Form 8-K

RYMAN HOSPITALITY PROPERTIES, INC.

Date: August 2, 2016

/s/ Scott Lynn

Scott Lynn

Senior Vice President, General Counsel and Secretary

0001193125-16-667599.txt : 20160802 0001193125-16-667599.hdr.sgml : 20160802 20160802084433 ACCESSION NUMBER: 0001193125-16-667599 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20160802 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20160802 DATE AS OF CHANGE: 20160802 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: 161799062 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 d230408d8k.htm FORM 8-K 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): August 2, 2016 (August 2, 2016)

RYMAN HOSPITALITY PROPERTIES, INC.

(Exact name of registrant as specified in its charter)

Delaware

1-13079

73-0664379

(State or other jurisdiction

of incorporation)

(Commission

File Number)

(I.R.S. Employer

Identification No.)

One Gaylord Drive

Nashville, Tennessee

37214

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (615) 316-6000

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

¨	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

ITEM 2.02.

RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

On August 2, 2016, Ryman Hospitality Properties, Inc. issued a press release announcing its financial results for the quarter ended June 30, 2016 and providing updated guidance for 2016. A copy of the press release is furnished herewith as Exhibit 99.1 and incorporated herein by reference.

ITEM 9.01.

FINANCIAL STATEMENTS AND EXHIBITS.

(d)

Exhibits


99.1		Press Release of Ryman Hospitality Properties, Inc. dated August 2, 2016.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

INDEX TO EXHIBITS


99.1		Press Release of Ryman Hospitality Properties, Inc. dated August 2, 2016.

EX-99.1 2 d230408dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

LOGO

Ryman Hospitality Properties, Inc. Reports Second Quarter 2016 Results

– Second Quarter Net Income of $51.3 Million –

– Total Adjusted EBITDA of $99.1 Million –

– Same-Store RevPAR Increased 5.9 Percent, Same-Store Total RevPAR Increased 6.4 Percent –

– Second Quarter Gross Room Nights Booked for All Future Years Increased 13.5 Percent –

– Updates Full-Year Guidance –

NASHVILLE, Tenn. (Aug. 2, 2016) – Ryman Hospitality Properties, Inc. (NYSE:RHP), a lodging real estate investment trust (“REIT”) specializing in group-oriented, destination hotel assets in urban and resort markets, today reported financial results for the second quarter ended June 30, 2016.

Colin Reed, chairman and chief executive officer of Ryman Hospitality Properties, said, “We are very pleased with our solid second quarter 2016 results from a revenue and Adjusted EBITDA perspective. We anticipated that the second quarter would be strong for our Hospitality segment, which generated same-store RevPAR growth of 5.9 percent and same-store Total RevPAR growth of 6.4 percent when compared to the second quarter of 2015.

Along with our peers, we did experience some in the year for the year softness during the second quarter of 2016; however, the contractual nature of our business affords us a measure of profitability protection during times of macroeconomic uncertainty that differentiates our model from others in our sector.

On the bookings front, we bested our impressive 2015 second quarter gross definite room night bookings for all future periods by 13.5 percent in the second quarter of 2016, which is indicative of the continued strength we see in our core group business in the years ahead.”

Second Quarter and Year-to-Date 2016 Results (As Compared to Second Quarter and Year-to-Date 2015) Included the Following:

($ in thousands, except RevPAR and Total RevPAR)


	Three Months Ended June 30,									Six Months Ended June 30,
	2016			2015			% D			2016			2015			% D
Total Revenue	$	296,215		$	274,036			8.1	%	$	557,712		$	527,184			5.8	%

Same-Store Hospitality Revenue ⁽¹⁾	$	259,307		$	243,522			6.5	%	$	501,686		$	479,976			4.5	%

Same-Store RevPAR ⁽¹⁾	$	147.32		$	139.07			5.9	%	$	138.42		$	134.54			2.9	%
Same-Store Total RevPAR ⁽¹⁾	$	351.45		$	330.46			6.4	%	$	340.18		$	327.46			3.9	%

Operating income	$	66,945		$	57,015			17.4	%	$	105,739		$	92,905			13.8	%

Net income ⁽²⁾	$	51,331		$	41,389			24.0	%	$	77,677		$	45,921			69.2	%
Net income per diluted share ⁽²⁾	$	1.00		$	0.80			25.0	%	$	1.51		$	0.89			69.7	%

Adjusted EBITDA	$	99,058		$	91,751			8.0	%	$	172,474		$	165,577			4.2	%
Adjusted EBITDA Margin		33.4	%		33.5	%		-0.1pt			30.9	%		31.4	%		-0.5pt

Same-Store Hospitality Adjusted EBITDA ⁽¹⁾	$	90,262		$	84,035			7.4	%	$	166,216		$	159,878			4.0	%
Same-Store Hospitality Adjusted EBITDA Margin ⁽¹⁾		34.8	%		34.5	%		0.3pt			33.1	%		33.3	%		-0.2pt

Funds From Operations (FFO)	$	77,756		$	69,788			11.4	%	$	132,880		$	102,890			29.1	%
FFO per diluted share	$	1.52		$	1.35			12.6	%	$	2.59		$	2.00			29.5	%

Adjusted FFO ⁽³⁾	$	81,586		$	75,287			8.4	%	$	138,136		$	133,961			3.1	%
Adjusted FFO per diluted share	$	1.59		$	1.46			8.9	%	$	2.69		$	2.60			3.5	%

(1)	Same-Store excludes the AC Hotel at National Harbor, which opened in April 2015.

(2)	Net income for the six months ended June 30, 2015 includes a loss of $20.2 million on warrant settlements associated with our previous convertible notes.

(3)	Adjusted FFO for both periods is presented using the 2016 definition of Adjusted FFO contained in this release.

For the Company’s definitions of RevPAR, Total RevPAR, Adjusted EBITDA and Adjusted FFO, as well as a reconciliation of the non-GAAP financial measure Adjusted EBITDA to Net Income and a reconciliation of the non-GAAP financial measure Adjusted FFO to Net Income, see “Calculation of RevPAR and Total RevPAR,” “Non-GAAP Financial Measures,” “Revised Adjusted FFO Definition” and “Supplemental Financial Results” below. Adjusted FFO for 2015 presented herein also reflects the revised Adjusted FFO definition used for 2016.

Operating Results

Hospitality Segment

($ in thousands, except per share amounts, RevPAR and Total RevPAR)

For the three months and six months ended June 30, 2016 and 2015, the Company reported the following:


	Three Months Ended June 30,									Six Months Ended June 30,
	2016			2015			% D			2016			2015			% D
Hospitality Results
Hospitality Revenue	$	262,329		$	245,835			6.7	%	$	506,520		$	482,289			5.0	%

Hospitality Operating Income	$	63,018		$	53,827			17.1	%	$	108,477		$	95,406			13.7	%

Hospitality Adjusted EBITDA	$	91,502		$	85,066			7.6	%	$	167,843		$	160,910			4.3	%
Hospitality Adjusted EBITDA Margin		34.9	%		34.6	%		0.3pt			33.1	%		33.4	%		-0.3pt

Hospitality Performance Metrics
Occupancy		78.0	%		75.2	%		2.8pt			74.1	%		73.1	%		1.0pt
Average Daily Rate (ADR)	$	188.86		$	184.32			2.5	%	$	186.19		$	183.75			1.3	%
RevPAR	$	147.40		$	138.61			6.3	%	$	137.98		$	134.36			2.7	%
Total RevPAR	$	347.32		$	325.96			6.6	%	$	335.51		$	325.21			3.2	%

Gross Definite Rooms Nights Booked		604,093			532,270			13.5	%		990,659			875,535			13.1	%
Net Definite Rooms Nights Booked		429,507			402,433			6.7	%		748,522			665,488			12.5	%
Group Attrition (as % of contracted block)		12.8	%		13.4	%		-0.6pt			11.9	%		12.4	%		-0.5pt
Cancellations ITYFTY⁽¹⁾		12,739			6,057			110.3	%		28,512			18,076			57.7	%

Same-Store Hospitality Results ⁽²⁾
Same-Store Hospitality Revenue	$	259,307		$	243,522			6.5	%	$	501,686		$	479,976			4.5	%

Same-Store Hospitality Operating Income	$	62,094		$	53,264			16.6	%	$	107,482		$	95,589			12.4	%

Same-Store Hospitality Adjusted EBITDA	$	90,262		$	84,035			7.4	%	$	166,216		$	159,878			4.0	%
Same-Store Hospitality Adjusted EBITDA Margin		34.8	%		34.5	%		0.3pt			33.1	%		33.3	%		-0.2pt

Same-Store Hospitality Performance Metrics
Occupancy		78.0	%		75.6	%		2.4pt			74.3	%		73.3	%		1.0pt
Average Daily Rate (ADR)	$	188.86		$	183.83			2.7	%	$	186.20		$	183.49			1.5	%
RevPAR	$	147.32		$	139.07			5.9	%	$	138.42		$	134.54			2.9	%
Total RevPAR	$	351.45		$	330.46			6.4	%	$	340.18		$	327.46			3.9	%

(1)	“ITYFTY” represents In The Year For The Year.

(2)	Same-Store excludes the AC Hotel at National Harbor, which opened in April 2015.

Property-level results and operating metrics for second quarter 2016 are presented in greater detail below and under “Supplemental Financial Results—Hospitality Segment Adjusted EBITDA Reconciliations,” which includes a reconciliation of the non-GAAP financial measures Hospitality Adjusted EBITDA to Hospitality Operating Income, Same-Store Hospitality Adjusted EBITDA to Same-Store Hospitality Operating Income, and property-level Adjusted EBITDA to property-level Operating Income for each of the hotel properties. Highlights for second quarter 2016 for the Hospitality segment and at each property include:

•

Hospitality Segment (Same-Store): Total revenue increased 6.5 percent to $259.3 million in second quarter 2016 compared to second quarter 2015. RevPAR increased 5.9 percent, driven by an increase in occupancy of 2.4 percentage points and a 2.7 percent increase in ADR. Operating income increased 16.6 percent to $62.1 million in second quarter 2016 compared to second quarter 2015. Adjusted EBITDA increased 7.4 percent, as compared to second quarter 2015, to $90.3 million. Adjusted EBITDA margin was up slightly compared to second quarter 2015. Adjusted EBITDA for second quarter 2016 includes the accrual of approximately $0.7 million in additional incentive management fees payable to our operator based on full-year 2016 performance expectations.

•

Gaylord Opryland: Total revenue for second quarter 2016 increased 1.5 percent to $79.6 million compared to second quarter 2015, driven by strong ADR growth and solid food and beverage performance despite a decrease in occupancy of 2.3 percentage points compared to second quarter 2015. There were 8,630 room nights out of service during the second quarter of 2016 due to a planned rooms renovation. Operating income decreased 3.6 percent to $21.4 million in second quarter 2016 compared to second quarter 2015. Adjusted EBITDA decreased 3.3 percent, as compared to second quarter 2015, to $28.7 million, and Adjusted EBITDA margin decreased by 180 basis points due to lower attrition and cancellation fees collected, non-capitalized costs associated with a planned rooms renovation, an increase in group commissions paid and an increase in costs associated with the accrual of incentive management fees.

•

Gaylord Palms: Total revenue for second quarter 2016 increased 11.6 percent to $45.7 million compared to second quarter 2015 due to a 6.5 percentage point increase in occupancy coupled with an increase in food and beverage revenue. Strong banquet revenue and new and refurbished dining outlets that opened in the second quarter of 2016 were the main drivers for the year-over-year food and beverage increase. Operating income increased 56.5 percent to $8.1 million in second quarter 2016 compared to second quarter 2015. Adjusted EBITDA increased 27.0 percent to $14.1 million compared to second quarter 2015, and Adjusted EBITDA margin increased by 370 basis points.

•

Gaylord Texan: Total revenue for second quarter 2016 increased 12.8 percent to $56.4 million, due to a 6.1 percentage point increase in occupancy as well as a 5.9 percent increase in ADR compared to second quarter 2015. Operating income increased 29.4 percent to $15.6 million in second quarter 2016 compared to second quarter 2015. Adjusted EBITDA increased 20.6 percent to $20.6 million compared to second quarter 2015, driven by the growth in rooms revenue

coupled with an increase in food and beverage revenue related to strong group performance and summer holiday programming. Adjusted EBITDA margin increased by 240 basis points compared to second quarter 2015.

•

Gaylord National: Total revenue for second quarter 2016 increased 4.3 percent to $73.6 million, driven by a 2.8 percentage point increase in occupancy and an increase in food and beverage revenue compared to second quarter 2015. Operating income increased 23.0 percent to $16.0 million in second quarter 2016 compared to second quarter 2015. Adjusted EBITDA increased 2.0 percent to $25.4 million, as compared to second quarter 2015. Adjusted EBITDA margin decreased by 80 basis points due to a decrease in bond interest income as a result of a note receivable discount amortization, higher sales and marketing expenses and an increase in group commissions paid during the second quarter of 2016 as compared to second quarter 2015.

Reed continued, “We are pleased with the top- and bottom-line growth our hotels produced on association and transient-driven occupancy increases this quarter as compared to the second quarter of 2015. We are especially pleased with these results given that we had the equivalent of approximately 1.2 points of occupancy out of service in the second quarter due to the rooms renovation program at Gaylord Opryland.

We saw strong group performance at Gaylord Texan, which led the brand in occupancy this quarter. This strong group performance was augmented by high-rated leisure business due in part to the debut of the resort’s $5 million pool expansion over Memorial Day weekend. We look forward to breaking ground on the larger Gaylord Texan rooms and meeting space expansion in the third quarter.”

Entertainment Segment

For the three months and six months ended June 30, 2016 and 2015, the Company reported the following:


($ in thousands)	Three Months Ended June 30,									Six Months Ended June 30,
	2016			2015			% D			2016			2015			% D

Revenue	$	33,886		$	28,201			20.2	%	$	51,192		$	44,895			14.0	%
Operating Income	$	11,491		$	10,158			13.1	%	$	12,454		$	12,278			1.4	%
Adjusted EBITDA	$	13,247		$	11,674			13.5	%	$	16,019		$	15,417			3.9	%
Adjusted EBITDA Margin		39.1	%		41.4	%		-2.3pt			31.3	%		34.3	%		-3.0pt

Reed continued, “Our Entertainment segment produced strong, double-digit year-over-year increases in both revenue and Adjusted EBITDA in the second quarter compared to the prior-year quarter, which further demonstrates the increased demand for our one-of-a-kind assets. Our previously-announced Wildhorse Saloon renovation was completed in May, and early feedback from our group customers and leisure guests has been positive.

We continued to make investments in people and resources during the second quarter to help us pursue growth opportunities for this segment, which is reflected in our Adjusted EBITDA margin. In addition to these investments, we recruited a chief operating officer during the quarter, who officially joined the Company in July to oversee our flagship Entertainment assets as we pursue our strategic growth initiatives.”

Corporate and Other Segment

For the three months and six months ended June 30, 2016 and 2015, the Company reported the following:


($ in thousands)	Three Months Ended June 30,									Six Months Ended June 30,
	2016			2015			% D			2016			2015			% D

Operating Loss	($	7,564	)	($	6,970	)		-8.5	%	($	15,192	)	($	14,779	)		-2.8	%
Adjusted EBITDA	($	5,691	)	($	4,989	)		-14.1	%	($	11,388	)	($	10,750	)		-5.9	%

Dividend Update

The Company paid its second quarter 2016 cash dividend of $0.75 per share of common stock on July 15, 2016 to stockholders of record on June 30, 2016. It is the Company’s current plan to distribute total 2016 annual dividends of approximately $3.00 per share in cash in equal quarterly payments with the remaining payments occurring in October 2016 and January 2017. Any future dividend is subject to the Board of Director’s determinations as to the amount of quarterly distributions and the timing thereof.

Balance Sheet/Liquidity Update

As of June 30, 2016, the Company had total debt outstanding of $1,493.6 million, net of unamortized deferred financing costs, and unrestricted cash of $50.7 million. As of June 30, 2016, $373.9 million of borrowings were drawn under the revolving credit line of the Company’s credit facility, and the lending banks had issued $2.1 million in letters of credit, which left $324.0 million of availability for borrowing under the credit facility.

Guidance

The Company is updating its 2016 guidance provided on February 26, 2016, which was reaffirmed on May 3, 2016, to reflect its expectations for Hospitality RevPAR and Hospitality Total RevPAR for the full year. The following business performance outlook is based on current information as of August 2, 2016. The Company does not expect to update the guidance provided below before next quarter’s earnings release. However, the Company may update its full business outlook or any portion thereof at any time for any reason.

Reed continued, “We remain bullish on the long-term strength of our business and our group-centric model; however, recent short-term economic uncertainty has tempered our in the year for the year revenue expectations for our Hospitality segment. In addition, we experienced a meaningful in the year for the year group cancellation in the second quarter that has affected our RevPAR growth expectations for the remainder of the year. We have since received $1.9 million in cancellation fees associated with this group, which has provided a measure of profitability protection. In addition, we have plans in place at each of our hotels to preserve full-year profitability expectations. As such, while we are revising our Hospitality RevPAR and Hospitality Total RevPAR guidance ranges, our outlook for Adjusted EBITDA remains unchanged. Finally, we are modestly adjusting our estimated shares outstanding to account for share repurchases and employee stock option redemptions that have occurred year to date, as these items were not contemplated in our original guidance.”


$ in millions, except per share figures	Updated Guidance Full Year 2016						*Variance to Prior Guidance*
	Low			High			*Low*			*High*

Hospitality RevPAR ⁽¹⁾		3.0	%		4.0	%		-0.5	%		-2.0	%
Hospitality Total RevPAR ⁽¹⁾		3.0	%		4.0	%		-0.5	%		-2.0	%
Hospitality Adjusted EBITDA Margin Change		+ 50 bps			+ 110 bps			+ 20 bps			+ 60 bps

Adjusted EBITDA
Hospitality ⁽²⁾	$	328.0		$	338.0		$	—		$	—
AC Hotel		3.0			4.0			—			—
Entertainment (Opry and Attractions)		31.0			35.0			—			—
Corporate and Other		(23.0	)		(21.0	)		—			—

Consolidated Adjusted EBITDA	$	339.0		$	356.0		$	—		$	—


Funds from Operations (FFO)	$	247.8		$	268.8		$	—		$	—
Adjusted FFO ⁽³⁾	$	268.6		$	289.0		$	—		$	—

FFO per Diluted Share	$	4.85		$	5.26		$	0.02		$	0.02
Adjusted FFO per Diluted Share	$	5.26		$	5.66		$	0.02		$	0.03

Estimated Diluted Shares Outstanding		51.1			51.1			(0.2	)		(0.2	)

(1)	Hospitality segment guidance for RevPAR and Total RevPAR does not include the AC Hotel.

(2)	Hospitality segment guidance assumes approximately 35,800 room nights out of service in 2016 due to the renovation of rooms at Gaylord Opryland. The out of service rooms do not impact total available room count for calculating hotel metrics (e.g., RevPAR and Total RevPAR).

(3)	See “Revised Adjusted FFO Definition” below for a description of how we calculate AFFO and certain changes to this calculation beginning in 2016 (which changes are reflected in the guidance range above).

Earnings Call Information

Ryman Hospitality Properties will hold a conference call to discuss this release today at 10 a.m. ET. Investors can listen to the conference call over the Internet at www.rymanhp.com. To listen to the live call, please go to the Investor Relations section of the website (Investor Relations/Presentations, Earnings and Webcasts) at least 15 minutes prior to the call to register and download any necessary audio software. For those who cannot listen to the live broadcast, a replay will be available shortly after the call and will be available for at least 30 days.

About Ryman Hospitality Properties, Inc.

Ryman Hospitality Properties, Inc. (NYSE: RHP) is a REIT for federal income tax purposes, specializing in group-oriented, destination hotel assets in urban and resort markets. The Company’s owned assets include a network of four upscale, meetings-focused resorts totaling 7,805 rooms that are managed by lodging operator Marriott International, Inc. under the Gaylord Hotels brand. Other owned assets managed by Marriott International, Inc. include Gaylord Springs Golf Links, the Wildhorse Saloon, the General Jackson Showboat, The Inn at Opryland, a 303-room overflow hotel adjacent to Gaylord Opryland and AC Hotel Washington, DC at National Harbor, a 192-room hotel near Gaylord National. The Company also owns and operates media and entertainment assets, including the Grand Ole Opry (opry.com), the legendary weekly showcase of country music’s finest performers for 90 years; the Ryman Auditorium, the storied former home of the Grand Ole Opry located in downtown Nashville; and 650 AM WSM, the Opry’s radio home. For additional information about Ryman Hospitality Properties, visit www.rymanhp.com.

Cautionary Note Regarding Forward-Looking Statements

This press release contains statements as to the Company’s beliefs and expectations of the outcome of future events that are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. You can identify these statements by the fact that they do not relate strictly to historical or current facts. Examples of these statements include, but are not limited to, statements regarding the future performance of our business, estimated capital expenditures, out-of-service rooms, plans to engage in common stock repurchase transactions and the timing and form of such transactions, the expected approach to making dividend payments, the board’s ability to alter the dividend policy at any time and other business or operational issues. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the statements made. These include the risks and uncertainties associated with economic conditions affecting the hospitality business generally, the geographic concentration of the Company’s hotel properties, business levels at the

Company’s hotels, the effect of the Company’s election to be taxed as a REIT for federal income tax purposes commencing with the year ended December 31, 2013, the Company’s ability to remain qualified as a REIT, the Company’s ability to execute its strategic goals as a REIT, the Company’s ability to generate cash flows to support dividends, future board determinations regarding the timing and amount of dividends and changes to the dividend policy, which could be made at any time, the determination of Adjusted FFO and REIT taxable income, and the Company’s ability to borrow funds pursuant to its credit agreement. Other factors that could cause operating and financial results to differ are described in the filings made from time to time by the Company with the U.S. Securities and Exchange Commission (SEC) and include the risk factors and other risks and uncertainties described in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2015 and its Quarterly Reports on Form 10-Q and subsequent filings. The Company does not undertake any obligation to release publicly any revisions to forward-looking statements made by it to reflect events or circumstances occurring after the date hereof or the occurrence of unanticipated events.

Additional Information

This release should be read in conjunction with the consolidated financial statements and notes thereto included in our most recent annual report on Form 10-K. Copies of our reports are available on our website at no expense at www.rymanhp.com and through the SEC’s Electronic Data Gathering Analysis and Retrieval System (“EDGAR”) at www.sec.gov.

Calculation of RevPAR and Total RevPAR

We calculate revenue per available room (“RevPAR”) for our hotels by dividing room revenue by room nights available to guests for the period. We calculate total revenue per available room (“Total RevPAR”) for our hotels by dividing the sum of room revenue, food & beverage and other ancillary services revenue by room nights available to guests for the period.

Non-GAAP Financial Measures

We present the following non-GAAP financial measures we believe are useful to investors as key measures of our operating performance:

To calculate Adjusted EBITDA, we determine EBITDA, which represents net income (loss) determined in accordance with GAAP, plus loss (income) from discontinued operations, net; provision (benefit) for income taxes; other (gains) and losses, net; loss on extinguishment of debt; (income) loss from joint ventures; interest expense; and depreciation and amortization, less interest income. Adjusted EBITDA is

calculated as EBITDA plus preopening costs; non-cash ground lease expense; equity-based compensation expense; impairment charges; any closing costs of completed acquisitions; interest income on Gaylord National bonds; other gains and (losses); (gains) and losses on warrant settlements; pension settlement charges; pro rata Adjusted EBITDA from joint ventures, and any other adjustments we have identified in this release. We believe Adjusted EBITDA is useful to investors in evaluating our operating performance because this measure helps investors evaluate and compare the results of our operations from period to period by removing the impact of our capital structure (primarily interest expense) and our asset base (primarily depreciation and amortization) from our operating results. A reconciliation of net income (loss) to EBITDA and Adjusted EBITDA and a reconciliation of segment and property-level operating income to segment and property-level Adjusted EBITDA are set forth below under “Supplemental Financial Results.” Hospitality Adjusted EBITDA—Same-Store excludes the AC Hotel at National Harbor.

Revised Adjusted FFO Definition

We calculate Adjusted FFO to mean net income (loss) (computed in accordance with GAAP), excluding non-controlling interests, and gains and losses from sales of property; plus depreciation and amortization (excluding amortization of deferred financing costs and debt discounts) and pro rata adjustments from joint ventures (which equals FFO). We then exclude impairment losses; we also exclude written-off deferred financing costs, non-cash ground lease expense, amortization of debt discounts and amortization of deferred financing cost, pension settlement charges and (gains) losses on extinguishment of debt and warrant settlements. Beginning in 2016, we exclude the impact of deferred income tax expense (benefit). We believe that the presentation of Adjusted FFO provides useful information to investors regarding our operating performance because it is a measure of our operations without regard to specified non-cash items such as real estate depreciation and amortization, gain or loss on sale of assets and certain other items which we believe are not indicative of the performance of our underlying hotel properties. We believe that these items are more representative of our asset base than our ongoing operations. We also use Adjusted FFO as one measure in determining our results after taking into account the impact of our capital structure. A reconciliation of net income (loss) to Adjusted FFO is set forth below under “Supplemental Financial Results.”

We caution investors that amounts presented in accordance with our definitions of Adjusted EBITDA and Adjusted FFO may not be comparable to similar measures disclosed by other companies, because not all companies calculate these non-GAAP measures in the same manner. Adjusted EBITDA and Adjusted FFO, and any related per share measures, should not be considered as alternative measures of our net income (loss), operating performance, cash flow or liquidity. Adjusted EBITDA and Adjusted FFO may

include funds that may not be available for our discretionary use due to functional requirements to conserve funds for capital expenditures and property acquisitions and other commitments and uncertainties. Although we believe that Adjusted EBITDA and Adjusted FFO can enhance an investor’s understanding of our results of operations, these non-GAAP financial measures, when viewed individually, are not necessarily better indicators of any trend as compared to GAAP measures such as net income (loss) or cash flow from operations. In addition, you should be aware that adverse economic and market and other conditions may harm our cash flow.


*Investor Relations Contacts:*		*Media Contacts:*
Mark Fioravanti, President and Chief Financial Officer		Brian Abrahamson, Vice President of Corporate Communications
Ryman Hospitality Properties, Inc.		Ryman Hospitality Properties, Inc.
(615) 316-6588		(615) 316-6302
mfioravanti@rymanhp.com		babrahamson@rymanhp.com
*~or~*		*~or~*
Todd Siefert, Vice President of Corporate Finance & Treasurer		Josh Hochberg or Dan Zacchei
Ryman Hospitality Properties, Inc.		Sloane & Company
(615) 316-6344		(212) 446-1892 or (212) 446-1882
tsiefert@rymanhp.com		jhochberg@sloanepr.com; dzacchei@sloanepr.com

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

Unaudited

(In thousands, except per share data)


	Three Months Ended						Six Months Ended
	Jun. 30,						Jun. 30,
	2016			2015			2016			2015
Revenues:
Rooms	$	111,331		$	104,540		$	208,300		$	199,261
Food and beverage		127,217			119,042			249,450			237,373
Other hotel revenue		23,781			22,253			48,770			45,655
Entertainment		33,886			28,201			51,192			44,895

Total revenues		296,215			274,036			557,712			527,184


Operating expenses:
Rooms		28,140			26,802			54,121			52,869
Food and beverage		67,998			64,789			136,255			129,864
Other hotel expenses		73,491			70,109			146,179			140,405
Management fees		5,501			3,791			10,838			7,303

Total hotel operating expenses		175,130			165,491			347,393			330,441
Entertainment		20,834			16,659			35,530			29,821
Corporate		6,897			6,273			13,868			13,367
Preopening costs		—			199			—			791
Impairment and other charges		—			—			—			2,890
Depreciation and amortization		26,409			28,399			55,182			56,969

Total operating expenses		229,270			217,021			451,973			434,279


Operating income		66,945			57,015			105,739			92,905

Interest expense, net of amounts capitalized		(16,016	)		(17,814	)		(32,055	)		(31,627	)
Interest income		3,008			3,393			6,151			6,401
Loss from joint ventures		(1,058	)		—			(1,448	)		—
Other gains and (losses), net		(133	)		(339	)		(180	)		(20,571	)

Income before income taxes		52,746			42,255			78,207			47,108

Provision for income taxes		(1,415	)		(866	)		(530	)		(1,187	)

Net income	$	51,331		$	41,389		$	77,677		$	45,921


Basic net income per share	$	1.01		$	0.81		$	1.52		$	0.90

Fully diluted net income per share	$	1.00		$	0.80		$	1.51		$	0.89


Weighted average common shares for the period:
Basic		50,977			51,269			51,011			51,196
Diluted		51,221			51,601			51,296			51,562

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

Unaudited

(In thousands)


	Jun. 30,		Dec. 31,
	2016		2015

ASSETS:
Property and equipment, net of accumulated depreciation	$	1,984,035	$	1,982,816
Cash and cash equivalents - unrestricted		50,732		56,291
Cash and cash equivalents - restricted		29,966		22,355
Notes receivable		155,357		152,560
Trade receivables, net		52,568		55,033
Prepaid expenses and other assets		83,230		62,379

Total assets	$	2,355,888	$	2,331,434


LIABILITIES AND STOCKHOLDERS’ EQUITY:
Debt and capital lease obligations	$	1,493,632	$	1,431,710
Accounts payable and accrued liabilities		136,683		153,383
Dividends payable		38,949		36,868
Deferred management rights proceeds		181,603		183,119
Deferred income taxes, net		520		1,163
Other liabilities		147,536		145,629
Stockholders’ equity		356,965		379,562

Total liabilities and stockholders’ equity	$	2,355,888	$	2,331,434

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

SUPPLEMENTAL FINANCIAL RESULTS

ADJUSTED EBITDA RECONCILIATION

Unaudited

(in thousands)


	Three Months Ended Jun. 30,												Six Months Ended Jun. 30,
	2016						2015						2016						2015
	$			Margin			$			Margin			$			Margin			$			Margin
Consolidated
Revenue	$	296,215					$	274,036					$	557,712					$	527,184
Net income	$	51,331					$	41,389					$	77,677					$	45,921
Provision for income taxes		1,415						866						530						1,187
Other (gains) and losses, net		133						339						180						20,571
Loss from joint ventures		1,058						—						1,448						—
Interest expense, net		13,008						14,421						25,904						25,226
Depreciation & amortization		26,409						28,399						55,182						56,969

EBITDA		93,354			31.5	%		85,414			31.2	%		160,921			28.9	%		149,874			28.4	%
Preopening costs		—						199						—						791
Non-cash lease expense		1,311						1,341						2,622						2,682
Equity-based compensation		1,513						1,467						3,062						3,057
Impairment charges		—						—						—						2,890
Interest income on Gaylord National bonds		2,992						3,381						6,094						6,380
Pro rata adjusted EBITDA from joint ventures		(3	)					—						(3	)					—
Other gains and (losses), net		(133	)					(339	)					(180	)					(20,571	)
Loss on warrant settlements		—						60						—						20,246
(Gain) loss on disposal of assets		24						228						(42	)					228

Adjusted EBITDA	$	99,058			33.4	%	$	91,751			33.5	%	$	172,474			30.9	%	$	165,577			31.4	%


Hospitality segment
Revenue	$	262,329					$	245,835					$	506,520					$	482,289
Operating income	$	63,018					$	53,827					$	108,477					$	95,406
Depreciation & amortization		24,181						26,349						50,650						52,792
Preopening costs		—						168						—						760
Non-cash lease expense		1,311						1,341						2,622						2,682
Impairment charges		—						—						—						2,890
Interest income on Gaylord National bonds		2,992						3,381						6,094						6,380
Other gains and (losses), net		(24	)					(222	)					(24	)					(222	)
Loss on disposal of assets		24						222						24						222

Adjusted EBITDA	$	91,502			34.9	%	$	85,066			34.6	%	$	167,843			33.1	%	$	160,910			33.4	%


Entertainment segment
Revenue	$	33,886					$	28,201					$	51,192					$	44,895
Operating income	$	11,491					$	10,158					$	12,454					$	12,278
Depreciation & amortization		1,561						1,353						3,208						2,765
Preopening costs		—						31						—						31
Equity-based compensation		198						132						360						343
Pro rata adjusted EBITDA from joint ventures		(3	)					—						(3	)					—

Adjusted EBITDA	$	13,247			39.1	%	$	11,674			41.4	%	$	16,019			31.3	%	$	15,417			34.3	%


Corporate and Other segment
Operating loss	$	(7,564	)				$	(6,970	)				$	(15,192	)				$	(14,779	)
Depreciation & amortization		667						697						1,324						1,412
Equity-based compensation		1,315						1,335						2,702						2,714
Other gains and (losses), net		(109	)					(117	)					(156	)					(20,349	)
Loss on warrant settlements		—						60						—						20,246
(Gain) loss on disposal of assets		—						6						(66	)					6

Adjusted EBITDA	$	(5,691	)				$	(4,989	)				$	(11,388	)				$	(10,750	)

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 Jun. 30,						Six Months Ended Jun. 30,
	2016			2015			2016			2015
Consolidated
Net income	$	51,331		$	41,389		$	77,677		$	45,921
Depreciation & amortization		26,409			28,399			55,182			56,969
Pro rata adjustments from joint ventures		16			—			21			—

FFO		77,756			69,788			132,880			102,890

Non-cash lease expense		1,311			1,341			2,622			2,682
Impairment charges		—			—			—			2,890
Pro rata adjustments from joint ventures		417			—			811			—
Loss on warrant settlements		—			60			—			20,246
(Gain) loss on other assets		24			228			(10	)		228
Write-off of deferred financing costs		—			1,926			—			1,926
Amortization of deferred financing costs		1,216			1,459			2,432			2,855
Deferred tax (benefit) expense		862			485			(599	)		244

Adjusted FFO (1)	$	81,586		$	75,287		$	138,136		$	133,961

Capital expenditures (2)		(15,795	)		(12,357	)		(29,491	)		(24,792	)

Adjusted FFO less maintenance capital expenditures	$	65,791		$	62,930		$	108,645		$	109,169


FFO per basic share	$	1.53		$	1.36		$	2.60		$	2.01
Adjusted FFO per basic share	$	1.60		$	1.47		$	2.71		$	2.62

FFO per diluted share	$	1.52		$	1.35		$	2.59		$	2.00
Adjusted FFO per diluted share	$	1.59		$	1.46		$	2.69		$	2.60

(1)	Adjusted FFO for both periods is presented using the 2016 definition of Adjusted FFO contained in this release.

(2)	Represents FF&E reserve for managed properties and maintenance capital expenditures for non-managed properties.

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

SUPPLEMENTAL FINANCIAL RESULTS

Unaudited

(in thousands, except operating metrics)


	Three Months Ended Jun. 30,						Six Months Ended Jun. 30,
	2016			2015			2016			2015

HOSPITALITY OPERATING METRICS:

Hospitality Segment

Occupancy		78.0	%		75.2	%		74.1	%		73.1	%
Average daily rate (ADR)	$	188.86		$	184.32		$	186.19		$	183.75
RevPAR	$	147.40		$	138.61		$	137.98		$	134.36
OtherPAR	$	199.92		$	187.35		$	197.53		$	190.85
Total RevPAR	$	347.32		$	325.96		$	335.51		$	325.21

Revenue	$	262,329		$	245,835		$	506,520		$	482,289
Adjusted EBITDA	$	91,502		$	85,066		$	167,843		$	160,910
Adjusted EBITDA Margin		34.9	%		34.6	%		33.1	%		33.4	%

Same-Store Hospitality Segment (1)

Occupancy		78.0	%		75.6	%		74.3	%		73.3	%
Average daily rate (ADR)	$	188.86		$	183.83		$	186.20		$	183.49
RevPAR	$	147.32		$	139.07		$	138.42		$	134.54
OtherPAR	$	204.13		$	191.39		$	201.76		$	192.92
Total RevPAR	$	351.45		$	330.46		$	340.18		$	327.46

Revenue	$	259,307		$	243,522		$	501,686		$	479,976
Adjusted EBITDA	$	90,262		$	84,035		$	166,216		$	159,878
Adjusted EBITDA Margin		34.8	%		34.5	%		33.1	%		33.3	%

Gaylord Opryland

Occupancy		77.2	%		79.5	%		74.3	%		72.3	%
Average daily rate (ADR)	$	180.88		$	170.83		$	173.67		$	167.59
RevPAR	$	139.58		$	135.76		$	129.08		$	121.21
OtherPAR	$	163.87		$	163.11		$	166.85		$	158.54
Total RevPAR	$	303.45		$	298.87		$	295.93		$	279.75

Revenue	$	79,582		$	78,382		$	155,222		$	145,929
Adjusted EBITDA	$	28,707		$	29,702		$	52,797		$	51,468
Adjusted EBITDA Margin		36.1	%		37.9	%		34.0	%		35.3	%

Gaylord Palms

Occupancy		78.3	%		71.8	%		80.1	%		77.3	%
Average daily rate (ADR)	$	167.77		$	164.72		$	181.31		$	180.63
RevPAR	$	131.37		$	118.22		$	145.16		$	139.59
OtherPAR	$	223.15		$	201.73		$	249.86		$	231.02
Total RevPAR	$	354.52		$	319.95		$	395.02		$	370.61

Revenue	$	45,683		$	40,936		$	101,442		$	94,316
Adjusted EBITDA	$	14,135		$	11,131		$	35,033		$	31,206
Adjusted EBITDA Margin		30.9	%		27.2	%		34.5	%		33.1	%

Gaylord Texan

Occupancy		79.8	%		73.7	%		76.4	%		74.9	%
Average daily rate (ADR)	$	198.00		$	187.03		$	192.02		$	191.53
RevPAR	$	158.09		$	137.75		$	146.74		$	143.39
OtherPAR	$	251.72		$	225.51		$	253.33		$	241.50
Total RevPAR	$	409.81		$	363.26		$	400.07		$	384.89

Revenue	$	56,350		$	49,950		$	110,021		$	105,265
Adjusted EBITDA	$	20,633		$	17,105		$	39,986		$	37,985
Adjusted EBITDA Margin		36.6	%		34.2	%		36.3	%		36.1	%

Gaylord National

Occupancy		76.6	%		73.8	%		68.5	%		71.1	%
Average daily rate (ADR)	$	217.96		$	223.74		$	214.48		$	211.85
RevPAR	$	167.01		$	165.13		$	147.00		$	150.69
OtherPAR	$	237.92		$	223.07		$	204.54		$	203.81
Total RevPAR	$	404.93		$	388.20		$	351.54		$	354.50

Revenue	$	73,550		$	70,510		$	127,705		$	128,072
Adjusted EBITDA	$	25,363		$	24,868		$	36,274		$	37,475
Adjusted EBITDA Margin		34.5	%		35.3	%		28.4	%		29.3	%

The AC Hotel at National Harbor (2)

Occupancy		79.8	%		56.2	%		64.3	%		56.2	%
Average daily rate (ADR)	$	188.82		$	211.94		$	185.57		$	211.94
RevPAR	$	150.63		$	119.17		$	119.38		$	119.17
OtherPAR	$	22.39		$	14.67		$	18.98		$	14.67
Total RevPAR	$	173.02		$	133.84		$	138.36		$	133.84

Revenue	$	3,022		$	2,313		$	4,834		$	2,313
Adjusted EBITDA	$	1,240		$	1,031		$	1,627		$	1,032
Adjusted EBITDA Margin		41.0	%		44.6	%		33.7	%		44.6	%

The Inn at Opryland (3)

Occupancy		84.5	%		79.4	%		75.6	%		71.2	%
Average daily rate (ADR)	$	132.64		$	128.65		$	129.27		$	122.73
RevPAR	$	112.14		$	102.13		$	97.67		$	87.34
OtherPAR	$	38.06		$	33.69		$	34.64		$	29.24
Total RevPAR	$	150.20		$	135.82		$	132.31		$	116.58

Revenue	$	4,142		$	3,744		$	7,296		$	6,394
Adjusted EBITDA	$	1,424		$	1,229		$	2,126		$	1,744
Adjusted EBITDA Margin		34.4	%		32.8	%		29.1	%		27.3	%

(1)	Same-store excludes the AC Hotel at National Harbor.

(2)	The AC Hotel at National Harbor opened in April 2015.

(3)	Includes other hospitality revenue and expense.

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

SUPPLEMENTAL FINANCIAL RESULTS

HOSPITALITY SEGMENT ADJUSTED EBITDA RECONCILIATIONS

Unaudited

(in thousands)


	Three Months Ended Jun. 30,												Six Months Ended Jun. 30,
	2016						2015						2016						2015
	$			Margin			$			Margin			$			Margin			$			Margin
Hospitality segment
Revenue	$	262,329					$	245,835					$	506,520					$	482,289
Operating income	$	63,018					$	53,827					$	108,477					$	95,406
Depreciation & amortization		24,181						26,349						50,650						52,792
Preopening costs		—						168						—						760
Non-cash lease expense		1,311						1,341						2,622						2,682
Impairment charges		—						—						—						2,890
Interest income on Gaylord National bonds		2,992						3,381						6,094						6,380
Other gains and (losses), net		(24	)					(222	)					(24	)					(222	)
Loss on disposal of assets		24						222						24						222

Adjusted EBITDA	$	91,502			34.9	%	$	85,066			34.6	%	$	167,843			33.1	%	$	160,910			33.4	%


Same-Store Hospitality segment ⁽¹⁾
Revenue	$	259,307					$	243,522					$	501,686					$	479,976
Operating income	$	62,094					$	53,264					$	107,482					$	95,589
Depreciation & amortization		23,865						26,049						50,018						52,337
Non-cash lease expense		1,311						1,341						2,622						2,682
Impairment charges		—						—						—						2,890
Interest income on Gaylord National bonds		2,992						3,381						6,094						6,380
Other gains and (losses), net		(24	)					(222	)					(24	)					(222	)
Loss on disposal of assets		24						222						24						222

Adjusted EBITDA	$	90,262			34.8	%	$	84,035			34.5	%	$	166,216			33.1	%	$	159,878			33.3	%


Gaylord Opryland
Revenue	$	79,582					$	78,382					$	155,222					$	145,929
Operating income	$	21,359					$	22,152					$	37,908					$	35,500
Depreciation & amortization		7,348						7,550						14,889						15,278
Impairment charges		—						—						—						690

Adjusted EBITDA	$	28,707			36.1	%	$	29,702			37.9	%	$	52,797			34.0	%	$	51,468			35.3	%


Gaylord Palms
Revenue	$	45,683					$	40,936					$	101,442					$	94,316
Operating income	$	8,062					$	5,150					$	22,941					$	18,369
Depreciation & amortization		4,762						4,640						9,470						9,358
Non-cash lease expense		1,311						1,341						2,622						2,682
Impairment charges		—						—						—						797

Adjusted EBITDA	$	14,135			30.9	%	$	11,131			27.2	%	$	35,033			34.5	%	$	31,206			33.1	%


Gaylord Texan
Revenue	$	56,350					$	49,950					$	110,021					$	105,265
Operating income	$	15,607					$	12,063					$	29,956					$	27,117
Depreciation & amortization		5,026						5,042						10,030						10,083
Impairment charges		—						—						—						785
Other gains and (losses), net		—						(222	)					—						(222	)
Loss on disposal of assets		—						222						—						222

Adjusted EBITDA	$	20,633			36.6	%	$	17,105			34.2	%	$	39,986			36.3	%	$	37,985			36.1	%


Gaylord National
Revenue	$	73,550					$	70,510					$	127,705					$	128,072
Operating income	$	15,976					$	12,993					$	15,219					$	13,513
Depreciation & amortization		6,395						8,494						14,961						16,964
Impairment charges		—						—						—						618
Interest income on Gaylord National bonds		2,992						3,381						6,094						6,380
Other gains and (losses), net		(24	)					—						(24	)					—
Loss on disposal of assets		24						—						24						—

Adjusted EBITDA	$	25,363			34.5	%	$	24,868			35.3	%	$	36,274			28.4	%	$	37,475			29.3	%


The AC Hotel at National Harbor ⁽²⁾
Revenue	$	3,022					$	2,313					$	4,834					$	2,313
Operating income (loss)	$	924					$	563					$	995					$	(183	)
Depreciation & amortization		316						300						632						455
Preopening costs		—						168						—						760

Adjusted EBITDA	$	1,240			41.0	%	$	1,031			44.6	%	$	1,627			33.7	%	$	1,032			44.6	%


The Inn at Opryland ⁽³⁾
Revenue	$	4,142					$	3,744					$	7,296					$	6,394
Operating income	$	1,090					$	906					$	1,458					$	1,090
Depreciation & amortization		334						323						668						654

Adjusted EBITDA	$	1,424			34.4	%	$	1,229			32.8	%	$	2,126			29.1	%	$	1,744			27.3	%

(1)	Same-store excludes the AC Hotel at National Harbor.

(2)	The AC Hotel at National Harbor opened in April 2015.

(3)	Includes other hospitality revenue and expense.

Ryman Hospitality Properties, Inc. and Subsidiaries

Reconciliation of Forward-Looking Statements

Unaudited

(in thousands)

Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (“Adjusted EBITDA”) and Adjusted Funds From Operations (“AFFO”) reconciliation:


	GUIDANCE RANGE
	FOR FULL YEAR 2016
	Low			High
Ryman Hospitality Properties, Inc.
Net Income	$	136,200		$	157,200
Provision (benefit) for income taxes		10,000			8,000
Other (gains) and losses, net		—			—
Interest expense		68,000			66,000
Interest income		(11,300	)		(11,300	)

Operating Income		202,900			219,900
Depreciation and amortization		111,600			111,600

EBITDA		314,500			331,500
Non-cash lease expense		5,200			5,200
Preopening expense		—			—
Equity based compensation		6,000			6,000
Pension settlement charge, Other		2,000			2,000
Other gains and (losses), net		—			—
Interest income		11,300			11,300

Adjusted EBITDA	$	339,000		$	356,000


Hospitality Segment ¹
Operating Income	$	212,100		$	223,100
Depreciation and amortization		102,400			102,400

EBITDA		314,500			325,500
Non-cash lease expense		5,200			5,200
Preopening expense		—			—
Equity based compensation		—			—
Other gains and (losses), net		—			—
Interest income		11,300			11,300

Adjusted EBITDA	$	331,000		$	342,000


Entertainment Segment
Operating Income	$	24,600		$	28,600
Depreciation and amortization		5,700			5,700

EBITDA		30,300			34,300
Equity based compensation		700			700

Adjusted EBITDA	$	31,000		$	35,000


Corporate and Other Segment
Operating Income	$	(33,800	)	$	(31,800	)
Depreciation and amortization		3,500			3,500

EBITDA		(30,300	)		(28,300	)
Equity based compensation		5,300			5,300
Pension settlement charge, Other		2,000			2,000
Other gains and (losses), net		—			—

Adjusted EBITDA	$	(23,000	)	$	(21,000	)


Ryman Hospitality Properties, Inc.
Net income	$	136,200		$	157,200
Depreciation & amortization		111,600			111,600

Funds from Operations (FFO)		247,800			268,800
Non-cash lease expense		5,200			5,200
Amortization of DFC		5,400			5,200
Deferred tax expense		7,600			7,600
Pension settlement charge		2,600			2,200

Adjusted FFO	$	268,600		$	289,000

1	Hospitality includes AC Hotel

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