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 $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, 2017


(in thousands)	Parent Guarantor			Issuer			Guarantors			Non- Guarantors			Eliminations			Consolidated
ASSETS:
Property and equipment, net of accumulated depreciation	$	—		$	—		$	1,640,274		$	425,383		$	—		$	2,065,657
Cash and cash equivalents—unrestricted		38			759			36			56,724			—			57,557
Cash and cash equivalents—restricted		—			—			—			21,153			—			21,153
Notes receivable		—			—			—			111,423			—			111,423
Investment in Gaylord Rockies joint venture		—			—			—			88,685			—			88,685
Trade receivables, less allowance		—			—			—			57,520			—			57,520
Deferred income tax assets, net		—			—			(301	)		50,418			—			50,117
Prepaid expenses and other assets		—			—			5			72,111			—			72,116
Intercompany receivables, net		—			—			1,717,157			—			(1,717,157	)		—
Investments		1,006,461			2,890,032			651,006			1,364,814			(5,912,313	)		—

Total assets	$	1,006,499		$	2,890,791		$	4,008,177		$	2,248,231		$	(7,629,470	)	$	2,524,228

LIABILITIES AND STOCKHOLDERS’ EQUITY:
Debt and capital lease obligations	$	—		$	1,590,753		$	—		$	639		$	—		$	1,591,392
Accounts payable and accrued liabilities		150			11,180			15,795			152,524			—			179,649
Dividends payable		42,129			—			—			—			—			42,129
Deferred management rights proceeds		—			—			—			177,057			—			177,057
Other liabilities		—			—			95,078			60,767			—			155,845
Intercompany payables, net		586,064			895,408			—			235,685			(1,717,157	)		—
Commitments and contingencies
Stockholders’ equity:
Preferred stock		—			—			—			—			—			—
Common stock		512			1			1			2,387			(2,389	)		512
Additional paid-in-capital		896,759			671,875			2,835,468			2,073,818			(5,581,161	)		896,759
Treasury stock		(13,253	)		—			—			—			—			(13,253	)
Accumulated deficit		(479,170	)		(278,426	)		1,061,835			(427,954	)		(355,455	)		(479,170	)
Accumulated other comprehensive loss		(26,692	)		—			—			(26,692	)		26,692			(26,692	)

Total stockholders’ equity		378,156			393,450			3,897,304			1,621,559			(5,912,313	)		378,156

Total liabilities and stockholders’ equity	$	1,006,499		$	2,890,791		$	4,008,177		$	2,248,231		$	(7,629,470	)	$	2,524,228

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING BALANCE SHEET

As of December 31, 2016


(in thousands)	Parent Guarantor			Issuer			Guarantors		Non- 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 Year Ended December 31, 2017


(in thousands)	Parent Guarantor			Issuer			Guarantors			Non- Guarantors			Eliminations			Consolidated
Revenues:
Rooms	$	—		$	—		$	—		$	431,768		$	—		$	431,768
Food and beverage		—			—			—			483,945			—			483,945
Other hotel revenue		—			—			316,402			159,162			(331,617	)		143,947
Entertainment		—			—			—			125,844			(785	)		125,059

Total revenues		—			—			316,402			1,200,719			(332,402	)		1,184,719
Operating expenses:
Rooms		—			—			—			112,636			—			112,636
Food and beverage		—			—			—			269,824			—			269,824
Other hotel expenses		—			—			44,386			599,037			(316,863	)		326,560
Management fees, net		—			—			—			23,856			—			23,856

Total hotel operating expenses		—			—			44,386			1,005,353			(316,863	)		732,876
Entertainment		—			—			—			84,284			109			84,393
Corporate		253			1,596			2			31,644			—			33,495
Preopening costs		—			—			—			1,926			—			1,926
Impairment and other charges		—			—			—			35,418			—			35,418
Corporate overhead allocation		8,615			—			7,033			—			(15,648	)		—
Depreciation and amortization		—			—			59,534			52,425			—			111,959

Total operating expenses		8,868			1,596			110,955			1,211,050			(332,402	)		1,000,067

Operating income (loss)		(8,868	)		(1,596	)		205,447			(10,331	)		—			184,652

Interest expense		—			(66,025	)		—			(26	)		—			(66,051	)
Interest income		—			—			—			11,818			—			11,818
Loss from joint ventures		—			—			—			(4,402	)		—			(4,402	)
Other gains and (losses), net		—			—			—			928			—			928

Income (loss) before income taxes		(8,868	)		(67,621	)		205,447			(2,013	)		—			126,945
(Provision) benefit for income taxes		—			—			(37	)		49,192			—			49,155
Equity in subsidiaries’ earnings, net		184,968			—			—			—			(184,968	)		—

Net income (loss)	$	176,100		$	(67,621	)	$	205,410		$	47,179		$	(184,968	)	$	176,100

Comprehensive income (loss)	$	171,676		$	(67,621	)	$	205,410		$	42,755		$	(180,544	)	$	171,676

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

AND COMPREHENSIVE INCOME

For the Year Ended December 31, 2016


(in thousands)	Parent Guarantor			Issuer			Guarantors			Non- 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		—			(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 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


(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		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		—			(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 CASH FLOWS

For the Year Ended December 31, 2017


(in thousands)	Parent Guarantor			Issuer			Guarantor			Non- Guarantor			Eliminations		Consolidated
Net cash provided by (used in) operating activities	$	165,461		$	(83,057	)	$	96,529		$	116,897		$	—	$	295,830

Purchases of property and equipment		—			—			(96,516	)		(86,049	)		—		(182,565	)
Investment in Gaylord Rockies joint venture		—			—			—			(16,309	)		—		(16,309	)
Investment in other joint ventures		—			—			—			(9,313	)		—		(9,313	)
Decrease in restricted cash and cash equivalents		—			—			—			909			—		909
Other investing activities		—			—			—			(7,234	)		—		(7,234	)

Net cash used in investing activities		—			—			(96,516	)		(117,996	)		—		(214,512	)

Net repayments under revolving credit facility		—			(211,400	)		—			—			—		(211,400	)
Borrowings under term loan A		—			200,000			—			—			—		200,000
Borrowings under term loan B		—			500,000			—			—			—		500,000
Repayments under term loan B		—			(393,750	)		—			—			—		(393,750	)
Deferred financing costs paid		—			(12,268	)		—			—			—		(12,268	)
Payment of dividends		(161,706	)		—			—			—			—		(161,706	)
Payment of tax withholdings for share-based compensation		(3,810	)		—			—			—			—		(3,810	)
Other financing activities, net		65			—			—			(20	)		—		45

Net cash provided by (used in) financing activities		(165,451	)		82,582			—			(20	)		—		(82,889	)

Net change in cash and cash equivalents		10			(475	)		13			(1,119	)		—		(1,571	)
Cash and cash equivalents at beginning of period		28			1,234			23			57,843			—		59,128

Cash and cash equivalents at end of period	$	38		$	759		$	36		$	56,724		$	—	$	57,557

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

For the Year Ended December 31, 2016


(in thousands)	Parent Guarantor			Issuer			Guarantor			Non- Guarantor			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	)
Investment in Gaylord Rockies joint venture		—			—			—			(70,141	)		—		(70,141	)
Investment in other joint ventures		—			—			—			(2,500	)		—		(2,500	)
Proceeds from sale of Peterson LOI		6,785			—			—			—			—		6,785
Decrease in restricted cash and cash equivalents		—			—			—			293			—		293
Other investing activities		—			—			4,622			(323	)		—		4,299

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

Net borrowings under revolving 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	)
Payment of tax withholdings for share-based compensation		(3,235	)		—			—			—			—		(3,235	)
Other financing activities, net		1,702			—			—			(19	)		—		1,683

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


(in thousands)	Parent Guarantor			Issuer			Guarantor			Non- Guarantor			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 revolving 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	)
Payment of tax withholdings for share-based compensation		(3,700	)		—			—			—			—		(3,700	)
Other financing activities, net		1,776			—			—			(377	)		—		1,399

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