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 Amended Credit Agreement (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 Company’s $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

September 30, 2017


	Parent									Non-
(in thousands)	Guarantor			Issuer			Guarantors			Guarantors			Eliminations			Consolidated
ASSETS:
Property and equipment, net of accumulated depreciation	$	—		$	—		$	1,626,061		$	418,382		$	—		$	2,044,443
Cash and cash equivalents—unrestricted		130			311			522			61,709			—			62,672
Cash and cash equivalents—restricted		—			—			—			14,703			—			14,703
Notes receivable		—			—			—			150,493			—			150,493
Investment in Gaylord Rockies joint venture		—			—			—			88,378			—			88,378
Trade receivables, less allowance		—			—			—			56,684			—			56,684
Prepaid expenses and other assets		—			—			—			85,722			(10,593	)		75,129
Intercompany receivables, net		—			—			1,670,070			—			(1,670,070	)		—
Investments		979,917			2,886,063			647,247			768,523			(5,281,750	)		—

Total assets	$	980,047		$	2,886,374		$	3,943,900		$	1,644,594		$	(6,962,413	)	$	2,492,502

LIABILITIES AND STOCKHOLDERS’ EQUITY:
Debt and capital lease obligations	$	—		$	1,566,110		$	—		$	644		$	—		$	1,566,754
Accounts payable and accrued liabilities		702			20,487			8,802			178,892			(10,593	)		198,290
Dividends payable		41,866			—			—			—			—			41,866
Deferred management rights proceeds		—			—			—			177,815			—			177,815
Deferred income tax liabilities, net		209			—			(201	)		961			—			969
Other liabilities		—			—			93,798			61,614			—			155,412
Intercompany payables, net		585,874			847,692			—			236,504			(1,670,070	)		—
Commitments and contingencies
Stockholders’ equity:
Preferred stock		—			—			—			—			—			—
Common stock		512			1			1			2,387			(2,389	)		512
Additional paid-in-capital		894,883			713,735			2,831,499			1,473,558			(5,018,792	)		894,883
Treasury stock		(11,542	)		—			—			—			—			(11,542	)
Accumulated deficit		(511,798	)		(261,651	)		1,010,001			(467,122	)		(281,228	)		(511,798	)
Accumulated other comprehensive loss		(20,659	)		—			—			(20,659	)		20,659			(20,659	)

Total stockholders’ equity		351,396			452,085			3,841,501			988,164			(5,281,750	)		351,396

Total liabilities and stockholders’ equity	$	980,047		$	2,886,374		$	3,943,900		$	1,644,594		$	(6,962,413	)	$	2,492,502

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING BALANCE SHEET

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
Investment in Gaylord Rockies joint venture		—			—			—		70,440			—			70,440
Trade receivables, less allowance		—			—			—		47,818			—			47,818
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 STATEMENT OF OPERATIONS

AND COMPREHENSIVE INCOME

For the Three Months Ended September 30, 2017


	Parent								Non-
(in thousands)	Guarantor			Issuer			Guarantors		Guarantors			Eliminations			Consolidated
Revenues:
Rooms	$	—		$	—		$	—	$	100,534		$	—		$	100,534
Food and beverage		—			—			—		104,437			—			104,437
Other hotel revenue		—			—			78,196		28,701			(82,278	)		24,619
Entertainment		—			—			—		35,134			—			35,134

Total revenues		—			—			78,196		268,806			(82,278	)		264,724
Operating expenses:
Rooms		—			—			—		27,575			—			27,575
Food and beverage		—			—			—		62,649			—			62,649
Other hotel expenses		—			—			11,177		139,029			(78,087	)		72,119
Management fees, net		—			—			—		4,708			—			4,708

Total hotel operating expenses		—			—			11,177		233,961			(78,087	)		167,051
Entertainment		—			—			—		22,622			(1	)		22,621
Corporate		101			424			—		8,695			—			9,220
Preopening costs		—			—			—		877			—			877
Corporate overhead allocation		2,339			—			1,851		—			(4,190	)		—
Depreciation and amortization		—			—			14,933		13,613			—			28,546

Total operating expenses		2,440			424			27,961		279,768			(82,278	)		228,315

Operating income (loss)		(2,440	)		(424	)		50,235		(10,962	)		—			36,409

Interest expense		—			(16,614	)		—		(7	)		—			(16,621	)
Interest income		—			—			—		2,957			—			2,957
Loss from joint ventures		—			—			—		(899	)		—			(899	)
Other gains and (losses), net		—			—			—		2,554			—			2,554

Income (loss) before income taxes		(2,440	)		(17,038	)		50,235		(6,357	)		—			24,400
(Provision) benefit for income taxes		—			—			590		(1,120	)		—			(530	)
Equity in subsidiaries’ earnings, net		26,310			—			—		—			(26,310	)		—

Net income (loss)	$	23,870		$	(17,038	)	$	50,825	$	(7,477	)	$	(26,310	)	$	23,870

Comprehensive income (loss)	$	25,434		$	(17,038	)	$	50,825	$	(5,913	)	$	(27,874	)	$	25,434

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

AND COMPREHENSIVE INCOME

For the Three Months Ended September 30, 2016


	Parent								Non-
(in thousands)	Guarantor			Issuer			Guarantors		Guarantors			Eliminations			Consolidated
Revenues:
Rooms	$	—		$	—		$	—	$	101,085		$	—		$	101,085
Food and beverage		—			—			—		113,100			—			113,100
Other hotel revenue		—			—			74,738		30,724			(78,628	)		26,834
Entertainment		46			—			—		30,701			(46	)		30,701

Total revenues		46			—			74,738		275,610			(78,674	)		271,720
Operating expenses:
Rooms		—			—			—		28,371			—			28,371
Food and beverage		—			—			—		64,790			—			64,790
Other hotel expenses		—			—			10,860		137,101			(74,630	)		73,331
Management fees, net		—			—			—		4,408			—			4,408

Total hotel operating expenses		—			—			10,860		234,670			(74,630	)		170,900
Entertainment		—			—			—		19,146			(46	)		19,100
Corporate		98			410			—		7,939			—			8,447
Corporate overhead allocation		2,278			—			1,720		—			(3,998	)		—
Depreciation and amortization		55			—			14,765		11,886			—			26,706

Total operating expenses		2,431			410			27,345		273,641			(78,674	)		225,153

Operating income (loss)		(2,385	)		(410	)		47,393		1,969			—			46,567

Interest expense		18			(16,444	)		119		360			—			(15,947	)
Interest income		—			—			—		2,965			—			2,965
Loss from joint ventures		—			—			—		(638	)		—			(638	)
Other gains and (losses), net		—			—			—		2,468			—			2,468

Income (loss) before income taxes		(2,367	)		(16,854	)		47,512		7,124			—			35,415
(Provision) benefit for income taxes		(352	)		—			36		(1,506	)		—			(1,822	)
Equity in subsidiaries’ earnings, net		36,312			—			—		—			(36,312	)		—

Net income (loss)	$	33,593		$	(16,854	)	$	47,548	$	5,618		$	(36,312	)	$	33,593

Comprehensive income (loss)	$	29,979		$	(16,854	)	$	47,548	$	2,004		$	(32,698	)	$	29,979

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

AND COMPREHENSIVE INCOME

For the Nine Months Ended September 30, 2017


	Parent								Non-
(in thousands)	Guarantor			Issuer			Guarantors		Guarantors			Eliminations			Consolidated
Revenues:
Rooms	$	—		$	—		$	—	$	314,577		$	—		$	314,577
Food and beverage		—			—			—		359,047			—			359,047
Other hotel revenue		—			—			236,517		85,278			(248,302	)		73,493
Entertainment		—			—			—		92,451			(24	)		92,427

Total revenues		—			—			236,517		851,353			(248,326	)		839,544
Operating expenses:
Rooms		—			—			—		83,962			—			83,962
Food and beverage		—			—			—		200,091			—			200,091
Other hotel expenses		—			—			33,533		422,239			(236,192	)		219,580
Management fees, net		—			—			—		16,417			—			16,417

Total hotel operating expenses		—			—			33,533		722,709			(236,192	)		520,050
Entertainment		—			—			—		61,583			(24	)		61,559
Corporate		191			1,226			2		22,905			—			24,324
Preopening costs		—			—			—		1,587			—			1,587
Corporate overhead allocation		6,768			—			5,342		—			(12,110	)		—
Depreciation and amortization		—			—			44,617		39,245			—			83,862

Total operating expenses		6,959			1,226			83,494		848,029			(248,326	)		691,382

Operating income (loss)		(6,959	)		(1,226	)		153,023		3,324			—			148,162

Interest expense		—			(49,620	)		—		(20	)		—			(49,640	)
Interest income		—			—			—		8,874			—			8,874
Loss from joint ventures		—			—			—		(2,616	)		—			(2,616	)
Other gains and (losses), net		—			—			—		1,024			—			1,024

Income (loss) before income taxes		(6,959	)		(50,846	)		153,023		10,586			—			105,804
(Provision) benefit for income taxes		—			—			553		(2,575	)		—			(2,022	)
Equity in subsidiaries’ earnings, net		110,741			—			—		—			(110,741	)		—

Net income (loss)	$	103,782		$	(50,846	)	$	153,576	$	8,011		$	(110,741	)	$	103,782

Comprehensive income (loss)	$	105,391		$	(50,846	)	$	153,576	$	9,620		$	(112,350	)	$	105,391

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

AND COMPREHENSIVE INCOME

For the Nine Months Ended September 30, 2016


	Parent									Non-
(in thousands)	Guarantor			Issuer			Guarantors			Guarantors			Eliminations			Consolidated
Revenues:
Rooms	$	—		$	—		$	—		$	309,385		$	—		$	309,385
Food and beverage		—			—			—			362,550			—			362,550
Other hotel revenue		—			—			231,074			87,183			(242,653	)		75,604
Entertainment		194			—			—			81,867			(168	)		81,893

Total revenues		194			—			231,074			840,985			(242,821	)		829,432
Operating expenses:
Rooms		—			—			—			82,492			—			82,492
Food and beverage		—			—			—			201,045			—			201,045
Other hotel expenses		—			—			32,749			417,510			(230,749	)		219,510
Management fees, net		—			—			—			15,246			—			15,246

Total hotel operating expenses		—			—			32,749			716,293			(230,749	)		518,293
Entertainment		—			—			—			54,798			(168	)		54,630
Corporate		292			1,217			2			20,804			—			22,315
Corporate overhead allocation		6,748			—			5,156			—			(11,904	)		—
Depreciation and amortization		135			—			44,263			37,490			—			81,888

Total operating expenses		7,175			1,217			82,170			829,385			(242,821	)		677,126

Operating income (loss)		(6,981	)		(1,217	)		148,904			11,600			—			152,306

Interest expense		18			(48,896	)		254			622			—			(48,002	)
Interest income		28			—			—			9,088			—			9,116
Loss from joint ventures		—			—			—			(2,086	)		—			(2,086	)
Other gains and (losses), net		—			—			(87	)		2,375			—			2,288

Income (loss) before income taxes		(6,935	)		(50,113	)		149,071			21,599			—			113,622
Provision for income taxes		(352	)		—			(54	)		(1,946	)		—			(2,352	)
Equity in subsidiaries’ earnings, net		118,557			—			—			—			(118,557	)		—

Net income (loss)	$	111,270		$	(50,113	)	$	149,017		$	19,653		$	(118,557	)	$	111,270

Comprehensive income (loss)	$	107,704		$	(50,113	)	$	149,017		$	16,087		$	(114,991	)	$	107,704

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

For the Nine Months Ended September 30, 2017


	Parent									Non-
(in thousands)	Guarantor			Issuer			Guarantors			Guarantors			Eliminations		Consolidated
Net cash provided by (used in) operating activities	$	124,589		$	(60,255	)	$	64,269		$	87,167		$	—	$	215,770

Purchases of property and equipment		—			—			(63,770	)		(63,378	)		—		(127,148	)
Investment in Gaylord Rockies joint venture		—			—			—			(16,309	)		—		(16,309	)
Investment in other joint ventures		—			—			—			(6,819	)		—		(6,819	)
Decrease in restricted cash and cash equivalents		—			—			—			7,359			—		7,359
Other investing activities		—			—			—			(4,139	)		—		(4,139	)

Net cash used in investing activities		—			—			(63,770	)		(83,286	)		—		(147,056	)

Net repayments under revolving credit facility		—			(235,900	)		—			—			—		(235,900	)
Borrowings under term loan A		—			200,000			—			—			—		200,000
Borrowings under term loan B		—			500,000			—			—			—		500,000
Repayments under term loan B		—			(392,500	)		—			—			—		(392,500	)
Deferred financing costs paid		—			(12,268	)		—			—			—		(12,268	)
Payment of dividends		(120,740	)		—			—			—			—		(120,740	)
Payment of tax withholdings for share-based compensation		(3,775	)		—			—			—			—		(3,775	)
Other financing activities		28			—			—			(15	)		—		13

Net cash provided by (used in) financing activities		(124,487	)		59,332			—			(15	)		—		(65,170	)

Net change in cash and cash equivalents		102			(923	)		499			3,866			—		3,544
Cash and cash equivalents at beginning of period		28			1,234			23			57,843			—		59,128

Cash and cash equivalents at end of period	$	130		$	311		$	522		$	61,709		$	—	$	62,672

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

For the Nine Months Ended September 30, 2016


	Parent									Non-
(in thousands)	Guarantor			Issuer			Guarantors			Guarantors			Eliminations		Consolidated
Net cash provided by (used in) operating activities	$	141,202		$	(51,999	)	$	23,151		$	86,762		$	—	$	199,116

Purchases of property and equipment		(8,374	)		—			(23,304	)		(52,879	)		—		(84,557	)
Investment in Gaylord Rockies joint venture		—			—			—			(50,443	)		—		(50,443	)
Investment in other joint ventures		—			—			—			(750	)		—		(750	)
Proceeds from sale of Peterson LOI		6,785			—			—			—			—		6,785
Increase in restricted cash and cash equivalents		—			—			—			(3,517	)		—		(3,517	)
Other investing activities		—			—			28			995			—		1,023

Net cash provided by (used in) investing activities		(1,589	)		—			(23,276	)		(106,594	)		—		(131,459	)

Net repayments under revolving credit facility		—			60,500			—			—			—		60,500
Net borrowings under term loan B		—			(3,000	)		—			—			—		(3,000	)
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		(112,900	)		—			—			—			—		(112,900	)
Payment of tax withholdings for share-based compensation		(3,150	)		—			—			—			—		(3,150	)
Other financing activities		1,284			—			—			(13	)		—		1,271

Net cash provided by (used in) financing activities		(139,577	)		51,500			—			(13	)		—		(88,090	)

Net change in cash and cash equivalents		36			(499	)		(125	)		(19,845	)		—		(20,433	)
Cash and cash equivalents at beginning of period		23			1,578			158			54,532			—		56,291

Cash and cash equivalents at end of period	$	59		$	1,079		$	33		$	34,687		$	—	$	35,858