15. Information Concerning Guarantor and Non-Guarantor Subsidiaries

The $350 Million 5% Senior Notes and the $400 Million 5% Senior Notes were each issued by the Operating Partnership and Finco and are guaranteed on a senior unsecured basis by the Company, each of the Company’s four wholly-owned subsidiaries that own the Gaylord Hotels properties, and certain other of the Company’s subsidiaries, each of which guarantees the Operating Partnership’s Credit Facility (such subsidiary guarantors, together with the Company, the “Guarantors”). The subsidiary Guarantors are 100% owned, and the guarantees are full and unconditional and joint and several. Not all of the Company’s subsidiaries have guaranteed the $350 Million 5% Senior Notes and the $400 Million 5% Senior Notes.

The following condensed consolidating financial information includes certain allocations of revenues and expenses based on management’s best estimates, which are not necessarily indicative of financial position, results of operations and cash flows that these entities would have achieved on a stand-alone basis.

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING BALANCE SHEET

As of December 31, 2015


(in thousands)	Parent Guarantor			Issuer			Guarantors		Non- Guarantors			Eliminations			Consolidated
ASSETS:
Property and equipment, net of accumulated depreciation	$	6,869		$	—		$	1,622,674	$	353,273		$	—		$	1,982,816
Cash and cash equivalents - unrestricted		23			1,578			158		54,532			—			56,291
Cash and cash equivalents - restricted		—			—			—		22,355			—			22,355
Notes receivable		—			—			—		152,560			—			152,560
Trade receivables, less allowance		—			—			—		55,033			—			55,033
Prepaid expenses and other assets		7,111			—			116,218		57,264			(118,214	)		62,379
Intercompany receivables, net		—			—			1,284,587		—			(1,284,587	)		—
Investments		976,809			2,795,064			531,628		697,381			(5,000,882	)		—

Total assets	$	990,812		$	2,796,642		$	3,555,265	$	1,392,398		$	(6,403,683	)	$	2,331,434

LIABILITIES AND STOCKHOLDERS’ EQUITY:
Debt and capital lease obligations	$	—		$	1,431,032		$	—	$	678		$	—		$	1,431,710
Accounts payable and accrued liabilities		103			8,153			1,390		262,234			(118,497	)		153,383
Deferred income tax liabilities, net		1,609			—			599		(1,045	)		—			1,163
Deferred management rights proceeds		—			—			—		183,119			—			183,119
Dividends payable		36,868			—			—		—			—			36,868
Other liabilities		—			—			84,746		60,600			283			145,629
Intercompany payables, net		572,670			506,341			—		205,576			(1,284,587	)		—
Commitments and contingencies
Stockholders’ equity:
Preferred stock		—			—			—		—			—			—
Common stock		513			1			1		2,387			(2,389	)		513
Additional paid-in-capital		887,501			996,425			2,812,431		1,213,324			(5,022,180	)		887,501
Treasury stock		(10,001	)		—			—		—			—			(10,001	)
Accumulated deficit		(473,404	)		(145,310	)		656,098		(509,428	)		(1,360	)		(473,404	)
Accumulated other comprehensive loss		(25,047	)		—			—		(25,047	)		25,047			(25,047	)

Total stockholders’ equity		379,562			851,116			3,468,530		681,236			(5,000,882	)		379,562

Total liabilities and stockholders’ equity	$	990,812		$	2,796,642		$	3,555,265	$	1,392,398		$	(6,403,683	)	$	2,331,434

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING BALANCE SHEET

As of December 31, 2014


(in thousands)	Parent Guarantor			Issuer			Guarantors		Non- Guarantors			Eliminations			Consolidated
ASSETS:
Property and equipment, net of accumulated depreciation	$	6,574		$	—		$	1,691,996	$	337,691		$	—		$	2,036,261
Cash and cash equivalents - unrestricted		392			1,001			36		74,979			—			76,408
Cash and cash equivalents - restricted		—			—			—		17,410			—			17,410
Notes receivable		—			—			—		149,612			—			149,612
Trade receivables, less allowance		—			—			—		45,188			—			45,188
Prepaid expenses and other assets		16,908			33			75,335		50,713			(76,368	)		66,621
Intercompany receivables, net		—			219,772			1,073,805		—			(1,293,577	)		—
Investments		1,587,425			2,767,163			526,645		695,896			(5,577,129	)		—

Total assets	$	1,611,299		$	2,987,969		$	3,367,817	$	1,371,489		$	(6,947,074	)	$	2,391,500

LIABILITIES AND STOCKHOLDERS’ EQUITY:
Debt and capital lease obligations	$	—		$	1,318,854		$	—	$	1,055		$	—		$	1,319,909
Accounts payable and accrued liabilities		36			7,248			216		235,999			(76,651	)		166,848
Deferred income tax liabilities, net		7,258			—			616		6,410			—			14,284
Deferred management rights proceeds		—			—			—		183,423			—			183,423
Dividends payable		29,133			—			—		—			—			29,133
Derivative liabilities		134,477			—			—		—			—			134,477
Other liabilities		—			—			79,382		62,354			283			142,019
Intercompany payables, net		1,038,988			—			—		254,589			(1,293,577	)		—
Commitments and contingencies
Stockholders’ equity:
Preferred stock		—			—			—		—			—			—
Common stock		510			1			1		2,387			(2,389	)		510
Additional paid-in-capital		882,193			1,741,705			2,803,719		1,183,941			(5,729,365	)		882,193
Treasury stock		(8,002	)		—			—		—			—			(8,002	)
Accumulated deficit		(446,963	)		(79,839	)		483,883		(532,338	)		128,294			(446,963	)
Accumulated other comprehensive loss		(26,331	)		—			—		(26,331	)		26,331			(26,331	)

Total stockholders’ equity		401,407			1,661,867			3,287,603		627,659			(5,577,129	)		401,407

Total liabilities and stockholders’ equity	$	1,611,299		$	2,987,969		$	3,367,817	$	1,371,489		$	(6,947,074	)	$	2,391,500

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

AND COMPREHENSIVE INCOME

For the Year Ended December 31, 2015


(in thousands)	Parent Guarantor			Issuer			Guarantors			Non- Guarantors		Eliminations			Consolidated
Revenues:
Rooms	$	—		$	—		$	—		$	404,457	$	—		$	404,457
Food and beverage		—			—			—			461,157		—			461,157
Other hotel revenue		—			—			298,698			145,817		(315,526	)		128,989
Entertainment (previously Opry and Attractions)		261			—			—			98,228		(968	)		97,521

Total revenues		261			—			298,698			1,109,659		(316,494	)		1,092,124
Operating expenses:
Rooms		—			—			—			110,067		—			110,067
Food and beverage		—			—			—			261,580		—			261,580
Other hotel expenses		—			—			43,388			568,830		(299,229	)		312,989
Management fees		—			—			—			14,657		—			14,657

Total hotel operating expenses		—			—			43,388			955,134		(299,229	)		699,293
Entertainment (previously Opry and Attractions)		—			—			—			67,366		(3	)		67,363
Corporate		328			1,433			2			27,151		—			28,914
Corporate overhead allocation		9,682			—			7,580			—		(17,262	)		—
Preopening costs		—			—			—			909		—			909
Impairment and other charges		—			—			16,310			2,890		—			19,200
Depreciation and amortization		127			—			58,998			55,258		—			114,383

Total operating expenses		10,137			1,433			126,278			1,108,708		(316,494	)		930,062

Operating income (loss)		(9,876	)		(1,433	)		172,420			951		—			162,062

Interest expense, net of amounts capitalized		—			(64,038	)		17			120		—			(63,901	)
Interest income		—			—			—			12,384		—			12,384
Other gains and (losses), net		(13,346	)		—			—			2,457		—			(10,889	)

Income (loss) before income taxes		(23,222	)		(65,471	)		172,437			15,912		—			99,656
(Provision) benefit for income taxes		5,080			—			(222	)		6,997		—			11,855
Equity in subsidiaries’ earnings, net		129,653			—			—			—		(129,653	)		—

Net income (loss)	$	111,511		$	(65,471	)	$	172,215		$	22,909	$	(129,653	)	$	111,511

Comprehensive income (loss)	$	112,795		$	(65,471	)	$	172,215		$	24,193	$	(130,937	)	$	112,795

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

AND COMPREHENSIVE INCOME

For the Year Ended December 31, 2014


(in thousands)	Parent Guarantor			Issuer			Guarantors			Non- Guarantors			Eliminations			Consolidated
Revenues:
Rooms	$	—		$	—		$	—		$	384,185		$	—		$	384,185
Food and beverage		—			—			—			437,673			—			437,673
Other hotel revenue		—			—			286,816			151,005			(305,513	)		132,308
Entertainment (previously Opry and Attractions)		331			—			—			87,433			(939	)		86,825

Total revenues		331			—			286,816			1,060,296			(306,452	)		1,040,991
Operating expenses:
Rooms		—			—			—			111,864			—			111,864
Food and beverage		—			—			—			248,358			—			248,358
Other hotel expenses		—			—			44,160			555,131			(287,455	)		311,836
Management fees		—			—			—			16,151			—			16,151

Total hotel operating expenses		—			—			44,160			931,504			(287,455	)		688,209
Entertainment (previously Opry and Attractions)		—			—			—			59,747			68			59,815
Corporate		97			1,189			2			26,285			—			27,573
Corporate overhead allocation		10,561			—			8,504			—			(19,065	)		—
Preopening costs		—			—			—			11			—			11
Depreciation and amortization		84			—			59,420			52,774			—			112,278

Total operating expenses		10,742			1,189			112,086			1,070,321			(306,452	)		887,886

Operating income (loss)		(10,411	)		(1,189	)		174,730			(10,025	)		—			153,105

Interest expense, net of amounts capitalized		(16,918	)		(44,555	)		—			26			—			(61,447	)
Interest income		—			—			—			12,075			—			12,075
Loss on extinguishment of debt		(2,148	)		—			—			—			—			(2,148	)
Other gains and (losses), net		21,892			—			—			1,508			—			23,400

Income (loss) before income taxes		(7,585	)		(45,744	)		174,730			3,584			—			124,985
(Provision) benefit for income taxes		(2,526	)		(2	)		(210	)		4,205			—			1,467
Equity in subsidiaries’ earnings, net		136,563			—			—			—			(136,563	)		—

Net income (loss)	$	126,452		$	(45,746	)	$	174,520		$	7,789		$	(136,563	)	$	126,452

Comprehensive income (loss)	$	109,240		$	(45,746	)	$	174,520		$	(9,423	)	$	(119,351	)	$	109,240

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

AND COMPREHENSIVE INCOME

For the Year Ended December 31, 2013


(in thousands)	Parent Guarantor			Issuer			Guarantors		Non- Guarantors			Eliminations			Consolidated
Revenues:
Rooms	$	—		$	—		$	—	$	357,313		$	—		$	357,313
Food and beverage		—			—			—		403,725			—			403,725
Other hotel revenue		—			—			266,971		131,417			(280,917	)		117,471
Entertainment (previously Opry and Attractions)		—			—			—		76,805			(752	)		76,053

Total revenues		—			—			266,971		969,260			(281,669	)		954,562
Operating expenses:
Rooms		—			—			—		103,171			—			103,171
Food and beverage		—			—			—		237,153			—			237,153
Other hotel expenses		—			—			44,589		521,611			(267,370	)		298,830
Management fees		—			—			—		14,652			—			14,652

Total hotel operating expenses		—			—			44,589		876,587			(267,370	)		653,806
Entertainment (previously Opry and Attractions)		—			—			—		56,662			(134	)		56,528
Corporate		12			1,751			—		24,529			—			26,292
Corporate overhead allocation		8,766			—			5,399		—			(14,165	)		—
REIT conversion costs		—			—			—		22,190			—			22,190
Casualty loss		—			—			—		54			—			54
Impairment and other charges		—			—			2,537		439			—			2,976
Depreciation and amortization		—			—			59,539		56,989			—			116,528

Total operating expenses		8,778			1,751			112,064		1,037,450			(281,669	)		878,374

Operating income (loss)		(8,778	)		(1,751	)		154,907		(68,190	)		—			76,188

Interest expense, net of amounts capitalized		(28,775	)		(32,092	)		—		(49	)		—			(60,916	)
Interest income		—			—			—		12,267			—			12,267
Loss on extinguishment of debt		(4,181	)		—			—		—			—			(4,181	)
Other gains and (losses), net		—			—			—		2,332			—			2,332

Income (loss) before income taxes		(41,734	)		(33,843	)		154,907		(53,640	)		—			25,690
(Provision) benefit for income taxes		1,902			2,695			132,521		(44,456	)		—			92,662
Equity in subsidiaries’ earnings, net		158,184			—			—		—			(158,184	)		—

Net income (loss)	$	118,352		$	(31,148	)	$	287,428	$	(98,096	)	$	(158,184	)	$	118,352

Comprehensive income (loss)	$	133,836		$	(31,148	)	$	287,428	$	(82,612	)	$	(173,668	)	$	133,836

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

For the Year Ended December 31, 2015


(in thousands)	Parent Guarantor			Issuer			Guarantors			Non- Guarantors			Eliminations		Consolidated
Net cash provided by (used in) operating activities	$	274,262		$	(104,168	)	$	5,794		$	58,474		$	—	$	234,362

Purchases of property and equipment		(422	)		—			(5,672	)		(73,721	)		—		(79,815	)
Proceeds from sale of Peterson LOI		10,000			—			—			—			—		10,000
Increase in restricted cash and cash equivalents		—			—			—			(4,945	)		—		(4,945	)
Other investing activities		—			—			—			123			—		123

Net cash provided by (used in) investing activities		9,578			—			(5,672	)		(78,543	)		—		(74,637	)

Net repayments under credit facility		—			(280,100	)		—			—			—		(280,100	)
Repayments under term loan B		—			(4,000	)		—			—			—		(4,000	)
Issuance of senior notes		—			400,000			—			—			—		400,000
Repurchase of common stock warrants		(154,681	)		—			—			—			—		(154,681	)
Deferred financing costs paid		—			(11,155	)		—			—			—		(11,155	)
Payment of dividend		(131,305	)		—			—			—			—		(131,305	)
Proceeds from exercise of stock option and purchase plans		1,777			—			—			—			—		1,777
Other financing activities, net		—			—			—			(378	)		—		(378	)

Net cash provided by (used in) financing activities		(284,209	)		104,745			—			(378	)		—		(179,842	)

Net change in cash and cash equivalents		(369	)		577			122			(20,447	)		—		(20,117	)
Cash and cash equivalents at beginning of period		392			1,001			36			74,979			—		76,408

Cash and cash equivalents at end of period	$	23		$	1,578		$	158		$	54,532		$	—	$	56,291

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

For the Year Ended December 31, 2014


(in thousands)	Parent Guarantor			Issuer			Guarantors			Non- Guarantors			Eliminations		Consolidated
Net cash provided by (used in) operating activities	$	636,386		$	(466,285	)	$	(24	)	$	76,927		$	—	$	247,004

Purchases of property and equipment		(6,659	)		—			60			(51,778	)		—		(58,377	)
Purchase of AC Hotel		—			—			—			(21,206	)		—		(21,206	)
Proceeds from sale of Peterson LOI		9,350			—			—			—			—		9,350
Decrease in restricted cash and cash equivalents		—			—			—			2,759			—		2,759
Other investing activities		—			—			—			8,012			—		8,012

Net cash provided by (used in) investing activities		2,691			—			60			(62,213	)		—		(59,462	)

Net borrowings under credit facility		—			77,000			—			—			—		77,000
Net borrowing under term loan B		—			398,000			—			—			—		398,000
Repurchase and conversion of convertible notes		(358,710	)		—			—			—			—		(358,710	)
Repurchase of common stock warrants		(177,423	)		—			—			—			—		(177,423	)
Deferred financing costs paid		—			(8,428	)		—			—			—		(8,428	)
Payment of dividend		(109,414	)		—			—			—			—		(109,414	)
Proceeds from exercise of stock option and purchase plans		6,862			—			—			—			—		6,862
Other financing activities, net		—			—			—			(600	)		—		(600	)

Net cash provided by (used in) financing activities		(638,685	)		466,572			—			(600	)		—		(172,713	)

Net change in cash and cash equivalents		392			287			36			14,114			—		14,829
Cash and cash equivalents at beginning of period		—			714			—			60,865			—		61,579

Cash and cash equivalents at end of period	$	392		$	1,001		$	36		$	74,979		$	—	$	76,408

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

For the Year Ended December 31, 2013


(in thousands)	Parent Guarantor			Issuer			Guarantors			Non- Guarantors			Eliminations		Consolidated
Net cash provided by (used in) operating activities	$	422,624		$	(298,048	)	$	(2,164	)	$	15,287		$	—	$	137,699

Purchases of property and equipment		—			—			2,759			(39,718	)		—		(36,959	)
Increase in restricted cash and cash equivalents		—			—			—			(13,959	)		—		(13,959	)
Other investing activities		—			—			—			2,177			—		2,177

Net cash provided by (used in) investing activities		—			—			2,759			(51,500	)		—		(48,741	)

Net repayments under credit facility		—			(35,500	)		—			—			—		(35,500	)
Issuance of senior notes		—			350,000			—			—			—		350,000
Early redemption of senior notes		(152,180	)		—			—			—			—		(152,180	)
Repurchase and conversion of convertible notes		(99,222	)		—			—			—			—		(99,222	)
Deferred financing costs paid		—			(15,738	)		—			—			—		(15,738	)
Repurchase of Company stock for retirement		(100,028	)		—			—			—			—		(100,028	)
Payment of dividend		(76,424	)		—			—			—			—		(76,424	)
Proceeds from exercise of stock option and purchase plans		5,223			—			—			—			—		5,223
Other financing activities, net		7			—			—			(687	)		—		(680	)

Net cash provided by (used in) financing activities		(422,624	)		298,762			—			(687	)		—		(124,549	)

Net change in cash and cash equivalents		—			714			595			(36,900	)		—		(35,591	)
Cash and cash equivalents at beginning of period		—			—			(595	)		97,765			—		97,170

Cash and cash equivalents at end of period	$	—		$	714		$	—		$	60,865		$	—	$	61,579