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 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

June 30, 2018


(in thousands)	Parent Guarantor			Issuer			Guarantors			Non- Guarantors			Eliminations			Consolidated
ASSETS:
Property and equipment, net of accumulated depreciation	$	—		$	—		$	1,647,578		$	473,587		$	—		$	2,121,165
Cash and cash equivalents—unrestricted		82			998			30			60,669			—			61,779
Cash and cash equivalents—restricted		—			—			—			32,181			—			32,181
Notes receivable		—			—			—			113,789			—			113,789
Investment in Gaylord Rockies joint venture		—			—			—			88,993			—			88,993
Trade receivables, less allowance		—			—			—			79,694			—			79,694
Deferred income tax assets, net		—			—			(299	)		43,355			—			43,056
Prepaid expenses and other assets		—			83			3			66,559			—			66,645
Intercompany receivables, net		—			—			1,800,263			—			(1,800,263	)		—
Investments		1,010,151			2,890,033			650,582			1,384,814			(5,935,580	)		—

Total assets	$	1,010,233		$	2,891,114		$	4,098,157		$	2,343,641		$	(7,735,843	)	$	2,607,302

LIABILITIES AND STOCKHOLDERS’ EQUITY:
Debt and capital lease obligations	$	—		$	1,674,163		$	—		$	629		$	—		$	1,674,792
Accounts payable and accrued liabilities		69			9,758			7,426			158,892			—			176,145
Dividends payable		44,552			—			—			—			—			44,552
Deferred management rights proceeds		—			—			—			175,541			—			175,541
Other liabilities		—			—			97,573			65,005			—			162,578
Intercompany payables, net		591,918			935,823			—			272,522			(1,800,263	)		—
Commitments and contingencies
Stockholders’ equity:
Preferred stock		—			—			—			—			—			—
Common stock		513			1			1			2,387			(2,389	)		513
Additional paid-in-capital		897,185			586,861			2,835,468			2,093,817			(5,516,146	)		897,185
Treasury stock		(14,195	)		—			—			—			—			(14,195	)
Accumulated deficit		(483,279	)		(315,492	)		1,157,689			(398,622	)		(443,575	)		(483,279	)
Accumulated other comprehensive loss		(26,530	)		—			—			(26,530	)		26,530			(26,530	)

Total stockholders’ equity		373,694			271,370			3,993,158			1,671,052			(5,935,580	)		373,694

Total liabilities and stockholders’ equity	$	1,010,233		$	2,891,114		$	4,098,157		$	2,343,641		$	(7,735,843	)	$	2,607,302


(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 STATEMENT OF OPERATIONS

AND COMPREHENSIVE INCOME

For the Three Months Ended June 30, 2018


(in thousands)	Parent Guarantor			Issuer			Guarantors			Non- Guarantors			Eliminations			Consolidated
Revenues:
Rooms	$	—		$	—		$	—		$	121,745		$	—		$	121,745
Food and beverage		—			—			—			141,053			—			141,053
Other hotel revenue		—			—			76,773			33,376			(81,191	)		28,958
Entertainment		—			—			—			42,178						42,178

Total revenues		—			—			76,773			338,352			(81,191	)		333,934
Operating expenses:
Rooms		—			—			—			30,059			—			30,059
Food and beverage		—			—			—			72,394			—			72,394
Other hotel expenses		—			—			11,050			142,341			(76,658	)		76,733
Management fees, net		—			—			—			8,635			—			8,635

Total hotel operating expenses		—			—			11,050			253,429			(76,658	)		187,821
Entertainment		—			—			—			30,254			—			30,254
Corporate		62			364			2			7,212			—			7,640
Preopening costs		—			—			—			1,525			—			1,525
Corporate overhead allocation		2,495			—			2,038			—			(4,533	)		—
Depreciation and amortization		—			—			15,305			14,690			—			29,995

Total operating expenses		2,557			364			28,395			307,110			(81,191	)		257,235

Operating income (loss)		(2,557	)		(364	)		48,378			31,242			—			76,699

Interest expense		—			(19,618	)		—			(7	)		—			(19,625	)
Interest income		—			—			—			2,766			—			2,766
Income from joint ventures		—			—			—			1,346			—			1,346
Other gains and (losses), net		—			—			—			36			—			36

Income (loss) before income taxes		(2,557	)		(19,982	)		48,378			35,383			—			61,222
Provision for income taxes		—			—			(449	)		(5,227	)		—			(5,676	)
Equity in subsidiaries’ earnings, net		58,103			—			—			—			(58,103	)		—

Net income (loss)	$	55,546		$	(19,982	)	$	47,929		$	30,156		$	(58,103	)	$	55,546

Comprehensive income (loss)	$	55,630		$	(19,982	)	$	47,929		$	30,240		$	(58,187	)	$	55,630


(in thousands)	Parent Guarantor			Issuer			Guarantors			Non- Guarantors			Eliminations			Consolidated
Revenues:
Rooms	$	—		$	—		$	—		$	110,674		$	—		$	110,674
Food and beverage		—			—			—			128,441			—			128,441
Other hotel revenue		—			—			78,827			28,144			(82,713	)		24,258
Entertainment		—			—			—			35,405			—			35,405

Total revenues		—			—			78,827			302,664			(82,713	)		298,778
Operating expenses:
Rooms		—			—			—			28,359			—			28,359
Food and beverage		—			—			—			68,285			—			68,285
Other hotel expenses		—			—			10,409			141,847			(78,720	)		73,536
Management fees, net		—			—			—			6,178			—			6,178

Total hotel operating expenses		—			—			10,409			244,669			(78,720	)		176,358
Entertainment		—			—			—			22,134			1			22,135
Corporate		45			396			1			7,026			—			7,468
Preopening costs		—			—			—			494			—			494
Corporate overhead allocation		2,233			—			1,761			—			(3,994	)		—
Depreciation and amortization		—			—			14,877			12,802			—			27,679

Total operating expenses		2,278			396			27,048			287,125			(82,713	)		234,134

Operating income (loss)		(2,278	)		(396	)		51,779			15,539			—			64,644

Interest expense		—			(17,149	)		—			(6	)		—			(17,155	)
Interest income		—			—			—			2,969			—			2,969
Loss from joint ventures		—			—			—			(943	)		—			(943	)
Other gains and (losses), net		—			—			—			(1,324	)		—			(1,324	)

Income (loss) before income taxes		(2,278	)		(17,545	)		51,779			16,235			—			48,191
Provision for income taxes		—			—			(55	)		(844	)		—			(899	)
Equity in subsidiaries’ earnings, net		49,570			—			—			—			(49,570	)		—

Net income (loss)	$	47,292		$	(17,545	)	$	51,724		$	15,391		$	(49,570	)	$	47,292

Comprehensive income (loss)	$	47,326		$	(17,545	)	$	51,724		$	15,425		$	(49,604	)	$	47,326

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

AND COMPREHENSIVE INCOME

For the Six Months Ended June 30, 2018


(in thousands)	Parent Guarantor			Issuer			Guarantors			Non- Guarantors			Eliminations			Consolidated
Revenues:
Rooms	$	—		$	—		$	—		$	229,309		$	—		$	229,309
Food and beverage		—			—			—			273,992			—			273,992
Other hotel revenue		—			—			153,016			62,614			(162,064	)		53,566
Entertainment		—			—			—			65,461			(24	)		65,437

Total revenues		—			—			153,016			631,376			(162,088	)		622,304
Operating expenses:
Rooms		—			—			—			58,987			—			58,987
Food and beverage		—			—			—			144,372			—			144,372
Other hotel expenses		—			—			22,877			282,528			(152,790	)		152,615
Management fees, net		—			—			—			15,765			—			15,765

Total hotel operating expenses		—			—			22,877			501,652			(152,790	)		371,739
Entertainment		—			—			—			49,644			(24	)		49,620
Corporate		125			725			2			15,117			—			15,969
Preopening costs		—			—			—			3,672			—			3,672
Corporate overhead allocation		5,110			—			4,164			—			(9,274	)		—
Depreciation and amortization		—			—			30,035			28,626			—			58,661

Total operating expenses		5,235			725			57,078			598,711			(162,088	)		499,661

Operating income (loss)		(5,235	)		(725	)		95,938			32,665			—			122,643

Interest expense		—			(36,341	)		—			(13	)		—			(36,354	)
Interest income		—			—			—			5,519			—			5,519
Loss from joint ventures		—			—			—			(1,242	)		—			(1,242	)
Other gains and (losses), net		—			—			—			204			—			204

Income (loss) before income taxes		(5,235	)		(37,066	)		95,938			37,133			—			90,770
Provision for income taxes		—			—			(84	)		(7,801	)		—			(7,885	)
Equity in subsidiaries’ earnings, net		88,120			—			—			—			(88,120	)		—

Net income (loss)	$	82,885		$	(37,066	)	$	95,854		$	29,332		$	(88,120	)	$	82,885

Comprehensive income (loss)	$	83,047		$	(37,066	)	$	95,854		$	29,494		$	(88,282	)	$	83,047


(in thousands)	Parent Guarantor			Issuer			Guarantors			Non- Guarantors			Eliminations			Consolidated
Revenues:
Rooms	$	—		$	—		$	—		$	214,043		$	—		$	214,043
Food and beverage		—			—			—			254,610			—			254,610
Other hotel revenue		—			—			158,321			56,577			(166,024	)		48,874
Entertainment		—			—			—			57,317			(24	)		57,293

Total revenues		—			—			158,321			582,547			(166,048	)		574,820
Operating expenses:
Rooms		—			—			—			56,387			—			56,387
Food and beverage		—			—			—			137,442			—			137,442
Other hotel expenses		—			—			22,356			283,523			(158,105	)		147,774
Management fees, net		—			—			—			11,709			—			11,709

Total hotel operating expenses		—			—			22,356			489,061			(158,105	)		353,312
Entertainment		—			—			—			39,009			(23	)		38,986
Corporate		90			802			2			13,983			—			14,877
Preopening costs		—			—			—			710			—			710
Corporate overhead allocation		4,429			—			3,491			—			(7,920	)		—
Depreciation and amortization		—			—			29,684			25,632			—			55,316

Total operating expenses		4,519			802			55,533			568,395			(166,048	)		463,201

Operating income (loss)		(4,519	)		(802	)		102,788			14,152			—			111,619

Interest expense		—			(33,006	)		—			(13	)		—			(33,019	)
Interest income		—			—			—			5,917			—			5,917
Loss from joint ventures		—			—			—			(1,717	)		—			(1,717	)
Other gains and (losses), net		—			—			—			(1,396	)		—			(1,396	)

Income (loss) before income taxes		(4,519	)		(33,808	)		102,788			16,943			—			81,404
Provision for income taxes		—			—			(37	)		(1,455	)		—			(1,492	)
Equity in subsidiaries’ earnings, net		84,431			—			—			—			(84,431	)		—

Net income (loss)	$	79,912		$	(33,808	)	$	102,751		$	15,488		$	(84,431	)	$	79,912

Comprehensive income (loss)	$	79,957		$	(33,808	)	$	102,751		$	15,533		$	(84,476	)	$	79,957

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

For the Six Months Ended June 30, 2018


(in thousands)	Parent Guarantor			Issuer			Guarantors			Non- Guarantors			Eliminations		Consolidated
Net cash provided by (used in) operating activities	$	88,925		$	(78,374	)	$	39,783		$	81,381		$	—	$	131,715

Purchases of property and equipment		—			—			(39,789	)		(55,564	)		—		(95,353	)
Investment in other joint ventures		—			—			—			(2,199	)		—		(2,199	)
Purchase of remaining interest in Opry City Stage		—			—			—			(3,948	)		—		(3,948	)
Other investing activities		—			—			—			(4,687	)		—		(4,687	)

Net cash used in investing activities		—			—			(39,789	)		(66,398	)		—		(106,187	)

Net borrowings under revolving credit facility		—			80,500			—			—			—		80,500
Repayments under term loan B		—			(1,250	)		—			—			—		(1,250	)
Deferred financing costs paid		—			(637	)		—			—			—		(637	)
Payment of dividends		(85,110	)		—			—			—			—		(85,110	)
Payment of tax withholdings for share-based compensation		(3,771	)		—			—			—			—		(3,771	)
Other financing activities		—			—			—			(10	)		—		(10	)

Net cash provided by (used in) financing activities		(88,881	)		78,613			—			(10	)		—		(10,278	)

Net change in cash, cash equivalents, and restricted cash		44			239			(6	)		14,973			—		15,250
Cash, cash equivalents, and restricted cash, beginning of period		38			759			36			77,877			—		78,710

Cash, cash equivalents, and restricted cash, end of period	$	82		$	998		$	30		$	92,850		$	—	$	93,960


(in thousands)	Parent Guarantor			Issuer			Guarantors			Non- Guarantors			Eliminations		Consolidated
Net cash provided by (used in) operating activities	$	83,581		$	(55,377	)	$	35,875		$	49,829		$	—	$	113,908

Purchases of property and equipment		—			—			(35,871	)		(43,601	)		—		(79,472	)
Investment in Gaylord Rockies joint venture		—			—			—			(16,309	)		—		(16,309	)
Investment in other joint ventures		—			—			—			(1,969	)		—		(1,969	)
Other investing activities		—			—			—			(3,654	)		—		(3,654	)

Net cash used in investing activities		—			—			(35,871	)		(65,533	)		—		(101,404	)

Net repayments under revolving credit facility		—			(241,900	)		—			—			—		(241,900	)
Borrowings under term loan A		—			200,000			—			—			—		200,000
Borrowings under term loan B		—			500,000			—			—			—		500,000
Repayments under term loan B		—			(391,250	)		—			—			—		(391,250	)
Deferred financing costs paid		—			(12,220	)		—			—			—		(12,220	)
Payment of dividends		(79,788	)		—			—			—			—		(79,788	)
Payment of tax withholdings for share-based compensation		(3,769	)		—			—			—			—		(3,769	)
Other financing activities		28			—			—			(10	)		—		18

Net cash provided by (used in) financing activities		(83,529	)		54,630			—			(10	)		—		(28,909	)

Net change in cash, cash equivalents, and restricted cash		52			(747	)		4			(15,714	)		—		(16,405	)
Cash, cash equivalents, and restricted cash, beginning of period		28			1,234			23			79,905			—		81,190

Cash, cash equivalents, and restricted cash, end of period	$	80		$	487		$	27		$	64,191		$	—	$	64,785