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 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, 2018


	Parent						Non-
(in thousands)	Guarantor		Issuer		Guarantors		Guarantors		Eliminations		Consolidated

ASSETS:
Property and equipment, net of accumulated depreciation	$	—	$	—	$	1,646,946	$	1,502,149	$	—	$	3,149,095
Cash and cash equivalents - unrestricted		81		657		54		102,645		—		103,437
Cash and cash equivalents - restricted		—		—		—		45,652		—		45,652
Notes receivable		—		—		—		122,209		—		122,209
Trade receivables, less allowance		—		—		—		67,923		—		67,923
Deferred income tax assets, net		—		—		(444)		41,001		—		40,557
Prepaid expenses and other assets		—		34		—		79,460		(1,254)		78,240
Amortized intangible assets		—		—		—		246,770		—		246,770
Intercompany receivables, net		—		—		1,895,086		—		(1,895,086)		—
Investments		1,101,740		2,950,457		710,516		1,898,756		(6,661,469)		—
Total assets	$	1,101,821	$	2,951,148	$	4,252,158	$	4,106,565	$	(8,557,809)	$	3,853,883

LIABILITIES AND STOCKHOLDERS’ EQUITY:
Debt and capital lease obligations	$	—	$	1,946,699	$	—	$	495,196	$	—	$	2,441,895
Accounts payable and accrued liabilities		50		13,752		7,253		255,089		(1,254)		274,890
Dividends payable		45,019		—		—		—		—		45,019
Deferred management rights proceeds		—		—		—		174,026		—		174,026
Other liabilities		—		—		100,068		60,975		—		161,043
Intercompany payables, net		587,175		846,478		—		461,433		(1,895,086)		—
Commitments and contingencies
Noncontrolling interest in consolidated joint venture		—		—		—		287,433		—		287,433
Stockholders’ equity:
Preferred stock		—		—		—		—		—		—
Common stock		513		1		1		2,387		(2,389)		513
Additional paid-in-capital		900,795		499,122		2,895,842		2,668,134		(6,063,098)		900,795
Treasury stock		(15,183)		—		—		—		—		(15,183)
Accumulated deficit		(388,524)		(354,904)		1,248,994		(270,084)		(624,006)		(388,524)
Accumulated other comprehensive loss		(28,024)		—		—		(28,024)		28,024		(28,024)
Total stockholders' equity		469,577		144,219		4,144,837		2,372,413		(6,661,469)		469,577
Total liabilities and stockholders' equity	$	1,101,821	$	2,951,148	$	4,252,158	$	4,106,565	$	(8,557,809)	$	3,853,883

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATING BALANCE SHEET
As of December 31, 2017


	Parent						Non-
(in thousands)	Guarantor		Issuer		Guarantors		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		67,826		—		67,831
Intangible assets		—		—		—		4,285		—		4,285
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 Year Ended December 31, 2018


	Parent						Non-
(in thousands)	Guarantor		Issuer		Guarantors		Guarantors		Eliminations		Consolidated

Revenues:
Rooms	$	—	$	—	$	—	$	454,393	$	(23)	$	454,370
Food and beverage		—		—		—		519,890		(47)		519,843
Other hotel revenue		—		—		305,802		168,071		(320,183)		153,690
Entertainment		—		—		—		147,993		(778)		147,215
Total revenues		—		—		305,802		1,290,347		(321,031)		1,275,118
Operating expenses:
Rooms		—		—		—		118,060		—		118,060
Food and beverage		—		—		—		282,906		—		282,906
Other hotel expenses		—		—		45,576		600,207		(306,254)		339,529
Management fees, net		—		—		—		30,744		—		30,744
Total hotel operating expenses		—		—		45,576		1,031,917		(306,254)		771,239
Entertainment		—		—		—		109,120		129		109,249
Corporate		481		1,542		2		28,909		(101)		30,833
Preopening costs		—		—		—		4,869		—		4,869
Corporate overhead allocation		3,400		—		11,405		—		(14,805)		—
Depreciation and amortization		—		—		61,380		59,496		—		120,876
Impairment charges		—		—		—		23,783		—		23,783
Total operating expenses		3,881		1,542		118,363		1,258,094		(321,031)		1,060,849
Operating income (loss)		(3,881)		(1,542)		187,439		32,253		—		214,269
Interest expense		—		(74,936)		—		(25)		—		(74,961)
Interest income		—		—		—		10,469		—		10,469
Income from joint ventures		—		—		—		125,005		—		125,005
Other gains and (losses), net		—		—		—		1,633		—		1,633
Income (loss) before income taxes		(3,881)		(76,478)		187,439		169,335		—		276,415
Provision for income taxes		—		—		(280)		(11,465)		—		(11,745)
Equity in subsidiaries’ earnings, net		268,551		—		—		—		(268,551)		—
Net income (loss)	$	264,670	$	(76,478)	$	187,159	$	157,870	$	(268,551)	$	264,670
Comprehensive income (loss)	$	263,338	$	(76,478)	$	187,159	$	156,538	$	(267,219)	$	263,338

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS
AND COMPREHENSIVE INCOME
For the Year Ended December 31, 2017


	Parent						Non-
(in thousands)	Guarantor		Issuer		Guarantors		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		599,760		(316,863)		327,283
Management fees, net		—		—		—		23,856		—		23,856
Total hotel operating expenses		—		—		44,386		1,006,076		(316,863)		733,599
Entertainment		—		—		—		84,404		109		84,513
Corporate		253		1,596		2		29,536		—		31,387
Preopening costs		—		—		—		1,926		—		1,926
Impairment 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		1,209,785		(332,402)		998,802
Operating income (loss)		(8,868)		(1,596)		205,447		(9,066)		—		185,917
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		—		—		—		(337)		—		(337)
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


	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		588,454		(308,331)		323,320
Management fees, net		—		—		—		22,194		—		22,194
Total hotel operating expenses		—		—		43,197		987,573		(308,331)		722,439
Entertainment		—		—		—		74,681		(54)		74,627
Corporate		355		1,615		2		24,911		—		26,883
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		1,137,749		(323,953)		933,765
Operating income (loss)		(9,037)		(1,615)		198,732		27,362		—		215,442
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		656		—		2,524
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 CASH FLOWS
For the Year Ended December 31, 2018


	Parent						Non-
(in thousands)	Guarantor		Issuer		Guarantors		Guarantor		Eliminations		Consolidated

Net cash provided by (used in) operating activities	$	176,611	$	(348,460)	$	74,430	$	419,338	$	—	$	321,919

Purchases of property and equipment		—		—		(74,412)		(113,805)		—		(188,217)
Purchase of additional interest in Gaylord Rockies joint venture		—		—		—		(223,564)		—		(223,564)
Purchase of remaining interest in Opry City Stage		—		—		—		(3,963)		—		(3,963)
Investment in other joint ventures		—		—		—		(2,199)		—		(2,199)
Other investing activities		—		—		—		(5,367)		—		(5,367)
Net cash used in investing activities		—		—		(74,412)		(348,898)		—		(423,310)

Net borrowings under revolving credit facility		—		354,000		—		—		—		354,000
Repayments under term loan B		—		(5,000)		—		—		—		(5,000)
Deferred financing costs paid		—		(642)		—		—		—		(642)
Payment of dividends		(172,415)		—		—		—		—		(172,415)
Payment of tax withholdings for share-based compensation		(4,164)		—		—		—		—		(4,164)
Other financing activities		11		—		—		(20)		—		(9)
Net cash provided by (used in) financing activities		(176,568)		348,358		—		(20)		—		171,770

Net change in cash, cash equivalents, and restricted cash		43		(102)		18		70,420		—		70,379
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	$	81	$	657	$	54	$	148,297	$	—	$	149,089

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
For the Year Ended December 31, 2017


	Parent						Non-
(in thousands)	Guarantor		Issuer		Guarantors		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)
Other investing activities		—		—		—		(7,234)		—		(7,234)
Net cash used in investing activities		—		—		(96,516)		(118,905)		—		(215,421)

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		65		—		—		(20)		—		45
Net cash provided by (used in) financing activities		(165,451)		82,582		—		(20)		—		(82,889)

Net change in cash, cash equivalents, and restricted cash		10		(475)		13		(2,028)		—		(2,480)
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	$	38	$	759	$	36	$	77,877	$	—	$	78,710

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
For the Year Ended December 31, 2016


(in thousands)	Parent						Non-
	Guarantor		Issuer		Guarantor		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
Other investing activities		—		—		4,622		(323)		—		4,299
Net cash provided by (used in) investing activities		6,278		—		(31,500)		(154,312)		—		(179,534)

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)		3,018		—		2,544
Cash and cash equivalents at beginning of period		23		1,578		158		76,887		—		78,646
Cash and cash equivalents at end of period	$	28	$	1,234	$	23	$	79,905	$	—	$	81,190