 exclude asset management fees owed to RHP of $0.2 million and $0.8 million, respectively.

(2)

Includes other hospitality revenue and expense

17

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Cover

Feb. 24, 2022

Cover [Abstract]

Document Type 8-K

Amendment Flag false

Document Period End Date Feb. 24, 2022

Entity File Number 1-13079

Entity Registrant Name RYMAN HOSPITALITY PROPERTIES, INC.

Entity Central Index Key 0001040829

Entity Tax Identification Number 73-0664379

Entity Incorporation, State or Country Code DE

Entity Address, Address Line One One Gaylord Drive

Entity Address, City or Town Nashville

Entity Address, State or Province TN

Entity Address, Postal Zip Code 37214

City Area Code 615

Local Phone Number 316-6000

Written Communications false

Soliciting Material false

Pre-commencement Tender Offer false

Pre-commencement Issuer Tender Offer false

Title of 12(b) Security Common Stock, par value $.01

Trading Symbol RHP

Security Exchange Name NYSE

Entity Emerging Growth Company false

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Cover	Feb. 24, 2022
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Feb. 24, 2022
Entity File Number	1-13079
Entity Registrant Name	RYMAN HOSPITALITY PROPERTIES, INC.
Entity Central Index Key	0001040829
Entity Tax Identification Number	73-0664379
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	One Gaylord Drive
Entity Address, City or Town	Nashville
Entity Address, State or Province	TN
Entity Address, Postal Zip Code	37214
City Area Code	615
Local Phone Number	316-6000
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock, par value $.01
Trading Symbol	RHP
Security Exchange Name	NYSE
Entity Emerging Growth Company	false