Information Concerning Guarantor and Non-Guarantor Subsidiaries (Tables)

6 Months Ended

Jun. 30, 2013

Condensed Consolidated Balance Sheets

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING BALANCE SHEET

As of June 30, 2013

	Parent									Non-
(in thousands)	Guarantor			Issuer			Guarantors			Guarantors			Eliminations			Consolidated
ASSETS:
Property and equipment, net of accumulated depreciation	$	—		$	—		$	1,768,390		$	335,585		$	—		$	2,103,975
Cash and cash equivalents - unrestricted		—			648			—			43,752			—			44,400
Cash and cash equivalents - restricted		—			—			—			14,483			—			14,483
Notes receivable		—			—			—			151,978			—			151,978
Trade receivables, less allowance		—			—			—			74,450			—			74,450
Deferred financing costs		—			22,254			—			—			—			22,254
Prepaid expenses and other assets		—			332			116,262			56,325			(117,574	)		55,345
Intercompany receivables, net		222,740			—			706,751			42,983			(972,474	)		—
Investments		1,998,489			2,767,163			526,644			429,811			(5,722,107	)		—
Total assets	$	2,221,229		$	2,790,397		$	3,118,047		$	1,149,367		$	(6,812,155	)	$	2,466,885
LIABILITIES AND STOCKHOLDERS’ EQUITY:
Debt and capital lease obligations	$	340,376		$	813,000		$	—		$	1,287		$	—		$	1,154,663
Accounts payable and accrued liabilities		(69	)		10,710			(500	)		255,157			(117,860	)		147,438
Deferred income tax liabilities, net		(39	)		—			—			38,313			—			38,274
Deferred management rights proceeds		—			—			—			184,884			—			184,884
Dividends payable		25,600			—			—			—			—			25,600
Other liabilities		—			—			71,791			53,941			286			126,018
Intercompany payables, net		725,329			245,438			1,707			—			(972,474	)		—
Commitments and contingencies
Stockholders’ equity:
Preferred stock		—			—			—			—			—			—
Common stock		507			1			1			2,388			(2,390	)		507
Additional paid-in-capital		1,264,208			1,741,704			2,803,623			1,184,033			(5,729,360	)		1,264,208
Treasury stock		(7,234	)		—			—			—			—			(7,234	)
Accumulated deficit		(127,449	)		(20,456	)		241,425			(555,605	)		9,643			(452,442	)
Accumulated other comprehensive loss		—			—			—			(15,031	)		—			(15,031	)
Total stockholders’ equity		1,130,032			1,721,249			3,045,049			615,785			(5,722,107	)		790,008
Total liabilities and stockholders’ equity	$	2,221,229		$	2,790,397		$	3,118,047		$	1,149,367		$	(6,812,155	)	$	2,466,885

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING BALANCE SHEET

As of December 31, 2012

	Parent									Non-
(in thousands)	Guarantor			Issuer			Guarantors			Guarantors			Eliminations			Consolidated
ASSETS:
Property and equipment, net of accumulated depreciation	$	—		$	—		$	1,798,827		$	350,172		$	—		$	2,148,999
Cash and cash equivalents - unrestricted		—			—			(595	)		97,765			—			97,170
Cash and cash equivalents - restricted		—			—			—			6,210			—			6,210
Notes receivable		—			—			—			149,400			—			149,400
Trade receivables, less allowance		—			—			—			55,343			—			55,343
Deferred financing costs		—			11,347			—			—			—			11,347
Prepaid expenses and other assets		—			—			—			64,119			(137	)		63,982
Intercompany receivables, net		485,219			—			—			—			(485,219	)		—
Investments		1,202,809			2,771,696			1,208,937			450,261			(5,633,703	)		—
Total assets	$	1,688,028		$	2,783,043		$	3,007,169		$	1,173,270		$	(6,119,059	)	$	2,532,451
LIABILITIES AND STOCKHOLDERS’ EQUITY:
Debt and capital lease obligations	$	485,219		$	545,000		$	—		$	1,644		$	—		$	1,031,863
Accounts payable and accrued liabilities		—			15,514			(1,535	)		204,904			(422	)		218,461
Deferred income tax liabilities, net		(386	)		(1,448	)		99,674			(8,902	)		—			88,938
Deferred management rights proceeds		—			—			—			186,346			—			186,346
Other liabilities		—			—			83,477			69,483			285			153,245
Intercompany payables, net		—			485,219			—			—			(485,219	)		—
Commitments and contingencies
Stockholders’ equity:
Preferred stock		—			—			—			—			—			—
Common stock		526			—			—			2,388			(2,388	)		526
Additional paid-in-capital		1,250,975			1,741,704			2,803,618			1,184,041			(5,729,363	)		1,250,975
Treasury stock		(7,234	)		—			—			—			—			(7,234	)
Accumulated deficit		(41,072	)		(2,946	)		21,935			(442,031	)		98,048			(366,066	)
Accumulated other comprehensive loss		—			—			—			(24,603	)		—			(24,603	)
Total stockholders’ equity		1,203,195			1,738,758			2,825,553			719,795			(5,633,703	)		853,598
Total liabilities and stockholders’ equity	$	1,688,028		$	2,783,043		$	3,007,169		$	1,173,270		$	(6,119,059	)	$	2,532,451

Condensed Consolidating Statement of Operations

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

For the Three Months Ended June 30, 2013

	Parent									Non-
(in thousands)	Guarantor			Issuer			Guarantors			Guarantors			Eliminations			Consolidated
Revenues:
Rooms	$	—		$	—		$	—		$	96,073		$	—		$	96,073
Food and beverage		—			—			—			99,309			—			99,309
Other hotel revenue		—			—			66,836			31,729			(71,116	)		27,449
Opry and Attractions		—			—			—			22,352			—			22,352
Total revenues		—			—			66,836			249,463			(71,116	)		245,183
Operating expenses:
Rooms		—			—			—			26,564			—			26,564
Food and beverage		—			—			—			60,406			—			60,406
Other hotel expenses		—			—			10,069			125,980			(67,466	)		68,583
Management fees		—			—			—			3,724			—			3,724
Total hotel operating expenses		—			—			10,069			216,674			(67,466	)		159,277
Opry and Attractions		—			—			—			14,629			—			14,629
Corporate		—			(181	)		2			6,815			—			6,636
Corporate overhead allocation		2,120			—			1,530			—			(3,650	)		—
REIT conversion costs		—			—			—			5,420			—			5,420
Casualty loss		—			—			—			17			—			17
Impairment and other charges (non-REIT conversion costs)		—			—			1,247			—			—			1,247
Depreciation and amortization		—			—			14,937			14,117			—			29,054
Total operating expenses		2,120			(181	)		27,785			257,672			(71,116	)		216,280
Operating income (loss)		(2,120	)		181			39,051			(8,209	)		—			28,903
Interest expense, net of amounts capitalized		(7,537	)		(9,875	)		—			(12	)		—			(17,424	)
Interest income		—			—			—			3,052			—			3,052
Other gains and (losses)		—			—			—			53			—			53
Income (loss) before income taxes and discontinued operations		(9,657	)		(9,694	)		39,051			(5,116	)		—			14,584
(Provision) benefit for income taxes		—			(3	)		(922	)		2,709			—			1,784
Equity in subsidiaries’ earnings, net		26,036			—			—			—			(26,036	)		—
Income (loss) from continuing operations		16,379			(9,697	)		38,129			(2,407	)		(26,036	)		16,368
Income from discontinued operations, net of taxes		—			—			—			11			—			11
Net income (loss)	$	16,379		$	(9,697	)	$	38,129		$	(2,396	)	$	(26,036	)	$	16,379
Comprehensive income (loss)	$	24,789		$	(9,697	)	$	38,129		$	6,014		$	(34,446	)	$	24,789

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

For the Three Months Ended June 30, 2012

	Parent							Non-
(in thousands)	Guarantor			Issuer		Guarantors		Guarantors			Eliminations			Consolidated
Revenues:
Rooms	$	—		$	—	$	—	$	99,982		$	—		$	99,982
Food and beverage		—			—		—		101,224			—			101,224
Other hotel revenue		9,294			—		—		31,841			(9,294	)		31,841
Opry and Attractions		7			—		—		20,175			—			20,182
Total revenues		9,301			—		—		253,222			(9,294	)		253,229
Operating expenses:
Rooms		—			—		—		24,797			—			24,797
Food and beverage		—			—		—		60,644			—			60,644
Other hotel expenses		—			—		—		74,836			—			74,836
Management fees		—			—		—		—			—			—
Total hotel operating expenses		—			—		—		160,277			—			160,277
Opry and Attractions		—			—		—		14,075			—			14,075
Corporate		5,655			—		—		7,605			—			13,260
Corporate overhead allocation		—			—		—		9,294			(9,294	)		—
REIT conversion costs		2,732			—		—		643			—			3,375
Casualty loss		243			—		—		129			—			372
Preopening costs		8			—		—		—			—			8
Depreciation and amortization		758			—		—		29,496			—			30,254
Total operating expenses		9,396			—		—		221,519			(9,294	)		221,621
Operating income (loss)		(95	)		—		—		31,703			—			31,608
Interest expense, net of amounts capitalized		(14,660	)		—		—		(29,748	)		29,957			(14,451	)
Interest income		25,129			—		—		7,849			(29,957	)		3,021
Income from unconsolidated companies		—			—		—		109			—			109
Income before income taxes and discontinued operations		10,374			—		—		9,913			—			20,287
Provision for income taxes		(5,688	)		—		—		(5,626	)		—			(11,314	)
Equity in subsidiaries’ earnings, net		4,268			—		—		—			(4,268	)		—
Income from continuing operations		8,954			—		—		4,287			(4,268	)		8,973
Loss from discontinued operations, net of taxes		—			—		—		(19	)		—			(19	)
Net income	$	8,954		$	—	$	—	$	4,268		$	(4,268	)	$	8,954
Comprehensive income	$	8,954		$	—	$	—	$	4,268		$	(4,268	)	$	8,954

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2013

	Parent								Non-
(in thousands)	Guarantor			Issuer			Guarantors		Guarantors			Eliminations			Consolidated
Revenues:
Rooms	$	—		$	—		$	—	$	181,582		$	—		$	181,582
Food and beverage		—			—			—		197,497			—			197,497
Other hotel revenue		—			—			136,515		62,317			(145,499	)		53,333
Opry and Attractions		—			—			—		34,884			—			34,884
Total revenues		—			—			136,515		476,280			(145,499	)		467,296
Operating expenses:
Rooms		—			—			—		51,651			—			51,651
Food and beverage		—			—			—		121,654			—			121,654
Other hotel expenses		—			—			22,500		253,425			(137,774	)		138,151
Management fees		—			—			—		7,193			—			7,193
Total hotel operating expenses		—			—			22,500		433,923			(137,774	)		318,649
Opry and Attractions		—			—			—		25,915			—			25,915
Corporate		—			666			2		12,634			—			13,302
Corporate overhead allocation		2,120			—			5,605		—			(7,725	)		—
REIT conversion costs		—			—			—		20,412			—			20,412
Casualty loss		—			—			—		49			—			49
Impairment and other charges (non-REIT conversion costs)		—			—			1,247		—			—			1,247
Depreciation and amortization		—			—			29,887		31,176			—			61,063
Total operating expenses		2,120			666			59,241		524,109			(145,499	)		440,637
Operating income (loss)		(2,120	)		(666	)		77,274		(47,829	)		—			26,659
Interest expense, net of amounts capitalized		(15,906	)		(14,813	)		—		(28	)		—			(30,747	)
Interest income		—			—			—		6,103			—			6,103
Other gains and (losses)		—			—			—		47			—			47
Income (loss) before income taxes and discontinued operations		(18,026	)		(15,479	)		77,274		(41,707	)		—			2,062
(Provision) benefit for income taxes		(222	)		(2,031	)		142,217		(71,888	)		—			68,076
Equity in subsidiaries’ earnings, net		88,407			—			—		—			(88,407	)		—
Income (loss) from continuing operations		70,159			(17,510	)		219,491		(113,595	)		(88,407	)		70,138
Income from discontinued operations, net of taxes		—			—			—		21			—			21
Net income (loss)	$	70,159		$	(17,510	)	$	219,491	$	(113,574	)	$	(88,407	)	$	70,159
Comprehensive income (loss)	$	79,731		$	(17,510	)	$	219,491	$	(104,002	)	$	(97,979	)	$	79,731

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2012

	Parent							Non-
(in thousands)	Guarantor			Issuer		Guarantors		Guarantors			Eliminations			Consolidated
Revenues:
Rooms	$	—		$	—	$	—	$	187,516		$	—		$	187,516
Food and beverage		—			—		—		209,300			—			209,300
Other hotel revenue		12,085			—		—		62,382			(12,188	)		62,279
Opry and Attractions		14			—		—		33,035			—			33,049
Total revenues		12,099			—		—		492,233			(12,188	)		492,144
Operating expenses:
Rooms		—			—		—		47,765			—			47,765
Food and beverage		—			—		—		122,258			—			122,258
Other hotel expenses		—			—		—		147,833			(103	)		147,730
Management fees		—			—		—		—			—			—
Total hotel operating expenses		—			—		—		317,856			(103	)		317,753
Opry and Attractions		—			—		—		24,832			—			24,832
Corporate		11,040			—		—		15,226			—			26,266
Corporate overhead allocation		—			—		—		12,085			(12,085	)		—
REIT conversion costs		5,380			—		—		1,048			—			6,428
Casualty loss		276			—		—		270			—			546
Preopening costs		22			—		—		317			—			339
Depreciation and amortization		1,526			—		—		61,162			—			62,688
Total operating expenses		18,244			—		—		432,796			(12,188	)		438,852
Operating income (loss)		(6,145	)		—		—		59,437			—			53,292
Interest expense, net of amounts capitalized		(29,294	)		—		—		(59,683	)		60,164			(28,813	)
Interest income		50,461			—		—		15,878			(60,164	)		6,175
Income from unconsolidated companies		—			—		—		109			—			109
Income before income taxes and discontinued operations		15,022			—		—		15,741			—			30,763
Provision for income taxes		(7,639	)		—		—		(8,144	)		—			(15,783	)
Equity in subsidiaries’ earnings, net		7,599			—		—		—			(7,599	)		—
Income from continuing operations		14,982			—		—		7,597			(7,599	)		14,980
Income from discontinued operations, net of taxes		—			—		—		2			—			2
Net income	$	14,982		$	—	$	—	$	7,599		$	(7,599	)	$	14,982
Comprehensive income	$	14,982		$	—	$	—	$	7,599		$	(7,599	)	$	14,982

Condensed Consolidating Statement of Cash Flows

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

For the Six Months Ended June 30, 2013

	Parent									Non-
(in thousands)	Guarantor			Issuer			Guarantors			Guarantors			Eliminations		Consolidated
Net cash provided by (used in) continuing operating activities	$	272,882		$	(251,957	)	$	1,316		$	(31,228	)	$	—	$	(8,987	)
Net cash provided by discontinued operating activities		—			—			—			79			—		79
Net cash provided by (used in) operating activities		272,882			(251,957	)		1,316			(31,149	)		—		(8,908	)
Purchases of property and equipment		—			—			(721	)		(14,460	)		—		(15,181	)
Increase in restricted cash and cash equivalents		—			—			—			(8,273	)		—		(8,273	)
Other investing activities		—			—			—			226			—		226
Net cash used in investing activities — continuing operations		—			—			(721	)		(22,507	)		—		(23,228	)
Net cash used in investing activities — discontinued operations		—			—			—			—			—		—
Net cash used in investing activities		—			—			(721	)		(22,507	)		—		(23,228	)
Net borrowings under credit facility		—			(82,000	)		—			—			—		(82,000	)
Issuance of senior notes		—			350,000			—			—			—		350,000
Early redemption of senior notes		(152,180	)		—			—			—			—		(152,180	)
Deferred financing costs paid		—			(15,395	)		—			—			—		(15,395	)
Repurchase of Company stock for retirement		(100,028	)		—			—			—			—		(100,028	)
Payment of dividend		(25,823	)		—			—			—			—		(25,823	)
Proceeds from exercise of stock option and purchase plans		5,145			—			—			—			—		5,145
Excess tax benefit from stock-based compensation		4			—			—			—			—		4
Other financing activities, net		—			—			—			(357	)		—		(357	)
Net cash provided by (used in) financing activities — continuing operations		(272,882	)		252,605			—			(357	)		—		(20,634	)
Net cash used in financing activities — discontinued operations		—			—			—			—			—		—
Net cash provided by (used in) financing activities		(272,882	)		252,605			—			(357	)		—		(20,634	)
Net change in cash and cash equivalents		—			648			595			(54,013	)		—		(52,770	)
Cash and cash equivalents at beginning of year		—			—			(595	)		97,765			—		97,170
Cash and cash equivalents at end of year	$	—		$	648		$	—		$	43,752		$	—	$	44,400

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

For the Six Months Ended June 30, 2012

	Parent							Non-
(in thousands)	Guarantor			Issuer		Guarantors		Guarantors			Eliminations		Consolidated
Net cash provided by continuing operating activities	$	32,717		$	—	$	—	$	46,382		$	—	$	79,099
Net cash provided by discontinued operating activities		—			—		—		51			—		51
Net cash provided by operating activities		32,717			—		—		46,433			—		79,150
Purchases of property and equipment		(6,269	)		—		—		(52,519	)		—		(58,788	)
Collection of notes receivable		—			—		—		2,870			—		2,870
Other investing activities		—			—		—		424			—		424
Net cash used in investing activities — continuing operations		(6,269	)		—		—		(49,225	)		—		(55,494	)
Net cash used in investing activities — discontinued operations		—			—		—					—		—
Net cash used in investing activities		(6,269	)		—		—		(49,225	)		—		(55,494	)
Net repayments under credit facility		(45,000	)		—		—		—			—		(45,000	)
Proceeds from exercise of stock option and purchase plans		6,833			—		—		—			—		6,833
Other financing activities, net		—			—		—		(373	)		—		(373	)
Net cash used in financing activities — continuing operations		(38,167	)		—		—		(373	)		—		(38,540	)
Net cash used in financing activities — discontinued operations		—			—		—		—			—		—
Net cash used in financing activities		(38,167	)		—		—		(373	)		—		(38,540	)
Net change in cash and cash equivalents		(11,719	)		—		—		(3,165	)		—		(14,884	)
Cash and cash equivalents at beginning of year		37,562			—		—		6,826			—		44,388
Cash and cash equivalents at end of year	$	25,843		$	—	$	—	$	3,661		$	—	$	29,504