16. 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 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, 2016


	Parent								Non-
(in thousands)	Guarantor			Issuer			Guarantors		Guarantors			Eliminations			Consolidated
ASSETS:
Property and equipment, net of accumulated depreciation	$	—		$	—		$	1,600,288	$	397,724		$	—		$	1,998,012
Cash and cash equivalents - unrestricted		28			1,234			23		57,843			—			59,128
Cash and cash equivalents - restricted		—			—			—		22,062			—			22,062
Notes receivable		—			—			—		152,882			—			152,882
Trade receivables, less allowance		—			—			—		47,818			—			47,818
Investment in Gaylord Rockies joint venture		—			—			—		70,440			—			70,440
Prepaid expenses and other assets		460			42			5		55,407			(503	)		55,411
Intercompany receivables, net		—			—			1,640,220		—			(1,640,220	)		—
Investments		988,467			2,886,113			546,007		803,618			(5,224,205	)		—

Total assets	$	988,955		$	2,887,389		$	3,786,543	$	1,607,794		$	(6,864,928	)	$	2,405,753

LIABILITIES AND STOCKHOLDERS’ EQUITY:
Debt and capital lease obligations	$	—		$	1,501,895		$	—	$	659		$	—		$	1,502,554
Accounts payable and accrued liabilities		740			8,152			11,863		142,940			(490	)		163,205
Dividends payable		39,404			—			—		—			—			39,404
Deferred management rights proceeds		—			—			—		180,088			—			180,088
Deferred income tax liabilities, net		828			—			573		68			—			1,469
Other liabilities		—			—			89,989		61,060			(13	)		151,036
Intercompany payables, net		579,986			752,852			—		307,382			(1,640,220	)		—
Commitments and contingencies
Stockholders’ equity:
Preferred stock		—			—			—		—			—			—
Common stock		510			1			1		2,387			(2,389	)		510
Additional paid-in-capital		893,102			835,294			2,827,692		1,410,611			(5,073,597	)		893,102
Treasury stock		(11,542	)		—			—		—			—			(11,542	)
Accumulated deficit		(491,805	)		(210,805	)		856,425		(475,133	)		(170,487	)		(491,805	)
Accumulated other comprehensive loss		(22,268	)		—			—		(22,268	)		22,268			(22,268	)

Total stockholders’ equity		367,997			624,490			3,684,118		915,597			(5,224,205	)		367,997

Total liabilities and stockholders’ equity	$	988,955		$	2,887,389		$	3,786,543	$	1,607,794		$	(6,864,928	)	$	2,405,753

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING BALANCE SHEET

As of December 31, 2015


	Parent								Non-
(in thousands)	Guarantor			Issuer			Guarantors		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
Dividends payable		36,868			—			—		—			—			36,868
Deferred management rights proceeds		—			—			—		183,119			—			183,119
Deferred income tax liabilities, net		1,609			—			599		(1,045	)		—			1,163
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 STATEMENT OF OPERATIONS

AND COMPREHENSIVE INCOME

For the Year Ended December 31, 2016


	Parent									Non-
(in thousands)	Guarantor			Issuer			Guarantors			Guarantors			Eliminations			Consolidated
Revenues:
Rooms	$	—		$	—		$	—		$	420,011		$	—		$	420,011
Food and beverage		—			—			—			477,493			—			477,493
Other hotel revenue		—			—			307,840			157,274			(322,975	)		142,139
Entertainment		209			—			—			110,333			(978	)		109,564

Total revenues		209			—			307,840			1,165,111			(323,953	)		1,149,207
Operating expenses:
Rooms		—			—			—			109,618			—			109,618
Food and beverage		—			—			—			267,307			—			267,307
Other hotel expenses		—			—			43,197			587,908			(308,331	)		322,774
Management fees, net		—			—			—			22,194			—			22,194

Total hotel operating expenses		—			—			43,197			987,027			(308,331	)		721,893
Entertainment		—			—			—			74,604			(54	)		74,550
Corporate		355			1,615			2			27,171			—			29,143
Corporate overhead allocation		8,735			—			6,833			—			(15,568	)		—
Depreciation and amortization		156			—			59,076			50,584			—			109,816

Total operating expenses		9,246			1,615			109,108			1,139,386			(323,953	)		935,402

Operating income (loss)		(9,037	)		(1,615	)		198,732			25,725			—			213,805

Interest expense, net of amounts capitalized		—			(63,880	)		—			(26	)		—			(63,906	)
Interest income		28			—			—			11,472			—			11,500
Loss from joint ventures		—			—			—			(2,794	)		—			(2,794	)
Other gains and (losses), net		—			—			1,868			2,293			—			4,161

Income (loss) before income taxes		(9,009	)		(65,495	)		200,600			36,670			—			162,766
(Provision) benefit for income taxes		(752	)		—			(273	)		(2,375	)		—			(3,400	)
Equity in subsidiaries’ earnings, net		169,127			—			—			—			(169,127	)		—

Net income (loss)	$	159,366		$	(65,495	)	$	200,327		$	34,295		$	(169,127	)	$	159,366

Comprehensive income (loss)	$	162,145		$	(65,495	)	$	200,327		$	37,074		$	(171,906	)	$	162,145

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

AND COMPREHENSIVE INCOME

For the Year Ended December 31, 2015


	Parent									Non-
(in thousands)	Guarantor			Issuer			Guarantors			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		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, net		—			—			—			14,657		—			14,657

Total hotel operating expenses		—			—			43,388			955,134		(299,229	)		699,293
Entertainment		—			—			—			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


	Parent									Non-
(in thousands)	Guarantor			Issuer			Guarantors			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		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, net		—			—			—			16,151			—			16,151

Total hotel operating expenses		—			—			44,160			931,504			(287,455	)		688,209
Entertainment		—			—			—			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 CASH FLOWS

For the Year Ended December 31, 2016


	Parent									Non-
(in thousands)	Guarantor			Issuer			Guarantors			Guarantors			Eliminations		Consolidated
Net cash provided by (used in) operating activities	$	171,231		$	(66,344	)	$	31,365		$	157,349		$	—	$	293,601

Purchases of property and equipment		(507	)		—			(36,122	)		(81,348	)		—		(117,977	)
Proceeds from sale of Peterson LOI		6,785			—			—			—			—		6,785
Investment in Gaylord Rockies joint venture		—			—			—			(70,141	)		—		(70,141	)
Decrease in restricted cash and cash equivalents		—			—			—			293			—		293
Other investing activities		—			—			4,622			(2,823	)		—		1,799

Net cash provided by (used in) investing activities		6,278			—			(31,500	)		(154,019	)		—		(179,241	)

Net borrowings under credit facility		—			76,000			—			—			—		76,000
Repayments under term loan B		—			(4,000	)		—			—			—		(4,000	)
Repayment of note payable related to purchase of AC Hotel		—			(6,000	)		—			—			—		(6,000	)
Repurchase of Company stock for retirement		(24,811	)		—			—			—			—		(24,811	)
Payment of dividends		(151,160	)		—			—			—			—		(151,160	)
Proceeds from exercise of stock options		1,702			—			—			—			—		1,702
Payment of tax withholdings for share-based compensation		(3,235	)		—			—			—			—		(3,235	)
Other financing activities, net		—			—			—			(19	)		—		(19	)

Net cash provided by (used in) financing activities		(177,504	)		66,000			—			(19	)		—		(111,523	)

Net change in cash and cash equivalents		5			(344	)		(135	)		3,311			—		2,837
Cash and cash equivalents at beginning of period		23			1,578			158			54,532			—		56,291

Cash and cash equivalents at end of period	$	28		$	1,234		$	23		$	57,843		$	—	$	59,128

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

For the Year Ended December 31, 2015


	Parent									Non-
(in thousands)	Guarantor			Issuer			Guarantors			Guarantors			Eliminations		Consolidated
Net cash provided by (used in) operating activities	$	277,963		$	(104,168	)	$	5,794		$	58,473		$	—	$	238,062

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 dividends		(131,305	)		—			—			—			—		(131,305	)
Proceeds from exercise of stock options		1,776			—			—			—			—		1,776
Payment of tax withholdings for share-based compensation		(3,700	)		—			—			—			—		(3,700	)
Other financing activities, net		—			—			—			(377	)		—		(377	)

Net cash provided by (used in) financing activities		(287,910	)		104,745			—			(377	)		—		(183,542	)

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	$	641,606		$	(466,285	)	$	(24	)	$	76,927		$	—	$	252,224

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 dividends		(109,414	)		—			—			—			—		(109,414	)
Proceeds from exercise of stock options		6,862			—			—			—			—		6,862
Payment of tax withholdings for share-based compensation		(5,220	)		—			—			—			—		(5,220	)
Other financing activities, net		—			—			—			(600	)		—		(600	)

Net cash provided by (used in) financing activities		(643,905	)		466,572			—			(600	)		—		(177,933	)

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